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Taking into account 1MDB’s debts, what’s the figure like for 2016? |
1Malaysia Development Berhad (1MDB) Prime Minister Najib Razak says his government is open to Khazanah Nasional Bhd selling its stake in Silterra Malaysia Sdn Bhd to foreign investors but only at the right price.
Just how much of the country’s assets have been sold to foreigners, especially to China?
Malaysia’s national news agency Bernama, reporting from Berlin, said the government’s strategic investment arm has a 98 per cent stake in the chip foundry.
No News Is Bad News visitors and readers should read this earlier posting for context: http://victorlim2016.blogspot.my/2016/09/with-1mdb-in-financial-coma-its-time-to.html
1MDB is also reported to have sold to China its IPPs for US$10 billion (RM40 billion), incurring a US$2 billion (RM8 billion loss).
China is also reported to have bought US$4 billion worth of land in Johor, Railway Double Tracking for several US$ billions and Bakun Dam for US$10 billion?
China companies are now believed to be the biggest landowners in Johor’s Iskandar!
Lets also not forget our territorial interests in the South China Sea which the Umno-led Barisan Nasional (BN) federal government has remained suspiciously mum. (Read this for context: http://victorlim2016.blogspot.my/2016/08/malaysia-unusually-meek-over-spratly.html and http://victorlim2016.blogspot.my/2016/09/cina-babi-chinese-pigs-education-not.html)
Why then are the racial and religious bigots so quiet over such mega sales of the country’s assets to a race they openly and freely label as Cina Babi (Chinese Pigs), Balik Tongsan (Go Back To China)?
Where are the champions of Ketuanan Melayu (Malay Supremacy) Umno? Have they lost their tongues?
Malaysians! You better be prepared for the worse that is yet to come. With Malaysia’s fast rising federal debt, possibly surpassing RM1 trillion, the economic hard times have yet to peak.
When a government needs to sell its assets and is unable to complete infrastructure and social projects, the time has come for Malaysians to really tighten their belts.
Like what fellow blogger steadyaku-steadyaku-husseinhamid.blogspot.my posted saying this picture is worth a thousand words:
While Najib is trying to sell Silterra to foreign investors, the World Trade Organisation (WTO) expects the slowest trade growth in 2016 since the financial crisis.
World trade will grow more slowly than expected in 2016, expanding by just 1.7%, well below the April forecast of 2.8%, according to the latest WTO estimates.
And, Bank Negara Malaysia (BNM) continues to paint a rosy picture for Malaysians and the country while Najib continues to sell national assets to bailout the alleged money-laundering-tainted cash-strapped 1MDB.
BNM, please stop insulting the intelligence of Malaysians. You are fooling no one. It is just plain common sense to conclude that if all are rosy, why the need to sell national assets? Why is the Ringgit not strengthening?
Read the following three news reports for the details:
"CASH-STRAPPED NAJIB REGIME NOW EYES SELLING SILTERRA TO FOREIGN INVESTORS
Politics | September 29, 2016 by | 0 Comments
BERLIN – The Malaysian government is open to Khazanah Nasional Bhd selling its stake in Silterra Malaysia Sdn Bhd to foreign investors but only at the right price, Prime Minister Datuk Seri Najib Tun Razak said Thursday.
The government’s strategic investment arm has a 98 per cent stake in the chip foundry. Talk of selling either a stake or the entire company has been around since 2008.
Najib, who is also Finance Minister, said attempts to encourage local companies to buy the stake in Silterra have not been fruitful.
“We have given every opportunity to the local partners or local players to try to take over Silterra but they have not been able to come up with the necessary resources to do so. Now we are open to foreign companies,” he told Malaysian media at the end of his three-day official visit to Germany.
“But it is not going to be at any price. It is going to be a price that is acceptable to us and ensure that Silterra’s operations will benefit Malaysia as well,” he said when asked if German wafer fab company X-Fab Silicon Foundries has offered any proposal for the stake.
Najib, who had a bilateral meeting with X-Fab Chief Executive Officer Rudi De Winter during his visit here, neither confirmed nor denied such a proposal.
X-Fab owns a 65 per cent stake in X-Fab Sarawak Sdn Bhd, with the remaining 35 per cent held by the Sarawak state government.
– Bernama"
"WTO expects slowest trade growth in 2016 since financial crisis
(Xinhua)Updated: 2016-09-28 10:01
GENEVA - World trade will grow more slowly than expected in 2016, expanding by just 1.7percent, well below the April forecast of 2.8 percent, according to the latest WTO estimatespublished on Tuesday.
With expected global GDP growth of 2.2 percent in 2016, this year would mark the slowestpace of trade and output growth since the financial crisis of 2009.
The downgrade follows a sharper than expected decline in merchandise trade volumes in thefirst quarter and a smaller than anticipated rebound in the second quarter.
The contraction was driven by slowing GDP and trade growth in developing economies suchas China and Brazil but also in North America, which had the strongest import growth of anyregion in 2014-15 but has decelerated since then.
"The dramatic slowing of trade growth is serious and should serve as a wake-up call. It isparticularly concerning in the context of growing anti-globalization sentiment," said WTODirector-General Roberto Azevedo.
"We need to make sure that this does not translate into misguided policies that could makethe situation much worse, not only from the perspective of trade but also for job creation andeconomic growth and development which are so closely linked to an open trading system,"said Azevedo.
WTO predicted that trade may be picking up in the second half of 2016, although the pace ofexpansion is likely to remain subdued.
The forecast for 2017 has also been revised, with trade now expected to grow between 1.8percent and 3.1 percent, down from 3.6 percent previously.
WTO said its outlook for the remainder of this year and next year is affected by a number ofuncertainties, including financial volatility stemming from changes in monetary policy indeveloped countries, the possibility that growing anti-trade rhetoric will increasingly bereflected in trade policy, and the potential effects of the Brexit vote in Britain, which hasincreased uncertainty about future trading arrangements in Europe, a region where tradegrowth has been relatively strong."
"Bank Negara has RM392.5 billion in international reserves
FMT Reporters
| September 23, 2016
BNM says reserves position sufficient to finance 8.1 months of retained imports and is 1.2 times the short-term external debt.
KUALA LUMPUR: Bank Negara Malaysia’s (BNM) international reserves amounted to RM392.5 billion (equivalent to US$97.7 billion) as at Sept 15, 2016.In a statement today, BNM said the reserves position was sufficient to finance 8.1 months of retained imports and is 1.2 times the short-term external debt.
The main components of the international reserves were foreign currency reserves (US$89.7 billion), International Monetary Fund reserves (US$0.8 billion), Special Drawing Rights (SDRs) (US$1.1 billion), gold (US$1.5 billion); and other reserve assets (US$4.6 billion).
Meanwhile, its total assets stand at RM411.166 billion.
The central bank’s assets included gold and foreign exchange and other reserves including SDRs (RM392.490 billion), Malaysian government papers (RM1.643 billion), deposits with financial institutions (RM1.510 billion), loans and advances (RM7.605 billion), land and buildings (RM2.114 billion), and other assets (RM5.804 billion).
Its liabilities comprised of paid-up capital (RM100 million), reserves (RM110.204 billion), currency in circulation (RM92.118 billion), deposits by financial institutions (RM165.513 billion), deposits by the Federal Government (RM10.576 billion), other deposits (RM1.026 billion), Bank Negara papers (RM10.665 billion), allocation of SDR (RM7.522 billion), and other liabilities (RM13.443 billion)."
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