- Increase in petrol price by 78 sen.The Govt saved RM13.8 Billion in subsidy because of this increased.If we have the US $122 Billion,it is not a problem for us to cover the RM 13.8 Billion especially when we are a net exporter of oil.
- Cancellation of many major projects like the Penang Outer Ring Road.
- Today announcement where the govt order EPF to loan RM5 Billion to Valuecap,an investment vehicle to buy shares in Bursa Malaysia.
Tuesday, October 21, 2008
According to Bank Negara,the foreign reserves of Malaysia as at 31st august 2008 is US$122,580.8 Billion.If Malaysia really have this amount of reserves ,we will not be hit by a recession as this money can be use wisely to prop up and insulate the economy from the world recession.If you ask any business people,they will tell you that the economy is in deep slowdown with decrease in export especially palm oil and foreign investors withdrawing from Malaysia resulting a very weak stock and property market.With the reserves mentioned,the Govt can carry out beneficial infrastruture projects like widening the LRT.With the help of the MULTIPLIER effect,the money spend on infrastructure projects will help the economy to grow and prevent a recession in Malaysia.Unfortunately,We do not have the above amount as proven by the followings events and announcements.
Monday, October 20, 2008
Temasek,the investment arm of Singapore failed in 2 big investment totalling US10B that is US$ 5 Billion each in Citigroup and UBS Switzerland.Since both of this investment is bad,Temasek need a SUCKER to rescue itself from financial turmoil. That SUCKER is MAYBANK.Even though the world is in financial crisis,Maybank still insist of concluding the deal with Temasek and Kookmin Bank Korea to buy BII Indonesia at a price of Rupiah 510 when the stock market price is around 170 Rupiah. The reason Maybank buy BII is because Maybank and the Govt of Malalaysia were under the influence of a FORMER MINISTER OF FINANCE OF MALAYSIA to do this deal.This deal is done to return a favour to the Govt of Singapore for helping in the stopping of Dr Mahathir to stay as PM.This is where a big sump was loan by Singapore to the people in power to bribe all the ministers to support the current leadership and to prevent Old man M (who was contemplating to reverse his decision to retire)from staying as PM.The person who do all this arrangement is the former finance minister who was also a former major shareholder of Sorak which sold BII to Maybank.This deal is done at the expense of Malaysian taxpayers as the majority shareholders of Maybank is Khazanah Nasional,ASN and EPF.Thus, the attitude of the current leadership is same and we need to change the govt who have always mislead the RAKYAT.(Before this deal Temasek and Kookmin own Sorak).