Ringgit continues to plunge globally as BN indulges in singing ‘My Way’

Posted by kangkongkong > 2014-02-23 17:43 | Report Abuse

Is the BN trying to bring Malaysia and its rakyat to socio-economic ruin? A total of RM4.78 billion has exited the Malaysian equity market year-to-date and the ringgit has plunged to a 24-year-low against the Singapore dollar. Yet the ruling government continues to indulge in fuelling inter-racial and inter-religious sentiments instead of focusing on managing the economy. ANALYSIS: When a government stops listening to the people, you know the end is near, so to speak in Frank Sinatra’s “My Way”. theantdaily had in three articles titled “Najib, stop the rabid assault on national unity and get cracking with managing the economy” (Jan 20), “When RM2 is not enough in a coffee shop, 'Allah' is BN-Umno’s obstinate concern” (Feb 3) and “Stop horsing around Allah and May 13, get back to work” urged the government to stop the lunatic race and religion polemics and manage the economic woes of the people and country. Not only did it not heed the concerns of the rakyat’s struggle to put food on the table daily for their loved ones, it also raised its lunacy over Seputeh MP Teresa Kok’s “Onederful Malaysia CNY 2014” socio-economic-themed satirical video clip on YouTube. Instead of going after the promoters of violence who issued a RM1,200 bounty to any Malaysian who dared to slap the MP (that’s criminal intimidation and intent to cause assault), the Barisan Nasional (BN) police went after the video clip actress! The police’s failure to rein in the promoters of violence and disunity, and BN’s grossly misplaced priorities to serve the rakyat and country are unbelievable and baffling. Is the BN trying its level best to bring Malaysians and Malaysia to socio-economic ruin? Business Times, quoting MIDF Research, reported on Feb 10 that foreign funds offloaded RM1.1 billion net Malaysian stocks in the open market the week before. This makes it the 17th out of the preceding 18 weeks that foreign investors have been the net sellers. It is also the second week this year that the net sale amount exceeded RM1 billion, MIDF Research said in its weekly fund flows report. Year-to-date, a total of RM4.78 billion has exited the Malaysian equity market. “In the last 18 weeks (the current phase of foreign sell down), a total of RM10.45 billion have exited Malaysian equity. That translates into an average of RM581 million a week, an increase from RM550 million previously,” it noted. Is the foreign capital flight caused by a loss in confidence due to the constant race and religious intolerance perpetuated by Umno-linked Muslim conservatives? The non-Muslim bashing, condoned by the Umno-led BN ruling coalition, is doing nothing good for the rakyat and nation, except to shatter national unity. And, national news agency Bernama also reported on Feb 10 the ringgit’s free fall to a 24-year-low against the Singapore dollar. The ringgit was traded at 2.6300, a loss of nearly 80 per cent against the republic since 1990. The Singapore dollar versus the ringgit was at 2.6300/2.6340 from the previous week's 2.6277/6259 closing. The ringgit also weakened against the greenback, reversing its earlier gains on Feb 10 to close above 3.33 on short-squeeze, dealers said. At 5pm, the local unit was quoted at 3.3390/3420 against a greenback from Friday’s (Feb 7) close at 3.3290/3320. Initially interbank traders went short on US dollars for the ringgit but local corporate demand capped the local unit’s gains. The ringgit then slipped to as low to 3.3390 against the greenback on weaker-than-expected December’s Industrial Production Data that rose 4.8 per cent from a year earlier, which is below the market forecast of 5.4 per cent growth. Against the British pound, the ringgit also weakened to 5.4773/4836 from Friday’s close at 5.4396/4465. The local unit also declined against the yen to 3.2668/2710 from 3.2624/2660 Friday and depreciated against the euro to 4.5551/5602 from 4.5148/5195 last week. That’s the BN government’s economic and financial perils as it obstinately and rabidly indulges in stoking inter-racial and inter-religious sentiments instead of concentrating on managing the economy.

Be the first to like this.

6 comment(s). Last comment by kangkongkong 2014-02-25 01:02

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-23 18:01 | Report Abuse

Blessed with oil money, but why is Malaysia in huge debt?
http://www.theantdaily.com/news/2014/01/14/blessed-oil-money-why-malaysia-huge-debt

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-23 18:09 | Report Abuse

PAS leaders criticize Utusan’s attack on non-Malays

KUALA LUMPUR: The attack by Utusan Malaysia today against non-Malays smacks of an Umno agenda, said PAS leaders who criticised the article written by Mingguan Malaysia’s deputy editor Azman Anuar.

PAS leaders criticize Utusan’s attack on non-MalaysPAS central committee member Khalid Samad (pic) said Utusan was representing Umno and not the general Malay population when they launched an attack against non-Malays in the article.

Mingguan Malaysia is the Sunday edition of Utusan Malaysia.

In the latest series of attack, Utusan had accused non-Malays of insulting Islam, Muslims and the Malay rulers and warned them to observe their “limits”.

“What they are doing will only fuel more hatred against Umno and Barisan Nasional. The Malays in general are not going to be affected,” said Khalid.

The Shah Alam MP described the threat issued by Utusan Malaysia as irresponsible and inaccurate, backed by a hidden agenda.

“Put out the truth… Where was the insult? Who has been insulted? Even in Teresa Kok’s satire Chinese New Year greeting, she has explained it all. There was no insult hurled at the Malays,” said Khalid.

He said Umno does not represent all the Malays. In fact, he said, Pakatan Rakyat has been gaining strength and support from the largest race in the country.

“We don’t solve political differences with high-handed tactics like this. Umno should know that people are rejecting the party. Utusan Malaysia should retract the article,” said Khalid.

He said Umno was out of ideas and decided to engage in racial politics after its popularity among non-Muslims and Muslims declined.

PAS says toll collection should end when companies recover costs and make profitMeanwhile, PAS Research Centre executive director Dr Dzulkefly Ahmad said nothing can be gained by using the “language of war”.

“The Malays should stop being paranoid and stop thinking that they are under attack.

“They form the largest race in the country, Islam is the official religion and Malay rights are enshrined in the Federal Constitution. So, stop having a besieged mentality,” said Dzulkefly.

He said Utusan’s article and the rhetorics by some Malay non-governmental organisations of late are not helpful in developing a better Malaysia.

“If they are under the impression that they are doing good for their ethnic group, they can be assured that they are actually doing a great disservice to both Malays and Islam,” said Dzulkefly.

“Imagine that you are the one at the receiving end. How would you feel? So be careful with the words you use. Why use violence to show your dissatisfaction?”

He pointed out that although there had always been a racial and religious divide, the situation had worsened of late.

“I believe political leaders, religious authorities, the media – mainstream and alternative – should be able to converse and have a national dialogue to enhance understanding and not aggravate an already divisive situation,” he said.

He said there is always a place and time to voice out dissatisfaction and opinions.

“It is time for all of us to unlearn and relearn for the larger interest of the nation. It is time after five decades of our independence to engage in a national dialogue,” said Dzulkefly.

On Teresa Kok’s Chinese New Year video, Dzulkefly said the group which offered a reward to those who slapped Kok have instead counter the video with another satire.

“If you don’t like it, make another video to challenge Kok’s.”

Chairman of PAS National Unity Bureau Dr Mujahid Yusof Rawa also chided Utusan Malaysia for its article.

He said the article was uncalled for.

He said this showed that Utusan was being used by certain parties to “launch” its personal agenda by attacking non-Malays.

“They should stop inciting hatred. They should instead talk about peace and respect,” said Mujahid.

In his article, Azman had said that the “laidback, compromising” attitude of the Malays had led to non-Malays overstepping their boundaries and daring to question previously off-limit subjects.

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-24 14:22 | Report Abuse

BR1M tak selesai masalah, bukti rakyat Malaysia susah.
http://www.keadilandaily.com/br1m-tak-selesai-masalah-bukti-rakyat-malaysia-susah/

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-24 14:39 | Report Abuse

After Latest RM1.2B Loss, BT Suggests Bankruptcy For MAS
http://www.malaysiaedition.net/latest-rm1-2b-loss-bt-suggests-bankruptcy-mas/

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-24 18:07 | Report Abuse

http://www.theantdaily.com/news/2014/02/21/singapore-worlds-third-richest-nation-good-luck-super-corrupt-malaysia
Singapore is world’s third richest nation, good luck to super corrupt Malaysia

kangkongkong

114 posts

Posted by kangkongkong > 2014-02-25 01:02 | Report Abuse

Anwar Ibrahim: Perlancaran Jentera PRK Komuniti Cina Kajang
http://www.youtube.com/watch?v=MPlUG4FVG-U&feature=share&list=PL4qistxYwmgrgyGgU6PYDsu2SNaCtbML3

Post a Comment
Market Buzz