The government will narrow its deficit target in the 2013 budget from about 4.7% of GDP this year, said Second Finance Minister, Ahmad Husni Mohamad Hanadzlah. The government wants to reduce the deficit to 3% of GDP by 2015, Ahmad Husni said. (BT)
The upcoming Budget 2013 will not only be annual budgetary allocation but instead will create a concrete base to develop longer term plans and policies to ensure sustainable economic growth for the future, said Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop. The government, through the Finance Ministry, was considering all focus areas in the budget very seriously, taking into account all external factors such as the economic slowdown in the US and Europe, he said. “I am positive and optimistic that this budget will feed the needs of the day and times,” he said. (Starbiz)
The Works Ministry is proposing to the government to reduce tax on heavy and automatation equipment for the construction sector in the 2013 Budget, said its minister Datuk Seri Shaziman Abu Mansor. He said the reduction of taxes was required to reduce the dependence of the construction sector on foreign workers by using the latest equipment. (Bernama)
Moody's Moody's warned Tuesday it could strip the US of its coveted triple-A credit rating if Congress fails to produce a budget that will bring down the federal debt burden. (AFP)
US job openings - a measure of labor demand - dropped to 3.66m in Jul from 3.72m in Jun, the Labor Department said in its monthly Job Openings and Labor Turnover Survey. The hiring rate, however, was steady at 3.2% in Jul.(Reuters)
The US trade deficit widened to US$42.0bn in Jul from a revised US$41.9bn in Jun. Analysts had forecast a deficit of US$44.3bn. (Bloomberg)
The US ICSC-Goldman Store Sales index gained 1.0% wow in the 8 Sep week (-0.4% in the earlier week), whilst on a yoy basis, the measure rose 3.4% (3.7% in the prior week). (Bloomberg)
The US NFIB small-business optimism index rose to 92.9 in Aug from 91.2 in Jul, exceeding consensus of 91.5. (Bloomberg)
The European Union today will unveil proposals for euro-area bank oversight that require unprecedented cooperation between the European Central Bank and national regulators. (Bloomberg)
China is on course to meet its 2012 growth target of 7.5% despite recently slowing, Premier Wen Jiabao said. (AFP)
China’s Manpower Survey for 4Q12 fell to 17% from 16% indicating a dimmer hiring outlook for the country. The measure for Singapore fell to 19% from 23%. (Bloomberg)
China’s government has Rmb100bn (US$16bn) in a fiscal stabilization fund and that can be appropriately used for preemptive policy and fine-tuning to propel stable economic growth. (Bloomberg)
The Bankcard Consumer Confidence Index (BCCI) in China, retreated 0.5 pt from Jul to 86.21 pts in Aug. (Xinhua)
China invested Rmb820bn (US$129.4bn) in building affordable housing units for low-income groups in the first eight months of this year. (Xinhua)
China’s auto output in Aug rose 4.48% mom to 1.5m vehicles, while auto sales climbed 8.4% mom to reach 1.49m units. On a yoy basis, auto output and sales in Aug increased 7.78% and 8.26%, respectively. (Xinhua)
China’s new yuan loans totaled Rmb703.9bn in Aug (Rmb540.1bn in Jul), and ahead of consensus forecasts of Rmb600bn. Money supply (M2) rose 13.5% yoy in Aug (13.9% in Jul). (Bloomberg).
The preliminary reading of Japan’s machine tool orders fell in Aug by 2.6% yoy (-6.7% in Jul). (Bloomberg)
India's oil minister has sent a note to a cabinet panel to seek approval for an increase in diesel and cooking fuel prices. (Bloomberg)
The Philippines’ exports rose 7.8% yoy in Jul (4.3% in Jun) to US$4.81bn, defying market expectations of a 1% decline. (Bloomberg)
Bank lending in the Philippines rose 15.2% yoy in Jul, quicker than the 12.2% pace in Jun. (Bloomberg)
Vehicle sales in the Philippines as of Aug increased by 6% yoy to 98,725 (93,108 in Aug 2011). (Philippine Daily Inquirer)
BP Migas admits that it will be difficult to achieve Indonesia’s oil lifting target of 930,000 bpd by the end of the year. Oil lifting is estimated to reach only 900.000 bpd, or 96.7% of the target in the 2012 Revised State Budget. (IFT)
Vietnam’s textile and garment sector achieved a trade surplus of US$5.3bn in the first eight months of 2012, a 24% yoy increase. (Vietnam News)
Liquefied petroleum gas prices in the transport sector will likely increase this weekend in line with the government's policy of floating energy prices, says Thai Energy Minister Arak Chonlatanon. (Bangkok Post)
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