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IMF Warns of Deepening Debt-Crisis Recession
2012-01-25 20:00:00
The International Monetary Fund cut its forecasts for growth in 2012 on Tuesday and warned of a possible deepening downturn in Europe.Revising an earlier forecast, the IMF predicted that the global economy will expand 3.3%, this year, down from 3.8% last year and lower than the 4% growth it had forecast last September.“The world recovery, which was weak in the first place, is in danger of stalling,” IMF chief economist Olivier Blanchard said. “But there is an even greater danger, namely that the European crisis intensifies. In this case, the world could be plunged into another recession,” he said.Oliver Blanchard is spot on in identifying a serious threat to the world economy. His only error is from where he sees the threat coming and how bad it is.On Monday IMF chief Christine Lag
2012-01-25 20:00:00
The International Monetary Fund cut its forecasts for growth in 2012 on Tuesday and warned of a possible deepening downturn in Europe.Revising an earlier forecast, the IMF predicted that the global economy will expand 3.3%, this year, down from 3.8% last year and lower than the 4% growth it had forecast last September.“The world recovery, which was weak in the first place, is in danger of stalling,” IMF chief economist Olivier Blanchard said. “But there is an even greater danger, namely that the European crisis intensifies. In this case, the world could be plunged into another recession,” he said.Oliver Blanchard is spot on in identifying a serious threat to the world economy. His only error is from where he sees the threat coming and how bad it is.On Monday IMF chief Christine Lag
Hormuz oil spike could spark global recession
2012-01-04 19:00:00
Escalating tensions with Iran have pushed the cost of crude oil higher as fears mount that a 1970s-style jump in the oil price could send both Eastern and Western economies into recession. Iran's threat to cut off access to the Strait of Hormuz – through which 40pc of the world's oil is shipped – has provoked an angry rebuke from the US, which has the Fifth Fleet nearby.Today, French foreign minister Alain Juppe supported the American hard line with Tehran, and urged European leaders to impose an embargo on Iranian oil exports and freeze Iranian central bank assets by the end of this month. Currently, Italy imports 13.3pc of its oil from Iran, Spain 9.6pc, Greece 34.7pc and France 4.4pc.International strains over Iran's nuclear ambitions were further exacerbated by the country staging
2012-01-04 19:00:00
Escalating tensions with Iran have pushed the cost of crude oil higher as fears mount that a 1970s-style jump in the oil price could send both Eastern and Western economies into recession. Iran's threat to cut off access to the Strait of Hormuz – through which 40pc of the world's oil is shipped – has provoked an angry rebuke from the US, which has the Fifth Fleet nearby.Today, French foreign minister Alain Juppe supported the American hard line with Tehran, and urged European leaders to impose an embargo on Iranian oil exports and freeze Iranian central bank assets by the end of this month. Currently, Italy imports 13.3pc of its oil from Iran, Spain 9.6pc, Greece 34.7pc and France 4.4pc.International strains over Iran's nuclear ambitions were further exacerbated by the country staging
DINAR AND DIRHAM EFFECT ON THE BANKING BUSINESS AND ITS SOLUTION
2011-11-10 21:16:00
Proceedings of the 2002 International Conference on Stable and Just Global Monetary SystemInternational Islamic University Malaysia (2002)DINAR AND DIRHAM EFFECT ON THE BANKING BUSINESSAND ITS SOLUTION1Abdul Halim Abdul Hamid and 2Norizaton Azmin Mohd Nordin1,2Faculty of Business and Law, Multimedia University,Jalan Ayer Keroh Lama, 75450 Bukit Beruang, Melaka, MalaysiaE-mail: 1ahalim@mmu.edu.my, 2 azmin@mmu.edu.myAbstract.One of the issues that might arise when implementing the use of Dinar and Dirham is how it will affect the banking business. The introduction of Dinar and Dirham will retard the growth of the existing banking business. Banks that exist today are based entirely on the concept of interest-bearing instruments (Bexley, et.al, 2000). At present, a major portion of bank’s in
2011-11-10 21:16:00
Proceedings of the 2002 International Conference on Stable and Just Global Monetary SystemInternational Islamic University Malaysia (2002)DINAR AND DIRHAM EFFECT ON THE BANKING BUSINESSAND ITS SOLUTION1Abdul Halim Abdul Hamid and 2Norizaton Azmin Mohd Nordin1,2Faculty of Business and Law, Multimedia University,Jalan Ayer Keroh Lama, 75450 Bukit Beruang, Melaka, MalaysiaE-mail: 1ahalim@mmu.edu.my, 2 azmin@mmu.edu.myAbstract.One of the issues that might arise when implementing the use of Dinar and Dirham is how it will affect the banking business. The introduction of Dinar and Dirham will retard the growth of the existing banking business. Banks that exist today are based entirely on the concept of interest-bearing instruments (Bexley, et.al, 2000). At present, a major portion of bank’s in
PHB And MIM Announce 2nd Income Distribution Of 3.25 Sen For AHB Trust Fund
2011-10-10 20:29:00
KUALA LUMPUR, Oct 7 (Bernama)-- Pelaburan Hartanah Bhd (PHB) and Mayban Investment Management Sdn Bhd (MIM), have announced a second income distribution of 3.25 sen a unit for the Amanah Hartanah Bumiputera (AHB) Unit Trust Fund for the six-month period ended Sept 30, 2011. AHB is managed by MIM and sponsored by PHB while the trustee is AmanahRaya Trustees Bhd. "This translates to an annualised income yield of 6.5 per cent which is benchmarked against the 12-month General Investment Account-i of Maybank Islamic Bhd," the companies said in a joint statement today. The statement also said the total dividend payout to all AHB unit holders for this second income distribution amounts to RM31 million. "With this, the total income distribution for the first financial year of the ten-month
2011-10-10 20:29:00
KUALA LUMPUR, Oct 7 (Bernama)-- Pelaburan Hartanah Bhd (PHB) and Mayban Investment Management Sdn Bhd (MIM), have announced a second income distribution of 3.25 sen a unit for the Amanah Hartanah Bumiputera (AHB) Unit Trust Fund for the six-month period ended Sept 30, 2011. AHB is managed by MIM and sponsored by PHB while the trustee is AmanahRaya Trustees Bhd. "This translates to an annualised income yield of 6.5 per cent which is benchmarked against the 12-month General Investment Account-i of Maybank Islamic Bhd," the companies said in a joint statement today. The statement also said the total dividend payout to all AHB unit holders for this second income distribution amounts to RM31 million. "With this, the total income distribution for the first financial year of the ten-month
Bank Muamalat Launches Islamic Dual Currency Investment Product
2011-10-10 19:21:00
KUALA LUMPUR, Oct 10 (Bernama) -- Bank Muamalat Malaysia Bhd, a leading full-fledged Islamic financial institution, has launched the Islamic Dual Currency Investment (DCI-i), which will be initially offered in the Malaysian Ringgit, Euro and US Dollars to wholesale customers.DCI-i is a foreign exchange-based structured investment product under the concept of Wakalah bil Istithmar (an agency for investment) linked to the performance of a pair of foreign currencies, Bank Muamalat said in a statement.The product essentially allows investors, who have a view on foreign currencies, to enjoy potentially higher returns compared with traditional deposit products.The DCI-i entails a relatively higher risk profile as it is not capital protected but provides an avenue to generate higher ret
2011-10-10 19:21:00
KUALA LUMPUR, Oct 10 (Bernama) -- Bank Muamalat Malaysia Bhd, a leading full-fledged Islamic financial institution, has launched the Islamic Dual Currency Investment (DCI-i), which will be initially offered in the Malaysian Ringgit, Euro and US Dollars to wholesale customers.DCI-i is a foreign exchange-based structured investment product under the concept of Wakalah bil Istithmar (an agency for investment) linked to the performance of a pair of foreign currencies, Bank Muamalat said in a statement.The product essentially allows investors, who have a view on foreign currencies, to enjoy potentially higher returns compared with traditional deposit products.The DCI-i entails a relatively higher risk profile as it is not capital protected but provides an avenue to generate higher ret
Silver Has Its Worst Day Since 1987. Gold Has Worst Week Since 1983.
2011-09-24 20:25:00
FactSetSilver. Rock climbers call this “extreme verticality.” Click for jumbo chart. This has been an historically awful day for precious metals. Here’s just how grim the selloff in silver was today: The $6.49, 18% decline to $30.05 an ounce (that’s the September contract) was the worst dollar loss since January 22, 1980 and the worst percentage loss since April 27, 1987. It was the second-biggest dollar loss in history and the fifth-largest percentage loss in history. Silver has tumbled 26% this week. Gold had its own very bad, no-good day, too, and its week was actually much worse than silver’s. Gold lost nearly 10% this week, or $175 an ounce, to $1637.50 (again, that’s the September contract). That was the biggest weekly dollar decline since January 25, 1980, and its
2011-09-24 20:25:00
FactSetSilver. Rock climbers call this “extreme verticality.” Click for jumbo chart. This has been an historically awful day for precious metals. Here’s just how grim the selloff in silver was today: The $6.49, 18% decline to $30.05 an ounce (that’s the September contract) was the worst dollar loss since January 22, 1980 and the worst percentage loss since April 27, 1987. It was the second-biggest dollar loss in history and the fifth-largest percentage loss in history. Silver has tumbled 26% this week. Gold had its own very bad, no-good day, too, and its week was actually much worse than silver’s. Gold lost nearly 10% this week, or $175 an ounce, to $1637.50 (again, that’s the September contract). That was the biggest weekly dollar decline since January 25, 1980, and its
Malaysia : Economic Statistics
2011-09-22 07:08:00
Total Government Gross Debt (National Currency) for Malaysia in year 2010 is MYR 415.174 Billion. Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110).Current Account Balance (US Dollars) for Malaysia in year 2010 is US$ 28.119 Billion. Current acco
2011-09-22 07:08:00
Total Government Gross Debt (National Currency) for Malaysia in year 2010 is MYR 415.174 Billion. Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110).Current Account Balance (US Dollars) for Malaysia in year 2010 is US$ 28.119 Billion. Current acco
What is the US-Europe turmoil's impact on Asia?
2011-09-22 06:05:00
WHY should Asian stock markets react negatively if America does not create any new jobs? This is the question on everybody's lips, especially those who have argued that Asia can stand alone and Asian growth has decoupled from American growth. But the news on Sept 5 that most Asian stock market indices dropped appreciably because America did not create jobs in August, must in fact mean that Asia cannot stand alone and is not decoupled from the West. The West can still influence what happens in most Asian economies including Singapore, Malaysia, the Philippines and Thailand because these Asian economies are linked to America and Europe through the real and financial economy. The real economy in many Asian economies are dependent on and in fact compete for greenfield investments i
2011-09-22 06:05:00
WHY should Asian stock markets react negatively if America does not create any new jobs? This is the question on everybody's lips, especially those who have argued that Asia can stand alone and Asian growth has decoupled from American growth. But the news on Sept 5 that most Asian stock market indices dropped appreciably because America did not create jobs in August, must in fact mean that Asia cannot stand alone and is not decoupled from the West. The West can still influence what happens in most Asian economies including Singapore, Malaysia, the Philippines and Thailand because these Asian economies are linked to America and Europe through the real and financial economy. The real economy in many Asian economies are dependent on and in fact compete for greenfield investments i
How Can China Save Europe When It's Defaulting On Its Own Debt?
2011-09-18 21:32:00
About 85% of Liaoning province’s 184 financing companies defaulted on debt service payments in 2010 according to a report from the province’s Audit Office. The report also noted that 120 of these borrowers, de facto government agencies, operated at a loss last year. Since 1994, provinces and lower-tier governments have not been permitted to issue bonds or borrow from banks. Despite the strict prohibition, their debt has skyrocketed as local officials incurred obligations through LGFVs, local government finance vehicles. The central government’s National Audit Office said these companies, at the end of last year, had taken on 10.7 trillion yuan of debt. No one, however, knows the true amount of LGFV indebtedness, and some have calculated the real amount to be more than do
2011-09-18 21:32:00
About 85% of Liaoning province’s 184 financing companies defaulted on debt service payments in 2010 according to a report from the province’s Audit Office. The report also noted that 120 of these borrowers, de facto government agencies, operated at a loss last year. Since 1994, provinces and lower-tier governments have not been permitted to issue bonds or borrow from banks. Despite the strict prohibition, their debt has skyrocketed as local officials incurred obligations through LGFVs, local government finance vehicles. The central government’s National Audit Office said these companies, at the end of last year, had taken on 10.7 trillion yuan of debt. No one, however, knows the true amount of LGFV indebtedness, and some have calculated the real amount to be more than do
TNB to issue RM5bil sukuk for Janamanjung plant soon
2011-09-18 07:35:00
PETALING JAYA: Tenaga Nasional Bhd (TNB) will raise RM5bil from a 20-year ringgit-denominated sukuk issuance at the end of next month to finance the extension of its Janamanjung power plant. This comes at a time when the national utility company is facing a severe gas supply shortage that may result in it incurring additional fuel cost. In a Bernama report on Thursday, TNB president and chief executive officer Datuk Seri Che Khalib Mohd Noh said the group would do its book-building exercise in the third week of October. “The timing is good as the domestic market is now flush with liquidity,” he said. In April, TNB awarded French group Alstom a 650-million-euro (RM2.8bil) contract to build the Janamanjung 1,000-MW supercritical coal-fired power plant. Alstom will engineer, pr
2011-09-18 07:35:00
PETALING JAYA: Tenaga Nasional Bhd (TNB) will raise RM5bil from a 20-year ringgit-denominated sukuk issuance at the end of next month to finance the extension of its Janamanjung power plant. This comes at a time when the national utility company is facing a severe gas supply shortage that may result in it incurring additional fuel cost. In a Bernama report on Thursday, TNB president and chief executive officer Datuk Seri Che Khalib Mohd Noh said the group would do its book-building exercise in the third week of October. “The timing is good as the domestic market is now flush with liquidity,” he said. In April, TNB awarded French group Alstom a 650-million-euro (RM2.8bil) contract to build the Janamanjung 1,000-MW supercritical coal-fired power plant. Alstom will engineer, pr