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Wall St. slides as Saudi Arabia, Italy add to economic concerns

NEW YORK: U.S. stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy's budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, further denting investors' appetite for risk amid global trade tensions and rising interest rates.

The Dow Jones Industrial Average fell 327.23 points, or 1.3 percent, to 25,379.45, the S&P 500 lost 40.43 points, or 1.4 percent, to 2,768.78 and the Nasdaq Composite dropped 157.56 points, or 2.1 percent, to 7,485.14.

Budget 2019 is based on US$70 oil

KUALA LUMPUR: The government is estimating the 2019 Budget allocation based on average crude oil price of US$70 per barrel, although the benchmark Brent crude oil was nearing US$80 per barrel currently, said Prime Minister Tun Dr Mahathir Mohamad.

11MP Mid Term Review: High-income status target pushed back

KUALA LUMPUR: Malaysia’s target to achieve high-income nation status by 2020, as set by the previous administration, has been pushed back by at least four years as the new government resets its growth priorities.

Based on the minimum threshold of a high-income economy set by the World Bank at US$12,056 for 2017, there was a gap of 21% before Malaysia could graduate to its upper middle-income nation status.

11MP Mid Term Review: Economy to grow slower pace of 4.5% to 5.5%

KUALA LUMPUR: Malaysia’s economy is expected to grow at a slower pace of an average annual rate between 4.5% and 5.5% in the remaining period from 2018 to 2020, supported by sustained domestic demand, especially from private sector expenditure.

Dr Mahathir unveils bold reforms under 11th Malaysia Plan review

KUALA LUMPUR: Tun Dr Mahathir Mohamad unveiled the bold reforms during the Mid-Term Review of the 11th Malaysia Plan including putting the country on a stronger economic footing, improving governance and enhancing the well-being of the rakyat.

 “Therefore, bold reforms that respond to the people’s mandate are imperative to achieve our vision to become a developed and inclusive nation,” says Tun Dr Mahathir Mohamad.

Highlights of 11th Malaysia Plan mid-term review

Highlights of the Mid-Term Review of the 11th Malaysia Plan includes the reform agenda by the Pakatan Harapan government, economic outlook and the six pillars to provide a new development focus with 19 priority areas and 66 strategies aligned to the new direction of the Government to further boost economic growth.

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