I love it when I think of my chinese language education background as I can read from vernacular press...such golden nuggets can never find its way into Utusan Malaysia.......
http://www2.orientaldaily.com.my/read/A1/29Zd0zXs1jNF0oRq0SSo6s960QgM6LDn
他相信民聯州政府會以公平態度看待此事。他表示，單靠政治，不能成功治理好一個州或一個國家，而是需要依靠公平和良好的政策及管理。
He believe Pakatan state government will be fair about this. He stated, proper governance of a country or a state cannot depend only on politics, but also fair and good policies and control
所以，他籲請民聯州政府以公平態度看待合法化賭球。「財政部需要錢，而合法化賭球將可為政府帶來豐厚的稅收。」
so he urge the Pakatan state government to adopt a fair attitude to view legalised football gambling. "The Finance Ministry needs money,and legalised football betting can bring lucrative revenue to the state government"
ok,to be fair, Tan Seri, football betting is legal in Singapore and Hong Kong. Patrick Kinghorn is earning good money and getting great exposure in Football Forecast as he gives the odds week in week out, our local newspaper stands are selling those RM3 weekly magazines on BPL statistics and odds, many Malaysians bet amongst friends and even frequent those illegal betting joint (seen one myself although as a football purist, I do not bet as this would prevent me from admiring good football played by a team if I bet against it)
ok to be fair, what the hell the finance ministry needs to money for, after we lost the Limbang? after PKFTZ, Matrade? After no more GST? Despite wtihdrawal of subsidies? In the light of need to develop Tanjong Pagar? Especially after the disclosure of the annual colossal losses disclosed year in year out in the Auditor General Reports? After too many buy elections? Big fat shopping bills overseas? Unnecessary defense spending? Too many civil servants? Next GE warchest?
ok to be fair.....he did say
他表示，重獲賭球執照後，他決定把愛勝閣公司的70%股權或相等於5600萬股脫售予成功集團，而把獲得5億2500萬令吉全數捐出作為慈善用途。
he stated that regaining the betting license, he has decided to dispose 70% shareholding of Ascot Sports which is about 5.6 million shares to Berjaya Group, and will donate all RM525 million to charity....
yeah rite, only after some public outcry then this explanation came out. If all this is said earlier then maybe I might view this differently...but to be fair, there is no mechanism for us to ensure he would really donate and he has no legal obligations to carry out what he said hence it is only fair there aer doubting Thomases ... despite watever nice intention, please don't divert the attention, fact remains, what the hell BN administration needs the money for?
No subsidy, more debts for Malaysians
Khazanah plans sukuk sale for Parkway buy
Published: 2010/06/02
http://www.btimes.com.my/articles/20100602100756/Article/
Khazanah Nasional Bhd, Malaysia’s state investment company, may sell as much as S$500 million (US$354 million) of Islamic bonds, or sukuk, to take over Parkway Holdings Ltd, according to two people familiar with the matter.
CIMB Investment Bank Bhd is among banks that may arrange the sale as soon as this month, said one of the people, who asked not to be identified because the discussions are private.
Khazanah offered S$1.18 billion to more than double its holding in Parkway to gain control of Asia’s biggest hotel operator, Singapore-based Parkway said on May 27. Credit Suisse Group AG recommended that Parkway shareholders accept the offer, which would let Khazanah overtake India’s Fortis Healthcare Ltd as Parkway’s largest shareholder with a 51.5 per cent stake.
The Kuala Lumpur-based company now owns 23.2 per cent of Parkway while Fortis has 25.4 per cent, according to data compiled by Bloomberg.
Mohd Asuki Abas, a Khazanah spokesman, declined to comment on the company’s funding plans. -- Bloomberg
-----------------------------------------------------------------------------------------------
While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB. (read my previous posts, I am fed up of saying who is the main man in CIMB)
In other words, we will bear S$1.18 billion or @RM2.32 = S$1--> RM2,737,600,000 (which is about RM101.39 per person so you and your 3 school going children now owes god knows who RM405.57) excluding interest expense and expensive professional fees earned by CIMB.
To add salt to injury, the money will go to some foreigners who are holding the existing shares in Parkway and I strongly believe that no Ali, Chong, Samy, Gurmit, De Souza or negrito will taste, feel or touch any direct benefits whatsoever associated with this cash outlay.
Parkway Holdings Limited provides health care services throughout Asia, while also managing Parkway Life REIT and providing health care education through Parkway Education Pte Ltd so perhaps from business point of view, it can be lucrative.
However, have any Malaysians ever remember getting some sort of benefits from national state investment arm?
According to Khazanah's website:
http://www.khazanah.com.my/
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, our main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation building.
Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests.
Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are involved in a broad spectrum of industries.
Khazanah is also the key agency mandated to drive shareholder value creation, efficiency gains and enhance corporate governance in companies controlled by the government, commonly known as Government-Linked Companies, or GLCs
------------------------------------------------------------------------------------------------
Some of the key listed companies in Khazanah's investment portfolio include UEM Group, Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Proton Holdings Berhad, PLUS Expressway Berhad, Malaysia Airlines System Berhad, Malaysia Airport Berhad, PT Bank Lippo, and Time dotCom Berhad
If you read the mission statement or whatever you can call it, Khazanah define itself as a trustee to the nation's commercial interest and pursuing long term national interest.
From what I see in Khazanah's staple:
* TNB being the cash cow to IPPs
* Proton Holdings Berhad export price is cheaper than local prices (so I heard), result in Malaysians buying substandard cars at inflated prices since the 1980's, pushing up the price of imported cars and created a wonderful environment for AP kings to flourish
* Plus Expressway....need I say more?
* PT Bank Lippo .. has any Malaysians received any return from our government investment in Indonesia? While our top SPM scores are put through the customary emotional torture in annual JPA scholarship no enough, read this:
http://beasiswaluarnegeri.com/indonesia_lippo_bank_lb_scholarship_2008_for_undergraduate_program
Lippo Bank (LB) Scholarship 2008
PT Bank Lippo Tbk (“LB”), a major investee company of Khazanah Nasional Berhad, Malaysia, believes in developing the human capital in The Republic of Indonesia. In this regard, LB is pleased to offer scholarships and financial assistance to deserving Indonesian students who intend to pursue their tertiary education at selected university in Indonesia
----------------------------------------------------------------------------------------
note: the key word is "deserving"; not "quota" Eat your heart out, you top scorers!
After all the bad things, to even up, I gotta write something good, right? So here goes....
This is what I call having the nation's financial interest at heart - sharing the fruit of gain with the population:
--------------------------------------------------------------------------------------------
Growth Dividends, Life Bonuses for Singaporeans
By Asha Popatlal, Channel NewsAsia Posted: 15 February 2008 1733 hrs
http://www.channelnewsasia.com/stories/singaporelocalnews/view/329063/1/.html
SINGAPORE: The Singapore government has unveiled what can be called a 'surplus sharing' national budget for financial year 2008.
Finance Minister Tharman Shanmugaratnam, in delivering his Budget Statement in Parliament on Friday, said the government had a surplus of $6.4 billion for the financial year 2007 - the largest since the FY1999 - thanks to the strong economic growth.
Singapore's economy had an exceptional growth of 7.7% last year, with the largest boost to revenues coming from an exceptionally buoyant property market.
The government will share the budget surplus with Singaporeans. It will give away a total of S$1.8 billion to individuals and households, in particular to the elderly, poor and needy to cope with rising costs.
-------------------------------------------------------------------------------------------------
- so far only the state government of Penang has emulated this feat (well done Pakatan!), turning the projected deficit into a surplus and giving RM100 to the old folks and some heartless robbers .....
or what the Norwegians are doing:
------------------------------------------------------------------------------------------
Investing petroleum wealth for future generations
Khazanah accounts should be tabled in the Parliament so that the wakil rakyats can scrutinize debate and decide if there is a way to change how it is being run so that the benefits will be cascaded to Malaysians who after all, contribute to the existence of Khazanah.
Published: 2010/06/02
http://www.btimes.com.my/articles/20100602100756/Article/
Khazanah Nasional Bhd, Malaysia’s state investment company, may sell as much as S$500 million (US$354 million) of Islamic bonds, or sukuk, to take over Parkway Holdings Ltd, according to two people familiar with the matter.
CIMB Investment Bank Bhd is among banks that may arrange the sale as soon as this month, said one of the people, who asked not to be identified because the discussions are private.
Khazanah offered S$1.18 billion to more than double its holding in Parkway to gain control of Asia’s biggest hotel operator, Singapore-based Parkway said on May 27. Credit Suisse Group AG recommended that Parkway shareholders accept the offer, which would let Khazanah overtake India’s Fortis Healthcare Ltd as Parkway’s largest shareholder with a 51.5 per cent stake.
The Kuala Lumpur-based company now owns 23.2 per cent of Parkway while Fortis has 25.4 per cent, according to data compiled by Bloomberg.
Mohd Asuki Abas, a Khazanah spokesman, declined to comment on the company’s funding plans. -- Bloomberg
-----------------------------------------------------------------------------------------------
While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB. (read my previous posts, I am fed up of saying who is the main man in CIMB)
In other words, we will bear S$1.18 billion or @RM2.32 = S$1--> RM2,737,600,000 (which is about RM101.39 per person so you and your 3 school going children now owes god knows who RM405.57) excluding interest expense and expensive professional fees earned by CIMB.
To add salt to injury, the money will go to some foreigners who are holding the existing shares in Parkway and I strongly believe that no Ali, Chong, Samy, Gurmit, De Souza or negrito will taste, feel or touch any direct benefits whatsoever associated with this cash outlay.
Parkway Holdings Limited provides health care services throughout Asia, while also managing Parkway Life REIT and providing health care education through Parkway Education Pte Ltd so perhaps from business point of view, it can be lucrative.
However, have any Malaysians ever remember getting some sort of benefits from national state investment arm?
According to Khazanah's website:
http://www.khazanah.com.my/
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, our main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation building.
Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests.
Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are involved in a broad spectrum of industries.
Khazanah is also the key agency mandated to drive shareholder value creation, efficiency gains and enhance corporate governance in companies controlled by the government, commonly known as Government-Linked Companies, or GLCs
------------------------------------------------------------------------------------------------
Some of the key listed companies in Khazanah's investment portfolio include UEM Group, Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Proton Holdings Berhad, PLUS Expressway Berhad, Malaysia Airlines System Berhad, Malaysia Airport Berhad, PT Bank Lippo, and Time dotCom Berhad
If you read the mission statement or whatever you can call it, Khazanah define itself as a trustee to the nation's commercial interest and pursuing long term national interest.
From what I see in Khazanah's staple:
* TNB being the cash cow to IPPs
* Proton Holdings Berhad export price is cheaper than local prices (so I heard), result in Malaysians buying substandard cars at inflated prices since the 1980's, pushing up the price of imported cars and created a wonderful environment for AP kings to flourish
* Plus Expressway....need I say more?
* PT Bank Lippo .. has any Malaysians received any return from our government investment in Indonesia? While our top SPM scores are put through the customary emotional torture in annual JPA scholarship no enough, read this:
http://beasiswaluarnegeri.com/indonesia_lippo_bank_lb_scholarship_2008_for_undergraduate_program
Lippo Bank (LB) Scholarship 2008
PT Bank Lippo Tbk (“LB”), a major investee company of Khazanah Nasional Berhad, Malaysia, believes in developing the human capital in The Republic of Indonesia. In this regard, LB is pleased to offer scholarships and financial assistance to deserving Indonesian students who intend to pursue their tertiary education at selected university in Indonesia
----------------------------------------------------------------------------------------
note: the key word is "deserving"; not "quota" Eat your heart out, you top scorers!
After all the bad things, to even up, I gotta write something good, right? So here goes....
This is what I call having the nation's financial interest at heart - sharing the fruit of gain with the population:
--------------------------------------------------------------------------------------------
Growth Dividends, Life Bonuses for Singaporeans
By Asha Popatlal, Channel NewsAsia Posted: 15 February 2008 1733 hrs
http://www.channelnewsasia.com/stories/singaporelocalnews/view/329063/1/.html
SINGAPORE: The Singapore government has unveiled what can be called a 'surplus sharing' national budget for financial year 2008.
Finance Minister Tharman Shanmugaratnam, in delivering his Budget Statement in Parliament on Friday, said the government had a surplus of $6.4 billion for the financial year 2007 - the largest since the FY1999 - thanks to the strong economic growth.
Singapore's economy had an exceptional growth of 7.7% last year, with the largest boost to revenues coming from an exceptionally buoyant property market.
The government will share the budget surplus with Singaporeans. It will give away a total of S$1.8 billion to individuals and households, in particular to the elderly, poor and needy to cope with rising costs.
-------------------------------------------------------------------------------------------------
- so far only the state government of Penang has emulated this feat (well done Pakatan!), turning the projected deficit into a surplus and giving RM100 to the old folks and some heartless robbers .....
or what the Norwegians are doing:
------------------------------------------------------------------------------------------
Investing petroleum wealth for future generations
http://www.norway.or.kr/aboutnorway/economy/Investing-for-the-future/
11/10/2009 // Revenues from Norwegian oil and gas activity are invested in a government pension fund, ensuring that the country’s petroleum wealth will benefit future generations. The fund serves as a resource as it makes long-term investments in solid companies throughout the world. Openness and ethical considerations are cornerstones in the fund’s investment strategy.
Khazanah accounts should be tabled in the Parliament so that the wakil rakyats can scrutinize debate and decide if there is a way to change how it is being run so that the benefits will be cascaded to Malaysians who after all, contribute to the existence of Khazanah.
Tanjong Pagar and subsidies
The past week has been an interesting one. Firstly Najib overruled Mahahir's objection to Daim Zainuddin's 1990 Point of Agreement with Lee Kuan Yew (and I wonder why the Dr did not shout at Najib the way he did when Badawi cancelled his bridge).
-----------------------------------------------------------------------------------------------
http://en.wikipedia.org/wiki/Malaysia%E2%80%93Singapore_Points_of_Agreement_of_1990
Malaysia-Singapore Points of Agreement of 1990 (POA) is an agreement between two Southeast Asian countries on the issue of the future of railway land owned by the Malaysian government through Malayan Railways (Keretapi Tanah Melayu or KTM) in Singapore. This agreement has been an issue that makes relationship between the two countries less than warm. It was signed between former Prime Minister of Singapore Lee Kuan Yew and former Finance Minister of Malaysia Tun Daim Zanuddin on behalf of their respective countries on 27 November 1990.
The 1990 POA states that the KTM railway station would be moved either to Bukit Timah first, or directly to Kranji. In exchange, under the 1990 POA, three parcels of railway land — at Tanjong Pagar, Kranji, and Woodlands — would be jointly developed on a 60-40 basis with the Malaysian Government holding the larger share. However, three years later, Prime Minister Mahathir expressed his displeasure with the POA as it failed to include a piece of railway land in Bukit Timah for joint development.
------------------------------------------------------------------------------------------------
I just wonder how Daim felt after all his hard work came to nothing. And what made Najib reversed Mahathir's reaction to a signed agreement after 3 years. On the plus side, Mahathir's firm stand, and willingness to arrest the progress of a signed agreement, did give Malaysia some "holding gain".
Secondly, the decision on withdrawal of subsidy, which Idris Jala claimed to have cost the country RM73 billion and will bankrupt Malaysia in a few years.
I can't help but put together the 2 events and ponder:
1) BN administration claims that it needs to cut subsidy, and part of the subsidy highlighted was RM394million for toll compensation. (who agreed to this kind of stupid arrangement?) while at the same time, it was announced that
---------------------------------------------------------------------------------------
Cheaper toll soon
http://www.malaysianmirror.com/nationaldetail/6-national/40849-tanjong-pagar-train-station-for-woodlands
Both leaders also announced that Malaysia and Singapore have agreed to reduce the toll charges for the Second Link to increase the road connectivity.
The toll charges at both sides of the Second Link, connecting Tuas here and Tanjung Kupang in Johor, would be reduced significantly, both the leaders said at a joint press conference after the retreat.
The new toll charges would be announced within a month.
----------------------------------------------------------------------------------------
er....are the tax payers of Malaysia going to bear more compensation or subsidy as a result? Perhaps a Parliament question should be raised.
2) With regards to the proposed M-S Pte Ltd, I just wonder:
2.1 who will represent Malaysia as the 60% shareholder of this Joint Venture?
2.2 how is the capital for this joint venture be raised and how much Malaysia has to invest in?
Investing in Singapore is not cheap, given the exchange rate situation, and Malaysia's external borrowings is already at unprecedent high and will CIMB again be appointed as one of the arranger of syndicated financing?
How would this affect the actual expenditure vs the 2010 budget which hope to address the decade long deficits?
2.3 what is the expected return on this joint venture; if and how the return of this joint venture will flow through to Malaysians?
Looking at the trend established by privatisation, most Malaysians do not get any direct benefit from GLCs. Do Ali, Chong and Muthu get anything from Indah Water Konsortium, Pos Malaysia, Tenaga, Telekom apart from paid services and increasing tariff?
Let's see what our 40% partner has for their citizens:-
-------------------------------------------------------------------------------------------
http://www.mof.gov.sg/budget_2008/growth_dividends.html
Growth Dividends
Overview
All adult Singaporeans aged 21 and above will receive Growth Dividends as part of the Government’s move to share the nation’s surpluses with Singaporeans. Lower- and middle- income groups will receive more. Older Singaporeans will receive additional Growth Dividends. NSmen, ex–NSmen and NSFs (including those below the age of 21) will also receive an additional $100 of Growth Dividends to recognise their contributions to national security.
..............
Growth Dividends will benefit about 2.4 million Singaporeans and cost the Government $865 million.
--> about S$360 / RM836 per person
--> The phase "sharing the nation's surpluses with Singaporeans" a damn alien concept to us...but perhaps this will be a new propoganda term around Malaysia not before long?
http://www.guidemesingapore.com/singapore-immigration/c636-singapore-citizenship-benefits.htm
Baby Bonus Scheme
....... A cash gift of up to SGD 4000 for the first and second child and up to SGD 6000 for the third and fourth child is provided by the Government.
......Government contributions in the form of a dollar-to-dollar matching for the amount of savings you contribute to your child's Children Development Account (CDA). ....for your first and second child is up to a cap of SGD 6000 and up to SGD 12000 for the third and fourth child.
1) the IPPs;
2) the AP holders;
3) the government suppliers who got their contracts without going through proper open tender process;
4) the traitors who sold our subsidised petrol to foreigners;
5) civil servants who live well beyond their means;
6) that sad excuse for a car manufacturer who cling onto protective policies longer than all the soap drama series put together;
7) the rent seekers ... no prize for naming who they are...and I am just quoting from the NEM
After that, please review and if there are any wasteful, unnecessary project like advertisement on first lady, the space tourist, some nice advertisement about 1Malaysia, ad hoc by-election splurge a.k.a dead man ang pow etc.....
And then round up all department heads in civil service and tell them to cut the department budget by 10%, and it can be simple things. If the Penang state government can convert a deficit position to a surplus with sufficient reserve to give RM100 to warga emas then I am sure the BN administration with more than 50 years running a country can match that hardly 2 year old toddler.
Then and only then we talk about taking subsidy off the people who actually paid to subsidise themselves.
-----------------------------------------------------------------------------------------------
http://en.wikipedia.org/wiki/Malaysia%E2%80%93Singapore_Points_of_Agreement_of_1990
Malaysia-Singapore Points of Agreement of 1990 (POA) is an agreement between two Southeast Asian countries on the issue of the future of railway land owned by the Malaysian government through Malayan Railways (Keretapi Tanah Melayu or KTM) in Singapore. This agreement has been an issue that makes relationship between the two countries less than warm. It was signed between former Prime Minister of Singapore Lee Kuan Yew and former Finance Minister of Malaysia Tun Daim Zanuddin on behalf of their respective countries on 27 November 1990.
The 1990 POA states that the KTM railway station would be moved either to Bukit Timah first, or directly to Kranji. In exchange, under the 1990 POA, three parcels of railway land — at Tanjong Pagar, Kranji, and Woodlands — would be jointly developed on a 60-40 basis with the Malaysian Government holding the larger share. However, three years later, Prime Minister Mahathir expressed his displeasure with the POA as it failed to include a piece of railway land in Bukit Timah for joint development.
------------------------------------------------------------------------------------------------
I just wonder how Daim felt after all his hard work came to nothing. And what made Najib reversed Mahathir's reaction to a signed agreement after 3 years. On the plus side, Mahathir's firm stand, and willingness to arrest the progress of a signed agreement, did give Malaysia some "holding gain".
Secondly, the decision on withdrawal of subsidy, which Idris Jala claimed to have cost the country RM73 billion and will bankrupt Malaysia in a few years.
I can't help but put together the 2 events and ponder:
1) BN administration claims that it needs to cut subsidy, and part of the subsidy highlighted was RM394million for toll compensation. (who agreed to this kind of stupid arrangement?) while at the same time, it was announced that
---------------------------------------------------------------------------------------
Cheaper toll soon
http://www.malaysianmirror.com/nationaldetail/6-national/40849-tanjong-pagar-train-station-for-woodlands
Both leaders also announced that Malaysia and Singapore have agreed to reduce the toll charges for the Second Link to increase the road connectivity.
The toll charges at both sides of the Second Link, connecting Tuas here and Tanjung Kupang in Johor, would be reduced significantly, both the leaders said at a joint press conference after the retreat.
The new toll charges would be announced within a month.
----------------------------------------------------------------------------------------
er....are the tax payers of Malaysia going to bear more compensation or subsidy as a result? Perhaps a Parliament question should be raised.
2) With regards to the proposed M-S Pte Ltd, I just wonder:
2.1 who will represent Malaysia as the 60% shareholder of this Joint Venture?
2.2 how is the capital for this joint venture be raised and how much Malaysia has to invest in?
Investing in Singapore is not cheap, given the exchange rate situation, and Malaysia's external borrowings is already at unprecedent high and will CIMB again be appointed as one of the arranger of syndicated financing?
How would this affect the actual expenditure vs the 2010 budget which hope to address the decade long deficits?
2.3 what is the expected return on this joint venture; if and how the return of this joint venture will flow through to Malaysians?
Looking at the trend established by privatisation, most Malaysians do not get any direct benefit from GLCs. Do Ali, Chong and Muthu get anything from Indah Water Konsortium, Pos Malaysia, Tenaga, Telekom apart from paid services and increasing tariff?
Let's see what our 40% partner has for their citizens:-
-------------------------------------------------------------------------------------------
http://www.mof.gov.sg/budget_2008/growth_dividends.html
Growth Dividends
Overview
All adult Singaporeans aged 21 and above will receive Growth Dividends as part of the Government’s move to share the nation’s surpluses with Singaporeans. Lower- and middle- income groups will receive more. Older Singaporeans will receive additional Growth Dividends. NSmen, ex–NSmen and NSFs (including those below the age of 21) will also receive an additional $100 of Growth Dividends to recognise their contributions to national security.
..............
Growth Dividends will benefit about 2.4 million Singaporeans and cost the Government $865 million.
--> about S$360 / RM836 per person
--> The phase "sharing the nation's surpluses with Singaporeans" a damn alien concept to us...but perhaps this will be a new propoganda term around Malaysia not before long?
http://www.guidemesingapore.com/singapore-immigration/c636-singapore-citizenship-benefits.htm
Baby Bonus Scheme
....... A cash gift of up to SGD 4000 for the first and second child and up to SGD 6000 for the third and fourth child is provided by the Government.
......Government contributions in the form of a dollar-to-dollar matching for the amount of savings you contribute to your child's Children Development Account (CDA). ....for your first and second child is up to a cap of SGD 6000 and up to SGD 12000 for the third and fourth child.
--> something like that Tawas Scheme going about in Selangor
----------------------------------------------------------------------------------------------
I personally feel that the terms of the joint venture agreement should be disclosed, debated and weighted in Parliament.
Malaysians have the right to know how our money is being spent; in addition, the annual financial results should be released to the public, just like any listed company or licensed financial institution
But I can almost hear someone telling me this should not be for public information due to either 1) sensitivity of the subject matter 2) necessary to keep "commercial terms" secret 3) for national security reasons blah blah blah ....
If there is so much necessity to keep things secretive then I rather stick with the existing Tanjong Pagar station with that newspaper stand selling Hooters and Maxim at S$11.90 per copy than to pay a lot for something that taxpayers are kept in the dark. Not another PKFTZ, Putrajaya, Matrade please or the country will go pokai.
On the subject matter of subsidy, I came across this great post by Dato Ariff Sabri
http://sakmongkol.blogspot.com/2010/05/cutting-subsidy-1.html
According to Dato's post:-
10 b went to debt servicing ^
10b went to subsidize the price of fuels.*
Pension payments 5.12b,
3,10b went to dividend payments (paid to who? if it's for PNB bond then Malaysians contribute a loan to the government hence can't be called subsidy)
2.3b went to MARA#
2 billion went to federal roads achieving minimum standards,
1.5b went to UITM#
1.38 billion went to human capital development
KLIA got 1 billion (why KLIA needs financial aid?)
906million went to makanan asrama (is there an open tender process?)
541m went to UPM#
515m to USM#
497m went to MU#
382m to UTM#
Toll subsidies- 394m
# about RM5.7 billion for the 6 universities and we get sliding international rankings, unemployable graduates and stifling environment where simple straight forward campus election can get "complicated"
^ Why blame and penalise the average Malaysians on the debts incurred by BN administration and what the hell the loans were taken for? Until now, no one can tell us.
*The Malaysian public is described as being addicted to cheap petrol that consumed hell lot of subsidy but then again these are the very same people forced to purchase cars at much higher than necessarily price and paying hire purchase interest on inflated prices to boot, no thanks to Mahathir's ego-boosting and horribly implemented Proton project, no less a national embarrassment as after decades of protectionism, has not delivered respectable value or quality in our own backyard.
And not forgetting the AP holders who until now, I struggle to suggest any constructive role they have played in making Malaysia a better place to live and play.
Remember when Pak Lah raised the petrol price to unprecedented RM2.80 per litre? Najib's answer was "change your lifestyle"; which brings my attention to this old issue featured in the Sun (Fri, 12 Dec 2008) :
http://www.thesundaily.com/articlePrint.cfm?id=28431
Two interesting disclosures were made during this week’s meeting. On Wednesday, the prime minister in his written reply to Liew Chin Tong (DAP-Bukit Bendera) said the government spends RM6 million a month on rental and maintenance on his official residence in Putrajaya. The money is paid to Putrajaya Holdings.
On Thursday, Foreign Minister Datuk Seri Syed Hamid Albar said the government owned about RM3.6 billion worth of properties overseas, mainly buildings housing the country’s foreign missions abroad.
--------------------------------------------------------------------------------------------
In order to fulfil his pledge to Utamakan Rakyat, Najib administration should consider selling off the properties and pay off the debts and reviewing if any outpost can be scrapped. Our money is better off being used to look after the urban poor in Kuala Lumpur or the much deprived in rural areas on both side of the South China Sea rather than some privilege civil servants in some exotic places so please review and cut the budget for foreign affairs.
The socialist democratic (not commie) in me understand that taxes and subsidy is an economic tool for re-distribution of income (I hope my tingkatan enam Ekon teacher, Puan Chokalingam, is reading this...I still remember what you said, cikgu) and I see nothing wrong when a rich dato businessman or a high earning professional paying their 20% to 27% and the money is used to share some of cost of living of the poor and all.
If the BN administration wants to remove the subsidy, fine, start with the following:1) the IPPs;
2) the AP holders;
3) the government suppliers who got their contracts without going through proper open tender process;
4) the traitors who sold our subsidised petrol to foreigners;
5) civil servants who live well beyond their means;
6) that sad excuse for a car manufacturer who cling onto protective policies longer than all the soap drama series put together;
7) the rent seekers ... no prize for naming who they are...and I am just quoting from the NEM
After that, please review and if there are any wasteful, unnecessary project like advertisement on first lady, the space tourist, some nice advertisement about 1Malaysia, ad hoc by-election splurge a.k.a dead man ang pow etc.....
And then round up all department heads in civil service and tell them to cut the department budget by 10%, and it can be simple things. If the Penang state government can convert a deficit position to a surplus with sufficient reserve to give RM100 to warga emas then I am sure the BN administration with more than 50 years running a country can match that hardly 2 year old toddler.
Then and only then we talk about taking subsidy off the people who actually paid to subsidise themselves.
Sweating over the direction of Malaysia's water supply
I would like to thank a dear friend of mine who pointed out another nugget to me:
In the Auditor General's 2008 Report on the state government agencies' workings, the state government of Negeri Sembilan has surrendered federal government loan of RM1.2 billion (i.e. tax collected from you and me which was spent on building and developing the state’s water public facility) and transferred it to Pengurusan Aset Air Berhad.
This means for Negeri Sembilan folks, for the next 35 years, water tariff you pay goes to PAAB and also the state coffer, insftead of just the state only like before.
Further surfing non-porn related websites revealed the following findings:
The model of our water supply will be shifted all the way from government service to private sector.
Can anybody remember any public referendum or open tender with regards to this?
The trend is disturbing if you think of the proposed selling off of the toll concessions.
The state governments are selling off some huge chunk of assets to a MOF owned debt-incurring special vehicle (now a term that raises tension in the US after Enron). There will be immediate cashflow to the federal government while some newly created monopoly will increase government/public borrowings, run the operations and by the way, does anyone know how Indah Water Konsortium arrive at the tariff rates we paying for?
You can check out PAAB in their corporate website if you are free.
Now how did PAAB raise the money to pay for the “investment properties”? With no track records, borrow money, of course.
I wonder if another letter of support / guarantee ala PKFTZ is floating around somewhere.....
Arghh....I have some more debts to pay
In the Auditor General's 2008 Report on the state government agencies' workings, the state government of Negeri Sembilan has surrendered federal government loan of RM1.2 billion (i.e. tax collected from you and me which was spent on building and developing the state’s water public facility) and transferred it to Pengurusan Aset Air Berhad.
This means for Negeri Sembilan folks, for the next 35 years, water tariff you pay goes to PAAB and also the state coffer, insftead of just the state only like before.
Further surfing non-porn related websites revealed the following findings:
The model of our water supply will be shifted all the way from government service to private sector.
Can anybody remember any public referendum or open tender with regards to this?
The trend is disturbing if you think of the proposed selling off of the toll concessions.
The state governments are selling off some huge chunk of assets to a MOF owned debt-incurring special vehicle (now a term that raises tension in the US after Enron). There will be immediate cashflow to the federal government while some newly created monopoly will increase government/public borrowings, run the operations and by the way, does anyone know how Indah Water Konsortium arrive at the tariff rates we paying for?
You can check out PAAB in their corporate website if you are free.
A cursory review of the Annual Reports and Accounts of PAAB for year ended 31 December (notice the "0"s in the comparative years i.e. no track record whatsoever) revealed the following:
PAAB paid RM2,774,091,000 to acquire “investment properties” in 2009 for control of water facilities in Melaka, Negeri Sembilan and Johor. That works out to be about..RM102.74 per Malaysian (total 27 million); that is only the beginning.
Now how did PAAB raise the money to pay for the “investment properties”? With no track records, borrow money, of course.
I wonder if another letter of support / guarantee ala PKFTZ is floating around somewhere.....
To quote from page 27 of the Annual Report and Accounts:
“Pengurusan Aset Air Berhad (“PAAB”), a government-owned company under the Ministry of Finance (Inc.) together with CIMB Investment Bank as the Lead Arranger and Lead Manager (“CIMB”), had issued a program up to RM20bil Nominal Value Islamic Medium Term Notes Programme and Islamic Commercial Paper Programme which adopted the two Islamic concepts – Ijarah and Musyarakah on 26 October 2009.
The launch marks, the largest water related bond programme ever established in Malaysia, boosted the Sukuk in market segment reported by RAM.
..................
The establishment of PASB as a unit under PAAB is to undertake the latter’s acquisition of water assets and their accompanying liabilities in Peninsular Malaysia and Labuan. To date PAAB has acquired water assets from Melaka, Negeri Sembilan and Johor besides commencing negotiations with the other State Governments and their respective state water operators with the hope to arrive at an amicable sale and leaseback arrangement.”
Alamak! What kind of legacy are we getting from the present administration? If the bi-partisan alternatives becomes a reality one day, Malaysians will still be tied to this legacy. By comparison what is going on in Selangor is very very different........free water
Also why am I not surprised with the presence of CIMB again?
----------------------------------------------------------------------------------------------http://www.cimb.com/index.php?ch=subch_about_cimb_group&pg=pg_acg_our_leaders&ac=42&tpt=cimb_group
Dato' Sri Nazir Razak
Non-Independent Executive Director/Group Chief Executive
-------------------------------------------------------------------------------------------
The borrowings as at the financial year end stood at
(RM4,943,150,000+RM1,548,219,000+RM174,000,000) = RM6,665,369,000 or RM246.87 per Malaysian.
Just imagine what else the RM6 billion could have been channelled into, e.g. loans to SMIs or study loans or credit guarantee scheme for SMIs etc….
When you borrow money, you pay interest and now this mean the consumers have to bear more cost.
For financial year ended 31 December 2009, revenue (money collected from you and me) was RM97 million and 46% or RM45 million went to interest payment so for what justification Malaysians suddenly have to pay interest on our water tariff?
Ask any businessman if he feels like paying half of his sales to banks as interest payment.
On page 24 of the New Economic Model Direction issued by NEAC:
“A key component of inclusiveness is the fostering of equal and fair economic opportunities. Affirmative action programmes and institutions will continue in the NEM but, in line with views of the main stakeholders, will be revamped to remove the rent seeking and market distorting features which have blemished the effectiveness of the programme.”
Well, PAAB is a monopoly recently created and how did it be chosen to run such a vital, huge undertaking which concerns the security of all and sundry of this company?
“A key component of inclusiveness is the fostering of equal and fair economic opportunities. Affirmative action programmes and institutions will continue in the NEM but, in line with views of the main stakeholders, will be revamped to remove the rent seeking and market distorting features which have blemished the effectiveness of the programme.”
Well, PAAB is a monopoly recently created and how did it be chosen to run such a vital, huge undertaking which concerns the security of all and sundry of this company?
Oh by the way, the Chairman of PAAB is YB Dato’ Seri DiRaja Tajol Rosli Ghazali, formerly the Chief Minister of the State of Perak
I do ponder and wonder about the following points:
1) If the federal government is getting huge payments from selling water concessions then how come there is the proposal for GST?
- had GST come to effect on water supply, the cost structure we face as consumer could be as follow
# cost of the "investment properties" we already paid for with taxes to build up
# interest cost PAAB have to pay on our behalf to buy the assets
# additional cost of running the new structure e.g. directors' pay, professional fees to bankers for raising the bond etc
# less: cost reduction compared to being a state-own agency, if any
# profit to pay dividends to shareholders (a form 6 economy student can tell you public goods should be non-profit oriented)
# profit to show as a viable company and for re-investing purposes
# less: cost reduction compared to being a state-own agency, if any
# profit to pay dividends to shareholders (a form 6 economy student can tell you public goods should be non-profit oriented)
# profit to show as a viable company and for re-investing purposes
# payment of corporate tax previously not needed as state agency so a case of tax on tax?
Total # = Y, revenue required to collect from consumers who do not have a choice
then we pay GST on Y, kind of a big piece of kuih lapis, no? The idea of GST ain't dead yet, I believe.
Modern business modules advocate shorter supply chain, which would guarantee freshness, lower prices and shorter delivery time. One thing that is not transparent to all and sundry is the supply chain in Malaysia. I hope the Domestic Trade Ministry can make public the supply chain of common goods and services. We can then see how many times the goods changed hands from producers, distributors, deals, retailers and eventually to you and me
Now at least something seems clearer to me now)
2) Was the revenue generated from this sale of vital national address mentioned in the Prime Minister's budget speech for 2009 or 2010 budget?
I don't think so. 3) With this cash injection from selling off water concessions, how come we are still having national budget deficits?
Arghh....I have some more debts to pay
Malaysians, you are owing more and more money
I picked up this nugget from the Star who picked up the news from Reuters:
___________________________________________________________________
Friday May 14, 2010
Sovereign bond plan
Date, size and tenor of issue still not finalised
KUALA LUMPUR: Malaysia is pressing ahead with a sovereign bond issue despite recent unease in regional credit markets and has mandated CIMB Investnment Bank and HSBC to arrange the sale, sources said yesterday.
The issue, Malaysia's first sovereign since 2002, would be of a “decent benchmark size” but was likely to be smaller than national oil firm Petronas' recent US$4.5bil bond, the source added
The source said the upcoming Malaysian issue was for benchmarking rather than fund-raising purposes as there was ample liquidity in the country.#
But Malaysia ran a budget deficit of 7.4% in 2009, its highest in more than two decades. It aims to reduce that to 5.6%.
The Government has traditionally relied on domestic bond issuances to fund its expenditure. ^
The Government sold RM88.5bil of bonds in the country last year, according to central bank data.
__________________________________________________________________
# What does "benchmarking and not fund raising" mean? Why does Malaysia government want a benchmark for? Why do Malaysians have to pay bond interest to "benchmark" against something that we can't feel, see or touch.
As far as I see it, in other words, a guy has enough money to handle his daily living expenses but for vanity reasons, he goes to the bank to see how willing the bank is to lend him money and as a result he pays unnecessary interest expense for that.
^ Borrow money for expenditure? Any reasonable finance manager would know medium or long term financing (which bonds are) is supposed to fund development expenditure which generate future revenue that hopefully exceed loan principal and interest payment.
Operating expenditure, meanwhile, should be funded by tax revenue because it is just mean for day to day functioning of civil service etc.
The decade long budget deficit mentioned clearly indicates that our tax revenue is not sufficient and given the terror financial management stories in Auditor General's Annual Reports, countless scandals like PKFTZ, Matrade or even the "looks like vote buying, sounds like vote buying but it is not vote buying" stuff of legends in Hulu Selangor and thank goodness not in Sibu, the loans and debts committed on our behalf may not be necessary at all.
The article never mentioned the purpose and expected benefit of the bond issue and that piece of silence sounds like thunder to me.
I BRA HIM likes to talk about Malay rights and pride so I might want to suggest to him that there is no honour or pride and security in taking on debts and debts until keliling pinggan.
I for one, do not want my beloved country to go the way of PIGS (Portugal, Italy, Greece, Spain) with their host of economic problems including over-borrowing so perhaps I BRA HIM should advise Najib administration the perils of going towards that direction.
It is no surprise that CIMB is mandated, not selected from tendering process, to raise fund. Najib must have great confidence in his brother. The commission, professional fees, reimbursements billed for this sacred national service must be of respectable amount. Perhaps this is a good question to be tabled in the next Parlimentary session.
http://www.cimb.com/index.php?ch=subch_about_cimb_group&pg=pg_acg_our_leaders&ac=42&tpt=cimb_group
Dato' Sri Nazir Razak
Non-Independent Executive Director/Group Chief Executive
Dato’ Sri Nazir Razak, a Malaysian, aged 42, was appointed a Non-Independent Non-Executive Director on 27 January 2006. He is presently the Group Managing Director/Chief Executive Officer of BCHB and CIMB Group and is also a Director and Deputy Chairman of CIMB Investment Bank, CIMB Bank and CIMB Islamic
Dato’ Sri Nazir is a member of the National Economic Council, the Employees Provident Fund’s Investment Panel, the Securities Commission’s Capital Market Advisory Council, Bursa Malaysia’s Securities Market Consultative Panel, the MasterCard Asia/Pacific Regional Advisory Board and the Asia Business Council. He holds directorships in Multimedia Development Corporation and Malaysian Electronic Payment System (1997) Sdn Bhd. He is an Executive Committee member of the Malaysia International Islamic Financial Centre. He is also a trustee of both the Rahah Foundation and the Pride Foundation.
-----------------------------------------------------------------------------------------------
Take a look at this link * where it shows Malaysia's external debts. The graph post 1995 looks like a 20 year old man on viagra but yet we are still stuck in this middle income trap that NEM is talking about. So where is the payback from all these debts?
* the magic number I see at the link is USD66.2 billion end of 2008 and at exchange rate of US1 = RM3.22 it is like, gosh, RM213,164,000,000. Divided by 27 million Malaysians, that is RM7,894.96 per person. If you have a non-working wife and 2 kids, congratulations, you owe the world RM31,579.85.
According to Anil Netto's post here , the external debt had increased to RM265 billion and the per person share became RM9,814.81 and the poor example above saw his debt increased to RM39,259.26. Remember foreign exchange goes up and down beyond our control.
Hell, let's not even talk about middle income, we have loads of Malaysians, especially in Sabah and Sarawak that have no proper water and electricity supplies, decent transport routes, health care and what not......
I wonder if the following are signs that Malaysia is heading the way of the PIGS
1) postponed introduction of GST when the condition is not proper and the people are not willing
2) proposed and retracted huge increase of traffic penalties
3) annual issue of PNB unit trust to non-bumis whereas during the Mahathir era there was only once; that Wawasan 2020
4) the idea of getting swift, one-off cash inflow from selling of toll concession
5) the service tax on credit cards
6) reduction of subsidy on petrol, yet no visible payback from improved public transport (except for some female only gerabaks?)
I have lost a bit of interest in the trial and Saiful's ass as I am more worried about my own now.
Sigh, compared to the Pakatan administration in Penang which saved money, turned a deficit into surplus and gave out despite Shahrizat's misgiving, RM100 to warga usia emas.....
And they say Barisan Nasional have the edge over Pakatan in terms of experience in running a country. Hell with so much natural resource, even my granny can run Malaysia.
___________________________________________________________________
Friday May 14, 2010
Sovereign bond plan
Date, size and tenor of issue still not finalised
KUALA LUMPUR: Malaysia is pressing ahead with a sovereign bond issue despite recent unease in regional credit markets and has mandated CIMB Investnment Bank and HSBC to arrange the sale, sources said yesterday.
The issue, Malaysia's first sovereign since 2002, would be of a “decent benchmark size” but was likely to be smaller than national oil firm Petronas' recent US$4.5bil bond, the source added
The source said the upcoming Malaysian issue was for benchmarking rather than fund-raising purposes as there was ample liquidity in the country.#
But Malaysia ran a budget deficit of 7.4% in 2009, its highest in more than two decades. It aims to reduce that to 5.6%.
The Government has traditionally relied on domestic bond issuances to fund its expenditure. ^
The Government sold RM88.5bil of bonds in the country last year, according to central bank data.
__________________________________________________________________
# What does "benchmarking and not fund raising" mean? Why does Malaysia government want a benchmark for? Why do Malaysians have to pay bond interest to "benchmark" against something that we can't feel, see or touch.
As far as I see it, in other words, a guy has enough money to handle his daily living expenses but for vanity reasons, he goes to the bank to see how willing the bank is to lend him money and as a result he pays unnecessary interest expense for that.
^ Borrow money for expenditure? Any reasonable finance manager would know medium or long term financing (which bonds are) is supposed to fund development expenditure which generate future revenue that hopefully exceed loan principal and interest payment.
Operating expenditure, meanwhile, should be funded by tax revenue because it is just mean for day to day functioning of civil service etc.
The decade long budget deficit mentioned clearly indicates that our tax revenue is not sufficient and given the terror financial management stories in Auditor General's Annual Reports, countless scandals like PKFTZ, Matrade or even the "looks like vote buying, sounds like vote buying but it is not vote buying" stuff of legends in Hulu Selangor and thank goodness not in Sibu, the loans and debts committed on our behalf may not be necessary at all.
The article never mentioned the purpose and expected benefit of the bond issue and that piece of silence sounds like thunder to me.
I BRA HIM likes to talk about Malay rights and pride so I might want to suggest to him that there is no honour or pride and security in taking on debts and debts until keliling pinggan.
I for one, do not want my beloved country to go the way of PIGS (Portugal, Italy, Greece, Spain) with their host of economic problems including over-borrowing so perhaps I BRA HIM should advise Najib administration the perils of going towards that direction.
It is no surprise that CIMB is mandated, not selected from tendering process, to raise fund. Najib must have great confidence in his brother. The commission, professional fees, reimbursements billed for this sacred national service must be of respectable amount. Perhaps this is a good question to be tabled in the next Parlimentary session.
http://www.cimb.com/index.php?ch=subch_about_cimb_group&pg=pg_acg_our_leaders&ac=42&tpt=cimb_group
Dato' Sri Nazir Razak
Non-Independent Executive Director/Group Chief Executive
Dato’ Sri Nazir Razak, a Malaysian, aged 42, was appointed a Non-Independent Non-Executive Director on 27 January 2006. He is presently the Group Managing Director/Chief Executive Officer of BCHB and CIMB Group and is also a Director and Deputy Chairman of CIMB Investment Bank, CIMB Bank and CIMB Islamic
Dato’ Sri Nazir is a member of the National Economic Council, the Employees Provident Fund’s Investment Panel, the Securities Commission’s Capital Market Advisory Council, Bursa Malaysia’s Securities Market Consultative Panel, the MasterCard Asia/Pacific Regional Advisory Board and the Asia Business Council. He holds directorships in Multimedia Development Corporation and Malaysian Electronic Payment System (1997) Sdn Bhd. He is an Executive Committee member of the Malaysia International Islamic Financial Centre. He is also a trustee of both the Rahah Foundation and the Pride Foundation.
-----------------------------------------------------------------------------------------------
Take a look at this link * where it shows Malaysia's external debts. The graph post 1995 looks like a 20 year old man on viagra but yet we are still stuck in this middle income trap that NEM is talking about. So where is the payback from all these debts?
* the magic number I see at the link is USD66.2 billion end of 2008 and at exchange rate of US1 = RM3.22 it is like, gosh, RM213,164,000,000. Divided by 27 million Malaysians, that is RM7,894.96 per person. If you have a non-working wife and 2 kids, congratulations, you owe the world RM31,579.85.
According to Anil Netto's post here , the external debt had increased to RM265 billion and the per person share became RM9,814.81 and the poor example above saw his debt increased to RM39,259.26. Remember foreign exchange goes up and down beyond our control.
The principal of opportunity cost dictates you must give up something for another thing so god knows what Malaysians are robbed off.
In Australia, tertiary education is free yet many Malaysian parents have to save the equivalent sum of a house to see through their children's tertiary education. The best students are not rewarded with scholarship (whereas free public education may have the equivalent financial impact of a scholarship) but slapped with anxiety and humiliation in the annual scholarship hijack.Hell, let's not even talk about middle income, we have loads of Malaysians, especially in Sabah and Sarawak that have no proper water and electricity supplies, decent transport routes, health care and what not......
I wonder if the following are signs that Malaysia is heading the way of the PIGS
1) postponed introduction of GST when the condition is not proper and the people are not willing
2) proposed and retracted huge increase of traffic penalties
3) annual issue of PNB unit trust to non-bumis whereas during the Mahathir era there was only once; that Wawasan 2020
4) the idea of getting swift, one-off cash inflow from selling of toll concession
5) the service tax on credit cards
6) reduction of subsidy on petrol, yet no visible payback from improved public transport (except for some female only gerabaks?)
I have lost a bit of interest in the trial and Saiful's ass as I am more worried about my own now.
Sigh, compared to the Pakatan administration in Penang which saved money, turned a deficit into surplus and gave out despite Shahrizat's misgiving, RM100 to warga usia emas.....
And they say Barisan Nasional have the edge over Pakatan in terms of experience in running a country. Hell with so much natural resource, even my granny can run Malaysia.
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