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Archive for the ‘Malaysia’ Category

Bit rich of Tun to say this about Trump

In Malaysia on 20/06/2018 at 4:17 am

.“I have no plans to go and see him,” Dr Mahathir said of Mr Trump, whom he called volatile. “I don’t know how I can deal with a person who is so much like a chameleon.”

NYT

Remember this

“The belief that I dismissed him because I was afraid he would oust me is without basis. I dismissed him for two reasons only: he was unsuitable to continue serving in the Government and he was unsuitable to succeed me as Prime Minister.” — Mahathir’s 2011 book “A Doctor in the House,” on his sacking of Anwar as his deputy during the Asian financial crisis. “I may have made many mistakes, but removing Anwar was not one of them.”

https://www.bloomberg.com/news/articles/2018-05-10/mahathir-in-his-own-words-on-markets-islam-and-anwar-ibrahim

Then he said before the election he said he would make way (after serving two yrs as PM) for jailed opposition politician Anwar Ibrahim to be PM after Anwar is pardoned by the King.  Now he’s hinting he’ll stay on on PM.

And like Trump he’s taking a long time to announce his full cabinet.

Oh and remember this? HSR: I was right wasn’t I?

Sounds like Tun is Asean’s Trump. All he needs to complete the comparison is a couple of buildings named Tun. Akan datang.

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HSR: I was right wasn’t I?

In Infrastructure, Malaysia on 18/06/2018 at 11:04 am

Trumpets pls.

HSR “delayed” not “cancelled” according to Tun. (Btw, someone pls tell TKL this. He thinks still cancelled according to his TOC article.)

In Will we ever get letter cancelling HSR?

I wrote

The two DAP** ministers want to send a letter saying M’sia wants to have talks on a review of the project with a view to revising the costs and timetable. They hope that lower costs means S’pore will be amendable to a delay in the start date, and not ask for compensation.

**Remember that Lim Guan Eng and his pa came to brief our Harry when the DAP won Penang in 2008. More like “kowtow” said my UMNO inner circle connection when I told him what the present finance minister told an ISEAS seminar in 2008.

Now Tun (and his anti-PAP fans here) has had to swallow sperm what with

The proposed high-speed rail (HSR) project connecting Malaysia’s capital city to Singapore has not been cancelled but merely postponed, Malaysian Prime Minister Tun Dr Mahathir Mohamad said, softening his earlier intention to scrap the deal entirely.

In an interview with Japanese media published in the Asian Nikkei Review on Monday night (June 11), Dr Mahathir explained that the project was put on the backburner because of its exorbitant cost of RM110 billion (S$37 billion).

https://www.todayonline.com/world/kl-singapore-hsr-project-postponed-not-scrapped-says-dr-mahathir

And

Mr Khaw’s Malaysian counterpart Anthony Loke said on Tuesday a negotiating party consisting of the Finance, Economics Affairs, and Transport ministers will make a trip across the Causeway to iron out a deal concerning the HSR.

“As it was announced last week, we will still negotiate with Singapore. We, the Finance, Economic, and Transport ministers will go to Singapore and negotiate this deal,” Mr Loke said.

As it is alleged by UMNO (Or so I’m told) that DAP leaders have to burn incense before this graven image daily, our ministers sure have to pang chance.

 

Must be cheap skate cybernuts visting Johor

In Indonesia, Malaysia, Tourism, Vietnam on 18/06/2018 at 4:14 am

Diagram shows that M’sia is even worse than Vietnam in not fleecing tourists: must all those freeloading TRE, TOC readers and other cheap skates taking adv of weak ringgit. Tun will not be happy. 

M’sia: Bit rich coming from Daim?

In Malaysia on 14/06/2018 at 11:18 am

The following remarks, by Tun’s right-hand man, had Tun’s anti-PAP fans here wetting their pants and comparing our GLCs and govt unfavourably with that of M’sia

“They don’t understand that they are put there in a position of trust,” Mr Daim said at his office. “And you have to make sure every single cent you spend is spent properly. There should be no abuse and you must account for every single cent.”

(Diam talking of M’sian GLC officials)

And

Mr Daim’s answer to the country’s fiscal problems is to clean up corruption, prevent leakages in state spending and ensure no political appointees in government-linked companies. He is proposing an open tender system for state procurement and informing “political personalities” he’d welcome those who decide to step down.

https://www.todayonline.com/world/mini-1mdbs-rife-across-malaysia-pm-mahathirs-top-adviser-says

The same remarks had people of my generation (and older) in KL sniggering.

When I was what today would be called a M’sian equities specialist (I was flogging and arbitraging M’sian shares in the 80s and 90s), Daim was M’sia’s finance minister for a lot of the time. He had a reputation of not being able to separate the personal and official, something FT reminded readers recently.

Whatever, I know Anwar KPKBed (when he was finance minister) that Diam was very greedy in his demands for goodies and getting upset at not getting them.

And our cynernuts are treating his words as the gospel truth?

M’sia to profit from Mrs Najib’s handbags?

In Malaysia on 14/06/2018 at 4:47 am

200+ handbags were reported seized.

If they are mostly Birkins, M’sia could make a profit

A second-hand Hermes Birkin bag has sold for £162,500 ($217,144) in London, a new European record for the most expensive handbag sold at auction.

The 2008 Himalaya Birkin, with an 18-carat white gold diamond encrusted lock, exceeded its list price of £100,000 – £150,000 on Tuesday.

The record for a bag sold at auction – also a Hermes Birkin – is £253,700 ($380,000), set in Hong Kong in 2017.

It is the “undisputed most valuable bag in the world,” Christie’s said.

https://www.bbc.com/news/uk-44463624

Assuming 200 Birkins were seized and each is worth an average of US$180,000, then M’sia makes US$36m from selling them, and reduces the M$1 trillion debt by a little.

Related posts:

Poor Najib, not believed when telling the truth

What TOC didn’t tell us why Harry met Najib’s wife

 

 

M’sian economy: a safe haven in emerging mkts storm

In Currencies, Emerging markets, Indonesia, Malaysia on 11/06/2018 at 5:40 am

Tun should chill out on his fears for the M’sian economy. His fiance minister and Najib  are right about how gd the economy is: Either Tun or his Cina finance minister is wrong: OK, OK vis-a-vis other emerging mkts.

Remember the Taper Tantrum of 2013? Back then, the talk was of the Fragile Five (sometimes known as the BIITS): Brazil, India, Indonesia, Turkey and South Africa:  these large emerging markets had large current account deficits.

Well the tantrum is back with India, Indonesia, Turkey, Pakistan and the Philippines recently raising their official interest rates but despite Tun’s KPKBing M’sia is in great shape. True getting rid of GST is not a great idea but with oil in the US$70s , there’s room for compacency: Mahathirnomics/ Luck of the devil.

Juz tell that to the foreigners selling M’sian equities.

Anwar off to make a fortune

In Malaysia on 08/06/2018 at 5:28 am

Anwar has said he’ll spend the next two yrs going round the world, giving lectures on freedom and reform. What he hasn’t added, is that he’ll make a fortune doing so, especially if as expected he gets the Washington Speakers Bureau to represent him.

No this is not part of the CIA, but a business, based in Washington DC, that arranges for ex-politicans etc to get paid for public performances lectures.

The FT reported in Nov 2016 that the George Osborne, the UK chancellor fired less than 6 months earlier had earned £320,000 from lecturing in the US.  He earned more than £140,000 for two speeches at JPMorgan. The Washington Speakers Bureau was his agent. The Clintons too are clients, I think. She too earned big bucks talking to banks’ staff and clients.

Seriously do find the time to read this:http://www.scmp.com/week-asia/politics/article/2148930/anwar-ibrahim-qa-malaysian-democracy-icon-prison-dissent-and

Ex-ST journalists interviewed him.

Will Tun take up PRC offer that Najib declined?

In Malaysia on 07/06/2018 at 1:20 pm

Because Nabib is a pal of our PM.

Sometime back when China was upset that Ah Loong was carrying Trump’s balls and not Xi’s, there was a report that China offered its AR3 multiple launch rocket system (MLRS) with accompanying radar to M’sia to be positioned specifically in Johor. It was a great deal for M’sia: low-interest payment of up to 50 years.

Najib as a friend of S’pore declined the deal.

So will Tun’s next move against S’pore (he juz called off a proposed equities trading link) be calling Xi to take up the offer?

Whatever, this deal will have Terry’s Online Channel’s writers and readers sticking their tongues further up Tun’s ass to reach the source of light that they think shines from his ass. They’d love the idea of Tun having surface to surface missiles able to blow up Changi Airport, the port and the CBD. They see him as a friend to suck up to because he like them hates the PAP. They even do this sucking up despite Tun disliking S’pore, not juz hating the PAP: the enemy of my enemy is my friend say these TOC cybernuts.

With enemies like TOC, the PAP needn’t fear losing power.

Related posts

— Tun will not be happy

— Tun following Xi?

 

 

Will we ever get letter cancelling HSR?

In Malaysia on 06/06/2018 at 11:10 am

Not if the DAP ministers get their way.

Secret Squirrel and Morocco Mole (my ISD contacts) tell me that that their pal Sang Kancil in the M;sian Special Branch tells them, there’s an unreported cabinet row in KL.

Tun it seems wants the Transport Minister to send a letter saying. “HSR is hereby cancelled. Sue M’sia, punk and make Tun Mahathir’s day. He’ll lease the Middle Rocks to China for free on condition they expand and militarise* it.”

Seriously, the DAP’s finance minister and transport ministers want to send a nuanced letter than Tun’s cancellation is “final” letter. After all, Malaysia’s new Transport Minister Anthony Loke had told Channel Newsasia that the project is “subject to review” if the country is in a better fiscal position later on: Still waiting for letter cancelling HSR.

The two DAP** ministers want to send a letter saying M’sia wants to have talks on a review of the project with a view to revising the costs and timetable. They hope that lower costs means S’pore will be amendable to a delay in the start date, and not ask for compensation. After all, M’sia was the one pushing for quick completion. Najib wanted it build by 2016, when he first suggested it in 2010, I think. S’pore took it’s time deciding and cybernuts in TOC, TRE, The Idiots etc were KPKBing that we should take up the offer: anything the PAP govt opposes, they support.

The other cabinet ministers and Anwar are sitting back, eating peanuts and enjoying the row.

Well if we don’t get a letter soon, the 60- 70%  who vote PAP will think Tun is as big a talk cock, sing song artiste as Lim Tean  (Where’s yr defamation video and jobs rally Lim Tean?) and Goh Meng Seng (Meng Seng doesn’t know his Chinese history), even though Tun was the straw that tilted the election result to the Hope League, and he has just stared down the king over the cabinet choice of a snake an Indian Christian as AG.


*Tun following Xi?

**Remember that Lim Guan Eng and his pa came to brief our Harry when the DAP won Penang in 2008. More like “kowtow” said my UMNO inner circle connection when I told him what the present finance minister told an ISEAS seminar in 2008.

 

 

 

 

Today

Tun will not be happy

In Malaysia on 05/06/2018 at 5:30 am

I’m sure M’sia’s defence minister will be forced to deny this this Mindef statement as fake news.

Singapore and Malaysia affirmed warm and long-standing defence relations, as the countries’ defence ministers met on Sunday (Jun 3), a press release from Singapore’s Ministry of Defence (MINDEF) said.

Singapore’s Defence Minister Ng Eng Hen and newly-appointed Malaysian Defence Minister Mohamad Sabu met on the sidelines of the 17th Shangri-La Dialogue (SLD), in their first official meeting.

The ministers noted the good progress made in bilateral defence relations, such as the recent conduct of a new bilateral exercise between the two Air Forces.

Read more at https://www.channelnewsasia.com/news/singapore/singapore-malaysia-agree-to-strengthen-bilateral-defence-10345038

Still waiting for letter cancelling HSR

In Malaysia on 03/06/2018 at 10:40 am

It’s insulting to Tun to compare him with Lim tean because unlike Lim Tean, Tun is a man of many accomplishments, unlike Lim Tean who only knows how to to talk cock, sing song, and help the PAP by forming yet another new party “People’s Voice”*

But it looks like Tun is talking cock, singing song when it comes to HSR.

As of Friday evening, S’pore was still waiting for official confirmation that M’sia wants to cancel the HSR project, despite Tun saying that M’sia has cancelled the project. It’s been almost a week since he said that.

================

Related posts:

—  Anti-PAP S’poreans sucking up to Tun

— Either Tun or his Cina finance minister is wrong

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Meanwhile S’poreans are still waiting for Lim Tean’s jobs rally and defamation video promised for last September, then last November and for which he raised money from the public: Where’s yr defamation video and jobs rally Lim Tean?

Whatever, with enemies like this, the PAP doesn’t need friends.


*The name “People’s Voice” truly reflects the founder’s aim of talking cock, singing song.

Mahathirnomics/ Luck of the devil

In Malaysia on 01/06/2018 at 11:18 am

Investors are concerned that Dr Mahathir’s government will struggle to curb debts while implementing populist campaign pledges to drop highway tolls, increase fuel subsidies and abolish the goods and services tax*, which was set to generate US$12 billion (S$16 billion) or a fifth of state revenues this year.

FT

Or as averageguysg posted on this blog

I find it interesting to see what Tun M does. Let’s look at the situation Msia is in now:

1) Supposedly 1 trillion of debt. Can’t raid the reserves.

2) At the same time, they need to raise wages, improve healthcare and poverty.

3) While mega projects can create jobs and investment, they got no money to do it.

4) Also don’t want to open legs to China, so that kind of “investment” will not be pursued.

5) Can recover a few hundred million from 1MDB, but still only tip of the iceberg.

6) Plenty of pro-BN civil servants still need jobs even if you sack them.

7) Can cut defense projects, but also this is small money and may piss China off.

8) Want to improve education system, abolish vernacular schools etc, all this takes money and the tangible benefit will only come much later.

So how**?

Tun wants to spend money on the people (Nor make them Pay And Pay) while cutting taxes, and reducing debts and deficits: sounds like Reagan’s “Vodoo economics***”

Well if oil goes to US$100 a barallel, he’ll manage this feat.

If it falls to US$30, M’sia will be really bankrupt.


Budget assumpions on oil

In the country’s 2018 Budget, the oil price was projected to be around US$52 instead of the above US$70 per barrel now. So now government would record an additional RM5.4bn revenue from higher oil prices, Cina minister said.

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If it trades within the zone of US$50- US$60, “In the hands of Allah” and Anwar might think twice about becoming PM and inheriting a poisoned chalice: Tun will have done a “Hail Mary” pass to Anwar, while smirking.

——————————————–

Petrol subsidy

The prices of RON95 petrol and diesel will be maintained at the current levels of RM2.20 and RM2.18 per litre respectively, although after June 7, the price of RON97 petrol will be floated according to market prices.

———————————

Whatever don’t underestimate Tun’s intuition (or luck?). Someone in his inner most circle who recommeded in 1998 that M’sia get an IMF loan (and who thrown out of that magic circle for that advice and other “crimes”, but now back in the circle circa 2010) told me in the noughties that Tun M got it right and people like him and other economic literate advisers got it wrong. He added that even the IMF had changed its mind on the use of capital controls: something that was haram to the IMF when Tun introduced them to M’sia.

Btw, Read this about how analysts who supported the need for GST in KL, now downplaying its importance: https://www.todayonline.com/world/economists-play-down-concerns-over-malaysias-fiscal-health-despite-governments-populist. Some things never change: the sucking up to power.

Related post: Either Tun or his Cina finance minister is wrong

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*”The scrapping of a Goods and Services Tax will blow a RM$21 billion (S$7.1 billion) hole in the Malaysian government’s wallet, but the country will still be able to meet its budget deficit target for 2018, said Finance Minister Lim Guan Eng on Thursday (May 31).

The lost revenue from the tax due to be axed on Friday would be offset by rising oil-related revenues, spending cuts on non-essential projects, increased dividends from govt-linked firms and a new sales tax expected to be introduced in September, he added.”

Agencies

**Easy leh. Shake down S’pore for money. We got the cybernuts ready and willing to help Tun subvert S’pore: Anti-PAP S’poreans sucking up to Tun. With S’poreans like these nuts, we need the PAP. If Tun M is still PM when the next GE is held: “Vote PAP to protect our right to Pay And Pay”.

Fortress Middle Islands could be such a shakedown ploy: Tun following Xi?

***Vodoo economics Also called “Reaganomics,” voodoo economics is the nickname for the hallmark economic policy of Ronald Reagan, the 40th President of the United States (1981-1989), who was trying to stimulate an economy that lay stagnant after the Jimmy Carter years.

http://www.investinganswers.com/financial-dictionary/economics/voodoo-economics-5170

 

Tun following Xi?

In Malaysia on 01/06/2018 at 4:24 am

In place of the crooked bridge to upset patriotic S’poreans and please the anti-PAP fifth column*

Dr Mahathir added that his government is thinking of expanding Middle Rocks, which was awarded to Malaysia in the 2008 ICJ decision.

“On Middle Rocks we have already built structures,” he said. “It is our intention to enlarge middle rocks so that we can form a small island for us.”

Read more at https://www.channelnewsasia.com/news/singapore/pedra-branca-icj-malaysia-discontinued-challenges-10288912

Next build an airstrip and aircraft hangers? Then install surface to air and surface to surface missiles and anti-aircraft guns?

And to compensate the Chinese for contracts, he wants cancelled, he could award the Chinese the contract to build and fortify the place. The Chinese have the experience, reference what they are doing in the South China Sea. Goh Meng Seng for one will kiss his ass because he is imitating Meng Seng’s hero Grandpa Xi.

Alternatively, Tun can use Middle Rocks to build a new Forest City.


*”A fifth column is any group of people who undermine a larger group from within, usually in favour of an enemy group or nation. The activities of a fifth column can be overt or clandestine.” Wikipedia

Think Goh Meng Seng and his pro Chinese comments.

Either Tun or his Cina finance minister is wrong

In Malaysia on 31/05/2018 at 10:47 am

Both can’t be right about how good (“Malaysia’s economic fundamentals were still intact”) or how bad (“[need to] avoid being declared bankrupt”) a shape is the M’sian economy in.

But first

I am surprised at how fast the country’s economy changed from a supposed crisis and failure before GE14 to a stable and strong economy.

All in just over two weeks?

Ah Jib Gor over the weekend

He was responding to

Finance Minister Lim had said yesterday that Malaysia’s economic fundamentals were still intact, and that the new government would strive to make the country’s fiscal position more sustainable.

https://www.malaymail.com/s/1635311/najib-says-surprised-how-pakatan-restored-economy-in-just-over-two-weeks

Well his Malay boss (after reading Ah Jib Gor’s jibe?) said on Monday

Malaysia is scrapping the multi-billion-dollar Kuala Lumpur-Singapore High-Speed Rail project as part of drastic cuts to government spending and investment that are required for the country to “avoid being declared bankrupt”, Prime Minister Mahathir Mohamad said on Monday (May 28).

“One of the most important priorities of course is the financial situation of the country,” he told the Financial Times.

What do u think? Is Tun or Lim right? Or neither and that the truth is somewhere in between.

As it is, another DAP Cina minister sided with Tun:

Why we cancelled the [HSR] project is because of affordability,” he added. “The priority of the government is to pay our debts and the ability to repay our debts, that is our main priority, that’s why some of these projects must be shelved.

Meanwhile as foreign investors continue selling M’sian shares, M’sia Inc entities like the EPF and Tabung Haji are buying.

Related post: Poor Najib, not believed when telling the truth

 

 

 

 

Memo to anti-PAP cybernuts: Tun is not God

In Malaysia on 31/05/2018 at 4:15 am

Further to Anti-PAP S’poreans sucking up to Tun where I reported that anti-PAP cybernuts were upset that our PM had not told Tun M that M’sia need not pay anything to cancel HSR deal

When asked if Dr Mahathir’s decision was final, Transport Minister Anthony Loke said the Malaysia Cabinet had not yet discussed the issue, but would do so at their weekly meeting on Wednesday.

Read more at https://www.channelnewsasia.com/news/asia/malaysia-pm-mahathir-says-will-inform-singapore-of-intent-to-10286868

Now Tun says

Speaking to reporters after a weekly Cabinet meeting, Dr Mahathir announced that his Cabinet has agreed to cancel the HSR project.

But this will be subject to discussions with the Singapore government because it involves “high financial implications”, he added.

When asked if he would reconsider should Singapore request for the project’s continuation, Dr Mahathir replied: “We will listen to them. They are our good partners.”

So nothing is “final”. Don’t believe me?

Malaysia’s new Transport Minister Anthony Loke said as much when he told Channel Newsasia that the project is “subject to review” if the country is in a better fiscal position later on. “Why we cancelled the project is because of affordability,” he added. “The priority of the government is to pay our debts and the ability to repay our debts, that is our main priority, that’s why some of these projects must be shelved.”

Today

And btw, still no letter:

the Singapore Land Authority repeated the Ministry of Transport’s earlier media statement that the Government is waiting for official confirmation from its Malaysian counterparts.

Hopefully our cybernuts will stop behaving as though he is God.

Anti-PAP S’poreans sucking up to Tun

In Malaysia, Infrastructure on 30/05/2018 at 11:04 am

From my coffee shop chat group: I feel the silence on d part of our govt on d cancellation HSR proj is shocking in diplomatic terms. We shld imm announce that we will forgive d penalty other than for what we had spent.!!! LHL fave strategy is always to keep quiet on any crisis. This is leadership.

FB post by anti-PAP FB warrior yesterday

I’m sure if Dr M asked this group to suck his XXXX, this bunch of anti-PAP Facebook warriors would happily do so. They’d even offer their asses to Anwar while pleasuring Tun with their mouths,if Anwar asked.

Think I’m being too harsh?

The above was posted on Vesak Day (public hoiday in both countries) and came after media reports overnight that

— Tun said that he had cancelled the agreement on Monday,

— and S’pore said that it had not received official confirmation of the cancellation.

Had the letter the agreement cancelling even been sent, let alone drafted? Why must do everything to saka Tun? Thinking about it, since Tun has said that S’pore has yet to be told, looks like these guys will suck Tun’s XXXX while allowing anwar to bugger them even before they ask him for these actions.

Is there really na vneed to saka him? We survived his last premiership (22 years) in pretty good shape, while he now admits M’sia is now in a mess because of the actions of his handpicled successor.

As I said before I know very well the KL that Tun and Anwar were in charge of: I thrived in that environment. Their actions and inactions came to roost and haunt them personally and other M’sians after Najib became PM.Yet our anti-PAP types praise them as antidotes to the PAP.

By all remains praise the DAP* and the moderate Muslims that left PAS to form the National Trust Party (Amanah;Malay: Parti Amanah Negara), but be real about Tun and Anwar. They won a famous victory but it was a victory that owed a lot to the DAP and Amanah.

===============

*Though anti-PAP types won’t because Lim Guan Eng and his pa came to S’pore to “brief” our Harry when the DAP won Penang. More like “kowtow” joked an UMNO insider when I told him what Lim Jnr told a seminar at ISEAS in 2008 after meeting Harry.

 

What TOC didn’t tell us why Harry met Najib’s wife

In Malaysia on 27/05/2018 at 11:11 am

 

https://www.theonlinecitizen.com/2018/05/24/lee-kuan-yew-specifically-asked-to-meet-rosmah-after-najib-became-pm/

What TOC left out that FLOM (as she was nick-named by M’sians: It stood for First Lady of M’sia, her adopted “title” after she met Mrs Obama when Obama was president. (Explanation:The US secret service code name for any US first lady is “FLOTUS”  ) was well-known* for wearing the pants in her marriage to Najib: he did what she asked him to do.

There were stories* that Dr M would jokingly ask him in cabinet meetings who his wife wanted defence contracts to be awarded to. It was well-known that she lobbied for certain arms manufacturers and that she would call defence officials to ask “Why taking so long?”

So our Harry was smart enough to know that she was the person to talk to make sure that relations improved post Dr M’s reign. Three cheers for our Harry.

————————–

*From the mid eighties until late 90s, I was what today would be called a M’sian equities specialist: I flogged, arbitraded M’sian shares for a living.

 

Poor Najib, not believed when telling the truth

In Malaysia on 27/05/2018 at 5:22 am

But first Great comedy rootine, (even better than M’sia: Two doctors’ routine) featuring Tun M and Najib.

Ah Jib Gor said the victorious Alliance of Hope had falsely promised voters “the moon and the stars”.

“It’s like playing football. We played clean; the others fouled. And they won,” he said.

He was countering Tun M’s

Malaysia’s debt has reached an alarming RM1 trillion (S$337 billion), said Malaysian Prime Minister Tun Dr Mahathir Mohamad on Monday (May 21), as he pledged to restore the nation to its former glory.

Blaming the previous government led by former protégé Datuk Seri Najib Razak who now faces domestic graft investigations, Dr Mahathir said important measures must be taken for the South-east Asian country to quickly recover from the situation, pointing out Malaysia had debts of about RM300 billion only when he was previously prime minister for 22 years.

“We find that the country’s finances for example, was abused in a way that now we are facing trouble settling debts that have risen to a trillion ringgit. We have never had to deal with this before. Before we never faced debts higher than RM300 billion, but now it has climbed to RM1 trillion” he said in his maiden address to civil servants of the Prime Minister’s Department.

Dr Mahathir, 92, was Malaysia’s prime minister from 1981 and 2003.

https://www.todayonline.com/world/malaysias-debt-alarming-level-1-trillion-ringgit-says-mahathir

Can’t stop laughing at Tun M implication that he was so prudent. Badawi, Tun M’s chosen successor, came out to say after Tun M, replaced him with Najib, that when he (Badawi) became PM, there was no money to spend on Tun M’s plans. And that Tun turned against him because he couldn’t and wouldn’t fund Tun’s projects.

Anyway Najib’s FB’s more detailed response is juz as brazen and funny (but truthful in parts).

Political narrative or facts?

1. Words said and allegations made while in the opposition carries a very different weight now that you are in power and holding the positions of the Finance Minister or the Prime Minister.

2. Coming out to say that our country’s government debt to GDP is now 65%, which is a big jump from the official 50.9% figure and saying that our debt is now RM1 trillion without giving any details of what you mean will just unsettle the financial markets, alarm the credit rating agencies and investors confidence in our institutions such as our Bank Negara Malaysia.

3. There must be a clear distinction between political narrative and facts. Mixing them will create doubts on the credibility of our numbers and the professionalism of the institutions that were involved in preparing them, governed by Malaysians laws and international standards.

4. As a result of these alarming and confusing statements, our Bursa Malaysia index fell the most among all worldwide stock markets resulting in tens of billions of ringgit in market value wiped out in one day. Our Bursa index fell 40.78 points today or 2.21% while the Indonesian stock index added 0.71%.

5. The business news-portal The EdgeMarkets said this sharp fall in our share market was contributed by concern on our public debt.

Surely this fall would affect our funds such as EPF and PNB and could lower the dividend rates for its members for the year.

6. Similarly, issuing statements that we should not worry about our country’s sovereign credit ratings being downgraded will result in further rocking the confidence in our institutions.

7. A downgrade will result in higher debt financing costs of RM10 billion per year to our country and may result in our banks who had borrowed from the international markets to sustain losses. It may also result in large capital outflows from foreign investors and cause our Ringgit to weaken.

8. While you may want to slander and put all the blame on me to give a perception of a dire financial position to justify why you cannot deliver on your manifesto promises and to massively cut the civil service, you must remember that the country and our people comes first.

9. You can also issue misleading statements on 1MDB or tell half the story about it to blame me but the time to play politics is over.

10. Words spoken while in such positions of power result in actual losses to the country and the people, as was proven today in the stock market. It is no longer just about votes anymore.

I won’t go into the technical details of why Najib is right to KPKB that the new debt level of M$1 trillion isa “fake”: it’s bad accounting, not in line with IMF guidelines (But then we too don’t follow IMF guidelines.)

And it’s a fact that that foreigners have been spooked. They’ve been net sellers of M’sian equities since the election.

But then was Pinocchio believed when he finally told the truth?

 

 

M’sia: See who is now KPKBing

In Malaysia on 26/05/2018 at 1:44 pm

Before the General election, Election reform group Bersih 2.0 (M’sian activists opposed to BN) accused the Election Commission of electoral fraud citing

10 “serious crimes”, including alleged failure to remove dead people from the electoral roll, irregularities in postal voting, a failure to take action against corruption allegations and allowing the bare minimum time between parliament being dissolved and voting taking place.

But when their side won, there was silence.

But Najib said over the last weekend,

It’s like playing football. We played clean; the others fouled. And they won.

And that the victorious Alliance of Hope had falsely promised voters “the moon and the stars”.

 

 

M’sia: Must be kilang

In Malaysia on 25/05/2018 at 6:31 am

M’sia’s Chinese finance minister* on 1MDB’s CEO

It is completely unbelievable that a highly paid and ‘experienced’ investment banker can be so irresponsibly clueless as to not know whether 9.8 billion ringgit worth of investments are even real.

I have found Arul Kanda to be utterly dishonest and untrustworthy.

Can’t blame for being so derogatory because Kanda had said everything was now OK at 1MDB during the election campaign. Turns out that that even the board of directors thought 1MDB was effectively insolvent, and it was unable to service its billions of debt and interest payments on its own. Even Arul says that that is true. So he implies that he was lying that all was well.

But he still is thinking of suing for defamation. Lim says: “Make my day, punk”.

But not all Indians like that. We got world class Tamils. Post coming up.


He and his pa so respect our Harry that when he came became Penang’s chief minister, they came down to “brief” him. When I told an UMNO insider he said “He means kow tow” with a laugh.

The real reason why Reformasi won’t happen here

In Malaysia, Political governance on 24/05/2018 at 11:04 am

In Why Reformasi won’t happen here, I had a dig at the cheapskates who wanted Reformasi on the cheap.

Here’s the real reason (articulated by a member of a FB group I belong to): S’poreans have not suffered enough (Something Chris K has said on FB) because things ain’t that bad her (Chris never pointed this out, but then he’s likely to go the way of other PAP critics, unless they are as cynical as me or “abc”. PAP critics usually end up as anti-PAP: Terry once told me . But don’t blame them because this is fault of PAP: Either you are with us or against us because what is good for the PAP is good for S’pore.)

Sorry back to the posts by a fellow member of a FB group.

If the ministers go in the way of Malaysia or Cambodia, let it happen naturally. If anyone is actually hoping for that to happen just so that they can see something happen, be careful what you wish for. Citizens of these countries are not having it easy, you know.

He then later went on

Having dialogued with DAP politicians over several years, I feel they looked at their political situation with grief, despondence, and exasperation. That was why my friend Liew Chin Tong went for the tough one at Ayer Hitam, because he didn’t want to be around to see what happens if BN wins another term. He’s tired. Now that they are part of the powers that be, it feels surreal and a relief. (For Liew, he’s re-energized though he was one of the only 2 DAP candidates who lost.)

I believe with the many people who are against PAP and/or support the opposition have anger and upsetness against the PAPG. When the PAP lost Aljunied, what they felt was jubilation.

So the 2 sets of emotions are different. The former are felt by citizens in a more desperate situation, waking up everyday to another new day of worry. Do we feel that here in Singapore?

I’d add that things are so good here that in last GE, 70% of the voters voted for PAP and continued to give two-thirds of parly seats. PAP nearly won  a GLC that would have reduced oppo elected MP to one. Fortunately the Wankers’ Party retained Aljunied, barely.

The BN lost its two-thirds majority in parly in 2008 and had less than 50% of the votes in the GE 2013.

(Updated at 11.35am: The last two paras were carelessly left out in initially published piece. Sorry.)

 

 

 

 

 

 

 

With enemy like this, UMNO will soon be back in power

In Malaysia on 24/05/2018 at 6:44 am

Lim Guan Eng must be cleared of any corruption charges before becoming the Finance Minister, said the Centre to Combat Corruption and Cronyism (C4).

“The C4 Centre is troubled that Lim has been appointed as Finance Minister despite earlier statements by Prime Minister Tun Dr Mahathir Mohamad that he can only be appointed if he has been cleared of his corruption charge,” its executive director Cynthia Gabriel said in a statement on Tuesday (May 22).
Read more at https://www.thestar.com.my/news/nation/2018/05/22/guan-eng-must-be-cleared-of-corruption-charges-before-becoming-finance-minister-says-c4/#lU5s2e4jcAiEGT5g.99

WTF.

When UMNO was in power, this NGO like many other NGOs were KPKBing that the charges against him were “fake” and “political”. So the least it could do now is to sit down and shut up until the court makes a decision (expected in late June I think).

I think this NGO (and a lot more) must prioritise what it wants. The new govt has prioritised growing and reforming the economy (Oil at US$80 is very helpful though abolishing GST is not), helping for the poor (abolishing GST has the poor cheering) and exposing the truth about 1MDB. Sounds about right.

Other things can wait, and rightly so. This what Maria Chin Abdullah a warrior who has been arrested, put in solitary confinement etc says

For 61 years, it was only criticism but now we have to implement what we say. It’s a tall order as the new coalition is not all homogeneous. Ironing out our differences and the principles of our new democracy will take some years.

It’s going to be hard work, and NGOs and others must focus on the big picture, not the details, especially irrelevant wants.

My beef against Terry’s OnLine Channel

In Malaysia on 23/05/2018 at 10:46 am

Sadly I have to agree with u/m FB PAP IB rant that

— TOC is failing to “to separate Singapore’s national interests and standing from their usual Prime Minister-bashing rhetoric.”; and 

— “The shallowness of some of TOC’s arguments on how bad the PAP and their blatant disregard to facts or context is worrisome*.”

Sad.

To be fair to Terry, the failure to differentiate between national interests and whacking the PAP is a trait that most critics of the PAP fall into into the long run (Yes I’m thinking about the danger of Chris K becoming one of these “PAP is always wrong” sheep.). But they can’t be blamed for this because the PAP and the constructive, nation-building media are always saying or implying “What is good for the PAP is good for S’pore”. 

back to the IBer

Mun Loon

TOC has lost the plot. It’s role, as it seemingly wants recognition for, is for the interest of Singaporeans, to hold the government in its checks and balances.

however, in more recent days, TOC has appeared more delusional.

It had always maintained that Singapore was bigger than the ruling party, but (TOC) is unable to separate Singapore’s national interests and standing from their usual Prime Minister-bashing rhetoric.

The shallowness of some of TOC’s arguments on how bad the PAP and their blatant disregard to facts or context is worrisome.

There is a role for media outlets online like Malaysiakini; and to equate TOC with Malaysiakini is an undeserved compliment to the prior or an insult to latter.

Your rhetoric is getting tiresome.


*TOC’s coverage on regime change in KL and its implications for S’pore is particularly bad. For starters, there’s the glossing over of Tun’s and Anwar’s roles in bringing M’sia to where it was before regime change. They messed up:

— M’sia: Don’t anyhow blame Najib

— M’sia: Two doctors’ routine

Then, does TOC really want people like these two running S’pore?

— Breaking election promises or trying to: Waz this call for a leader like Tun M here?

—  Read carefully what he says beyond the soundbite: Anwar: Beyond the sound bite of “Malaysia to scrap race policies”

Finally internal rowing is happening already:

— Bayee minister gives Tun M the finger

(More on another row soon)

 

Bayee minister gives Tun M the finger

In Malaysia on 23/05/2018 at 4:44 am

Malaysia’s controversial Anti-Fake News Act will be repealed, the country’s new Communications and Multimedia Minister Gobind Singh Deo* said on Monday (May 21).
Read more athttps://www.channelnewsasia.com/news/asia/malaysia-anti-fake-news-act-will-be-repealed-gobind-singh-10255272

But earlier Tun M had said the law would be reviewed and tweaked not repealed, breaking an election pledge: Waz this call for a leader like Tun M here?

Off with his turban.

Or is M’sian cabinet as dysfunctional as Trump’s? LOL


*First ever Sikh minister in M’sia’s history. He’s a son of Karpal Singh (deceased), the famous DAP politician. Like pa was, he’s a DAP tua kee. Had to be leader from DAP to give Tun M the finger. DAP was LKY’s trojan horse, but it has since evolved to be a an ethnic Chinese social democratic political party, with some Indians thrown in. When DAP won power in Penang (2008) Lim Kit Siang and son, Lim Guan Eng, (It’s really all in the family in the DAP) came to “brief” our Harry. More like “kow tow” said UMNO insiders when I told them what Lim Guan Eng had said in a seminar here.

Anwar: Beyond the sound bite of “Malaysia to scrap race policies”

In Malaysia on 21/05/2018 at 11:14 am

Behind the soundbite “Malaysia to scrap race policies”, this is what Anwar is saying publicly:

“I have said that the NEP should be dismantled but the affirmative action must be more effective. I believe that poor underprivileged Malays will benefit more through a transparent, effective affirmative action policy rather than the New Economic Policy which has been hijacked to enrich the few cronies,” said Anwar, a Malay.

https://apnews.com/fd0ca6e7b6b44219a566aae972e72192

And

He also assured Malays and bumiputeras that their rights under the new government would not be sidelined, while stressing to all not to be taken with the false propaganda about the Democratic Alliance Party, which is also part of PH.

“Felda and Universiti Teknologi Mara will not be threatened but kangkung professors can’t (be accepted),” Dr Anwar said.

(Our constructive, nation-building media)

And

When pressed on whether he would repeal the affirmative-action rules once he becomes premier, Mr Anwar said he would “honour the guarantees” for ethnic Malays as set out in the constitution. He added that other races would also receive state support based on merit and need.

“We would, of course, protect the position of the Malaysian Bumiputeras in terms of giving opportunities, but not enriching them to become billionaires,” he said at his residence in Kuala Lumpur shortly after being released from prison on a sodomy charge he said was politically motivated.

Bloomberg via https://www.todayonline.com/world/anwar-reassures-malays-who-fear-they-may-lose-racial-advantage

(Note this Bloomberg extract was added at 12 pm on day of publication)

Btw, this is the first of a few short pieces on the reality behind his words. Because words are an important part of his armoury, ignore the sound bites but listen carefully to the details.

Btw2, I think it’s great that he and Tun M have teamed up again. I was in the 80s and 90s, what today would be called a M’sian equities specialist.After they won, I caught myself singing this http://www.bbc.com/news/business-43959687.

 

 

 

 

 

 

 

Vis-a-vis US$: S$ falls more than M$

In Currencies, Economy, Malaysia on 21/05/2018 at 5:15 am

Juz asking if our constructive, nation-building told u that?

I mean the narrative the ST etc is spinning is that changes in M’sia is upsetting investors.

Waz this call for a leader like Tun M here?

In Malaysia, Political governance, Public Administration on 20/05/2018 at 10:54 am

Cyberspace is full of unfavourable comparisons between our leaders and Tun M.

Do our anti-PAP activists and cybernuts really want a leader that is quick to break election promises?

Tun broke one pledge,

PH previously pledged to repeal a host of laws that it said were oppressive, such as the Anti-Fake News Act, the Printing Presses and Publications Act, and Sedition Act.

Malay Mail

He is now saying the Anti-Fake News Act will be reviewd and tweaked, not repealed: Why M’sia needs a Fake News Law but S’pore doesn’t

And is all over the place on another pledge

New Malaysian Prime Minister Dr Mahathir Mohamad will no longer take on the education ministry portfolio, after members of the public pointed out that his coalition’s manifesto had pledged that there would be no double portfolios for the premier.

“I cannot break (the manifesto pledge) at the moment,” he said in a video posted on his party’s Facebook page on Friday (May 18).

“Unless of course there is a demand that I take up the education portfolio.”

Read more at https://www.channelnewsasia.com/news/asia/malaysian-pm-mahathir-drops-education-portfolio-to-honour-10247712

(Whatever, I’m happy about his interest in education and hopes he becames education minister, though the new minister is also a reformer: http://says.com/my/news/who-is-dr-maszlee-malik-our-new-education-minister. An education project, where I tot up the seed idea and did a lot of the initial leg work, had the blessing of Badawi when he was PM. The project was premised on a good Mahathir-era policy. Najib changed the policy and a Malaysian lost money. Let’s see if it can be revived.)

Coming back to our anti-PAP types: have they forgotten how upset they got over the so-called failure of the PAP govt to live up to its promise of no GST increase until 2021? Why the PM doesn’t need friends


How not to handle fake news

Though the PAP administration was dumb in the way it handled reaction to the fake news that the Mad Dog and his fellow cybernuts were propogating: GST: Even economists tot GST could go up.

The PAP administration was too clever by half and the result in PR terms was a score draw: and mud in the eye for the PAP in a de-facto one party state.

—————————————————–

And they now want an “effective” leader who breaks his promises when he gets into power? Btw, I predict that like the Anti-Fake News Act, the Printing Presses and Publications Act, and Sedition Act will only be tweaked, not repealed.

With enemies of the PAP like these, 60-70% of the voters will allow the PAP to rule forever and a day.

M’sia: Two doctors’ routine

In Malaysia on 19/05/2018 at 11:35 am

Dr M

My instruction is very clear. I am not going to torture people . . . I want people to be treated decently.

Err Najib shouldn’t be reassured. Remember that Anwar was nor tortued  20 yrs ago when he was arrested. But the Inspector-General Police assaulted him causing him serious injuries. To be fair to Tun and IGP, Anwar provoked him bycaqlling insulting, haram names..

Now this should scare progressives in M’sia: Dr Anwar said that among the world leaders he planned to meet was Turkish president Recep Tayyip Edrogan.

Well the progressives in the US,Europe and Turkey dislike him for making himself de-facto dictator in Turkey and clamping down on human rights, freedom of the press etc.

He also believes that the way to fight inflation is to cut interest rates, something he just told investors in London. The Tutkish lira kept on falling.

Anwar could recommend Tun M try this in KL.

.

Why M’sia needs a Fake News Law but S’pore doesn’t

In Malaysia on 17/05/2018 at 11:00 am

When the law was first mooted in KL

The law was met with horror from activists and journalists, who say that the bill will simply be another way for the government to crack down on dissent and suppress embarrassing stories. Amnesty International said it was a “blatant attempt to shield the government from peaceful criticism”. Lawyers For Liberty, a local free speech NGO which is representing Syarul Ema, called it “the death knell for freedom of speech”.

http://www.wired.co.uk/article/election-malaysia-2018-general-fake-news-day-2008-syarul-ema

Well Tun M was being investigated under that law when he was oppo leader. But the Sith Lord turned Jedi Grand Master, when he became PM said the law will be reviewed and tweaked not revoked.

Here’s why there’s a need in M’sia for such a law

Just in the last 12 months, the police have had to debunk rumours that Chinese government patrol cars were operating in Malaysia; shoppers have boycotted shoe company Bata Primavera after a false report that it was stocking shoes with ‘Allah’ written on the soles; and the owner of the local McDonald’s franchise has filed police reports against social media users wrongly claiming the company was funding Israel’s actions against Palestine.

http://www.wired.co.uk/article/election-malaysia-2018-general-fake-news-day-2008-syarul-ema

(Related post: Fake news law: Malays not stupid)

As to S’pore, i wrote shumetime back

Our brown-nosing constructive nation-building academics presented at the recent Select Committee hearings on Deliberate Online Falsehoods,

an alarming scenario of disinformation campaigns launched by foreign actors bent on attacking the island state, of cyber armies in neighbouring Malaysia and Singapore working as proxies for other countries in undermining national security.

Did they produce any evidence?

But the actual examples of fake news which have come up during this national debate have mostly been prosaic; a hoax photo showing a collapsed roof at a housing complex, which sent officials rushing unnecessarily to the scene; and an erroneous report of a collision between two trains on the light rail transit line.

As the BBC reporter wrote

Irritating and worrying for some, for a while, but hardly likely to bring Singapore society to its knees. In any case both Singapore and Malaysia already have plenty of laws capable of penalising false, inflammatory or defamatory comment.

http://www.bbc.com/news/world-asia-43637744

Btw, have to tell u that the reporter also said

It also gave Singapore academics and officials an opportunity to snipe at the US belief in free expression, the “marketplace of ideas”, which had allowed the abuse of personal data on Facebook to take place, in contrast to Singapore’s “better safe than sorry” belief in a more tightly regulated society.

Local academics propogate fake news?

Related article: Why I no ak the Select Committee hearings on Deliberate Online Falsehoods

M’sia: Don’t anyhow blame Najib

In Malaysia on 16/05/2018 at 11:02 am

Be more nuanced.

Couldn’t stop laughing

But translating the alliance’s manifesto into action — including sweeping political reforms meant to repair checks and balances eroded under Najib.

https://asia.nikkei.com/Politics/Malaysia-election/Mahathir-moves-with-practiced-skill-to-assert-control

What a really dumb remark,”repair checks and balances eroded under Najib”.

I mean Najib was able to do what he did because one Tun M had in his tenure as PM got the Auditor-General and the Chief Justice Lord President removed, cowed the king and sultans, and finally sacked Anwar and was complicit in him being roughed up in custody. Najib was juz following precedents, juz like when the electoral districts were redrawn to BN’s advantage. All Najib’s actions were from Tun’s playbook, including muzzling the voices of dissidents

Btw, Najib was right about Tun’s desire for council of elders.


Tun M

is forming a council of five elders including palm oil tycoon Robert Kuok, former Finance Minister Daim Zainuddin and Zeti Akhtar Aziz, who led Bank Negara Malaysia for 16 years. The people will be tasked with advising the cabinet and probing government personnel.

Bloomberg

———————————–

Najib had said:

“I think he’s obsessed about control, about calling the shots, in fact, when we were quite close together he even suggested establishing a council of elders,” said Mr Najib.

“Of course, you can imagine who’s going to chair the council of elders and a sitting prime minister after every Cabinet, I suppose I would have to march to his office to get his consent.”

“He wanted me to do his bidding,” Mr Najib said.

Bloomberg via https://www.todayonline.com/world/najib-predicts-hell-extend-grip-power-malaysia-election-after-2013-vote-scare-1mdb-mistakes

Najib on Tun M

I’m sure that he’ll make sure that the Council of Eminent Persons he installed will remain beyond the 100 days he says it will last. And that he’ll retire to an institutionalised Council of Elders when Anwar becomes PM.

Then truly A New Hope will be followed by The Empire Strikes Back and not the Return of the Jedi: in the movies.

Coming back to “repair checks and balances eroded under Najib”, here’s a more nuanced remark:

Mr Najib, who tightened the screws on Malaysia’s already authoritarian system

As the FT is now part of the stable of the publisher of the first quote, time for FT to send trainers to teach the Orientals.


On 20th May 2018, amended to reflect that he sacked the Lord President on the CJ. In the M’sian judicial system, the Lord President is the most senior judge.

 

M’sia/ S’pore: Academic nuttier than cybernuts

In Malaysia, Political governance, Public Administration on 13/05/2018 at 10:26 am

(Or “Will US AG accuse our PM of theft?“)

In M’sia: ‘Mountain of challenges’/ BBC analysis applicable here too,I made fun of those anti-PAP cybernuts who shout that Mad Dog will lead a coalition of the nuts to beat the PAP in the next GE.

Well I found an even nuttier nut: he’s a M’sian-born Oz academicwho he thinks PAP is like UMNO

Meanwhile Singapore has been ruled by the People’s Action Party (PAP) since 1959, almost the same number of years as UMNO was in power. On the surface, PAP appears to be strong. In the most recent general elections, held in 2015, PAP’s share of the popular vote increased by about 10 per cent, reversing after years of decline. Many would argue that the increased vote was primarily due to the death of Lee Kuan Yew six months earlier; Singapore’s voters wanted to give LKY a last hurrah. The nation is due to hold its next general election in two years’ time and Lee Hsien Loong, the current prime minister, will hand over power to the so-called 4G (Fourth Generation) leaders. No corruption allegations akin to 1MDB have been made about the PAP leadership but there is persistent unhappiness among Singaporeans over the escalating cost of living and the paternalistic style of PAP rule. The standard joke is PAP actually stands for “Pay And Pay” party.

Given Malaysians and Singaporeans have a fairly similar political culture, the dismissal of UNMO by their Malaysian cousins may prove inspirational. As more and more Singaporeans associate PAP with surging costs – and a planned hike in the rate of GST confirmed earlier this year – the PAP brand may become toxic as well. Ordinary Singaporeans already have a negative view of the PAP elite, who graduate from the best-known universities, hold the most prestigious scholarships and serve in the Singapore Armed Forces before entering PAP politics. They are seen as totally removed from the hard lives of ordinary Singaporeans.

http://www.afr.com/opinion/mahathirs-victory-a-warning-shot-for-singapores-pap-20180510-h0zwql

The nut forgets that the PAP had 70% of the popular vote in the last GE (the UMNO-led coalition had less than 50%) and the PAP has still a two thirds majority in parly (the UMNO-led coalition lost that in 2008).

I have two questions for him, “Does he foresee any scandal like 1MDB happening here? A scandal here that has the US of A’s Department of Justice and the AG accusing the PM* of theft?”

Btw, I’ll always joke that what will bring the PAP down is for S’poreans to find out from the int’l media that our Harry had had a secret Swiss bank account. Even after Pincohet lost power in Chile, even his opponents respected him as incorruptible: he had his enemies killed but he was not corrupt, or so they tot. But Chileans lost their respect, love of him when it was discovered he had a secret Swiss bank account.

Coming back to the topic of nuts, here’s another nut. He was a FT (where the “T” stood for “Trash”): https://www.bloomberg.com/view/articles/2018-05-11/malaysia-singapore-union-flickers-back-to-life.


*OK, OK, they did not directly name Najib, but the documentation made it clear they were referring to FLOM’s hubbie.

M’sia: ‘Mountain of challenges’/ BBC analysis applicable here too?

In Malaysia, Political governance on 11/05/2018 at 11:07 am

Here’s the analysis of Jonathan Head, BBC South East Asia correspondent on the problems facing the new govt in KL. A good reason for reading it is because what faces the new govt there will be what the SDP etc face if the Oppo comes into power here at next GE or any future GE.

Yes the anti-PAP cybernuts are already predicting victory. Goh Meng Seng, Mad Dog and Lim Tean (Got time to register another Oppo party but no time to deliver on promises after raising money from public for video and rally:Where’s yr defamation video and jobs rally Lim Tean?) are already rehearsing their victory speeches.

Sorry back to the BBC analysis.

This morning Malaysia has woken to an entirely new situation, the first transfer of power in its history, albeit to a very familiar leader. But there are huge unknowns. How willingly will Barisan Nasional, the coalition which has, in various forms, run the country since independence and embedded itself into all areas of governance, relinquish power?

How well will a disparate coalition, united largely by their desire to oust Najb Razak, work together in government? How smoothly will the plan to gain a pardon for imprisoned opposition leader Anwar Ibrahim, and then for Mr Mahathir to hand the premiership to him within two years, actually proceed? And how will they treat Mr Najib, and his high-spending wife, both accused of greed and corruption?

After all the jubilation over an impressive act of defiance by Malaysian voters, there is a mountain of challenges to face.

For anti-PAP cybernuts who can’t make comparisons this is for them:

This morning S’pore has woken to an entirely new situation, the first transfer of power in its history. But there are huge unknowns. How willingly will the PAP which run the country since before independence and embedded itself into all areas of governance, relinquish power?

How well will a disparate coalition led by Mad Dog Chee, united largely by their desire to oust the PAP work together in government? And how will they treat ministers accused of incompetence or corruption by the most rapid supporters of Dr Chee?

After all the jubilation over an impressive act of defiance by S’porean voters, there is a mountain of challenges to face.

 

Why Anwar will have a problem with Tun M

In Malaysia on 10/05/2018 at 10:55 am

Under the deal that the two struck, Dr Mahathir will be PM and will seek a royal pardon for Anwar. When all that happens (time frame of two years) and Anwar wins a parly seat, Tun  Mahathir will step down and Anwar will become PM.

Well even assuming all these things come to pass, Tun M could still cause problems for Anwar. Tun M is more LKY than Harry. This is what Najib said recently about Tun M.

Mr Najib spoke of his falling out with Dr Mahathir, who has accused the Prime Minister of everything from theft to redrawing electoral boundaries to Umno’s advantage.

Mr Najib said Dr Mahathir presided over several district redraws and the recent changes were to “take into account some demographic changes”.

“I think he’s obsessed about control, about calling the shots, in fact, when we were quite close together he even suggested establishing a council of elders,” said Mr Najib.

“Of course, you can imagine who’s going to chair the council of elders and a sitting prime minister after every Cabinet, I suppose I would have to march to his office to get his consent.”

“He wanted me to do his bidding,” Mr Najib said.

Bloomberg via https://www.todayonline.com/world/najib-predicts-hell-extend-grip-power-malaysia-election-after-2013-vote-scare-1mdb-mistakes

Najib on Tun M

M’sia: Now this is gerrymandering

In Malaysia on 08/05/2018 at 4:38 am

Anti-PAP types who allege the PM gerrymanders seats here to help his PAP should go see how it’s really done in M’sia. LOL.

These boundary changes now leave some opposition strongholds with populations five or six times higher than rural constituencies, which tend to support the governing Barisan Nasional coalition, dominated by Mr Najib’s UMNO party.

Some estimates show Barisan getting an extra eight of the 222 parliamentary seats from these changes, and that it could win a majority with as little as 20% of the popular vote.

Opposition supporters have for many years complained of unfair advantages like this. This time some believe the election is so rigged it is hardly worth contesting.

http://www.bbc.com/news/world-asia-43985623

And then this happened to Nurul Izzar Anwar, star opposition candidate and eldest daughter of Anwar Ibrahim

recent and controversial boundary changes, and the inclusion of the votes of thousands of police officers who tend to support the government, have significantly reduced her prospects of holding Lembah Pantai.

But being the daughter of Anwar means Ms Nurul has been moved to contest a safe seat once held by her father, in opposition-dominated Penang.  Wants to change system of privilege? Must be joking right?

Fake news law: Malays not stupid

In Malaysia on 03/05/2018 at 10:52 am

The Malays ruling M’sia show that authorities in SE Asia (S’pore included) got a point on need of a “fake news” law.

M’sia’s first use of its newly passed “fake news” law will have ang moh tua kees here wondering what hit them. They’ll have to admit that the actions of one Sulaiman (who pleaded guilty) shows the need for such a law even if it limits freedom of expression:

A Malaysian court has convicted a Danish citizen over inaccurate criticism of police on social media, the first person to be prosecuted under a new law against fake news.

Salah Salem Saleh Sulaiman, 46, was charged with spreading false news after he posted a video on YouTube accusing police of taking 50 minutes to respond to distress calls after the shooting of a Palestinian lecturer on 21 April.

Police said they took eight minutes to respond to the shooting in the capital, Kuala Lumpur. The charge against Sulaiman said he had “with ill intent, published fake news through a video on YouTube”.

Sulaiman, who was not represented at the court hearing, pleaded guilty, but said the video was posted in a “moment of anger” and he did not mean any harm. “I agreed I made a mistake … I seriously apologise to everybody inMalaysia, not just in the Malaysian police,” said Sulaiman, a Danish citizen of Yemeni descent.

From ang moh tua kees favourite newspaper https://www.theguardian.com/world/2018/apr/30/first-person-convicted-under-malaysias-fake-news-law

It’s a sad day for the ang moh tua kees here and the rest of SE Asia because

Governments elsewhere in south-east Asia, including Singapore and the Philippines, have also proposed laws aimed at clamping down on the spread of fake news, to the dismay of media rights advocates.

Najib on Tun M

In Malaysia on 29/04/2018 at 7:08 am

Well looks like Tun M is like our Harry. But he couldn’t be M’sia’s SM and MM because UMNO and the Malays don’t believe in perpetuating one-man rule.

Mr Najib spoke of his falling out with Dr Mahathir, who has accused the Prime Minister of everything from theft to redrawing electoral boundaries to Umno’s advantage.

Mr Najib said Dr Mahathir presided over several district redraws and the recent changes were to “take into account some demographic changes”.

“I think he’s obsessed about control, about calling the shots, in fact, when we were quite close together he even suggested establishing a council of elders,” said Mr Najib.

“Of course, you can imagine who’s going to chair the council of elders and a sitting prime minister after every Cabinet, I suppose I would have to march to his office to get his consent.”

“He wanted me to do his bidding,” Mr Najib said.

Bloomberg via https://www.todayonline.com/world/najib-predicts-hell-extend-grip-power-malaysia-election-after-2013-vote-scare-1mdb-mistakes

Oversea Chinese not real Chinese

In China, Indonesia, Malaysia on 29/03/2018 at 8:55 am

And when the Javanese helped the Chinese in Java

When the Dutch took over Indonesia in the 1700’s, they segregated Chinese merchants and workers that otherwise lived among the Indonesians, culminating in the 1740 Batavia massacre where Chinese were targeted for death. While the Dutch embassy to the Qing dynasty apologized for the East India’s company’s murder of ethnic Chinese, the Qing Emperor told them that any Chinese who leaves Qing territory is no longer Chinese, so he didn’t care. The only people willing to help the Chinese were the Javanese they lived with, leading to the Java War (1741–43) against Dutch rule.

The rest of the Quora article which talks about the Chinese coming in SE Asia before the 19th century migrations.

Ask the Indonesians/Malaysians


In the 1200’s, the Yuan dynasty’s fleet invaded Java but was repelled by the Singhasari kingdom, which in turn benefited from captured Chinese technology such as better ships. A century later the Ming dynasty would send their treasure fleets through Southeast Asia in a mission of peaceful trade, with some Chinese muslims staying behind to join the Muslim communities of Southeast Asia.

The Ming dynasty eventually established a peaceful relationship with the Muslim Malacca sultanate, with thousands of Fujian Chinese immigrating there. When Malacca fell to Portugal, the Ming dynasty responded with a boycott of Portuguese goods (only trading with Malaysians), even executing Portuguese envoys/bandits (sources vary), the Ming dynasty already had previous problems with Portuguese pirates. Relations with Portugal would improve over time though.

When the Dutch took over Indonesia in the 1700’s, they segregated Chinese merchants and workers that otherwise lived among the Indonesians, culminating in the 1740 Batavia massacre where Chinese were targeted for death. While the Dutch embassy to the Qing dynasty apologized for the East India’s company’s murder of ethnic Chinese, the Qing Emperor told them that any Chinese who leaves Qing territory is no longer Chinese, so he didn’t care. The only people willing to help the Chinese were the Javanese they lived with, leading to the Java War (1741–43) against Dutch rule.

 

What “fake” news will be allowed

In Malaysia, Media, Political governance, Public Administration on 27/03/2018 at 11:01 am

Adding to my tots in Fake news traffickers will be hanged

there was this

“Any information related to 1Malaysia Development Bhd (1MDB) that has not been verified by the Government is considered fake news.

Datuk Jailani Johari (pic), the Deputy Communications and Multimedia Minister, explained that fake news is information that is confirmed to be untrue, especially by the authorities or parties related to the news.”*

Read more at https://www.thestar.com.my/news/nation/2018/03/21/unverfied-info-on-1mdb/#QKmu29kU273TUQuU.99

M’sia is introducing legislation that would result in people found guilty of publishing “fake news” being jailed for up to 10 years or face fines of up to M$500,000: http://www.bbc.com/news/world-asia-43538109

This reminded me of

 

 

The Straits Times (ST) splashed on the front page today (16 Mar) the headline, “Fewer foreigners, more locals in workforce last year“.

It reported that the number of foreigners working in Singapore fell by 32,000 last year – the biggest in 15 years, ST said.

However buried within the artcle ST did report that the decline was mostly due to fewer work permit holders due to weakness in the construction and marine industries. For more read https://www.theonlinecitizen.com/2018/03/16/net-increase-in-foreign-pmets-last-year/

I think ST’s headline is more than misleading or misrepresenting the truth: it’s “fake” news analysis. Inconvenient facts are “hidden” from view.

Sadly this is the kind of “fake” news that will be allowed. Why? Because ST and other constructive, nation-building publications and channels practice it as part of nation-building.

In times of universal deceit, telling the truth is a revolutionary act

George Orwell

Sadly in S’pore our anti-PAP cybernuts do not believe in doing revoluntary acts. They’d rather tell lies too: think Phillip Ang.


*But then

Communications and Multimedia Minister Salleh Said Keruak (above) today assured that the US Department of Justice (DOJ) filings on 1MDB won’t be considered fake news.

He said this during a meeting with foreign correspondents today which also saw the government tabling its the Anti-Fake News Bill in Parliament.

“You can quote them, what did they say, based on the filings. It is not considered fake news.

“It’s their views. Like DOJ, you quote them, what they said,” he said.

 

Najib or Cambridge Analytica is lying

In Malaysia on 23/03/2018 at 4:36 am

Who to believe?

In the Channel 4 investigation, Malaysia was named as one of the countries in which Cambridge Analytica had operated.

A member of the country’s opposition party is now calling on Prime Minister Najib Razak to reveal if he used the firm in the 2013 general election.

“Prime Minister Najib Razak must explain if he used Cambridge Analytica to manipulate voters… and whether he is using unethical manipulation techniques in the upcoming [election],” Wan Saiful Wan Jan said in a statement.

Mr Najib has denied using the company, although its website says it supported his party “with a targeted messaging campaign highlighting their school improvements since 2008”.

http://www.bbc.com/news/world-43476762

What Najib told Trump

In Malaysia on 15/03/2018 at 6:01 am

Trump recently blocked Broadcom’s, a Singapore-based chipmaker’, US$117 billion hostile offer for Qualcommon citing national-security concerns.

Hock Tan the M’sian-born CEO of Broadcom, should blame Najib.

Najib had called golf kaki Trump:

Bro, these Chinese so-called M’sians will sell their mothers for the fun of it.

Before the last M’sian GE, they took money from me. But they still voted for the Oppo.

Najib made the call because he wanted Trump to know that M’sian-born Chinese can’t be trusted not to sell out the US of A to the Reds.

Looks like Hock Tan shouldn’t have wasted his time and money hanging round Trump: Trump devalues worth of CEO photo-op with POTUS.

He should have instead slipped an ang pow to FLOM, aka Mrs Najib. Bet u he tot photo-op with Trump was cheaper. Skinflint.

Chinese M’sian on retiring to M’sia

In Malaysia on 15/01/2018 at 10:40 am

Refering to https://www.channelnewsasia.com/news/asiapacific/malaysia-among-top-5-best-places-to-retire-in-the-world-9831836 where M’sia was 5th, a friend posted on Facebook

Malaysia is a great place to live if you have no stake in the political outcome, nor a career to develop. Rental is very reasonable, food is delicious and inexpensive, majority of people are generally warm and welcoming, a wide range of cuisine on offer in the cities, lovely beaches, multicultural experiences, and the list goes on.

She’s right.

But she forgot that S’pore’s a lot more safer.

So much safer, than a cybernut didn’t move to M’sia because he tot it wasn’t as safe as S’pore. Yet he KPKBs about the PAP. Another reason is that wi-fi and the internet is lousy. Btw, he uses SingHealth while KPKBing about its service (wants to see doctor immediately, should not wait) and cost. When asked why he didn’t go private, he said he wasn’t rich enough.

Incidentally, other Asian countries that made the list were Thailand, Cambodia, Philippines, Vietnam and Indonesia.

He M’sian born Chinese leh

In Malaysia on 14/12/2017 at 4:25 pm

Why would anyone think Hock Tan is honest? Ask the Bumis and S’poreans about the trustworthiness of M’sian-born Chinese.

Is Broadcom making a jobs promise it can’t fulfill?
So argues Andrew in his latest column, citing the $1.5 billion in “synergies” — read, “cost-saving layoffs” — that the analysts think the chip maker could reap by buying Qualcomm. Based on Broadcom’s moves with previous takeovers, that could translate into about 5,400 jobs being cut.
That runs contrary to what Broadcom’s C.E.O., Hock Tan, told President Trump at a news conference last month announcing that the company would move its corporate headquarters to the U.S. from Singapore.
More from Andrew’s column:
Mr. Tan of Broadcom has boasted that he plans to spend $3 billion “in research and engineering.” Mr. Tan has been given high marks for managing the portfolio of Broadcom assets effectively, but he has never been known for industry-changing innovations.

NYI Dealbook

Only in M’sia

In Malaysia on 09/11/2017 at 7:19 am

Our PM can learn from Najib on fixing the Oppo

Although prosecutors show no interest in the billions stolen from 1MDB, they have thrown the book at the opposition. Anwar Ibrahim, a leader of Pakatan Harapan (PH), an opposition coalition, has been put behind bars for sodomy (a crime in Malaysia), on flimsy evidence. Later this month the government will oppose a suit calling for his release. Meanwhile another senior figure in PH, Lim Guan Eng, the chief minister of the state of Penang, conveniently faces two sets of corruption charges (he is accused of buying a house at an artificially low price). Two leaders of an opposition party in the state of Sabah, set up by a former vice-president of UMNO sacked as a minister for complaining about 1MDB, have also been scooped up in a recent corruption probe.

Protectors of Malays speak up for non Muslims:

When a launderette in the state of Johor put up a sign in September that read “For Muslim customers only”, Mr Najib, the head of a multi-ethnic coalition, kept mum. Instead, the local sultan, who is the head of the Muslim faith in the state, rebuked the owners for discriminating against minorities. Last month he and the country’s eight other sultans, who take it in turns to serve as head of state, released an unusual statement deploring growing Muslim intolerance as “beyond all acceptable standards of decency”.

https://www.economist.com/news/asia/21731091-despite-being-implicated-embezzlement-he-may-well-win

M’sia tidur

In Malaysia on 27/08/2017 at 6:07 am

Says a FB friend in response to this pix which shows M’sia got 8 out of 11 country flags wrong in a medal tally broadcast on TV during the SEA Games

No automatic alt text available.

MAS: M’sians Are Stupid.

 

M’sia, not S’pore is the real Third China

In China, Malaysia on 09/08/2017 at 7:08 am

As today is our National Day, I tot readers should read https://www.bloomberg.com/news/articles/2017-07-31/chinese-money-pouring-into-malaysia-could-help-najib-razak-with-votes

Investment in infrastructure is good for Malaysia whether it comes from China or the U.S., according to Xu Bu, China’s ambassador to the Association of Southeast Asian Nations.

“Whoever comes to power that really doesn’t matter,’’ he said in a July interview. “Whoever comes to power in Malaysia, the leaders or the people in Malaysia they need investment.’’

Remember all the Chinese in M’sia: a biggish minority. 

Shumethings never change in M’sia:

In China, Malaysia on 08/07/2017 at 5:52 am

Malays are “hewers of wood and drawers of water”

In Xiamen University Malaysia

The students study in English and mostly converse in Chinese languages. For now, Malay – the language of around 60% of the population – is confined mostly to campus staff working in convenience stories and serving student meals in cavernous dining halls, but officials hope to attract more Malay students as time goes on.

https://www.theguardian.com/world/2017/jul/07/going-global-china-exports-soft-power-with-first-large-scale-university-in-malaysia

HoHoHo: Why Alibaba chose KL not S’pore

In China, Logistics, Malaysia on 26/05/2017 at 4:30 am

Guess we now know why Jack decided to use M’sia, not S’pore, as a logistics base despite Alibaba owning a stake in SingPost. Alibaba knows who Beijing considers a friend.

Earlier this yr,

Alibaba kicked off its grand plan for global trade without frontiers with a bilateral deal designed to ease the passage of goods shipped by smaller businesses between China and Malaysia. The pact, established as a public-private partnership in Malaysia’s digital free trade zone, will focus on infrastructure, including a fulfilment centre and co-operation on electronic payments and financing. So far, it is strictly logistics: favourable tariffs are still under discussion.

FT

 

 

S’pore sabos M’sia

In Malaysia on 09/04/2017 at 6:17 am

This yr’s Malaysian Grand Prix will be the country’s last after 19 years on the Formula 1 calendar.

Malaysia had struggled in recent years to attract a significant crowd, its appeal damaged by the more glamorous night-time event on a street track in Singapore, which made its debut in 2008.

It was confirmed in November that the race would end after the 2018 staging, but that decision has now been brought forward.

The country’s prime minister, Najib Razak, said: “The Cabinet has agreed to end the contract after considering lowering returns to the country compared to the cost of hosting the championships.”

BBC

One Tun M must really be unhappy. He made M’sia Great by bring F1 racing to the region. Now when he’s trying to make a comeback, F1 in M’sia comes to an ignominious end because of dwindling crowds and revenue because of S’pore.

Forest City submerged/ Singkies in Johor drowning

In China, Malaysia, Property on 06/04/2017 at 10:51 am

Yesterday, the South China Morning Post reported that the Country Garden, the Hong Kong-listed developer behind Forest City, would refund payments on its Johor Forest City project to mainland Chinese buyers hit by a crackdown on capital controls.

Zhu Jianmin, vice-president of the Chinese developer told that investors who had made down payments but were now unable to make further payments could cancel their transactions without paying a forfeit fee. The Hong Kong-listed developer stopped sales of the Malaysian project in China amid tightening capital controls, imposed as Beijing seeks to curb outflows and limit downward pressure on the renminbi.

This 2016 article https://www.bloomberg.com/news/features/2016-11-21/-100-billion-chinese-made-city-near-singapore-scares-the-hell-out-of-everybody tells how hard Forest City was being sold to the PRCs.

For those Singkies investing in Johor and M’sia good luck:

“I am very concerned because the market is joined at the hip, if Johor goes down, the rest of Malaysia would follow,” said Shanker, at Axis-REIT Managers, who estimates that about half the units in Iskandar may remain empty. “If the developers stop building today, I think it would take 10 years for the condos to fill up the current supply. But they won’t stop.”

More on Alibaba in KL

In Malaysia on 27/03/2017 at 1:36 pm

Further to this, last week, as part of a digital free trade zone launched by M’sia’s PM and Jack Ma. Alibaba announced it would set up a regional logistics hub near Kuala Lumpur airport.

Funny S’pore Inc missed this deal. Wonder why?

Interesting Jack Ma signs this with M’sia, not S’pore

In Economy, Malaysia on 25/03/2017 at 7:00 am

A common comment on social media and blogshere when not dissing the PAP is that our SMEs serve locals. Even the PAP administration grumbles that SMEs not going abroad.

So it’s interesting to read that Alibaba’s Jack Ma took a step on his plan for an electronic trade platform to ease the cross border exports and imports of goods for SMEs by announcing in M’sia that M’sia is the first country outside China to sign up to Alibaba’s electronic world trade platform.

M’sian defence policy sounds like a bad joke

In China, Malaysia on 22/03/2017 at 9:54 am

Malaysia is buying naval vessels from China in order to better defend its islands in the South China Sea from China?

Malaysia is gunning for a revamp of its ageing naval fleet, as countries in the region prepare to face threats from the influx of Islamic State (IS) militants fleeing Mosul, and from rising tensions in the South China Sea.

Malaysia’s navy aims to replace all 50 vessels in its ageing fleet as the country cut its total defence budget by 12.7 per cent to RM15.1 billion (S$4.76 billion) this year.

That will be led by the procurement of four littoral mission ships (LMS) built in collaboration with China.

“The LMS are designed for many aspects of maritime security such as dealing with cross-border crime, piracy, anti-terrorism, and search and rescue operations,” Malaysian navy chief Admiral Ahmad Kamarulzaman Ahmad Badaruddin …

“These ships would be very capable of dealing with the threat posed by [IS] and other maritime security concerns,” …

Defence spending in the Asia-Pacific region is expected to hit US$250 billion (S$349.2 billion) from 2016-20, IHS Jane’s Defence Weekly said in December, and Malaysia intends to improve on its capabilities alongside other states in the hotly contested South China Sea even as its defence budget narrows.

Malaysia is expected to formalise the LMS deal with China at the Langkawi International Maritime and Aerospace Exhibition (LIMA) this week to build four LMS and acquire the technology to build more of the ships at home.

Today

Not afraid that the Chinese will embed malware to cause problems when RMN ships attack Chinese vassals?

M’sia boleh. So trusting.

Time for Super M to make a loud noise.

Railway between Port Klang and Kuantan port

In Malaysia on 25/02/2017 at 5:33 am

Cybernuts have been KPKBing about China trying to kill our port despite Cosco investing here big time.

Well it seems they missed this Chinese investment in M’sia as they’ve not been KPKBing. Eugene Tavano kooning isit?

In October 2016, the Malaysian government announced that China Communications Construction Co. will construct and China Export-Import Bank will finance the construction of the 620 km East Coast Rail Link (ECRL), a project estimated to cost RM55bn. The ECRL will connect Kuantan Port on the east coast of Peninsular Malaysia with Port Klang on the west coast.

This will allow the transshipment of goods between the Straits of Malacca and the South China Sea without having to go past Singapore.

 

 

High-speed train: PRC cos not welcomed in S’pore

In China, Infrastructure, Malaysia on 11/02/2017 at 7:17 am

The Land Transport Authority (LTA) appointed AECOM Singapore to conduct an advanced engineering study for Singapore stretch of the Singapore-Kuala Lumpur high-speed rail (HSR) infrastructure, it announced onFeb 8.

The US engineering firm will provide architectural, civil, electrical, mechanical and other design services required for the Jurong East terminus, tunnels and the bridge across the Straits of Johor.

It has also appointed specialist consultants, none of which are from PRC:

But it’s different in M’sia:

The Singapore-Kuala Lumpur high speed rail is a project that is keenly eyed by Chinese rail companies. While the contract to construct the Singapore-KL high-speed rail line has yet to be issued, “local media reports suggest that Singapore prefers a Japanese or European bidder but Malaysia favors a Chinese firm” (Martin, 2016). Indeed, China Railway Group, a Chinese state-owned enterprise, has formed a consortium with a local developer to purchase 60 percent of the land parcel for the RM 160 billion Bandar Malaysia real estate project, located at the KL terminus of the Singapore-KL high speed rail line, from 1Malaysia Development Berhad (1MDB) — the Malaysian state-owned investment fund whose financial troubles, as we shall shortly see, have triggered the current political crisis.

When completed, Bandar Malaysia will serve as the new transportation hub for KL, connecting the high speed rail line with KL’s existing bus and rail lines, and it will also house China Railway Group’s USD 2 billion regional headquarters. Due to the close working relationship between the Malaysian government and Chinese investors — including China Railway Rolling Stock Co. which has supplied Malaysian Railway with trains since 2010, and which also set up a manufacturing plant in Malaysia in 2015 — some experts believe China holds the advantage in securing the contract for the Singapore-KL high-speed rail line. Looking to the future, China Railway is already “in discussions with the Thai government to build a high speed rail connecting Bandar Malaysia to Bangkok”.

http://ippreview.com/index.php/Home/Blog/single/id/338.html

1MDB: What did Goldman know and when?/ Plausible deniability

In Corporate governance, Investment banking, Malaysia on 26/12/2016 at 4:57 pm

Goldie is Trump’s go to bank for senior personnel for his administration. Maybe because it knows how to do shady deals using other people’s money while being able to claim plausible deniability: “We know nothing. Nothing.”

FROM NYT Dealbook

A 1MDB Cloud
Goldman Sachs may find its profile improving under the Trump administration, but the firm is also coming under heavy scrutiny related to an investigation into a sprawling international money laundering and embezzlement scheme.
Prosecutors have said that billions of dollars that Goldman raised for the government investment fund 1Malaysia Development Berhad, or 1MDB, were channeled into personal bank accounts and ultimately used to buy paintings, luxury real estate and investment stakes in movies like “The Wolf of Wall Street.”
The question investigators are asking now is, how much did Goldman know?
Goldman said it believed the money was being used to buy legitimate assets for the investment fund.
Jack Blum, a lawyer who led corruption investigations for several Senate committees, said that Goldman should have done a thorough investigation of what 1MDB was doing with the money.
“It is a very serious problem when a company is making a hell of a lot of money out of something and everybody in the place says, ‘I don’t know about it,’” Mr. Blum said.

Calvera (the bandit chief “farming” Mexican peasants in The Magnificent 7 :

If God didn’t want them sheared, he would not have made them sheep.

Achtung if got money in Indon, M’sia and India

In Currencies, Emerging markets, India, Indonesia, Malaysia on 21/12/2016 at 5:38 pm

Nomura says Indonesia, Malaysia and India could be next to implement capital controls.

2017: Put on yr parachutes and crash helmets

In China, Currencies, Indonesia, Malaysia, Property on 21/12/2016 at 7:08 am

Jeremy Cook, chief economist at payments provider World First, said a combative US and a strong dollar would put pressure on Singapore, South Korea and other parts of the EM universe that have relied on US funding and a free and easy trading environment, as well as Indonesia and Malaysia.

The president-elect represents “an almost existential risk to trade”, said Mr Cook.

FT

The good news for S’poreans will be that things will also be bad for Indonesia and M’sia: they are unhappy when neighbours do better. In the past these countries had often provided some relief for the S’pore economy, when other drivers were not working. Not next year though.

Ah well, expect more bitter tots from that very bitter man, TJS.  And S’poreans should worry about servicing their mortgages and jobs.

Every penny counts, so stop drinking BS

M’sia — Currency, MH370

In Currencies, Emerging markets, Malaysia on 16/12/2016 at 4:59 pm

M$

According to Anna Stupnytska, global economist at Fidelity Investment Management countries most sensitive to rising US interest rates are Turkey, South Africa, Malaysia and Mexico, because a large amount of their debt is held by foreign investors and their economies are relatively weak. Source: BBC report.

Searching in wrong area

Yellow dot seems to be where plane fell into the sea based on the debris found off Africa.

 

https://www.theguardian.com/environment/climate-consensus-97-per-cent/2016/dec/14/oceanographers-offer-clues-to-malaysian-airlines-crash

Causeway relations: No barking, No growling

In Banks, Malaysia on 27/10/2016 at 5:42 am

Whatever we may think about the First Lady of M’sia (FLOM) and her hubbie (First Man of M’sia? FMOM?), let’s give them credit for one thing. They’ve not played the “S’pore” card that Tun M and other M’sian polticians used to play. They’d bash S’pore to distract attention from their actions. They’d blame their problems on S’pore’s machinations into M’sian politics.

If the following actions had been carried out when Tun M was PM, our water supply would have been cut:

— S’porean authorities investigated the circumstances in which US$681m moved from a S’pore-based bank (Falcon Bank) into a M’sian account of FMOM and then FMOM transferred US$620m back to Falcon. Falcon Bank’s local unit was ordered to close.

— They also investigated BSI Bank’s local unit over fund flows linked to Malaysia’s 1MDB. BSI’s local unit was shut down in May on account of financial irregularities and its officers were charged in connection with the probe.


Dr M still not sarisfied, has problems with S’pore

Former Malaysian prime minister Mahathir Mohamad has attacked Singapore’s handling of alleged money-laundering linked to Malaysian state investment fund 1Malaysia Development Berhard (1MDB), accusing the Republic of not targeting those accused of siphoning off more than billions from the fund.

“Notice that the Government of Singapore is very reluctant to pinpoint the people involved in this corruption,” Dr Mahathir said in an interview with The Financial Times. “It affects Singapore’s reputation as a financial centre. It is not doing the right thing. The people who accepted the bribes are not the people who are laundering the money.”

Today


Despite all these actions, there were no accusations from FMOM or his ministers that S’pore was acting against M’sian national interests. If these investigation had happened during Dr M’s premership, he’d have declared war or, worse, cut iff the water supply. At the very least, ties between the two countries would be very chilly.

Instead the love-fest initiated by both PMs continues. We should thank Najib for his maturity.

Gregory (Scotland Yard detective): “Is there any other point to which you would wish to draw my attention?”

Holmes: “To the curious incident of the dog in the night-time.”

Gregory: “The dog did nothing in the night-time.”

Holmes: “That was the curious incident.”

Silver Blaze by  Sir Arthur Conan Doyle

M’sian Minorities say “YES”, Malay voters say “NO”,

In Malaysia on 03/10/2016 at 4:14 pm
New M’sian Muslim Oppo party spurned by Malay voters. This is what an ISEAS report says
“Will Malaysia’s New Islamist Party Reshape the Political Landscape?” by Hew Wai Weng is now out and downloadable at this link.
 
EXECUTIVE SUMMARY
 

• On 16 September 2015, a group of dissatisfied leaders of Parti Islam SeMalaysia (PAS) left the party to form Parti Amanah Negara (Amanah). This comes in the wake of the demise of the opposition coalition Pakatan Rakyat (PR).

• This new party, along with the recently formed UMNO-splinter party, Parti Pribumi Bersatu Malaysia (Bersatu), can potentially reshape the Malay Muslim political landscape.

• Making common cause with the other parties that had constituted PR, namely the Democratic Action Party (DAP) and Parti KeAdilan Rakyat (KeAdilan), Amanah helped found Pakatan Harapan, effectively replacing PAS in the opposition coalition.

• Quickly put to the test in two simultaneous by-elections in the semi-rural constituencies of Sungai Besar in Selangor and Kuala Kangsar in Perak, Amanah managed to win about two-thirds of Chinese votes but secured less than 10 per cent of the Malay Muslim vote.

• Amanah promotes an inclusive and democratic Islamism and upholds Maqasid Sharia, which focuses on issues such as social justice and good governance. It faces difficult challenges though. The party lacks resources to gain grassroots support and improve its electoral machinery and needs to enhance its Islamic credibility in order to compete with PAS.

• The first-past-the-post electoral system practised in Malaysia also leaves little room for new parties to grow. 

MU: Thrilled I’m sure fans are

In Footie, Investment banking, Malaysia on 14/09/2016 at 2:33 pm

MU  has become the first British football club to earn more than half a billion pounds in a year.

Manchester United has recorded record revenues of £515.3m for the 2016 financial year, the first UK football club to do so.

In a year when it won the FA Cup, the Old Trafford club also signed 14 sponsorship deals, and saw commercial, matchday and TV revenues all rise.

It is now predicting 2017 revenues of up to £540m, even though it is not in the Champions League this season.

The club’s accounts up until 30 June 2016 confirm that the Premier League club was the first British team to break the half-billion mark, but the figure is short of Barcelona’s €679m (£570m) revenue revealed in July.

The Premier League giants also revealed operating profits of £68.9m, and adjusted core earnings of £191.9m, both also records.

“Our record fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League,” said executive vice-chairman Ed Woodward.

http://www.bbc.com/news/business-37339740

A very Jewish achivement.

Too bad about the major trophies and playing in Europe. )))))

Lest I be accused of anti-Semtisim, I’m proud of the fact that I worked in Rothschild S’pore and shook the hand and had dinner with the then owner, Sir Evelyn. Actually it is the firm that in hindsight I regretted leaving for greener pastures. It was a really nice place to work in. Too bad about the pay though.

Btw, Rothschilds is the regular adviser to MU, and at times to its owners, the Glazers. The relationship to MU predates the Glazers.  Rothschild has had an office in Manchester since the 19th century.

And btw2, I’m sure you have read that Goldman Sachs made good money in M’sia before running into problems with the US marshalls.

Well in the 1970s when Dr M became PM and started buying ownership of plantations and mines from UK-based investors, Rothschild was the go-to bank for M’sia. It wasn’t that Dr M was supportive of the Jewish houses in London. But the central bank governor, Tun Ali, had good ties with the London Rothschilds. He was btw also a brother-in-law of Dr M. A character. Shook his hand and helped look after him during one of his visits here for a conference.

Property in Iskandar? Better worry about water suppy

In Malaysia, Property on 26/08/2016 at 5:00 pm
“Drought, Pollution and Johor’s Growing Water Needs” by Jackson Ewing and Karissa Domondon is out and downloadable at this link.
 
EXECUTIVE SUMMARY
 

• Singapore has depended on water imports from neighbouring catchments in Johor, Malaysia since its founding. Despite long-standing cooperation, economic, environmental, and political forces are destabilizing cross-strait water flows.

• Johor has historically been water-abundant, but increased water consumption from economic development and population growth in combination with water stresses from drought and pollution have reduced its dry season water catchments.

• Johor has taken recent far-reaching measures including requesting additional water supply from Singapore, rationing supply to residential and commercial users, and requesting RM660 million in federal support for construction of a new dam at Sungai Ulu Sedili.

• There appears to be bilateral support for continuing the Singapore-Malaysia water trade. However, water stress in Johor risks undermining the bedrock of the relationship, and creates the need for redoubled regulatory diligence and clear-minded diplomacy by authorities in Johor, Singapore, and Kuala Lumpur.

1MDB: Trigger-happy NYC marshall interested

In Malaysia on 06/08/2016 at 5:07 am

New York’s state banking regulator has turned up the heat on Goldman Sachs, asking the bank to respond to a string of questions about its work for the Malaysian government’s scandal-stricken investment fund, 1MDB.
On Thursday, the Department of Financial Services issued a letter to the Wall Street bank, asking to meet representatives before the end of the month to discuss a range of matters connected to the 1MDB affair, in which a group of conspirators is alleged to have siphoned off more than $3.5bn from the fund over a period of years.

(FT)

1MDB: Bring on the clowns

In Accounting, Corporate governance, Malaysia on 29/07/2016 at 1:18 pm

1MDB had previously said that nothing was missing and pointed out that  the accounts were audited by the international firm Deloitte. After the DoJ’s action in freezing assets, 1MDB announced that their accounts audited by Deloitte for 2013 and 2014 cannot be relied upon.

Then Deloitte resigned.

Guardian account of the 1MDB sagahttps://www.theguardian.com/world/2016/jul/28/1mdb-inside-story-worlds-biggest-financial-scandal-malaysia

DoJ connects 1MDB bonds’ proceeds to Najib personally

In Malaysia on 24/07/2016 at 5:12 am

[B]etween 2012 and 2013 Goldman helped 1MDB raise $6.5 billion by issuing three bonds. The Justice Department suggests that around 40 percent of that money was siphoned off, and indicates that $681 million ultimately found its way into Najib’s personal bank account, though the prime minister is not directly named.

http://blogs.reuters.com/breakingviews/2016/07/22/malaysia-fiasco-undercuts-goldmans-standards-push/

OK OK, The DoJ alleges thattransferred into an account belonging to a Malaysian official whose description matches that of Najib.

Seriously it’s either black comedy or farce when Switzerland, S’pore and the DoJ allege that monies was stolen from 1 MDB but “There has been no evidence from any investigation conducted by any law enforcement agencies in various jurisdictions which shows that money has been misappropriated from 1MDB,” says M’sia’s AG.

“Dodge City marshall” investigating 1MDB monies

In Corporate governance, Malaysia on 21/07/2016 at 1:38 pm

The US Department of Justice has moved to seize more than U$1bnfrom Malaysia’s state fund 1MDB.

The DoJ alleges the funds were “misappropriated” and though it did not name Prime Minister Najib Razak directly, he is identifiable in the suit as someone whose account allegedly received huge sums. He has in the past denied wrongdoing.

The US Attorney General Loretta Lynch says that the “Malaysian people were defrauded on a monumental scale”.

among the things bought by the money were:

  • L’Ermitage hotel property and business
  • Park Lane Hotel assets in New York
  • Four California properties
  • Four New York properties
  • One London property
  • A private jet
  • EMI assets, including royalties
  • Van Gogh painting
  • Two Monet paintings

http://www.bbc.com/news/business-36852755

 

Palm oil prices keep on falling

In Commodities, Indonesia, Malaysia on 14/07/2016 at 1:23 pm

S’pore, Asean on risky list

In Hong Kong, Indonesia, Malaysia on 06/07/2016 at 1:54 pm

Indonesia and PinoyLand head the list, HK is a pretty safe place.

CrossBorder Capital said its Emerging Markets Risk Index fell sharply in May and is now at its lowest level since 2012, having peaked in early 2015.

This measure is based on three components: financing risk, which measures the ability of EM entities to roll over their debt; forex risk, driven by the quality of liquidity in a country and how dependent it is on central bank money; and exposure risk, which flashes a warning sign if a high proportion of investment in a country is in risk assets such as equities and corporate debt, rather than lower-risk government bonds and cash.

FT

1MDB: Worth it Goldmans?

In Malaysia on 06/07/2016 at 6:15 am

Top US gun-slinging marshall is shaking down Goldie.

The asset forfeiture and money laundering division unit in the Justice Department is investigating the above deal according to the FT. Goldman could be fined US$1bn or worse, managers involved could get indicted.

The division’s main hallway is lined with framed testimonials to the corporate scalps it has collected over the years, including those of companies such as Enron and Bank Credit and Commerce International.

Btw, Goldmans become a pariah in KL: can’t get mandates. FT reports that a source said it was not invited to pitch on government bond issuances in April, or for recent debt and equity-raising deals for Khazanah

M$, rupiah: Here we go again

In Currencies, Emerging markets, Indonesia, Malaysia on 28/06/2016 at 1:39 pm

Would u buy a second-hand car from this guy?

In Malaysia, Property on 18/06/2016 at 10:03 am

Or a property from him or live in his state? Remember Iskandar is named after his dad.

In Malaysia, the Johor royal family is infamous for ruling with an iron fist and is the only one of the nine royal families that controls its own army.

Malaysian media outlets claim that before he was sultan Ibrahim shot a man dead in a nightclub in the 1980s but charges were not laid because of royal immunity laws.

The immunity laws were changed in 1993 after a series of controversies surrounding Ibrahim’s late father, Iskandar. Dubbed the “Killer King”, Iskandar allegedly beat a golf caddie to death and maimed his brother after the caddie laughed at him for missing a shot in 1987.

During Malaysian parliament in 1993, politician Shahidan Kassim alleged that Ibrahim had also committed a number of crimes including raping a woman in 1990 at a disco. Shahidan also said Ibrahim had punched a taxi driver and kicked a policeman in his genitalia in an incident in 1986. Ibrahim was also accused by Shahidan of striking a judge in a mosque in 1991 for mispronouncing his father’s name and kicking an assemblyman the same year.

 More recently, in March 2007, Ibrahim was accused of assaulting a young woman with whom he’d been romantically involved.

At least six individuals have been arrested since December for insulting the Sultan via social media. A 19-year-old was this week sentenced to a year in jail for insulting the Sultan.

http://www.perthnow.com.au/news/western-australia/sister-city-plans-for-perth-after-the-malaysian-sultan-of-sin-met-lord-mayor-lisa-scaffidi/news-story/9d9d51f9cc17562c45e9dcb5df824275

Whatever, someone living in Perth really hates him.

Fall of BSI and Goldie rainmaker: From heroes to zeroes

In Banks, Malaysia on 14/06/2016 at 1:17 pm

How a 143-Year-Old Swiss Bank Took a Quick Road to Ruin in Asia When a rainmaker left RBS Coutts with 70 colleagues for BSI, a small Swiss bank looking to get big in a hurry, it set off a chain of events that thrust the bank into the center of the financial scandal involving 1MDB.

NYT Dealbook

And here’s how a Goldman Sacks partner, whose wife called Rosmah Najib (FLOM or self-styled First Lady of M’sia) a friend, became a zero

http://www.bloomberg.com/news/articles/2016-03-30/the-rise-and-fall-of-tim-leissner-goldman-s-big-man-in-malaysia

Malaysia’s Investigation of 1MDB Said to Be Flawed

In Malaysia on 30/05/2016 at 1:30 pm

Seems Najib was never interviewed and some leads not followed up.

From NYT Dealbook

Investigations ordered by Malaysia’s leader into graft allegations at the state-development fund 1MDB have been undermined by political pressure and a lack of transparency, The Wall Street Journal reports, citing documents and interviews with people involved.

1MDB: Feds dig deeper

In Malaysia on 20/05/2016 at 11:25 am

From NYT Dealbook

Goldman’s Leissner Said to Get Money From Ex-1MDB Employee U.S. prosecutors are examining an alleged transfer of hundreds of thousands of dollars from a former employee of a Malaysian investment fund to Tim Leissner, who was then a senior banker at Goldman Southeast Asia operations, according to people briefed on the matter.

M’sia: Najib’s stepson and 1MDB

In Corporate governance, Malaysia on 17/05/2016 at 10:09 am

Forst it was using 1MDB to make movies, Including “Wolf of Wall St”, it was alleged

Now, from NYT Dealbook

Malaysian Leader’s Stepson Is Said to Fund U.S. Property Deals With 1MDB Money At least $50 million said to have been diverted from a state investment fund in Malaysia was spent on luxury properties in New York and Los Angeles by the stepson of the Malaysian prime minister, according to documents reviewed by The Wall Street Journal and people familiar with the matter.

1MDB: Saudi minister says Najib funds were donation

In Malaysia on 17/04/2016 at 4:51 am

Saudi Arabia’s foreign minister said in Istanbul that funds found in Malaysian PM Najib Razak’s personal account were a donation from the Saudi royal family, say Malaysian state media.

“We are aware of the donation and it is a genuine donation with nothing expected in return. We are also fully aware that the attorney general of Malaysia has thoroughly investigated the matter and found no wrongdoing,” he said.

“So, as far as we are concerned, the matter is closed,” Mr Jubeir said, after a meeting with Mr Najib on the sidelines of the summit.

http://www.bbc.com/news/world-asia-36051474

Meanwhile

The progress of foreign investigations—under way not just in Switzerland but also in America, Singapore, Hong Kong and the UAE—will be closely watched by banks which helped 1MDB raise money, handled the firm’s cash or took Mr Najib’s deposits. Their ranks include Goldman Sachs, BSI, a Swiss private bank, and AmBank, which is part-owned by Australia’s ANZ.

http://www.economist.com/news/asia/21696969-one-biggest-controversies-malaysian-political-history-gets-even-bigger-switzerland-widens

Najib hasn’t used Putin’s excuse

In Malaysia on 16/04/2016 at 4:16 am

Documents from Panamanian law firm Mossack Fonseca link an old friend of Mr Putin’s, cellist Sergei Roldugin, to a number of offshore companies with cash flows of around US$2bn.

The Daily Telegraph was also monitoring Mr Putin’s question-and-answer session, and says he described the leaks as “provocations” and accused the US of using them to destabilise Russia.

“In an effort to explain the massive cash flows, Mr Putin said that Mr Roldugin had been spending millions of dollars on antique instruments that he was going to donate to the state,” says the Telegraph. These included a £12m Stradivarius, the paper notes.

BBCreport

Why the Feds investigating 1MDB

In Corporate governance, Malaysia on 14/04/2016 at 1:40 pm

[A] pictute of banks working side-by-side with 1MDB as it accumulated worrying levels of debt and became the subject of growing controversy which, in the words of the Swiss financial regulator, looks like a case of “blatant and massive corruption”. U.S. authorities have asked the banks to provide details of their dealings with the fund. At the very least, the 1MDB money trail will leave parts of Wall Street red-faced.

http://blogs.reuters.com/breakingviews/2016/04/12/wall-street-fingerprints-are-all-over-1mdb-scandal/

Fed Warned Goldman on Malaysian Deals

In Malaysia on 09/04/2016 at 11:28 am

Federal Reserve regulators had raised concerns with Goldman Sachs that deals that it helped put together for a Malaysian government investment fund, 1Malaysia Development Berhad ( 1MDB), could have put the firm’s reputation at risk, The Wall Street Journal reports, citing people familiar with the matter.

HK$, M$ do well against US$

In Currencies, Hong Kong, Malaysia on 02/04/2016 at 9:53 am

Grass is greener here for Asean FTs?

In Economy, Indonesia, Malaysia, Vietnam on 05/03/2016 at 9:53 am

Look at the ptoblems they have getting jobs ar home.

In Asean, S’pore, M’sia are creditor friendly

In Indonesia, Malaysia on 04/03/2016 at 2:30 pm

1MDB, govt insists that US$4bn not unaccounted for

In Malaysia on 05/02/2016 at 4:28 am

This can only happen in M’sia. M’sia Boleh

Switzerland has been investigating Malaysia’s scandal-hit 1MDB fund since last year. Last week, its Attorney-General Michael Lauber said US$4bn may be missing from Malaysian state firms

1MDB denies its money has been stolen and says its internal investigations have found no evidence of crimes.

Now, A Malaysian minister said this [US$4bn missing] was not possible due to extensive audits, and called the [Swiss] statements “premature”.

In a strongly-worded statement on Tuesday, Malaysia’s communications minister Salleh Said Keruak said 1MDB had undergone extensive audits, some by international firms, and that billions of dollars “simply could not have been misappropriated under such conditions”.

The fund had also issued explanations and financial breakdowns about alleged losses, he said, and other state-linked firms had made public filings that showed they did not sustain losses caused by misappropriation of funds.

He said Mr Lauber’s comments were “very unusual and against normal protocol”, and criticised him for speaking to the media, rather than to Malaysian authorities who he said had been waiting to hear from Switzerland.

“These premature statements appear to have been made without a full and comprehensive appreciation of all the facts,” said Mr Salleh.

BBC report

Saudi king OKed Najib payment

In Malaysia on 29/01/2016 at 5:02 am

The well-placed Saudi source, who has asked not to be named, told the BBC the payment was authorised from the very top – from Saudi Arabia’s late King Abdullah – with funds coming from both his personal finances and state funds.

Prince Turki bin Abdullah, one of the king’s sons, is reported to have had extensive business dealings in Malaysia.

The purpose of the donation was simple, said the Saudi source – it was to help Mr Najib and his coalition win the election, employing a strategic communications team with international experience, focusing on the province of Sarawak, and funding social programmes through party campaigning.

http://www.bbc.com/news/world-asia-35409424

Buy Keppel, SembCorp Marine & Sapura?

In Energy, Financial competency, Malaysia, Temasek on 15/01/2016 at 11:48 am

Continuing the theme of buying dogs, commodities and energy …

Forget what the financial equivalent of Goh Meng Seng says (reported here), and buy the two fallen Fab 5 stocks? And M’sian Sapurakencana Petroleum? One of Asia’s leading oilfield services groups, if you don’t know. 

=========================

He’s the journalist equivalent of Goh Meng Seng (three GEs, three different parties, and a declining share of the vote). This FT has in the about same period worked for Bloomberg, MediaCorp, Reuters and now Bloomberg again. Oh and the last time this FT was working for Bloomberg, he and Bloomberg had to pay damages to one of the Lees, can’t remember which.

As Goh Meng Seng is an exemplar of the traditional oppo politican, this FT shows that T can stand for “Trash”.

====================================

There’s deep despair about the oil price as this report from NYT’s Dealbook recounts. But there’s two swallows in the sky:

–Premier Oil has finally agreed to buy all of German utility E.On’s UK North Sea assets in a deal worth $120m (£83m) despite oil trading below US$30,

— Statoil ASA, Norway’s biggest energy company, snapped up a 12% stake in Lundin Petroleum AB to increase its access to the giant Johan Sverdrup field.

The acquisition corresponds to a price per share of about 124 kronor, in line with Lundin’s average price over the past 30 days, according to data compiled by Bloomberg. Lundin shares have dropped about 20 percent since crude started to tumble in mid-2014. Brent oil, the global benchmark, is now trading near $30 a barrel.

“The market situation made it possible for us to secure this position at an attractive price,” Baard Glad Pedersen, a spokesman at Statoil, said by phone. The Stavanger-based company won’t seek representation on Lundin’s board, he said. Bloomberg

At current prices, extracting oil from the North Sea is theoratically the equivalent of burning dollar notes.. Its oil is expensive to extract.

Back to the gloom and doom painted by Dealbook bearing in mind that Monkey is a trickster

NO BOTTOM IN SIGHT FOR OIL PRICES The collapse in commodity prices pushed oil futures even lower on Monday and analysts predicted that the slide was far from over, Jad Mouawad reports in The New York Times.

Oil prices were at a 12-year low on Tuesday, with West Texas Intermediate near $30 a barrel after a decline of more than 5 percent overnight. Brent crude was just under $31 a barrel by the Asian afternoon, as The Wall Street Journal reports.

The drop in commodities prices is being felt throughout the energy sector and beyond. Saudi Arabia said it was considering selling shares in its state-run oil company. Arch Coal, one of the biggest oil producers in the United States, filed for bankruptcy protection to cut its debt. Russia’s main stock indexes plummeted on Monday as oil prices cast a pall over its energy-dependent economy, Andrew E. Kramer reports in The New York Times.

Oil’s decline in the last year was caused in part by Saudi Arabia’s decision not to reduce production. The change, intended to force out high-cost energy producers, backfired on the kingdom and other producers, which now have to consider how to finance their oil-dependent economies.

The slump in oil prices had gained momentum last week on renewed concerns about China’s economy.

Jason Bordoff, director of the Center on Global Energy Policy at Columbia University, said that everything indicated a continued oil glut. “Iran is about to re-enter the market, demand numbers and economic indicators look relatively weak, U.S. supply is holding up in a low-price environment much better than people though and global inventories are growing.”

Many analysts expect more declines. Goldman Sachs and Morgan Stanley have both said that oil could drop to $20 a barrel.

La Nina and commodities/ Can you still smell the haze?

In Commodities, Environment, Indonesia, Malaysia on 09/01/2016 at 6:12 am

Map: effects of La Nina on commodities

I can still smell the haze i.e, the fires are still burning but at a much lower level of intensity, enabling the Indon authorities tp pretend that they’ve stopped the fires.

The haze season will begin in Feb

M’sian soverign risk: 30 yrs on

In Financial competency, Malaysia on 05/01/2016 at 4:59 pm

In 1986 when I was taught the basics of investing in M’sia, there were M’sian govt US$ floating rate bonds that were really cheap because of a problem in the floatung rates bond mkt that was in addition to Dr M’s antics (e.g. he was alleged to tryto corner the tin market) and a recession which affected M’sia’s soverign rating.

Today The $3 billion debenture is a glaring reminder of the distrust around the fund. The instrument carries a letter of support from the Malaysian government but trades at just 86 cents on the dollar, indicating financial distress. That stands in stark contrast to two Abu Dhabi-backed 1MDB bonds, which have always traded above par.
Early redemption would also draw a line under the fund’s controversial relationship with Goldman Sachs.

1MDB hasn’t decided yet whether to buy back the bonds. Either way, if Kanda succeeds in his ambitious cleanup by completing the deals he has now agreed, 1MDB’s problems will not weigh as heavily directly on the finances of the government as many investors, analysts and politicians had feared.

http://blogs.reuters.com/breakingviews/2015/12/31/malaysia-scrubs-out-half-its-sovereign-fund-stain/

One thing remains the same, no money to buy those bonds then, and now. Would have made killing then and now.

Only in M’sia

In Airlines, Malaysia on 31/12/2015 at 2:08 pm

Hindus own Sharia compliant airline

Indian media reports say the airline’s founders, Ravi Alagendrran and his wife Karthiyani Govindan, are Hindus, though this could not be independently confirmed.

http://www.bbc.com/news/world-asia-35173710

KL airport that cock meh?

In Airlines, Malaysia, Uncategorized on 12/12/2015 at 1:19 pm

Two cock-ups by KL airport

The South China Morning Post reports that Kuala Lumpur International Airport (KLIA) in Malaysia has just come across three ancient 747s that have been sitting on its tarmac for over a year. It says it has no idea who left them there.

What is most surprising about this story, other than the chutzpah of the 747s’ owner, is that KLIA can’t trace the operators. All aircraft are supposed to be logged with a national authority, so one wouldn’t think it could be that hard. The Post says that the airport has contacted a “so-called owner” without response. Malaysians now know where to head next time they have an old banger to dispose of.

Economist blog

The latest is that

An air cargo company in Malaysia says it owns three Boeing 747 jets which officials said were left unclaimed at Kuala Lumpur airport.

Swift Air Cargo says it has been trying to retrieve them, but Malaysia Airports disputes its paperwork.

Only in M’sia. After all this is country where the PM refuses to disclose who deposited US$700m, and where he can still remain PM.

Najib owes China big time

In Malaysia on 28/11/2015 at 5:07 pm

So the Chinese in M’sia will under the protection of the Chinese ambassador who has spoken out against anti-Chineseracism

It’s rare to see the Malaysian ringgit rise against the US dollar – especially given its performance this year – down some 18%.

Even more curious that it happened while regional currencies like the Indonesian rupiah and Thai baht continued to fall.

Research houses are also upgrading their forecasts for Malaysia’s stock markets and the economy.

So what’s driving all this positivity?

Well, in part it is thanks to the sale of the energy assets at one of Malaysia’s most notorious institutions: IMDB.

1Malaysia Development Bhd (1MDB) is a state investment fund set up in 2009 and was supposed to turn Kuala Lumpur into a financial hub. But it is currently on a fragile financial footing.

Now, 1MDB has sold one of it, and Malaysia’s, most coveted power assets, Edra Global Energy, to China General Nuclear for $2.3bn (£1.5bn).

http://www.bbc.com/news/business-34918740

PAP voters are like M’sian Malays?

In Malaysia on 24/11/2015 at 5:15 am

When TRE republished this, there was an interesting response from a reader comparing the M’sian and S’pore body politick. I like the comparison (“similarity” a better word?) between the majorities in both countries. And do read the last para, it’s a gem.

Daemonic:

The Malaysian political/judicial/economic system as it is today is in a mess. Forward looking Malaysian Muslims are aware and deeply concerned so much so that some are joining the DAP, a supposedly Chinese dominated party.

But the majority of the Muslims are either apathetic, unconcerned or too brain-washed by their leaders (political and/or religious) to understand the issues. Unfortunately, here lies the similarity between them and many Singaporeans.

If the DAP succeeds in showing Malaysians that a country can be ruled with competence, accountability and transparency (their proposed CAT system of governance) then it will be a blessings for all Malaysians, present and future.

But there is a lot of caveats. Can the DAP itself avoid the scourge of corruption from appearing among its own leaders and ranks? Can it avoid the stigma of being a “Chinese controlled” party amongst the Malays? Can it convinced the majority Malays that it does not have any hidden agenda but is a truly credible and competent party?

Again here-in lies similarities between the DAP and our opposition parties. Can our opposition parties maintain a high level of integrity and competency once voted in? For those not yet in parliament, do they have hidden vendetta and are truly out to serve the people (or themselves)?

The difference between Singapore and Malaysia is that we are not in as big a mess as they are. But it is scary to see the same level of complacency amongst the majority from both countries. One majority made up by race while the other made up by political affiliation.

Here’s how confusing the situation is there http://www.asiasentinel.com/politics/could-malaysia-najib-pull-off-snap-election/ that an ang moh thinks that Najib will call a GE soon.

My Facebook avater responded: He’s got 2 and a half yrs in office unless UMNO kicks him out.. If he goes for GE and loses, likely to be prosecuted. Waz that in the context context of adding two and a yrs more?

I’ll add that even if he (or rather his wife otherwise knowwn as FLOM: First Lady of M’sia) wants to double down and wins a GE, he might not last another five yrs. UMNO could still kick him out. And if he (or rather FLOM ) wants to call GE and the IMNO regional leaders disagree, he’ll be out of a job. This ang moh talks cock.

Somewhat related Post: We forgot these lions

S’pore mercenary prick of region?

In Malaysia on 14/11/2015 at 5:16 am

Remember this outburst

The verbal sparring between Malaysia’s opposition lawmaker Tony Pua and Singapore’s Ambassador-at-Large Bilahari Kausikan over whether Malaysian Chinese are delusional in trying to change the political system escalated today (Oct 9), after Mr Pua lashed out at Singapore, calling the Republic a “mercenary prick”.

“He did Singapore no favour by cementing the perception of his country as the mercenary prick of Southeast Asia … And they wonder why they have no friends,” the Democratic Action Party (DAP) lawmaker wrote on Facebook today. “I don’t care much if this was the view of some academic or armchair critic. But as the Ambassador-at-large, Mr Bilahari is a spokesman for Singapore.”

Funny for a senior member of a party whose leaders came to S’pore to report to one LKY when the DAP won power in Penang. Did the chief minister and his dad kowtow to Harry Lee?

Well so how come the DAP opposes S’pore type measure that the M’sian govt initiated

Pointing out that Singapore also has cash assistance policies, Prime Minister Najib Razak defended today (Nov 1) the Bantuan Rakyat 1 Malaysia (BR1M) cash handout.

Mr Najib said Putrajaya was only looking after the interests of lower income groups and those in rural areas burdened by rising living costs.

“If Singapore can give cash aid, why can’t Malaysia also give out BR1M?” Mr Najib said in a speech at the Parti Bersatu Rakyat Sabah (PBRS) conference here.

Yes in deed, why not DAP?

S’pore faces tricky Sino-US balancing act

In China, Malaysia on 13/11/2015 at 4:53 am

“Malaysia faces tricky Sino-US balancing act”* was the headline of an ST story on an inside last Friday.

Actually the headline should be changed to “S’pore” and put on the front page to commemorate president Xi’s visit.

After all, we are a forward base for the US navy in all but name what with “Two US Navy (USN) Littoral Combat Ships (LCSs) will be forward deployed to Singapore in 2016, a senior USN official has confirmed.” http://www.janes.com/article/50936/usn-confirms-2016-as-starting-point-for-deploying-two-littoral-combat-ships-to-singapore

And we know don’t we that the US navy intends to challenge China’s claims that the South China Sea is China’s?

And we know that both the US and China are big trading and investment partners od S’pore.

——————————-

*Text: As the United States and Japan tussled with China over the wording of a concluding statement at an Asian security meeting in Kuala Lumpur this week, caught in the middle was host Malaysia.

Plans for a joint statement were eventually dropped by the Malaysian government due to disagreements over the disputed South China Sea. US and Japanese officials wanted to address Beijing’s island- building. Chinese officials resisted.

The episode illustrates the thin line Malaysia and other smaller South-east Asian states must walk in balancing ties with China and the US, especially since a US warship last week challenged the territorial limits around one of China’s man-made islands in the Spratly archipelago.

Malaysia’s biggest trading partner is China, according to Malaysian government statistics and, in contrast to other countries with competing claims to the South China Sea, such as the Philippines and Vietnam, it has typically played down concerns over China’s expanding military reach.

Nevertheless, US defence officials say Malaysia, along with other states in the region, has sought a greater US military presence to counter Chinese assertiveness in the South China Sea.

“We see the increased demand… really across the board in the region,” said a senior US defence official. “Malaysia’s a good example.”

Yesterday, US Defence Secretary Ashton Carter visited the aircraft carrier USS Theodore Roosevelt in the South China Sea, accompanied by Malaysian Defence Minister Hishammuddin Hussein, as he wrapped up a three-day stay in Kuala Lumpur. Mr Carter called the ship’s presence “a sign of the critical role that US military power plays in what is a very consequential region for the American future”.

US Marines and their Malaysian counterparts will also hold a joint amphibious training exercise next week in eastern Malaysia.

Malaysia has a long-standing arrangement to service and supply US military ships and aircraft as they pass through the region, making them frequent visitors to its ports. The number of US ship visits has steadily risen, from a handful per year in the early 2000s to more than 30 visits in 2011, according to the Congressional Research Service.

Datuk Seri Hishammuddin this week highlighted the quandary for smaller states, saying he hoped nations outside the region would not raise tensions. “We will continue to engage China. We will continue to engage the US,” he said. “The fact that we are able to engage them and actually look at the reality… That is a clear message to the major powers out there.”

US and Western diplomats say they have been keen for several years for Malaysia to pay closer attention to mounting security challenges in the region, particularly from China. Chinese warships have staged regular patrols off James Shoal off the Malaysian state of Sarawak on the island of Borneo.

Diplomats and analysts who have viewed satellite images say Chinese coast guard ships now also maintain a semi-permanent presence at South Luconia Shoals, to the north of James Shoal.

“Malaysia’s role and importance in broader security issues, particularly the South China Sea, is only going to grow more strategic,” one Western diplomat said. “It is a matter of pushing and nudging them into doing the right thing, rather than expecting them to take a lead and confront China.”

REUTERS, AGENCE FRANCE-PRESSE

Why Johor royals talking of secession?

In Malaysia, Property on 20/10/2015 at 6:47 am

Young Johor royals are getting noisier as the Federal govt ignores them and the noise could keep affecting us further.

The Crown Prince of Johor warned in an interview published on Oct 16 on a footie website (I kid you not) that the state has every right to secede from Malaysia if it finds a breach to the terms agreed upon its membership to the Federation of Malaysia

Four months ago, his younger brother Idris Sultan Ibrahim had also posted a warning on Instagram that the southern state may secede from Malaysia if the conditions upon which Johor had joined the Malaysian Federation are violated.

In the post, which was later deleted, he issued a reminder that the Johor government had joined the Malay Federation in 1946 on several conditions. These included: making Islam the religion of the state, the state’s absolute right over water and land issues, and the state royal house to have its own armed forces.

Remember the hike in the toll rate by M’sia last yr that took the S’pore govt by surprise (Ah Loong and Najib had a love-fest juz before the announcement)? S’pore matched this hike after waiting a few months. From Oct 1 last year a round trip rose from a few dollars to S$13 (the collapse of the M$ has reduced this recently by a little). Result? Less S’poreans do their shopping in Johor. The hikes cut the cost advantage significantly if one travelled by car. There are allegations that the prices of vegetables rose too because lorries have to pay the levy. Bus prices went up by as much as 50%, it seems.

The story I heard then from very reliable M’sian sources was that the Federal govt hiked the rate (knowing S’pore would follow) to cause problems for the sultan of Johor. It seems it wanted to send him a message not to try to grab power. There was a big row when a bill was introduced in the Johor legislature giving the sultan, in his own right, the power to appoint the head of a Johor state land agency. By convention such appointments are by the sultan acting on the advice of the chief minister.

The bill was then amended so that the head was appointed by the sultan acting on the advice of the chief minister.

The rise in the toll made life a lot harder for businesses that depended on S’poreans crossing over to spend their money on cheaper goods and services. This is not good for Johor and the royal family. And there is the added bonus of making Chinese voters repent: the MP of a large part of Iskandar is the DAP’s Lim Kit Siang, the hero of the M’sian Chinese.

But as the latest actions of the younger royals seem to indicate, royalty in Johor are  still upset with the Federal govt and who can blame them*? They are trying to take advantage of the 1MDB issue and the PM’s fight for political survival

Meanwhile Johor businesses continue to suffer.

The continuing row adds further pressure to property prices in Iskandar which is facing a glut of supply https://atans1.wordpress.com/2015/05/24/iskandar-prices-off-a-cliff-already-stabilising/.

It seems the Chinese developers are already having second tots about the projects they announced so confidently earlier this year and late last year https://atans1.wordpress.com/2015/01/24/how-many-waterfront-cities-will-eventually-be-built/ .  Johor royalty is involved in many of these Chinese projects.

Expect more noise from the young royals which will in turn affect property values in Iskandar. Who wants to buy property in a state threatening secession?

LKY got it about right when he asked why invest in Johor where the rules can suka suka be changed overnight?

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*Despite another hike** in April this year https://atans1.wordpress.com/2015/04/11/iskandar-developers-must-be-desperate/. S’pore hasn’t followed.

**Yet to be implemented I forgot to add. (Update at 1.30pm)

 

 

 

1MDB: FBI examining Goldman Sachs

In Corporate governance, Malaysia on 16/10/2015 at 4:28 pm

NYT Dealbook:

Role of Goldman Sachs in 1MDB Transactions Under Scrutiny Investigators at the Federal Bureau of Investigation and the Justice Department have begun examining Goldman Sachs’s role in a series of transactions at 1Malaysia Development Berhad, The Wall Street Journal reports, citing people familiar with the matter.

 

M$ can fall further/ M’sia boleh

In Currencies, Malaysia on 10/10/2015 at 6:30 am

Using REER [real effective exchange rate] calculations which takes into account inflation means M$ could fall by another 32% to 5.59 to the US$.

Actually, this is a lot better than other Asean countries (ex S’pore).

So M’sians shouldn’t blame Rosmah or as she prefers to be know First Lady of M’sia (FLOM) for weak M$.

M’sia: Why Cina & Kelang bitching

In Indonesia, Malaysia on 26/09/2015 at 1:02 pm

And why the Malay ultras think that they are ingrates.

BN wastes reserves defending ringgit

Big Asean stk mkt falls

In Indonesia, Malaysia on 25/09/2015 at 1:15 pm

Global-stock-markets-chart

Remember MayBank Kim Eng says Thailand and S’pore mkts most resilient in region.

M’sia’s not that bad, Worry about Indonesia

In Indonesia, Malaysia, Vietnam on 19/09/2015 at 4:37 am

Here’s another analysis coming to the same conclusion

http://www.economist.com/blogs/graphicdetail/2015/09/capital-freeze-index

Idonesia is 4th after some real dogs Venezuela, Turkey and Ukraine. Yikes, it might be a another real dog.

M’sia is way down even below PinoyLand. Thailand is juz better than M’sia while Vietnam is really safe by the standards of the others. Safer than Saudi Arabia.

When Fed raises rates, regional currencies will tank

In Currencies, Indonesia, Malaysia on 17/09/2015 at 2:00 pm