US economy accelerated in Q4 2010

The US economy accelerated in the 4Q of 2010 as consumer spending climbed by the most in more than four years. GDP grew at a 3.2% annual rate, Commerce Department figures showed, falling short of the 3.5% median forecast of 85 economists surveyed because of a slowdown in inventories. Excluding stockpiles, the economy rose at a 7.1% pace, the most since 1984.

Niall Ferguson : Calling a double-dip is going too far

Sept. 3 (Bloomberg) -- Harvard University historian Niall Ferguson talks about the outlook for the U.S. and global economy. The August payrolls report may show the U.S. economy lost 105,000 jobs, the third straight monthly decline, according to the median forecast of 81 economists surveyed by Bloomberg News. Ferguson speaks in Cernobbio, Italy, with Francine Lacqua on Bloomberg Television's "Global Connection."

Vietnam, Indonesia top US companies’ Southeast Asia plans

Vietnam and Indonesia are the top investment destinations in Southeast Asia for US businesses, according to the American Chamber of Commerce.

Companies are “much more positive” on the prospects for regional growth, even as dissatisfaction over corruption increased, according to a business outlook survey published by the chamber Thursday. Improved economic links within Southeast Asia and higher profit expectations are among the reasons prompting businesses to consider expansion, the survey showed.

Asia’s rebound is outpacing much of the rest of the world as exports boost earnings and domestic demand strengthens, benefitting companies including Singapore Airlines Ltd. and Malaysia’s Sime Darby Bhd. The Association of Southeast Asian Nations said its 10-member nations drew 3.6 percent of global foreign direct investment in 2009, up from 2.8 percent in 2008.

Most companies surveyed “continued to expand or expand significantly in Asean over the past two years” and more plan on doing so over the next two years amid optimism about growth, the chamber said. “This business expansion is directed most strongly towards Vietnam, Indonesia, Thailand and Singapore.”
US businesses were mostly satisfied with the availability of low-cost labor except in Singapore and Malaysia, the report showed.

The greatest concern for companies in most countries is corruption, except for Singapore and Thailand. Respondents cited the city-state’s housing costs and the stability of the Thai government as the main worries in those two nations.

“Corruption continues to be a source of great dissatisfaction for respondents, many of whom cited it as a barrier to doing business in Asean,” the chamber said. “The level of local protectionism also remains a concern in a range of countries -- Malaysia, Thailand, Vietnam, and Indonesia.”

Boustead : Won 1.3B service support contract

Boustead Heavy Industries Corp won a service-support contract for the two Scorpene submarines of the Royal Malaysian Navy valued at RM1.3 billion, according to a company statement.

US: Fed may pass on more stimulus amid signs of weakness

Federal Reserve policy makers signaled they will probably pass on providing more stimulus at their 10 Aug meeting and wait to see if signs of a weaker economic growth persists. Chairman Ben S. Bernanke told lawmakers that consumer spending is “likely to pick up” amid a “moderate” expansion.

China: To further open gold market to trading, imports

China will let more banks import and export gold and open trading further to foreign companies as near-record prices and falling stock markets spur demand in the world’s second-largest buyer of the metal. Gold prices gained. China may “increase foreign members on the Shanghai Gold Exchange and will also study ways to allow foreign qualified bullion suppliers to deliver to the exchange,” the People’s Bank of China said