Latest News

Stiglitz: US recession 'nowhere near' (2 November 2009)
Economist says 3.5% growth in Q3 won’t carry into 2010 WASHINGTON: Nobel Prize-winning economist Joseph E. Stiglitz said the US recession is "nowhere near" an end and the economy’s third-quarter growth rate of 3.5%, the first expansion in more than a year, won’t carry into 2010. While this week’s figures on gross domestic product are "very good," the numbers would be... more >

Goverment: No more wasteful spending (26 October 2009)
PETALING JAYA: The Government has vowed to cut down on wasteful spending to lower its budget deficit, which this year is expected to hit 7.4% of gross domestic product (GDP or sum of goods and services produced in the country). The government is that all major public projects must go through the open tender process, according to Second Finance Minister Datuk Seri Ahmad Husni Mohammad Hanadzlah.... more >

5% cap for real property gains tax (26 October 2009)
The rate is irrespective of holding period and category of owner PETALING JAYA: The Government will issue an order to cap the real property gains tax (RPGT) at 5%. Second Finance Minister Datuk Seri Ahmad Husni Hanazdlah reiterated the RPGT of 5% was imposed on gains from the disposal of real property irrespective of the holding period and category of owner. "In the Budget 2010 presentation,... more >

Changes in IPO ruling market driven: Previous method of gaining from IPO is no longer sustainable (3 July 2009)
KUALA LUMPUR: A vastly different market for initial public offerings (IPOs) today from the past might have been a factor in prompting changes to bumiputra equity requirement for new listings. The changes to the Foreign Investment Committee rules would also open an avenue for the yet untapped large Malaysian companies to head towards a listing on the stock exchange. "The previous method of making... more >

ACCA survey shows slow recovery for global economy (2 May 2009)
A NEW survey by the Association of Chartered Certified Accountants (ACCA) shows that finance professionals are forecasting a slow recovery in the world economy. The professional body says in a statement that the Global Economis Conditions Survey among 805 of its members in 80 countries reveals a slow and credit-constrained recovery that can threaten the world's leading economies with... more >

M'sia firms move closer to new accounting standard (30 April 2009)
KUALA LUMPUR: Malaysia companies are getting closer to international accounting standard convergence, says International Accounting Standards Board (IASB) chairman Sir David Tweedie. They should be ready to use the International Financial Reporting Standards (IFRS) by 2012, he said after a conference on international accounting standards organised by the Malaysian Accounting Standards Board... more >

Lee paints bleak picture for S'pore: Economy may take six years to recover from recession (22 March 2009)
SINGAPORE: Singporean's recession-hit economy may take six years to recover in a worse-case scenario, founding father Lee Kuan Yew said. "The optimistic scenario is, two to three years, we're out of this," Lee told audience at a local university late Friday. "At the worst, four, five, six years... Because we are export-dependent," he said, adding the country's "imports and exports are highest in... more >

Cheaper funds: Bank Negara cuts interest rate to lower borrowing costs (22 January 2009)
KUALA LUMPUR: Bank Negara cut its benchmark interest rate by a record 75 basis points yesterday and and also reduced the statutory reserve requirement (SRR) in a move to lower borrowing costs.     The central bank said it had reduced the overnight policy rate (OPR) from 3.25% to 2.5% and reduced the SRR from 3.5% to 2% effective Feb 1.     "With the heightened... more >

One-off currency devaluation for S'pore: Govt may opt for this to help boost its key export sector (22 January 2009)
SINGAPORE: Singapore's economy shrank the most on record in the last quarter of 2008 and the goverment forecast a 5% contraction this year and a possible fall in consumer prices, which may prompt a one-off currency devaluation.     a goverment declaration that the economy was suffering its worst ever recession and the official forecasts of a continued slump suggested to analysts... more >

Fitch lowers Romania credit rating to junk: It says crisis may also hurt S.Korea, S.Africa, Russia and Mexico (11 November 2008)
HONG KONG: Fitch cut Romania's credit rating to "junk" status in one of four emerging market downgrades yesterday and said the global financial crisis had put ratings of South Korea, South Africa, Russia and Mexico in jeopardy. The rating agency's move comes nearly two weeks after a Standard & Poor's downgrade turned the east European country into the only European Union (EU) member state... more >

China unveils package to spur economic growth: Cabinet pledges fast and heavy-handed investment in housing (11 November 2008)
BEIJING: China, the biggest contributor to world growth, unveiled a 4 trillion yuan (US$586bil) plan to sustain its economy, spurring gains in stocks, metals and oil. China's cabinet pledged "fast and heavy-handed investment" in housing and infrastructure through 2010 and a "relatively loose" monetary policy, according to a State Council statement on Sunday. Copper jumped more than 8% and Asian... more >

Parker Randall Malaysia: Massive recruitment drive across the country (30 October 2008)
Parker Randall Malaysia with its 13 offices across the country is actively and continuously seeking applicants for all its offices in view of its expansion plan. Applicants who are interested in the Asia Pacific region are also encouraged to apply.  Positions sought after include but not limited to the following vacancies: Audit Partners / Managers / Supervisors Audit Seniors of all... more >

Jobs on the line: Malaysians in recession-hit Singapore brace for the worst (22 October 2008)
JOHOR BARU: Thousands of Malaysians working in Singapore risk losing their jobs with the island republic in a recession. Our workers there and the Malaysian authorities here are preparing to face the uncertainties. The Johor Labour Department is formulating a contingency plan, including creating a database of sectors in Malaysia needing employees to enable job matches with those who need them in... more >

Two charged under Companies Act (21 October 2008)
KUALA LUMPUR: Two corporate individuals were charged in court for failing to comply with a notice to produce documents to the Companies Commission of Malaysia's investigators. According to a statement by the commission yesterday, Mohamed Ishak Abd Hamid, Sime Darby Holdings Bhd's group human resource executive vice-president was charged on Friday under the Companies Act 1965 for failing to comply... more >

Market Boost: RM5bil more to support stocks, govt spending to continue (21 October 2008)
KUALA LUMPUR: To revitalise the economy, RM5bil more will be pumped into the market to support undervalued stocks. The Government will also continue to spend on public projects to boost the economy. These were among the measures announced by Deputy Prime Minister Datuk Seri Najib Tun Razak yesterday to cushion the economy from the effects of the global financial crisis.   More strategies... more >

It's double the money: Funds to buy undervalued stock raised to RM10bil (21 October 2008)
KUALA LUMPUR: The Government has doubled the amount of money available to buy undervalued stocks to RM10bil and will also continue with its spending to boost the country's economy. Finance Minister Datuk Seri Najib Tun Razak announced that these two moves were part of the Government's plan to ensure that the economy would not be affected by the global financial crisis caused by the meltdown of... more >

China Q3 GDP slows to 9%: Credit crisis, property sector a drag on economy (21 October 2008)
BEIJING: China's growth rate slowed to 9% in the third quarter, dragged down by the global credit crisis and a weak property sector, leaving the economy on course for its first year of single-digit expansion since 2002. The fall in annual gross domestic product (GDP) growth, from 10.1% in the second quarter, confirmed that China cannot decouple from world-wide trends and reinforced expectations... more >

Singapore economy seen weak for several quarters (21 October 2008)
SINGAPORE: The city-state's economy, which fell into a recession in the third quarter, will see growth reamining weak for "several quarters' though inflationary pressures will take time to ease, the country's trade minister said yesterday. Trade Minister Lim Hng Kiang said in parliament that Singapore's exports and manufacturing activity had slowed on the back of the financial crisis, and that... more >

India cuts overnight lending rate to 8%: Weaker growth seen as bigger threat than inflation (21 October 2008)
NEW DELHI: India's central bank unexpectedly lowered its key repurchase rate for the first time since 2004 as global credit-market turnmoil threatens to plunge the world economy into recession. The Reserve Bank of India cut its overnight lending rate to 8% from 9%, acording to a statement in Mumbai yesterday. The action came afetr the bank reduced the cash reserve ratio by 2.5 percentage points... more >

S.Korea pledges more action if needed (21 October 2008)
SEOUL: South Korea said yesterday it was ready to take more action if neede to reassure investors follwing its US$130bil rescue package aimed at staving off the global financial crisis. The country's markets took some heart from the package, but the plans failed to lift the gloom over weakening prospects for the export-oriented economy as the global credit crisis threatens to tip major demand... more >