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Water rationing began in areas surrounding Malaysia’s capital after a prolonged drought, as Selangor state officials sought to wrap up talks to nationalize the local industry.
“The supply of raw water in Selangor state is in a critical condition,” Khalid Ibrahim, the state’s chief minister, said in a faxed statement late yesterday. “The water levels at a few dams have been shrinking to reach an alarming stage.”
Rationing may also start in parts of Negeri Sembilan, south of Kuala Lumpur, if there is no rain in coming days, the New Straits Times reported today, citing the state’s Chief Minister Mohamad Hasan. Several other states have also reported shortages amid rising concerns over the potential impact on Malaysian palm oil crops if the drought continues. Prime Minister Najib Razak is due to discuss the situation in cabinet tomorrow, including the possibility of cloud-seeding, the official Bernama news service said.
Opposition-controlled Selangor, which surrounds Kuala Lumpur, has been trying to nationalize water-treatment assets in its jurisdiction for years to restructure the industry and tackle periodic shortages. Malaysia’s local and national governments want to announce a final resolution to the buyout within two weeks, the state’s chief minister said Feb. 18.
The regional government offered companies including Gamuda Bhd. (GAM) a combined 9.7 billion ringgit ($3 billion) for their assets in December, Sharizan Rosely, an analyst at CIMB Group Holdings Bhd., wrote in a Jan. 10 report. Kumpulan Perangsang Selangor Bhd. (KUPS) and Puncak Niaga Holdings Bhd. (PNH) are also being asked to sell.
Malaysia’s palm oil, cocoa and rubber-tapping industries are dependent on regular rainfall. An El Nino weather pattern, which can parch Australia and parts of Asia while bringing rains toSouth America, may occur in the coming months, Australia’s Bureau of Meteorology said today.
“It needs a very prolonged drought to have a severe effect” on palm oil production, Ling Ah Hong, director of Malaysian research and consulting company Ganling Sdn., said by phone. “This current drought is only about three to four weeks.”
A prolonged drought might have a lagged effect on next year’s production, mainly through floral abortion when cells die before they can mature, said Ling.
Crude palm oil prices have climbed 7.6 pecent this month and rose 0.4 percent to 2,753 ringgit per metric ton as of the 12:30 p.m. trading break in Kuala Lumpur, according to data compiled by Bloomberg.
The positive price uptrend for crude palm oil is expected to be sustained as the current hot and dry weather affects parts of Malaysia and Indonesia, IOI Corp. (IOI), Malaysia’s second-largest palm oil producer by market value, said in a stock exchange filing today.
The dry weather began in early February and may last until mid to end of March, the Malaysian Meteorological Department says in e-mailed statement to Bloomberg News today. El Nino weather conditions may develop after May or June, it said.
For optimal yield per hectare, palm oil requires rainfall of 1,500-2,000 millimeters or more distributed evenly through the year without a drought of more than three months, the department said.
“The severity of the decline in production will depend on how long the dry season lasts,” Alan Lim Seong Chun, an analyst at Kenanga Investment Bank Bhd., said by phone in Kuala Lumpur. “In the worst-case scenario, it can drop to 30 percent below normal.”
Residents in parts of Selangor will get water on alternate days and rationing will continue until the end of March if hot weather continues, the chief minister said. The government will evaluate the situation before deciding on whether to declare an emergency, Bernama reported on Feb. 21, citing Najib.
“If the drought continues past March, then we might have to deal with more severe rationing that could possibly have an impact on our GDP,” Yeah Kim Leng, chief economist at RAM Holdings Bhd., said in a phone interview from Kuala Lumpur. “It’s likely to be short-lived.”
Neighboring Singapore had a record 27 consecutive days of dry weather from Jan. 13, the country’s National Environment Agency said. The rain shortage may extend into the first half of March, it said in a statement.
To contact the editor responsible for this story: Barry Porter at email@example.com
This time, the Federal Reserve has created a truly global problem. A big chunk of the trillions of dollars that it pumped into the financial system over the past several years has flowed into emerging markets. But now that the Fed has decided to begin “the taper”, investors see it as a sign to pull the “hot money” out of emerging markets as rapidly as possible. This is causing currencies to collapse and interest rates to soar all over the planet. Argentina, Turkey, South Africa, Ukraine, Chile, Indonesia, Venezuela, India, Brazil, Taiwan and Malaysia are just some of the emerging markets that have been hit hard so far. In fact, last week emerging market currencies experienced the biggest decline that we have seen since the financial crisis of 2008. And all of this chaos in emerging markets is seriously spooking Wall Street as well. The Dow has fallen nearly 500 points over the last two trading sessions alone. If the Federal Reserve opts to taper even more in the coming days, this currency crisis could rapidly turn into a complete and total currency collapse.
A lot of Americans have always assumed that the U.S. dollar would be the first currency to collapse when the next great financial crisis happens. But actually, right now just the opposite is happening and it is causing chaos all over the planet.
For instance, just check out what is happening in Turkey according to a recent report in the New York Times…
Turkey’s currency fell to a record low against the dollar on Friday, a drop that will hit the purchasing power of everyone in the country.
On a street corner in Istanbul, Yilmaz Gok, 51, said, “I’m a retiree making ends meet on a small pension and all I care about is a possible increase in prices.”
“I will need to cut further,” he said. “Maybe I should use my natural gas heater less.”
As inflation escalates and interest rates soar in these countries, ordinary citizens are going to feel the squeeze. Just having enough money to purchase the basics is going to become more difficult.
And this is not just limited to a few countries. What we are watching right now is truly a global phenomenon…
“You’ve had a massive selloff in these emerging-market currencies,” Nick Xanders, a London-based equity strategist at BTIG Ltd., said by telephone. “Ruble, rupee, real, rand: they’ve all fallen and the main cause has been tapering. A lot of companies that have benefited from emerging-markets growth are now seeing it go the other way.”
So why is this happening? Well, there are a number of factors involved of course. However, as with so many of our other problems, the actions of the Federal Reserve are at the very heart of this crisis. A recent USA Today article described how the Fed helped create this massive bubble in the emerging markets…
Emerging markets are the future growth engine of the global economy and an important source of profits for U.S. companies. These developing economies were both recipients and beneficiaries of massive cash inflows the past few years as investors sought out bigger returns fostered by injections of cheap cash from the Federal Reserve and other central bankers.
But now that the Fed has started to dial back its stimulus, many investors are yanking their cash out of emerging markets and bringing the cash back to more stable markets and economies, such as the U.S., hurting the developing nations in the process, explains Russ Koesterich, chief investment strategist at BlackRock.
“Emerging markets need the hot money but capital is exiting now,” says Koesterich. “What you have is people saying, ‘I don’t want to own emerging markets.'”
What we are potentially facing is the bursting of a financial bubble on a global scale. Just check out what Egon von Greyerz, the founder of Matterhorn Asset Management in Switzerland, recently had to say…
If you take the Turkish lira, that plunged to new lows this week, and the Russian ruble is at the lowest level in 5 years. In South Africa, the rand is at the weakest since 2008. The currencies are also weak in Brazil and Mexico. But there are many other countries whose situation is extremely dire, like India, Indonesia, Hungary, Poland, the Ukraine, and Venezuela.
I’m mentioning these countries individually just to stress that this situation is extremely serious. It is also on a massive scale. In virtually all of these countries currencies are plunging and so are bonds, which is leading to much higher interest rates. And the cost of credit-default swaps in these countries is surging due to the increased credit risks.
And many smaller nations are being deeply affected already as well.
For example, most Americans cannot even find Liberia on a map, but right now the actions of our Federal Reserve have pushed the currency of that small nation to the verge of collapse…
Liberia’s finance minister warned against panic today after being summoned to parliament to explain a crash in the value of Liberia’s currency against the US dollar.
“Let’s be careful about what we say about the economy. Inflation, ladies and gentlemen, is not out of control,” Amara Konneh told lawmakers, while adding that the government was “concerned” about the trend.
Closer to home, the Mexican peso tumbled quite a bit last week and is now beginning to show significant weakness. If Mexico experiences a currency collapse, that would be a huge blow to the U.S. economy.
Like I said, this is something that is happening on a global scale.
If this continues, we will eventually see looting, violence, blackouts, shortages of basic supplies, and runs on the banks in emerging markets all over the planet just like we are already witnessing in Argentina and Venezuela.
Hopefully something can be done to stop this from happening. But once a bubble starts to burst, it is really difficult to try to hold it together.
Meanwhile, I find it to be very “interesting” that last week we witnessed the largest withdrawal from JPMorgan’s gold vault ever recorded.
Was someone anticipating something?
Once again, hopefully this crisis will be contained shortly. But if the Fed announces that it has decided to taper some more, that is going to be a signal to investors that they should race for the exits and the crisis in the emerging markets will get a whole lot worse.
And if you listen carefully, global officials are telling us that is precisely what we should expect. For example, consider the following statement from the finance minister of Mexico…
“We expected this year to be a volatile year for EM as the Fed tapers,” Mexican Finance Minister Luis Videgaray said, adding that volatility “will happen throughout the year as tapering goes on”.
Yes indeed – it is looking like this is going to be a very volatile year.
I hope that you are ready for what is coming next.
Jang was a powerful general in the military before his execution in December [Reuters]
|North Korea’s leader Kim Jong-un has ordered the execution of his uncle’s entire family, including his children and relatives serving as ambassadors to Cuba and Malaysia, according to South Korea’s state news agency, Yonhap.Jang Song-thaek, a once powerful North Korean military general, was executed last month as divisions between him and his nephew Kim widened.
Kim referred to Jang as “worse than a dog” and “human scum” in his announcement of his execution, which he said was for treachery and betreyal. Pictures showed Jang being led from his office by state security.
“Extensive executions have been carried out for relatives of Jang Song-thaek,” an anonymous source said to Yonhap in a report published on Sunday. “All relatives of Jang have been put to death, including even children.”
The executed relatives include Jang’s sister Kye-sun, her husband and ambassador to Cuba, Jon Yong-jin, the ambassador to Malaysia, Jang Yong-chol, who is Jang’s nephew, as well as his two sons, the sources said.
The two ambassadors were recalled to Pyongyang in early December. The sons, daughters and grandchildren of Jang’s two brothers were all executed, the sources told Yonhap.
One source told Yonhap that some relatives were dragged out of their houses and shot in front of a crowd.
South Korea’s state news agency did not specify when they were killed. The article does not mention any specific sources and the agency is known for its anti-North Korean bias.
If you don’t know what it is yet – that means it’s working. The secrecy, that is. But once Pandora’s Box is opened, there’s no putting anything back. It will go down in history as one of the worst, oppressive plagues to saturate the planet.
Like Spider Man trying to stop a train from going over with nothing but his strength and shooting threads; we are going to need all the Web we can get to stop the fast-tracking Trans-Pacific Partnership from running over us. Perhaps more aptly, it is a tangled web we’ll be left trapped in as prey if we do nothing.
Here’s a crash-course and the easiest approach – all guesswork removed. But first, here’s a sampling of what you can kiss goodbye if this mammoth piece of legislation goes through…
What’s left of our jobs, food safety, Internet freedom, natural medicine, small farming, choice in medicine, financial regulation, privacy and more. Basically, all your rights. It permeates every area of your life, it’s been ramrodded through the Senate, and the media is not saying anything. It grants the likes of Monsanto, Wall Street and other huge entities full reign with immunity.
Kiss any last American sovereignty goodbye and say hello to your new global crypto-corpocracy complete with international tribunals and the end of domestic law – from your newly refurbished prison cell, of course. After all, you clicked on the wrong Internet link! And your ISP was watching and reported you. In the near future, this article could be enough to jail me, ban my whole family from the Internet, have computers seized and delete the website. No more videos that piece other clips together, or anything that hints at “infringement,” no more fair use, so no more non-corporate news.
It’s been shrouded in secrecy, especially from the People and Congress, planned behind closed doors for years, and proponents are searching for sponsors to have the President push it through now that Congress is back from recess.
The Trans-Pacific Partnership n. 1. A “free trade” agreement that would set rules on non-trade matters such as food safety, internet freedom, medicine costs, financial regulation, and the environment. 2. A binding international governance system that would require the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and any other country that signs on to conform their domestic policies to its rules. 3. A secret trade negotiation that has included over 600 official corporate “trade advisors” while hiding the text from Members of Congress, governors, state legislators, the press, civil society, and the public.
Here’s your crash course link on the TPP. You’ll be ready for take-off in no time. They’ve made it that simple:
After being mind-blown and catching your breath, you can do the absolute easiest thing there is to do by using Twitter with the hashtag #NOFastTrackTPP (but wait, there’s more).
Don’t use social media? No problem, scroll down. For social media users, here are the easiest things you can do, besides sharing memes and links on Facebook. Share things to Reddit andStumbleUpon. Everyone should call their reps (below).
See the Twitter storm event – still going. Pull any memes – share. Only use this hashtag for social media: #NOFastTrackTPP. Using other hashtags and adding more will split the trends.
Next, Tweet your little heart out to your reps and others. Easily find them by clicking the “Discover” button and typing “congressman” in the search. All their Twitter names appear. Find celebrities, they often re-tweet. Example: @repfitzpatrick or @RepBera
@RepBera NO to Fast Track Authority and TPP, or we will not re-elect!! #NoFastTrackTPP
Here’s another: “Do NOT sponsor FastTrack! Vote NO on TPP! #NoFastTrackTPP”
Some reps have stood against the TPP, so first you might want to see this:
– OR –
Use a general message for everyone: “I will NEVER support the Trans-Pacific Partnership#NOFastTrackTPP”
Want to jump into the Twitter storm? Easy. Sign up at Twitter, it runs you through a few-second tour and you can figure out the rest, see Help, or ask friends. Use the hashtag #NOFastTrackTPP on Facebook statuses.
Non-Social Media Users:
Find all your representatives’ info/forms in one-click. Just click on your state:
Contacting the Congress
Or use this:
Call President Obama: 202-456-6213
Call your Representative: 202-225-3121
or Toll Free (877) 762-8762
(Breathe and talk slowly. You will do just fine. Be polite and confident.)
“Hi, this is (your full name). I am a constituent of Rep/Senator (name). I live in (name of city). I am calling to request that Rep/Sen (name) vote NO on Fast Track Authority. It is important to me that Congress follows the Constitutional directive to negotiate international trade and that all trade agreements are given full consideration, debate and amendments as needed.
Do you know Rep/Sen (name) position on Fast Track Authority? Will he/she vote Yes or No? (wait for an answer)
Do you know Rep/Sen (name) position on the Trans Pacific Partnership Agreement? Will he/she vote Yes or No? (wait for an answer)
(regardless of their response, just continue)
Once again, I am requesting that Rep/Sen (name) vote NO on Fast Track Authority and NO on the TPP! Please be sure he/she gets my message. Thank you.”
Go to the Crash-Course site and print off PDFs to share. Actually, that whole website is designed to help you take action, online and off. You can still share the hashtag in any way you choose – it gets the point across fast.
If you can target these two reps, you could stop the fast-track today:
1) MIKE QUIGLY (IL-05)
District: (773) 267-5926
2) GREG MEEKS (NY-05)
D.C. (202) 225-3461
District: 347-230-4032 & 718-725-6000
Twitter: Gregory Meeks
Lastly, if you have done something, no matter how small to derail the TPP fast track – THANK YOU!!
Special thanks also to Andrew Pontbriand, Emily Laincz and Nick Bernabe for their tireless organizing, efforts and information – and to all those who joined them. Without them, this article wouldn’t be – nor will it with the TPP!
Recent posts by Heather Callaghan:
Prime Minister Stephen Harper arrived in Bali today for an Asia-Pacific leaders’ summit after securing what could he called a $36-billion vote of confidence in his pocket from Malaysia’s state-owned oil and gas company.
Malaysian Prime Minister Najib Razak formally welcomed Harper to his country Sunday and used the occasion to tout what Najib called a major direct foreign investment in Canada’s energy sector.
Malaysia’s state-owned Petronas oil and gas company bought Alberta’s Progress Energy last year for more than $5 billion, one of two major acquisitions by Asian state-owned companies that caused the Harper government to tighten up federal policy….
- Harper heads to APEC summit with pledge from Malaysia to invest $36B (ctvnews.ca)
- Harper arrives at APEC summit with pledge from energy giant Petronas to make $36-billion investment in Canada (news.nationalpost.com)
- Harper arrives at Asia-Pacific summit bearing $36B Malaysian investment boost (calgaryherald.com)
- Harper arrives at APEC summit with $36B investment pledge from Malaysia (ctvnews.ca)
- Malaysia student on sedition charge (bbc.co.uk)
- Crackdown: Malaysia Detains Opposition Figures, Raids Newspapers (world.time.com)
- Two Najib Opponents Arrested in Malaysia as Anwar Holds Rallies – Bloomberg (bloomberg.com)