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Bank Negara Malaysia Maintains Key Interest Rate

Bank Negara Maintains Key Interest Rate
KUALA LUMPUR – Bank Negara Malaysia (BNM), central bank of Malaysia decided to held interest rates steady at 3 per cent today, surprising financial markets which had been betting on a hike, as the authorities brace for growth to slow due to weaker global demand. BNM raised the Statutory Reserve Requirement ratio to 4 per cent from 3 per cent effective July 16. The latest indicators point to a moderation in growth in the second quarter, the central bank said in a statement after the Monetary Policy Committee (MPC) meeting today. “Going forward, global growth will remain highly uneven across regions, with increased downside risks,” the statement stated.

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Govt to acquire 600 lots of land for MRT project

Govt to acquire 600 lots of land for MRT project
KUALA LUMPUR: The Government will be acquiring between 500 to 600 lots of private land for the My Rapid Transit (MRT), which is about 20% of the total land area needed. Of these, 250 lots will be in Kuala Lumpur. The private lots would comprise residential, commercial and vacant land, a source familiar with the project said. “The balance 70% to 80% of land required is government land,” he said at a public hearing held at Syarikat Prasarana Negara Bhd office in Bangsar. Yesterday’s session was for land owners along Jalan Sultan, Kuala Lumpur, which is part of the popular Chinatown area.

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Residents go all out to oppose columbarium project

Residents go all out to oppose columbarium project
Residents of Ipoh Garden East are going all out to ensure the proposed columbarium project in Taman Kemuncak does not see the light of day while there is still time and hope. Rather than sleep in on a Sunday morning, residents in the quiet housing area, which is made up of Taman Kemuncak and nearby Taman Kaya and Taman Perak, came out in droves to “exorcise” the controversial project for the dead recently. Young and old, armed with posters and banners, had started gathering in front of the proposed site as early as 9am. By 9.15am, their numbers had swelled to over 300. Under the watchful eyes of a few policemen, the residents kept chanting ‘no’ against the project, which even the nearby mountains seemed to echo.

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Menteri Besar: High-rise homes not the answer

High-rise homes not the answer
SEREMBAN: Developers here will be asked to build affordable houses for those in the lower income group rather than flats which are cramped and “always associated” with social problems. Likening poorly maintained flats as “modern-day slums”, Mentri Besar Datuk Seri Moha­- mad Hasan said the people, especially those with many children, should be allowed to live in a more conducive environment.

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China to extend home purchase restrictions

China to extend home purchase restrictions
China on Thursday pledged to extend limits on new home purchases to smaller cities as authorities step up efforts to cool the country's red-hot real estate market. The State Council, or cabinet, said it would tighten existing property restrictions in cities that have seen excessive price rises to push them "back to reasonable levels"."Now is a critical moment for property curbs. (We) must not swerve or relax the strength of enforcement," the State Council said in a statement after a meeting chaired by Premier Wen Jiabao.