Author Topic: NEW MALAYSIA  (Read 786 times)

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NEW MALAYSIA
« on: May 25, 2018, 06:05:06 AM »



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Malaysia in the eyes of the world
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(File pix) Prime Minister Tun Dr Mahathir Mohamad greeting the public after Friday prayers last week. Pix by Mohamad Shahril Badri Saali
By DR SHAZELINA ZAINUL ABIDIN
May 24, 2018 @ 9:34am
DR SHAZELINA ZAINUL ABIDIN
THE night of Malaysia’s 14th general election, as the country sat riveted with the election results, I received various text messages from friends and contacts on the African continent.

Many wanted to know if Tun Dr Mahathir Mohamad was going to be able to pull off the biggest political coup this side of history. Then, there were others who just wanted to know if this would mean that there would be rioting on the streets of Kuala Lumpur.

It was not as if the international news networks were keeping mum on the events unfolding in Malaysia. But, for many African countries, Malaysia meant Dr Mahathir, and Dr Mahathir meant Malaysia; how could the two be separated? Added to that was the mind-boggling idea that a man eight years shy of his centenary could have the stamina, political pull, and mental capability to run a campaign that would put many middle-aged politicians to shame.

“Malaysia” as a name, became well-respected during Dr Mahathir’s tenure in the 1990s. Malaysia, as a country, was one of the first developing countries to pursue an active south-south cooperation with Africa by establishing joint ventures, bringing in Malaysian investors, and encouraging robust trade with Malaysia. As a trailblazer, we were in Africa when China’s outward-looking policy was but a mere idea.

The first Langkawi International Dialogue, which brought together many of the leaders of Africa, was held in 1995. By 1997, the LID was already garnering attention as a visionary forum for the movers and shakers of the developing world to gather and exchange frank ideas. Despite Dr Mahathir’s interest in Africa, Malaysia still had only one or two outposts in the continent, with one ambassador covering eight or 10 African countries.

However, in the space of six years, by 2003, Malaysia had no less than 12 embassies in Africa. This was also the year that Malaysia’s presence in Africa began a slow but sure withdrawal.

We now know in hindsight how events unfolded that night of May 9 and the morning of May 10. As far as upsets went, the results of GE14 marked the end of the rule by the same coalition for the past 60 years. In its place was a new coalition, headed by a former prime minister who had led Malaysia for more than a third of those 60 years.

The changeover was relatively smooth. There was no rioting on the streets, and no blood was spilled over the transition. While Malaysians remained glued to the news and social media over the formation of the new cabinet and state administration, congratulatory messages from all over the world, including from Africa, were coming in thick and fast.

For West Africa, a return of Dr Mahathir meant a shift in Malaysia’s attention from only the big players, to developing countries of the south. Sure enough, in one of his first policy outlines, Dr Mahathir indicated that there would be more south-south cooperation; only the form of it needed to be clarified.

The more advanced countries of Africa are no longer looking for donors. They want partners whom they can learn from. As one foreign service officer described Malaysia: “this is a developing country that has made it big all on its own. That is the model we want to emulate.”

The Africa of old is nearly all gone now. Chinese investments, greater trade, and more educated officers and leaders now mean that they are asking us to help them catch better fish, rather than to provide that fish. In exchange, they now have valuable resources, both in terms of commodity and human resources, that we can benefit from.

Earlier this year, Malaysia was dealt a devastating blow when it failed to secure enough votes for the UN Human Rights Council. In 2003, when we stood for the UN Commission on Human Rights, we managed to get 189 votes, only three votes short of unanimity. The simple answer of why we lost this time around is because we have less friends now, or less friends who admire what we stand for.

We need to regain the international spotlight for ourselves. The Malaysia many out there know was the Malaysia that brought the exploitation of Antarctica to a practical standstill; the Malaysia that committed troops and resources in the name of the oppressed halfway across the world; and the Malaysia that forced the developed world to recognise the principle of “common but differentiated responsibilities” in terms of the environment.

Malaysia’s landmark GE14 has come and gone, but it has left behind an indelible mark on the political landscape, both domestic and international. Once again, Malaysia has captured international attention, this time for all the right reasons.

It is up to us to ensure that this opportunity is used wisely, to reach out to as many friends as we can.

Dr Shazelina Zainul Abidin is a foreign service officer and an honorary research fellow of the University of Sheffield. These days, she writes primarily on international affairs, with a particular emphasis on Africa.

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Re: NEW MALAYSIA
« Reply #1 on: May 25, 2018, 08:34:29 AM »



Markets will recover from debt shock, says economist
Nurul Azwa Aris | May 25, 2018
Barjoyai Bardai says it is 'a good strategy' for the government to state all maximum possible losses as the market will show a tremendous improvement rapidly after absorbing the shock.

Barjoyai Bardai says the markets will recover tremendously after the initial shock. (Facebook pic)

PETALING JAYA: An economist has lauded the new federal government for clarifying Malaysia’s government debt and liabilities, saying it is a smart move to help mend the country’s financial situation.

Referring to the announcement of the RM1,087.3 billion figure as a “big bath”, Universiti Tun Abdul Razak’s Barjoyai Bardai said it was good strategy for the government to state all the possible losses to their maximum.

“When the economy gets better, it will recover from this shock of the new regime shift and the economy will show a tremendous improvement rapidly because all possible liabilities and contingencies have been discounted by the market,” he said.

Former prime minister Najib Razak, who was also finance minister, had earlier admonished the new government for claiming that the nation’s debt was RM1 trillion, without providing details. He said the debt-to-GDP ratio was 65% – a big jump from the official 50.9% figure.

Najib said the “alarming and confusing statements” had led to Bursa Malaysia suffering the biggest fall among all stock markets worldwide, resulting in tens of billions of ringgit in market value being wiped out in one day.



“Our Bursa index fell 40.78 points today or 2.21% while the Indonesian stock index added 0.71%,” he had said on Facebook.

Barjoyai said the concern now was market sentiment which is determined by perception and psychological effect as investors were on the lookout for any unrest following the recent general election.

He said that until they are certain that the environment is stable and business is back to usual, they would not be willing to take the risk of venturing into the market.

Developments in world financial markets had also contributed to deterring domestic market recovery. The prospect of higher interest rates in the US had caused the US dollar to rise, depressing the ringgit, and also affecting other markets such as Tokyo, Hong Kong, Singapore and Seoul.

“The market has been dampened by the exit of short-term foreign investors who went back to greener pastures in the US market,” he said, adding that they would return soon.

“So the 2% drop in that composite index is not something of great concern to the local investor. It is actually an opportunity for the local investor to take advantage of the price adjustment,” he said.

No need to panic over RM1 trillion debt, says economist



Time to play politics is over, Najib warns PH govt



National debt is 65% of GDP, says Mahathir




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Re: NEW MALAYSIA
« Reply #2 on: May 25, 2018, 08:39:24 AM »




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MALAYSIACORPORATE
Truth on debt allows government to take concrete action, says Guan Eng
Bernama
/
Bernama

May 25, 2018 07:17 am +08

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PUTRAJAYA (May 25): The decision to reveal the truth on Malaysia's actual debt will enable the government to take concrete action to regularise and strengthen the country's finances, said Finance Minister Lim Guan Eng.

Responding to a statement by former prime minister and finance minister Datuk Seri Najib Tun Razak who said the disclosure of the country's RM1 trillion debt would affect investor confidence, Lim said the government intended to establish the true baseline on the nation's finances, diagnose the problems and prescribe the necessary remedies.

"We would like to explain that the new government will carry out its administration based on the principles of competency, accountability and transparency (CAT)."

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"In the short-term, the decision to tell the truth may unnerve Najib but we believe that recognising our true debt situation will enable the government to take concrete action to regularise and strengthen our financial state," he told a press conference here yesterday.

The finance minister also refuted Najib's claim that the debt announcement caused markets to react negatively, stating it was not possible to identify whether markets would rise or fall due following one statement made by the government as other regional markets also fell yesterday.

Lim said the RM1 trillion debt, as at Dec 31, 2017, included RM686.8 billion in Federal government debt plus RM199.1 billion of government guarantees to pay on behalf of entities which were unable to service their debt.

"These government guarantees would be for entities such as Danainfra Nasional Bhd (RM42.2 billion), Govco Holdings Bhd (RM8.8 billion), Prasarana Malaysia Bhd (RM26.6 billion), Malaysia Rail-Link Sdn Bhd (RM14.5 billion) and an estimated RM38 billion for 1MDB," he said.

Lim explained that the government was also committed to RM201.4 billion in lease payments for rental, maintenance and others charges for public-private partnerships projects such as the construction of schools, hostels, roads, police stations and hospitals.

"These lease commitments, designed specifically to circumvent the Federal government guarantee and debt limits, amounts to RM201.4 billion. Hence, the Federal government debt and liabilities amount to RM1.08 trillion as at Dec 31, 2017," he said.

The minister, however, reiterated that Malaysia's economic fundamentals remained strong, the financial sector was stable, the banking sector well-capitalised and there was sufficient liquidity in the market.

"We believe with the new administration focusing on CAT, investor confidence will only be strengthened over time," he added.

Lim also acknowledged the professionalism of Treasury officials, led by Deputy-Secretary General Datuk Siti Zauyah Mohd Desa, in preparing and presenting all the relevant information without "fear or favour".  - Bernama

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Re: NEW MALAYSIA
« Reply #3 on: May 30, 2018, 09:47:01 AM »



Singapore
Mahathir confirms Malaysia will scrap KL-Singapore HSR project


>
01:37
Prime Minister Mahathir Mohamad confirmed in a press conference on Monday (May 28) that Malaysia will drop the Kuala Lumpur-Singapore high-speed rail project (HSR), saying the project will not benefit his country. Sumisha Naidu with the story.
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28 May 2018 05:41PM
(Updated: 29 May 2018 07:32AM)
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KUALA LUMPUR: Prime Minister Mahathir Mohamad confirmed in a press conference on Monday (May 28) that Malaysia will drop the Kuala Lumpur-Singapore high-speed rail project (HSR), saying the project will not benefit his country.

"It is a final decision, but it will take time because we have an agreement with Singapore," Dr Mahathir said.

"It's not beneficial. It's going to cost us a huge sum of money. We'll make no money at all from this arrangement," he added. "(The HSR) is only a short track. It is only going to save people one hour by taking the HSR."


When asked by Channel NewsAsia if the decision had been communicated to Singapore, Dr Mahathir replied: "I don't know."

But he said Malaysia will discuss the matter with Singapore.


 

Sumisha Naidu

@SumishaCNA
 JUST IN: Dr Mahathir confirms that Malaysia has decided to drop out of KL-Singapore HSR agreement and will be talking to them. He says he understands penalty for withdrawing is "500mil" but he's not sure in which currency yet.

6:05 PM - May 28, 2018
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Prime Minister Mahathir's confirmation on Monday comes after he told Financial Times in an interview that the move was necessary to "avoid being declared bankrupt".

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“We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us RM110 billion (US$28 billion) and will not earn us a single cent. That will be dropped,” the 92-year-old was quoted as saying to the Financial Times.

Malaysia's new finance minister Lim Guan Eng last week said that the government's total debt exceeded RM1 trillion, with the scandal-ridden 1MDB as a main contributor.

Dr Mahathir also said the government would talk to the Chinese government about renegotiating "unequal treaties", said the report, including the Chinese-backed US$14 billion East Coast Rail Link.

Many large projects and government agencies set up by former prime minister Najib Razak were also "not necessary at all", Mahathir was quoted as saying in the report.

“Mostly it was about trying to make the prime minister popular and it cost billions of dollars,” he said.

The HSR project which was due to be completed in 2026, cuts across four states in Malaysia and sought to stimulate development along the corridor and create economic clusters around the seven stations from Bandar Malaysia, Putrajaya, Seremban, Melaka to Muar, Batu Pahat and Iskandar Puteri, before crossing to Singapore.

Dr Mahathir had earlier said that Malaysia was going to look into how it can reduce the cost of any potential exit from the HSR project.

Replying to Channel NewsAsia's queries, a spokesperson for the Ministry of Transport said it "has not yet received any official notification from Malaysia".

"We had agreed to proceed with the HSR project based on mutual benefits and obligations set out in the HSR bilateral agreement," she said, adding that the ministry will wait for official communication from Malaysia.

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Re: NEW MALAYSIA
« Reply #4 on: May 30, 2018, 02:19:34 PM »



MRT Line 3 is off, Rosmah’s Permata moved to education ministry
FMT Reporters | May 30, 2018
The decision to cancel the third phase of the Klang Valley MRT project follows the cancellation of the RM110 billion Singapore-KL high speed train project.
UPDATED


PUTRAJAYA: Putrajaya is cancelling the MRT Line 3 project, a day after Prime Minister Dr Mahathir Mohamad said it was not going ahead with the RM110 billion Kuala Lumpur-Singapore high speed train project.

Speaking to the press after chairing the weekly Cabinet meeting today, Mahathir also announced that the Permata Negara early education programme under the patronage of Rosmah Mansor, wife of former prime minister Najib Razak, will now be put under the Ministry of Education.


Mahathir also said the government was setting up a special fund called “Tabung Harapan Malaysia” to allow Malaysians to contribute towards settling the country’s debt.

“We know some Malaysians want to help and we welcome such efforts,” he said.

Last week Mahathir said the country’s debt amounted to RM1 trillion.

MORE TO COME.



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Re: NEW MALAYSIA
« Reply #5 on: May 31, 2018, 08:33:23 AM »



   
Daim: No need to increase personal income tax at this juncture
Bernama | May 31, 2018
The former finance minister says SST will be capable of raking in sufficient revenue to make up for the loss of proceeds from the abolition of GST and more income is expected as oil prices are higher now.

Daim Zainuddin said the value of the ringgit would impact the price of goods, the bulk of which are imported, even if GST had been removed.

KUALA LUMPUR: The report on the sales and services tax (SST) implementation method will be submitted to the government within two weeks, said chairman of the Council of Elders Daim Zainuddin.

The SST system to be introduced will “somewhat be an updated version” with the ultimate goal of lowering the price of goods and services for the people.

“There will be no immediate need to introduce any new taxes, nor increase the personal income tax or corporate tax rates at this juncture.”

Daim said economics was a very complex subject and could not be looked at from a single perspective.



Giving an overview of the “would be” upgraded SST system over TV3’s “Buletin Utama” aired tonight, the former finance minister said the tax would be capable of raking in sufficient revenue to make up for the loss of proceeds from the abolition of the goods and services tax (GST).

“The Royal Malaysian Customs Department has already given me a preliminary report.

“Revenue may be less than RM5 billion but oil prices are increasing steadily.

“The 2018 Budget was worked out on the premise that oil prices would hover around US$52 per barrel but now it is fetching about US$70 per barrel.

“Last week, it was US$80 per barrel. For every US$1 movement, we will earn RM300 million to cover our shortfall,” explained the 80-year-old, who was once the economic adviser to the government in the 1990s.

Commenting on doubts raised as to whether goods and services would be cheaper after the re-introduction of the SST, the tycoon said the value of the ringgit would impact the price of goods, the bulk of which are imported.

This situation can be overcome with the people placing more trust in the government, he added.

The SST is expected to be introduced from Sept 1

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Re: NEW MALAYSIA
« Reply #6 on: May 31, 2018, 08:35:39 AM »



 759  25
RM100 billion HSR for 100,000 jobs? Not very efficient, Dr M tells Najib
Sheith Khidhir Bin Abu Bakar | May 30, 2018
The prime minister responds to his predecessor's claim that the KL-Singapore High-Speed Rail (HSR) project would have created many jobs.

Prime Minister Dr Mahathir Mohamad said the High-Speed Rail project will not benefit Malaysia.

PUTRAJAYA: Prime Minister Dr Mahathir Mohamad has scoffed at his predecessor’s claim that the High-Speed Rail (HSR) project, linking Singapore and Malaysia, would have created 100,000 jobs.

Former prime minister Najib Razak had made the claim in a post on his official Facebook page earlier today.

Mahathir reminded Najib that the project could have cost anywhere between RM60 billion and RM100 billion.

“You want to spend RM60 billion to RM100 billion so that 100,000 people can work. That’s not very efficient,” he said at a buka puasa event here.

Najib had also claimed that the HSR would have garnered RM650 billion for Malaysia by 2069.

Asked to comment on this, Mahathir only said: “We are studying it (the report).”



Mahathir had recently indicated that the government would scrap the HSR project as it would not benefit Malaysia.

“We need to do away with some of the unnecessary projects, for example the High-Speed Rail, which is going to cost us RM110 billion and will not earn us a single sen.

“That will be dropped,” he had said in an interview with The Financial Times.

Meanwhile, Mahathir also responded to a statement by PLUS Malaysia Berhad (PLUS) to TV3 that although the original concession agreement was supposed to end tomorrow, it would be extended to Dec 31, 2038 because the government had delayed increasing the tolls.

“We will renegotiate the agreement,” he said.

Mahathir had said last month that a PH government would end toll charges nationwide in stages.

He said tolls would only be abolished based on the contracts the government had signed with concessionaires.

In its election manifesto, PH had vowed to abolish toll collection.

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Re: NEW MALAYSIA
« Reply #7 on: May 31, 2018, 09:50:04 AM »



NEWS

The truth of our debt may hurt, but only for a time
Rais Hussin  |  Published on Today 8:16 am  |  Modified on Today 8:31 am

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COMMENT | The public debt reaching RM1.09 trillion or 80.3 percent of the GDP has raised concerns, justifiably, as to whether these borrowings will help improve the growth of the Malaysian economy, or weigh down the economy and also future generations.

Key concerns are the rising government-guaranteed loans and public private partnerships between (PPP) lease repayments that lack transparency. The previous administration had a convenient and acrobatic way to shift the debt figures, all while holding public debt below the 55 percent level.

The fact is, had the lie continued, the high public debt would have resulted in more spending on servicing the interest for the borrowings, thus further straining the resources of the country.

This is reflected in the low ratio of operating and development expenditure to debt at 0.20x and 0.04x respectively in 2017, from a high of 0.50x and 0.14x respectively in 2008. It was the lowest reading since 1988.

Though the current scenario shows some signs of similarities to the 1998 Asian financial crisis, the debt is mostly in ringgit, insulating Malaysia from any international financial maelstrom.

Indeed, notwithstanding the high debt, it is important to take note that the salient reasons for foreign funds to flock into the emerging markets include the attractive growth rates and low inflation, as compared to the previous decade.

This macroeconomic environment in Malaysia is enough to keep the interest rates low and manageable in the mid-term.

Not cooking the books

More importantly, one should expect near-term market volatility, driven by the combination of local and global noises about the national debt of Malaysia, to calm down. And they should, as the new government is telling the truth and not cooking the books.

Thus, it deserves to be repeated here that the global equity market's withdrawals from Malaysia will peak, then return with gusto to produce a correction – once they see the importance of speaking the truth and responsible fiscal management.

With bond yields on the upside in fear of inflation, we expect the markets to correct anyway. As things stand, the domestic emerging market growth remains resilient. This is also the case with other emerging countries.

Hence, one can expect Malaysian market to bounce back. The risk appetite of institutional investors in Malaysia will also grow with greater transparency, governance and clarity on the direction of the economy.

More importantly, with the attempt to lower the public debt by the same token debt servicing, the genuine development expenditure of the government will grow, indeed, to improve quality based growth.

Among others, the focus areas would be:

Improving the monitoring of the expenditure in each area of economic activity, especially at the micro level;

Greater transparency on government-guaranteed loans under PPPs that may not be fiscally responsible;

Improving and effectively managing government consumption;

Targeting high-impact and productive businesses to drive growth;

Boosting investors’ and domestic confidence by addressing leakages; and

Spurring the strength of an attractive ringgit to support overall business competitiveness.
The overall strategic situation is simple: if Malaysia does not want its financial position to fall into disrepair – as in Portugal, Ireland, Greece and Spain, otherwise unceremoniously known as ‘PIGS’ at the height of the 2008 global financial crisis – then what Finance Minister Lim Guan Eng has done in recent days is admirable.

He has taken the "bull by the horns" as Muhyiddin Yassin is known to have said before he was dismissed by Najib in 2015.

Debt bomb

A national debt of RM 1.09 trillion is serious, even if 92 percent of it is denominated in local currency, thus averting a global speculative attack. Furthermore, the debt bomb is grave.

Huge debts imply the possibility of a large non-performing loans (NPLs). While NPLs are not a problem in Malaysia as yet – given that the economy is still growing at twice the rate of other developed countries, such as the 25 member states of the OECD – a huge debt takes Malaysia closer to the realm of NPLs when the population begins to age, and productivity gains cannot keep track with the growth.

Since 80 percent of Malaysians are below the age of 50, Malaysians in general will not face the greying process at least until 2043, at which point, the number of people above the age of 60 is likely to be twice the national average.

Furthermore, while Malaysia has removed MaGIC, the digital centre of the Malaysian innovation economy, more than 85 percent of Malaysians are technologically adept, which invariably reinforces the digital backbone of the country. Thus if the market is allowed to reign – without the onerous role of the state – the magnitude of the Malaysian debt can be tempered over time.

Ireland, for example, made a strong comeback in the digital sector, even though all its property prices had collapsed in 2008-2009. Ireland is now one of the most dynamic economies in the world, and was the first to spawn a budget carrier, Ryanair.

And when the actual size of the national debt is deciphered – even if this may include household debt, which stands at 80 percent of the GDP – policymakers are in a better position to know how the people can be helped.

Beyond keeping the interest rates on various mortgages low, or allowing people to rent and own their homes, as promised by the new government, what was originally a debt problem has now become a solution to allow various households to fulfil their dreams of owning their own homes.

Four, good governance requires facts, and the books of the Treasury Department to be shown. To the degree they become transparent, entities like international development banks are more likely to invest in Malaysia with the confidence that no numbers are being manipulated or ‘massaged’.

When the transaction cost of corruption is reduced, or neutralised through trade in ringgit-denominated exchanges, the knock-on inflationary effect would begin to slow, ultimately, come to a crawl. The cost of living would then be controlled, especially when the price of fuel is fixed.

Also, the strongest indicator of the Malaysian economy is the national currency. In the financial sector, there is a saying that money is the best coward. It seems to hide and operate in places with least amount of risk.

Only when a government is capable of telling the truth, indeed tending to their debt obligations, will foreign direct investment makes a beeline to Malaysia in due course. Thus, Malaysia should not be afraid to tell the truth, especially on matters verging on dollars and cents.

To be sure, this is what the credit rating companies prefer too. When Malaysia owns up to the contingent and other liabilities of the previous government, it shows a process of continuity – no matter how painful. Credit rating companies that try to punish Malaysia for telling the truth would eventually have to adjust their risk analysis.

As things are, despite the toxic nature of 1MDB bonds that have been released, its yield in the offshore market has reached 17 percent.


Institutional investors, in other words, are confident that the administration of Dr Mahathir Mohamad is capable of resolving the 1MDB issue, not through fake rationalisation, where lands and power licenses are sold, but serious anti-corruption efforts that will recoup all the funds that have been frozen abroad in various jurisdictions.

Telling the truth, consequently, is not only cathartic, but compelling in every sense of the word. Without basic honesty, there will just be "statistics, statistics, and damned statistics."

With truths and facts, Malaysia can walk upright again, and not be seen as a country infested with kleptomaniacs manifesting astonishing greed of the few for the few.

RAIS HUSSIN is a supreme council member of Bersatu, and heads its policy and strategy bureau.

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Re: NEW MALAYSIA
« Reply #8 on: June 01, 2018, 02:04:42 PM »



Singapore to return stolen 1MDB money
Chester Tay
/
The Edge Financial Daily

June 01, 2018 08:31 am +08
 
This article first appeared in The Edge Financial Daily, on June 1, 2018.
-A+A
KUALA LUMPUR: Malaysia’s special task force investigating the 1Malaysia Development Bhd (1MDB) scandal is working with its Singapore counterpart to recover money believed to have been misappropriated by the state-owned strategic investment fund.

It said Singapore’s 1MDB Special Task Force has agreed to cooperate with its Malaysian counterpart to return monies. Malaysia’s 1MDB Special Task Force is led by former attorney-general Tan Sri Abdul Gani Patail, former Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Abu Kassim Mohamed, incumbent MACC chief Datuk Seri Mohd Shukri Abdull and the Royal Malaysia Police (PDRM) special branch department director Datuk Abdul Hamid Bador,

In a statement, Malaysia’s 1MDB Special Task Force said that during a meeting at 9.30am yesterday, it and Singapore’s 1MDB Special Task Force agreed to cooperate to bring back funds related to 1MDB to the Malaysian government.

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“This meeting today (yesterday) has agreed that both parties will collaborate to recover a total sum of monies to the Malaysian government that have been allegedly misappropriated from 1MDB. The collaboration between both parties also aim at collecting evidence and tracking down witnesses in Singapore as soon as possible,” it added.

“Apart from that, the Malaysian task force will also conduct [a] money trail to detect monies or assets that still exist,” it said, adding that the meeting was attended by nine senior officers from Singapore’s task force, consisting of representatives from the Attorney-General’s Chambers (AGC), the Commercial Affairs Department, the Monetary Authority of Singapore, while Malaysia’s 1MDB Special Task Force has representatives from the AGC, MACC, PDRM and Bank Negara Malaysia.

Yesterday’s meeting came a week after Malaysia’s 1MDB Special Task Force met officers from the US Federal Bureau of Investigation (FBI) and the US Department of Justice (DoJ), where both the US investigators agreed to offer their full cooperation to the Malaysian authorities in the latter’s ongoing investigation into 1MDB.

Apart from authorities from Malaysia, Singapore and the US, 1MDB-related transactions also face probes in other countries including Switzerland, Luxembourg and Hong Kong.

The Singapore authorities have previously taken action against several individuals such as ex-BSI Bank wealth planner Yeo Jiawei for involvement in 1MDB-related money laundering activities, and ordered Zurich-based Falcon Private Bank’s Singapore branch to cease operation, while withdrawing BSI Bank Ltd’s status as a merchant bank in Singapore.

Both financial institutions were involved in 1MDB-related transactions.

In Malaysia, former prime minister Datuk Seri Najib Razak was summoned twice to provide his cooperation to the MACC’s investigation last week.

Najib, who was formerly the chairperson of 1MDB’s advisory board, has denied any wrongdoing, and has pledged that the administration he led previously will provide full cooperation to international investigations.

However, the FBI and DoJ last week revealed to Malaysia’s 1MDB Special Task Force that former MACC chief Tan Sri Dzulkifli Ahmad and Attorney-General Tan Sri Mohamed Apandi Ali had not been responding to assistance requests from the US.

Dzulkifli tendered his resignation to Prime Minister Tun Dr Mahathir Mohamad on the latter’s first working day after taking over Putrajaya from Najib, subsequent to Pakatan Harapan’s historical victory in the 14th general election.

Apandi, meanwhile, has been told to go on leave while his duties will be temporarily taken over by Solicitor-General Datuk Engku Nor Faizah Engku Atek.

After swearing in as the seventh PM, Dr Mahathir has been facilitating the resumption of investigation into 1MDB, such as travel bans on several individuals who allegedly are involved in the scandal, including Najib and his wife Datin Seri Rosmah Mansor.

The PDRM also conducted raids on 12 premises, including Najib’s private residence and three high-end apartments, two of them linked to Najib’s two children Nooryana Najwa Najib and Ashman Najib.

Last week, Commercial Crime Investigation Department director Datuk Seri Amar Singh Ishar Singh confirmed that the amounts of cash seized from an empty apartment in the high-end Pavilion area in Kuala Lumpur amounted to RM114 million, which were denominated in 26 currencies, the bulk of which were in ringgit, US dollars and Singapore dollars.

The seizure included 284 boxes of handbags, and 72 boxes of various other items, of which 35 boxes contained the RM114 million hard cash, while the remaining 37 boxes contained jewellery and watches.

In a statement last week, the finance ministry also confirmed that the former government, led by Najib, had bailed out troubled 1MDB through funds raised from Bank Negara Malaysia’s purchase of a piece of land for RM2 billion and RM3 billion of redeemable cumulative convertible preference shares issued by Khazanah Nasional Bhd.


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Re: NEW MALAYSIA
« Reply #9 on: June 02, 2018, 06:42:24 AM »



NEWS

MACC summons Rosmah over SRC International probe
Grace Aisyah Kedayan  |  Published on 1 Jun 2018, 7:09 pm  |  Modified on 1 Jun 2018, 7:39 pm

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MACC has summoned Rosmah Mansor to its headquarters in Putrajaya next Tuesday to facilitate investigations into the SRC International Sdn Bhd issue.

According to the notice, the wife of former premier Najib Abdul Razak must be present at 11am for her statement to be recorded.

Last week, MACC had quizzed Najib twice over the SRC International case.

In 2015, MACC had been pursuing a case related to SRC International over purported funds that flowed into Najib's personal bank accounts.

At the time, whistleblower website Sarawak Report had claimed that there were some well utilised credit cards linked to those personal accounts.

SRC International had secured two separate RM2 billion loans from Retire Fund Incorporated (Kwap) in 2011 when it was part of 1MDB and in 2012 after it was absorbed by the Finance Ministry.

This was spent on various investments abroad. The Najib-administration did not announce if any of these investments have borne fruit.

Malaysiakini had reported on Wednesday that SRC International was insolvent and that its assets could not produce the returns necessary to service the RM4 billion loan from Kwap.

Therefore, it was the Finance Ministry which has been making regular payments to Kwap.

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Re: NEW MALAYSIA
« Reply #10 on: June 04, 2018, 04:44:02 PM »



Highlight
Ignoring 1MDB scandal caused UMNO’s downfall in Malaysia: Najib lieutenant Khairy Jamaluddin
Bhavan Jaipragas
/
SCMP

June 04, 2018 16:36 pm +08

-A+A
A key lieutenant of the defeated Malaysian prime minister Najib Razak once viewed as a potential successor to the top political job has said the collective failure of government ministers to exert sustained pressure on their leader over the 1MDB financial scandal may have caused their “catastrophic” defeat in last month’s polls.

In an interview with This Week in Asia, Khairy Jamaluddin said his United Malay National Organisation (Umno) — the linchpin party of the defeated Barisan Nasional coalition — was in danger of irrelevance if its three million party members resisted structural changes needed to take on the now-ruling Pakatan Harapan alliance at the next general election.

“We perhaps missed an opportunity, all of us, to convey the truth of the gravity of the situation,” the youth chief of Umno, 42, said when asked about the scandal for which Najib is now facing criminal investigation.

Prime Minister Mahathir Mohamad, Najib’s one-time mentor who crossed aisles to defeat the premier because of his alleged links to graft, has said criminal charges against the deposed leader are imminent.

Malaysia’s billion-dollar question: where did 1MDB money go?

Najib has denied wrongdoing in the case, which came to public attention in 2015.

US prosecutors say around US$4.5 billion was looted from the 1MDB state fund, with some US$700 million routed to the ex-premier’s personal accounts.

1MDB, meant to spur economic development, had debts of up to US$11 billion before Najib ordered a major restructuring of the fund in 2015.

The current government says it is still liable for some 50 billion ringgit (US$12.6 billion) of 1MDB debt.

“All of us stopped or did not convey what we felt were sentiments on the ground and what we felt were the true concerns of the voters,” said Khairy, who was Najib’s youth and sports minister.

“At some point there was a line drawn, that’s it, no further questions, no more discussions about this [1MDB] and that was that,” Khairy said.

“After a while we just went with it and look at where we have ended up.”

The Oxford-educated politician, among the most polished of Umno politicians, was viewed among some in elite circles as a potential prime minister before the May 9 general election.

Anwar Ibrahim is open to dissent — except when it comes to …

His repudiation of Najib after the defeat — in an interview he said the party was paying for its failure to “bell the cat” and for “drinking our own Kool-Aid” — elicited a sharp response from his ex-boss, who questioned why the younger leader did not speak up sooner.

Khairy had also said Umno should have acted when Najib in 2015 sacked ministers who publicly challenged him over the 1MDB scandal.

Khairy told This Week in Asia that he stood by his comments and was not attempting to distance himself from Najib.

“I am pointing the finger at ourselves. We stopped asking, we stopped probing, we stopped challenging,” Khairy said.

Still, Khairy, son-in-law of Najib’s predecessor Abdullah Badawi, says he will not contest the leadership of Umno in party elections to be held on June 30.

Younger Malaysians, some in Pakatan Harapan, have urged him to consider a run for the party presidency, citing his moderate views and eloquence as essential attributes needed for a leader of the opposition.

The internal Umno vote was called after Najib stepped down as president after the May 9 defeat, leaving the party in the hands of his former deputy prime minister Ahmad Zahid Hamidi and ex-defence minister Hishammuddin Hussein.

Will ‘new Malaysia’ have the same old racial divide?

The party is the biggest political movement in the country, with three million members out of a population of 32 million.

Until last month, Umno had ruled Malaysia uninterrupted — as the linchpin party of Barisan Nasional and its predecessor the Alliance — since independence from Britain in 1957.

Khairy said he would run to be one of three vice-presidents, but would leave the presidency and deputy presidency to be filled by leaders with “wider heads and broader shoulders than mine”.

Umno elections in the past have been national spectacles second only to general elections because the stakes were high for victors – many of whom would be rewarded with promotions in government.

Khairy said there was “nothing glamorous” about the coming poll.

He said: “We are running for posts in a party that just lost catastrophically, the burden that the new leaders of the party will have to bear is tremendous so I don’t think that there is [going to be a] clamouring for positions that you normally associate with past party elections.”

One option being considered by Malaysia’s grand old party, until now exclusive to ethnic Malays, is the opening up of membership to all ethnicities.

That would put it in the same mould as the Parti Keadilan Rakyat (People’s Justice Party), the party started by the reformist icon Anwar Ibrahim that holds the most seats in the ruling Pakatan Harapan coalition.

Malaysia’s ‘jedi council’: meet Mahathir’s 5 Eminent Persons

Some Umno grandees have already dismissed the idea as untenable, citing the party’s raison d’être of protecting Malay rights.

Khairy said a multiracial membership was “an option we are considering”.

“It is something that is quite appealing to people outside the party and younger people in the party,” he said.”

But “obviously, older members may be a bit more circumspect towards that idea.”

Asked about his biggest fear for Umno, Khairy said: “The fear of change [and] a resistance to reform is my greatest fear in my party”.

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Re: NEW MALAYSIA
« Reply #11 on: June 05, 2018, 06:26:34 AM »



Palace confirms Tommy Thomas as new AG
Bernama | June 5, 2018
Sultan Muhammad V also consents to sacking Mohamed Apandi Ali, and urged all Malaysians to accept the new appointment.


KUALA LUMPUR: Yang di-Pertuan Agong Sultan Muhammad V has given his consent to the appointment of Tommy Thomas as the new attorney-general.

Comptroller of the Royal Household Wan Ahmad Dahlan Abdul Aziz said the Agong, on the advice of Prime Minister Dr Mahathir Mohamad, gave his consent to the appointment according to Article 145 (1) of the Federal Constitution.

“The Yang di-Pertuan Agong also called on all Malaysians to accept that the appointment of the Attorney-General should not create religious or racial conflict as every Malaysian should be fairly treated regardless of race and religion,” he said.



In a statement issued by Istana Negara early this morning, Wan Ahmad Dahlan said the appointment would continue to preserve the special rights and privileges of the Malays and Bumiputeras, as well as the status of Islam as the the federal religion.

“After taking into account the opinions of the Malay Rulers on (i) the appointment of attorney-general, (ii) the rights of Bumiputeras and (iii) the roles of the Council of Rulers as stated under Article 153 of the Federal Constitution, the Yang di-Pertuan Agong also consented to Apandi Ali’s termination of service as Attorney-General by the federal government,” he said.

Wan Ahmad Dahlan also said that Sultan Muhammad V regrets the “inaccurate and negative” media reports which could threaten peace and harmony in the country.

“His Majesty said that he has an obligation to uphold the Federal Constitution and preserve the special rights of the Malays and Bumiputeras, as well as to protect Islam,” he added.

Anwar meets King tonight over AG impasse




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Re: NEW MALAYSIA
« Reply #12 on: June 06, 2018, 06:25:26 AM »



Source: Dr M's administration to have 28 cabinet ministers in total There will be a total of 28 cabinet ministers in Prime Minister Dr Mahathir Mohamad's administration, according to a Pakatan Harapan source. The figure includes the present 13 ministers, meaning that an additional 15 would be appointed to helm the various portfolios. "Discussion on the cabinet line-up is still on-going and we have yet to come to a final decision but it should be announced sometime this week. "There will be a total of 28 cabinet ministers. Thirteen were sworn in on May 21,” the source told Malaysiakini. According to the source, this would include two representatives each from Sabah and Sarawak. "We will try our best to build a strong team in the cabinet. It will be difficult but I believe we will be able to deliver for all Malaysians," added the source. Previously, Malaysiakini reported that Sarawak PKR chief Baru Bian and Sarawak Harapan chairperson Chong Chieng Jen are expected to be appointed as ministers. The current ministers are: Muhyiddin Yassin (Bersatu) - Home Lim Guan Eng (DAP) – Finance Mohamad Sabu (Amanah) - Defence Anthony Loke (DAP) – Transport M Kulasegaran (DAP) – Human Resources Mazlee Malik (Bersatu) – Education Dr Wan Azizah Wan Ismail (PKR) – Women, Family and Community Development Azmin Ali (PKR) – Economic Affairs Zuraida Kamaruddin (PKR) – Housing and Local Government Salahuddin Ayub (Amanah) – Agriculture and Agro-based Industries Rina Harun (Bersatu) – Rural Development Dzulkefly Ahmad (Amanah) – Health Gobind Singh (DAP) – Communication and Multimedia On June 1, Mahathir said he would leave it to the respective ministers to decide on whether to appoint deputies. -Mkini

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Re: NEW MALAYSIA
« Reply #13 on: June 06, 2018, 09:15:29 AM »



M'sians can hold their heads high after May 9, says Siti Hasmah
Geraldine Tong & Norman Goh  |  Published on Today 8:53 am  |  Modified on Today 9:11 am

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INTERVIEW | Before the 14th general election, many Pakatan Harapan leaders came out to say that Malaysians overseas were embarrassed to admit where they were from, because of the many scandals plaguing the country.

But according to Dr Siti Hasmah Mohamad Ali, the wife of Prime Minister Dr Mahathir Mohamad, Malaysians can now be proud of their country once again after the May 9 general election.

“Globally, people admire Malaysia at this point in time, how the people came around.

“Even non-Malaysians overseas were shouting with our Malaysians when we won the election because they felt so elated.

“Now we can hold our heads high,” a beaming Siti Hasmah said during an interview with Malaysiakini at the Perdana Leadership Foundation.

She pointed to the donation drive initiated by the rakyat after the new Harapan government announced that the country’s debts and liabilities totalled nearly RM1 trillion.

This eventually became the basis for Tabung Harapan Malaysia.

Ordinary citizens were even writing letters to Mahathir with money attached, she revealed.

“They attached RM10, RM50, RM100 to their letters to help pay the debts. Where would you get this in any other part of the world?” she asked...


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Re: NEW MALAYSIA
« Reply #14 on: June 06, 2018, 11:13:57 AM »



 15  15
Report: Winners and losers in HSR cancellation
FMT Reporters | June 6, 2018
The new government’s decision to cancel the Kuala Lumpur-Singapore HSR project will benefit airlines but cause losses to infrastructure firms involved, says report.

The RM110 billion HSR project has been scrapped, with the government saying its costs are too high and the benefits too low. (Bernama pic)

KUALA LUMPUR: Several top Malaysian firms involved in infrastructure works will take a hit with the cancellation of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project, although airlines and related service industries are set to benefit from it, according to a CNBC report.

Prime Minister Dr Mahathir Mohamad recently announced that the RM110 billion 350km HSR project would be cancelled as it was too costly and the benefits too few. The project was planned for completion in 2026.

CNBC said among the firms that would likely suffer losses were builder Gamuda Bhd and infrastructure and property firm Malaysian Resources Corp Bhd (MRCB), which had been appointed as civil infrastructure project delivery partners for the northern section of the project. YTL, chosen for the southern section, will also be affected.

The companies said in filings to the Malaysian stock exchange last week that they had received notice of the cancellation and that all negotiations were suspended.

It was earlier reported that the MRCB–Gamuda Bhd consortium (MRCB Gamuda Consortium) and the Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd–TH Properties Sdn Bhd consortium (YTL-THP) had been appointed as project delivery partners for the civil works portion.

The CNBC report said major rail companies that had jockeyed to build, operate and finance the railway – including top names from China and Japan – would also be disappointed.



However, it quoted Corrine Png, chief executive of Crucial Perspectives, as saying the cancellation was good news for airlines.

“Investors have been discounting that (certain airlines would) lose a lot of traffic to rail when this happens because for short-haul flights, the economics make sense for passengers to to switch to rail.”

Those expected to benefit include Jetstar Asia, which counts 10% of its traffic from the Kuala Lumpur-Singapore route, AirAsia and Singapore Airlines.

Aside from airlines, Png said, industries related to the sector such as airports and service providers, including ground handling firm SATs and line maintenance service provider SIA Engineering, were expected to benefit.

Meanwhile, the CNBC report said concerns that the Jurong Lake District development in Singapore – to create a second major business district – would be badly affected as the HSR terminus was to have been located there, might have been exaggerated.

Tay Huey Ying, head of research and consultancy at JLL Singapore, told CNBC: “As multiplier effects (potentially generated by the Jurong East terminus) would come about only after the commencement of the (high-speed rail) originally scheduled for 2026, the impact on existing businesses and developments is minimal.”

Alice Tan, head of consultancy and research at Knight Frank Singapore, called the railway project “just a bonus” to the area. She added that “with or without” the rail terminus, there were “already a plethora of plans” to develop the second central business district.

However, the report said that Genting Hotel Jurong, which opened in 2015 and is located within walking distance of where the Singapore Jurong East high-speed railway terminus would have been developed, might be adversely affected.

CNBC quoted Alex Holmes, Asia economist at Capital Economics, as saying in a note sent before news of the high-speed rail cancellation: “Given Malaysia’s weak fiscal position and that some of these projects are of dubious economic value, (cancelling some huge infrastructure projects) may be no bad thing.”

He added that although investment growth would likely “drop sharply” if Malaysia began scrapping infrastructure projects, the cancellations could be in the best interests of the country.

Malaysia’s economy, he said, had been at risk of overheating given its robust growth, and infrastructure projects could worsen the country’s fiscal position.

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Re: NEW MALAYSIA
« Reply #15 on: June 06, 2018, 01:42:29 PM »
Axing of HSR is good news for JB traders

JOHOR BAHRU (June 5): One man’s meat is another’s man’s poison. While most businesses moan the lost opportunities from the scrapped Kuala Lumpur-Singapore high-speed rail project (HSR) project, the Johor Malay Chamber of Commerce of Malaysia (DPMMNJ) has lauded it as a positive move, particularly for Johor Bahru (JB) traders.

“If the project proceeds, Singaporeans will definitely bypass JB, resulting in a decline of business for the city’s traders,” DPMMNJ president Datuk Syed Ali Tawfik al-Attas was reported by the Malay Mail as saying at a media conference in Larkin here today.

“Thousands of Singaporeans come to JB, especially on weekends and public holidays to shop or visit their relatives and friends. If the HSR project proceeds, most of the Singaporeans might skip JB and take the train straight to KL,” he pointed out.

Syed Ali said, instead of spending RM110 billion for the HSR project, the money could be invested into improving the public transportation systems, including the existing KTM train services, reported the Malay Mail.

He highlighted that the rail project cancellation has saved JB from a similar fate as Ayer Hitam, which declined from a thriving hub to a nondescript town when the Machap intersection of the North-South Expressway was opened in the 1990s.

Since then, motorists have bypassed the old Johor Bahru-Ayer Hitam trunk road, leading to the demise of various businesses that catered to the road travellers to and fro the southern state.

Along with new schemes to activate Johor’s central’s and northern regions’ economy, the new Pakatan Harapan-headed government plans to revive Ayer Hitam, which used to be popular for its domestic cottage industries such as clay pottery.

http://www.theedgemarkets.com/article/axing-hsr-good-news-jb-traders
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Re: NEW MALAYSIA
« Reply #16 on: June 06, 2018, 03:51:25 PM »



New AG promises to spare no one in 1MDB probe
Wong Kai Hui  |  Published on Today 3:25 pm  |  Modified on Today 3:31 pm

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New attorney-general Tommy Thomas (above) has made it his immediate priority to handle criminal proceedings against alleged wrongdoers involved in the 1MDB affair.

"All are equal before the law and no one will be spared. There will be no coverup," Thomas declared during a press conference after assuming office today...

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Re: NEW MALAYSIA
« Reply #17 on: June 07, 2018, 08:33:50 AM »



 2
Why US$220 billion manager is optimistic on Malaysia
Bloomberg | June 7, 2018
Pictet Wealth Management Asia CEO David Gaud says the new government bodes well for Malaysia's politics and economy.

‘Growth is still very much present in Asia,’ says Pictet Wealth Management’s David Gaud. (Reuters pic)

Forget US President Donald Trump’s threat of trade war with China, or the turmoil in Italian politics, or the on-again, off-again leadership summit between the US and North Korea. None of those keep David Gaud awake at night.

To the Asia CEO of the US$220 billion (RM874 billion) Pictet Wealth Management, turbulence in the region’s markets is good news for old-fashioned stock pickers. Gone are the heady days of 2017 when long-only investors could buy a handful of big-name tech stocks and sit back and watch them surge. In their place is a market where value investing looks promising again, and where, despite all the noise, growth is still “very much present”.

Gaud has been buying Malaysian stocks after Dr Mahathir Mohamad’s surprise election win last month, even though foreigners dumped them for five straight weeks. He’s been picking up bargains in China’s energy sector, and looking to identify the country’s drug distributors that will benefit from deeper industry consolidation.

“This year is difficult, but it’s positively interesting,” Gaud said in an interview in Hong Kong.

“It’s very challenging, but in the right way, because it’s clearly a year for those who are capable to have clear conviction and are able to implement it. It’s highly rewarding.”

Asian stocks fell again in May, with the benchmark MSCI Asia Pacific Index dropping 1.2% to erase its gains for the year. Stocks such as internet giant Tencent Holdings Ltd, which drove the rally last year when it more than doubled, are posting more meagre advances in 2018.

Gaud, who’s been in working in the financial industry for 21 years, says he’s bullish about Malaysia because of higher oil prices, a recovering currency and a quickly narrowing deficit. The new government bodes well for the country’s politics and economy, he said.



“Mahathir is lucky,” Gaud said. “He is able to implement new policy at a time when economy is recovering. He’s got a chance to succeed.”

‘Second leg’

The 45-year-old Frenchman says diversifying is key this year as the old favourites “still work but not enough”. He declined to identify specific stocks, citing company policy.

Many opportunities lie in China’s reform to reduce excessive supply and accelerate consolidation that will benefit industry leaders, Gaud said.

He’s been turning to energy shares that people have long avoided, and which trade at cheap multiples of earnings. He talks of a major oil player that “destroyed” valuation for years – which he says may become attractive under new management. He says some investors are still scared to buy such shares.

“It’s a painful trade, because people used to lose money,” he said. “So they are very reluctant to get exposed again.”

Drug distributors

By the same token, Gaud has been looking to play potential Chinese market consolidation in health-care distribution, he said, while declining to identify which stocks he bought.

“Suddenly you are no longer standing on one leg, you get a second leg, which has deep value, is decorrelated from the tech segment, not dependent on the latest Apple numbers, and rather friendly to inflation,” Gaud said of the diversification.

“And it’s not correlated to the US dollar.”

South Korea

One market where Gaud isn’t so positive is South Korea. That’s partly because he sees the US-North Korea talks as doomed to failure, at least for now.

“We always thought there wouldn’t be room for a full agreement, a full dissipation of the issue, in the short term,” Gaud said.

That doesn’t mean he’s changing his position on the country’s equities. He still expects them to trade at a discount to other emerging markets, partly because of North Korea, but also due to concerns about corporate governance. But the leadership summit between the two Koreas is actually a bad sign for the South’s stocks, he says.

“Every time the north and south have been shaking hands historically, the market has collapsed a few months later,” he said.

If anything, Gaud is worried about currency risk, such as a strengthening US dollar, which could easily wipe out Asian stock gains even if investors make the right picks. But despite that fear, and the turbulence that’s whipsawed the market this year, he remains fundamentally optimistic about the outlook.

“You’ve got the growth that carries on,” Gaud said. “Growth is still very much present in Asia.

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Re: NEW MALAYSIA
« Reply #18 on: June 08, 2018, 01:00:51 PM »
No decision yet on deduction of husband's EPF contribution for housewives
Bernama / Bernama
June 08, 2018 00:44 am +08

KUALA LUMPUR (June 7): The government has yet to make final decision on the proposal to deduct the husband’s Employee Provident Fund (EPF) contribution to accommodate the two percent EPF contribution for housewives, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.

She said there were several technical matters which have to be scrutinised first, including EPF regulations on the matter.

“This is because under Section 51 of the Employee Provident Fund Act, the husband’s 11 per cent contribution cannot be touched. At present, what they have is the 1Malaysia Retirement Scheme where the husband can voluntarily give their wives RM250 a year.

“So we need to find a suitable scheme and the best way to implement this additional contribution. I have spoken to the Finance Minister, but we have to look at the (EPF) Act first,” Dr Wan Azizah, who is also Woman and Family Development Community Minister, told reporters after her first official visit to the National Population and Family Development Board here today.

Dr Wan Azizah said she had also met with the EPF management to discuss the matter.
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Re: NEW MALAYSIA
« Reply #19 on: June 08, 2018, 01:02:41 PM »
those who had 4 bini  :sweat:  :P but claiming back from Govt x 4  :cash: :cash: :cash:
 

No decision yet on deduction of husband's EPF contribution for housewives
Bernama / Bernama
June 08, 2018 00:44 am +08

KUALA LUMPUR (June 7): The government has yet to make final decision on the proposal to deduct the husband’s Employee Provident Fund (EPF) contribution to accommodate the two percent EPF contribution for housewives, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.

She said there were several technical matters which have to be scrutinised first, including EPF regulations on the matter.

“This is because under Section 51 of the Employee Provident Fund Act, the husband’s 11 per cent contribution cannot be touched. At present, what they have is the 1Malaysia Retirement Scheme where the husband can voluntarily give their wives RM250 a year.

“So we need to find a suitable scheme and the best way to implement this additional contribution. I have spoken to the Finance Minister, but we have to look at the (EPF) Act first,” Dr Wan Azizah, who is also Woman and Family Development Community Minister, told reporters after her first official visit to the National Population and Family Development Board here today.

Dr Wan Azizah said she had also met with the EPF management to discuss the matter.
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Re: NEW MALAYSIA
« Reply #20 on: June 11, 2018, 06:25:35 AM »



NEWS

Dr M warns hasty bid to charge Najib may see him go free
Published on 10 Jun 2018, 10:14 pm  |  Modified on 10 Jun 2018, 10:23 pm

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Prime Minister Dr Mahathir Mohamad has warned that a hasty attempt to charge his predecessor Najib Abdul Razak over the 1MDB scandal may see him go free.

"Loads of people are awaiting - when are we going to arrest Najib. But it is not so easy, we need to collect the kind of evidence that will stand up in court.

"If we fail to do that, he might win. Just think what would happen if he wins a trial and is found not guilty.

"Then all the promises we made, all the bad things we said about him would be questioned by the people who voted us in," he told a dinner event with the Malaysian diaspora in Japan tonight.

Mahathir said the government wanted to ensure there was strong evidence to secure a guilty verdict.

"We hope we will be able to gather enough evidence to charge him in court and hopefully he will be found guilty.

"We don't know because unlike the previous government, we don't have any influence over the courts.

"We have decided we will be truly democratic in the sense that the people's choice must be respected, we must understand democratic rules and procedures and we must not take power in our hands," he said.

Mahathir, who previously served as prime minister from 1981 to 2003 and was then accused of being an authoritarian leader, said his new government will ensure there is no concentration of power.

"Power in the country must be divided between the legislative, executive and judiciary.

"This kind of check and balance can make sure that none of us does the wrong things so that it will not be easy for us to ride roughshod over the country and just throw people into jail.


"So, I think that would be a relieve to Najib," he said.

Mahathir, in his speech, also defended the government's decision to impose a travel ban on Najib.

"Loads of people nowadays disappear. Even 'Jamal Tongkol' has disappeared," he said in reference to Sungai Besar Umno chief Jamal Md Yunos who is wanted by police but had reportedly fled to Indonesia.

"We don't know who else is going to disappear but we hope before they can disappear, we can go through the law of the country and punish the people who broke the law," he said

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Re: NEW MALAYSIA
« Reply #21 on: June 12, 2018, 04:14:03 PM »



 293  13
US to monetise, return assets in 1MDB probe, says Guan Eng
Reuters | June 12, 2018
The finance minister says he was told this by US ambassador to Malaysia, Kamala Shirin Lakhdhir.

Finance Minister Lim Guan Eng with US ambassador to Malaysia, Kamala Shirin Lakhdhir. (Facebook pic)

KUALA LUMPUR: The US ambassador to Malaysia has told Kuala Lumpur that assets seized by the US as part of its probe into 1MDB will be monetised and returned to Malaysia, Finance Minister Lim Guan Eng said today.



Lim made the comment on Twitter following a meeting with Kamala Shirin Lakhdhir, the US ambassador to Malaysia.

“She reassured me that assets seized from 1MDB will be monetised and returned to Malaysia as early as possible,” he said.

The US Department of Justice has filed civil lawsuits to seize assets it says were bought with funds misappropriated from state fund 1MDB

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Re: NEW MALAYSIA
« Reply #22 on: June 12, 2018, 06:13:20 PM »
Now, Dr M says just delaying high-speed rail project due to cost

KUALA LUMPUR, June 12 — The proposed high-speed rail (HSR) project connecting Malaysia’s capital city to Singapore in the south has not been cancelled, Prime Minister Tun Dr Mahathir Mohamad now says.

In an interview with Japanese media published in the Asian Nikkei Review last night, Dr Mahathir explained that the project was put on the backburner because of its exorbitant cost.

“We cannot say we will never have high-speed rail in Malaysia. What we can do is we can postpone the project because it is far too costly at this moment,” he was quoted saying in the question-and-answer session.

Dr Mahathir was asked if he would reconsider cancelling the HSR project if Singapore were willing to scale it down.

He said the government will rethink the project to cover longer distances, “right through the peninsula”, to make HSR travel worthwhile.

“High-speed trains are most effective where the distance is very long. But where the distance is short, it doesn't contribute much,” he added.

Dr Mahathir is in Tokyo for the Future of Asia conference hosted by Nikkei.

It is his first official visit abroad after coming out of retirement and taking office as seventh prime minister.
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Re: NEW MALAYSIA
« Reply #23 on: June 12, 2018, 06:15:29 PM »
suddenly I felt comfort
we used to Roti prata and the roti prata practice is still being adopt  :phew: :phew: :phew:
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Re: NEW MALAYSIA
« Reply #24 on: June 12, 2018, 07:59:31 PM »
PETALING JAYA: Some RM11bil may be put in the hands of Malaysians during the current three-month tax holiday period, following the zerorisation of the goods and services tax (GST).

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Re: NEW MALAYSIA
« Reply #25 on: June 13, 2018, 12:54:48 PM »
Dr M: New national car project can boost Malaysia’s engineering skills
Tuesday, 12 Jun 2018
 4:23 PM MYT
Read more at https://www.thestar.com.my/news/nation/2018/06/12/dr-m-new-national-car-project-can-boost-malaysia-engineering-skills/#ITRlK06XhlImQf59.99

TOKYO: Tun Dr Mahathir Mohamad said that having a new national car project will help boost Malaysia’s engineering capability.

 The Prime Minister noted that when he first started the Proton car project back in the 1980s, Malaysia had no knowledge whatsoever about how to build cars, but gradually acquired the knowledge to design, build and mass-produce cars over more than two decades.


"Unfortunately, Proton has been sold to the Chinese who have been given the right to manage Proton. So Malaysia now is not making use of those skills,” he told Malaysian journalists at the conclusion of his three-day working visit to Japan on Tuesday.

 Dr Mahathir, who first disclosed plans for the new national initiative for Malaysia at the Nikkei Conference here yesterday, said there was a need to create opportunities for Malaysian engineers to do things on their own in Malaysia.


     

image: https://content.aimatch.com/default.gif
    He had pointed out that Proton was no longer a national car.

 At today’s press conference, Dr Mahathir said quite a lot of Malaysian engineering companies had to close down because they could not supply items according to the demand of the new owners or managers of Proton.

“We need to revive them because the whole idea about investing in a national car is not just about building a national car, it’s about becoming a catalyst for growing Malaysian engineering capability,” the prime minister said.

 He said that was exactly what happened with the Proton project.

 Dr Mahathir said the automotive industry is a very big market.

“All over the world, people are outsourcing parts of motorcars, we can produce parts for branded cars in Malaysia and export them, which will earn us a lot of foreign exchange,” he said.

 Dr Mahathir said whoever wants to be involved in the new car project should submit a proposal.

“If the proposal is good, we have to give the opportunity to them. However, we don’t want to give the licence to people for them to sell (to another party). This is something that this government will stop,” he said.

“If we give the licence to that person, that person must do the work. If he’s found to be selling the licence to somebody else, we’ll take it back,” he added. — Bernama
Read more at https://www.thestar.com.my/news/nation/2018/06/12/dr-m-new-national-car-project-can-boost-malaysia-engineering-skills/#ITRlK06XhlImQf59.99
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Re: NEW MALAYSIA
« Reply #26 on: June 13, 2018, 12:55:37 PM »
I like roti prata  :giggle: :giggle: :giggle: do u? all Malaysian like roti prata  8)
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Re: NEW MALAYSIA
« Reply #27 on: June 14, 2018, 06:34:26 AM »



 481  9
Stop denying truth on RM1 trillion debt, Guan Eng tells Najib
Faiz Zainudin | June 13, 2018
Guan Eng says the debts incurred by the previous administration must now be fully shouldered by the new government.

Finance Minister Lim Guan Eng says the government is paying 1MDB’s debts.

KUALA LUMPUR: Finance Minister Lim Guan Eng has slammed former prime minister Najib Razak for attempting to deny the real amount of debt that the country is facing.

He said it was now Pakatan Harapan that had to shoulder that debt.

“Najib keeps stressing that the direct debt is RM687 billion or 50.8% of the GDP while the fact is that Malaysia has to shoulder a far larger amount.

“So when Najib uses the Moody’s report as proof that the country is not faced with a RM1 trillion debt, he’s only denying the truth,” he said after a buka puasa event at the Palace of Golden Horses today.

Lim said he was not denying the Moody’s report but RM1 trillion was the amount after totalling up all the debts.

“Yes, Moody’s said the federal government’s direct debt was RM687 billion. But we have to take into account the guarantees the previous government made which was the indirect debt.

“For example, you borrow money to buy a house but at the same time, you become a guarantor to your friend who has also taken out a loan to buy a house. If your friend can’t pay that loan then you have to not only pay your loan but your friend’s as well,” he said.

Lim cited 1MDB’s inability to pay its debt and said it was now, the current government’s responsibility to make the payments.

“1MDB is now bankrupt. Who has to pay that debt if not the current government?

“We are now in the process of decreasing the government’s debt so that the people do not feel the burden” he said.

Najib today said the Moody’s report, which had maintained its estimate of the government debt at 50.8% of the GDP as it was in 2017, showed there was no truth in the figures given by the PH government.

In the report published today, the agency said the assessment of the risk of contingent liabilities posed by the non-financial sector public sector has also remained unchanged despite some statements made by the current administration.

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Re: NEW MALAYSIA
« Reply #28 on: June 17, 2018, 07:41:38 AM »



 182  15
How to settle ambiguity over nation’s debts
June 16, 2018
Government should provide a list of guarantees and work out likelihood of each of them being invoked.
COMMENT

Why should Guan Eng and Najib keep arguing when we can put everything in the open to assess the extent of the federal government’s debt obligations?

By TK Chua

I think we have had enough polemic between Lim Guan Eng, the new finance minister, and Najib Razak, the former prime minister and finance minister.

Why keep arguing when we can put everything in the open to assess the extent of the federal government’s debt obligations?

The disagreement centres on how we treat government direct debts, those committed under Private Finance Initiative (PFI) and Public-Private Partnerships (PPP) and federal government’s guarantees on debts by government-linked companies (GLCs), government-linked investment companies (GLiCs), statutory bodies and other off-budget agencies.



In the past, public finance and fiscal management were relatively simple.

Government revenue and expenditure were estimated and its surplus or deficit worked out for the year.

The deficit was financed through borrowing and the occasional surplus was used to retire debts. The federal government’s financial position was “what you see is what you get”.

At present, there is no ambiguity in direct government debt, which both sides agree was RM687 billion, or at 50.8% of GDP in 2017.

However, the problem started when we tried to be clever and creative. The government wanted to do more projects even though it did not have enough money.

So it started the PFI and PPP projects — projects funded by private capital with the hope that these projects will generate incomes to pay for their own upkeep.

If PFI and PPP projects are income-generating (such as tolled roads) and implemented transparently and prudently, the impact on public finance may be minimal.

However, if these projects are “traditional” public infrastructure projects (such as schools and clinics), and therefore not income-generating, then the government must repay every sen with interest many years down the road.

These are essentially advanced expenditure which will impair the capacity of the government to incur operating and development expenditure going forward.

Therefore, all PFI and PPP projects, particularly those that are not income-generating, must be considered as part of government obligations because these are “unpaid” infrastructure projects.

To settle the ambiguity, the government should tabulate the list of PFI and PPP projects together with their annual lease payments. This should provide a clearer picture of government debt obligations, in addition to the direct government debt as stated above.

Next comes the government guarantees which to me is another baloney being abused in recent years.

When the federal government provides loan guarantees to all off-budget agencies such as GLCs and GLiCs, all caution is thrown to the wind. Both the lenders and the borrowers are not bothered with risk, feasibility and their ability to repay the loans. Is this not what PKFZ (Port Klang Free Zone) and 1MDB bonds were about?

It is true guarantees are contingent liabilities, not real obligations unless invoked. Again, to settle the ambiguity, the government should provide a list of guarantees and work out the likelihood of each of these guarantees being invoked.

As I understand, the federal government has already started paying for the debts of 1MDB. Hence, what contingency liability are we talking about here?

The government should quickly tabulate the lists of guarantees as well as all projects financed under PFI and PPP. The lists should include assessment of default to determine the extent of government debt obligations.

TK Chua is an FMT reader.

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Re: NEW MALAYSIA
« Reply #29 on: June 17, 2018, 08:04:02 AM »



 最后更新 2018年06月16日 22时28分

大马有能力提前还债
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(吉隆坡16日讯)经济学家认为,大马有能力提前偿还债务。

兴业研究首席经济学家白文春认为,虽然与1兆令吉的国债相比,大马希望基金所收集的捐款微不足道,但相信大马有能力还清这笔债务。

他向《马新社》指出,希望基金可协助政府,在今年9月至11月,解决8.1021亿令吉的一马公司债券利息中。

「虽然与巨大数额的债务相比,该基金的数额较小,但我相信它能用于解决债务。该基金是由爱国精神驱动,以作为人民支持的標誌。」

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大马希望基金自5月30日成立以来,受到不少人批评,而首相敦马哈迪解释,该基金是为了减少国债,也显示了人民对管理不善的国阵政府的关切反应。

白文春表示,大马不是首个推出社会基金的国家,韩国早在1997年至1998年亚洲金融风暴,也曾举办筹款活动。

询及政府是否应该为收集基金设下时间限制或目標,以作为人民「救」国的明確指南时,他说,这只是一个爱国主义运动。

「財政部长林冠英早前已强调,捐款是没有限制的。」

他补充,他相信,基金规模会隨著时间而继续增长。

截至本月15日下午3时,大马希望基金所收集到的捐款数额已达到7447万令吉。

根据报导,林冠英透露,我国国债在2017年12月31日就达到1兆令吉,这包括联邦政府的6868亿令吉债务,加上政府担保的1991亿令吉,为那些无法偿还债务的实体支付债务。

然而,林冠英强调,大马经济基础仍强劲、金融部门稳定、银行业资本充足,以及在市场上拥有足够的流动现金。

同时,大马希望基金的银行账户也將持续开放至政府成功实现目標,惟目前仍未有具体的数额及时间限制。

林冠英保证,政府將系统化及透明地管理所有捐款

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Re: NEW MALAYSIA
« Reply #30 on: June 17, 2018, 08:11:09 AM »


评论 / 东方文荟 最后更新 2018年06月16日 18时48分 • 评论: 麦翔 • 谈古论今

人民万岁!
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2018年「509」海啸大作,人民手中一票转化为物质能量,赶走「窃国大盗」的种族主义王朝,重创了英殖民者一手扶植起来的巫统的背脊骨。这是各族人民的重大胜利,是各族人民长期团结战斗取得的成果。

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在人民支持下,入主布城的希盟放了三把火,正有条不紊的清洗旧朝的污泥浊水,逐步落实许诺的「百日新政」。「509」重大的歷史意义在于开启了我国走向多元平等民主的新社会转型大门。

一,509再次证明一个真理:人民,只有人民,才是歷史运动的真正主人,是將客观的社会发展规律转变为现实的动力。

人民愿景多元大同

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1990年代末,马来西亚特色资本主义——「財主抽佣制」由盛而衰,开始了种族主义没落期,巫统署理主席兼副首相安华遭马哈迪开除,「烈火莫熄」遍野开花,是这个没落的標誌。

经20年的酝酿与角力,「剃人头者,人亦剃其头」,落草为寇的马哈迪领军希盟509大选,埋葬了腐朽的纳吉王朝。

308、505、509是人民创世纪高唱凯歌的雄壮旋律。政治余热依然旺盛的92高龄马哈迪,毅然与昔日政敌安华为伍,埋葬他所出身的巫统王朝。

箇中的潜在的因素是,一甲子年间来不及改变思想的乡区马来民眾,为在野的马哈迪所感召,完成「最后一根稻草」的使命,与早已觉醒站在社会发展第一线的民眾合流,实现了连最乐观的观察者也掉了眼镜的大变天,大飞跃。各族人民是新世界的开创者,是真正的英雄!对客观大势变化感应力特强的马哈迪,生逢其时,当了「时势造英雄」的幸运儿。

二,509为人民描绘了「马来亚多元民族大同社会」的远景。选民吸收了此前308与505单一族群功亏一簣的教训,站在新世纪临界点上,领悟出全民大团结变天的大道理。这是一个了不起的、非常宝贵的多元民族人民认识的飞跃。

回顾歷史,马来民族与华族早在战前近代社会形成的节点上,先后接受了亚洲殖民地人民民主革命的思想感召与启发,我国多元民族早已携手走上了民族民主解放的大道。百川归海,1930年代左翼「马来青年同盟」(KMM)和之后的「马来亚马来民族党」(PKMM)同以华印族为主的抗英武装合流,粉碎了英殖民者种下的「分而治之」阴谋。在一个侧面上,509是这一民族团结的延续,激动人心的「奇跡」,並非偶然。

如所周知,入侵我国的英国殖民者惧于不屈的马来民族主义的不断反抗,「发明」了1930年代由「华人威胁论」与「英国人是马来民族拯救者」凑合而成的「怪胎」——分而治之阴谋,使华人成为英国人剥削压迫殖民地的代罪羔羊。509把源自英国人的新殖民主义梦魘戳穿。际此国际上「多边共贏」、「人类命运共同体」东风盛吹之时,华社的先进前辈所提倡的「多元民族大同社会」概念,呼之欲出,让各族人民感知到了未来的美好愿景。

三,「迟暮英雄」马哈迪,没有高人一等的望族背景。在马来传统文化中,他属「平民」,与其「理想主义者」的性格密不可分。或者由于医生专业的知识,身体保健有素,魄力过人。在509歷史的特殊时刻起著特殊的作用,是合乎逻辑的。

敦马改革维新

在各族人民享受著胜利的欢欣时刻,92岁的马哈迪落实了系列除旧布新的政策,准备將「窃国大盗」绳之以法。值得人们期待的是成立由前財政部长达因、前国家银行总裁洁蒂、华族首富郭鹤年等组成的顾问团以及其下的「经济体制改革」小组。面对超过1兆令吉巨大国债,入主布城的新部长自动减薪10%,减后即使低于高级政府行政员的薪金也无所谓,铁了一条改革维新的心,与旧朝截然不同。政策践行政策与机构已具备了,为新朝走向新政铺下大道。

四,严峻的考验在前头。与世界各地新政府上台一样,马哈迪政府也有短暂的「蜜月期」。接下来的「常態期」,是考验的起点。俗话说,「预则立,不预则废」。前头诸多考验可归结到跨越「新兴经济体瓶颈」的转型上。摊开来讲,包括,1.如何正確处理从种族主义向多元平等转化,2.建立人民新思维,引领国家走向独立自主,自力更生。

前者胥视如何废除「英国人是马来民族救命恩人论」与「华人威胁论」,后者则如何改造全民的思维,以適应多元国情,以收標本兼治之效。实现这两个根结点,真正新的马来西亚始告一段落。

要特別指出的是,十多年前马哈迪自动退位时,曾老泪纵横,指「22年来我没有改变马来民族『枴杖思维』,建立自力更生的国家,是我一生最大的遗憾」。相信老马的脑海此刻已有根治枴杖文化的成熟方案了;而曾提倡「人民主权论」的安华,已恢復自由身,可以自由参政,相信也「成竹在胸」。但愿如此。

百足之虫死而不僵

五,当前的斗爭,其性质是尖锐的生死斗爭。所谓「百足之虫,死而不僵」。509后巫统仍然是第一大单一政党(拥有54个国会议席,第二位为公正党47议席),巫统在民间错综复杂的脉络不会即时消失。

希盟的常態期不久即將到来,估计希盟各党內部以及各党之间的矛盾与衝突(加上安华会取代马哈迪为首相),將逐渐浮出水面。跨过「新兴经济体的瓶颈」这一关,实非小事、易事。譬如东北亚的韩国,拉美的巴西与非洲的南非共和国等新兴经济体,都在瓶颈面前失足或曾经失足。我们真诚祈望,希盟不要沦为「只反贪官不反產生贪官的旧王朝」的宋江。

未来的一两年,是至为重要的时期,大马「何去何从」將明朗化。人民是新世界的创造者,也是新世界的保卫者。希盟诸公们,切记珍惜得来不易的509及其意义,相信人民,依靠人民,接受人民监督与批评,使我国顺利地接到多元民主的轨道上,让各族人民过上幸福的日子。

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Re: NEW MALAYSIA
« Reply #31 on: June 18, 2018, 11:04:27 AM »



 41  12
Funds turn cool on Malaysia as 1MDB swells debt to RM1 trillion
Bloomberg | June 18, 2018
Fund managers say rating agencies are likely to downgrade Malaysia if its fiscal health deteriorates significantly due to liabilities arising from 1MDB.

1MDB has become a scandal culminating in global probes into alleged embezzlement and money laundering. (Reuters pic)

KUALA LUMPUR: The escalating scandal around troubled state-investment fund 1MDB is turning bond funds against Malaysia.

The disclosure that the nation’s debt is almost 60% higher than previous estimates at RM1 trillion (US$250 billion), largely because of hidden liabilities tied to the troubled state investment fund, is convincing even fans of the country’s bonds to cut their holdings.

Throw in the removal of the goods and services tax (GST), and Prime Minister Dr Mahathir Mohamad’s new government faces an increasing fiscal squeeze.

“Uncertainty over how the fiscal deficit will pan out will overhang,” said Wilfred Wee, a fund manager in Singapore at Investec Asset Management Ltd, which oversees US$146 billion.



“Until the dust settles, we have reduced our still overweight exposure to Malaysia, recognising that Malaysia’s current account and overall fundamentals remain by and large still attractive versus peers.”

A one-off crystallising of 1MDB’s debt and writing off its assets may cost almost 3% of gross domestic product (GDP), Wee said. Rating agencies are likely to downgrade Malaysia sooner rather than later if its fiscal health deteriorates significantly due to liabilities arising from 1MDB, Brown Brothers Harriman said in a report this month.

Alleged embezzlement

1MDB took shape in 2009 under former prime minister Najib Razak as a vehicle to drive investment into Malaysia and boost its assets abroad. Plagued by heavy debt and questions about its management and investment decisions, the fund became a scandal that culminated in global probes into alleged embezzlement and money laundering.

After the opposition’s shock election victory last month, new Finance Minister Lim Guan Eng revealed that government debt and liabilities had jumped to RM1.087 trillion, inflated by state guarantees for borrowing at 1MDB. That compares with the federal debt of RM685 billion estimated by the finance ministry in 2017.

Markets were spooked by the disclosure, with the ringgit sliding to a five-month low and overseas ownership of the nation’s bonds dropping to the lowest since August. Global funds sold almost RM10 billion of Malaysia’s sovereign debt in May, the most since March 2017.

“We hold a cautious view on Malaysia due to fiscal and political uncertainty, potential negative ratings action and uninspiring valuations,” said Roland Mieth, emerging markets portfolio manager in Singapore at Pacific Investment Management Co, which oversees US$1.77 trillion.

“The replacement of GST with service and sales taxes adds uncertainty to Malaysia’s fiscal trajectory.”

GAM overweight

Concerns about the country’s worsening debt levels are overdone, according to GAM (UK) Ltd.

The government remains on track to meet its 2018 budget deficit target of 2.8% of GDP and the economy is growing fast enough to ensure the debt-to-GDP ratio will gradually decline, said Michael Biggs, emerging-market fixed-income investment manager in London at GAM, which oversees the equivalent of US$165 billion.

“We have a modest overweight on Malaysian government bonds,” he said. “Inflation has remained contained, Malaysia’s balance of payments appear solid, foreign reserves are rising, and both real and nominal yields are at attractive levels.”

BNY Mellon Investment Management believes bond supply may need to increase to compensate for a decline in revenue caused by the removal of the GST.

“We would prefer to not be heavily exposed to Malaysian bonds until the fiscal uncertainty abates,” said Aninda Mitra, senior sovereign analyst at the company in Singapore.

“On many metrics the ringgit remains a relatively cheap currency to own. But we are likely to see a prolonged tussle between policy uncertainty and a broader loss of confidence, which could overwhelm any lingering perception of value.”


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Re: NEW MALAYSIA
« Reply #32 on: June 18, 2018, 02:42:10 PM »
RM50bil cheaper alternative to KL-S'pore high speed rail

Read more at https://www.thestar.com.my/business/business-news/2018/06/18/hsr-alternative-for-only-rm20bil/#8Ww2PwI2FfCjJ9WI.99

Corporate News
Monday, 18 Jun 2018


PETALING JAYA: An alternative proposal to have a railway link to Singapore by upgrading the present infrastructure will only cost the government RM20bil – much lower than the high speed rail (HSR) project which will cost between RM60bil and RM70bil.

The proposal will also save the government some RM500mil as it will not need to re-negotiate with Singapore since the plans that have been put in place by the authorities in the republic will not be disrupted.


According to sources, the Council of Eminent Persons (CEP) has been briefed on the alternative plan that utilises the existing double-track infrastructure of Keretapi Tanah Melayu (KTM).

The only major difference is the travelling time of 130 minutes to Singapore compared with 90 minutes by the HSR.

However, consultants said that the travelling time might be reduced with new locomotives that are able to travel at a higher speed without compromising on safety.

This could be made possible if the government were to allow third parties to operate rail lines owned by KTM.

“The third parties would be prepared to invest in better locomotives and run operations on a commercial basis.


“Travel time can potentially be reduced,” said a consultant.

Notwithstanding the travel time, the key feature of the alternative proposal of utilising and upgrading existing railway infrastructure would bring about good rail connectivity to Singapore at a substantially lower cost.

“Cost will be shaved by more than RM50bil, which is 70% lower compared with (building) the HSR. This does not include land acquisition cost and possible cost overruns incurred by the HSR project.

“The upgrading of the existing railway tracks would involve minimal land acquisition, minimal disruption to existing system and complement the entire national railway network.

“It would not lead to a duplication of railway lines,” said sources.

The HSR is one of two projects that had been taken off the shelf for the time being under the Pakatan Harapan government led by Tun Dr Mahathir Mohamad.

The other is phase three of the Mass Rapid Transit project.

Dr Mahathir had said that the distance between Malaysia and Singapore is short at only 350km and if the existing railway infrastructure is upgraded, it can improve travel time significantly.

The CEP is helping the government achieve its election promises within the first 100 days. High on the list of the CEP is to look into areas where the government can save cost, without compromising on quality, and improve governance as well as the handling of public finances.

The constraints on public spending came about amid the move to abolish the goods and services tax and revelation that the federal government debt is more than RM1 trillion.

Sources said central to the upgrading plans of the existing KTM network was to improve the existing double track infrastructure whereby it could cater for standard gauge and meter gauge trains.

This can be done by putting up a single line next to existing double track.

“Effectively, the tracks will be able to cater for trains running on standard gauge and meter gauge, which is the existing infrastructure,” said a source.

Meter gauge tracks are narrower, which causes the train to travel at a slower speed. In contrast, standard gauge tracks are wider and allow trains to travel at a higher speed. They also provide more stability.

The HSR, between Malaysia and Singapore, is to run on a completely new alignment and travels at speed of 320km per hour.

The alternative plan is to upgrade the existing railway tracks by using most of the railway alignments. The travelling speed with standard gauge trains is about 200km per hour.

Sources said that upgrading the existing infrastructure would be cheaper compared with the suggestion by some quarters to extend the Express Rail Link (ERL) from the KL International Airport (KLIA) to Singapore, a venture that could potentially cost at least RM30bil.

“The suggested ERL extension plan would involve a completely new alignment from KLIA and there is not much of a difference in travelling time compared with the plan to upgrade the existing infrastructure,” said a source.

The ERL is operated jointly by YTL Group and Lembaga Tabung Haji. It is a line currently servicing the Kuala Lumpur Sentral to KLIA route via stations in Bandar Tasik Selatan and Cyberjaya. ERL has said that it is prepared to extend the line to Melaka if the government approves the plan.

“The advantage for the ERL is that there is an existing station that can be upgraded to incorporate an immigration clearance check post,” said a source.

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Re: NEW MALAYSIA
« Reply #33 on: June 18, 2018, 02:46:54 PM »
 :clap: :clap: :clap: Govt able to find cheaper way to build HSR KL-SG, Slower speed but janji safe :thumbsup: and boleh tgk view along the way  :D and minimal land acquisition  :clap: so those bought early there will keep their land forever  :giggle: :giggle: :giggle: :rofl: :rofl: :rofl:

RM50bil cheaper alternative to KL-S'pore high speed rail

Read more at https://www.thestar.com.my/business/business-news/2018/06/18/hsr-alternative-for-only-rm20bil/#8Ww2PwI2FfCjJ9WI.99

Corporate News
Monday, 18 Jun 2018


PETALING JAYA: An alternative proposal to have a railway link to Singapore by upgrading the present infrastructure will only cost the government RM20bil – much lower than the high speed rail (HSR) project which will cost between RM60bil and RM70bil.

The proposal will also save the government some RM500mil as it will not need to re-negotiate with Singapore since the plans that have been put in place by the authorities in the republic will not be disrupted.


According to sources, the Council of Eminent Persons (CEP) has been briefed on the alternative plan that utilises the existing double-track infrastructure of Keretapi Tanah Melayu (KTM).

The only major difference is the travelling time of 130 minutes to Singapore compared with 90 minutes by the HSR.

However, consultants said that the travelling time might be reduced with new locomotives that are able to travel at a higher speed without compromising on safety.

This could be made possible if the government were to allow third parties to operate rail lines owned by KTM.

“The third parties would be prepared to invest in better locomotives and run operations on a commercial basis.


“Travel time can potentially be reduced,” said a consultant.

Notwithstanding the travel time, the key feature of the alternative proposal of utilising and upgrading existing railway infrastructure would bring about good rail connectivity to Singapore at a substantially lower cost.

“Cost will be shaved by more than RM50bil, which is 70% lower compared with (building) the HSR. This does not include land acquisition cost and possible cost overruns incurred by the HSR project.

“The upgrading of the existing railway tracks would involve minimal land acquisition, minimal disruption to existing system and complement the entire national railway network.

“It would not lead to a duplication of railway lines,” said sources.

The HSR is one of two projects that had been taken off the shelf for the time being under the Pakatan Harapan government led by Tun Dr Mahathir Mohamad.

The other is phase three of the Mass Rapid Transit project.

Dr Mahathir had said that the distance between Malaysia and Singapore is short at only 350km and if the existing railway infrastructure is upgraded, it can improve travel time significantly.

The CEP is helping the government achieve its election promises within the first 100 days. High on the list of the CEP is to look into areas where the government can save cost, without compromising on quality, and improve governance as well as the handling of public finances.

The constraints on public spending came about amid the move to abolish the goods and services tax and revelation that the federal government debt is more than RM1 trillion.

Sources said central to the upgrading plans of the existing KTM network was to improve the existing double track infrastructure whereby it could cater for standard gauge and meter gauge trains.

This can be done by putting up a single line next to existing double track.

“Effectively, the tracks will be able to cater for trains running on standard gauge and meter gauge, which is the existing infrastructure,” said a source.

Meter gauge tracks are narrower, which causes the train to travel at a slower speed. In contrast, standard gauge tracks are wider and allow trains to travel at a higher speed. They also provide more stability.

The HSR, between Malaysia and Singapore, is to run on a completely new alignment and travels at speed of 320km per hour.

The alternative plan is to upgrade the existing railway tracks by using most of the railway alignments. The travelling speed with standard gauge trains is about 200km per hour.

Sources said that upgrading the existing infrastructure would be cheaper compared with the suggestion by some quarters to extend the Express Rail Link (ERL) from the KL International Airport (KLIA) to Singapore, a venture that could potentially cost at least RM30bil.

“The suggested ERL extension plan would involve a completely new alignment from KLIA and there is not much of a difference in travelling time compared with the plan to upgrade the existing infrastructure,” said a source.

The ERL is operated jointly by YTL Group and Lembaga Tabung Haji. It is a line currently servicing the Kuala Lumpur Sentral to KLIA route via stations in Bandar Tasik Selatan and Cyberjaya. ERL has said that it is prepared to extend the line to Melaka if the government approves the plan.

“The advantage for the ERL is that there is an existing station that can be upgraded to incorporate an immigration clearance check post,” said a source.
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Re: NEW MALAYSIA
« Reply #34 on: June 18, 2018, 05:55:56 PM »
Malaysia's proposed yen credit gets positive response from Japanese banks

Bernama / Bernama
June 18, 2018 16:04 pm +08

PUTRAJAYA (June 18): Several Japanese banking institutions are responsive towards extending yen credit in the form of soft loans to Malaysia, said Japanese Ambassador to Malaysia Dr Makio Miyagawa.

He said the Japanese premier sent a ‘clear cut’ note that the government and private sector should consider the request by Prime Minister Tun Dr Mahathir Mohamad who made the request to his Japanese counterpart Shinzo Abently during his visit to Japan last week.

"While I was in Tokyo, after Dr Mahathir's working visit, I met the president of several banking institutions. Their response was very positive. The Japan International Corporation Agency (JICA) is also considering it (the proposal).

‘I am looking forward to the positive response,” he told a press conference after a courtesy call on Deputy Prime Minister Datuk Seri Wan Azizah Wan Ismail here today.

The new government under Dr Mahathir, who was sworn in as the country's seventh prime minister last month, discovered that the federal debt had reached RM1 trillion and was finding ways to bring the level down.

The prime minister said if the yen credit was extended as a soft loan, it would help the country deal with its debt problem.

During the 1997 financial crisis, Malaysia obtained a soft loan from Japan with an interest rate of just 0.7 per cent, repayable over 40 years.

On Malaysia's bilateral trade between Malaysia and Japan, Miyagawa was confident the new government would boost Japanese investors’ confidence.

Japanese investors would be very happy to work and further strengthen the industrial trade and investment cooperation with Malaysia.

“For the last three to four years, industries have been hesitating to invest in Malaysia due to the political turbulence in the country. This has reduced the amount of trade between both nations.

“However, the new administration has already proven they are transparent and will practice good governance which I think will give new positive light to their engagement. Naturally, trade will increase,” he said.

Dr Mahathir had also proposed that Japan establish a presence in the Malaysian higher education landscape by setting up a branch university campus there.

Miyagawa said Abe had instructed him to find a good university with a view of setting up a branch university campus in Kuala Lumpur.

 “I have found and vetted several universities. We are now trying to meet the request as soon as possible,” he said.

Miyagawa also added that Malaysians were welcomed to work in Japan or in Japanese companies based in Malaysia.



     


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Re: NEW MALAYSIA
« Reply #35 on: June 18, 2018, 06:04:06 PM »
 :clap: :clap: :clap: now got harapan to own a Harapan Car :handshake: 8) Japan mari boost Msia’s engineering skills  :nod: and can collect skilled worker from Proton  :giggle:
Proton manage by China ...M'sia worker's knowledge tak dapat guna ... nanti karat jadi  :sweat: :sweat: :sweat:


Malaysia's proposed yen credit gets positive response from Japanese banks

Bernama / Bernama
June 18, 2018 16:04 pm +08

PUTRAJAYA (June 18): Several Japanese banking institutions are responsive towards extending yen credit in the form of soft loans to Malaysia, said Japanese Ambassador to Malaysia Dr Makio Miyagawa.

He said the Japanese premier sent a ‘clear cut’ note that the government and private sector should consider the request by Prime Minister Tun Dr Mahathir Mohamad who made the request to his Japanese counterpart Shinzo Abently during his visit to Japan last week.

"While I was in Tokyo, after Dr Mahathir's working visit, I met the president of several banking institutions. Their response was very positive. The Japan International Corporation Agency (JICA) is also considering it (the proposal).

‘I am looking forward to the positive response,” he told a press conference after a courtesy call on Deputy Prime Minister Datuk Seri Wan Azizah Wan Ismail here today.

The new government under Dr Mahathir, who was sworn in as the country's seventh prime minister last month, discovered that the federal debt had reached RM1 trillion and was finding ways to bring the level down.

The prime minister said if the yen credit was extended as a soft loan, it would help the country deal with its debt problem.

During the 1997 financial crisis, Malaysia obtained a soft loan from Japan with an interest rate of just 0.7 per cent, repayable over 40 years.

On Malaysia's bilateral trade between Malaysia and Japan, Miyagawa was confident the new government would boost Japanese investors’ confidence.

Japanese investors would be very happy to work and further strengthen the industrial trade and investment cooperation with Malaysia.

“For the last three to four years, industries have been hesitating to invest in Malaysia due to the political turbulence in the country. This has reduced the amount of trade between both nations.

“However, the new administration has already proven they are transparent and will practice good governance which I think will give new positive light to their engagement. Naturally, trade will increase,” he said.

Dr Mahathir had also proposed that Japan establish a presence in the Malaysian higher education landscape by setting up a branch university campus there.

Miyagawa said Abe had instructed him to find a good university with a view of setting up a branch university campus in Kuala Lumpur.

 “I have found and vetted several universities. We are now trying to meet the request as soon as possible,” he said.

Miyagawa also added that Malaysians were welcomed to work in Japan or in Japanese companies based in Malaysia.



     



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Re: NEW MALAYSIA
« Reply #36 on: June 18, 2018, 08:57:05 PM »
Ah Mint ... our Selangorean Hero  :clap: :thumbsup:

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Re: NEW MALAYSIA
« Reply #37 on: June 18, 2018, 08:59:16 PM »
Ah Mint ... our Selangorean Hero  :clap: :thumbsup:

I pray Ah Mint will make it to become our Malaysian Hero.  :clap:

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Re: NEW MALAYSIA
« Reply #38 on: June 18, 2018, 09:04:37 PM »
Ah Eng ... our Penangite Hero.

I also pray our Ah Eng will also make it to become our Malaysian Hero.  :thumbsup:  :clap:

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Re: NEW MALAYSIA
« Reply #39 on: June 20, 2018, 01:22:00 PM »
Seem that Finance minister still had a lot news update announcements ...  :speechless:

:o now his father stand out to support to announce even tho old friend Mr Anwar who was finance minister from 1991 to 1998 is advising Finance minister to focus regaining investor's confidence.

If you eat rice than the ppl eating salt, would you still go ahead doing what you think is right or to take advice from elderly wiseman? u nak jalan bengkak bengkok or smooth to destination its your choice  :D :D :D
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Re: NEW MALAYSIA
« Reply #40 on: June 20, 2018, 02:45:57 PM »
Lim Guan Eng : Time To Beat Singapore – We Can Beat Singapore At Their Own Game , Penang Has Beaten Singapore Many Times

By thecoverage
Posted on June 19, 2018


It was time Malaysia beat Singapore at its own game and gave the island nation healthy economic competition, Finance Minister Lim Guan Eng said today.

“Talking about this government, we need a can-do spirit. Why talk about Singapore? We can do it, beat Singapore at their own game. Singapore also use many of our people what… isn’t it? Penang has beaten them many times,” said Lim.

The former Penang chief minister also cynically acknowledged the island nation’s forte when it came to marketing.

“They are very good in marketing. (They claim) chicken rice is theirs lah… if we aren’t careful ‘char kuey teow’ also they claim theirs, even though [the] best food is in Penang. Malaysia can be identified by quality.

“We are led by [a] young government, but also by oldest prime minister in the world. That is quality,” Lim said to a ripple of laughter and applause from the audience.
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Re: NEW MALAYSIA
« Reply #41 on: June 20, 2018, 02:58:37 PM »
 :innocent: before talking bout how to defeat ppl...kasi enemy ketawa, look at ourselves dulu ... high debts, cut down future developments, rely Harapan donations, not stable etc... internal kasi power dulu and be humble don't say nak defeat :giggle: ...yang baik kita mesti belajar yg tak baik kita kasi komen sama-sama advance forward  :handshake: ni jiran baik dekat hanya kekal jalinan dan kemesraan yang kuat utk memupuk suasana harmoni
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Re: NEW MALAYSIA
« Reply #42 on: June 21, 2018, 02:16:36 PM »



Report: 1MDB probe now involves funds to BN parties
Published on Today 11:51 am  |  Modified on Today 12:56 pm

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UPDATED 12.50PM | Authorities are probing BN component parties and lawmakers which allegedly received 1MDB-linked funds, according to a report by Singapore's Straits Times.

The report claimed that investigations could trigger "serious political aftershocks" because the parties or proxies in possession of the funds could find their accounts frozen pending the completion of the probe or trial.

"Elected representatives would not only have their bank accounts frozen but could also face being disqualified as MPs or state assemblyperson if found guilty," read the report.

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Re: NEW MALAYSIA
« Reply #43 on: June 21, 2018, 03:19:25 PM »
PUTRAJAYA, June 21 ― Malaysia would incur RM300 billion more debt if Datuk Seri Najib Razak and Barisan Nasional (BN) had won the general election, Tun Dr Mahathir Mohamad said today.

Thanking Malaysians for voting to deliver a shocking blow to the coalition that had ruled for six decades, the prime minister said BN would need to borrow more on top of the RM1 trillion liabilities already revealed just to deliver some of its manifesto pledges.

"You’ve done a great job of getting rid of Najib, and had he won we would incur another RM300 billion of debt,” Dr Mahathir said in an exclusive interview with Malay Mail at the Perdana Leadership Foundation here.

The Pakatan Harapan chairman said Najib had promised between RM60 to 80 billion in allocations to each state if BN won Putrajaya in the May 9 general election. 

"Where is he going to get the money? Any thinking man would know he has to borrow, and if he's borrowing, he's going to add to the debt,” he said.

It is unclear how Dr Mahathir arrived at the figure as he did not elaborate. An allocation of at least RM60 billion for 14 states would be RM840 billion, while RM300 billion would give each state just over RM20 billion on average.

Malay Mail could not find the specific promises Dr Mahathir mentioned in BN’s election manifesto, and has requested clarification with the coalition.

Last month, newly-minted Finance Minister Lim Guan Eng revealed that Putrajaya debt and liabilities are at RM1.087 trillion, or 80.3 per cent of gross domestic product (GDP).

Broken down, this included the federal government debt of RM686.8 billion, government guarantees (RM199.1 billion), and lease payments for public-private projects (RM201.4 billion).

Putrajaya has since launched the crowd-funded Tabung Harapan Malaysia in a symbolic bid to cut down the debt, which has collected RM89,127,407.24 as at 3pm yesterday.

In response, Najib had then accused Lim of being “reckless” in discussing Malaysia’s financial state, claiming the latter was using “guesstimation” to arrive at key figures that could move markets.

Dr Mahathir has previously claimed that many of the figures recording the country’s financial position may be false.

He told Malay Mail today that the debts are already over 80 per cent of the country’s GDP, denying again Najib’s claim otherwise.

“People don’t calculate, you see? He said we're within our borrowing limit, but it's not. It goes beyond that limit,” he added.

Dr M ... our Greatest Malaysian Hero  :clap: :thumbsup: :handshake: :cash:

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Re: NEW MALAYSIA
« Reply #44 on: June 22, 2018, 02:13:30 PM »



NEWS

Zeti: Shamsiah’s appointment reflects Harapan’s respect for Bank Negara
Annabelle Lee  |  Published on Today 2:07 pm  |  Modified on Today 2:10 pm

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Former Bank Negara governor Zeti Akhtar Aziz (above) has applauded the appointment of her former colleague Nor Shamsiah Mohd Yunus to lead the central bank.

Zeti said the appointment signified the Pakatan Harapan government’s respect for Bank Negara as an independent banking authority...

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« Reply #45 on: June 22, 2018, 02:14:55 PM »



NEWS

Former Bank Negara deputy returns as governor
Published on Today 12:10 pm  |  Modified on Today 1:05 pm

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Nor Shamsiah Mohd Yunus, a former Bank Negara Malaysia official who probed 1MDB, has been appointed as the new central bank governor.

It was reported by Bloomberg that Prime Minister Dr Mahathir Mohamad's spokesperson confirmed the appointment which has been approved by the Yang di-Pertuan Agong.

Nor Shamsiah joined Bank Negara in 1987 and rose to become a deputy governor at the central bank for six years before she left in November 2016 when her term ended.

It was previously reported that Nor Shamsiah was closely involved in Bank Negara's inquiry into 1MDB in 2015 under then governor Zeti Akhtar Aziz.

She will be replacing Muhammad Ibrahim, who resigned from his position earlier this month.

Muhammad had taken over as Bank Negara governor from Zeti on May 1, 2016 and was supposed to serve a five-year term.

His resignation came after he became entangled in the 1MDB scandal by overseeing Bank Negara's RM2.066 billion purchase of land from the government earlier this year.

The money was subsequently used by the then BN government to pay off 1MDB's debt.

Muhammad had denied facilitating the then government in the 1MDB matter, pointing out that he had no control how the government would spend the proceeds from the land purchase.

Malaysiakini has contacted the Prime Minister's Office over the report, and learnt that the Finance Ministry will be issuing a statement on the matter soon.

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« Reply #46 on: June 22, 2018, 03:51:40 PM »



 52  5
Ringgit fair value is same as 1998, says Dr M
Bloomberg | June 22, 2018
The prime minster says the strengthening of the ringgit should happen naturally.

Prime Minister Dr Mahathir Mohamad says the ringgit is being unfairly punished by the stresses buffeting most emerging markets.

KUALA LUMPUR: Prime Minister Dr Mahathir Mohamad said the ringgit’s fair value today is the same as the peg that his previous government established in 1998 in a controversial move during the Asian financial crisis.

Asked where he saw the fair value for the ringgit, Mahathir said “3.8”.

That’s more than 5% stronger than its current level against the dollar, and a rate it hasn’t seen since mid-2015, when worries about China hit emerging markets. The currency climbed 0.3% after his remarks were published.

“We would like to strengthen our ringgit, but it should be done naturally,” said Mahathir, the architect of capital controls in 1998, that ultimately were seen to help stabilise the economy though were criticised then by the International Monetary Fund.


Mahathir didn’t elaborate on steps needed to allow for natural appreciation.

He said that the currency is being unfairly punished by the stresses buffeting most emerging markets. An appreciating dollar, propelled by Federal Reserve monetary tightening, along with worries over a US-China trade war, have hurt demand for developing nation assets.

“This is actually the problem arising from the state of the world’s economy, not just ours,” said Mahathir of the ringgit’s current valuation.

Since he took office last month after a surprise election victory, Mahathir new administration’s had warned that Malaysia’s debt is much larger than estimated by the previous government, making some foreign investors wary.

The benchmark stock index is down 8.5% since the election, or 9% in dollar terms, against a 5.3% drop for the MSCI Emerging Markets Index.

Even so, forecasts since the election show strategists do see the ringgit appreciating in time. The median estimate in a Bloomberg survey is 3.95 for year-end. Projections indicate it will stay weaker than 3.80 in coming years, however. It was at 4.0025 as of 2.13pm in Kuala Lumpur.