Najib said government monitoring the current global financial crisis

Deputy Prime Minister Datuk Seri Najib Tun Razak said though the crisis was expected to have an impact on the Malaysian economy, especially next year, it would not be as bad as other countries as Malaysia has made structural changes to its economy since the Asian financial crisis 10 years ago.


The government must be prepared for any eventualities in facing the current global financial crisis. “We are monitoring the situation closely so that we can act accordingly when needed,” he said.

“we are living in a truly connected and globalised world whether we desired it or not”. “Lehman Brothers, Goldman Sachs, Merrill Lynch and AIG and many others may be some distance from our shores but the truth is when they are in trouble, many parts of the world will also be in trouble,” he said.

Najib said by the same token, Malaysia needed to watch, responds and adopts new business strategies because the global business environment was changing all the time.

Trading suspended on Russia's MICEX after 15 percent plunge

The devastating effects the US financial turmoil and tumbling oil prices had trigger the global economic crisis. It sent the Russian stock markets into their biggest downward spiral since 1998.


Trading has been suspended on Russia's leading stock exchange after shares plunged by more than 15 percent amid a backdrop of falling oil prices and fears over the global economy.


Trading was halted on MICEX at 1:35 p.m. (0935GMT) for one hour Monday. Shares fell by 15.4 percent to 781.8 points.

The benchmark RTS index fell by 13.9 percent to 921.7 points, but continued to trade. Mining firm Norilsk Nickel fell by 25 percent on the MICEX. State-backed lender Sberbank by 16 percent and state-controlled oil major Rosneft by 17.4 percent.