Government not in denial but...

Question: Which is the only country insulated from the global economic turmoil?
Answer: Malaysia.

This joke has been making the rounds in corporate offices, at dinner tables and in the living rooms across the country as Malaysians and foreign investors wonder whether the feel good statistics trotted out in the last few weeks suggests a government in denial or a government with a cavalier understanding of the global meltdown.

Neither it seems, checks by The Malaysian Insider show. What you have are planners who worry that people can talk themselves into the worst outcomes during an economic slowdown if confidence is allowed to ebb.

What you have are government officials crunching on numbers and scenarios and anticipating the impact of the recession in the United States, UK and Japan on the level of unemployment, foreign direct investment and even the crime situation.

A member of the Economic Council told The Malaysian Insider: “We are not in denial, the fact is that we are in a stronger position than most countries and we need to tell Malaysians that. But things could get bad.’’

How bad? The picture on Main Street is not pretty. At the height of the Asian Financial Crisis, some 80,000 Malaysians were made jobless. The early indications are that the retrenchments may not reach those numbers, though there has been a spike in the last couple of months.

Already there is anecdotal evidence that several factories are laying off workers as a result of depressed demand for their goods. The government expects the number of laid off workers to hover around 20,000 for the year but given that the full brunt of the economic slowdown has not been felt yet, this number could double or triple next year.... selanjutnya.

Malaysia rated among 'most risky'

malaysiainsider | Malaysia is rated as "high risk" while Singapore is well-positioned to weather the economic slowdown because of its political and social stability, says Hong Kong-based Political & Economic Risk Consultancy.

Its analysts ranked Singapore as having the least political and social risks next year among 16 territories in Asia-Pacific, according to a summary of its 87-page report released to the media yesterday. Malaysia,
Thailand and India were ranked as the most risky because of internal developments.

The unlikelihood of sudden political changes, stable labour relations and sound policies, including measures to help the poor, were among the factors in Singapore's favour, said Perc's managing director, Robert
Broadfoot.

"Singapore's fiscal situation is strong enough for the fiscal incentives that are going to help the country get over the crisis and spread the pain of recession," he said.... selanjutnya.

Prepare to lose jobs in Singapore

Star | The 300,000 Malay­sians employed in the island republic have been advised to gear up for retrenchment if the country continues to slide into a recession.

Human Resources Minister Datuk Dr S. Subramaniam said that although the technical recession experienced by Singapore has not yet translated into unemployment, it was better for Malaysians to be prepared.

“If there is unemployment due to a recession, our workers will be hit,” he told The Star here yesterday.

“They need to work on retraining and acquiring new skills to ensure they have jobs during such times.”... selanjutnya.

BERITA-BERITA GUMBIRA

tukartiub | ...Ini berbeza dengan ekonomi sosialis yang dirancang oleh daulah dan bukan berasaskan keuntungan tetapi untuk kepentingan awam.

Di Malaysia pada satu masa dahulu – leterik,air , perkapalan, pos dan talikom, hospital, kereta api, kapal terbang, pelabuhan, lapangan terbang, Jabatan Kerja Raya, Sekolah, Universiti – adalah milik negara. Harta-harta ini semuanya dimiliki oleh semua rakyat Malaysia.

Mahathir Muhamad telah menswastakan harta rakyat ini dan diagih-agihkan kepada kroni dan anak-anaknya.

Harta-harta negara ini wajib di milik negarakan sekali lagi. Seperti apa yang telah dilakukan oleh kerajaan Selangor terhadap bekalan air. Tugas kerajaan bukan menjadi hamba kepada towkay dan kaum pemodal. Tugas kerajaan ialah untuk mentabir negara agar agihan ekonomi adalah adil untuk semua warga.... selanjutnya.

Keseluruhan ekonomi Amerika dalam bahaya: Bush

Bharian | Presiden George W Bush yang jarang tampil memberi amanat awam di kaca televisyen, hari ini berkata 'keseluruhan ekonomi Amerika kini dalam bahaya'.

“Kita sekarang di ambang krisis kewangan paling serius," katanya dalam siaran langsung dari Rumah Putih.

no2umno - Ekonomi malaysia di bawah BN ok sentiasa ... tak caya tanya PM, TPM, Zetty dan Shabery Cheek .... wakakakaka !!!

Asian markets tumble

malaysianinsider - [...] Asian stock markets tumbled today after Wall Street plunged overnight and crude oil spiked above US$140 a barrel for the first time, reigniting fears of a global economic slowdown.

Key stock indices in Japan, Taiwan and South Korea all shed more than 2 per cent. Shanghai's benchmark plunged nearly 4.5 per cent and India's was down more than 3.5 per cent in early trade.

The losses came after US stocks sank yesterday, with the Dow Jones industrial average declining more than 3 per cent to its lowest level in almost two years.

Investors reacted nervously to a wave of dismal news about several sectors of the American economy, a vital export market for Asia. Analysts downgraded General Motors Corp, Citigroup and Merrill Lynch & Co, while disappointing forecast from Oracle Corp and BlackBerry maker Research In Motion Ltd forecasts rattled investors about the tech industry.

Worries about inflation grew after crude oil futures jumped above US$140 yesterday after Opec's president said prices could go past US$150 a barrel this year and Libya said it may cut oil production.

"We've still got bad news on the credit crunch, we've got bad news about consumers," said Garry Evans, pan-Asian equity strategist with HSBC in Hong Kong. "The macro environment is not a good one and people are very risk averse."... selanjutnya.

DITUTUP ... IKKL JUNAM 130 MATA !!!

Pasaran saham digantung, IKKL junam 130 mata
Utusan

KUALA LUMPUR 10 Mac. - Keseluruhan kaunter - kaunter saham di Bursa Malaysia terpaksa digantung urus niaga untuk tempoh sejam hari ini bermula pada pukul 2.58 petang ini ekoran kejatuhan teruk pasaran saham.

Peniaga berkata, pengendali pasaran saham Kuala Lumpur, Bursa Malaysia Bhd. telah melaksanakan langkah `Penampan Kejatuhan atau Circuit Breaker’ berikutan kejatuhan penanda aras, Indeks Komposit Kuala Lumpur (IKKL) yang melebihi 10 peratus hari ini.

“Ini pertama kali IKKL susut lebih 10 peratus dalam tempoh tak sampai satu hari dan ini juga merupakan kali pertama pelaksanaan `Penampan Kejatuhan’ ini dibuat oleh Bursa Malaysia sejak ia diperkenalkan 10 tahun lalu.

“Kebimbangan dan kekeliruan berhubung arah tuju ekonomi dan dasar pembangunan ekoran kemenangan tipis Barisan Nasional pada pilihan raya umum ke-12 Sabtu lalu, telah menyebabkan pelabur-pelabur menjual pegangan secara besar-besar sejak awal pagi tadi,” katanya kepada Utusan Malaysia, di sini hari ini.

Sebelum digantung urus niaga, IKKL merekod kejatuhan sebanyak 130.01 mata atau 10.03 peratus untuk berada di paras 1,162.32 mata.

Berita sebelum ini: Pelabur bimbang, IKKL junam 100 mata

EKONOMI BAIK, UNTUNG MAYBANK MEROSOT?

Maybank posts 7.7% fall in second-quarter net profit

KUALA LUMPUR : Malaysia's top lender Maybank said Wednesday its second-quarter net profit fell 7.7 percent to RM731 million (US$227 million) from a year earlier.

But Maybank's first-half net profit rose 7.8 percent to RM1.466 billion, helped by an increase in net interest income on the back of a larger loan base, it said.

"Notwithstanding market conditions which affected the group's trading and investment income, the core commercial banking business grew at a steady pace," Amirsham Aziz, Maybank's chief executive officer, said.

Amirsham said lower loan provisions and the stronger performance of its international operations added to the higher profit.

Maybank said it will pay a 15 sen interim dividend for the three months to December 31, 2007.

Amirsham said Maybank's investment through the years in building a robust international network "is seeing good returns as we record continued growth in profit and revenue, particularly in Singapore."

Loan loss provisions for the half year fell by 37 percent to RM285.6 million and newly classified non-performing loans fell by nearly 11 percent, he said.

Looking ahead, Amirsham said despite signs of a slowdown in the global economy, Malaysia's resilient economy will enable Maybank to sustain steady growth.

But he said rising cost pressure and margin squeeze due to intense competition remain a challenge for the group.

On Wednesday, Maybank shares ended down five sen at RM9.80. - AFP

Hutang makin banyak, DOLLAH kata ekonomi kita baik.

Pemilik kad kredit gagal jelas tunggakan RM21.6b. Itu kata Utusan Meloya.

Bukan nak cerita pasal kredit kad, tapi keadaan ekonomi kita. Hari ini aku mengikut teman untuk menukar keretanya. Kereta lama ditukar baru. Bukan mewah tetapi sekadar tidak mahu berhadapan dengan masalah. Kenderaan sudah digunakan hampir 12 tahun dan ini lah peluang untuk cuba yang baru. Kalau ditunggu lama lagi, harga kereta akan semakin jatuh. Tapi tukar bukan pada yang baru, cuma kereta 2nd hand. Lebih cantik dari yang dipakai sekarang.

Mencari ansuran bulanannya yang lebih murah. Kalau dahulu bayar RM800.00 sekarang kena tukar kepada RM400.00. Setelah di tolak deposit hasil jualan kereta lama.

Sudah ada kereta yang berkenan. 2 hari mencari, baru jumpa. Pekedai terdesak mahu menjual. Makanya harga dikurangkan sebanyak RM2,000, Menurut mereka, selepas pilihanraya, pinjaman kenderaan akan dikurangkan. Kalau kenderaan berharga RM50 ribu, kebiasaan pinjaman adalah RM45 ribu (90% dari harga kenderaan) tapi lepas pilihanraya nanti dikhabarkan pinjaman akan semakin berkurang. Silap silap kata mereka, cuma 70% ke 85% dari jumlah harga kenderaan. Ini bermakna setiap pembeli perlu membayar lebih deposit untuk membeli kenderaan. Jualan kenderaan akan semakin merudum. Peniaga kereta terpaksa juala kenderaan seadanya. Tidak boleh simpan stok yang banyak di dalam kawasan. Lagi banyak yang tinggal, lagi rugi mereka akan hadapi.

Teman aku itu, membeli kenderaan lamanya dahulu pada harga RM120,000. Ketika itu mewah, tapi sekarang sudah parah. Sudah 12 tahun digunakan dan sekarang cuma berharga RM35 ribu. Ok lah jugak. Tapi sedih. Terasa membazir tetapi membeli kenderaan adalah pelaburan yang membazirkan. Tidak seperti membeli tanah atau rumah.

Pergi ke bank untuk berurusan dan menurut pegawai bank tidak ramai yang memakai kenderaan sudah habis bayar dan mempunyai rekod yang baik. Sekarang ini, satu bulan lewat membayar, nama sudah disenarai hitam. Kalau mahu nama putih kembali, bayar tunggakan dan baru boleh berhutang lagi. Tapi ramai yang tersadai dengan masalah ini. Bukan setakat tersadai, malah sudah terlentang dan pensan.

Merujuk kepada jumlah hutang kad kredit yang mencapai ke jumlah RM21.6billion tertunggak seperti yang dinyatakan oleh akhbar, menjelaskan kepada kita memang ramai yang bakal muflis. Kalau dah muflis, maka tidak lah boleh menggunakan perkhidmatan bank, dan tidak lah boleh membeli harta lagi kecuali dengan cara tunai. Kalau dah muflis, masakan boleh membeli secara tunai. Kalau rakyat ada wang, tidak lah muflis namanya.

Menurut pegawai itu lagi, banyak pinjaman tidak dapat diluluskan kerana senarai hitam. TIdak mampu bayar kenderaan, gagal bayar ansuran rumah, kad kredit dan macam macam lagi. Tapi kerajaan kata, ekonomi kita baik. Apa yang baik? Aku tak tahu dan aku bertanya kepada pegawai itu tentang keadaan ekonomi hari ini dan katanya, urusniaga lembab. Ramai yang tidak mampu bayar digalakkan untuk membuat tempoh pinjaman. Dipanjangkan dan bayaran bulanan dikurangkan. Perkhidmatan itu sudah ada tetapi yang untung tetap bank kerana FAEDAHnya ditinggikan.

Siapa kena? Sudah pasti rakyat MARHAEN seperti kita. Dan setelah semua selesai. Aku dan teman pun bergerak keluar dengan kepala yang berkecamuk. Jelas kepada kita bahawa berita tentang ekonomi negara, indah khabar dari rupa. Kononnya mahu tunjuk negara maju tapi aku percaya kalau kerajaan terus menipu, rakyat bukan sahaja miskin tetapi harta yang tinggal hanya lah sehelai baju. Tidak percaya....? Undi lah BN, hidup anda akan sengsara....InsyaAllah.

EKONOMI KITA BAIK?

Pemilik kad kredit gagal jelas tunggakan RM21.6b
utusan.com.my
Oleh NIZAM YATIM

KUALA LUMPUR 19 Feb. - Pemilik kad kredit di negara ini gagal menjelaskan tunggakan pinjaman yang mencecah RM21.6 bilion sehingga September tahun lepas.

Menteri Perdagangan Dalam Negeri dan Hal Ehwal Pengguna, Datuk Mohd. Shafie Apdal berkata, daripada keseluruhan jumlah itu, sebanyak RM591 juta adalah pinjaman tidak berbayar (NPL).

Menurut Mohd. Shafie, sehingga Disember 2006, sebanyak 8.8 juta kad kredit dikeluarkan oleh institusi kewangan di seluruh negara.

Firms grumble over too many holidays

malaysia-today

With Thaipusam now joining the list, employers say the costs are getting too high

IT IS Chinese New Year and Malaysia's capital has been deserted in the last few days, as citizens enjoy one of the many holidays observed by a nation with an array of races and religions.

But the non-stop stream of festivals, which began last October when Muslims celebrated the end of the fasting month, is being met with grumbles from business and industry which say the nation cannot afford all the merry-making.

After Malaysia's majority Malays celebrated Hari Raya Puasa, it was the Hindus' turn with the Deepavali festival of lights, then Christmas, followed by traditional New Year and now Chinese New Year.

'I can't get anything done!' laments lawyer Karen Lynn Johnson, who is frantically preparing for her upcoming nuptials. 'Every supplier I call comes back to me with the same reply: Wait until after Chinese New Year.'

Malaysia's Chinese community dominates the business sector and the long holiday weekend saw a lull at construction sites, shopping malls and restaurants as city-dwellers flooded the highways to return to their home towns.

'For business people, it is never in their interests as it affects sales and trading,' said Mr M. Vivekananda of the Malaysian Employers' Federation.

'Our stand has always been that public holidays should not inhibit business activities. The markets should be kept open.'

Business people complain that sales figures drop, trading on the bourse is halted and manufacturers which need to keep their factories open have to pay hefty overtime and triple holiday rates.

'Not only is it expensive, it disrupts the production of goods and sometimes deadlines cannot be met because there is not enough manpower,' Mr Vivekananda said.

Malaysia has 17 national holidays. In addition, each state has its own set of holidays.

Residents of states with sultans like Selangor and Johor enjoy an additional holiday to celebrate his birthday; Sabah and Sarawak close for a Good Friday holiday; and Terengganu and Perak are among seven states that celebrate Nuzul Quran (Revelation of the Quran Day).

As if that were not enough, Prime Minister Abdullah Badawi last month declared the Hindu festival of Thaipusam a public holiday just a few days beforehand, sending people scrambling to shift functions and events.

There are no figures on the costs involved, but in February last year exports shrank 14.41 per cent to RM41.1 billion (S$18 billion) compared with the previous month due to 'shorter working days and festivities', according to government data.

'On the stock market, millions of ringgit in business transactions are lost and we miss the opportunity to make money,' said businessman Michael Chiam.

Singapore has 11 public holidays, in line with the norm in many developed nations like the United States and Britain, which both have 10.

But Malaysian political economist Charles Santiago looks at the holiday issue in a different light. 'Private businesses feel there are too many holidays...but rested workers can also provide better productivity and benefit the economy in the long term,' he said.

AGENCE FRANCE-PRESSE

No2umnO - Did Pak Lah know?