LIMA (Peru) - LEADERSHIP of Apec was handed over to Singapore on Sunday at the end of a summit which put out strong statements on free trade and the economic crisis.

In taking over the reins for 2009, Singapore said it would focus on regional economic integration as it built on the good work already done.

KUALA LUMPUR - MALAYSIA'S central bank cut its key rate to 3.25 per cent from 3.50 per cent on Monday, the first rate change in over 2 years and the first cut in over 5 years, and signalled it was ready to cut further.

A cut has been on the cards since last month's rate meeting when Central bank Governor Zeti Akhtar Aziz signalled the bank was moving from concerns over inflation to worries that the export-driven economy would be hit by slowing global growth.

STAFF at the Singapore unit of Citigroup on Monday expressed relief at the US government's move to bail out the financially-troubled bank.

'I meet a lot of the senior staff here and I can tell they are more relieved today,' said one staff member, who asked to remain anonymous, speaking from Citi Singapore's Temasek Avenue office.

ASIAN economic growth will slow sharply as major industrial economies contract and financial firms reduce risky assets, the International Monetary Fund said on Monday.

It said growth would likely start to pick up again late in 2009, but a recovery would be gradual. In a twice-yearly regional economic outlook for Asia, the IMF said the risks of deflation in Japan were low. It also said the strains from the global financial crisis could extend beyond 2009, exerting more pressure on Asian economies.