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Business 15 Jun 2013 | 1:55 PM

IMF incompetence

IT is both saddening and depressing to note the International Monetary Fund's (IMF) admission that it had erred in its handling of the bailout of the Greek economy (StarBizWeek, June 8, 2013). The results of its mishandling is that incomes have plunged by about a third since the debt crisis erupted in 2009, the unemployment rate is at 27% and nearly 60% of youths are unemployed. Surely, one would have thought that the well-schooled officials, bureaucrats and research experts at the IMF would have much more intelligence than to suggest and insist on such obviously ill-thought-out recommendations and proposals. Who takes responsibility for such disastrous consequences pursuant to the IMF's intervention?

Business 15 Jun 2013 | 1:46 PM

Breadth of global slowdown disconcerting

IT'S disconcerting. We have witnessed a Goldilocks affair not too hot, not too cold. The speed limit on global growth has slackened, with no further boost from the emerging markets to offset the continuing slack in advanced economies.

Business 15 Jun 2013 | 1:07 PM

FBM KCLI likely to be stable next week

KUALA LUMPUR: The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to stabilise and stage a mild rebound next week on stronger bargain hunting activity.

Business 15 Jun 2013 | 12:00 AM

Japan cabinet endorses ‘Abenomics’

TOKYO: Japan’s cabinet rubber-stamped a package of government reforms aimed at rebooting the economy, as Prime Minister Shinzo Abe readied to explain the measures to fellow G-8 leaders.

Business 15 Jun 2013 | 12:00 AM

Does DIBS benefit buyers?

I RECENTLY went to a SOHO launch where the developer offered a 10% rebate and DIBS (developers’ interest-bearing scheme) package. With regards to the rebate, 10% of the selling price will be waived provided the sale and purchase agreement (SPA) is signed within a certain period.

Business 15 Jun 2013 | 12:00 AM

S. Korea turns up the heat for foreign carmakers

SEOUL: Recent free trade deals have helped foreign premium-brand carmakers such as BMW and Mercedes-Benz drive up sales in South Korea, previously a heavily protected market dominated by Hyundai Motor and affiliate Kia Motors.

Business 15 Jun 2013 | 12:00 AM

It’s time for the profit-taking phase

REVIEW: After partying for some four weeks, it is expected that the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) will correct and absorb all that frenetic buying and finally conform to the regional markets’ profit-taking phase. As of Friday, markets had started to pick up on good economic data from the United States.

Business 14 Jun 2013 | 4:23 PM

Japan approves growth steps, promises to do more after polls

TOKYO: Japan's cabinet rubber-stamped a set of measures on Friday to boost economic growth that so far have failed to impress markets and made Prime Minister Shinzo Abe promise to take more steps after next month's upper house elections.

Business 14 Jun 2013 | 11:29 AM

Wall Street rallies on economic data and technical factors

NEW YORK: Stocks rallied on Thursday after three days of losses as stronger-than-expected economic data helped reassure investors concerned about the expected winding down of the Federal Reserve's economic stimulus.

Business 14 Jun 2013 | 12:00 AM

S. Korea rates left unchanged

SEOUL: The Bank of Korea held interest rates steady, possibly matching analysts’ consensus view that the cut in May was the last one for the year because South Korea is on a track to recovery.