AEC Feed

The International Monetary Fund (IMF) has raised Malaysia’s gross domestic product (GDP) growth projection for this year to 4.8 per cent from 4.5 per cent, on the back of savvy economic management and commendable monetary |policies.
Malaysia registered a GDP growth of 4.2 per cent last year, down from 5 per cent in 2015 and 6 per cent in 2014. The country posted a 5.6% GDP expansion in the first quarter ended March 31 compared to the same quarter a year ago.
IMF economic counsellor and director of research department Dr Maurice Obstfeld noted that the fund remains optimistic on the country’s economic |outlook moving forward.
“We have upgraded our growth outlook for Malaysia this year as we see |successful efforts undertaken to increase the sustainability of debt which is on a downward trend.
“In addition, the country’s steady handling of monetary policy is commendable.
“Looking at the potential upsides moving forward, we are optimistic on Malaysia,” Obstfeld told reporters in a media briefing here on Monday
The Asian Development Bank (ADB) also upgraded Malaysia’s growth outlook to 4.7 per cent from 4.4 per cent last week, on stronger GDP growth in the first quarter of the year, driven by rising exports and continued growth in the manufacturing sector. The IMF’s and ADB’s projections remain within the official growth outlook ranging between 4 to 5 per cent. |– The Star 

Mitsubishi to launch new MPV in August
Japanese carmaker Mitsubishi announced on Monday that it would soon introduce a new multipurpose vehicle (MPV), marking its entry to a market dominated by carmakers such as Suzuki, Toyota, Honda and Daihatsu.
The vehicle will be officially launched during the Gaikindo Indonesia International Auto Show (GIIAS) at the Indonesia Convention Exhibition (ICE) in BSD, South Tangerang, from August 10 to 20. No details about the vehicle were revealed on Monday.
“The full details will be explained at the car’s world premiere at the GIIAS,” said Kyoya Kondo, president director of PT Mitsubishi Krama Yudha Sales Indonesia (MMKSI), an authorised distributor of Mitsubishi’s passenger and light commercial vehicles. Irwan Kuncoro, MMKSI’s director of sales and marketing division, said Mitsubishi planned to produce up to 80,000 of the new MPV annually, 20,000 of which would be exported to other ASEAN countries.
The MPV will have six variants at prices ranging from 189 million rupiah (US$14,187) to 246 million rupiah, which will see the car competing with brands such as Toyota Avanza, Daihatsu Xenia, Suzuki Ertiga and Honda Mobilio. |– The Jakarta Post

House ready to approve financial disclosure rule 
Indonesia’s House of Representatives Commission XI on financial affairs has |finished the discussion on the Government Regulation in Lieu of |Law (Perppu) No 1/2017 on financial information and ready to endorse it.
The Perppu is a legal basis for the |government to take part in the Automatic Exchange of Information (AEOI) initiated by the Organization for Economic Cooperation and Development (OECD).
Nine of the 10 factions on Commission XI approved the regulation, while the Gerindra Party demanded that a new law be created.
Most of the factions gave notes regarding the limit on the balance of bank accounts that can be accessed by tax |officials. Currently, the Directorate General of Taxation has set the limit at 2 billion |rupiah (US$150,116). – The Jakarta Post 

Ex-PSE head to lead ING Bank Manila 
Former Philippine Stock Exchange (PSE) Inc president and chief executive Hans Sicat will head the Manila branch of Dutch banking giant ING when current country manager Consuelo Garcia retires in November.
According to a statement issued by ING Bank N.V. on Monday, Sicat will join the bank by the middle of August “to ensure a smooth transition,” as he will take over Garcia’s positions, including as ING Bank Manila’s head of clients. Garcia’s retirement will be effective Nov. 16.
“ING is grateful to Ms. Garcia for her engaging leadership style and the entrepreneurship that she promoted at ING Bank Manila,” Gerrit Stoelinga, chief executive of ING Wholesale Banking Asia, said. – Philippine Daily inquirer