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Harvard Business School Undertakes Case Study On Najibnomics

KUALA LUMPUR, Sept 25 (Bernama) — The Harvard Business School in Boston will undertake a case study, highlighting Prime Minister Datuk Seri Najib Tun Razak’s courageous and bold initiatives to tackle financial crisis.

The case study, to be used as a subject in the core curriculum of the macro-economic module, will be a capstone on how crisis is transmitted internationally.

It will also discuss how a country that has sound fundamentals and good regulations could withstand an international crisis.

The country is known for consolidating the banking, insurance and financial institutions following the 1998 currency crisis, said Harvard Business School Alumni Club of Malaysia in a statement today.

Besides highlighting Najib’s bold economic reforms, the Harvard study would also focus on the various economic liberalisation moves, measures taken to prepare the country for the Asean Free Trade Agreement (AFTA) and World Trade Organisation (WTO) negotiations, said Alumni president Tan Sri G. Gnanalingam.

“Harvard would also bring to attention how the country positions itself on free trade agreements with other countries and how its economic zones are poised for further foreign direct investment attractions.

�We in the alumni are proud to be associated with such a work as the study would become part of the syllabus programme and taught to thousands of international students.

“Moreover, the students at Harvard will hear about what the government and Bank Negara Malaysia have done since the 1998 crisis to regulate and stabilise the economy,� said Gnanalingam.

The previous case study on Malaysia published in April 2002 entitled “Malaysia � Capital and Control� written by Rawi Abdelai and Laura Alfaro, has been one of Harvard�s most successful case studies.

It analysed the political economy of capital controls in Malaysia during the 1997/98 Asian financial crisis. It has been taught in every class for the last seven years not only to Harvard Business School students taking a masters degree in business administration but also to senior managers who attended executive programmes.

The students constantly praised the case study as it highlighted the views expressed by Malaysian leaders, the statement added.

— BERNAMA

Buy ringgit against Singapore dollar: ANZ

Published: 2009/09/25

Investors should buy the ringgit against the Singapore dollar because higher commodity prices will spur Malaysia’s economic recovery over the next six months, according to Australia & New Zealand Banking Group Ltd.

The ringgit may advance 2 per cent to 2.40 per Singapore dollar by the end of the first quarter of 2010 as increases in the prices of crude oil, palm oil and rubber will help Malaysia’s economy expand at a faster pace than its southern neighbour, strategist Yeo Han Sia said in a research note today.

“We expect the base effect in commodity prices to narrow the export gap in Malaysia’s favour, having knock-on effects for portfolio flows and the currency cross rate,” wrote Yeo, who is based in Singapore.

The ringgit was 0.2 per cent higher at 2.449 per Singapore dollar as of 2:57 pm local time, according to data compiled by Bloomberg. It reached an 11-year low of 2.471 this month and Yeo predicts the exchange rate will return to a trading range of 2.20 to 2.40 by the end of March.

Exports of raw materials accounted for about two-thirds of Malaysia’s current-account surplus and almost half of the increase in its current-account-to-GDP ratio between 2001 and 2008, ANZ said in the report, citing International Monetary Fund statistics. Electronics and chemical products dominate Singapore’s non-oil exports, the bank said.

Palm oil recently fetched RM2,136 per ton, compared with an average of RM1,609 in the fourth quarter of 2008. Crude oil for November delivery traded at US$66.47 a barrel, versus US$59.72 in the final three months of 2008, according to data compiled by Bloomberg. They accounted for 11.4 per cent of Malaysia’s exports in the first seven months of this year, according to the trade ministry.

Commodity Prices

In the absence of a meaningful pickup in demand, prices for Malaysia’s key commodity exports will show a 50 per cent to 100 pe rcent increase on a year-on-year basis in the coming quarter, Yeo said.

ANZ recommended selling the Singapore dollar against the ringgit using non-deliverable forwards to profit from the projected move in the exchange rate. The ringgit has the potential to climb to 2.37 per Singapore dollar, while the trade should be abandoned if the currency drops to 2.47, it advised.

Yeo said the ringgit’s 2.5 per cent slide against the Singapore dollar this year is due to market forces rather than any deliberate attempts by the Malaysian authorities to weaken its currency. Changes in the nation’s foreign-exchange reserves and forward positions suggest Bank Negara Malaysia has been buying the ringgit over the past four quarters, the strategist said. — Bloomberg


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