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[Jenayah]
Najib punya pusal, ramai fund manager lari dari Malaysia
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July 14, 2015 1:00 pm JST
Suspicions swirling around prime minister hasten outflow of funds from Malaysia
WATARU YOSHIDA, Nikkei staff writer
SINGAPORE -- The exodus of investment capital from Malaysia is accelerating. The local currency -- the ringgit -- has sunk to a 16-year low against the dollar and stock prices have plunged some 9% since reaching a year-to-date high in April.
That is because management difficulties at a state investment fund have developed into financial misgivings about Prime Minister Najib Razak, strengthening doubts about political stability in the country. This in turn has put the spurs to money already flowing out of emerging markets due to the Greek financial crisis.
Malaysia's financial markets are currently in a "triple cheap" state, with the equity, foreign exchange and bond markets simultaneously falling. The currency was recently trading around 3.8 ringgit to the dollar and in early July slumped to the lowest level since May 1999. On the stock market, the Kuala Lumpur Composite Index has been trending lower, and the yield on 10-year government bonds is high at around 4%.
The impetus for the outflow of capital is the view that the U.S. Federal Reserve will shortly raise interest rates, coupled with the protracted uncertainty surrounding the Greek financial crisis. Malaysia's central bank emphasized that "the drop in the currency is unrelated to the domestic economy." Locally, however, misgivings surrounding a state investment fund have reached as far as the prime minister, strengthening the trend -- especially among foreign investors -- to move capital out of the country.
At the root of all these problems is state-owned investment fund 1Malaysia Development Bhd (1MDB). Najib launched the fund for the purpose of redeveloping the Malaysian capital of Kuala Lumpur. However, since last year rumors have been swirling that the fund is saddled with debt totaling some 42 billion ringgit and faces deteriorating financing. Former Prime Minister Mahathir Mohamad has forcefully blamed Najib, and since this spring has been calling for him to resign.
Monetary suspicions about Najib related to 1MDB are also spurring upheaval. The Wall Street Journal has reported that nearly $700 million made its way from 1MDB into Najib's personal accounts.
The prime minister has denied all wrongdoing and is considering legal action against media institutions that have been making the allegations. He is hurrying to allay suspicions by launching an investigative team that includes the governor of the central bank but has been unable to halt the deterioration of investor psychology, as investors tend to get skittish amid uncertainty.
Money continues to flow out of Southeast Asia, as evidenced by the fact that the Indonesian rupiah is hovering at its lowest valuation since the Asian currency crisis. There are also fears that upheaval in the Malaysian markets could ripple out to markets in neighboring countries.
However, Malaysia has been running a current-account surplus and its foreign reserves as of 2013 were more than six times as high as they were in the second half of 1990s, when the Asian currency crisis erupted. Major ratings agency Fitch Ratings raised its outlook on Malaysian sovereign ratings in late June, saying that Malaysia's fiscal finances are improving. Few players think the outflow of capital will trigger a short-term crisis.
What is of greater concern is the long-term effect on the real economy. Since Malaysia gained independence in 1957, it has been governed by the same ruling coalition and the country has assumed leadership of critical development projects. The ruling party has been criticized as a "development monopoly," but there can be no denying the fact that political stability has drawn in foreign capital.Within the ruling party, few are openly critical of the prime minister. However, if the upheaval becomes drawn out, a power struggle within the party could develop, potentially weakening Najib's influence. There is also the deeply rooted view that, in the ominous words of an official at a Japanese financial institution, "If the effect extends to Najib-backed projects such as the high-speed railway (linking Singapore and Kuala Lumpur), the inflow of direct investment could dry up." 
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Pasni adelah yg list out all links yg kata Nikkei (sumber artikel) ni xblh dpercayai mcm wsj.
Back to the topic... News kat spore pun kata economy negara xbgus smpi fund manager mencecet lari...
Nak nafi lg ke? |
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aritu bijan nak saman paper ostolia. ni pegi saman nikkei ngan singapore skali lah. nak tengok dia boleh tutup mulut satu dunia tak.
jangan lupa saman paper dan pegawai Peranchis skali dlm kes kapal selam |
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Macai2 umno ni sume paham ka news dlm english? Harap utusan meloya bleh translatekan news ni dah publish dlm utusan online
So dat macai2 umngom mampu baca dan memahaminya |
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Apa kata macai?  |
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Macai kata satu dunia currency jatuh against us dollar....boleh |
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ice_sky92 replied at 16-7-2015 03:46 PM
Apa kata macai?
amnuuuu shell prevail |
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Leceh la peguam bijan wan maimunah ka apa ka nak kena pi wat saman bahasa omputih kat singapore pulak. Silap grammar kang mau kena hencap english edukasyen |
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Spidey syak Nikkei sudah dibeli Yahudi.....tak pun oleh DAPig. |
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Bergumbira lah wahai anak meleysia matlamat komplot hampir tercapai .
Jangan sampai jadi pak kadok menang sorak kampung tergadai |
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PenyokongNajib cakap benda mcm ni bagus...ekonomi bertambah baik kata dia...ni mesti agenda DAP PAP |
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ini semua angkara parti pembangkang. |
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Bijan suci mulus kata macai umNGOK... Ni sume kerja yahudi ngn DAPig |
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dulu rasa pak lah yg lemah...tp dia tk myusahkan rakyat
tp najib ni ...bala besar pd rakyat
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komplot apanya?alahaiii...
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hah jap lagi jadi Greece bila fund sources dah berkurangan.
Greece at least dia dalam EU, jadi dapat pertolongan money-bags the Germans dan French.
Mesia nak minta tolong sape? Kampuchea? Burma? |
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Chinkapork ada..... |
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alesandra replied at 16-7-2015 10:59 PM
komplot apanya?alahaiii...
Macai susah nak mengaku. Suka tunding jari kat orang lain. |
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Aku lagi suka najib memerintah sampai pru akan datang.
Tak sabar nak tengok apa jadi kat Malaysia. |
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Post time 16-7-2015 02:35 PM
变色卡
Post time 17-7-2015 08:41 PM
Author
