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International Business News
Malaysia to liberalise banking sector
Alt’, Kuala I urnpur
Malaysia Monday announced measures to liberalise its banking sector, allowing nine new banking and insurance licences and easing foreign ownership limits tor noncommercial banks.
Prime Minister Najib Razak said that the move, which comes shortly after he liberalised parts of the services sector, was aimed at making Malaysia more competitive amid the global downturn.
"The liberalisation measures announced today aim to enhance Malaysia's linkages with international economies and promote greater economic regional integration. " he told a news conference.
The nine new banking and insurance licences to be issued between 2009 and 2011 include five for commercial banks, two for Islamic banks and two for operators of ' takaful," or Islamic insurance.
The foreign equity limit for investment banks, Islamic banks and takaful operators will be raised from 49 to 70 percent.
"The foreign equity limit for domestic commercial bankswill remain at the current 30 percent," Najib said.
Malaysia currently has 13 locally incorporated foreign banks, including HSBC and Citibank, and three foreign Islamic banking operators. No new foreign commercial banks have won approval to operate here for more than a decade.
Up to 70,000 more jobless in France
AFP, Paris
Between 60,000 and 70,000 people joined the ranks of France's jobless in March, slightly fewer than in February, Economy Minister Christine Lagarde said in an interview on Monday.
France had 2.38 million unemployed workers at the end of February after 79,900 lost their jobs in a single month as the economic crisis forced factories and businesses to close.
"In March, there were between 60,000 and 70,000 more job seekers." Lagarde told Le Figaro newspaper. Officials figures were to be announced later Monday.
On Sunday, Lagarde described the jobless data as "not catastrophic" but "not good news either."
We have to expect bad figures for some time," she said, adding that even if the economy recovers, it will take some time for the positive effects to be felt in the job market.
The figure for March was also lower than in January when 90,200 people lost their jobs in France.
The French government expects the economy to Shrink by 2.5 percent this year but is banking on a turn-around in2010.
Independent economists expect French unemployment to cross the threshold of 10 percent at the beginning of 2010, up from its current rate of just over 8.2 percent.
Mitsubishi Motors logs loss but sees return to black
Ar P, Tokyo
Japan's Mitsubishi Motors Corp, said Monday it fell into the red in the last financial year due to a sharp fall in sales and a stronger yen, but it forecast a return to profit this year.
Japan’s fourth-largest carmaker reported a net loss of 54.9 billion yen (566 million dollars) for the year to March, a turnaround from a profit of 34.7 billion yen in the preceding year.
Operating profit plunged 96.4 percent to 3.9 billion yen as revenue fell 26.4 percent to 1.97 trillion yen.
The automaker said the business environment remained tough but it was starting to see some signs of an improvement.
"We believe that conditions will remain severe but compared to the beginning of this year, we are gradually starting to see a bottom," Mitsubishi Motors president Osamu Masuko told reporters.
The company forecast an operating profit of 30 billion yen and a net profit of five billion yen for this business year.
Workers protest against unpaid wages in Singapore
AlP, Singapore
More than 100 construction workers from China gathered outside Singapore's manpower ministry Monday to complain about unpaid wages and cancellation of their work permits, witnesses said.
The workers sat for about two hours at the steps of the ministry, at a busy intersection near the Chinatown district, and shouted at ministry officials and police officers to air their grievances.
There was no violence, an AFP reporter at the scene said.
At one point, police warned (he workers to disperse within five minutes or face arrest. They left but regrouped across a road from the ministry, and voluntarily dispersed about an hour later.
Workers interviewed by AFP said they had not been paid their wages after their Chinese "boss" absconded with the money. They also complained that their work permits had been cancelled without warning.