20121106 0929 Local & Global Economy Related News.

More than 20 banks have applied to Bank Negara Malaysia for licences to become mega-Islamic banks. Deputy Finance Minister Datuk Donald Lim Siang Chai said of the number, 10 were local banks, six foreign banks registered in Malaysia, and five international banks. (NST)

Europe must get its act together to recover fast from the economic and financial meltdown before it affects other parts of the world, particularly Asia. PM Datuk Seri Najib Tun Razak said even though Asian economies were relatively free from the problem, with most recording growth of 5-7% compared to only 1% growth recorded by European nations, all countries were interdependent. (The Star)

The US ISM services index eased to 54.2 last month from 55.1 in Sep, shy of economists' forecasts for 54.5. (Reuters)

Greek lawmakers will hold an emergency vote on 7 Nov on a new austerity bill, which proposes €18.5bn (US$23.6bn) in new cuts and other reforms by 2016, in order to get a creditor lifeline. (AFP)

HSBC’s China services PMI slid to 53.5 in Oct (54.3 in Sep), but remained in expansionary mode. (Bloomberg)

Indonesia’s economy grew 6.2% yoy in the third quarter (6.4% in 2Q12), in line with forecasts. (FT)

Indonesia’s retail sales index rose 22% yoy in Sep, having risen by a revised 10.6% in Aug. (Jakarta Globe)

Indonesia’s supreme court has upheld a challenge to a government ban on the export of unprocessed minerals, a decision that could pave the way for a resumption of exports by junior miners who have been hit hard by the restriction imposed in May. The verdict effectively annulled parts of new mining regulations introduced on May 6. The ruling is likely to prompt further uncertainty in a US$93bn sector reeling from a series of regulatory changes this year, although it is unclear whether it will lead to an immediate increase in exports. (Jakarta Globe)

Singapore’s manufacturing PMI was 48.3 points in Oct, compared with 48.7 in Sep due to further declines in new orders, new export orders and production output. The electronics index registered a 2.5 point drop over the previous month to reach 47.5. (CNA)

The HSBC's Services Purchasing Managers Index for India declined to 53.8 in Oct from 55.8 in Sep. (Dow Jones Newswires)

Australia’s trade deficit narrowed to -A$1.47bn in Sep from -A$1.88bn in Aug. (Bloomberg)

Australia’s retail sales climbed 0.5% mom to A$21.6bn (US$22.4bn) from Aug, when they rose a revised 0.3%. (Bloomberg)