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Malaysia’s shadow economy 21% of GDP, Guan Eng says

GEORGE TOWN: Malaysia’s shadow economy accounts for 21% of gross domestic product (GDP) and amounts to an estimated RM300bil, says Finance Minister Lim Guan Eng. He said the strong underground economy, which he attributed to illegal activities that are difficult to track down, should be tackled effectively. “If not handled well, it will not only […]

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Philippines: Peso-dollar spot trading closed

The Philippine peso-US dollar spot trading and the operations of banks in the areas heavily affected by Taal Volcano activity were suspended on Monday. In a statement, the Bankers Association of the Philippines (BAP) explained that the closure of the spot trading was pursuant to Bangko Sentral ng Pilipinas Circular 1043 Section 3(b) of Annex […]

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Myanmar: Local plastics recycling firm receives funding

Yangon-based investment advisory firm, Andaman Capital Partners, has invested into a local plastics recycling start-up. Andaman Capital has injected a mid-six digit figure in Myanmar Recycles, which will help the start up to expand its business. The actual sum was not disclosed. “The funding will be used to acquire more recycling equipment that will significantly […]

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Thailand won’t disrupt markets to curb baht: Uttama

Any measures authorities take to curb gains in the currency will not disrupt the “market mechanism” of the baht, Finance Minister Uttama Savanayana said on Monday. There are additional steps that can be taken to “rebalance the baht,” such as increasing outbound investment, Mr Uttama said in an interview at the Asian Financial Forum in […]

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Moody’s Assigns First-time Issuer Rating of B3 to Laos

American credit rating agency Moody’s has assigned a B3 rating with a positive outlook to the government of Laos, citing the country’s high economic growth potential. The rating agency pointed out, however, the country’s weak executive institutions, limited transparency, and the small economy could be potential challenges. It is the first time for Laos to receive such […]

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