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Showing posts with label Bsiness and economy. Show all posts
Showing posts with label Bsiness and economy. Show all posts

Friday, May 12, 2023

Gold reserves on uptrend

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 Storage of bullion seen as key in inflation fight. Gold likely to perform better than the US$

PETALING JAYA: Asian central banks, including Bank Negara, were seen upping their gold reserves in the past decade given the versatile use of the precious metal as a hedge against inflation and, a protective measure against purchasing power risks.

Malaysia has emerged as having the fifth-highest increase in gold reserves between 2013 and 2022 among Asian countries, said Singapore-based brokerage firm City Index, which released the data yesterday.

The brokerage noted that Bank Negara has overseen a 6.84% increase in the country’s gold reserves, from 36.4 tonnes to 38.88 tonnes over the period under review.

This is 90% more than Indonesia, whose gold reserves only increased by 0.64% between 2013 to 2022

However, the republic continues to hold 50% more gold than Malaysia with 78.57 tonnes.

The increase in Malaysia’s gold reserves also paled in comparison to third-placed Singapore’s 20.7% climb in bullion stock at 153.7 tonnes, which itself is dwarfed by China’s near-doubling of its storage of gold to 2,010 tonnes, taking the top spot among Asian nations.

“Gold reserves in China averaged 1,694.78 tonnes from 2013 until 2021, reaching an all-time high of 2,010.51 tonnes in the fourth quarter of 2022, accounting for 3.6% of its total foreign reserves,” City Index pointed out.

Notably, the brokerage firm said China’s increase in gold imports is largely considered to be the result of an effort to reduce its reliance on the US dollar and to diversify holdings of the People’s Bank of China.

According to City Index head of market research Matt Weller, the surge in gold investment demand signals a growing concern among investors regarding the inflationary pressures in the market.

“As central banks continue to use gold as an inflation hedge, it’s not surprising to see individual investors following suit in the form of coins or jewellery, especially in countries such as India and China, where gold has long been considered a traditional store of value,” he said.

Meanwhile, the brokerage firm said Thailand has had the second-largest increase in gold reserves in the last decade, increasing by 60.2% from 152.4 tonnes to 244.1 tonnes.

Quoting the World Gold Council, City Index said gold remains a popular and effective inflation hedge amid global economic uncertainty in Thailand, exemplified by a 40% increase in demand for the metal year-on-year in 2022, fuelled by the rebound in tourism.

The debate, though, continues on whether gold could live up to its reputation as a buffer against inflation compared to other means employed to stem the inflationary tide, namely bonds, the greenback, and much more recently, cryptocurrencies such as bitcoin.

This is evidenced by the price of gold taking a beating from mid 2022, coinciding with the Federal Reserve’s 50-basis-point hike in May which was followed by four giant 75-basis-point surges, sending gold price from approximately US$1,800 (RM8,032) an ounce to just over US$1,600 (RM7,140) by November as the US dollar strengthened.

Meanwhile, Bernard Aw and Eve Barre, economists at Singapore-based Coface Services South Asia-Pacific Pte Ltd, pointed out that the relationship between the dollar and gold tends to be inverse, although this negative correlation has weakened since 2018.

“Although there is an easing trend, inflation rates are expected to be above historical trend at least through 2023, while global growth remains sub-par. Gold may therefore perform well relative to the dollar since the United States rate hike cycle appears to be nearing its peak.

“Moreover, geopolitical factors have also contributed to emerging market central banks stocking up on gold reserves, pushing up demand for gold, amid a very gradual shift away from the US dollar,” they told StarBiz.

Concurrently, chief executive of Centre for Market Education Dr Carmelo Ferlito also believes the decision to increase gold reserves among Asian countries may be seen as a signal of worry among these countries, and their consideration of the dollar as a less dominant currency in the future.

“Thus, despite the decrease in its price last year, gold is perceived as a more stable store of value,” he said.

Ferlito opined that the cessation of the gold standard has been the biggest source of inflation in history, as inflation in the last 50 years have exceeded any before it.

“In fact, currently measuring inflation through the Consumer Price Index is meaningless with the fiat system. A more effective way would probably be to measure price indices against wage indices,” he said.

With Asian central banks embarking to fortify their bullion stockpile in an apparent effort to mitigate inflation, Ferlito said returning to the gold standard would be ideal but practically impossible at this point in time, as the quantity of money in circulation is exceedingly high.

“Free banking and competition among currencies may be a better option for the current financial climate,” he added.

Coface’s Aw and Barre too did not advocate a return to the gold standard, believing the system will deeply restrain the ability of governments to support economic activity when needed since money supply would be limited to the amount of gold detained.

They said: “Considering the way central banks acted during the last two economic crises by expanding their policy instruments, as well as the massive fiscal support provided by governments during the lockdowns, it is difficult to imagine a return to the gold standard, which would imply the end of this important interventionism.”

Providing an interesting balance to the gold against inflation idea, Forbes in an article published earlier this month reported that gold has at times in history been found wanting as an inflation hedge.

“From 1980 to 1984, annual (US) inflation averaged 6.5%, but gold prices fell 10% on average each year. Returns not only fell short of the inflation rate, but they also underperformed real estate, commodities and the S&P 500. Annual inflation averaged about 4.6% from 1988 to 1991, but gold prices fell approximately 7.6% a year on average,” the report revealed.

On the other hand, while concluding that gold has been an inconsistent inflation hedge, Forbes recommended holding some amount of the precious metal as a diversification strategy.

“Gold has historically had a low or even negative correlation to both stocks and bonds, suggesting it offers value as a tool of diversification,” it said. 

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Related posts:

 

What is the best hedge against inflation?


The strong dollar should not become a sharp blade to cut the world, THE NEED FOR BRETTON WOODS III

 

China, Brazil to trade in local currencies

Will US debt ceiling deadlock push capital to yuan market?

 

 

 

 

Global de-dollarisation fast underway; US Printed More Money in One Month Than in Two Centuries, US$ is fast becoming Banana Currency

Friday, July 9, 2021

Health systems on the brink of collapse, says DG

Patients lying on stretchers outside the emergency department of the Hospital Tengku Ampuan 
Rahimah in Klang because there is no place for them inside.

 

 


PETALING JAYA: The health system in Kuala Lumpur, Selangor, Negeri Sembilan and Labuan will soon be paralysed unless there is a reduction in daily Covid-19 case numbers, warns health director-general Dr Noor Hisham Abdullah.

In a statement on his Facebook page, Noor Hisham said that to date, the two states and federal territories have shown an increase in new daily cases which exceed the maximum capacity of hospitals there.

He also expressed concern about the trend of Covid-19 cases being admitted to intensive care units (ICU), saying that the ICU bed capacity nationwide is now over 90%.

“The number of new daily cases being reported shows no sign of reduction, and instead, had increased by an average of 2.6% over the last seven days,” Noor Hisham said.

“If this goes on, the health systems in these two states and federal territories will be paralysed,” he said.

Noor Hisham said that among the steps the health ministry has taken to address this is by dedicating several hospitals in the Klang Valley solely to treat Covid-19 patients – Hospital Ampang, Hospital Sungai Buloh and the Universiti Kebangsaan Malaysia’s Specialist Children’s Hospital (HPKK UKM).

It is also considering using Hospital Shah Alam to treat Covid-19 cases and has proposed that this be allowed at the Universiti Putra Malaysia Teaching Hospital (HUPM) and Hospital Universiti Teknologi Mara (UiTM

Apart from further increasing the bed capacity at Hospital Kuala Lumpur (HKL), Hospital Selayang and Tengku Ampuan Rahimah Hospital (HTAR) in Klang to be used as treatment centres for Category 4 and 5 patients, Noor Hisham said that the health ministry is also transferring non-Covid-19 patients to private hospitals – especially around HKL and HTAR.

Noor Hisham’s statement comes just hours after Klang MP Charles Santiago highlighted the scarcity of beds at HTAR, where Covid-19 patients were “parked” outside the emergency department due to a lack of beds inside.

Last week, social media was abuzz with photos of doctors in Hospital Kuala Lumpur (HKL) performing procedures and cardiopulmonary resuscitation (CPR) on the floor as the hospital’s capacity was stretched beyond its limit.

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Malaysia Is Staggering Down the Road to Failed Statehood?

 The country used to punch above its weight on the global stage. Now, white flags seem like a surrender to dysfunction.

 

 
 
  https://youtu.be/oS5QqS9C_xw Few Westerners see the irony of a supposedly closed China celebrating the 100th anniversary .
 
..
  Malaysia will extend its nationwide lockdown by two weeks. The movement control order had been due to end on June 14, but will now con.

 

Malaysia Govt unveils RM150bil Pemulih aid package to curb the spread of Covid-19



Friday, June 5, 2020

Malaysia announces RM35b Penjana plan for economic regeneration

PM unveils short-term economic recovery package https://youtu.be/fwoFzzuaRNo

https://youtu.be/1ZKFzQP5_0o

Perutusan Khas: Pelan Pemulihan Ekonomi Jangka Pendek (5 Jun 2020)


https://youtu.be/9evJFXr_Z7Y

Saving jobs, rebooting the economy

Subsidies, tax exemptions among measures amid pandemic


Prime Minister Tan Sri Muhyiddin Yassin announced a RM35bil allocation for 40 initiatives to empower the people, propel businesses and stimulate the economy in the wake of the Covid-19 pandemic. From saving lives to saving jobs, and ensuring that we, as a nation, bounce back.

PUTRAJAYA: The economic recovery plan that is meant to empower the people, propel businesses and stimulate the economy, actually addresses the most fundamental of the rakyat’s concerns: possible unemployment and the loss of income. 


Of the RM35bil allocated for 40 initiatives, RM9bil has been set aside to aid three million workers via various schemes.

Announcing this, Prime Minister Tan Sri Muhyiddin Yassin said the plan, known as Penjana, is one of the six strategies to tackle the challenges posed by the Covid-19 pandemic.

He said RM10bil of that RM35bil allocation would come via a direct fiscal injection by the government.

The Prime Minister said he is aware that people are worried about losing their jobs and source of income following the closure of many economic sectors and activities during the movement control order (MCO) period.

“I understand that it will take some time for the economy to recover and that there are those in the community who still need help during the recovery period,” he said in a special address that was broadcast live.

Among incentives he announced were the extension of the wage subsidy programme for another three months, as well as an employment incentive programme and apprentice programme.

These are in addition to a host of training and upskilling programmes, including those for youth and the unemployed.

Muhyiddin also announced tax exemptions and insurance protection for employers, to encourage more companies, especially small and medium enterprises, to adopt work-from-home policies.

“I do understand your need to use public transport for work and other activities. To lessen the burden on transportation costs, the government will introduce the MY30 programme,” he said.

This particular initiative would allow consumers to have unlimited rides on public transport under Prasarana around the Klang Valley for RM30 a month, from June 15 until the end of the year.

Muhyiddin also said that Penjana will announce a few investment packages, programmes, tax exemptions, and finance facilities to attract more investments.

He pointed out that the Covid-19 pandemic has changed how economies operate.

“For Malaysia to remain an important investment destination, we need to tell the world we are competitive and open for business,” he said.

The Prime Minister also announced that a sukuk worth RM500mil would be raised in the third quarter of the year.

Themed “from the rakyat, to the rakyat”, the funds from the sukuk would be channelled to help finance micro-enterprises and businesses, especially those run by women.

“It will also be used to improve Internet broadband coverage at schools, especially in rural areas, and as grants for research work on communicable diseases,” he said.

EMPLOYMENT

> RM9bil to benefit three million workers to curb unemployment.

> Three months’ extension for Wage Subsidy Programme.

> RM600 monthly incentive for apprenticeships for school leavers and graduates for up to six months.

> RM800 monthly incentive for hiring unemployed person below age 40 for up to six months.

> RM1,000 monthly incentive for hiring unemployed person above age 40 for up to six months. > RM4,000 training allowance for those retrenched but not covered under the Employment Insurance System.

DIGITAL

>1GB free Internet per day for learning and productivity activities until December.

> RM50 in e-wallet credits for adult Malaysians earning less than RM100,000 annually.

> Up to RM5,000 personal income tax exemption for employees who receive handphone, notebook and tablet from employer, effective July 1.

> Up to RM2,500 personal income tax relief on the purchase of handphone, notebook and tablet, effective June 1.

BUSINESSES

>50% remission of penalty for late payment of Sales and Service Tax payable from July 1 to Sept 30.

> Tax deduction for employers who implement flexible work arrangements, effective July 1.

> Tax incentives for Covid-19-related expenses for companies. > Investment fund to drive digitalisation of businesses.

TOURISM

> RM1bil tourism financing scheme to assist tourism sector.

> Personal income tax relief of up to RM1,000 on local travel expenses extended to Dec 31, 2021.

> Tourism tax exemption from July 1, 2020, to June 30, 2021.

> Extension of service tax exemption for hotels to June 30, 2021.

CHILDCARE

> Up to RM3,000 income tax relief for parents on childcare services expenses.

> One-off grant of up to RM5,000 per childcare centre registered with the government.

> E-vouchers worth RM800 per household for mobile childcare services.

HOUSING


> Home Ownership Campaign to be reintroduced, with stamp duty exempted for the purchase of residential homes priced between RM300,000 and RM2.5mil.

> Exemption of Real Property Gains Tax for disposal of residential homes until Dec 31, 2021.

SMEs

> RM700mil to assist and incentivise SMEs to digitalise operations.

> Banking sector offers RM2bil to assist SMEs with a threshold of RM500,000 per SME.

> RM400mil to help fund micro-enterprises.

CARS

> 100% tax exemption on purchase of locally assembled passenger cars from June 15 until Dec 31.

> 50% tax exemption for imported passenger cars from June 15 to Dec 31.

PM: Govt targets SMEs and mid-tier firms in short-term economic recovery package

In his special address on Friday, Prime Minister Tan Sri Muhyiddin Yassin introduced “PENJANA” or the National Economic Recovery Plan, the latest initiative by his administration, targeting small-and-medium and mid-tier enterprises as well.

The plan, dubbed as a short-term stimulus package, is to help the nation’s economy recover from the Covid-19 pandemic.

Among the initiatives are:

- Banking sector allocates RM2bil to assists SMEs with a threshold of RM500,000 per SME

- RM400mil to fund Penjana microcredit by Tekun and Bank Simpanan Nasional with RM50mil allocated especially for female entrepreneurs

- RM600mil to drive the process of digitalisation of businesses and innovation. A matching fund will be matched by local and international investors

- RM1bil for the tourism industry
People watch the live telecast of Prime Minister Tan Sri Muhyiddin Yassin giving his speech, June 5, 2020. ― Picture by Miera Zulyana
People watch the live telecast of Prime Minister Tan Sri Muhyiddin Yassin giving his speech, June 5, 2020. ― Picture by Miera Zulyana

KUALA LUMPUR, June 5 ― The federal government is introducing an economic recovery plan dubbed Penjana that will put RM35 billion into the Malaysian economy via various initiatives and direct benefits.

Prime Minister Tan Sri Muhyiddin Yassin said the plan was necessary as Malaysia, along with the rest of the world, was about to face the worst economic conditions since The Great Depression due to the Covid-19 pandemic.

Of the sum announced, the PM said RM10 billion would be direct fiscal injections from the government.

“We are introducing the new plan to restart the economy which we are calling Penjana.

“It will benefit up to three million workers who have lost their jobs and income during the Covid-19 pandemic,” Muhyiddin said during his special address today.




Read more:Building the Economy Together
https://penjana.treasury.gov.my/index-en.html


Thursday, May 2, 2019

Pakatan Harapan government plunges in popularity

 
The Pakatan government has little choice nor time to check the slide on its popularity and goodwill from voters.

WHAT a difference a year makes. In a week, the Pakatan Harapan government will mark its first year in power but in stark contrast to the height of popularity it enjoyed then, support for the coalition has plunged.

A recent poll by the Merdeka Centre showed that the administration’s approval rating sank to 39% in March, a drastic drop from 79% recorded in May 31 last year.

Tun Dr Mahathir Mohamad’s performance approval rating as Prime Minister declined too – from 71% in August 2018 to 46% last month.

The survey firm polled 1,204 registered voters in March to gauge their opinions on the country’s economy, leadership and current issues.

Pakatan’s descent in popularity was attributed to the state of the economy as felt by consumers, the perceived strength of the government, anxieties over Malay rights and privileges and the treatment of other races in the country.

According to the findings, public satisfaction in Pakatan’s administration of the economy fell from 60% to 40% with voters largely unhappy with the rise in the cost of living.

The majority of respondents also disagreed with policies such as the move to abolish the death penalty while many were also against the scrapping of exams for Primary 1 to 3 and the plan to impose taxes on sugary drinks. Only 34% of voters polled were of the view that the country was headed in the right direction, with Malay respondents weighing in lower at 24%.

The survey showed that the main concern of Malaysians was the economy at 63%, followed by race-related issues and the flip-flop on decisions such as the government’s decision to withdraw from ratifying the International Conven­tion on the Elimination of All Forms of Racial Discrimination (Icerd).

On the plus side, worries over corruption declined to 23% from 33% while 67% of respondents agreed that the government should be given more time to fulfil its election promises.

Its support rating may have dropped but to be fair, the Pakatan government has not done too badly since taking over, considering the state of the economy and the massive debts that it inherited from the previous disgraced administration.

Of course, there is much more to do, like addressing the cost of living, fulfilling housing needs and providing sustainable healthcare but the government has already fulfilled nearly a third of its pledges, im­p­roved its overall financial position and has made significant moves to tackle corruption in the civil service.

Ironically, the freer media landscape today is contributing to the perception that the Pakatan government is performing poorly or unable to handle issues raised by the opposition, especially those related to race and religion.

Malaysia has risen 22 places to rank 123 out of 180 countries in the latest World Press Freedom Index compiled by Reporters Without Borders (RSF). It now tops countries in South-East Asia – above Indonesia (124), the Philippines (134), Thailand (136), Myanmar (138), Cambodia (143), Singapore (151), Brunei (152), Laos (171) and Vietnam (176).

Unlike in the past, opposition parties now get unfettered coverage in the media and the welcome change has led to the diffusion of a more diverse range of views.

However, the new government has been rather inept in conveying its message on a wide range of issues in the print, online and social media since taking over Putrajaya.

It is also guilty of being sluggish in countering negative reactions or stemming news designed to elicit racial or religious sentiments, as could be seen in the cases of ratification of the Icerd, the Rome Statute and the Seafield Sri Maha Mariamman temple riots.

Opposition politicians and their supporters have been quick to exploit this weakness to manipulate opinion in the freer media environment.

A recent example is lawyer Tan Sri Muhammad Shafee Abdullah’s briefings to the media in the ongoing trial of former prime minister Datuk Seri Najib Razak over funds worth RM42mil from SRC International Sdn Bhd. It is clear that he is using the media to advocate the defence’s contention that Najib’s bank account was misused by people who were unauthorised, including Jho Low, as well as some rogue bankers.

In statements designed to strike a chord with those who may find it tedious to follow the proceedings, he claimed that the former PM would most likely turn out as a “victim” in the end.

As for getting away with untrue claims in the media, one such example was a supposedly secret “side agreement” for the East Coast Rail Link (ECRL) to enable a trade-off of 4,500 acres of land to China Com­munications Construction Company Ltd (CCCC). It was based on a non-legally binding Memoran­dum of Understanding (MoU) under which the Malaysian Investment Develop­ment Authority (Mida) was supposed to assist local companies to cooperate with CCCC to create special purpose companies for development of the economic accelerator projects worth RM10bil over 10 years.

Instead of clarifying the matter immediately, the media handlers of the Transport Ministry and Mida left it to Dr Mahathir’s special envoy to China, Tun Daim Zainuddin, to respond instead.

Ineffective communication teams in the various ministries and the lack of media coordination among them are the main reasons why Pakatan appears to be losing control of its narratives on performance and service.

What Pakatan needs is expertise and a clear media strategy to re-establish political credibility and trust among the people, especially the now disillusioned voters who had pinned their hopes on a better “New Malaysia”. Instead of just leaving the ministries to handle their own issues, the approach should be on keeping to the same page, through synchronisation of information and making better use of social media to enable agencies to engage directly with citizens.

With Malaysians having higher expectations and lower levels of patience, the Pakatan government has little choice nor time to check the slide on its popularity and improve on its public relations.

Veera PandiyanAlong the Watchtower by M.Veera Pandiyan



Media consultant M. Veera Pandiyan likes this quote by George Bernard Shaw: The single biggest problem in communication is the illusion that it has taken place.


Read more ....


 

Dr M: So what if we are not popular?




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Friday, November 4, 2016

Malaysia-China ties to a new high

Malaysian PM Najib given official welcome at China's Great Hall of the People

https://youtu.be/v87tJF3uO7U
 

Prime Minister Datuk Seri Najib Razak and China's Premier Li Keqiang inspect honour guards during a welcoming ceremony at the Great Hall of the People, in Beijing, China, November 1, 2016. Reuters

BEIJING, China: Prime Minister Datuk Seri Najib Razak said his current visit to China will propel bilateral ties between the two nations to a new high.

"We have said that bilateral relations are at a historic high. I can say that with confidence.

"But more so, this visit will being it to a new high because the comprehensive nature of our strategic partnership has now been translated into meaningful action," he said in his opening remarks at the bilateral meeting between Malaysia and China at the Great Hall of the People here.

Najib also thanked his counterpart Li Keqiang, seated across from him, for the warm welcome given to the Malaysian delegation.

"It's warm in the room, but outside it's a little cold," Li replied in jest. The weather in Beijing is currently chilly as winter approaches, with a high today of 11.7 degrees Celsius and an overnight low of - 2.2 degrees.

Najib was given earlier given an official welcoming ceremony at the Great Hall of the People here.

Najib, who is on a six-day official visit, was welcomed on arrival by China prime minister Li Keqiang. Also present were ministers and government officials accompanying the prime minister's delegation.

The national anthems of both countries were played, followed by Najib's inspection of the guard accompanied by Li. The Malaysian prime minister was also given a 19-gun salute.

Earlier, Najib had attended the Malaysia-China Business Forum, titled "Strengthening Cooperation, Building Opportunities". The luncheon was attended by more than 400 Chinese and Malaysian businessmen. - New Straits Times

Xi vows to cement all-round strategic partnership with Malaysia


Chinese President Xi Jinping (R) meets with Malaysian Prime Minister Najib Razak in Beijing, capital of China, Nov. 3, 2016. (Xinhua/Li Xueren)

Chinese President Xi Jinping met with Malaysian Prime Minister Najib Razak in Beijing on Thursday, pledging to boost cooperation with the country in diverse areas and cement their all-round strategic partnership.

Xi hailed the progress of relations since diplomatic ties were established 42 years ago, citing mutual respect, trust, win-win cooperation and close communications.

He urged both countries to maintain frequent high-level exchanges, deepen political trust, keep to the right direction of bilateral relations and continue to support each other on issues related to each other's major concerns.

Xi called on the two sides to combine their development strategies, and to lay a solid foundation for stronger trade cooperation.

China welcomes Malaysia's participation in the Belt and Road Initiative, and is ready to work with the country to increase cooperation in areas such as infrastructure, energy, technology, agriculture and finance, he said.

Xi also urged stronger bilateral cooperation in education, culture, health, media, and in fighting terrorism and cross-border crime.

Najib congratulated the successful convening of the sixth plenary session of the 18th Communist Party of China Central Committee last week, and praised China's economic and social development.

It is proven in practice that socialism with Chinese characteristics is a correct choice for China, he said.

Calling the two countries friendly neighbors and trustworthy friends, he said Malaysia-China ties are currently at their highest level.

Malaysia is glad to see China's Belt and Road Initiative get a warm response, he said, vowing to facilitate the cooperation in trade, transportation, and port construction, with China under the Belt and Road framework.

Malaysia is committed to boosting ASEAN-China relations, he added.

Najib is on an official visit to China from Oct. 31 to Nov. 5. Xinhua

Najib’s visit reveals feeble US rebalance


Malaysia has agreed to buy four Chinese naval vessels that operate close to shore, after the country's Prime Minister Najib Razak met with Chinese Premier Li Keqiang early this week. Malaysia usually purchased military equipment from the US and the latest move marks its first significant defense deal with China. Some have called it a "new milestone." The two sides signed 14 agreements worth 231.8 billion yuan ($34.28 billion) on Wednesday, and Najib called it a "historic achievement."

Commentaries speculating that Najib is becoming the "second Duterte" in Southeast Asia and that Malaysia is "another Asian domino falling toward Beijing" have run wild in mainstream Western media. The New York Times contended that "American efforts to contain Chinese ambitions in the South China Sea depend on a ring of allies, but the region's united front may be crumbling."

Najib said in a Chinese media outlet recently that former colonial powers should not "lecture countries they once exploited on how to conduct their own internal affairs today." The tensions between Malaysia and the US brewed by Washington's interference in Malaysia's internal affairs are similar to those between the US and the Philippines caused by the former's accusation against Duterte's human rights abuses during its anti-drug campaign.

The US' sense of superiority in politics and morality often makes it point its fingers at developing countries. In 1993, it forcefully inspected a Chinese freighter suspected by its intelligence service of carrying weapons and ended up finding nothing. It launched attacks on Iraq over its alleged ownership of weapons of mass destruction, but faced the same fate.

Chinese people don't think that Kuala Lumpur is leaning toward Beijing. China and Malaysia are developing their ties steadily. China has been Malaysia's biggest trading partner and replaced the US to become its largest investor in 2015. The two have minor territorial disputes but have managed them well. China's relations with neighboring countries ought to be like this.

Friendly ties between China and Malaysia do not exclude a third party. Defense cooperation, which displays a higher level of strategic mutual trust, should not be labeled as "a turning point for the region."

The fears of US and Western opinion reveals that the US rebalance to the Asia-Pacific is eyeing unrealistic goals, which are to form an alliance system in the West Pacific that includes most countries so as to contain China. The West views China as an expansionist imperial state like Japan used to be in the past, and requires regional countries to be "loyal" to Washington.

The rebalancing strategy does not hold water. China has never thought of military expansion as Japan did. It cherishes peace and stability like all regional stakeholders. China is sincere in tackling territorial disputes through peaceful negotiations. A "nightmare" in the South China Sea is nothing but an illusion created by the US and Japan.

Washington should reflect upon itself. It is an external country and its presence in the region should contribute to peace and stability. It will not stay long if it keeps driving a wedge between regional countries. - Global Times

Tuesday, May 10, 2016

Experts share insights on property market in Malaysia

 
Speakers Chris Tan (left) and Dr Choong Kwai Fatt sharing their thoughts to attendees of StarProperty Prime Investment Forum at Nexus, Bangsar South. - RAYMOND OOI/ The Star

PETALING JAYA: Malaysians should start thinking about home ownership before it becomes out of reach, said a property consultant.

Chur Associates founding managing director Chris Tan said property buyers were living in an era of the best home owner protection where incentives and attractive financing plans were provided to genuine home buyers.

“Firstly, one must understand one’s risk profile, metaphorically by setting your investment style either as a hare or tortoise’s pace, as well as any other method that falls in between,” he added.

Tan shared his insights on Malaysia’s agenda of “Housing the Nation” during the StarProperty. my’s Prime Investment Forum 2016 held on Sunday.

Over 400 registrants attended the forum, sponsored by Mah Sing Group Bhd, at Oak Room, Nexus, Bangsar South.

Tan pointed out that “property investment is low-risk and is one of the most important portfolios, even for richer and successful nation groups, as property investment is tangible and is constitutionally guaranteed.”

For first time home buyers, Tan advised that it would be best for each individual to own their very own home, only if they can afford it.

Tan added that property investment was one of the methods to overcome inflation due to property valuation.

Dr Choong: ‘In order to purchase a property, one should first select a developer that has a good track record.’ Advocate and solicitor, tax and GST consultant Dr Choong Kwai Fatt said: “In order to purchase a property, one should first select a developer that has a good track record.

“This is the first assurance of a successful property investment.”

He added that now is the best time to buy a property.

“If the currency drops in value in future, it will be harder to purchase properties.

“Therefore, while the Malaysian currency still holds good value, it is best to invest right away.”

Meanwhile, Mah Sing Group sales and marketing director James A. Bruyns said the company has a range of properties in the northern region and scattered areas in Kuala Lumpur.

In fact, the forum has brought together all Mah Sing’s astounding offerings to property investors, he added.

Among the leading developments presented at the Prime Investment Forum include Ferringhi Residence and SouthBay City in Penang as well as the central region developments, Cerrado residential suites from Southville City in Bangi and Lakeville Residences in Taman Wahyu, Kuala Lumpur.

Bruyns concluded that there wasn’t a good or bad time to invest and if one has the means to invest, they should go ahead and invest.

He said: “Investing in property is a good way to build up the market sentiment especially when people are still investing, where there are good take-up rates as well as good property products.”

By Viknesh Ashley Clarence The Star

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