Could Grexit Affect Us?

A Kadir Jasin

EVEN during this “barakah” month of Ramadhan, we appear not to be blessed. The Muslim believes that Ramadhan is a blessed month.

We are still grappling with old issues – the likes of 1MDB, the FGV, the PPFI, the SRCI, low commodity prices and the outflow of funds  – all of which have been dampening the economy and dragging down the ringgit.

And the pump price of RON 95 had just gone up another 10 sen to RM2.15 per litre and RON 97 up by 20 sen to RM2.55. Diesels unchanged at 2.05. This cannot be a blessing! 

We all know about debt-ridden 1MDB, the decimation of FGV share prices and the attempt to use Tabung Haji to give a life line to 1MDB. By the way has Abdul Azeez Abdul Rahim being able to sell his TRX land at a profit as he had promised months ago? He then said buyers were lining up to buy.


More recently we are made aware of PPFI’s RM26.6 billion borrowing from EFP and SRCI’sRM4 billion borrowing from KWAP. Both are nursing their 
debts.

The external factors are also acting against us. And as if these are not enough of these, Greece has to default on its external debts and, will most likely, exit the Euro.

What is Greece to us? Literally nothing. But believe it or not we are likely to be most badly affected among the Asian countries by its bankruptcy.

Greek lining up to withdraw the Euro as their economy collapses

I am struck by a June 29 report in Barron’s Asia, an American-owned investment magazine and website, which says Malaysia is likely to be the most affected by the Greek event. It quoted NomuraSecurities.

Why is it so?

Because, besides Hong Kong and Singapore, Malaysia has the largest exposure to European bank claims. This could happen if European banks cut back their Asian debt holdings to repair their balance sheets caused by Greek exit (Grexit) from the Euro Zone.

The Barron’s report says, as of the end of last year, European banks’ debt claims in Malaysia, is equivalent to 17.7% of our GDP. The runner-up is Korea with only 8.7% of its GDP.

In addition, the report says, money has been leaving Malaysia this year even without the Grexit. Malaysia’s financing gap, defined as current account minus portfolio outflows (in equity and bond) runs a good 4.1% of its foreign exchange reserve.

The report notes: “Greece, a small economy that is less than 2% of Euro area’s GDP, can’t possibly be a major trading partner for Asian markets. But it could affect Asia disproportionately if European banks cut back their debt holdings in Asia to repair their balance sheets from the Grexit.”

Indonesia will be vulnerable too. Indonesia’s financing gap is at 3.9% of its GDP. By comparison,India is a lot safer. Its foreign exchange reserve is three times the size of Indonesia’s and its financing gap is at only 2.9%, according to Nomura.

On the same day, the ringgit fell to a 10-year low in intra-day trading due to worsening situation in Greece and as investors weighed whether Fitch Ratings would downgrade Malaysia.

The stock exchanges reacted similarly. On June 29, the FTSE Bursa Malaysia KL Index fell 0.4% and the Indonesia JSX Index dipped 0.8%. Month-to-date, the iShares MSCI Malaysia ETF fell 4.8%, theiShares MSCI Indonesia ETF dropped 7.8%.

So while the arrest of the former PetroSaudi International (PSI) executive, Xavier Andre Justo (XAJ) by the Thai police might have caused elation among the Umno elite, it does nothing to shore up the confidence in our economy. Some say it’s a put on – a ruse to throw us off the 1MDB track.

Wallahuaklam.

Muslim MPs ask where Malaysia is headed

 What is the point of talking now, since we need urgent and drastic action. Malaysia has become a failed “Islamic state”(Mahathir’s version). Our country is divided along religious and racial lines. The evidence is for all to see. Fortunately, the maturity of Malaysians in general has prevented our country  from  going into a state of “religious war” under this weak and corrupt leadership of chicken Najib. But then for how long?

It is amazing that he is not able to discipline his Minister of Religion, Jamil Khir Baharom, a bigot from my home state Kedah, and overzealous officials in JAKIM and JAWI. Have these Muslim lawmakers cared that these institutions have persecuted my good friend, 80-year old public intellectual Kassim Ahmad for expressing a contrarian view on Hadith and Nik Raina of Borders Book for selling Irshad Manji’s book which was not banned at the time when JAWI officials raided her bookstore in Mid-Valley, Kuala Lumpur a few years ago. Both these individuals are innocent and should not have been dragged to the sharia and civil courts.But they were humiliated and made to look like common criminals.

What about those religious policemen, snooping into the private lives of Muslims? Of course, they exempted themselves and our political bigwigs. Our ulamas and conservative Muslim intellectuals insult Muslim women and dictate how they should live their lives and how they should dress. We have a Housewives Club which tells them to be prostitutes to satisfy their husbands’ sexual appetites.What a shame. These developments are giving Malaysia a very bad international image.

Talk is cheap. Truth be told ,they have no conviction and the guts to stand on reason and logic and tell to stop playing religion and race for his politics of survival. Cowards die a thousand times. So, there is only one way left for reasonable and tolerant Malaysians to react, and that is to vote them all out in the next General Elections.–Din Merican.

Muslim MPs ask where Malaysia is headed

by Joseph Sipalan

Muslim lawmakers from both sides of the political divide have raised concerns over the seeming trend of Muslims imposing their beliefs on others, questioning if this is reflective of a wider agenda that is backed by Putrajaya to turn Malaysia into an Islamic state.

The federal lawmakers noted that the federal government appeared either unable to stop or even condoning of incidents in which Islamic sensibilities are imposed on the larger society by religious authorities and individuals.

“This issue bothers me because as our forefathers taught us, religion should be about faith and (is) personal,” UMNO’s Pulai MP Datuk Nur Jazlan Mohamed told Malay Mail Online via text message.

“I suspect the longer-term objective of these groups is to usurp power through religious means and therefore avoid being legitimately elected. While I respect their motives and intentions, the elected government of the day must control the actions of these groups and act in the interest of all the citizens of the country,” he added.

On Wednesday, the Malaysian Bar criticised Deputy Education Minister Datuk Mary Yap for reportedly saying that non-Muslims should consume food and drink discreetly and outside the view of fasting Muslims, in response to outrage over a “joke” told by a teacher in Kedah to non-Muslim students about drinking urine.

The Kedah incident is reminiscent of a 2013 incident in which a Sungai Buloh primary school encountered controversy after non-Muslim students were pictured eating in a toilet during Ramadan.

DAP’s Bukit Bendera MP Zairil Khir Johari argued that such posturing over religion would ultimately lead up to ridiculous rulings that benefit no one.

“Should we ban Ramadan bazaars so Muslims don’t need to look at food? When our Hindu friends fast for Thaipusam, do we go out of our way to accommodate them by not drinking or eating in front of them?” he said when contacted.

Zairil admitted that there is “no quick solution” to the religious polarisation the country is facing, but stressed that the first step to fixing the situation is to take governments and political parties out of the equation.

“It’s not even about tolerance here. The problems are cropping up today because of the incessant politicising of ethno-religious nationalism, so much so that the state flexes hegemony, thus influencing the people.

“Why do we even have JAKIM (Malaysia’s federal Department of Islamic Development) when Islam is a state issue? That’s a fundamental question because the authority of JAKIM appears to go against the 9th schedule of the Federal Constitution.

“I am suggesting that matters of faith should belong in the realm of civil society and not the state,” he said.

Nur Jazlan insisted that there is no place in Malaysia for state-sanctioned enforcement of Islam, claiming that the “collapse” of Islamist party PAS ― which is facing a split after delegates elected a new leadership made up entirely of the ulama or clergy class at their recent Muktamar – is proof that the public wants moderation over religious orthodoxy.

“The best way to develop Islam is to teach and encourage personal observations, and not enforce it to the whims of others, especially unelected ones,” he said, without referring to any group or individuals.

The Kedah school incident cropped up amid growing concerns of creeping Islamisation in Malaysia, in which the norms of the increasingly conservative Muslim majority are gradually being imposed on the rest of the country both directly and covertly.

Incidents that support the view include Muslim protests against Oktoberfest-themed events open only to non-Muslims, uproar over a gold-medallist Muslim gymnast over her leotard, and at least four reported cases of arbitrary dress codes at government departments and agencies that denied entry to non-Muslims over their dressing that was deemed indecent.

The Gomen Is Not Monitoring The Effects Of The GST

This is from The Malay Mail :

• Malaysians struggling to cope with GST, Jobstreet survey finds
• Monday June 29, 2015
• Nine in 10 working Malaysians finding hard to deal with living costs after (GST)
• according to a survey JobStreet.com.
• 90% of 1,454 employees surveyed said not able to cope with daily expenses 
• Nearly one in four said faced problems even before GST 
• 56% said minimised having lunch with their colleagues
• 47% started packing food from home
• resorted to other frugal activities
• utilising pantries more frequently 
• carpooling to control expenses
• 40% said they would need 10 - 20% increments to salaries
• 36% claimed their salaries need to go up 20 - 50% to soften effect of the tax 
• 63% voiced need for petrol allowance 
• 35% considering job change 
• 33% looking at part-time and freelance jobs.
• employers, 41% faced increased pressure to raise wages 
• only 19% of 490 employers said they offered salary increments.
• GST to offset billions of ringgit in losses incurred through leakages and corruption 
• new tax not necessary if government prudent with taxpayers’ monies.

My comments :   What the gomen has done is to make the people poorer and make their lives more difficult.  Thus the gomen has earned the curses of the people everyday. 

The morons will say silly things like cook at home, fry fish without oil, Fitch has not downgraded our rating and other such foolish talk which they are famous for.

Allow me to give an example of just how foolish these people are. 

Husni Hanadzlah has said that by early next year 1MDB would have settled all its debts and still have assets worth RM10 billion.  He considers that a job well done.

Then what about those RM51 billion worth of assets? What happened to them?

Macam ini Dato. I dont know which bukit you come from or what type of school you attended but let me give you a simple example that even you should understand.

Lets say you pinjam RM450,000 housing loan (90% financing) from the bank and you bought a house. Your own money was RM50,000. 

Every month you paid the bank the instalments. You must pay back the loan of RM450,00 plus interest. 

After you paid back the loan to the bank, you must have the entire RM500,000 house as your asset. Plus whatever the appreciation of the value. 

Katakanlah you are clever and you can buy three such houses (which many people do).  Then after you have paid back all your monthly instalments, you should own three houses worth at least RM500,000 each. 

Then you can tell your children, 'Papa worked and saved and every month I paid the bank the monthly instalments. And now I have three houses to my name. I am giving them to you.'  

That will make sense.

But if you tell your children, "I have settled the hutang for all three houses. Sekarang kita tak ada hutang bank lagi. Hooray. However I only have one house to give you. The other two houses have also been sold, also to bayar hutang", surely your kids will ask you "Ini sudah bayar dua kali. First you paid off the bank hutang in full. Then you also sold the two houses for money. Where is that money from selling the two houses?'

Then papa will confess, "Well I have another ...interest.. in my life'. 

If Husni Hanadzlah says those assets were still under hutang and 1MDB is selling it early to avoid hutang, then what type of business is that? 1MDB is a strategic investment fund.  Ini strategy apa pula ? 

What has 1MDB's 'strategic investment' achieved for the country? How many jobs have you created?

And let me guess - the remaining RM10 billion assets will come from the revaluation of assets (revaluation of lands, revaluation of IPP projects, present value of future developments, insha Allah etc). Not from doing real business. Semua atas angin. 

For example buy taxpayer owned land for RM60 psf then sell it for RM2600 psf, RM3000 psf etc. Untung buta atas angin. The 'untung buta' business model again (since I cannot insult nenek tua anymore). 

Back to the GST - are there any folks here from Section 15 Subang Jaya (USJ) ? I hear that many shops there have closed down recently. Kedai China, kedai Melayu etc. No business.

As the Jobstreet survey shows, people have no money now to pay for the higher prices of things. 

The gomen has now closed both eyes. They are refusing to monitor the post-GST scenario.  

During the Asian Financial Crisis, the NEAC would meet at 10 am EVERYDAY to monitor food prices, factory orders, fuel prices, export figures, Forex rates etc. It was crisis management at its best.

The morons in gomen today are probably lining up more projects to siphon out money.  We dont even know how many of them will even be in the office today to do any real work.

Today petrol prices have gone up another 10 sen a litre.  This will dampen spending even more. More businesses are going to shut down.

Workers will need an increase in wages of 20% or more to offset the price hikes caused by the GST.  But how can employers raise wages even 1% when businesses are closing down? 

When will this nightmare end?

Whatever it is I really marvel at all of us - Malaysians. We are able to tolerate so much bullshit so stoically. We seem to bear all this bullshit in this country so patiently and just continue to suffer. 

Here is Surah 103 from the Quran :

103:001   By the time 

103:002   Verily Man is in loss,

103:003   Except those who have Faith, and do righteous deeds, and counsel each other to the Truth, and counsel each other to Patience. 

So may Allah continuously shower his support upon all of us patient Malaysians and lead us out of this nightmare. Soon. 

p.s. Ananda Krishnan did not give / lend / pay RM2.0 billion to anyone recently. The money came from us - the taxpayers. The gomen issued bonds to borrow more money. 

Harga petrol RON95 , RON97 naik ketika harga minyak dunia jatuh.

Harga minyak petrol RON95 akan naik 10sen seliter bermula tengah malam ini. Kenaikan berlaku walaupun berlaku kejatuhan harga minyak dunia sejak 10 Jun lalu.

Harga RON97 pula akan naik 20sen seliter manakala harga diesel kekal. Harga baru ini disahkan dengan beberapa pengendali stesen minyak.

RON95 dam diesel sekarang dijual pada harga RM2.05 seliter sementara RON97 pula dijual dengan harga RM2.35 seliter, termasuk cukai barangan dan perkhidmatan (GST).

Menteri Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan Datuk Seri Hasan Malek dilapor mengumumkan bahawa kerajaan tidak akan lagi mengumumkan harga baru petrol pada hari terakhir setiap bulan.

Hasan dilapor sebagai berkata, mulai hari ini, pengguna hanya akan mengetahui harga baru sama ada berubah atau kekal pada tengah malam.

Persatuan Pengedar Petroleum Malaysia (PDAM) mengalu-alukan tindakan itu kerana pengumuman awal akan mengganggu kelancaran operasi stesen minyak.

Kerajaan menggunakan kaedah pengapungan terkawal harga minyak dan tidak lagi menanggung subsidi sejak Disember tahun lepas lapor Malaysiakini

Rafizi Failkan Saman Terhadap Najib Dan Rosmah

Pandan MP Rafizi Ramli, who is facing defamation suit by Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor for comments related to fuel prices made at a forum, has gone on the offensive.

The PKR secretary-general and Mediarakyat portal owner, Chan Chee Kong, have filed a countersuit against the couple for maliciously attempting to shut them up.

"We feel the defamation suit against Rafizi and Chan is an abuse of process," Rafizi's lawyer Ranjit Singh said.

The two are seeking damages, costs and other relief deemed fit by the court.

The lawyer said they also informed High Court judge Datuk Noraini Abdul Rahman during a case management today that the defendants intended to make amendments to their defence and counterclaim.

Noriaini ordered defendants to file the amendments by July 8 and the plaintiffs would submit the reply (to their amended defence and counterclaim) on July 22.

Ranjit said Noraii has fixed another case management on August 5.

The Malaysian Insider on June 5 reported that Rafizi in his defence to the defamation suit said the remarks against Najib and Rosmah were made in jest.

"Those particular words uttered must be understood in the right context. It did not amount to defamation," he said in documents sighted by The Malaysian Insider.

Rafizi said rising fuel prices would allow Rosmah to buy more diamond rings.

Rafizi is also relying on the defence of fair comment and qualified privilege to have the suit dismissed.

The suit against Rafizi was filed at the Kuala Lumpur High Court registry on March 16 by Messrs Hafarizam Wan & Aisha Mubarak, the solicitors for Najib and Rosmah.

Also named as defendant in the suit is Chan.

In their statement of claim, the couple said Rafizi had uttered defamatory remarks relating to rising fuel prices at a forum in Bandar Tun Razak on November 22, 2014.

Najib and Rosmah said Rafizi's speech in a video titled "Kenapa kita pertahan subsidi minyak" (Why we defend petrol subsidies) was recorded by Mediarakyat, and Chan or his assistants uploaded it on YouTube for the world at large to have access.

The video is also on Rafizi's Facebook page.

Najib and Rosmah said Rafizi's speech in the video was clearly intended to defame them.

They said Chan also failed to subscribe to the principles of responsible journalism for his failure to verify the allegation before the video was made available for public consumption.

“The defendants knew that any publication will bring irreparable damage to us and lower our reputation in the minds of the public," the statement of claim said.

Najib and Rosmah are demanding damages deemed fit by the court and a public apology to be published in newspapers and magazines.

They are also demanding that Chan remove the video from YouTube, Mediarakyat and Facebook. – tmi

What WILL break the camel’s back?

Scandal after scandal but still the ruling party and its leaders continue to hold control over us. What make Malaysians wake up to the rot that is now all around them?

Last week saw the Mara Dudley House corruption story break in Melbourne and the arrest of Xavier Justo Andre in Bangkok. As in all things Malaysian, however tenuous and fragile the link, all things lead back to the Prime Minister Najib Razak – and rightly so.

The troubles that beset Najib’s administration are self inflicted. They are not caused by Dr Mahathir Mohamad, Anwar Ibrahim, not by Lim Kit Siang or by Hadi Awang. Nor were the Chinese or the Christians responsible.

The state of the global economy can be labelled a contributing factor only because in good times corruption and bad governance by inept politicians can be ignored or simply papered over as the rakyat’s attention can be distracted by the feel good spending by the government on projects that seemingly benefit the public.

But at a time when money is a premium and the lack of it is already being felt by those most in need of it – the millions being lost through capers such as the Mara Dudley House purchase and the 1MDB stretches the ability of the rakyat to tolerate anymore what Barisan Nasional is doing in the name of government.

The question is without doubt more pressing when the ailing opposition Pakatan Rakyat is in no position to offer a credible alternative.

Pakatan by the admission of its component parties has ceased to exist and like Najib, Umno and BN, the woes of Pakatan’s are also self inflicted.

So wither goes our future?

Millions of Malaysian have left Malaysia for Europe, the UK, Canada, Australia – anywhere they are needed, wanted and welcomed.

One would indeed be a glutton for punishment if one chooses to stay in a Malaysia that prosecutes, persecutes and punishes one for their skin colour, spiritual beliefs or the lack of it and for one’s political leanings.

Even as Malaysia loses these migrants that they really cannot afford to lose, those that are left behind have to deal with a government in denial of good governance, in denial of being accountable and responsible to the people for what it does in the name of governance.

And a government in denial of its inability to hold on to political power by the day.

But to whom will this BN government lose political power to? Certainly not to Pakatan for it no longer exists!

And so by default BN is still the political entity that we have to work with. This reality gives Umno time to work itself out of what would be an untenable situation if only there is a viable opposition.

Hence we see no sense of urgency on Umno’s part to understand the aspiration of the rakyat for good governance and for it to seek another leader in place of Najib.

If you think this is only an Umno’s and BN’s problem, perish that thought. The Malaysian public is also faced with the same dilemma.

A new Pakatan

By the day we see DAP emerging as the most credible amongst those in opposition. Their stature grows with every credible Malay that declares himself to be with DAP.

And it is so simply because there really is no other party for these credible Malays to join other than DAP. But that does not make DAP a better political party. Like Umno, DAP is where it is now by default.

Again the rakyat gets shafted by political entities that have become what they are by default and not by making themselves into the image of the political entities that the rakyat aspire to.

Maybe DAP tries harder than Umno at being what the rakyat wants them to be but trying is not enough. DAP must succeed.

In fact what we all want is for DAP, PKR and whatever elements of PAS that are still left within the old Pakatan Rakyat coalition – all of them must now only be a new Pakatan Rakyat.

A single political entity in opposition that will be the focus of the opposition critical mass within our people – to coalesce and be organised into and be that viable opposition that Pakatan has strived to be but never achieved.

At best an impossible task to achieve given that race and religion already divides our people and at worse it would result in the formation of a new Pakatan so fractious in its composition and so divided in its focus that it would never be able to be that credible opposition to face Umno and BN.

Damn if we do. Damn if we don’t.

I wonder what will eventually be the straw that will break the camels back and make Malaysians wake up to the rot that is now all around them.

Hussein Hamid is blogger steadyaku47 and has been blogging since 2009. He writes on all things social and political in Malaysia. He resides in Melbourne and maintains contact with acquaintances in Malaysia to keep abreast of developments.

Dakwaan RM 27juta Skandal Terbaru Melibatkan MARA di Ostolia

Mara Didakwa Beli Satu Lagi Hartanah Di Melbourne RM27 Juta Lebih Mahal

Badan bukan kerajaan (NGO), National Oversight and Whistleblowers (NOW) mendakwa satu lagi hartanah, 333 Exhibition Street dibeli Majlis Amanah Rakyat (Mara) pada harga RM27 juta lebih mahal.

Pembelian hartanah itu pada harga AU$31 juta atau RM99.2 juta itu dibuat menerusi anak syarikat Mara iaitu Mara Inc.

Pengarah Eksekutif NOW, Rafizi Ramli yang mendedahkan perkara itu pada Selasa berkata, ia berdasarkan dokumen dalaman pada sesi taklimat 20 Mei 2014 mengenai pelaburan Mara Inc dan maklumat laman web dana hartanah, Quintessential Equity yang melaporkan urus niaga penjualan bangunan berkenaan.

Katanya, dokumen berkenaan turut diberikan kepada Pengerusi Mara, Tan Sri Annuar Musa ketika lawatannya ke Australia.

Rafizi yang juga Naib Presiden Parti Keadilan Rakyat (PKR) berkata, bangunan itu dijual kepada satu syarikat yang tidak dinamakan pada harga AU$22 juta pada Oktober 2012.

"Lebih kurang enam bulan selepas itu pada Mac 2013, Mara Inc membeli bangunan ini pada harga AU$31 juta (RM99.2 juta) iaitu AU$9 juta atau RM27 juta lebih mahal dari harga yang dibeli daripada Quintessential Equity.

"Kenapa Majlis Mara Inc membeli 333 Exhibition Street yang harganya RM27 juta lebih mahal dari harga pasaran? Dari syarikat mana dan siapa Mara Inc membeli bangunan ini," soalnya pada sidang media di pejabat NOW di sini, Selasa.

Mara baru-baru ini mencetuskan kontroversi berikutan dakwaan pembelian hartanah Dudley International House pada harga lebih tinggi iaitu daripada AU$17.8 juta kepada AU$22.5 juta (RM65.3 juta).

Rafizi yang juga Ahli Parlimen Pandan berkata, ini jelas menbuktikan bahawa pembelian 333 Exhibition Street melibatkan kaedah yang sama dengan pembelian Dudley House.

"Jika Dudley House terlebih bayar sebanyak AU$4.75 juta (RM13.8 juta) maka harga yang dibayar oleh Mara Inc untuk 333 Exhibition Street adalah jauh lebih tinggi," katanya.

Setiausaha Agung PKR itu berkata, berdasarkan dokumen dalaman itu, kadar pulangan sewa hartanah berkenaan ialah 6.2 peratus, manakala kadar pulangan purata ketika hartanah itu dibeli adalah antara 6.5 peratus hingga tujuh peratus.

Sehubungan itu, Rafizi mempersoalkan mengapa Majlis Mara meluluskan hartanah yang kadar pulangannya lebih rendah dari kadar pulangan purata di Melbourne.

"Kenapa Tan Sri Annuar Musa tidak menyemak prestasi kadar pulangan hartanah ini seawal Jun 2013 apabila beliau mengambil alih Mara kerana hartanah ini memberi kadar pulangan di bawah kadar purata?

"NOW yakin bukti-bukti ini menunjukkan wujudnya unsur pecah amanah (CBT) dalam pembelian ini walaupun PDRM (Polis Diraja Malaysia) telah menafikan perkara ini," dakwanya sambil menggesa Annuar memberi penjelasan sewajarnya berhubung pendedahan tersebut.

Pada Isnin, Ketua Polis Negara, Tan Sri Khalid Abu Bakar dilaporkan sebagai berkata, pihak polis menolak adanya unsur CBT dalam kes pembelian hartanah oleh Mara di Melbourne, Australia.

Khalid yang merujuk kepada Dudley House bagaimanapun berkata, polis tidak terlibat dalam siasatan kes ini kerana ia dilakukan Suruhanjaya Pencegahan Rasuah Malaysia (SPRM).

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