The weakest is yet to be.
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
Serious? How come Bloomberg only shows almost hit 2.7 ? Which market is that?
Reuters 2.7037 weakest.
Putrajaya now saddled with RM4 billion debt from ex-1MDB subsidiary, says PKR
BY EILEEN NG
Published: 20 January 2015 1:29 PM
Putrajaya is now saddled with an additional RM4 billion debt after a former subsidiary of state investment firm 1Malaysia Development Berhad (1MDB) was transferred to the Ministry of Finance (MoF) Incorporated, PKR said today.
Party secretary-general Rafizi Ramli said SRC International Sdn Bhd had taken the RM4 billion loan in 2011 from the Retirement Fund Incorporated (KWAP) but to date, there was no information on where the money had been spent.
"I have not come across a shell company with so much debt that it can be casually transferred to the government, increasing the government's debt overnight by RM4 billion. This redefines the meaning of bailout," he said at a press conference at the PKR headquarters today.
Rafizi was not the first MP to raise this issue.
Last October, DAP's Petaling Jaya Utara MP Tony Pua had urged prime minister Datuk Seri Najib Razak to explain what had happened to the loan.
Najib is the finance minister and also chairman of 1MDB's advisory council.
Furnishing reporters with copies of SRC International's financial report for the year ended March 31, 2012, Rafizi urged Najib and 1MDB to explain what had happened to the RM4 billion loan.
The Pandan MP wanted both to explain the reasons for setting up SRC International and taking up a loan from the pension's fund.
He also wanted to know why 1MDB "suddenly transferred" SRC International to MOF Incorporated after securing the loan.
Despite 1MDB's explanation recently that the firm was no longer its subsidiary following a de-merger, Rafizi claimed that SRC International's directors were either linked to the strategic development company or to controversial businessman Low Taek Jho.
1MDB has come under fire from Rafizi and other opposition politicians as well as former prime minister Tun Dr Mahathir Mohamad over the fund's heavy debts, its use of money and its opaque operations.
There were massive concerns over the firm's burgeoning debts estimated at some RM40 billion, just five years into its operations, amid the softening of the ringgit against the US dollar.
Penang Umno leader Datuk Seri Khairuddin Abu Hassan had also lodged a police report late last year against the company over its alleged dubious financial activities and massive borrowings.
However, the company's newly appointed group executive director Arul Kanda Kandasamy had told The Malaysian Insider that the string of attacks were mostly politically driven and not "grounded in reality".
The high-flying banker said it was quite clear most of the allegations directed at the company had been driven more by political rather than genuine business considerations.
Without naming names, Arul said "certain individuals" who are not privy to the company's operations, and do not have the full facts or understand the context of decisions made by 1MDB, have been at the forefront of these attacks.
"I’ve stated this before but, as a banker, I take due diligence very seriously. As such, when considering whether to take on this role, I examined every piece of information I could find about 1MDB, including numerous media reports concerning allegations directed at the company.
"Subsequently, I had the opportunity to hold in-depth discussions with the board, and I have personally looked into the background of the issues covered by these allegations as well.
"On the back of this, what I can tell you is that whilst there are certainly some challenges that we will need to – and can – overcome, the majority of the allegations directed at the company have no grounding in reality," he had said in an email reply to questions from The Malaysian Insider. – January 20, 2015.
- See more at: http://www.themalaysianinsider.com/...rmer-1mdb-subsidiary-say#sthash.AfK3u3Co.dpuf
BY EILEEN NG
Published: 20 January 2015 1:29 PM
Putrajaya is now saddled with an additional RM4 billion debt after a former subsidiary of state investment firm 1Malaysia Development Berhad (1MDB) was transferred to the Ministry of Finance (MoF) Incorporated, PKR said today.
Party secretary-general Rafizi Ramli said SRC International Sdn Bhd had taken the RM4 billion loan in 2011 from the Retirement Fund Incorporated (KWAP) but to date, there was no information on where the money had been spent.
"I have not come across a shell company with so much debt that it can be casually transferred to the government, increasing the government's debt overnight by RM4 billion. This redefines the meaning of bailout," he said at a press conference at the PKR headquarters today.
Rafizi was not the first MP to raise this issue.
Last October, DAP's Petaling Jaya Utara MP Tony Pua had urged prime minister Datuk Seri Najib Razak to explain what had happened to the loan.
Najib is the finance minister and also chairman of 1MDB's advisory council.
Furnishing reporters with copies of SRC International's financial report for the year ended March 31, 2012, Rafizi urged Najib and 1MDB to explain what had happened to the RM4 billion loan.
The Pandan MP wanted both to explain the reasons for setting up SRC International and taking up a loan from the pension's fund.
He also wanted to know why 1MDB "suddenly transferred" SRC International to MOF Incorporated after securing the loan.
Despite 1MDB's explanation recently that the firm was no longer its subsidiary following a de-merger, Rafizi claimed that SRC International's directors were either linked to the strategic development company or to controversial businessman Low Taek Jho.
1MDB has come under fire from Rafizi and other opposition politicians as well as former prime minister Tun Dr Mahathir Mohamad over the fund's heavy debts, its use of money and its opaque operations.
There were massive concerns over the firm's burgeoning debts estimated at some RM40 billion, just five years into its operations, amid the softening of the ringgit against the US dollar.
Penang Umno leader Datuk Seri Khairuddin Abu Hassan had also lodged a police report late last year against the company over its alleged dubious financial activities and massive borrowings.
However, the company's newly appointed group executive director Arul Kanda Kandasamy had told The Malaysian Insider that the string of attacks were mostly politically driven and not "grounded in reality".
The high-flying banker said it was quite clear most of the allegations directed at the company had been driven more by political rather than genuine business considerations.
Without naming names, Arul said "certain individuals" who are not privy to the company's operations, and do not have the full facts or understand the context of decisions made by 1MDB, have been at the forefront of these attacks.
"I’ve stated this before but, as a banker, I take due diligence very seriously. As such, when considering whether to take on this role, I examined every piece of information I could find about 1MDB, including numerous media reports concerning allegations directed at the company.
"Subsequently, I had the opportunity to hold in-depth discussions with the board, and I have personally looked into the background of the issues covered by these allegations as well.
"On the back of this, what I can tell you is that whilst there are certainly some challenges that we will need to – and can – overcome, the majority of the allegations directed at the company have no grounding in reality," he had said in an email reply to questions from The Malaysian Insider. – January 20, 2015.
- See more at: http://www.themalaysianinsider.com/...rmer-1mdb-subsidiary-say#sthash.AfK3u3Co.dpuf
Crude Oil Is Getting Smoked
MYLES UDLAND
JAN. 20, 2015, 2:42 PM 30,758 1
Oil prices are tumbling again.
In late-afternoon trade on Tuesday, the price of West Texas Intermediate crude oil was down more than 5% to below $46.50 a barrel. Tuesday's decline comes after last week saw oil prices rise for the first time in almost two months.
Brent crude oil, the international benchmark, was also lower, down about 1%.
The decline in crude comes ahead of the week's US stock market open, as markets in the US were closed on Monday in observation of Martin Luther King, Jr. Day.
On Tuesday, the oil industry also got some bad news from services providers, as Baker Hughes said it expects the number of oil rigs in US to continue falling in the first quarter. The company also said it expects to cut 7,000 jobs.
Last week, WTI posted its first weekly gain in almost two months, but on Tuesday, these gains are proving to be short-lived. So far, at least.
And here's the yearly chart of WTI.
Read more: http://www.businessinsider.com/crude-oil-price-january-20-2015-1#ixzz3PPNbCwwj
MYLES UDLAND
JAN. 20, 2015, 2:42 PM 30,758 1
Oil prices are tumbling again.
In late-afternoon trade on Tuesday, the price of West Texas Intermediate crude oil was down more than 5% to below $46.50 a barrel. Tuesday's decline comes after last week saw oil prices rise for the first time in almost two months.
Brent crude oil, the international benchmark, was also lower, down about 1%.
The decline in crude comes ahead of the week's US stock market open, as markets in the US were closed on Monday in observation of Martin Luther King, Jr. Day.
On Tuesday, the oil industry also got some bad news from services providers, as Baker Hughes said it expects the number of oil rigs in US to continue falling in the first quarter. The company also said it expects to cut 7,000 jobs.
Last week, WTI posted its first weekly gain in almost two months, but on Tuesday, these gains are proving to be short-lived. So far, at least.
And here's the yearly chart of WTI.
Read more: http://www.businessinsider.com/crude-oil-price-january-20-2015-1#ixzz3PPNbCwwj
As the revised budget 2015 is based on crude oil price of $55/bbl, there should be further pressure on the RM if crude oil stays below $50/bbl for the next few months and domestic spending reduces after GST implementation in April. Big sums of money are still unaccounted for in 1MDB.
Generally i dont thing weak ringgit is a problem, as long as dont get out of hand. It will boost the export of msia product, moreover the pm says the focus will be on msia made products.
As for the rest of us, enjoy the weak ringgit while the party is on, change progressively.
As for the rest of us, enjoy the weak ringgit while the party is on, change progressively.
Teres always positive and neg side. Depend whether u see it half full or empty. Everyone says if oil drop, it will benefit the world economy. But i dont see thats happening. In fact its worst. Wages still stagnant. Inflation high. Jobless rate still high. Still drawing 3rd world pay. Hawkers keeping upping their prices. Tks to the ever increasing rental we have in our 1st world country.
As for BolehLand. Positive side is cheap ringgit is good for tourism. And of course those Msians whos working in sinkieland and those SPrs be laughing their way to the bank....
As for BolehLand. Positive side is cheap ringgit is good for tourism. And of course those Msians whos working in sinkieland and those SPrs be laughing their way to the bank....
:(
It was in yesterday's news.
Huat ahh! Good news for CNY celebration and those going back home in msia.
Changed at Bedok 2.687.
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