A rubber manufacturing factory operating along Jalan Kejuruteraan 4, Industrial Area here near, was destroyed in a fire today.
Oil prices fell in Asian trade on Monday as markets awaited more interest rate cuts from China, while U.S. monetary policy remained in focus before an upcoming testimony from Federal Reserve Chair Jerome Powell this week.
Goldman Sachs (NYSE:GS) slashed its economic growth forecasts for China on Sunday, stating that current levels of stimulus from the government will provide less support for the economy than previously thought.
The investment bank cut its forecast for 2023 gross domestic product (GDP) to 5.4% from 6%, joining a growing list of major banks that have cut their bets on a Chinese economic recovery this year.
The bank said in a note released on Sunday that the country’s ongoing stimulus was incapable of generating a strong “growth impulse," and would result in a slower recovery despite the lifting of anti-COVID measures earlier this year.
Goldman Sachs also slashed its outlook for second quarter GDP to quarter-on-quarter growth of 1% from 4.9%, but forecast an improvement in the second half of the year on potentially more stimulus measures.
The move follows similar annual GDP target cuts from several major banks including UBS Group AG (NYSE:UBS), Nomura Holdings Inc (TYO:8604), Bank of America (NYSE:BAC) and JPMorgan (NYSE:JPM) last week, who also cited a slower-than-expected recovery from the COVID-19 pandemic and an insufficient degree of stimulus measures from Beijing.
But Goldman Sachs and other brokerages still hold a 2023 GDP target that is higher than the 5% forecast by the Chinese government, which was viewed as modest.
The Chinese economy grew 3% in 2022, one of its worst GDP prints on record. Growth had then rebounded in the first quarter of 2023, surging to 4.5% as the country scaled back three years of strict COVID-related restrictions.
But this rebound now appears to be running out of steam, as shown by a string of weaker-than-expected economic readings over the past two months.
China’s manufacturing sector- a major economic driver- is grappling with worsening local and international demand, while the property market has failed to rebound from a three-year downturn.
This spurred a series of interest rate cuts by the People’s Bank of China over the past week, with a cut in its benchmark loan prime rate now expected on Tuesday.
Source : Investing.com
Most Asian stocks moved in a flat-to-low range on Monday, with Chinese markets falling the most as investors awaited more interest rate cuts in the country, while more cues from the U.S. Federal Reserve also remained in focus.
China's fiscal revenues grew 14.9% in the first five months from a year earlier, quickening from a 11.9% rise in the first four months, data from the finance ministry showed.
A total of 318,750 rubber smallholders will receive the monsoon season assistance (BMT) of RM800 each this year, says Datuk Seri Dr Ahmad Zahid Hamidi (pic).
The Deputy Prime Minister said 232,427 of the recipients are rubber smallholders registered with the Rubber Industry Smallholders Development Authority (Risda) and 86,323 are under the Sabah Rubber Industry Board.Ahmad Zahid, who is also Rural and Regional Development Minister, said applications for the assistance, which involves a total allocation of RM256mil, are open until Sept 15.
“The BMT 2023 programme reflects the government’s commitment to help rubber smallholders and tappers in facing financial issues during the monsoon season.
“The government hopes that they will fully benefit from this programme,” he said in a Facebook post yesterday, reported Bernama.
Ahmad Zahid said the assistance is provided to rubber smallholders who manage their own plantations and plantation owners who are members of the group replanting project.
He said those who depend on tapping rubber as their main source of income and do not own any plantation are also included in the list of recipients.
“Individuals registered with Risda and in the smallholders’ development system (e-SPeK) are also eligible for this assistance,” he added.
Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2023 in February, announced the increase of BMT from RM600 to RM800 with a total allocation of RM256mil.
Source : thestar.com.my