Economic Planning News
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China’s Chief Climate Negotiator Su Wei reaffirmed his nation’s commitment to lower emissions relative to economic output while dismissing reports that it will adopt an absolute cap on greenhouse gases.
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Philippine growth unexpectedly accelerated to the fastest pace in almost three years, defying a regional slowdown as President Benigno Aquino boosted investment and state spending. The peso reversed its decline.
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Philippine stocks dropped, with the benchmark index poised for its sharpest fall in 11 months, amid speculation economic growth slowed in the first quarter.
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The Philippine peso was headed for its biggest weekly loss in nine months on speculation an improving U.S. economy will prompt the Federal Reserve to rein in monetary stimulus. Bonds and stocks declined.
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Malayan Banking Bhd., Malaysia’s biggest lender, said profit increased 12 percent to a record in the first quarter as domestic spending and investment spurred demand for credit in the Southeast Asian nation. Net income climbed to 1.51 billion ringgit ($495 million), or 17.87 sen per share, in the three months ended March 31 from 1.35 billion ringgit, or 17.63 sen, a year earlier, according to a stock exchange filing today.
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China’s manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.
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China’s stocks climbed, sending the benchmark index to the highest level in seven weeks. Brokerages rose as trading volumes jumped the most among Asian markets.
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Chinese stocks rallied, capping the longest streak of weekly gains in four months, on speculation the government will accelerate economic reforms.
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Some Chinese investment projects, including those for airports, paper pulp factories and gas fields, will no longer need pre-approval from the nation’s economic planning agency.
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China’s Communist Party fired a vice chairman of the economic planning agency who is suspected of “severe disciplinary violations,” after a Chinese journalist posted allegations that he had improper business dealings.
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