Archive for the 'Economy' Category

BN Setting The Minimum Monthly Wage Of RM900 In Peninsular Malaysia And RM800 In Sabah And Sarawak Is Not The Right Thing To Do Is Wrong As It Is Below The Poverty Line Indicator(PLI) For Sabah & Sarawak.(en/cn)

Published on May 8, 2012, 10:45 am in Economy. 0 Comments

Press Statement By Penang Chief Minister Lim Guan Eng In Kuala Lumpur On 8.5.2012.

BN Setting The Minimum Monthly Wage Of RM900 In Peninsular Malaysia And RM800 In Sabah And Sarawak Is Not The Right Thing To Do Is Wrong As It Is Below The Poverty Line Indicator(PLI) For Sabah & Sarawak.

Prime Minister Dato’ Sri Najib Tun Razak’s announcement of a floor wage for the private sector at RM900 per month for workers in the Peninsular and RM800 per month for those in Sabah and Sarawak as the “right thing to do”, is wrong as it is blow the poverty line for Sabah & Sarawak. Whilst DAP agrees with Najib that getting the correct balance between guaranteeing workers a decent wage and employers’ needs, BN must have lost it sense of balance to fix the minimum monthly wage below the PLI of RM830 per month for Sarawak and RM960 per month for Sabah.(9th Malaysia Plan)

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The Failure Of The MAS-Air Asia Share Swap Is Not Just An Ordinary Failed Corporate Merger But A Failure Of The Prime Minister’s Economic Transformation Program(ETP) (en/cn)

Published on May 7, 2012, 1:19 pm in Economy. 0 Comments

Press Statement by DAP Secretary-General and MP for Bagan Lim Guan Eng in Kuala Lumpur on 7.5.2012.

The Failure Of The MAS-Air Asia Share Swap Is Not Just An Ordinary Failed Corporate Merger But A Failure Of The Prime Minister’s Economic Transformation Program(ETP) That Is Supposed To Stop The Rot Of Mismanagement, Financial Malpractices And Failed Strategies In GLCs Such As MAS.

After eight months, the controversial MAS-Air Asia share swap has been terminated, purportedly because it has become an impediment to the recovery efforts of the loss-making flag carrier. Under the original deal, MAS would swap a 20.5% stake for 10% in Air Asia. Now, as part of the reversal of the deal, AirAsia’s chief and founder Tan Sri Tony Fernandes and deputy Datuk Seri Kamarudin Meranun have resigned from the MAS board, with MAS director Mohamed Azman Yahya following suit from AirAsia’s board.

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BN Federal Government’s Minimum Monthly Wage Of RM 900 In Peninsular Malaysia And RM 800 In Sabah And Sarawak Is Insufficient (en/bm/cn)

Published on May 2, 2012, 1:47 pm in Economy. 0 Comments

Press Statement by DAP Secretary-General and MP for Bagan Lim Guan Eng in Kuala Lumpur on 2.5.2012

BN Federal Government’s Minimum Monthly Wage Of RM 900 In Peninsular Malaysia And RM 800 In Sabah And Sarawak Is Insufficient As It Is Not Only Discriminatory Against Workers But Demonstrates A Glaring Lack Of Commitment By BN To Reduce Poverty When It Is Far Below The Poverty Line For East Malaysia.

Prime Minister Dato’ Sri Najib Tun Razak’s announcement of a floor wage for the private sector at RM 900 per month for workers in the Peninsular and RM 800 per month for those in Sabah and Sarawak is grossly insufficient as it is lower than Pakatan Rakyat’s RM 1,100 minimum take-home pay every month. PR had proposed RM1,100 minimum monthly take home pay, inclusive of all fixed allowances, but excluding over-time payments.

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Tamil New Year And Vasakhi New Year Message (en/cn)

Published on April 14, 2012, 12:21 pm in Economy. 0 Comments

Tamil New Year And Vasakhi New Year Message By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 14.4.2012.

Monthly Minimum Wage Of RM 1,100 Inclusive of Allowances, Must Be Accompanied By Accelerated Structural Reforms in Our Economy, Create More Higher Productivity Jobs, And Increasing Women Participation In The Work Force.

Malaysians have high expectations of Prime Minister Datuk Seri Najib Tun Razak announcing the long-awaited minimum monthly wage of RM 1,100 (inclusive of allowances) on May Day. Even though the Prime Minister was forced to do so to counter Pakatan Rakyat’s demands to face the coming general elections, DAP would welcome any announcement by the Prime Minister of RM 1,100 monthly minimum wage, inclusive of allowances.

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Key Points of 2 Speeches to Australian Investors and Professionals(en/cn)

Published on March 24, 2012, 10:06 am in Economy. 0 Comments

Key Points of 2 Speeches to Australian Investors and Professionals by Penang Chief Minister Lim Guan Eng On 23rd March 2012 At the Victoria Investment Centre and Asialink’s Sidney Myer Asia Centre In Melbourne, Australia Released In Penang On 24.3.2012

Penang Seeks Convergence Of The Manufacturing, Services And Government Sector To Propel Penang’s Escape From The Middle-Income Trap To High-Income Economy Status Of USD15,000 Per Capita By 2020.

Trade is very important to the Malaysia and Penang’s economy. Malaysia is the 22nd largest exporter in the world, behind Australia, which ranked 21st, and the 26th largest importer in the world behind Australia, at the 20th position. Malaysia is the 37th largest economy in the world behind Australia, which ranked 13th.

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Why Should The Concession Of Penang Bridge Be Extended By 17 Years From The Abolition Of Toll In 2021 To 2038 Just To Avoid Paying The Toll Increases Of 10% Every 5 Years?(en/bm/cn)

Published on March 1, 2012, 3:37 pm in Economy. 1 Comment

Speech By Penang Chief Minister Lim Guan Eng During The PR Penang Youth Toll Debate At Dewan Besar Sungai Dua Hall in Teluk Air Tawar, Penang On 29.2.2012 Released On 1.3.3012.

I am disappointed that Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop failed to accept a public debate in his constituency tonight on whether the abolition of toll on the North-South Expressway(NSE) and Penang Bridge would bankrupt the nation.

Malaysia would not go bankrupt if PR abolish the NSEW and Penang Bridge toll should we win the next general elections. Malaysia would go bankrupt because of corruption, abuse of power and cronyism.

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1.6 Million Penangites Deserve Full Credit For The Historic Feat Of Penang Being No. 1 In Malaysia In Manufacturing Investment For The 2nd Consecutive Year In 2011.(en/bm/cn)

Published on February 22, 2012, 1:57 pm in Economy. 2 Comments

Press Statement By Penang Chief Minister Lim Guan Eng In Komtar, George Town On 22.2.2012.

1.6 Million Penangites Deserve Full Credit For The Historic Feat Of Penang Being No. 1 In Malaysia In Manufacturing Investment For The 2nd Consecutive Year In 2011.

The Penang PR state government congratulates 1.6 million Penangites who deserve full credit for the historic feat of making Penang No.1 in Malaysia in manufacturing investment for the 2nd consecutive year in 2011. This is a marvellous and incredible achievement for the second smallest state in Malaysia without any natural resources.

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It Is A Sad Day for Malaysia When We Cannot Keep Our Best And Brightest Such As Former Petronas CEO Tan Sri Hassan Marican Who Is The Latest In The Growing Brain Drain List And Is Now Working Overseas In Singapore.(en/bm/cn)

Published on February 16, 2012, 3:15 pm in Economy. 0 Comments

It was reported yesterday that former Petronas CEO Tan Sri Hassan Marican is set to be appointed chairman of Singapore Power Limited (SP) in June succeeding Ng Kee Choe who is retiring. Tan Sri Hassan left our national oil company in 2010 allegedly due to friction with the current administration, and has since been appointed as director in a number of foreign firms such as Singapore government-linked companies SembCorp Industries Ltd, SembCorp Marine Ltd and Singapore Power. He is also a director at Sarawak Energy Bhd and US oil and gas giant Conoco Philips.

It would appear that Tan Sri Hassan is internationally appreciated and highly sought after by big multinational corporations but not at home. This is extremely sad,especially when Tan Sri Hassan is widely credited as the man who turned Petronas into the leading international oil and gas company that it is today.

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The BN Government Must Conduct A Royal Commission Of Inquiry Into Tun Dr Mahathir Mohamed Allegations RM3.4 Billion Losses In Cash Reserves Suffered By National Carmaker Proton Caused By “Bad Management”(en/bm/cn)

Published on February 8, 2012, 2:47 pm in Economy. 0 Comments

Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 8.2.2012

The BN Government Must Conduct A Royal Commission Of Inquiry Into Tun Dr Mahathir Mohamed Allegations RM3.4 Billion Losses In Cash Reserves Suffered By National Carmaker Proton Caused By “Bad Management”.

Yesterday, the New Straits Times reported former Prime Minister Tun Dr Mahathir Mohamad as saying that Proton Holding Bhd’s cash reserves had fallen from a high of RM4 billion to a staggering low of RM600 million to help cut company losses.

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Prime Minister Must Explain The Public Benefit Of The RM7.07 Billion 60-Year Concession To Europlus For Constructing A 316 Km Highway From Banting To Taiping And Whether The RM2.24 Billion Soft Loans, 3% Interest Subsidies For 22 Years And RM980 Million Grant For Land Acquisition Cost Is In The Public Interest.(en/bm/cn)

Published on January 29, 2012, 12:32 pm in Economy. 0 Comments

Prime Minister Datuk Seri Najib Tun Razak must explain the public benefit of the RM7.07 billion 60-year concession to Kumpulan Europlus Bhd(Europlus) for constructing a 316 km highway from Banting to Taiping and whether the RM 2.24 billion soft loans, 3% interest subsidies for commercial loans for 22 years and RM 980 million grant for land acquisition cost is in the public interest. Europlus had announced that it had received an approval letter to construct the 316 km highway from the Public Private Partnership unit of the Prime Minister’s Department.

DAP is curious why the Federal government had still not make any announcement on such an important highway concession which violates the basic principles of public accountability and transparency. Before the government signs this agreement with Europlus, the Prime Minister must ensure that the following 7 questions why Europlus was given such a good deal are fully answered.

Continue reading ‘Prime Minister Must Explain The Public Benefit Of The RM7.07 Billion 60-Year Concession To Europlus For Constructing A 316 Km Highway From Banting To Taiping And Whether The RM2.24 Billion Soft Loans, 3% Interest Subsidies For 22 Years And RM980 Million Grant For Land Acquisition Cost Is In The Public Interest.(en/bm/cn)’

Only Economic Policies That Are Clean, Fair, Competitive And Improves The Well-being Of The People As Well As Attract Back Talented Malaysians Can Help Transform Malaysia Into A High-Income Nation Enjoyed By All(en/cn).

Published on January 27, 2012, 11:22 am in Economy. 0 Comments

The time has come to implement economic policies that are clean, fair, competitive and improves the well-being of the people as well as attract back talented Malaysians that can help transform Malaysia into a high-income nation enjoyed by all. What better time than the year of the water dragon to initiate such changes so that the coming general elections marks the new beginning that would be enjoyed by all Malaysians rich and poor by 2020.

Present policies which are corrupt, opaque with no open tenders and benefits only certain cronies would only bring Malaysia backwards. A good comparison is South Korea. In 1970, Malaysia’s Gross National Income(GNI) per capita was USD 380 as compared to South Korea USD 260. But 40 years later in 2010, Malaysia’s GNI per capita was at USD 7,760 while South Korea had exceeded us by almost 3 times at USD19,890 (World Bank)

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Confirmation By Malaysian Institute of Economic Research (MIER) That Malaysia Will Go Bankrupt By 2019 (en/bm/cn)

Published on January 11, 2012, 3:21 pm in Economy. 0 Comments

Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 11.1.2012

Confirmation By Malaysian Institute of Economic Research (MIER) That Malaysia Will Go Bankrupt By 2019 With Debt To GDP Ratio Of 100% Demonstrates The Importance Of Change Of Government At The Next General Elections For PR To Save Malaysia From Bankruptcy

Malaysia will become a fully indebted nation before the end of the decade at the current rate of massive borrowing and irresponsible spending by the BN Government.

The Federal government debt to GDP (Gross Domestic Product) ratio has increased yearly from 53.1% in 2010, 53.8% in 2011 and 54.8% in 2012. This is extremely alarming and nearly touching the national debt ceiling of 55%.
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With A Malaysian Household Debt Service Ratio Of 47.8 Per Cent In 2010, Malaysians Have No Choice But To Work Longer And The BN Should Extend The Retirement Age Of Private Sector Workers Similar To That Of The Public Sector.(en/bm/cn)

Published on December 23, 2011, 11:01 am in Economy. 0 Comments

DAP proposes bipartisan support for the retirement age of private sector workers be extended to the same age as the public sector to the current 58 years old or the proposed 60 years old. The time has come for the BN government to implement this extension of the retirement age for the private sector before the next general elections.

Around the world, it is increasingly difficult to find countries that set the retirement age at less than 60. Most European countries have 65 as the retirement age, while in others like the United States and Germany it is set at 67. Even our neighbouring countries like Thailand have already set it at 60.
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Challenge Nor Mohamed Yakcop to a public debate on whether the extension of the concession period for Penang Bridge by 17 years (en/bm/cn)

Published on November 28, 2011, 4:16 pm in Economy. 0 Comments

Challenges Tan Sri Nor Mohamed Yakcop To A Public Debate Whether The Extension Of The Concession Period For Penang Bridge By 17 Years And Butterworth-Kulim Expressway (BKE) By 11 Years In Exchange For A Toll Hike Freeze For 5 Years Benefits Penangites and Malaysians.

I wish to challenge Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop to a public debate on whether the extension of the concession period for Penang Bridge by 17 years and BKE by 11 years, in exchange for a freeze on on toll hike for 5 years on 5 highways including the NSE, benefits Penangites and Malaysians.

Tan Sri Nor attacked me in the New Straits Times today for practicing double-standards in opposing the revised deals that will defer toll fare hike for 5 years until 2016. I fail to see how this revision deal benefited the people and how I can be practicing double-standards when I am taking the principled stand in opposing toll operators benefiting hugely at the people’s expense. Continue reading ‘Challenge Nor Mohamed Yakcop to a public debate on whether the extension of the concession period for Penang Bridge by 17 years (en/bm/cn)’

BN’s 2012 Election Budget Relies On Deficit Spending And Borrowed Loans To Give Money To The People That Has Still To Be Repaid By The People（en/bm/cn）

Published on October 12, 2011, 4:55 pm in Economy. 0 Comments

Unlike PR State Governments That Funds Aid To The Poor From A Surplus Budget, BN’s 2012 Election Budget Relies On Deficit Spending And Borrowed Loans To Give Money To The People That Has Still To Be Repaid By The People.

Whilst giving out cash aid to the poor and Malaysians are welcome, questions are raised as to where the Federal government is going to find the money, when even Petronas is expected to contribute only RM28 billion next year or RM2 billion in dividends less as compared to 2011. The numbers just do not add up when the Federal government still expects revenues to increase from RM183 billion this year to RM186 billion next year despite the lower dividend payments from Petronas.

Unlike PR state government that funds cash aid to the poor from a surplus budget, BN’s 2012 Election budget relies on deficit spending to buy votes. Many economists have warned that the 2012 Budget risks committing the country to the path of unsustainable spending at a time when the global economic outlook appears to be a recession.
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