Bursa Malaysia shares sold to foreigners?

Second Finance Minister Senator Tan Sri Nor Mohamed Yaackop today confirmed that Bursa Malaysia (BM) Bhd. is talking to an international bourse for a strong possibility for shares of BM being sold. Although unable to furnish the details of the negotiations, he also said that the sale of 10% control of BM would be a strategic move to propel the Malaysian capital market be actively participated by global investment players.

On the same note, he also announced that the 2009 Budget presentation would be brought forward earlier, in anticipation of upcoming Ramadhan and Syawal months for the Muslim. A date was given; 29 August 2008.

Bernama.com has the story:

January 14, 2008 11:30 AM  

MoF Is Fully Ready For The Tabling Of 2009 Budget On Aug 29

PUTRAJAYA, Jan 14 (Bernama) — The Ministry of Finance is fully ready for the 2009 Budget on August 29 this year as it will be tabled during the fasting month, Second Finance Minister, Tan Sri Nor Mohamed Yakcop said Monday.

“We have all the ideas in mind. It is a matter of putting it down,” he told reporters after the Finance Ministry’s monthly gathering here.

Asked if the short period available to prepare for the budget was sufficient, he said, “Of course, the more time we have, the better it is. But we can manage. It is workable.”

“The budget consultation will start soon,” he added.

Nor Mohamed also said that the 2009 Budget will not overlap with the implementation of the 2008 Budget due the earlier budget tabling.

However, he said budgets from 2010 onwards will be tabled on a Friday in the fourth week of October.

“This year will be the last year of budget being tabled earlier,” he said.

–BERNAMA

The MOF II also explained that he was bullish about 2007’s GNP growth rate to be 6% and admitted that 2008 would be a tough year. This is due to the oil price now hovering at USD 100.00 per barrel and will drive the inflation up and affect the American economy termendously, which will affect global exports.

If the price of oil maintain at the USD 100.00 per barrel level, Tan Sri Nor admitted that the country has to fork out RM 35 billion annually for oil subsidy. He said that the official inflation rate of 2008 would be between 2-2.5%.

*An update as of 20.40hrs, Monday, 14 January 2007

Standard Chartered Bank (Stanchart) did not agree with this. They are revising GNP growth from 5.2% to 4.2% and inflation rate from 2.5% to 4.0%, despite admitting that the domestic demand and Government spending on the economy is very strong and high.They also of the believe that the Government would lift the ban on offshore trading, within three years.

Bernama has the story:

January 14, 2008 20:34 PM

Malaysia Likely To Lift Ringgit Offshore Trading Ban In Three Years

KUALA LUMPUR, Jan 14 (Bernama) — Malaysia is likely to lift the ban on ringgit offshore trading in three years, said Standard Chartered Bank’s senior foreign exchange strategist, Thomas Harr.

He said the lifting of the ban was not going to be a top issue this year.

“It is going to be the next two or three years as the government and Bank Negara Malaysia have given signals on the matter,” he told reporters at the bank’s Global Research Briefing 2008 here today.

Malaysia banned offshore trading of ringgit in 1998 and pegged the currency to the US dollar as regional currencies collapsed during the Asian financial crisis.

The ban is the only capital control left.

“We think probably this year is a little bit too early. Definitely the Malaysian government is moving to internationalise the ringgit but we think it will likely happen when the ringgit touches RM2.23 to the US dollar,” he said.

— BERNAMA

Then Prime Minister Dato’ Seri Dr. Mahathir Mohamad announced the pegging of the Ringgit against USD at 3.80 and currency and capital control measures, as remedy to the spiraling economic crisis on 1 September 1998. It was proven to be effective to correct the economic crisis and had been maintained since.

Published in: on January 14, 2008 at 13:31  Comments (1)  

‘Quango’ Husam Musa ala Khairy Jamaluddin disenaraikan

Ini merupakan satu perkembangan terbaru, setelah analisa mengenai Penasihat Strategik PKR Saifuddin Nasution Ismail, kini berkerja sebagai Pengurus Besar, Tabung Tok Kenali, satu agensi dibawah Kerajaan PAS Kelantan. Saifuddin dikatakan ‘ayam tambatan’ aka Anwarista Anwar Ibrahim dan kini menjadi ‘blue eyed boy’ Exco Kanan Kelantan, Dato’ Husam Musa.

husam.jpg

Husam, merupakan ‘bintang baru’ yang sedang menyerlah dan digilap bersinar, terutama dalam PAS Kelantan, kubu terkuat parti politik itu. Beliau berjaya melonjak naik dalam masa yang begitu singkat kerana ‘naungan’ yang diberikan MB Kelantan Dato’ Nik Aziz Nik Mat, yang juga Murshidul Am PAS. Penampilan moden dan dinamisma yang beliau dan rakan rakan seangkatan bawa kedalam PAS, terutama semenjak pemimpin golongan muda PAS ini mengambil peluang penuh dan memodalkan ‘kemarahan rakyat’ dalam sentimen isu pemencatan Anwar Ibrahim dari UMNO dan Kabinet hampir sepuluh tahun dahulu juga dijadikan ‘modal’ untuk ‘melonjakan’ diri mereka naik dalam parti yang secara tradisinya dikuasai para ulama’. Dengan itu, golongan muda dilabel sebagai ‘Young Turks‘.

Satu laman blog, Masterdedah.com kini memapar dan menyenaraikan segala usaha Husam, dengan mengunakan wang dan bajet yang diujudkan dari Perbadanan Menteri Besar Kelantan (PMBK) untuk terus mengukuhkan kedudukan beliau, samada secara strategik, penyusunan ‘permainan politik’ maupun kerja kerja perhubungan awam (public relations).

Pendekata, pegawai pegawai kanan bawah senarai gaji PMBK ini tidak ubah sebagai ‘Budak Budak Tingkat Empat’, yang sering dirujuk kepada mereka yang dalam Pejabat Perdana Menteri yang rapat dan akrab kepada mantan Timbalan Ketua Setiausaha Sulit Pejabat Perdana Menteri Khairy Jamaluddin. Husam merupakan Naib Presiden I PAS manakala Khairy pula ialah Naib Ketua Pemuda UMNO.

Terlalu banyak persamaan antara kedua pemimpin ‘bercita cita besar’ (ambitious) ini. Semestinya, Husam akan dicemburui oleh ramai pemimpin pemimpin PAS, terutama dikalangan ‘Old Guards‘. Penyusunan strategik Husam ini amat perlu kepada karier politik beliau dalam parti yang memerintah Kelantan semenjak 1990 itu kerana beliau perlu bersaing dengan pemimpin pemimpin golongan muda PAS seperti Nasharuddin Mat Isa, Mahfuz Omar, Takiyuddin Hassan, Salahuddin Ayub, Dr. Syed Azman Syed Ahmad Nawawi, Ir. Amiruddin Hamzah dan Mujahid Yusuf Rawa. Ini belum diambil kira pemimpin pemimpin Pemuda PAS.

*Glossari –Quangodidefinisikan oleh kamus Merriam-Webster sebagai:

British : a partly autonomous regulatory agency; especially : one in Britain organized outside the civil service but financed and appointed by the government
Published in: on January 14, 2008 at 00:03  Comments (2)