Malaysia’s overall financial literacy ranking has improved from 9th in 2010 to 6th, with a score of 68 index points out of 100, according to the latest MasterCard Worldwide Index of Financial Literacy survey. Measured on three major components of basic money management, financial planning and investment, Malaysia demonstrated an overall increase in all three categories, said MasterCard in a press release. (Star)
Global demand for gold has fallen to its lowest level in two years owing to less buying in the main markets of India and China, despite rising demand from central banks, the World Gold Council said. Worldwide demand fell 7.0% yoy in 2Q12, down to 990 tonnes worth an estimated US$51.2bn, with gold prices on average 7.0% higher than a year earlier. (CNA)
US housing starts slipped 1.1% mom in Jul to a 746,000 pace (+6.8% in Jun), slightly lower than the market expectation of 750,000. Housing permits gained 6.8% mom in Jul (-3.1% in Jun) to 812,000 units, topping market expectations for 766,000 units. (Bloomberg)
US jobless claims rose 2,000 in the 11 Aug week to 366,000 (a revised 364,000 in the earlier week), although this level still compares well with levels in Jul. Economists were expecting a gain to 365,000. (Bloomberg)
Eurozone CPI fell 0.5% mom in Jul (-0.1% in Jun), whilst on a yoy basis, the gauge rose 2.4% in Jul, the same as in Jun. The data were unchanged from the preliminary release and also in line with economists’ forecasts. Core inflation picked up marginally, rising 1.7% yoy in Jul from a 1.6% gain in Jun. (Dow Jones)
European Union officials are seeking to prevent the 17 states that share the euro from dominating its forum for resolving disputes among financial regulators, the European Banking Authority, according to two people familiar with the plans. (Bloomberg) German Chancellor Angela Merkel backed the European Central Bank’s insistence on conditions for helping reduce borrowing costs in indebted countries, saying Germany is “in line” with the ECB’s approach to defending the euro. (Bloomberg)
China's trade outlook for 2012 is worsening, darkened especially by growing problems in Europe, the Commerce Ministry said as it revealed the longest run of falling inward investment growth in the economy since the 2008 to 2009 global crisis. (Reuters)
China’s foreign direct investment fell 8.7% yoy to US$7.58bn in Jul, the lowest level in two years. Chinese financial institutions sold a net Rmb3.8bn of foreign currency last month, indicating capital is flowing out as property curbs and weakness in exports slow growth and the yuan weakens. (Bloomberg)
The Japanese government expects a key gauge of national price trends to rise for the first time in 16 years in the next fiscal year, in a sign of confidence that a recent economic recovery is helping to bring the country out of nearly two decades of deflation. (AWSJ)
South Korea’s jobless rate was 3.1% last month compared to 3.2% in Jun, whilst the seasonally adjusted rate was also at 3.1% in Jul, down from Jun's 3.2%. (AFP)
In order to sustain their long-term wellbeing and wealth, Asian economies should keep public debt below 60% of GDP, according to the Asian Development Bank. (Bangkok Post)
Singapore’s bonds are rising at a pace that’s more than 10 times their global peers as a prolonged debt crisis in Europe leaves the island state among just seven countries ranked as top-rated havens. (Bloomberg)
64% of recent graduates in Singapore expect a monthly salary of at least S$3,000 for their first job, according to an annual survey conducted by JobsCentral. (Bernama)
Thailand, Malaysia and Indonesia agreed to cut rubber exports by 300,000 metric tons to boost prices, Thai Deputy Minister for Agriculture and Agricultural Cooperatives Nattawut Saikuar said. The countries will also cut down aging trees on an area of about 100,000 hectares. The combined measures will remove 450,000 tons from the market. (Jakarta Globe)
Indonesia plans to increase government capital spending by 15% next year as President Susilo Bambang Yudhoyono pledges to boost infrastructure that he says is needed to ensure sustainable growth. Capital spending will rise to Rph193.8tr (US$20bn) in 2013, Yudhoyono said in his annual budget address. The budget deficit may narrow to 1.6% of GDP from 2.23%, as economic growth is forecast to accelerate to 6.8% from an estimated 6.3- 6.5% this year, he said. (Bloomberg)
The Indonesia government suggested raising the price of subsidized fuel oil price of Rp1,500/litre to Rp6,000/litre in 2013, just like what was planned earlier this year, an official in the Ministry of Energy and Mineral Resources says. Meanwhile, the government has not yet calculated the raised tariff on basic power. (IFT)
Bank Indonesia expects its new rule shortening hedging duration to a minimum of one week will be effective in one to two months, and will help stabilize the rupiah that is pressured by a growing current account deficit. (The Jakarta Globe)
Indonesia risks losing a "golden opportunity" to boost economic growth if it fails to improve infrastructure and streamline investment regulations, President Susilo Bambang Yudhoyono warned. "We realise that we still have a number of constraints regarding the investment climate and legal uncertainties," he said. "This has the potential to create uncertainty... and loss of opportunity to achieve higher and better-quality growth," he said. (CNA)
The Indonesian government plans to increase energy subsidies by more than Rp70tr to Rp274.7tr next year, according to the 2013 state financial note. Out of the total planned energy subsidies, Rp193.8tr will be allocated for fuel subsidies while the rest is for electric subsidies. (The Jakarta Post)
Vietnamese Prime Minister Nguyen Tan Dung assured that the country will continue working with Japan to deepen bilateral cooperation in all areas, specifically economics, trade, investment and development aid. (Vietnam News)
Philippines’ Bureau of Internal Revenue collected P83.5bn in Jul, falling short of its monthly target by P3.8bn after a rare feat in Jun when it exceeded the month’s goal by about 8%. (Business Inquirer)
Philippine banks have enough capital to withstand risks such as loan defaults prompted by exposure of corporate borrowers to the raging eurozone crisis, according to the Bangko Sentral ng Pilipinas. (Business Inquirer)
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