Archive for the 'Economy' Category

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)

Continue reading ‘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).’

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.
Continue reading ‘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)’

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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Transcript of Interview at ABC Radio Australia (en/cn)

Published on September 26, 2011, 1:49 pm in Economy. 0 Comments

Asia Profile:Human rights and Penang Chief Minister Lim Guan Eng
Updated September 20, 2011 14:01:54

Lim Guan Eng is the Chief Minister of the Malaysian state of Penang and the Secretary General of Malaysia’s Democratic Action Party, the DAP.

Mr Lim has brought resounding progress to Penang under his system of governance based on the principles of ‘Competency, Accountability and Transparency’.

On Monday, the Chief Minister delivered a speech on human rights and transparency at a function sponsored by the Centre for Malaysian Studies at Monash University’s Asia Institute here in Melbourne.

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“Powering Penang Growth by Adapting to China-AFTA”- A Key Gateway For China to ASEAN From A Cleaner, Greener & Safer Penang

Published on September 10, 2011, 3:23 pm in Economy. 0 Comments

YAB Mr. Lim Guan Eng’s speech to the MCTIIC 2011 (Sep 10, 2011, 4pm) on “Powering Penang Growth by Adapting to China-AFTA”- A Key Gateway For China to ASEAN From A Cleaner, Greener & Safer Penang

1. When the China-Asean Free Trade Area (CAFTA) came into effect on the 1st of January, 2010, it was already evident to many of us that this will be Asia’s decade. Somewhere along this decade, China’s economy, measured in Purchasing Price Parity (PPP) terms, will overtake the US economy to become the largest economy in the world. With worries of managing government debt continuing to plague the European Union as well as the United States, Asia will have to take the lead in driving economic growth for the rest of the world.

2. The China-AFTA pact (CAFTA) is the result of a visionary proposal by former Chinese Premier Zhu Rongji at the ASEAN-China Summit in November 2000. Even then, it was already clear to Premier Zhu and the leaders of the respective ASEAN countries that the rapidly expanding trade between China and ASEAN would grow by even greater leaps and bounds with the institutionalization of a Free Trade Area (FTA).

3. From 1991 to 2000, ASEAN-China trade grew at an average annual rate of 20.4%, much faster than either the growth in China’s global trade (15%) or in ASEAN’s global trade (11%). This rate accelerated to 30% in 2002, a clear sign of the dynamic economic activity that was taking place between China and ASEAN.
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UMNO Should Show Proof Or Else Stop Its Vicious Lies That The Economist Was Paid Off To Write A Favourable Article About The New PR Government (en/cn)

Published on August 18, 2011, 4:13 pm in Economy. 0 Comments

UMNO Should Show Proof Or Else Stop Its Vicious Lies That The Economist Was Paid Off To Write A Favourable Article About How The New Pakatan Rakyat Government Has Increased Penang’s Economic Development And Investments.

UMNO should show proof to back up its wild allegations or else stop its vicious lies that The Economist was paid off to write a favourable article about how the new PR state government has incresed Penang’s economic development and investments. UMNO had spread such lies of a payoff in relation to the 13th August issue of The Economist, under the title of Malaysia’s Penang state, “Getting back its mojo!”(After a slump, an early engine of globalisation is thriving again).
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Program Anak Emas Pulau Pinang-Kerajaan Negeri Menimbang Memberikan RM 100 Wang Tunai “One-off” Kepada Bayi Yang Dilahirkan Mulai Tahun Ini(bm/cn)

Published on July 17, 2011, 11:16 am in Economy and Penang. 0 Comments

Program Anak Emas Pulau Pinang – Kerajaan Negeri PR Menimbang Memberikan RM 100 Wang Tunai “One-off” Kepada Bayi Yang Dilahirkan Mulai Tahun Ini Kepada Salah Seorang Ibubapa Yang Merupakan Pengundi Pulau Pinang.

Kerajaan negeri PR Pulau Pinang menimbang memberikan RM 100 wang tunai “one-off” kepada setiap bayi kelahiran Pulau Pinang mulai tahun ini, di mana salah seorang ibubapa merupakan pengundi Pulau Pinang. Program “Anak Emas Pulau Pinang” akan mensyaratkan pengesahan bahawa pendapatan isi rumah keluarga tidak boleh melebihi RM4,000 sebulan.

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RM13 Billion Additional Spending Or 8% Increase Over And Above 2011 Budget Of RM 163 Billion For Only First Half Of 2011 Highlights That Subsidy Cuts Were Caused By The Failure Of BN To Control Spending And Cut Down Waste (En/BM/Cn)

Published on June 15, 2011, 4:50 pm in Economy. 0 Comments

Press Statement By Penang Chief Minister And DAP Secretary-General Lim Guan Eng In Kuala Lumpur On 15 June 2011.

RM13 Billion Additional Spending Or 8% Increase Over And Above 2011 Budget Of RM 163 Billion For Only First Half Of 2011 Highlights That Subsidy Cuts Were Caused By The Failure Of BN To Control Spending And Cut Down Waste.

The tabling of a Supplementary Supply Bill in Parliament yesterday seeking RM 13 billion of additional spending for only the first half of the year due or 8% increase over and above the 2011 Budget of RM 163 billion, highlights that subsidy cuts were caused by the failure of BN to control spending and cut down waste. The people are also paying the penalty for BN’s failure to control spending when drastic subsidy cuts of sugar, electricity, natural gas and diesel have not brought about any improvements in our budget deficit.

The biggest additional spending is to cover transfer payments of RM 6 billion under Treasury. The social sector accounted for the second largest quantum of RM3.62 billion.
Continue reading ‘RM13 Billion Additional Spending Or 8% Increase Over And Above 2011 Budget Of RM 163 Billion For Only First Half Of 2011 Highlights That Subsidy Cuts Were Caused By The Failure Of BN To Control Spending And Cut Down Waste (En/BM/Cn)’

Would The Independent Power Producers(IPPs) Still Enjoy Huge Profits Without Gas Subsidies Of RM131.3 Billion And Compulsory Power Purchase Agreements With Tenaga Nasional Bhd? (en/bm/cn)

Published on June 8, 2011, 4:15 pm in Economy. 0 Comments

DAP express disgust at BN and UMNO leaders who said that deep sea fishermen should be grateful that they are still paying RM1.80 per litre of diesel and no longer enjoy the super subsidy of RM1.25 per litre which they previously enjoyed. BN is so arrogant that they have forgotten the important question why should the rakyat be grateful for diesel subsidies enjoyed by everyone and must happily accept subsidy cuts when these subsidy cuts are not imposed on the rich such as Independent Power Producers(IPPs)?

Continue reading ‘Would The Independent Power Producers(IPPs) Still Enjoy Huge Profits Without Gas Subsidies Of RM131.3 Billion And Compulsory Power Purchase Agreements With Tenaga Nasional Bhd? (en/bm/cn)’

Subsidy Reduction Can Improve The Living Standards of The People if Supported by A Minimum Wage (en/bm/cn)

Published on June 7, 2011, 10:23 pm in Economy. 0 Comments

Subsidy Reduction Can Improve Competitiveness, Efficiency And The Living Standards Of The People If Supported By A Minimum Wage, Increasing Real Wages And Removing Gas Mega-Subsidies For The Independent Power Producers(IPPs).

DAP does not agree with Prime Minister Datuk Seri Najib Tun Razak that Malaysia provided among the largest amounts of subsidy in the world for daily essential goods such as petrol, sugar, gas, electricity tariffs and rice. In fact Malaysia provided the largest gas subsidies in the world per capita in terms of population.

Up to end 2010, Petronas has extended about RM131.3 billion in gas subsidy to both the power and non-power sectors. If the gas prices remain unchanged (power sector at RM10.70 per MMBTU; non-power sector at RM15.35 per MMBTU), about RM27 billion in 2011 would have to be incurred.

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The Prime Minister Should Answer Tan Sri Ani Arope’s Revelation That EPU Is Responsible For The Gas Subsidy Scandal(en/bm/cn)

Published on June 6, 2011, 4:00 pm in Economy. 0 Comments

The Prime Minister Should Answer Tan Sri Ani Arope’s Revelation That The Economic Planning Unit(EPU) Is Responsible For The Gas Subsidy Scandal That Costs The Public RM131.3 Billion At End 2010.

Prime Minister Datuk Seri Najib Tun Razak should answer former Tenaga Nasional Berhad (TNB) chief executive Tan Sri Ani Arope’s revelation that the EPU is responsible for the gas subsidy scandal that costs Malaysians RM131.3 billion at end 2010. Tan Sri Ani chose to resign from his executive chairman post rather than sign the imbalanced deals, which saw the first generation of IPPs created, such as YTL Power Services, Powertek and Malakoff during the Mahathir administration.

EPU forced Tenaga to buy electricity from an independent power producer (IPP), Continue reading ‘The Prime Minister Should Answer Tan Sri Ani Arope’s Revelation That EPU Is Responsible For The Gas Subsidy Scandal(en/bm/cn)’

MCA Has Failed The 86 SPM Top Scorers And Destroyed Their Dreams Again (en/bm/cn)

Published on June 2, 2011, 2:55 pm in Economy. 0 Comments

MCA Has Failed The 86 SPM Top Scorers And Destroyed Their Dreams Again By Breaking Their Own Promise Of Awarding Them PSD Overseas Scholarships Given To Other Top SPM Scorers.

DAP express grave disappointment at the BN Federal government’s decision that the 86 SPM top scorers who failed to qualify for this year’s Public Service Department (PSD) scholarship grants will not be give overseas scholarships but instead be given places in local private colleges and universities. It was only on May 27 that MCA President Datuk Seri Dr Chua Soi Lek announced to the press that he had told the prime minister in a meeting that top SPM students should be given scholarships to study abroad despite Putrajaya’s claim that it did not make any such promise.

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