Top Story: India-ASEAN FTA on Services and Investment Finalized
The agreement will help India and members of the Asean group to increase their trade to $100 billion by 2015, Cham Prasidh, Cambodia's senior minister and minister of commerce, told reporters. According to India government data, trade between India and Asean nations totaled $57.89 billion in the fiscal year ended March 31, 2011, up 30% from the previous year. "It will be a game-changer for the nature of economic relations between the two zones," Indonesian Trade Minister Gita Wirjawan said. Though the agreement would be announced at this week's Asean-India Commemorative Summit, its implementation could take up to a year, Mr. Wirjawan said.
Top Story: International cooperation vital to tackle financial risks, argues Zeti
An international platform is vital to facilitate effective policy coordination and governance while addressing financial risks in the wake of increasing financial liberalization. In making the call, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz, said the cross border dimension of policy-making has not been as extensive, despite wide ranging financial reforms at the international level to strengthen the resilience of the financial sector. This is also despite the swift spread of financial and economic shocks in the global economy and international financial system, following the 2008 crisis which affected the stability of both emerging economies and more developed financial systems.
Top Story: Strong economic growth enables development to be carried out, says PM Najib
The country's encouraging economic growth has enabled the government to implement development programmes and channel aid to the people. Prime Minister Datuk Seri Najib Tun Abdul Razak said that was the reason why the Barisan Nasional had made it a priority to do its best in managing the country especially with regard to economic growth. "We have managed the country well while countries in Europe were being saddled with debts, the US is facing problems due to its political clashes while countries in the Middle East were undergoing uprisings."
Top Story: Ministry of Finance unveils Budget 2013 websiteIN THIS UPDATE:National Affairs
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Top Story: Brunei economy expected to slow down along with oil and gas sector, says JPKE
"Brunei Darussalam's economic growth in 2012 is projected to increase at a modest rate of 1.6 percent compared to 2.2 percent in 2011. This is due to the expected contraction in the oil and gas sector by 1.2 percent," a JPKE statement issued yesterday read. The statement explained that the anticipated contraction in the oil and gas sector is due to the expected decline in two sub-sectors namely: oil and gas mining, and liquefied natural gas.
Top Story: Southeast Asia Lures Private Equity, but Dealmaking Challenges Grow - BCG Report
Some of the biggest names in private equity are racing to set up shop in Southeast Asia, drawn by the region's rapid economic development and abundance of natural resources, according to a new report by The Boston Consulting Group. The report, Private Equity in Southeast Asia: Increasing Success, Rising Competition, was released on December 6. A word of caution, however: a spate of dealmaking is pushing asset prices upward, the report says. As a result, the corridor for success is growing narrower, and private-equity firms can no longer rely on growth alone to generate attractive returns.
Top Story: Malaysia set to beat HK, UK as IPO destination
Malaysia is poised to end the year as the world's fourth-largest market for initial public offerings (IPOs), after companies favoured Southeast Asia's least volatile market as a destination to raise capital.Companies sold stock in Malaysia on speculation the nation will be sheltered from Europe's debt crisis and a slowing global economy. Malaysian IPOs have raised US$6.8 billion this year, compared with the US$7.05 billion record raised in 2010.
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