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Not enough debts for Malaysians to carry? |
Really, when is Malaysia going to stop borrowing to check or bring down its federal debt level?
1Malaysia Development Berhad (1MDB) Malaysia’s debt is already more than RM800 billion, with suspicions that it has actually surpassed the RM1 trillion mark.
Now, does it make any sense that the cash rich Employees Provident Fund (EPF), with non-stop monthly contributions from private sector employees, need to borrow RM1.28 billion?
Truly, for what? To “protect against forex risks’? What’s that? Now, is the EPF into currency speculation (read taking gambling risks)?
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| These debt burden not enough for Malaysians to shoulder? |
"EPF SHOCKER – IS NAJIB USING EPF’S GOOD NAME TO BORROW MONEY? CASH-RICH, YET PENSION FUND WANTS RM1.28 BIL LOAN TO ‘PROTECT AGAINST FOREX RISKS’
Business, Politics | October 21, 2016 by | 0 Comments
PETALING JAYA – The Employees Provident Fund (EPF) said yesterday it is taking, through its subsidiary Kwasa Global, RM1.28 billion in offshore financing to refinance assets in the United Kingdom.
In a statement, the EPF said the move is to help protect against volatilities in foreign currency and exchange rates.
The statement was released with regard to a message on a RM12 billion loan purportedly taken by the EPF from two lenders, namely Standard Chartered and DBS, being circulated on WhatsApp.
The EPF said in its statement that offshore financing reduces the foreign currency exposure of the global real estate investment and, therefore, is part of investment best practice. The deal is being undertaken through its subsidiary Kwasa Global and is still under negotiation, it added.
All investment decisions made by the EPF are in accordance with its risk-return profile, in line with ensuring that members’ retirement savings are safe and well managed, it said.
– Sundaily/Malaysia Chronicle”
“EXPECT POLITICAL TURMOIL: MASS DEFECTIONS, SNAP STATE POLLS IMMINENT AS NAJIB RAMS IN SEATS BOUNDARY RE-DRAW TO REGAIN UPPERHAND
Politics | October 21, 2016 by | 0 Comments
A planned redraw of Malaysia’s electoral map amid the prospect of an early election is leading some in Prime Minister Najib Razak’s coalition to suggest it could yet regain a long cherished two-thirds majority in parliament.
Opposition politicians are also speaking about the possibility the United Malays National Organisation-led Barisan Nasional (BN) coalition, in power since independence in 1957, could recoup the leverage in parliament it lost two elections ago. Achieving that would further cement Najib’s grip on his party and the leadership, and provide him with space to embark on more economic reforms.
“Two-thirds majority is the ultimate aim of Barisan Nasional in the coming general election after failing for two terms,” said Dominic Lau Hoe Chai, a vice president of the Gerakan party, which is part of BN and whose members are mostly ethnic Chinese.
“As long as the component parties are united and the opposition continues to split, then it’s possible.”
Having weathered more than a year of international scandals over political funding, Najib is set on Friday to unveil an annual budget that some analysts predict could be a harbinger of polls in early 2017. He has retained broad support among ethnic Malays at home.
REDRAW OBJECTIONS
For an already-fractured opposition, the biggest concern now is how new district boundaries might impact such a vote. Their parties are among those who filed more than 800 objections in the past month against the Election Commission’s proposed redraw, saying it will benefit Umno.
Just a year ago Najib was battling accusations – which he has repeatedly denied – that hundreds of millions of dollars put into his personal bank accounts before the last election came from a troubled state fund. Back then, the prospect of Najib being strong enough to consider a snap poll, let alone have a two-thirds majority in his sights, appeared doubtful.
Najib’s coalition is 16 seats shy now of that milestone, which would allow his alliance to amend the constitution unopposed.
The Election Commission’s redraw – the first since 2003 – has meant substantial changes in voter composition along ethnic lines in some districts, according to data compiled by the opposition Democratic Action Party.
Even some BN component parties have expressed concern over the adjustments to some electorates.”Najib is hoping for a big win in the next general election,” said James Chin, director of the Asia Institute at the University of Tasmania. “I predict if the current boundaries are approved, BN will be heading for big victory.”
ELECTION TIMING
The commission, which reports to the Prime Minister’s Department, has said there was no favoritism in its process. The minister for that department, Azalina Othman Said, said Tuesday that objections from within BN and some state governments showed the commission had not acted in a one-sided fashion.
Malaysians are due to head to the polls around the middle of 2018, but some senior Umno officials told Bloomberg News last month a vote could come as soon as March. Najib has been quick to deny media reports that cited him as ruling out an early election.
There are reasons for Najib to go early, including an opposition that has struggled this year in by-elections and a state poll amid infighting and policy differences.
Some BN parties are already naming candidates, even as opposition groups argue about whether to avoid running multiple contenders in the same seat.
Having tried to weaken Najib with attacks over the finances of state fund 1Malaysia Development Bhd, at least one opposition politician is now advising his counterparts to focus on bread-and-butter issues for voters and opposing the boundary redraw.
“Don’t worry too much about 1MDB,” Rafizi Ramli, vice president of the Parti Keadilan Rakyat told about 500 people at a forum this month. “We had fun making fun of Najib, but it’s not going to change much unless that translates into action on the ground.”
Should parliament approve the new boundaries it’s “not beyond the realms of possibility” that BN could get a two-thirds majority, said Tony Pua, a lawmaker with the DAP.
Maria Chin Abdullah, chairwoman of the Coalition for Clean and Fair Elections, told foreign media this month there is a “high possibility” that margin could be achieved if the redraw goes through.
Najib needs a strong win under his belt. Even as senior figures publicly pledge support, some still privately express concern he will become a liability amid an image dented by scandal and as consumer sentiment languishes below the level of optimism.
A divisional leader in a northern state, who asked not to be identified given the risk of retaliation, said Umno’s chances in the election were less rosy than they appeared.
“Two-thirds majority is not something that is achievable, it will have to be a simple majority,” he said. “You can change the electoral boundaries, but if you cannot change the minds of the people in and outside of Umno, what is the point?”
The government will probably use the budget to ease voter worries amid a slowing economy. Najib may announce an increase in cash handouts – now given to one in four citizens – and unveil steps to provide more affordable housing.
“This is an important budget for the Malaysian market,” said Gan Eng Peng, head of equity strategies and advisory at Affin Hwang Asset Management. “If the budget is overly people friendly and expansionary, the market will read it as the government laying the groundwork for an election.”– BLOOMBERG/Malaysia Chronicle"
"‘INI KALI-LAH’ & ‘UBAH’ MAHATHIR-STYLE: THE MOMENT NAJIB DISSOLVES PARLIAMENT, EXPECT KEY UMNO DIVISIONS TO TAKE DOWN THEIR SIGNBOARDS & SWITCH TO BERSATU OVERNIGHT
Politics | October 21, 2016 by | 0 Comments
There were some WhatsApp messages widely circulating last month urging the public to register themselves as voters. The messages came in different versions but their content was largely identical: “Please inform people above the age of 21 to register as new voters before September 15, or they won’t be able to vote in the general elections next year.”
Statistics show that some 4.7 million people eligible to register as voters have yet to do so. These are the people the opposition is trying to woo, with the hope they will help bring down BN in the next GE.
The messages were forwarded by many recipients, and I received such messages in at least ten different groups.
The first parliamentary meeting after the 13th GE was held on June 24, 2013, and it won’t be five years before June 23, 2018. By right, PM Najib still has about one and a half years to prepare for the elections, but the opposition generally believes Najib will not dissolve the Parliament in the last minute and it is very likely for the elections to be held during the first half of next year.
Politicians are already preparing for the big day, and there is no let-up in the opposition’s effort to humiliate the ruling coalition, especially over the 1MDB and political donation issues.
Although the last GE failed to bring on the much anticipated change in federal government, DAP is still hopeful of its “Ubah” ambition.
The 1MDB scandal has apparently energized the opposition camp. As if that’s not enough, they now have a Tun Mahathir on their side out of the blue, a veteran who has vowed to see the fall of Najib before he breathes his last breath.
With a common goal now falling into place, things won’t get much more complicated now. All the unhappy past can be brushed aside for the time being. The “Save Malaysia” declaration was signed, and an alliance established.
Of late, Mahathir has been talking nothing much other than “1MDB” and “political donations”. If you think that’s all he can do now, you couldn’t be more wrong. The former PM still wields some influences in rural Malaysia. During a recent visit to a Felda settlement in Bera district, over a thousand lent their ears to him analyzing the country’s political situation.
A political observer has told me not to underestimate Tun M. The moment Najib announces to dissolve the Parliament, some of the Umno divisions might just take down the party signs overnight and replace them with those of Bersatu.
That being said, it is yet to be seen whether Tun M could succeed in getting the opposition camp to take on BN one-on-one in the coming GE. The current picture couldn’t be more intricate and convoluted. While PAS is collaborating with PKR, the party is a sworn enemy of both DAP and Amanah.
As the common leader of Pakatan Harapan components, Anwar Ibrahim will be the natural choice for PM if the opposition takes over Putrajaya, but Mahathir would pick Muhyiddin Yassin for that post. Before a change in federal administration could be realized, perhaps the opposition camp should first fix this disagreement internally.
On the other side of the great divide, Umno is not any better. In addition to the haunting scandals of 1MDB and political donations, the havoc created by the Red Shirts and PAS’ upcoming private bill on hudud are all putting Umno leaders’ wisdom to test.
Umno has over and again denied that the Jamal-led Red Shirts is a fringe organization of the party, although Jamal himself is the chairman of Sungai Besar Umno division, and the Red Shirts have repeatedly disrupted the Bersih convoy in an apparent attempt to safeguard Umno’s interests. MCA and Gerakan, meanwhile, have drawn a clear line between themselves and the Red shirts, and have slammed their hooliganism.
It was a major setback on the part of the government for allowing the Red Shirts to take to the streets on Malaysia Day last year. Businesses in KL’s Chinatown were forced to close for safety reasons, but even that did not stop the Red Shirts from storming Petaling Street, forcing the police to resort to water cannons to disperse the mob.
Weirdly, the behavior of Red Shirts will do nothing to restore Umno’s bruised image but will instead turn away some Malay voters. Yet, Umno opts to keep mum over the whole thing.
PAS’ private bill on hudud is now placed seventh on the Parliament’s order paper, and we all hope Umno will not give it a nod like last time.
DPM Ahmad Zahid has said it is up to party president to decide whether Umno MPs will or will not back Hadi Awang’s private bill.
So, now it’s time to put Najib’s wisdom to a real litmus test.
– Mysinchew/Malaysia Chronicle"
"RUMORS FOR NOW, REALITY VERY SOON? ‘JOHOR UMNO’ ASSEMBLYMEN DEFECTING IS NOT TRUE – PARTY OFFICIAL
Politics | October 21, 2016 by | 0 Comments
JOHOR BAHRU – Johor UMNO on Monday urged the people against believing rumours that several more assemblyman from the party will leave to join the opposition.
State UMNO Liaison Secretary Datuk Md Jais Sarday said that based on a review carried out by him, there was no longer such a claim.
“We have reviewed, in fact we have also met with some of them (who were claimed to be defecting) and it was found that there was no such defection.
“So, this is more a provocative statement from them (opposition) who want to confuse the people’s mind,” he told reporters after the launching of the Sixth Edition of the Under-21 International Hockey Championship for the Sultan of Johor Cup, here.
Md Jais, who is also Chairman of the State Education, Information, Entrepreneur and Cooperative Development Committee, said this when commenting on the opposition’s claim today that at least two more UMNO assemblymen were purportedly leaving the party.
On Oct 12, Johor PKR deputy chairman Jimmy Puah was reported as saying that two more elected representatives were expected to leave the party and they were said to be ‘friendly’ with Tan Sri Muhyiddin Yassin who is now leading Parti Pribumi Bersatu Malaysia.– Bernama"
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