Train service between JB Central and Singapore starts 01 Dec 2014
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That's RTS
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Living in JB 3 (Johore)
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That's RTS
Fuel Check 3am today heading into Woodlands. Last month around this time I also kena one check. For those who think fuel checks are no longer implemented, this serves as a reminder.
Things are looking a little gloomy for Malaysia as oil price is plummeting so rapidly in recent weeks.
When the Budget 2015 was presented, it was based on the crude oil price at US$105 per barrel.
Today, the oil price is around US$76 per barrel with forecast that it may dip to way below US$70 if OPEC still refuse to cut production.
With oil price dipping so much so soon, the savings from cut in fuel subsidy has turn to nought while the Budget will definitely run into severe deficit.
Then, some major projects may be shelved or cancelled and extra revenue has to be sought.
According to some reports, if oil price falls to US$70 per barrel, it would mean a loss of RM22.75 billion in revenue and at US$60 per barrel, a loss of RM29.25 billion!!!
So, how are they going to meet the budget shortfall and what will be the contingency plan is anyone's guess.
When the Budget 2015 was presented, it was based on the crude oil price at US$105 per barrel.
Today, the oil price is around US$76 per barrel with forecast that it may dip to way below US$70 if OPEC still refuse to cut production.
With oil price dipping so much so soon, the savings from cut in fuel subsidy has turn to nought while the Budget will definitely run into severe deficit.
Then, some major projects may be shelved or cancelled and extra revenue has to be sought.
According to some reports, if oil price falls to US$70 per barrel, it would mean a loss of RM22.75 billion in revenue and at US$60 per barrel, a loss of RM29.25 billion!!!
So, how are they going to meet the budget shortfall and what will be the contingency plan is anyone's guess.
More bad news.
Heavy downpour wreak havoc in Johor Bahru
Posted on 27 November 2014 by Christine Leong
A heavy down pour that started around 4.00 p.m. caused severe flooding in Johor Bahru late yesterday (26 Nov 2014).
The areas affected from the floods were Jalan Skudai along the Danga Bay Waterfront development stretch, Jalan Tebrau near Wisma Daiman and Kampung Melayu Majidee.
Many motorists were forced to turn back as the road heading to Permas Jaya and City Centre was flooded.
A motorist known as Madam Tan said that she had stop and turn back as the road heading to Permas Jaya from Melodies Garden was impassable due to the flood.
She also said that she had to change the route, when she saw a man was directing the traffic away while standing in a chest deep flood. Tan also said that her detour through Century Garden also was halted halfway due to floods.
All roads were back to normal at around 9.30 pm.
Heavy downpour wreak havoc in Johor Bahru
Posted on 27 November 2014 by Christine Leong
A heavy down pour that started around 4.00 p.m. caused severe flooding in Johor Bahru late yesterday (26 Nov 2014).
The areas affected from the floods were Jalan Skudai along the Danga Bay Waterfront development stretch, Jalan Tebrau near Wisma Daiman and Kampung Melayu Majidee.
Many motorists were forced to turn back as the road heading to Permas Jaya and City Centre was flooded.
A motorist known as Madam Tan said that she had stop and turn back as the road heading to Permas Jaya from Melodies Garden was impassable due to the flood.
She also said that she had to change the route, when she saw a man was directing the traffic away while standing in a chest deep flood. Tan also said that her detour through Century Garden also was halted halfway due to floods.
All roads were back to normal at around 9.30 pm.
How can flooding be bad news? The heavy downpour in recent years due to changes in world cilmate has made flooding occurred more regularly. Afterall, Singapore with its $300,000 a month Minister cant solve flooding and we expect the Johor Bahru MB who is paid S$10,000 ( 30 times less / 3000% lesser ) to solve flooding?
If JB got no flood, we have to import Johor Menteri Besar as Foreign Talent into our Cabinet & kick up the $300,000 a month ministers
If JB got no flood, we have to import Johor Menteri Besar as Foreign Talent into our Cabinet & kick up the $300,000 a month ministers
It's got both pros & cons. For me, more pros than cons. Coz taking away fuel subsidy risk social disorder. The lower oil prices offset the subsidy removal. Long run cost savings it's no Brainer. After some time, public will not have strong reaction when oil prices creeps back Up. Budget deficit is something Malaysia is not new too. I dun see it as any issue whatsoever. Gst & recovering oil prices will cover back the deficit in a yr or two.
Juz my 2cents.
There are indeed pro and cons when oil price plummet but not in the way you put it.
From 01 Dec 2014, fuel subsidy will be removed and will move to a managed float system to determine pump prices.
But removal of fuel subsidy came at a time when crude price has drop to US$76 so fuel price can be even cheaper from next month while the govt. saved nothing!
So, if international crude oil price drops further, the public will be actually getting cheaper fuel price based on the new float system and this will also benefit all transport companies -buses, taxis, trucks, airlines etc.
In the 2015 Budget, revenue from GST is already factored in but when oil revenue may shrink by more than RM20 billion, the Budget will run into gross deficit, what will happen in 2016 and beyond is not the concern here.
The country has to have the contingency plan to overcome the revenue shortfall for the year!
Some countries who are heavily dependent on revenue from oil are already starting to revise their Budget downwards, one example is Venezuela.
The oil drop allows UMNO to withdraw fuel subsidy forever wo risks of social disorder(hopefully) when it's implemented come 1st Dec 2014.
In the long run the savings cannot be underestimated. Budget shortfall in 2015 = public infrastructure spending KIV / Delayed / Cancelled.
Nothing alarming here coz they can take forever to build. Im no economist so i dunno if something Drastic will happen to Msia 2015 bo.
My gut hunch tells me everything will be fine and things hum along maybe slower than slow.
Peace
In the long run the savings cannot be underestimated. Budget shortfall in 2015 = public infrastructure spending KIV / Delayed / Cancelled.
Nothing alarming here coz they can take forever to build. Im no economist so i dunno if something Drastic will happen to Msia 2015 bo.
My gut hunch tells me everything will be fine and things hum along maybe slower than slow.
Peace
It seems that the government's projected income may be hit by about 10% in 2015 if oil price stays around $70/bbl compared to their baseline assumption of $105/bbl. It only means some projects scale back, further subsidies cut and/or more taxes increase will have to happen in 2015. Compound this with 6% GST in Apr 2015, I expect Malaysia to have an inflationary year in 2015. Imports from Malaysia into Singapore are likely to be more costly.
Budget 2015 review needed to reflect oil revenue shortfall, DAP MP says
PUBLISHED: NOVEMBER 28, 2014 02:28 PM
KUALA LUMPUR, Nov 28 ― The federal government needs to revise its revenue projections under Budget 2015, amid fears that the country's income will fall along with the downward trend in global oil prices, a DAP lawmaker said today.
Kluang MP Liew Chin Tong said the potential loss of revenue from falling oil prices would quickly strip whatever savings Putrajaya would gain from the impending removal of fuel subsidies, as oil revenue accounts for 30 per cent of government income.
“The price of oil slumped after the OPEC oil producers' cartel decided not to cut output at its meeting in Vienna.
“Following the announcement, Brent crude hit its lowest since August 2010, falling below USD72 (RM242.64) a barrel, before settling at USD72.82 (RM245.40), recording a 5 per cent drop on the day,” he said, referring to the Organisation of the Petroleum Exporting Countries.
“The Malaysian government had planned its budget with the assumption that the crude oil price (Tapis) would average at USD110 (RM370.70) for 2014 and USD105 (RM353.85) for 2015,” he said in a statement.
Liew said that the 12 Opec members will maintain their total production of 30 million barrels per day, as prices dipped by 30 per cent since June this year due to sluggish global demand and rising production by the United States.
This means that oil prices will continue on a downward trajectory over an extended period, and likely lead to a growing budget deficit in Malaysia, he warned.
“Dewan Negara is sitting from 1st December till 18th December. It is the last occasion for the Government to show that it is a responsible economic manager by reporting to the Parliament a revised budget for 2015,” he said, while also urging the government to slash pump prices by December 1 and explain the full details on its proposed managed float system for RON95 petrol.
- See more at: http://www.themalaymailonline.com/m...ue-shortfall-dap-mp-says#sthash.GA4n3Biz.dpuf
U.S. crude down 10 percent post-OPEC, Brent breaks below $70
BY BARANI KRISHNAN
NEW YORK Fri Nov 28, 2014 3:43pm EST
(Reuters) - U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor.
"I see little reason to buy oil now. I think people are either going to drive it down further or just let the market collapse," said Tariq Zahir, managing member at Tyche Capital Advisors in Hollow Way, New York.
U.S. West Texas Intermediate (WTI) light crude (WTI) settled down $7.54 at $66.15 a barrel, and fell further post-settlement, reaching a four-year low of $65.69. The last time the market lost 10 percent in a day was in March 2009.
North Sea Brent LCOc1 finished down $2.43, or 3.3 percent, at $70.15. It fell to as low as $69.78 on the day, a bottom since May 2010. Brent also finished down 18 percent for November for a fifth straight month of declines, or the longest losing streak since the 2008-2009 financial crisis.
Since June, Brent has given up about 40 percent of its value, falling from above $115, as increasing U.S. shale oil output helped create a glut amid sluggish global growth.
Friday's selloff culminated a stunning 24 hours on global crude markets, in near free fall after Saudi Arabia blocked calls from poorer members of the Organization of the Petroleum Exporting Countries to reduce production.
With U.S. markets officially closed for Thursday's Thanksgiving holiday, WTI went down about 8 percent in electronic trading overnight. Losses resumed when the New York Mercantile Exchange reopened, with U.S. crude capitulating just before Friday's close.
The risk flight in oil extended to the stock market, with energy shares on Wall Street taking a hammering despite the broader market closing up for a sixth straight week.
Shares of shale energy firms saw outsized declines, as $70 oil was considered a level at which shale drilling became unprofitable. Denbury Resources (DNR.N), QEP Resources (QEP.N) and Newfield Exploration (NFX.N) all lost more than 15 percent.
"The message from OPEC was fairly clear - we are not hurting yet because we are the lowest cost producers," said Iain Armstrong, oil and gas analyst at wealth management firm Brewin Dolphin in London.
"It is a question of who blinks first - OPEC or the U.S. shale producers. The longer the oil price stays at these levels the greater chance a U.S. shale producer will go under. But it will take time."
Saudi Arabia's oil minister told fellow OPEC members on Thursday they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
Traders said if U.S. crude took out the May 2010 low of $64.24, it could technically be headed for a test below $60, toward the low of $58.32 set on July 2009.
"WTI could certainly be down a couple of dollars more next week, and test newer lows from there," said John Kilduff, partner at energy hedge fund Again Capital in New York.
Shale companies aside, shares of oil major Exxon Mobil Corp (XOM.N) fell more than 4 percent to below $91, while Chevron Corp (CVX.N) lost about 5 percent to under $109.
Activity in the options on the Energy Select Sector SPDR Exchange-Traded Fund XLE.P exploded as traders who had bet on a drop in the ETF scrambled to book hefty profits after the OPEC decision.
Russia's most powerful oil official Igor Sechin said oil prices could hit $60 or below by the end of the first half of next year. Options market data show speculators betting on $65 Brent by early next year.
Goldman Sachs said $60 Brent oil was possible but not sustainable and that WTI in a $70-$75 range could prompt U.S. producers to reduce capital expenditure, or drilling. For next year, BNP Paribas cuts its Brent forecast by $20 to $77, and WTI by $18 to $70.
"The market is looking for a new paradigm, a new range to settle into. Where that is, is anybody’s guess," said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt.
(Additional reporting by Ahmed Aboulenein in London and Keith Wallis in Singapore; Editing by Christopher Johnson, Chizu Nomiyama and Tom Brown)
http://www.reuters.com/article/2014/11/28/us-markets-oil-idUSKCN0JC1LO20141128
Kekeke..it sounds funny.more to a joke .on second thought,there are hard facts to it!
I have a duty to remind people that its not a bed of roses in Singapore and JB is not a funeral parlour everday.
Not sure where the photos were taken. It was a cut and paste from a M'sian news website.
Floodings anywhere are always bad news. News reports of actual situations are useful information for the public and the relevant Authorities to take the necessary action to manage the situation.
No need to be agitated, if such news are reported. Is someone concerned that this may impact the price of properties in JB? Kekeke! BTW I am a M’sian and own a new landed property in Nusajaya as well. However, our duty should be to ensure that the ‘working class’ in Johore can also afford to own a Home. Prices should be stabilised to a reasonable level and not artificially push up by greedy developers and speculators as in the last two years. When there is affordable and fair distribution for a place of abode for all, a more harmonious environment will prevail for ALL, including foreign residents.
I follow up daily on the economic and political situation in M’sia. Funeral Parlour?? Personally, I am concern.
These same OPEC are the same bunch of money grubbing mfckrs who kept the oil prices high at usd110 or higher and now when new competition of shale oil producers are beginning to threaten their money pot, they try to put these new producers out of biz.
Obama should be given credit for pushing for alternative energy sources and I hope in my lifetime, will see the demise of all these oil rich SOBs who are ruining the environment and making everything else expensive while these sheikhs and their ilks buy up football clubs, airlines, entire building complexes all over the world and the rest of us pays for it.
Obama should be given credit for pushing for alternative energy sources and I hope in my lifetime, will see the demise of all these oil rich SOBs who are ruining the environment and making everything else expensive while these sheikhs and their ilks buy up football clubs, airlines, entire building complexes all over the world and the rest of us pays for it.
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