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Indonesian president vows 7pc growth
AFP, Jakarta
Indonesian President Susilo Bambang Yudhoyono pledged Wednesday to return the country to strong growth of seven percent by 2014 if he is re-elected in July.
The president known simply as SBY said domestic demand would fuel a recovery next year, as he addressed business leaders ahead of the July 8 polls.
"We have the objective within the next five years that, with the right growth sources and the best policies, economic growth can reach seven percent," Yudhoyono said.
"[ prefer inclusive growth, sustainable growth and protection for the citizens rather than economic growth levels that won't be sustainable," headded.
The government has embarked on a 7 1 -billion-dollar stimulus spending plan but Yudhoyono said fiscal policy had to be balanced with a "social safety net" to ensure stable rather than simply high economic growth.
His government would improve resource management in a country which is home to some of the world's largest reserves of minerals, coal, oil and gas.
"We have abundant resources, but they have not been managed efficiently, " he said.
Indonesia became a net oil importer several years ago due to a lack of investment in new fields, while regulatory problems have stymied investment in the mining sector.
Boediono, an economist with no experience in politics, separately promised to fight corruption and strengthen the domestic market if elected as vice president.
China to tighten control on fixed-asset investment loans
AFP, Beijing
China is to tighten up supervision of lending for fixed asset investment projects after bank loans surged this year and auditors warned of fund misuse.
Loans of more than five percent of a project's total investment, or greater than 500 million yuan (73.3 million dollars). should be paid to whoever is contracted to do the work, not the borrower, new draft regulations state.
Loan applicants must also show equal or greater investment in the projects and their funds should already be invested, the draft rules, issued Tuesday by the China Banking Regulatory Commission, said.
It was not immediately clear when they would come into force.
The new regulations come as the National Audit Office published a report this week warning of fund misuse related to China's 580-billion-dollar stimulus package, unveiled in November to boost the crisis-battered economy.
Some companies were found placing funds obtained through bill financing into deposits to profit from the interest rate spread, said the report.
Exports fall to cut developing Asia's growth: ADB
AFP, Manila
Plunging western demand for developing Asia's exports would trim the region's potential economic output this year by 2.8 percent, the Asian Development Bank said Wednesday.
It said that as the global slump in 2009 hits gross domestic product growth for countries in the Organisation for Economic Cooperation and Development (OECD), Asian economies that rely on exports to these nations will be hit.
It said in a study that it saw a 2.8 percent cut in developing Asia's GDP, includinga 3.9 percent drop in China and a 4.1 percent fall in India.
Had the crisis not taken hold, exports to OECD countries "would have generated annual GDP growth in Asia (of) between 2.3 percent and 4.0 percent" in 2009 and 2010, it added
Trade with OECD countries would raise developing Asia's GDP next year, "but still significantly below" its potential.
Iraq to slap foreign oil firms with 35pc corporate tax
AFP, Baghdad
Iraq's cabinet has approved a bill that will slap foreign oil firms with a minimum 35 percent corporate tax in a bid to boost government revenues, government spokesman Ali al-Dabbagh said Wednesday.
"The Council of Ministers decided to approve the draft law on income lax on foreign oil companies based on the provisions of two constitutional articles," Dabbagh said in a statement.
" It takes into account the recommendation of the State Consultative Council to add an article for the income tax law of 1982 of not less than 35 percent.
"This agreement on the draft law will guarantee Iraq’s rights in imposing taxes on companies contracted to extract oil and it will ensure that these taxes will be used for the national income," Dabbagh said.
The oil ministry presented this draft law in order to be approved, because this will support to the national economy," headded.