NST Online Business Times : latest
NST Online Business Times : latest |
| Give greater emphasis to good governance Posted: 13 Nov 2012 05:56 PM PST Asia should learn from the economic crises in the United States (US) and the European Union (EU) by giving greater emphasis to
Tan Sri Dr Ramon Navaratnam said greater emphasis was needed to become more resilient and less dependent on the economic recovery of the US and the EU or even the sustainability of China. "Asia needs to ensure its economy was properly governed and has strength and resilience to be able to move forward, regardless of economic shocks that would likely continue or increase," he told Bernama at the end of the fourth World Chinese Economic Forum in Melbourne, Australia on Wednesday. Ramon said Malaysia should be more cautious in addressing deficit and debt problems as well as spending wisely amid uncertain and declining global economy. He said that while it was difficult to trim down expenditures, the Malaysian government should have greater priority in addressing corruption, crime and cronyism (3Cs). Ramon said although Asia led by China would continue to give confidence in the global economic outlook in the short-term, there was still doubts and uncertainties on whether the US could bring proper policies to ensure that its economy becomes more stable. Asia-Pacific Chief Economist at IHS Global Insight Rajiv Biswas said Asia-Pacific led by China would experience faster real gross domestic product growth by 2020. The three major economic drivers in the Asia-Pacific region would be China, India and the 10-member Asean regional grouping, he said in his presentation entitled "Global Economic Shocks: Can China Be the Saviour in a Perfect Economic Storm?". The new attention within Asean by 2030 could be Indonesia, Malaysia, the Philippines and Thailand, which would help boost regional economic growth, he added. Bernama |
| US stocks slide on US, Greece concerns Posted: 13 Nov 2012 05:00 PM PST NEW YORK: US stocks closed lower Tuesday as worries about Greece's debt crisis and the US "fiscal cliff" took the shine off strong quarterly results from home-improvement giant Home Depot. The Dow Jones Industrial Average dropped 58.90 points (0.46 percent) to 12,756.18. The broad-market S&P 500 shed 5.50 (0.40 percent) at 1,374.53, while the tech-rich Nasdaq Composite fell 20.37 (0.70 percent) to 2,883.89. After opening lower, stocks clawed back into positive territory but were unable to stay there.
Congress came back from recess Tuesday with the "fiscal cliff" at the top of the agenda. The dramatic spending cuts and tax increases are mandated to take effect beginning in January if US politicians cannot find a compromise on deficit reduction to avoid them. Continued delays in providing Greece with the bailout funds it needs to avoid default also kept investors on edge. Home Depot was the strongest gainer on the blue-chip index, jumping 3.6 percent after reporting earnings that beat Wall Street estimates and raising its full-year guidance. "Our third-quarter results were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market," said Frank Blake, chairman and chief executive. Microsoft was the steepest Dow loser, down 3.2 percent. The software maker announced the departure of Steven Sinofsky, head of its Windows unit, just weeks after the launch of the Windows 8 operating system. In the luxury sector, Michael Kors Holdings rose 0.9 percent after posting better-than-expected earnings for the second quarter, while department store chain Saks climbed 0.4 percent after disappointing results. Printer and copier maker Xerox rose 1.4 percent after lowering its profit forecast for the fourth quarter and saying it planned to increase its dividend by 34 percent next year. Apple was unchanged at US$542.90, after losing more than US$150 since late September. -- AFP |
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