KUALA LUMPUR, Nov 21 — The Najib administration received a fillip yesterday with new economic data showing that the prime minister’s moves to rev up the economy are working.
Gross domestic product contracted 1.2 per cent in the third quarter from a year earlier, shallower than the 2 per cent drop predicted by most economists.
The economy shrank 6.2 per cent in the first quarter of the year, but improved a bit in the second quarter by contracting 3.9 per cent.
SINGAPORE, Nov 21 — Much has been said of government stimulus packages and the nascent global economic recovery. But have investors given serious thought to the prospect of another crash?
In a report, Societe Generale (SocGen) painted a Doomsday scenario in which global economic collapse could recur in the next two years. It advises clients to go short on US dollars and European stocks, and long on government bonds and agricultural commodities.
SINGAPORE, Nov 21 — Maybank has become the first bank in Singapore to pledge that it will give a one-off payment to employees who cannot be rehired beyond retirement age.
This is a key feature in a set of tripartite proposals announced on Monday on the rehiring of workers beyond the legal retirement age of 62.
The bank also promised to end the practice of cutting the pay of employees when they turn 60, although this is allowed under the law.
SINGAPORE, Nov 21 — Travellers from Singapore to London will have to pay as much as £100 (RM550) more per round trip compared to someone flying a shorter distance if Britain increases its departure tax next year as planned.
The charge, which currently ranges from £11 to £110, is set based on class of travel and distance flown, with premium long-haul passengers paying the highest.
Such a system is “clearly unfair and discriminatory” against long-haul travellers, said Singapore Airlines’ chief executive officer Chew Choon Seng at the annual meeting of the Association of Asia Pacific Airlines (AAPA), held at the Conrad Centennial Singapore yesterday.
KUALA LUMPUR, Nov 20 — Telekom Malaysia Bhd’s (TM) pre-tax profit in the third quarter ended Sept 30, 2009 rose 57.67 per cent to RM217.761 million from a pre-tax loss of RM138.116 million in the same quarter last year.
Revenue in the third quarter saw an increase of RM39.065 million or 1.89 per cent from RM2.062 billion in the preceding quarter, mainly due to higher revenue from data services, internet and multimedia, other telecommunication related services and non-telecommunication related services net of declining voice of revenue.
Meanwhile, the group’s profit after tax and minority interests (Patami) increased by 208 per cent to RM179.1 million when compared to a loss of RM165.8 million in the corresponding quarter of 2008.
