Those earning Sing dollars and doing business which require ringgit will love it. I am saving more than S$20k per year for the RM 2.7 now compared to the RM 2.50 just a couple of years ago..
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Economic News
- Thread starter FHBH12
- Start date
Meanwhile the government is planning to raise highway tolls to reduce the impact of lower oil revenues".
Highway toll charges may go up by 30%
http://www.thestar.com.my/News/Nation/2015/06/12/Toll-charges-may-rise/
Highway toll charges may go up by 30%
http://www.thestar.com.my/News/Nation/2015/06/12/Toll-charges-may-rise/
Simply atrocious jam from Singapore back to Malaysia Friday evening till late ( very late ) Jammed till AYE and all the way back. My friend was struck from 7pm till 1030pm.
This morning the jam was equally horrible starting from 630am. My friend is still struck in Malaysia custom after clearing Singapore side in 1 hour.
Everyone loves RM 2.75.
This morning the jam was equally horrible starting from 630am. My friend is still struck in Malaysia custom after clearing Singapore side in 1 hour.
Everyone loves RM 2.75.
As long as earning SGD, still ok lah. Should hyper devaluation occurs, MY govt wont repeat the mistake of 1997 and increase interest rate wildly. They will stabilise the peg and introduce currency controls again. Anyway, it's a gradual devaluation now. Gd news to those earning SGD....
The speed RM is falling, no sign of recovery for oil price plus and massive outflow of foreign funds, I'm afraid MY may do something drastic to arrest the situation.
Already that stupid 1MDB paid Goldman Sucks USD500 million to help raise USD5 billion (10% comm, you think got kickback or not?) and had accumulated a massive debt to pay an interest @RM1 million per day, everyday, for doing nothing and bleeding profusely!
Got a bad feeling they may introduce capital control to control outflow of funds and maybe peg the RM to USD again to prevent free falling.
They may introduce conditions or even limit or disallow foreign home sellers to take their money out of the country.
Already that stupid 1MDB paid Goldman Sucks USD500 million to help raise USD5 billion (10% comm, you think got kickback or not?) and had accumulated a massive debt to pay an interest @RM1 million per day, everyday, for doing nothing and bleeding profusely!
Got a bad feeling they may introduce capital control to control outflow of funds and maybe peg the RM to USD again to prevent free falling.
They may introduce conditions or even limit or disallow foreign home sellers to take their money out of the country.
Correction on my earlier post above.
MY's Finance Minister II just announced in Parliament that the 1MDB is actually servicing their loans with an interest of RM2.4 to RM2.7 billion per year!
This works out to more than RM200 million per month or about RM7 million per day, everyday!!!!
And this is for a company with no known income since day one.
No wonder the financial community is jittery on MY's economic status and future of the RM.
Malaysia Boleh!
That has been my fear since the start of the Ringgit fall.
Slow and gentle is good but when this gains strength then it'll be very worrying.
The govt doesn't seem to be doing anything concrete to try to arrest this.
They just keep on saying to let the public accounts come out with the investigation reports.
And just rehash the old mantra that the fundamentals are still sound.
Slow and gentle is good but when this gains strength then it'll be very worrying.
The govt doesn't seem to be doing anything concrete to try to arrest this.
They just keep on saying to let the public accounts come out with the investigation reports.
And just rehash the old mantra that the fundamentals are still sound.
But what exactly are you worried about? That Malaysia will impose capital controls? If you are not looking to sell now and earning SGD, I really dont see what's the worry Bro....
The last duty of a Central Banker is to tell the public the truth. She is only paid to project confidence.
If ringgit keep falling, things will be expensive and prices of goods suirely will be raised. But when ringgit strengthen in future, will prices of goods fall in tandem? I doubt so. Its best the ringgit stablise. Capital control should be introduced once again to arrest the problem...though is a double edge sword.
The last duty of a Central Banker is to tell the public the truth. She is only paid to project confidence.
The truth is all there.
http://www.thestar.com.my/Business/...MDB-on-debt-papers-and-Ananda-loan/?style=biz
Haha, can never believe any of the 1MDB's public statement.
The CEO can say he saw the statement showing US$1 billion in CASH in their acct in SG but was later found to be just some documents.
They flatly denied borrowing RM2 billion from Ananda recently to repay off a bank loan and now say it was an investment payment (note - Ananda sold them the power station for a helfty profit and now put back money to invest ???)
The past and present CEO absent themselves last minute from the PAC enquiry into 1MDB by giving the silliest reason that make the whole town laugh.
1MDB still boleh?
Congratulation, with such environment in Malaysia, you can continue shouting louder and higher and your profit is just an illusion.
A bit of upbeat news to raise everyone's spirits after all the recent water down of Iskandar region
http://www.thestar.com.my/Business/...pbeat-despite-global-uncertainties/?style=biz
http://www.thestar.com.my/Business/...pbeat-despite-global-uncertainties/?style=biz
RM had plunged further to US$1 : RM4.1370 today!
The KLCI is extremely bearish with heavy selling by foreign institutions.
Cumulative net foreign outflow rose to RM11.7billion by end July, significantly surpassing the RM6.9billion outflow for the entire 2014!!
http://www.themalaymailonline.com/m...longest-foreign-capital-flight-of-seven-years
The PM is still not out of the wood on the US$700 million in his private bank account and for dismantling the task force investigating the 1MDB RM42billion (now became RM48billion) scandal..........
Do you think the economy will improve this year?
For those who are looking forward to a possible fire sales, maybe chance coming soon.
The KLCI is extremely bearish with heavy selling by foreign institutions.
Cumulative net foreign outflow rose to RM11.7billion by end July, significantly surpassing the RM6.9billion outflow for the entire 2014!!
http://www.themalaymailonline.com/m...longest-foreign-capital-flight-of-seven-years
The PM is still not out of the wood on the US$700 million in his private bank account and for dismantling the task force investigating the 1MDB RM42billion (now became RM48billion) scandal..........
Do you think the economy will improve this year?
For those who are looking forward to a possible fire sales, maybe chance coming soon.
S'pore businesses in Malaysia rattled by ringgit's fall
Marissa Lee
The Straits Times
Thursday, Aug 27, 2015
The ringgit's startling fall left some Singapore businesses in Malaysia fearing a repeat of the 1997 Asian financial crisis is looming.
Take home furnishings boss Chan Chong Beng. When he signed contracts three months ago to deliver carpets and wallpaper to his Malaysian clients, the ringgit was about 2.69 to one Singdollar.
"By the time we collected the money, it was over three (ringgit) to a dollar. We didn't expect it to go so steep! That easily takes off 15 per cent of our net profit," said Mr Chan, who heads Goodrich Global.
Contracts sealed in Malaysia have traditionally been denominated in ringgit, a practice that is hard to change despite the currency market volatility around the world. Malaysian firms have been less willing to denominate the contracts in Singdollars, added Mr Chan.
To be sure, the divergence between the two currencies has never been this sharp: just five years ago, the Singdollar was equivalent to 2.30 ringgit. Fifty years ago, the two currencies were on a par.
But the ringgit has shed 20 per cent in value over a year as the commodities-exporting nation suffers a prolonged oil price rout and brewing political turmoil.
As of 8pm last night, one Singdollar could buy 3.0356 ringgit. The Malaysian currency had weakened briefly to as much as 3.05 ringgit to one Singdollar in the morning.
"The signs of a crisis are quite imminent. In 1997, it was something like this," said Mr Chan.
But analysts are more sanguine, noting that firms today are much less exposed to United States dollar debt.
"This is not a repeat of 1997. Most corporates across Asia today are more well-diversified in their funding," said Credit Suisse senior currency strategist Heng Koon How.
And while the weak ringgit and rupiah point to Malaysia and Indonesia having the worst foreign reserve metrics across Asia, reserve ratios across the rest of the region are much more robust than in 1997, Mr Heng added. So while traders in the import and export game may have to revise their business models, other firms are not deviating from their growth plans.
"In the consumer space, it's business as usual," said Sakae Holdings chairman Douglas Foo. "The fundamentals in the country are still sound, so we continue to look for good sites to expand. The weaker ringgit impacts our financial statements but in reality, we don't realise the losses because we're not taking the money out of the country."
[email protected]
- See more at: http://business.asiaone.com/news/sp...ia-rattled-ringgits-fall#sthash.loO0Zky8.dpuf
Marissa Lee
The Straits Times
Thursday, Aug 27, 2015
The ringgit's startling fall left some Singapore businesses in Malaysia fearing a repeat of the 1997 Asian financial crisis is looming.
Take home furnishings boss Chan Chong Beng. When he signed contracts three months ago to deliver carpets and wallpaper to his Malaysian clients, the ringgit was about 2.69 to one Singdollar.
"By the time we collected the money, it was over three (ringgit) to a dollar. We didn't expect it to go so steep! That easily takes off 15 per cent of our net profit," said Mr Chan, who heads Goodrich Global.
Contracts sealed in Malaysia have traditionally been denominated in ringgit, a practice that is hard to change despite the currency market volatility around the world. Malaysian firms have been less willing to denominate the contracts in Singdollars, added Mr Chan.
To be sure, the divergence between the two currencies has never been this sharp: just five years ago, the Singdollar was equivalent to 2.30 ringgit. Fifty years ago, the two currencies were on a par.
But the ringgit has shed 20 per cent in value over a year as the commodities-exporting nation suffers a prolonged oil price rout and brewing political turmoil.
As of 8pm last night, one Singdollar could buy 3.0356 ringgit. The Malaysian currency had weakened briefly to as much as 3.05 ringgit to one Singdollar in the morning.
"The signs of a crisis are quite imminent. In 1997, it was something like this," said Mr Chan.
But analysts are more sanguine, noting that firms today are much less exposed to United States dollar debt.
"This is not a repeat of 1997. Most corporates across Asia today are more well-diversified in their funding," said Credit Suisse senior currency strategist Heng Koon How.
And while the weak ringgit and rupiah point to Malaysia and Indonesia having the worst foreign reserve metrics across Asia, reserve ratios across the rest of the region are much more robust than in 1997, Mr Heng added. So while traders in the import and export game may have to revise their business models, other firms are not deviating from their growth plans.
"In the consumer space, it's business as usual," said Sakae Holdings chairman Douglas Foo. "The fundamentals in the country are still sound, so we continue to look for good sites to expand. The weaker ringgit impacts our financial statements but in reality, we don't realise the losses because we're not taking the money out of the country."
[email protected]
- See more at: http://business.asiaone.com/news/sp...ia-rattled-ringgits-fall#sthash.loO0Zky8.dpuf
Bina Puri gets RM95m Petronas job at Pengerang site
Thursday, 3 September 2015
KUALA LUMPUR: Bina Puri Holdings Bhd has secured a RM94.94mil contract for the civil works in a steam cracker complex at Petronas RM60bil Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor.
The company said on Thursday works will begin in January 2016 and set to be completed in 27 months.
The on-going RAPID project, which will have the refining capabilty of 300,000 barrel per stream day, is part of the larger multi-billion Pengerang Integrated Petroleum Complex (PIPC) in Johor.
Its unit Bina Puri Sdn Bhd accepted a letter of award from Toyo Engineering & Construction Sdn Bhd on Aug 12.
Bina Puri group executive director Matthew Tee said this contract marked the group’s first successful tender to undertake a sizeable construction project in civil works for an oil and gas complex.
With the latest award, the group’s un-built book order was RM2.72bil. The group has secured RM933mil worth of projects in 2015.
http://www.thestar.com.my/Business/...95m-Petronas-job-at-Pengerang-site/?style=biz
Thursday, 3 September 2015
KUALA LUMPUR: Bina Puri Holdings Bhd has secured a RM94.94mil contract for the civil works in a steam cracker complex at Petronas RM60bil Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor.
The company said on Thursday works will begin in January 2016 and set to be completed in 27 months.
The on-going RAPID project, which will have the refining capabilty of 300,000 barrel per stream day, is part of the larger multi-billion Pengerang Integrated Petroleum Complex (PIPC) in Johor.
Its unit Bina Puri Sdn Bhd accepted a letter of award from Toyo Engineering & Construction Sdn Bhd on Aug 12.
Bina Puri group executive director Matthew Tee said this contract marked the group’s first successful tender to undertake a sizeable construction project in civil works for an oil and gas complex.
With the latest award, the group’s un-built book order was RM2.72bil. The group has secured RM933mil worth of projects in 2015.
http://www.thestar.com.my/Business/...95m-Petronas-job-at-Pengerang-site/?style=biz
Master Builders Association Malaysia (MBAM): Weakening ringgit affects builders’ margins
Well, I had said before that the rapid plunging of the RM will adversely affect the developers and building contractors profit margin adversely, now the MBAM is just confirming it.
If the RM takes a long time to recover or worse, don't recover, then the building industry is going to see huge casualties or even bankruptcies!!
http://www.theedgeproperty.com/my/content/mbam-weakening-ringgit-affects-builders’-margins
Well, I had said before that the rapid plunging of the RM will adversely affect the developers and building contractors profit margin adversely, now the MBAM is just confirming it.
If the RM takes a long time to recover or worse, don't recover, then the building industry is going to see huge casualties or even bankruptcies!!
http://www.theedgeproperty.com/my/content/mbam-weakening-ringgit-affects-builders’-margins
Play it safe. Sink your S$ into development that are already TOP.
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