Season of slip-shots

Yesterday was a colorful day for reporting and analysis. One, is about Sime Darby Corporate Communications coming strong against our posting for the Board of Director’s (BOD) proposal to the shareholders Extraordinary General Meeting set on 8 November to approve a special ‘grant scheme’ for the senior management and executives.

The other one is about Bernama report on what Deputy Minister MITI Dato’ Mukhriz Mahathir said to a group of Universiti Utara Students freshmen/women earlier in the month at Sintok, Kedah, Apparently, Bernama reported that Mukhriz claimed that the Federal Government debt and borrowings stood at RM 800 billion.

That was not exactly true. According to Mukhriz, he did not make that claim as per what Bernama report. He is not known for being inaccurate with facts.

The Federal Government debt and borrowings actually stood at RM 456 billion. That is 52% of the 2011 GDP. And Mukhriz is right. The amount is manageable and the Federal Government has been steadfast in servicing all the borrowings and financial commitments all along.

In fact, Malaysia is better at borrowing for the purpose of socio and economic development as compared as some of the developed European nations. Take Italy for example. The borrowings stood at Euro 1.95 trillion or 120% of the GDP.

15 June 2012 Last updated at 15:30 GMT

Italy selling off state assets to reduce debt mountain

Portrait of Mario Monti
Italian prime minister Mario Monti is struggling to reduce his country’s debt mountain

The Italian government hopes to raise 10bn euros (£8.1bn; $12.6bn) selling off three state-owned companies, in a bid to reduce its crippling debt mountain.

Prime Minister Mario Monti described the measures, which include a reduction in the number of state employees, as “very robust”.

The companies, Fintecna, Sace and Simsest, are all owned by the country’s economy ministry.

More privatisations are likely.

The government is also reducing the size of its military forces and plans to sell off property released by this process.

The property will be put into a fund, then valued and sold to private investors.

In other cost-cutting measures, the government intends to merge some departments and reduce the number of employees.

Italy is in danger of buckling under the weight of its public debt, equal to about 120% of its gross domestic product (GDP).

On Thursday, the Bank of Italy announced that the country’s public debt level had reached a record high of 1.95tn euros (£1.57tn).

******************

So, don’t be quick to jump at what has been reported. Analyse the information and cross-check, when necessary.

Published in: on October 20, 2012 at 01:15  Comments (7)  

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7 CommentsLeave a comment

  1. I have always been having a problem with Bernama. They are supposed to be the national news agency, spreading news to promote the activities of the Government, yet they don’t allow people to copy paste extracts from their news so that concerned citizens can help do that in blogs, etc.

    They want people to pay for their news but why should I pay for irritating things like saying “Most Happiest Nation” –

    Transformation Agenda Put Malaysia At Second Most Happiest Nation In Sea … KUALA LUMPUR, Sept 13 (Bernama)

    A lot of foreign news agencies, government and big businesses may want to subscribe to the national news agencies but goofs like the above put off a number of them.

    Careless attitude of their editors or lack of editing or plain stupid editors they employ result in the above.

    More important still is the incorrectness and inaccuracies of their reports, like on Mukhriz’s statement above.

    They cannot and must not be at the level of foreign funded Opposition blogs like Malaysiakini which was given a warning by Home Minister Hishamuddin for reporting what he said wrongly. Are there Opposition blokes infiltrated into Bernama to twist and slant news headings and news reports to get readers run away to the so-called alternative media? They must never be allowed and must be weeded out. Together with the deadwoods and the inefficient editors.

    Can anyone do something about Bernama? Can Rais Yatim do something?

    • You mean copy-paste from bernama.com? Apasal x ley pulak?

      • He says doesn’t want to pay for Bernama news. Bernama news carry the box asking people to “Purchase this news”.

        But they are the national news agency. Should give news free. Especially about what the Government does.

  2. Italy selling off state assets to reduce debt mountain.

    Selangor PR buying Talam’s “land under water” assets to reduce Talam’s debt mountain?

  3. They should be extra careful nowadays. With election looming and opposition being desperate as it is, any bit of negatives will be spin like hell. Should issue correction right away and nobody would mind.

    Also, agree Dato’ Mukriz is not the types thats make that kind of blunder.

  4. Italy is in such a dire state that they’ve started selling their warship. The Philippines is getting serious about buying their Anti Submarine Warfare Frigates. As old as it may be, those ASW frigates is the best equipped ASW platfrom relative to ASEAN navy with the exception of Singapore Formidable class frigates.

    Does it got to do with us having submarines? The Filipino of course said it got nothing to do with us but it is all about their South China Sea claim and China growing assertiveness. Funny thing is recently there is a revival of pressure to the Philippines government to re-assert their claim over Sabah despite our assistant in facilitating the Philippines-MILF Framework of Agreement deal. Co-incidence?

    Considering the state of our navy vis-vis its operational demand which underscore its urgent need for additional assets, may be WE are the one who should seriously be looking at the Italian Frigates.

    • Isn’t it risky to be buying frigates when the producer country is in a dire state? Parts and repairs may become a problem.

      On Sabah, the Philippine Government under the present Aquino leadership and the friendly feelings with DS Najib is not likely to entertain any pressure to revive the claim to Sabah. They have the Chinese bully to contend with, claiming islands that have long been regarded as Filipino territory. Philippines needs the support and friendship of a good neighbour like Malaysia. They are also a responsible member of Asean.

      Even if future Filipino leadership thinks about reviving the claim to Sabah, they have to contend with the Bangsamoro in the huge island of Mindanao and the islands between that and the state of Sabah. The Filipino Muslims have feelings of affinity with fellow Muslims in Sabah and Malaysia.

      But many students from China have started coming to study in Sabah. As well as tourists from the Chinese mainland. The authorities must ensure no overstaying and creeping into the community of illegals in the state. It’s these citizens of the bully country China that we must be more concerned about, rather than the Muslim Filipinos who have been in and out of Sabah since ancient times.


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