Archive for the 'Economy' Category

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Penang State Government To Get Public Feedback On A Proposed Levy Of 3% On The Transacted Price Of Property In Penang By Foreigners In 2014.(en/cn)

Press Statement By Pennag Chief Minister Lim Guan Eng In Komtar, George Town On 28.10.2013.

The Penang state government welcomes the 2014 Federal Budget’s proposal of limiting the purchases of property by foreigners to RM1 million and above to cool down property speculation so that houses remain affordable for middle-income earners. This RM1 million limit announced by Prime Minister Datuk Seri Najib Tun Razak on purchases of properties by foreigners is nothing new to Penang as Penang had implemented this ruling much earlier in 1 July 2012.

Foreigners are only allowed to purchase properties above RM 1 million whereas for landed property on Penang island the limit is RM2 million and above. The Penang state government is proposing additional steps to curb any foreign speculation of property by imposing a levy of 3% on the transacted price of property in Penang by foreigners beginning 2014. Penang State EXCO for housing Jagdeep Singh will hold public consultations by engaging with the stakeholders from REHDA Penang to the Housebuyers Association.

Continue reading ‘Penang State Government To Get Public Feedback On A Proposed Levy Of 3% On The Transacted Price Of Property In Penang By Foreigners In 2014.(en/cn)’

2014 Budget Continues BN’s 5D Policy Of Being Divisive, Discriminatory, Deceit, Debt And Deficits.(en/bm/cn)

Press Statement By Penang Chief Minister Lim Guan Eng In Kuala Lumpur On 27.10.2013.

The 2014 Budget is disappointing,not only because it offered nothing to Penang being a PR-ruled state, especially by failing to fulfil BN’s promise made in 2007 of building a Mass Rail Transit(MRT). The 2014 Budget was also discriminatory in providing only funding for groups that supported BN in the last general elections, until MCA leaders questioned why there was no funding for government-aided secondary schools(Sekolah Menengah Jenis Kebangsaan).

By continuing to divide the people into different groups and discriminating against them by denying funding given to others proves that Prime Minister Datuk Seri Najib Tun Razak’s assurances at the Gerakan General Assembly yesterday that BN will uphold the principles of being moderate, progressive, centrist, inclusive and fair is just empty rhetoric that deceives no one. In other words 2014 Budget is not about 1Malaysia or national reconciliation but instead continues BN’s 5D policy of being Divisive, Discriminatory, Deceit, Debt and Deficits.

Continue reading ’2014 Budget Continues BN’s 5D Policy Of Being Divisive, Discriminatory, Deceit, Debt And Deficits.(en/bm/cn)’

The Federal Government Should Reveal Figures Of Investment In The Services Sector To Seek Convergence Of The Manufacturing, Services And Public Sector If Malaysia Is To Succeed In Transforming Into A High-Income Economy.(en/cn)

Press Statement By Penang Chief Minister Lim Guan Eng In Komtar, George Town On 23.10.2013.

Malaysia must succeed in developing the services sector to escape the middle-income trap and become a developed economy with a per-capita income of USD 15,000 by 2020. What we need to do is to ensure a partnership of equals between the 3 sectors of manufacturing, services and government.

In other words, a partnership with capital, labour, innovators with the government as an enabler. The government plays an important role as an enabler between manufacturing and services sector. Government must also invest and innovate.

Continue reading ‘The Federal Government Should Reveal Figures Of Investment In The Services Sector To Seek Convergence Of The Manufacturing, Services And Public Sector If Malaysia Is To Succeed In Transforming Into A High-Income Economy.(en/cn)’

Felda Should Justify Inflated Prices For Its RM500 Million London Hotels In Overpaying RM100 Million And Openly Defying One Of The Main Thrusts Of The Federal Government’s Economic Transformation Plan(ETP) Of Divestment Of Non-Core Assets.(en/bm/cn)

Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 23.10.2013.

Felda should justify inflated prices for its RM500 million London hotels in overpaying RM100 millon and openly defying one of the main thrusts of the Federal government’s Economic Transformation Plan(ETP) of divestment of non-core assets. An online portal today reported that Felda’s £97.9 million (RM495 million) deal for the 198-unit Grand Plaza service apartments in Bayswater, London is overpriced when high-end real estate agents Savills and Knight Frank had only valued the property at £80 million (RM408 million) in the past few years. In other words Felda overpaid by nearly RM100 million!

This has raised fears that any economic downturn would cause state-linked Malaysian firms buying up London properties at inflated prices to lose tens of millions of pounds in public funds. Felda has neither prior expertise nor intimate knowledge whatsoever in running hotels. To-date both Felda and the Federal government has refused to explain how Felda hopes to turn in a profit over and above the cost of its RM500 million London hotel investments.

Continue reading ‘Felda Should Justify Inflated Prices For Its RM500 Million London Hotels In Overpaying RM100 Million And Openly Defying One Of The Main Thrusts Of The Federal Government’s Economic Transformation Plan(ETP) Of Divestment Of Non-Core Assets.(en/bm/cn)’

PREMIER SHOPPING OUTLET TO OPEN IN BATU KAWAN, PENANG

George Town, Penang, Friday, 11 October 2013 – Penang’s Chief Minister Mr. Lim Guan Eng today announced the setting up of a premium retail shopping outlet in Batu Kawan, the latest component in the State Government’s plan to develop Batu Kawan with new attractions towards a quality place to work, live, learn, shop and play.

The Penang state government hopes that the Premier Shopping Outlet will help to make residential living in Batu Kawan more attractive for affordable homes built by the Penang Development Corporation (12,000 units). The Penang state government wishes to dispel negative perceptions that this new satellite township in Batu Kawan is inferior to living on the island.

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Building Innovative and Competitive Technology Sector By Addressing The 5 key Challenges Mentioned In The World Competitiveness 2013-14 Report(en/cn)

Keynote Speech by the Rt. Hon. Mr. Lim Guan Eng, Penang Chief Minister on 9 October 2013 – Gartner Asia Pacific (APAC) Local Briefing, E&O Hotel, Penang.

This Gartner Asia Pacific (APAC) Local Briefing is the first ever Gartner event be held in Penang, and is a part of the local briefing series held in Singapore, South Korea and Taiwan. It offers a platform for industry professionals to come together to share new knowledge and exchange ideas. competitive advantage.

According to Gartner, worldwide IT spending is projected to rise 2% to total $3.7 trillion, where enterprise software spending is expected to grow 6.4 percent in 2013. In Malaysia, the IT spending is projected to rise 6% to RM61.9 billion in 2013.

Ladies and gentlemen,

Building Human Capital

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The Failings And Financial Wrongdoings Exposed In The 2012 Auditor-General’s Report Highlights The Criminal Breach of Compliance In 5 Key Principles Of Public Accountability, Transparency, Value For Money, Open And Fair Competition As Well As Fair Dealings.(en/cn)

Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 6.10.2013.

The failings and financial wrongdoings exposed in the 2012 Auditor-General’s(AG) Report highlights the criminal breach of compliance in 5 key principles required in managing public funds of public accountability, transparency, value for money, open and fair competition as well as fair dealings.These failings and financial wrongdoings in government works is critical for Malaysia’s economy because the annual procurement of goods, works and services comes to 25% of the nominal Gross Deomestic Product(GDP)compared to other developed economies whos aanual procurements is only 12% of the GDP.

In other words, the excesses, wastage and financial wrongdoings can have a negative impact on the economy’s growth rate. The AG’s Report highlighted the repeated annual problems of overspending, under-utilised, sub-standard or paid well above market prices in the procurement of works, goods and services such as:-
Continue reading ‘The Failings And Financial Wrongdoings Exposed In The 2012 Auditor-General’s Report Highlights The Criminal Breach of Compliance In 5 Key Principles Of Public Accountability, Transparency, Value For Money, Open And Fair Competition As Well As Fair Dealings.(en/cn)’

Only By Implementing Open Competitive Tenders And Fighting Corruption That Would Save RM51 Billion Annually Can The Prime Minister Prove That He Is Not Faking His Sincerity Nor Using The Counterfeit Necessity Of Raising RON 95 Petrol Price By 20 Cents To Save Subsidy Costs Of RM3.3 Billion Annually(en/bm/cn)

Speech By Penang Chief Minister Lim Guan Eng To The Penang Diaspora In Hong Kong Released In Komtar, George Town On 5.9.2013

The Prime Minister can only convince the public of his sincerity and necessity of raising RON 95 petrol prices by 20 cents to save annual subsidy costs of RM 3.3 billion by also implementing open competitive tenders and fighting corruption which would save RM 51 billion annually. Without accompanying measures that demonstrates the Federal government’s commitment against corruption, the public would easily see through such fake sincerity and counterfeit necessity to cut costs.

Why should the people, especially lower-income groups, bear the pain of paying RM3.3 billion annually in increased petrol prices if no action is taken against those political bandits who steal the nation of RM 51 billion annually? In the PR 2013 General Election Manifesto, based on the experience of fiscal responsibility and fighting corruption by the PR state governments in Penang and Selangor, at least 25% annual savings can be obtained from government procurement contracts.

Continue reading ‘Only By Implementing Open Competitive Tenders And Fighting Corruption That Would Save RM51 Billion Annually Can The Prime Minister Prove That He Is Not Faking His Sincerity Nor Using The Counterfeit Necessity Of Raising RON 95 Petrol Price By 20 Cents To Save Subsidy Costs Of RM3.3 Billion Annually(en/bm/cn)’

2013 Merdeka Day Message (en/bm/cn)

2013 Merdeka Day Message By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 30.8.2013.

Rules Based Institutions, Celebrating Diversity And Outcome-Based Administration Can Help To Establish National Unity, Integrity And Economic Prosperity For All.

56 years after Merdeka, the promise of our founders’ ideals have not matched with the realities of our present generation. Malaysia continue to be beset by an extremist and racist divide, overshadowing and even condoning the entrenchment of cronyism, abuse of power and even corruption.

The poor performance of Malaysian Airline System(MAS) despite the huge amounts of public funds invested as compared to Air Asia Bhd is puzzling. Despite not getting a single cent in public funds, Air Asia has consistently outperformed MAS with cheaper fares and is now larger than MAS in market capitalisation, planes and share price. The public has a right to ask the value of money for some RM19 billion spent by the Federal government since 1998 to keep MAS solvent, including guaranteeing RM12.3 billion of MAS’ borrowings.

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Kerajaan Persekutuan BN Menipu Rakyat Dengan Menafikan Ia Mengamalkan Diskriminasi Cukai “Satu Negara Dua Sistem” Yang Hanya Memberikan Insentif Cukai 15% Kepada Pakar Warga Asing Dan Rakyat Malaysia Yang Pulang Di Kawasan Wilayah Pembangunan Iskandar Sahaja Dan Bukan Seluruh Negara.(bm/CN)

Kenyataan Akhbar Ketua Menteri Pulau Pinang Lim Guan Eng Di Komtar, George Town Pada 24.7.13.

Kerajaan Persekutuan BN menipu rakyat dengan menafikan ia mengamalkan diskriminasi cukai “satu negara dua sistem” yang hanya memberikan insentif cukai 15% kepada pakar warga asing dan rakyat Malaysia yang pulang di kawasan Wilayah Pembangunan Iskandar sahaja dan bukan seluruh Negara. Tidak ada lojik mengapa ia tidak boleh dinikmati di Sabah, Sarawak dan negeri lain. Bukankah Sabah, Sarawak serta negeri lain perlukan juga pakar-pakar berpengetahuan?

Dalam satu jawapan bertulis kepada saya di Parlimen, YAB Menteri Kewangan menyatakan bahawa cukai insentif 15% ini adalah perlu untuk bersaing dengan kadar cukai rendah di negara jiran seperti Singapura(15%) dan Hong Kong(17%). Beliau menekankan cukai insentif 15% bukanlah “satu sistem dua Negara” kerana ia hanya dinikmati untuk tempoh 5 tahun dan akan bayar kadar 25% selepas itu.

Continue reading ‘Kerajaan Persekutuan BN Menipu Rakyat Dengan Menafikan Ia Mengamalkan Diskriminasi Cukai “Satu Negara Dua Sistem” Yang Hanya Memberikan Insentif Cukai 15% Kepada Pakar Warga Asing Dan Rakyat Malaysia Yang Pulang Di Kawasan Wilayah Pembangunan Iskandar Sahaja Dan Bukan Seluruh Negara.(bm/CN)’

Bank Negara Should Restore The Property Loan Period For First Time Buyers To 45 Years Which Banks Must Offer, As Well As Focus On Capping Car Loans To Reduce Household Debt At 83% of GDP Is 2nd Highest In Asia.(en/bm/cn)

Press Statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 16.7.2013.

DAP calls on Bank Negara to restore the property loan period for first time buyers to a maximum of 45 years which banks must offer, as well as focus on capping car loans to reduce household debt at 83% of GDP is the 2nd highest in Asia. Whilst Bank Negara may feel that imposition of more stringent guidelines on household loans, is necessary to bring down household debt, focus should be on car and not housing loans.

Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz had said that in comparison, Thailand’s household debt ratio stands at 30%, Indonesia at 15.8%, Hong Kong at 58%, Taiwan at 82%, Japan at 75% and Singapore at 67%. Only the United States at 91.7%, United Kingdom at 114%, Australia at 113%, New Zealand at 91%, and South Korea at 91% have higher household debt to GDP.

Continue reading ‘Bank Negara Should Restore The Property Loan Period For First Time Buyers To 45 Years Which Banks Must Offer, As Well As Focus On Capping Car Loans To Reduce Household Debt At 83% of GDP Is 2nd Highest In Asia.(en/bm/cn)’

Wreaking Political Vengeance Will Only Wreck Malaysia’s Aspirations Of Transforming Into A High-Income Developed Economy By 2020 (en/bm/cn)

Press Statement by Penang Chief Minister Lim Guan Eng In Komtar, George Town On 26 June 2013.

Wreaking Political Vengeance Will Only Wreck Malaysia’s Aspirations Of Transforming Into A High-Income Developed Economy By 2020 If There Is No Focus On Economic Structural Reforms Centered On Malaysia’s Comparative And Competitive Advantage As Well As Diversifying Our Growth Sectors.

The World Bank was spot-on when it said that whilst Malaysia’s economy is set to grow by 5.1 per cent in 2013 and 2014, the country needs to speed up structural reforms to ensure a diversified and dynamic economy. The World Bank said that over-reliance on commodities such as crude oil, natural gas, rubber and palm oil whose prices have dropped, rather than on manufacturing has put pressure on growth rates on a commodity-exporting country like Malaysia.

Malaysia needs to accelerate structural reforms to ensure that its economy remains diversified and dynamic. The challenge will be whether the present BN Federal government can implement sound economic policies or will still be a captive of its mindless anger at becoming a minority government following the loss of its popular vote by winning only 47% against 51% for PR in the recent general elections.

Continue reading ‘Wreaking Political Vengeance Will Only Wreck Malaysia’s Aspirations Of Transforming Into A High-Income Developed Economy By 2020 (en/bm/cn)’

Malaysia’s Ill-Earned Reputation As The World Champion Of Illicit Fund Outflow Per Capita Testifies To BN’s And Bank Negara’s Failure To Wipe Out Corruption And Prevent Money Laundering In Malaysia.(en/bm/cn)

Press Statement By DAP Secretary-General Lim Guan Eng And MP For Bagan In Kuala Lumpur On 30.5.2013.

Malaysia’s ill-earned reputation as the world champion of illicit fund outflow per capita testifies to BN’s and Bank Negara’s failure to wipe out corruption and prevent money laundering in Malaysia. When I was in London, I was sad to read in the New York Times that unlicensed money remitting services in Malaysia are alleged to have been a part of a US$6 billion (RM18.3 billion) online money laundering operation in US.

The New York Times said the money laundering scheme operating under Liberty Reserve had millions of customers worldwide, which were “overwhelmingly criminal in nature”, conducted 55 million transactions over the past seven years. In the largest online money-laundering case in history, Liberty Reserve relied solely on “third-party exchangers” to accept or make payments for them, which are usually “unlicensed money-transmitting businesses without significant government oversight or regulation, concentrated in Malaysia, Russia, Nigeria and Vietnam”.

Continue reading ‘Malaysia’s Ill-Earned Reputation As The World Champion Of Illicit Fund Outflow Per Capita Testifies To BN’s And Bank Negara’s Failure To Wipe Out Corruption And Prevent Money Laundering In Malaysia.(en/bm/cn)’

Ceupacs Mistaken To Join Utusan Malaysia’s Boycott Of Air Asia And Air Asia X As Ceupacs Should Not Be A Racist Organisation But Serve All Malaysian Civil Servants Regardless Of Race And Religion.(en/bm/cn)

Press Statement By Penang Chief Minister Lim Guan Eng In Komtar, George Town On 22.5 2013.

Cuepacs president Datuk Omar Osman should behave like a Ceupacs President for all and not participate in Utusan Malaysia or UMNO’s racist acts. Clearly Datuk Omar forgets that there are Malay civil servants who are not racists and that there are non-Malays serving civil servants too.

Datuk Omar had joined Utusan Malaysia in calling for a similar boycott of Air Asia and Air Asia X, stating that the power of 1.4 million civil servants can give an impact on AirAsia, especially in the school holidays. Ceupacs is gravely mistaken to join Utusan Malaysia’s boycott of Air Asia and Air Asia X, as Ceupacs should not be a racist organisation but serve all Malaysian civil servants regardless of race and religion.

Continue reading ‘Ceupacs Mistaken To Join Utusan Malaysia’s Boycott Of Air Asia And Air Asia X As Ceupacs Should Not Be A Racist Organisation But Serve All Malaysian Civil Servants Regardless Of Race And Religion.(en/bm/cn)’

The Internal Revenue Board(IRB) should stop ‘tax terrorism’ and the targeting of SMEs but should prove that it is fair, impartial and upright in upholding the law without fear or favour by also investigating those who have made illegal ‘donations’ to BN or posseses extraordinary wealth. (en/bm/cn)

Press Statement By DAP Secretary-General Lim Guan Eng In Kuala Lumpur on 2.1.2013.

While the DAP welcomes the efforts of the Internal Revenue Board (IRB) to increase tax revenue through productivity gains and enhancing tax compliance, this should not result in the carrying out of ‘tax terrorism’ against Small and Medium Enterprises (SMEs), including going after them for back taxes dating from more than 6 years ago.

In the interests of rule of law, any increase in tax collections should not come at the expense of unfair persecution of certain sectors only whilst letting off the politically connected ones. The IRB has succeeded in increasing income tax collections from companies from RM 36.3 billion in 2010 to RM 46.9 billion in 2011, an increase of 29% as well as an increase from personal income taxes from RM17.8b in 2010 to RM 20.2 billion in 2011, representing a 13.5% increase. Company income tax is projected to increase by another 15.5% to RM 54.1 billion in 2012 while personal income taxes are projected to increase by 11.1% to RM 22.4 billion during the same time period.

Continue reading ‘The Internal Revenue Board(IRB) should stop ‘tax terrorism’ and the targeting of SMEs but should prove that it is fair, impartial and upright in upholding the law without fear or favour by also investigating those who have made illegal ‘donations’ to BN or posseses extraordinary wealth. (en/bm/cn)’