Malaysia: Export growth slows as shipments of electronics ease
Malaysia’s exports grew at the slowest pace in 4 months in November as sales of electrical and electronic goods to the US and Thailand fell. Overseas shipments climbed 8% to RM56.9bn from a year earlier after gaining a revised 15.4% in October. (Bloomberg)
Germany: Economy shrank in Q4 as crisis weighs
Germany showed first signs of feeling the pain from the euro zone’s debt crisis as the economy shrank in the last three month of 2011, despite outperforming its peers for main part of the year thanks to strong domestic demand and exports. GDP grew 3.0% in 2011, below the previous year’s growth rate of 3.7%. But GDP contracted by around 0.25% in the fourth quarter of 2011. (Reuters)
EU: Parliament group opposes new draft of euro fiscal treaty
Leading members of the European Parliament objected to a planned euro fiscal treaty, saying it bypasses standard EU checks and balances and is skewed away from promoting economic growth. The latest draft of the treaty, which euro governments aim to sign by March, flouts “the normal procedures laid down in the EU treaties to ensure proper democratic scrutiny and accountability,” 4 parliamentarians said. (Bloomberg)
UK: Trade deficit widens more than forecast as exports fall
The UK goods-trade deficit widened more than economists forecast in November as exports dropped, led by lower sales of silver and consumer goods. The trade gap widened to GBP8.64bn from a revised GBP7.87bn in October. Exports fell 1.5% on the month, while imports rose 1.1%. (Bloomberg)
US: Mortgage applications picked up last week
Applications for US home mortgages rose in the first week of the year as demand for both purchases and refinancing perked up, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 4.5% in the week ended 6 Jan. Its seasonally adjusted index of refinancing applications gained 3.3%, while the gauge of loan requests for home purchases climbed 8.1%. (Reuters)
US: Obama launches push to bring jobs back
President Barack Obama is launching a full-court press to make it easier for companies to bring jobs back to the US, including eliminating tax breaks that the administration says gives advantages to companies moving jobs overseas, the White House announced Wednesday. The administration said it will also in coming weeks propose new tax rewards for companies that bring back jobs. (Reuters)
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