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| Do/Can the majority of Malaysians see the larger picture of their country's socio-economic concerns? |
For first time No News Is Bad News visitors, please read this http://victorlim2016.blogspot.my/2016/08/has-malaysias-federal-debt-surpassed.html Aug 23, 2016, posting diligently and digest the facts for context.
Then, follow-up with this latest “revival” of discussions and reports in the social media on concerns of Malaysia’s mounting federal debt.
Following the Aug 23, 2016, blog post titled “Has Malaysia’s federal debt surpassed RM1 trillion?”, we hate to say this but, “we told you so” about the valid concerns raised.
Today (Aug 26, 2016), online news portal Free Malaysia Today (FMT) posted news based on a Nikkei Asian Review (NAR) report that Maybank’s Q2 net profit is down 27%!
Maybank is Malaysia’s largest commercial bank by market cap and is widely used by the Barisan Nasional (BN) federal government.
And, according to blogger OutSyed The Box, a leaked list of Maybank closing down 27 out of its 400 branches nationwide has surfaced.
Other than Maybank, there had also been other recent businesses affecting employment, and that too the majority are Malays.
Whatever happened to such corporate companies’ proud motto of “doing national service” by continuing to provide employment?
Reproduced below is the FMT news on Maybank:
"Maybank’s Q2 net profit down 27%
FMT Reporters
| August 26, 2016
Maybank says it will assist customers to restructure debts to prevent non-performance.
KUALA LUMPUR: Malayan Banking’s net profit declined 27 per cent to RM1.16 billion ringgit during the April-June period as provisions for bad loans jumped more than threefold to RM981 million.
Net operating income, however, grew 9 per cent to RM5.34 billion, aided by growth in the retail and investment banking businesses, according to a Nikkei Asian Review (NAR) report.
Part of the reason for the jump in loan impairments was the bank’s “proactive” measures to restructure and reschedule loan repayments due to the weaker economic outlook, it said.
However, such measures are still considered under the “impaired” category by a new regulatory framework that was put in place in April 2015.
Maybank said it would continue to “proactively” assist customers to restructure debts when necessary to prevent non-performance. The bad-loan ratio grew to 1.32 per cent, compared with 1.04 per cent a year ago, NAR reported.
Maybank said its loan growth at its Malaysian operation would slow to 6-7 per cent in 2016 from last year’s 7-8 per cent, due to the downward trend in household borrowing. But it is sticking to the yearly target of 8-9 per cent for the group.
“We will not rule out another 25 basis point cut in the overnight policy rate this year,” Abdul Farid Alia, Maybank’s group president and chief executive, was quoted as saying during a press conference.
Maybank said while the monetary easing may drive up demand for credit, it may also impact interest income, according to the NAR report.In the first half of the year, the bank’s net profit fell 21 per cent to RM2.6 billion on net operating income of RM10.7 billion."
And this is online news portal Malaysia Chronicle’s reproduction of OutSyed The Box two blog posts:
"Friday, 26 August 2016 23:59
HOW WILL NAJIB BLAME THIS ON THE CHINESE: MAYBANK TO CLOSE 27 BRANCHES - LAYOFFS MOSTLY MALAYS
Written by OutSyed The Box
Maybank Closing 27 Branches (7% of Branches), Abolish The GST Lah Dunggu, Melayu Miskin Dulu
This is from the Rakyat Post here : http://www.therakyatpost.com/business/2016/08/25/maybank-closing-branches-with-low-demand/
Maybank closing branches with low demand
KUALA LUMPUR, 25 Aug 2016:
branches shut down if demand lower-than-expected
leaked list of Maybank closing down 27 branches
Msia’s largest bank by market cap, 400 branches nationwide
pretax profit slipped 26.5% to RM1.58b for 2nd qtr ended June
six months pretax profit declined to RM3.51b
overhead expenses increased by RM205.1 million
My comments : 27 out of 400 branches represents 7% of total branches.
Maybank is another GLC bank that is a heavy employer of Malays.
Hello morons, so what does this mean?
It means about another 270 people have become economically unsustainable in their jobs (assuming a branch has 10 employees).
It means 27 branch managers, assistant branch managers, bank officers, bank tellers, bank clerks, office boys, security guards etc will also be laid off or redeployed elsewhere (also unsustainably). And my guess is the majority of these will be Malays as well. Melayu miskin dulu.
So Maybank has lost income from 27 bank branches. This time it is not just the oil prices or the weak economic sentiment around the world.
Its that stupid GST taxes.
The GST is killing the economy.
The Budget is coming around again. Just abolish the GST.
Here is a face savng device - just say the GST will be postponed for FIVE years. We will relook the GST after another FIVE years.
The economy is dying. Just remember this - Melayu misin dulu. Abolish the GST.
- http://syedsoutsidethebox.blogspot.my/
Friday, 26 August 2016 23:59
MALAYS THE FIRST TO BE 'KILLED' BY NAJIB'S ECONOMIC DISASTER? NATIONAL DEBT HITS RM600 BIL & COUNTING...
National Debt RM600 billion !! Malay economy just grinding to a halt.
Ok this is the update to that Chicken Little post. The gomen sector is indeed grinding down to a halt. The Malay economy is dying as well. Yesterday I attended another meeting with Tun Dr Mahathir.
Dr Mahathir said that national debt has exceeded RM600 billion.
Then I got home and saw the following in the email (thank you). Its a national debt clock that shows the Malaysian national debt exceeding RM600 billion.
Please click on the link. http://www.nationaldebtclocks.org/debtclock/malaysia
Here is a screenshot
Please note that the national debt is 58% of the country's GDP. What does this mean? Say you are earning RM5000. Half of that goes towards paying debt. You only have half your salary left over to pay for the other bills. What if your monthly income is RM2000?
Some people do not believe the economy (especially the Malay economy) is in deep shit. Here is more new. This is from yesterday 24th Aug, 2016 :
Tesco is cutting 600 jobs in Malaysia. These are mostly low level jobs ok, plenty of Malays employed by Tesco.
And here is news about Utusan Meloya not being able to pay their salaries to their staff in July 2016.
Other than Maybank, there had also been other recent businesses affecting employment, and that too the majority are Malays.
Whatever happened to such corporate companies’ proud motto of “doing national service” by continuing to provide employment?
Reproduced below is the FMT news on Maybank:
"Maybank’s Q2 net profit down 27%
FMT Reporters
| August 26, 2016
Maybank says it will assist customers to restructure debts to prevent non-performance.
KUALA LUMPUR: Malayan Banking’s net profit declined 27 per cent to RM1.16 billion ringgit during the April-June period as provisions for bad loans jumped more than threefold to RM981 million.
Net operating income, however, grew 9 per cent to RM5.34 billion, aided by growth in the retail and investment banking businesses, according to a Nikkei Asian Review (NAR) report.
Part of the reason for the jump in loan impairments was the bank’s “proactive” measures to restructure and reschedule loan repayments due to the weaker economic outlook, it said.
However, such measures are still considered under the “impaired” category by a new regulatory framework that was put in place in April 2015.
Maybank said it would continue to “proactively” assist customers to restructure debts when necessary to prevent non-performance. The bad-loan ratio grew to 1.32 per cent, compared with 1.04 per cent a year ago, NAR reported.
Maybank said its loan growth at its Malaysian operation would slow to 6-7 per cent in 2016 from last year’s 7-8 per cent, due to the downward trend in household borrowing. But it is sticking to the yearly target of 8-9 per cent for the group.
“We will not rule out another 25 basis point cut in the overnight policy rate this year,” Abdul Farid Alia, Maybank’s group president and chief executive, was quoted as saying during a press conference.
Maybank said while the monetary easing may drive up demand for credit, it may also impact interest income, according to the NAR report.In the first half of the year, the bank’s net profit fell 21 per cent to RM2.6 billion on net operating income of RM10.7 billion."
And this is online news portal Malaysia Chronicle’s reproduction of OutSyed The Box two blog posts:
"Friday, 26 August 2016 23:59
HOW WILL NAJIB BLAME THIS ON THE CHINESE: MAYBANK TO CLOSE 27 BRANCHES - LAYOFFS MOSTLY MALAYS
Written by OutSyed The Box
Maybank Closing 27 Branches (7% of Branches), Abolish The GST Lah Dunggu, Melayu Miskin Dulu
This is from the Rakyat Post here : http://www.therakyatpost.com/business/2016/08/25/maybank-closing-branches-with-low-demand/
Maybank closing branches with low demand
KUALA LUMPUR, 25 Aug 2016:
branches shut down if demand lower-than-expected
leaked list of Maybank closing down 27 branches
Msia’s largest bank by market cap, 400 branches nationwide
pretax profit slipped 26.5% to RM1.58b for 2nd qtr ended June
six months pretax profit declined to RM3.51b
overhead expenses increased by RM205.1 million
My comments : 27 out of 400 branches represents 7% of total branches.
Maybank is another GLC bank that is a heavy employer of Malays.
Hello morons, so what does this mean?
It means about another 270 people have become economically unsustainable in their jobs (assuming a branch has 10 employees).
It means 27 branch managers, assistant branch managers, bank officers, bank tellers, bank clerks, office boys, security guards etc will also be laid off or redeployed elsewhere (also unsustainably). And my guess is the majority of these will be Malays as well. Melayu miskin dulu.
So Maybank has lost income from 27 bank branches. This time it is not just the oil prices or the weak economic sentiment around the world.
Its that stupid GST taxes.
The GST is killing the economy.
The Budget is coming around again. Just abolish the GST.
Here is a face savng device - just say the GST will be postponed for FIVE years. We will relook the GST after another FIVE years.
The economy is dying. Just remember this - Melayu misin dulu. Abolish the GST.
- http://syedsoutsidethebox.blogspot.my/
Friday, 26 August 2016 23:59
MALAYS THE FIRST TO BE 'KILLED' BY NAJIB'S ECONOMIC DISASTER? NATIONAL DEBT HITS RM600 BIL & COUNTING...
National Debt RM600 billion !! Malay economy just grinding to a halt.
Ok this is the update to that Chicken Little post. The gomen sector is indeed grinding down to a halt. The Malay economy is dying as well. Yesterday I attended another meeting with Tun Dr Mahathir.
Dr Mahathir said that national debt has exceeded RM600 billion.
Then I got home and saw the following in the email (thank you). Its a national debt clock that shows the Malaysian national debt exceeding RM600 billion.
Please click on the link. http://www.nationaldebtclocks.org/debtclock/malaysia
Here is a screenshot
Please note that the national debt is 58% of the country's GDP. What does this mean? Say you are earning RM5000. Half of that goes towards paying debt. You only have half your salary left over to pay for the other bills. What if your monthly income is RM2000?
Some people do not believe the economy (especially the Malay economy) is in deep shit. Here is more new. This is from yesterday 24th Aug, 2016 :
Tesco is cutting 600 jobs in Malaysia. These are mostly low level jobs ok, plenty of Malays employed by Tesco.
And here is news about Utusan Meloya not being able to pay their salaries to their staff in July 2016.
The Utusan management staff received their salaries first. There was not enough money to pay 300 other junior ranks their salaries for July. (They were finally paid in August). Utusan Meloya has cash flow problems. Info from a former Group Managing Editor of Utusan says that Bugis is pumping RM5 million direct cash injection into Utusan every month. Otherwise Utusan will bungkus. Err these are mostly Malay staff ok.
Petronas has also laid off over 1000 staff since April - once again these are mostly Malays and Sarawakians. So no "high income economy" left in Petronas.
Then Suzuki Bikes has shut down its motorbike assembly plant in Prai that has been operating since 1971 :
It did not say how many staff will lose their jobs but you can rest assured it is mostly Malays and it will be a few hundred people.
SilverBird (Hi5) bread business also closed down just before Hari Raya. 60 staff (majority Malays) were given 24 hour notices :
Hello morons, each time a factory closes down or a thousand people lose their jobs then you multiply their monthly salaries x 1000 and that is how much consumer buying power has disappeared from the economy. 6% of that (GST) has also disappeared. The gomen has lost corporate taxes and GST revenue from all those factroies and businesses that shut down.
The way things are going what if the gomen cannot pay salaries to its Civil Servants? Dont think it is impossible. The morons have already messed things up.
The gomen economy and the related Malay economy is grinding down.
In the midst of all this, did you know that the morons have quietly removed duty free status from Langkawi and Labuan. Tun Dr Mahathir first said this in his blog. I also checked with a friend in Langkawi. I think this has been done to punish Tun Dr Mahathir, Mukhriz (Kedah) and Shafie Apdal (Sabah).
This will kill off Langkawi, especially the Malay economy on that island. My friend says that for now cars above 2000 cc are no more tax exempt in Langkawi. The "duty free shopping" is limited to some shops only. Not to the entire island of Langkawi.
Tourists (especially local tourists) go to Langkawi for the duty free shopping. Once you remove that, then why go to Langkawi? But isnt that largely a Malay economy as well? Ekonomi Melayu yang mati dulu.
Never before in the history of this country has there been such a huge concentration of incompetents, idiots, morons, fools, thieves and cheats running its affairs. - http://syedsoutsidethebox.blogspot.my/"
Until/Unless former International Trade and Industry Deputy Minister Muhkriz Mahathir denies/correct his statement in 2009 that Malaysia’s federal debt then stood at RM800 billion, No News Is Bad News continues to ask the Finance Ministry to reveal the status and level of its debt status.
Has it surpassed RM1 trillion?
Petronas has also laid off over 1000 staff since April - once again these are mostly Malays and Sarawakians. So no "high income economy" left in Petronas.
Then Suzuki Bikes has shut down its motorbike assembly plant in Prai that has been operating since 1971 :
It did not say how many staff will lose their jobs but you can rest assured it is mostly Malays and it will be a few hundred people.
SilverBird (Hi5) bread business also closed down just before Hari Raya. 60 staff (majority Malays) were given 24 hour notices :
Hello morons, each time a factory closes down or a thousand people lose their jobs then you multiply their monthly salaries x 1000 and that is how much consumer buying power has disappeared from the economy. 6% of that (GST) has also disappeared. The gomen has lost corporate taxes and GST revenue from all those factroies and businesses that shut down.
The way things are going what if the gomen cannot pay salaries to its Civil Servants? Dont think it is impossible. The morons have already messed things up.
The gomen economy and the related Malay economy is grinding down.
In the midst of all this, did you know that the morons have quietly removed duty free status from Langkawi and Labuan. Tun Dr Mahathir first said this in his blog. I also checked with a friend in Langkawi. I think this has been done to punish Tun Dr Mahathir, Mukhriz (Kedah) and Shafie Apdal (Sabah).
This will kill off Langkawi, especially the Malay economy on that island. My friend says that for now cars above 2000 cc are no more tax exempt in Langkawi. The "duty free shopping" is limited to some shops only. Not to the entire island of Langkawi.
Tourists (especially local tourists) go to Langkawi for the duty free shopping. Once you remove that, then why go to Langkawi? But isnt that largely a Malay economy as well? Ekonomi Melayu yang mati dulu.
Never before in the history of this country has there been such a huge concentration of incompetents, idiots, morons, fools, thieves and cheats running its affairs. - http://syedsoutsidethebox.blogspot.my/"
Until/Unless former International Trade and Industry Deputy Minister Muhkriz Mahathir denies/correct his statement in 2009 that Malaysia’s federal debt then stood at RM800 billion, No News Is Bad News continues to ask the Finance Ministry to reveal the status and level of its debt status.
Has it surpassed RM1 trillion?
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