News

Malaysia plans new economic model for growth

Malaysia is considering proposals to end its subsidy regime and phase in a new goods and services tax as it begins dismantling a four-decade race-based economic system that has deterred foreign investment. The economic regime adopted after race riots in 1969 has given a wide array of economic benefits to the 55 percent Malay population,…

IMF: Tanzania has room for infrastructure funds

Tanzania has scope to raise spending on infrastructure projects in the fiscal year starting in July against a background of higher economic growth and slowing inflation, the IMF has said. The east African nation’s economy is likely to expand by 6.2 percent in 2010 versus 5.5 percent last year, the fund said in a statement….

Madoff family seeks dismissal of cases

Andrew and Mark Madoff, sons of fraudster Bernard Madoff, have submitted a request with a US court to dismiss all the complaints against them, with prejudice, court documents showed. In a filing with the US Bankruptcy Court, Southern District of New York, the sons said they ranked among the “numerous victims of their father’s terrible…

Australia welcomes China report into Chinalco de

Australia has welcomed a report saying that China did not blame Rio Tinto or the Australian government for the collapse of a $19.5bn tie-up between Chinalco and the Australian mining giant. The Australian Age newspaper reported from Beijing that a detailed report to the State Council, or China’s cabinet, blamed economic forces and a powerful…

Schaeuble calls for closer Eurozone integration

German Finance Minister Wolfgang Schaeuble called for greater integration between euro zone members and stronger surveillance of member countries’ finances to protect the monetary union from further crisis. In a column published in the Financial Times, Schaeuble said Europe’s monetary union was facing a critical moment and must take steps to protect itself from a…

US bailout watchdog criticises Treasury over GMAC

The US Treasury’s decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday. The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2bn, GMAC Financial Services continues to struggle with…

BOJ mulling easing again

The Bank of Japan is examining a further easing of its ultra-loose monetary policy and may decide on such a move this month, the Nikkei newspaper reported, weakening the yen and lifting government bond futures to a two-month high. The government, its fiscal options limited by a ballooning fiscal debt, has been pressuring the BOJ…