News in Brief

IMF: Worst of Recession Is Over

If there are authorities that truly knows the global economy, the International Monetary Fund is one of them. And they have good news.

According to reports, its First Deputy Managing Director John Lipsky said the recent increase in oil prices indicates that the worst of the recession may be easing. He also said global oil demand is expected to recover only gradually.

Reports noted that oil prices climbed to about US$60 per barrel recently, almost double their level in December. The increase reflects "a general improvement in sentiment on signs that the sharpest period of decline in the global economy is over," Lipsky said in Rome, addressing a gathering of G8 energy ministers.

Prices also rose on "expectations that the contraction in oil demand may bottom out soon," he added.

Miti To Intensify Smi Development Programmes

Good news for struggling, Small and medium scale industries (SMIs). The International Trade and Industry Ministry (Miti) will intensify the development programmes for local entrepreneurs and SMIs,

It’s minister Datuk Mustapa Mohamed was reported in the media as saying that since Miti took over the task from the Entrepreneur and Cooperative Development Ministry following last month's cabinet reshuffle, the necessary action plans had been drawn up.

"We want to balance the crucial overseas programmes like trade and investment with efforts to promote entrepreneurship and SMI development within the country,” he said.

"Besides focusing on international programmes, we will strengten entrepreneur development and so on. As of now, we have begun a programme to make the public know Miti better and what are the ministry's roles," he told reporters here today.

Selangor Needs 150,000 Workers For Mega Projects

There are still more job offering out there, as Selangor  government recently announced that it may require 150,000 workers when it carries out five mega projects under its RM50 billion economic stimulus package

It’s Menteri Besar Tan Sri Abdul Khalid Ibrahim said the projects comprised the development of rivers, towns, light rail networks and broadband communication systems as well as the rehabilitation of stalled housing projects.

HSBC: RM200mil Allocation For Smes

More good news for Small and medium enterprises. HSBC Bank Malaysia Bhd has committed RM200mil in new funds to support small and medium enterprises (SMEs) in Malaysia.

According to reports, quoting the bank in a statement the allocation was from its US$5bil global fund for SMEs, which was launched in December last year.

It said the loans made in Malaysia under the fund were available as Islamic financing or as conventional loans.

“The loans will help customers with fundamentally-sound businesses weather short-term shocks caused by the current downturn,” it said.

Tougher To Bring In Foreign Labour

For the benefits of the local employees, the government is making it harder to bring in foreign workers.

Humarn resources minister Datuk Dr S. Subramaniam said its ministry is doing all it can to discourage employers from hiring foreigners

"The companies have to justify their requests to a special committee before they are given the green light to obtain permits for foreign workers."

They also have to show proof that the workers have guaranteed jobs once they arrive here.

Previously, permits were issued on the strength of letters from local manufacturers and industries needing workers. There was no proper vetting by the authorities.