\”Our expectation is that the fastest rates of economic growth this year are expected in China, India, Brazil and Russia (BRIC),\” John Mack said, adding that Russia has yet to overcome foreign investors\’ wariness, according to RIA Novosti news agency.

\”Russia still has a very strong balance sheet and low overall leverage, which remain key advantages for the country. However, it continues to lag in investment due to the volatile macro environment and weak property rights,\” Mack said.

\”We will discuss how the BRIC economies — and in particular Russia — can play an important role in becoming drivers for global economic growth in the medium term,\” he added.

St. Petersburg International Economic Forum will be held on June 17-19 under the slogan \”Laying the Foundation for the Future.\”

There are a number of important initiatives that will be discussed at the forum that could help to ensure that Russia remains a destination for global investment and stays on a path to long-term sustainable growth, Mack said.

\”It also is an opportunity for Russia to showcase its achievements and the outlook for investment and the Russian economy,\” he added.

Related:

Higher oil price helps Russian economy recover: Putin

Russia\’s economy to grow by 4 percent in 2010: IMF

Putin says Russia capable of rapid recovery in economy and finance

The ministry\’s current target of receiving the new investment requests from companies is valued at 500 billion baht (15.43 billion U.S. dollars) for 2010.

According to the Board of Investment (BOI), foreign investors are still interested in investing in Thailand, the minister said.

The Mitsubishi Company (Thailand) Limited and Mini Bear Company are expected to expand their investments in Thailand as the combined investments\’ value from the two firms is about 15.0 billion baht (462.96 million U.S. dollars), he cited.

Results of the survey showed that economic growth expectations edged higher to 3.26 percent from 3.08 percent, the bank said in a report.

\”Just like in previous months, this survey showed an improvement in expectations compared with the current economic activity,\” it said.

\”In terms of inflation, expectations were lower in 2010, but over other time scales, no substantial adjustments were observed,\” it said.

Mexico\’s peso stayed strong thanks to rising prices of oil, the nation\’s single largest export. The strong peso has helped check prices for imports, including corn, which is used in making tortillas, the nation\’s stable food.

Analysts surveyed by the bank said uncertainties in the global economic environment have helped pull back Mexican growths.

Mexico need to continue structural changes to boost growths and curb inflation, they said.

Mexico is recovering from a deep recession, largely thanks to a recovery in exports to the United States, its leading trade partner.

Malaysian Second Finance Minister Ahmad Husni Hanadzlah made this remark when chairing the focus group meeting for the country\’ s Budget 2011 at Putrajaya, the administration center of the nation\’s federal government, on Tuesday.

The minister said the meeting started with a discussion on accelerating private investments as it was deemed as the key factor driving the country\’s economy during the 10th Malaysia Plan, a five-year development plan announced last Thursday.

Ahmad Husni said that the Malaysian government had received memoranda from various stakeholders and a few meetings will be held until the end of July to discuss the wide range of issues and proposals.

Besides private investment, Ahmad Husni said that areas such as human development, creativity and innovation, small, medium and micro enterprises, as well as inclusive development would also be touched upon.

According to Ahmad Husni, private investment stood at about 10 percent of the country\’s gross domestic product currently.

Its growth rate of 21.4 percent during the pre-crisis period had declined to 7.6 percent, added the minister.

The 10th Malaysia Plan has changed its investment strategy to not only focus on wooing foreign direct investment but also look at ways that will boost domestic investment.

The 6-percent GDP growth is also essential as it is the minimum growth rate for the country to become a high-income developed nation by 2020.

SEOUL, June 11 (Xinhua) — Canada has made an official request for bilateral talks with South Korea for resumption of Canadian beef imports, the Ministry for Food, Agriculture, Forestry and Fisheries said on Friday.

The ministry said that Canada has asked for one-on-one technical consultations between beef experts of the two nations.

Officials here are mulling ways on how to deal with the beef issue, according to the country\’s state-run broadcaster KBS.

Seoul is considering starting negotiations as early as July after going through preparation process, including holding a livestock quarantine consultation committee meeting, it said.

South Korea banned the import of Canadian beef in May 2003 following an outbreak of mad cow disease in Canada. However, Canada has demanded South Korea to reopen its market to Canadian beef after receiving a controlled risk status from the World Organization for Animal Health in 2007.

The latest development in relations between South Korea and Canada will likely have South Korea face mounting pressure from other major beef exporters for market opening.

By Tu Lei

BEIJING, June 7 — The Chinese Central Government announced Friday that its definition of what constitutes a second home will be based on the number of homes owned per family, rather than by each individual.

The policy will put an end to different definitions of second homes that various banks had been using when granting mortgages. However, market insiders said it will not be easy to secure buyers\’ full information, meaning prospective owners could find loopholes.

A family\’s actual total property holdings will be calculated by including the home ownership of the loan applicant and the applicant\’s spouse and minor children, according to a statement released jointly by the Ministry of Housing and Urban-Rural Development, the People\’s Bank of China and the China Banking Regulatory Commission.

The announcement also said banks should ask for higher down payments and mortgage rates if one of the homebuyer\’s family members already owns a property with an active loan.

However, insiders said the policy still has its holes in terms of securing buyers\’ information, and is not national in scope.

\”The policy needs efforts from different departments, such as the household registration department, the housing management department and the property department, but buyers\’ information has not been shared among them,\” Shi Zheng, a consultant with Beijing-based Weiyan Property, told the Global Times Sunday.

\”It is hard to check buyers\’ purchasing record currently if the family members are in different places,\” Shi added.

Chen Zhi, vice secretary-general of the Beijing Real Estate Association, shared Chen\’s opinion.

\”The housing registration system has not implemented nationwide connections, and it is impossible to check buyers\’ purchasing records in other places,\” Chen was quoted as saying by Beijing Daily Sunday.

The government has instituted a series of tough measures in the property market since mid-April, such as raising the minimum down payment for second-home purchases to no less than 50 percent. A 70 percent decrease in commercial housing deals in some first and second-tier cities followed in May.

Figures from Shenzhen World Union Properties Consultancy show sales of new homes decreased 71.5 percent in Beijing and 67.7 percent in Shanghai from April 19 to May 30.