Morning Minutes: What will make headlines, July 29, 2016

A story telling session for kindergarten students at Iyad Perdaus Child Development Centre.
A story telling session for kindergarten students at Iyad Perdaus Child Development Centre.PHOTO: PERDAUS

Good morning! Morning Minutes is a round-up of stories that will break on Friday, July 29, and which we think you'd be interested in.

It appears on weekdays, available by 7am.

Childcare centre in Jurong East expanded to meet rising demand

Muslim voluntary welfare organisation Perdaus has expanded its existing childcare centre in Jurong East to meet rising demand.

Minister for Culture, Community and Youth Grace Fu will be the guest of honour at the launch of the centre today (July 29).

The newly renovated centre will also serve a wider age group of children.

Clinton to accept formal nomination for US president

US President Barack Obama and Democratic presidential nominee Hillary Clinton appear onstage at the Democratic National Convention in Philadelphia on July 27, 2016. PHOTO: REUTERS

Democrat Hillary Clinton is set to accept her party's formal nomination to run for United States president today (July 29) at the Democratic National Convention in Philadelphia, having made history to become the first woman to represent a major US party in the race.

The former secretary of state, 68, was given a ringing endorsement by none other than current President Barack Obama at the convention, as he called her the most qualified person ever to run for president.

Her running mate Tim Kaine formally accepted the vice-president nomination on Wednesday.

US to release advanced report on economy

A man stocks shelves at the Rockefeller Centre on May 6, 2016, in New York. PHOTO: AFP

The US Commerce Department will release an advanced report on the economy which is expected to show growth regaining speed after faltering in the first quarter.

Economists have calculated that the gross domestic product increased at a 2.6 per cent annualised rate, boosted by robust consumer spending.

The economy grew at a 1.1 per cent pace in the first quarter.

BOJ to decide whether to expand stimulus

Businessmen walk past the Bank of Japan building in Tokyo, on March 23, 2016. PHOTO: REUTERS

Yen moves and political considerations could be decisive factors for Bank of Japan (BOJ) policymakers agonising over whether to expand stimulus yet again today (July 29) or to save their dwindling policy resources in case the economy takes a turn for the worse.

Many central bank policymakers prefer to hold off on action as they expect an anticipated fiscal stimulus package and a delay in next year’s sales tax hike to boost growth and brighten the prospects for hitting their 2 per cent inflation target.

There is near-consensus among economists in the market that the BOJ will sharply cut its inflation forecasts, delay the timeframe for hitting its price goal and ease policy further. By failing to meet hyped-up market expectations of radical BOJ action, the central bank risks triggering an unwelcome yen spike that could knock down Tokyo stock prices.