Malaysia

 'ETP Continues To Anchor Growth'. Some 86 % of investments, or RM25.42 billion, under the Economic Transformation Programme (ETP) committed over the past two years have been realised. For the first half of this year, 33 projects with investments totalling RM7.04 billion have come into fruition. "The realisation rate of these investments is healthy. We are on track towards meeting our targets for the year," said Minister in the Prime Minister's Department Datuk Seri Idris Jala at his mid-year ETP briefing. Idris, who is also CEO of Performance Management and Delivery Unit (Pemandu), said the private sector has played a big role in driving the economy. Total private investments were RM94 billion in 2011 and RM140.18 billion last year. (Business Times)

Asia

 Philippines Growth Beats Forecast As It Defies Trend. The Philippines has posted better-than-forecast economic growth, fuelled by its services sector and higher consumer and government spending. Its economy grew 7.5% in the April to June quarter, from a year earlier. It is the fourth quarter in a row its economy has expanded by more than 7% - defying a regional trend which has seen growth slow down in many countries. (BBC)

 Indonesia Raises Interest Rate As India Aids Rupee. Bank Indonesia raised its benchmark interest rate by half a percentage point in an unscheduled move, joining India in implementing measures to shore up slumping currencies. The rupiah rose. The central bank increased the reference rate to 7 % from 6.5 %, it said, after a meeting in Jakarta today that came before the next scheduled policy review. It also raised the deposit facility rate by half a point to 5.25 %, and extended a bilateral swap deal with the Bank of Japan valued at $12 billion that will allow the two to borrow from each other’s foreign-exchange reserves. The Reserve Bank of India said yesterday it will supply dollars to top oil importers after the rupee plummeted to a record low of 68.8450 per dollar. (Bloomberg)

Americas

 US Economic Growth Revised Upwards To 2.5%. The US economy grew at an annualised pace of 2.5% in the second quarter of the year, the Commerce Department said in revised figures. That was more than double the pace recorded in the previous three months, and above estimates of 2.2%. The rise, helped by an increase in exports, is a further sign that the economy may be getting back on track. The government had originally estimated that GDP grew at a 1.7% rate in the second quarter. The revised non-annualised quarter on quarter figure was 0.6%, up from an initial 0.4% estimate. (BBC)

 Jobless Claims In U.S. Fell More Than Forecast Last Week. The number of Americans filing applications for unemployment benefits fell more than forecast last week, a sign that the U.S. labor market continues to make progress. Jobless claims in the week ended Aug. 24 dropped 6,000 to 331,000 from a revised 337,000 the week before that was higher than initially reported, the Labor Department said today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for a drop to 332,000. (Bloomberg)

 Consumer Comfort In U.S. Declines To A More Than Four-Month Low. Consumer confidence fell for a third straight week to the lowest level in more than four months as Americans’ views on the economy, finances and spending soured. The Bloomberg Consumer Comfort Index declined to minus 31.7 for the period ended Aug. 25, its weakest reading since April 7, from minus 28.8 a week earlier. The gauge has dropped 8.2 points in the three weeks since reaching a more than five-year high. (Bloomberg)

 Brazil Raises Interest Rate To 9% To Battle Inflation. Brazil has raised its benchmark interest rate to 9% from 8.5% in a further attempt to rein in inflation. The central bank's monetary policy committee, the Copom, voted unanimously for a third straight half percentage point rate rise. The Copom left the door open for more hikes by reiterating that the latest rise is part of an ongoing rateadjustment process. A fall in the value of Brazilian real has stoked inflation, currently 6.15%. (BBC)

Europe

 German Unemployment Edges Higher. The German jobless total rose slightly in August on the previous month, partly for seasonal reasons. But Labour Office data showed unemployment close to its lowest figure since the country reunified in 1990. Joblessness rose by 7,000 to 2.943 million in seasonally adjusted terms in August, the first month-on-month increase since May. The data will be welcomed by Chancellor Angela Merkel, looking to win a third term in elections on 22 September. (BBC)

 British Chambers Of Commerce: Recovery Gaining Momentum. The British Chambers of Commerce has sharply upped its 2013 growth forecast, saying the economy is gaining momentum. The business lobby group now expects 1.3% growth this year, up from 0.9%. Its forecasts for the next two years were upped to 2.2% and 2.5%. But the BCC also warned of overseas risks to the more positive outlook, notably those posed by the eurozone, the Middle East and China's slowdown. "Unfortunately the recovery is not yet secure," said BCC head John Longworth. (BBC)

Currencies

 Dollar Extends Gains After GDP Revised Higher. The dollar extended gains Thursday after second-quarter U.S. economic growth was revised higher and weekly jobless claims declined. The dollar bought 98.23 Japanese yen, more than the ¥97.71 seen late Wednesday in North America. The euro fetched $1.3242, down from $1.3341 late Wednesday, and the British pound edged down to $1.55 from $1.5526. The ICE dollar index, a measure of the U.S. unit against six rivals, rose to 81.94 from 81.415 late Wednesday Among other majors, the Australian dollar was at 89.29 U.S. cents, slightly lower than 89.46 U.S. cents late Wednesday. The rupiah rose according to FactSet, with the dollar buying 10,920 rupiahs, down 0.2%. The U.S. dollar bought 66.595 rupees, less than 68.825 rupees late Wednesday. (Market Watch)

Commodities

 Brent Falls Below $116 After 2-Day Surge; Syria Conflict Eyed. Brent crude slipped below $116 a barrel on Thursday, taking a breather after clocking its strongest 2-day gain since January 2012 over fears of oil-supply disruptions in the Middle East as western nations prepared to get involved in the Syrian conflict. Brent crude for October delivery was at $115.87, down 74 cents by 0313 GMT, after rising more than 5 % in the last two sessions. October U.S. crude fell 58 cents to $109.52 a barrel following a near 4 % gain over the past two days. (Reuters)

 Gold Falls After 5-Day Rise As Syria Attack Fears Ease. Gold fell on Thursday, snapping a five-day rally as a U.S.-led military strike on Syria appeared not to be imminent and investors turned their attention to strong U.S. economic growth and the Federal Reserve's plans to rein in its stimulus program. Spot gold was down 0.4 % to $1,412 an ounce by 2:03 p.m. EDT (1803 GMT). Among other precious metals, silver fell 1.3 % to $24.03 an ounce, retreating from a 3-1/2 month high of $25.08 hit on Wednesday. Platinum dropped 0.8 % to $1,518.99 an ounce, while palladium was down 1.2 % at $734.22 an ounce. (Reuters)