Thursday, April 9, 2015

Pembangkang "Panas Panas Tahi Ayam"

Hantu Laut

I feel sorry for all the Pakatan supporters, who put so much faith in their quirky and unreliable elected representatives, who promised them heaven and hell to change the face and fate of this country for the better, if they were given a chance to govern. 

What happened in Parliament recently has shown that they prefer their beauty sleep over the promise of making the country a better place for everyone. They failed their first test big time.

Due to absence of many of their MPs, they have allowed the government to pass another repressive law.

To make thing worse, they are now making excuses for their irresponsible act and inaptitude.


It’s a matter of principle, Wong Chen

If that was the case why the need to attend Parliament at all, might as well all of them stay at home?

It's so much easier taking defeatist attitude........... ain't it?

Inilah pembangkang yang hanya "PANAS PANAS TAHI AYAM"

Wednesday, April 1, 2015

GST: Shame On You

Hantu Laut

NEPAL (Where I am at the moment)
I have been here close to two months and was in Turkey and Greece a week ago.
Fuel price here:Diesel 0.78 Euro = RM3.09 per litre
Petrol 0.98 Euro = RM3.89 per litre
VAT (GST) 13%
Nepal is one of the poorest nations on the globe, yet people take everything in their stride.
Malaysia GST come into effect on 1st April 2015 (today) after almost a year of deafening political crescendo against its implementation fuelled by the opposition's overzealousness in pushing on a hurried demolition of the beleaguered government.
Malaysia per capita fuel consumption in 2013 was 265 litre (Pop 30 million)
See countries below for comparison.
Thailand 74L (67)
Indonesia 86L (252)
U.K 220L (63)
Japan 329L (126)
We consumed more (sic) fuel per person than industrial Japan.
They complained about everything from the prices of fuel to the price of their underwear, when we are one of the cheapest in the world.
Try figure out how wasteful and useless Malaysians are when come to saving. Our household debt was 87% of GDP in 2013, in the top 10 in the world. They never stop complaining and whining about how expensive everything are, but are awful wasters and gas guzzlers themselves, want everything cheap and free, spoilt by years of government subsidies.
Just 6% GST, they make so much noise, like the world falling apart on them.
The irony, the biggest squanderers are not the poor, but the middle class and the wealthy........…
.......and so are those, who ceaselessly complaining, the same group of people.
Shame on you Malaysians!

Friday, March 13, 2015

To All Malaysia's Prophets Of Doom: Here's From The Godfather ( IMF) Of The Global Economy

Hantu Laut

I am not going to say much about 1MDB in relation to the overall performance of the economy, but as long as it stays afloat the Malaysian economy will not be seriously affected. 

The fundamentals are still good.  

PM Najib should not be too happy, the political situation will not change until there is some semblance of radical transformation of good governance.

Below is a review of the 2014 Malaysian economy by IMF.

Thursday, March 12, 2015

Why 1MDB Parked Its Money In Singapore?

Hantu Laut

Veteran Newsman Questions Rationale Of Parking 1MDB Funds In Singapore.

Again, I must qualify this is not a support for 1MDB (something is rotten in Denmark applies), but since they are keeping their inelegant silence, maybe, I can throw some lights on the controversy, why 1MDB keep parking the money outside the country. 

I don't believe in prolixity, so I'll make it short and breezy in layman's terms.

If you know the nitty-gritty of international banking and finance, it's not hard to understand why they keep parking the money outside Malaysia.

Why Singapore?

Singapore, being a financial centre allow non-residents to park their money in time-deposits in foreign currencies, where you can place your money in most major currencies and interest earned are not subject to Singapore tax (non-residents only)

Unlike Malaysia, many banks in Singapore have two departments, the DBU (Domestic Banking Unit) and ACU (Asian Currency Unit). 

Singapore is not short of banks that will gladly accept this kind of money as long as they are comfortable with where it came from.

Why 1MDB parked the money outside Malaysia?

If 1MDB remit the money back to Malaysia, they will have to convert it to local currency and they will no doubt collect more ringgit in exchange for the US$ funds, but should any of its foreign obligation matures anytime soon, they will have to incur massive foreign exchange losses, if they have to use ringgit to repay the foreign debts, so it makes sense to keep the money in the original currency, which, unfortunately, has to be placed in one of the financial centres as Malaysia do not have, or rather do not allow foreign currency deposit in the country.

The explanation given by PM Najib for keeping the money in Singapore because of BNM ruling requiring its approval for amount over RM50 million is wishy-washy, a terrible misguidance. Who would believe BNM can put a hurdle on a sovereign fund the brainchild of the PM? Why would BNM objected whatever the amount is for money coming into the country and allow billions to fly out of the country without a squeak?  

As a matter of fact if the US$1.1 billion had been remitted back to Malaysia, it would have strengthened the ringgit wee bit.

On the other hand, there is also strong possibility that the money is encumbered as collateral or part of collateral of other borrowings, thus the constraint of bringing it back home and the inelegant silence.

One can imagine one of two things of the opaqueness of 1MDB operations, either they are completely arrogant, or they are in such a big mess, they just don't know how to respond sensibly.