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Beat of the Nation
Sat, 21 Sep 2019, 2:59 PM
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Topic: International Monetary Fund

The Star:
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China’s plan for the yuan could backfire in any crisis, strategist says
TOKYO: China’s currency-swap lines with nations spanning the globe, designed to bolster the international role of the yuan, could backfire badly in a world crisis.
The Star:
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Foreign reserves at US$103.5bil
KUALA LUMPUR: Bank Negara’s international reserves stood at US$103.5bil as at Sept 13,2019, unchanged from two weeks earlier.
Malay Mail:
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BNM international reserves remain at US$103.5b as at Sept 13
KUALA LUMPUR, Sept 20 — Bank Negara Malaysia’s (BNM) international reserves stood at US$103.5 billion (RM432.7 billion) as at September 13, 2019, retaining the same amount as at August 30, 2019.
The Star:
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BNM's international reserves unchanged at US$103.5b at Sept 13
KUALA LUMPUR: Bank Negara's international reserves were US$103.5bil as at Sept 13, 2019, unchanged from two weeks earlier.
Malay Mail:
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Ex-IMF’s Lagarde: Global growth ‘fragile,’ ‘under threat’
WASHINGTON, Sept 20 — The former head of the International Monetary Fund, Christine Lagarde, warned yesterday that global growth is “fragile” and “under threat” and policymakers should work ...
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Trade tensions slam brakes on global economy, says OECD
PARIS, Sept 19 — Escalating trade tensions are eroding global growth prospects with the world economy set for its slowest expansion since the global financial crisis, the OECD warned today.
The Star:
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Oil-price shock couldn’t come at worse time for world economy
Hong Kong: The record oil-price surge after a strike on a Saudi Arabian oil facility couldn’t come at a worse time for a world economy already in the grip of a deepening...
Malaysiakini:
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Mahathir, Anwar, Zakir Naik among 500 most influential Muslims
Prime Minister Dr Mahathir Mohamad has been named the Muslim Man of The Year by the Jordan-based Royal Islamic Strategic Studies Centre (RISSC). In its 'The Muslim 500: The World's 500 Most Influentia...
Malay Mail:
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Washington, Beijing lay ground for trade deal talks; China buys US soybeans
BEIJING/WASHINGTON, Sept 13 — The United States yesterday welcomed China’s renewed purchases of US farm goods while maintaining the threat of US tariff hikes as the world’s two largest economies...
The Borneo Post:
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Thousands mourn passing of ex-Indonesian president Habibie
Indonesian soldiers carry the picture and casket of Habibie during his funeral ceremony at Kalibata Heroes Cemetery complex in Jakarta, Indonesia.
Malay Mail:
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Argentina's US$15b burn stems peso rout ― for now
BUENOS AIRES, Sept 11 ― Argentina has burned through US$15 billion (RM62.6 billion) in foreign reserves over the last month to stabilise the peso, which crashed along with the country's bonds after ...
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IMF: Surging trade uncertainties about 10 times previous peaks
HONG KONG: Concerns about global trade have reached nearly 10 times the peaks seen in previous decades and could shave about 0.75 percentage point off world economic growth this year, according to data compiled by the International Monetary Fund (IMF).
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Questions over HK dollar peg will fade, says FX strategist
TOKYO: Debate over Hong Kong’s currency peg to the US dollar will probably prove irrelevant in time, according to foreign-exchange veteran Stephen Jen.
Malay Mail:
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Economists see ECB cornered into new stimulus broadside
FRANKFURT, Sept 10 — The European Central Bank is set to unveil fresh monetary easing at a meeting Thursday, analysts agree, under pressure from markets to deliver support to a flagging eurozone eco...
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Citigroup, Credit Suisse await Africa deals on state asset sales
JOHANNESBURG: Citigroup Inc and Credit Suisse Group AG are expecting more African deals as governments sell assets and Ethiopia opens up.
Malay Mail:
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World Bank CEO Georgieva sole candidate to lead IMF
WASHINGTON, Sept 9 — A top executive at the World Bank, Kristalina Georgieva of Bulgaria, now faces no opposition in her candidacy to lead the International Monetary Fund, the fund announced today.
Malay Mail:
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German exports rebound in July
FRANKFURT, Sept 9 — Exports from Europe’s largest economy Germany enjoyed an unexpected rebound in July, official data showed today, making for a bright spot in the data amid signs of a looming re...
Malay Mail:
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Greek PM set to outline tax cuts, structural reforms
ATHENS, Sept 7 — Greece’s prime minister is expected today to detail tax cuts for companies strained by years of austerity, while also promising pro-business reforms aimed at convincing lenders to...
Malay Mail:
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France urges Germany to step up eurozone investments
STRASBOURG, Sept 7 — France’s finance minister reiterated his call yesterday for Germany and other eurozone states running budget surpluses to step up investments in the bloc to counter economic s...
The Star:
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Christine Lagarde and the case for more QE
Mario Draghi is on his final stretch, and it’s not an easy road to travel.
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BNM international reserves rise to US$103.5bil at Aug 30
KUALA LUMPUR: Bank Negara's international reserves rose US$400mil to US$103.5bil as at Aug 30, 2019, from RM103.1bil on Aug 15.
Free Malaysia Today:
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The true toll of the trade war
Another day, another attack on trade.
Malay Mail:
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ECB nominee Lagarde faces grilling from euro MPs
FRANKFURT, Sept 4 ― European Parliament lawmakers will today question incoming European Central Bank chief Christine Lagarde on how she will run the institution, in a first major public test for the...
The Star:
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Argentina returns to currency controls as debt crisis spirals
BUENOS AIRES: Argentina's government authorised currency controls on Sunday in an about-face by President Mauricio Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner.
Malay Mail:
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IMF pledges support for Argentina after return to currency controls amid debt crisis
BUENOS AIRES, Sept 2 — The International Monetary Fund said it will stand by Argentina after the government authorised currency controls yesterday in an about-face by President Mauricio Macri, who h...
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America’s wealth hinges on its ability to borrow big - or else
NEW YORK: The U.S. economy is consistently ranked among the world’s strongest. But cut off its addiction to debt and exhaust its gold and currency reserves, and a...
Malay Mail:
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Argentina asks IMF to restructure debt payments
BUENOS AIRES, Aug 29 — Argentina asked the International Monetary Fund to restructure its debt payments on the US$56 billion (RM235.75 billion) bail-out loan agreed last year in a bid to calm market...
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Trade war’s ‘second wave’ more painful, says Indonesia Finance Minister
JAKARTA: The global economy could be hit by a second wave of damage from the U.S.-China trade war -- and it will be much more severe than the first, Indonesia’s finance...
Malay Mail:
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Argentine peso drops on volatile day as IMF visits
BUENOS AIRES, Aug 28 ― Argentina's peso depreciated by almost 2.5 per cent against the dollar yesterday, a day after the International Monetary Fund met with presidential election frontrunner Albert...
The Star:
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The big gamble not to follow the Fed
Don’t expect Asia to take many leads from Federal Reserve Chairman Jerome Powell’s signal that further US interest rate cuts are coming.
The Edge Markets:
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The big gamble not to follow the Fed: Daniel Moss
(Aug 26): Don't expect Asia to take many leads from Federal Reserve Chairman Jerome Powell's signal that further US interest rate cuts are coming.
The Star:
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What is the danger of currency wars?
The race to lower interest rates and possibly weaken currencies to boost growth and exports raises the risk of currency wars. Also known as competitive devaluation...
The Star:
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Imran Khan’s future without the people is nothing
IT’S been a long year for Prime Minister Imran Khan and his party, the Pakistan Tehreek-i-Insaf. When he took power in Pakistan, Khan was faced with circumstances few leaders before him have faced...
Malay Mail:
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From phone makers to farmers, the toll of Trump's trade wars
WASHINGTON, Aug 24 ― The world's two largest economies, China and the United States, yesterday exchanged blows in the latest escalation in their trade war that has roiled supply chains and whipsawed...
Malay Mail:
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World needs to end risky reliance on US dollar, says BoE's Carney
JACKSON HOLE (Wyoming), Aug 24 ― Bank of England Governor Mark Carney took aim at the US dollar's “destabilising” role in the world economy yesterday and said central banks might need to join to...
Malay Mail:
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IMF to hold weekend meetings in Argentina with advisers for Macri, Fernandez
BUENOS AIRES, Aug 24 ― The International Monetary Fund (IMF) said yesterday that a team will meet with the economic advisers to Argentina's main presidential contenders, incumbent Mauricio Macri and...
Malay Mail:
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Bursa Malaysia opens lower as financial counters slide
KUALA LUMPUR, Aug 23 ― Bursa Malaysia slipped lower at the opening as heavyweight financial counters led the sell-off ahead of the widely anticipated speech by the US Federal Reserve Chair Jerome Po...
Malay Mail:
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Trump attacks, economic fears focus spotlight on Fed’s Powell speech
WASHINGTON, Aug 22 — When the leader of the Federal Reserve speaks, the world listens.
Malaysiakini:
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Bank Negara's international reserves fall to US$103.1b
Bank Negara's international reserves decreased to US$103.1 billion as at Aug 15, 2019, from US$103.9 billion as at July 31, 2019.
The Edge Markets:
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Bank Negara's international reserves down to US$103.1b as at Aug 15
KUALA LUMPUR (Aug 22): Bank Negara Malaysia's international reserves fell to US$103.1 billion as at Aug 15, from US$103.9 billion as at July 31.
Malay Mail:
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Yuan hits 11-year low, yen rises on rush to safe-havens
TOKYO, Aug 22 — China’s yuan fell to an 11-year low against the dollar today due to worries about an economic slowdown, prompting Chinese state-owned banks to support the currency in the forwards ...
The Star:
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Malaysia remains attractive to foreign investors
PUTRAJAYA: Malaysia continues to be an attractive investment destination as total stock of foreign direct investment (FDI) rose by 10.3% to RM667.5bil in the second quarter of 2019, compared with RM605.1bil a year ago.
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Govt expects GDP to expand 4.5%-5% this year, Guan Eng says
KUALA LUMPUR: The government expects the economy to expand between 4.5% and 5% this year, based on the first half-year trend, Finance Minister Lim Guan Eng said.
The Edge Markets:
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2Q FDI growth achieved on the back of sustained economic growth, says Guan Eng
KUALA LUMPUR (Aug 20): Finance Minister Lim Guan Eng said Malaysia's sustained economic growth was one of the reasons for the rise in the country's foreign direct investment (FDI). In a statement toda...
Malay Mail:
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Argentina’s Fernandez says country will struggle to repay IMF loan, must renegotiate
BUENOS AIRES, Aug 19 — The Argentine opposition candidate, Alberto Fernandez, said that the country would struggle under present conditions to repay a loan to the International Monetary Fund and he ...
Free Malaysia Today:
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IMF’s latest victims
The process of selecting the International Monetary Fund’s next managing director must change.
Malay Mail:
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Argentina Treasury minister resigns, says ‘significant renewal’ needed amid economic crisis
BUENOS AIRES, Aug 18 — Argentina´s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters yesterday he believed the government needed “significant renewal” in its ec...
theSun:
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Strong GDP growth continues to highlight Malaysia’s resilience: MOF
KUALA LUMPUR: Malaysia’s second quarter 2019 gross domestic product (GDP) growth which expanded to 4.9% year-on-year, from 4.5% in the previous quarter, continues to highlight the country’s resili...
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Finance Ministry: Strong GDP growth continues to highlight Malaysia's resilience
KUALA LUMPUR (Bernama): Malaysia's second quarter 2019 gross domestic product (GDP) growth continues to highlight the country's resilience amid the challenging global environment.
Malay Mail:
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Finance Ministry says strong GDP growth continues to highlight Malaysia’s resilience
KUALA LUMPUR, Aug 17 ― Malaysia’s second quarter 2019 gross domestic product (GDP) growth which expanded to 4.9 per cent year-on-year, from 4.5 per cent in the previous quarter, continued to highl...
Malay Mail:
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Report: Germany ready to ditch balanced budget in case of recession
BERLIN, Aug 16 — Germany’s right-left coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession, Der Spiegel magazine reported t...
Malay Mail:
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Argentine peso on roller coaster after Macri defeat
BUENOS AIRES, Aug 14 ― Argentina's peso slipped further against the dollar yesterday while the stock market partially recovered as South America's third-largest economy continued to take a pummeling...
kopiandproperty.com:
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If Singapore falls into technical recession, what’s happening to the GDP % in Malaysia?
Many friends in Malaysia have asked me if Malaysia is going to fall into a recession for 2019?
Malay Mail:
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Argentina's Fernandez could review IMF deal, impose capital controls
BUENOS AIRES, Aug 13 ― A resounding victory by Argentina's centre-left opposition leader Alberto Fernández in Sunday's primary election alarmed investors with the prospect he could roll back Presid...
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Asian shares inch up on China recovery, yuan fixing
Gains by Chinese equities and the yuan's stronger-than-expected daily fixing helped lift a broad gauge of Asian shares above water on Monday, but firm gold prices underscored investor worries over risks from a prolonged Sino-U.S. trade war.
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Oil declines as trade tensions continue to stoke demand fears
Oil dropped as U.S. President Donald Trump said planned trade talks with China next month could be called off, stoking concerns the deepening dispute will damage global growth.
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China is saving stimulus for trade war winter as yuan weakens
BEIJING: Chinese policy makers are holding back from rolling out the big guns of monetary stimulus, keeping options in reserve as the trade standoff with the US risks morphing into a global currency war.
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Central banks cry for budget help
WASHINGTON: As they look to ease monetary policy, central bankers are also singing from the same songsheet when it comes to government support for their economies. They want more of it.
The Edge Markets:
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Bretton Woods institutions: Enforcers, not saviours?
According to their own internal evaluations, both the World Bank and the International Monetary Fund (IMF) have huge credibility deficits due to the policy conditionalities and advice they have dispen...
The Star:
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Currency fears trigger volatility
REVIEW: The fallout from the escalation of the US-China trade war continue with retaliation from Beijing over the latest proposed US tariffs.
Malay Mail:
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Bank Negara international reserves rise to US$103.9b as at July 31
KUALA LUMPUR, Aug 7 — Bank Negara Malaysia’s (BNM) international reserves increased to US$103.9 billion as at July 31,2019 from US$103.3 billion as at July 15, 2019.
The Edge Markets:
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Indonesia's growth sticks at 5% as trade war threatens: Daniel Moss
(Aug 6): Even the most promising national economies can get big stuff within their control basically right and still be blindsided by events utterly beyond their control.
The Edge Markets:
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KLCI pares loss, down 0.74% as global stocks extend fall
KUALA LUMPUR (Aug 6): The FBM KLCI pared some of its loss at mid-morning today and was down 0.74% after having slumped more than 1% in early trade.
Malay Mail:
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Yuan pulls off lows, yen falls as Beijing seen curbing fresh yuan losses
TOKYO, Aug 6 — The offshore yuan pulled back from an all-time low today after Beijing appeared to take steps to prevent the currency from weakening further, following a sharp drop that prompted the ...
Malay Mail:
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China’s yuan hits new lows, PBOC seeks to stem slide
SHANGHAI, Aug 6 — China’s tumbling yuan found a floor this morning after a firmer than expected central bank fixing and a planned bond sale in the offshore market suggested authorities wanted to c...
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Stock losses steepen as US puts yuan in crosshairs
TOKYO, Aug 6 — Global stocks extended already substantial losses today as China’s yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid esca...
Malay Mail:
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US designates China as a ‘currency manipulator’ as trade war rages
WASHINGTON, Aug 6 — The United States yesterday formally accused China of manipulating its currency, marking the second major escalation in the two countries’ spiraling trade war in just 24 hours.
Malaysiakini:
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US designates China as currency manipulator
The US government has determined that China is manipulating its currency, and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, US Treasury Secretary Steve...
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Petronas signs offshore oil-production sharing deal with Gabon
PORT LOUIS (Aug 5): Malaysia’s state-owned oil company has signed an agreement with Gabon for two exploration permits after the African country enacted a new oil law last month, the government said ...
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As trade stumbles, Trump’s economy faces a reckoning
WASHINGTON, Aug 3 — America’s economy is showing signs of sagging under the weight of President Donald Trump’s escalating trade war with China, which is whipsawing industries and financial marke...
Malaysiakini:
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EU settles on World Bank CEO Georgieva as candidate for IMF boss
European Union governments picked Bulgaria’s Kristalina Georgieva (photo) as the bloc’s candidate to lead the International Monetary Fund after more than 12 hours of talks yesterday that highlight...
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EU settles on World Bank’s Georgieva to lead IMF
BRUSSELS, Aug 3 — European Union governments picked Bulgaria’s Kristalina Georgieva as the bloc’s candidate to lead the International Monetary Fund after more than 12 hours of talks yesterday th...
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EU governments seek name for IMF head among four, with no UK candidate
ROME, Aug 2 — European Union finance ministers are set today to choose the bloc’s candidate to lead the International Monetary Fund from a list of four names, a spokeswoman for the French governme...
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From phone makers to farmers, the toll of Trump’s trade wars
WASHINGTON, Aug 2 — US President Donald Trump on Thursday said he would impose a 10% tariff on the remaining US$300 billion (RM1.24 trillion) of Chinese imports as tensions with China spiked again, ...
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Search for new IMF head widens to include British candidate
BRUSSELS, Aug 1 — European governments widened their search for a new head of the International Monetary Fund, extending a deadline to 1800 GMT today so that Britain can put forward a candidate.
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Brazil's central bank cuts interest rates to record low
BRASILIA, Aug 1 ― Brazil's central bank slashed interest rates to a record low yesterday in response to the worsening outlook for Latin America's biggest economy.
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UN: Latin America set for feeble growth of 0.5pc in 2019
SANTIAGO, Aug 1 ― Hit by five years of “economic slowdown,” Latin America's economy will grow by barely 0.5 per cent this year, the United Nations economic commission for the region said yesterd...
Malay Mail:
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Malaysia’s reserves at US$102.7b as of June 2019
KUALA LUMPUR, July 31 — Malaysia’s reserves remained usable as at end-June 2019, with official reserve assets at US$102.72 billion (RM423.9 billion) , while other foreign currency assets amount...
kopiandproperty.com:
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Ability to repay borrowings, VERY important.
Sometimes, I get tired of having to repeat this.
The Star:
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All countries, including Malaysia, losing in US-China trade war
THE International Monetary Fund (IMF) may have identified China as having more to lose in the US-China trade war, but the real loser is the world which has become economically more dependent on China.
Tech in Asia:
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How China can face potential threat from Facebook’s Libra
Back in June, David Marcus, head of the Facebook Libra project, had announced that Libra will be tied to a basket of low-risk securities and traditional, government-issued currencies such as the dolla...
EdgeProp.my:
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Global recession fear overplayed — BNM
KUALA LUMPUR (July 25): While the escalating trade tension between the US and China will moderate Malaysia’s economic growth, it will not cause a global economic recession next year, said Bank Negar...
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Global recession fear overplayed — BNM
KUALA LUMPUR: While the escalating trade tension between the US and China will moderate Malaysia’s economic growth, it will not cause a global economic recession next year, said Bank Negara Malaysia...
Malay Mail:
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Caterpillar Inc’s earnings disappoint on weak China sales, higher costs
CHICAGO, July 25 ― Caterpillar Inc's earnings yesterday missed Wall Street's estimates, hurt by a combination of weak sales in China and higher production and restructuring costs, sending its shares...
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Switzerland the world’s most-innovative in latest rankings
NEW DELHI, July 24 — Switzerland is the world’s most innovative country for a second consecutive year while Asian giant India made the biggest strides among major economies, a global indicator sho...
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US, China to resume trade talks next week
WASHINGTON, July 24 — US and Chinese are restarting negotiations to in an effort to resolve the year-long trade dispute, with two days of talks due next week, US Treasury Secretary Steven Mnuchin sa...
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Asia Stocks to Gain on Earnings, Trade Optimism
(July 24): Asian shares looked set for gains after signs of progress in U.S.-China trade talks though technology stocks will be in focus after U.S. antitrust moves in the sector.
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Oil price rises near US$64/bbl on second downed Iranian drone
HOUSTON: Oil rose to almost $64 on Tuesday, jumping late in the session after the head of U.S. Central Command said the United States may have taken down a second Iranian drone over the Strait of Hormuz last week.
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Wall Street gains on robust Coca-Cola, United Tech earnings
NEW YORK, July 23 — US stocks rose today boosted by better-than-expected earnings and forecast raises from blue-chip companies including Coca-Cola and United Technologies, soothing concerns over the...
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IMF downgrades world growth, warns of ‘precarious’ 2020
WASHINGTON, July 23 — Global trade tensions and continued uncertainty are sapping the strength of the world economy, which faces a “precarious” 2020, the International Monetary Fund warned today...
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What Trump’s tale about the US trade war’s role in China’s economic decline got wrong
China’s second-quarter GDP slowdown has more to do with the government’s debt crackdown than the US president’s efforts. Given China’s huge contribution to global GDP growth, any decline will adversely affect all economies.
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Bank Negara international reserves rises to US$103.3b as at July 15
KUALA LUMPUR (July 22): The international reserves of Bank Negara Malaysia (BNM) amounted to US$103.3 billion as at July 15 this year, up 0.6% from US$102.7 billion as at June 28, the central bank sai...
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IMF says Pakistan needs to mobilise tax revenue, cut debt
WASHINGTON, July 22 ― Pakistan needs to mobilise domestic tax revenue to ensure funds for social and development programs, while reducing debt, the acting director of the International Monetary Fund...
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IMF says Pakistan needs to mobilise tax revenue, cut debt
WASHINGTON: Pakistan needs to mobilise domestic tax revenue to ensure funds for social and development programs, while reducing debt, the acting director of the International Monetary Fund said on Sunday after a meeting with Pakistani Prime Minister Imran Khan
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Indonesia may end good payouts to fired workers
JAKARTA: When Harijanto needed more workers to make Nike and Adidas sneakers at one of its factories outside the Indonesian capital Jakarta, he couldn’t make the numbers work.
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Africa poses critical challenge for World Bank, IMF
WASHINGTON, July 21 — Global heat maps of extreme poverty show Africa in deep red.
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IMF/World Bank: 75 years as the world's financial firefighters
WASHINGTON, July 21 — At the critical moment of a Hollywood movie starring A-lister Sandra Bullock, Bolivia's newly-elected president calls in the International Monetary Fund to bail out the poverty...
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Ex-governor of RBI Rajan signals Brexit politics deterred him from BOE job
LONDON: Former Reserve Bank of India governor Raghuram Rajan has indicated the political challenges posed by Brexit were the reasons he didn’t apply to head up the Bank of England.
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Heed the economic warning
THE reputed international Fitch Ratings agency has given us a warning on the outlook for the Malaysian economy that we should not ignore.
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Singapore’s US$518b stock market looks past recession risk
SINGAPORE: Investors are sanguine about Singapore’s equity market even as the nation faces the risk of a technical recession, as a positive outlook for dividends and earnings overshadows threats from the US-China trade spat.
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