Almost two weeks I am not able to put on my thinking cap for writing something in this blog. Yeah..ini gara-gara:-
1. 16 September - Apa yang digemburkan/dicanang/diwar war/ diteriakan oleh semua ahli penduduk di malaysia ni tidak menjadi kenyataan. Datuk Sri Anwar berjaya menakutkan umat UMNO dengan retoriknye, sehingga satu gerombolan telah dihantar ke Taiwan untuk belajar bercucuk tanam pada musim taufan sedang melanda. Gerombolan ini berjaya membawa golf set, baju pakaian, dan cukup wang utk membuat lawatan sambil belajar. And the best part, this event held during bulan Ramdan, and the worst part was majority gerombolan ini adalah orang ISLAM...(please think positively).
2. Terlampau sibuk dengan budget for 2009. Dah 2 minggu tak mengerjakan terawih.aduhh. Berjaya membuat satu presentation yang amat "okay" on 18th September. Managed to convince top management that year 2008 will be a good year. In fact, still a lot of thing kept in my sleeve, waiting for a good/right time. For year 2009, most of managers budgeting/forecasting on lower figure. Was not accepted by me and top management. They have to think and re-work/re-do/re-think, what they are supposed to do to justify their higher expense but lower sales. Yes, the outlook is not going to be bright, but what i told them, you have family to feed, our staff have family to grow, they need money, by hook or by crook, we/company/family need to survive. What ever happen outside there, we have to think about our family, our staff, our company.Having said that, the bottom line was still not improved. Instruction from top management for me to intercept and to re-look their business plan, which i felt another burden..but "saya yang menurut perintah"
3. Today, I am still stuck in the office. Yes, only crazy people working on saturday. But, the supplier/staff payment need to be paid at least 3 of 4 days before raya. Thats why on my table, 2 boxes of cheque need to be signed by today.
4. Recently, went to 4 to 5 hotels for buka puasa event. Mandarin Oriental Hotel, Hyatt Saujana, Holiday inn Glenmarie, Sime Darby Convention and Bluewave Shah Alam. For me, as a food-cautious person, i give full rating to Hyatt Saujana. Reason
a) Convenience. Parking/accessibility/ and most important thing is SURAU. Selalunye, aku akan menjamah sedikit dan meneruskan dengan solat maghrib.
b) Variety of foods - memang perh...sebab aku jarang makan banyak pada bulan pose. Bila kat sini, aku hilang pantang.Dari kambing ke udang ke ayam ke nasi ke mee ke semuany aku rasa. Balik rumah, berat aku naik 2 kilo.
Tapi, aku bandingkan dengan Mandarin Oriental, harga memang sembelih, choice of foods tak banyak, aku siap lapar bila sampai rumah lepas buka puase.
Selamat Berpuasa..ada 10 hari lagi nak raya. Belum beli/shopping for my abah and emak. Ingat nak beli kain dan butang baju melayu. Papahal pun, kena call diorang..i am very bad taste of shopping something espcially to my parent or woman...
Saturday, September 20, 2008
Thursday, September 11, 2008
10 Sept 2008
Lemas bile membaca newspaper. Banyak sangat politik dari cerita lain.Keje makin lama makin banyak. Kepala dah tepu dengan report and more report to review.
1. England Vs croatia
- aku miss layan bola pukul 3 pagi. Result 4-1(Walcott 3 + rooney 1). Kena layan repeat. Baca hightlite macam best je that game. Cuba bangun kul 3 pagi, tapi kena kaco dengan incoming call pukul 1 pagi..lansung tidak boleh sambung tdo.
2. Raya - 19 hari lagi
- Company will giving advance salary by 20th September. Aduhhh..tak boleh reject, kena accept this advance. Berkurang la bonus aku hujung tahun ni sebab deduct with advance raya.
- Aku memang tak boleh pegang duit banyak terutamanye pada hari raya. Tangan gatal je nak menderma kepada tokey2 kedai. So, aku kena pastikan duit advance kena simpan pada tempat yang tidak boleh aku senang capai..contohnye, ASB/tabung haji.
3. Update on my azam bulan pose
- Berat masih lagi maintain - still less 4kg.
- Pose masih lagi penuh
- Bacaan quran - masih boleh diperbaiki
- Terawih - masih boleh diperbaiki
4. Life
- macam tu juga. Kena balik seremban nak mintak ampun kat parent,rasanye weekend ni
- Koje- a bit pressure - deadline 15th Sept.
1. England Vs croatia
- aku miss layan bola pukul 3 pagi. Result 4-1(Walcott 3 + rooney 1). Kena layan repeat. Baca hightlite macam best je that game. Cuba bangun kul 3 pagi, tapi kena kaco dengan incoming call pukul 1 pagi..lansung tidak boleh sambung tdo.
2. Raya - 19 hari lagi
- Company will giving advance salary by 20th September. Aduhhh..tak boleh reject, kena accept this advance. Berkurang la bonus aku hujung tahun ni sebab deduct with advance raya.
- Aku memang tak boleh pegang duit banyak terutamanye pada hari raya. Tangan gatal je nak menderma kepada tokey2 kedai. So, aku kena pastikan duit advance kena simpan pada tempat yang tidak boleh aku senang capai..contohnye, ASB/tabung haji.
3. Update on my azam bulan pose
- Berat masih lagi maintain - still less 4kg.
- Pose masih lagi penuh
- Bacaan quran - masih boleh diperbaiki
- Terawih - masih boleh diperbaiki
4. Life
- macam tu juga. Kena balik seremban nak mintak ampun kat parent,rasanye weekend ni
- Koje- a bit pressure - deadline 15th Sept.
Monday, September 8, 2008
07 09 2008 Weekend Blues
Hari ahad merupaka hari yang begitu asyik untuk melayan tido dan mengurangkan penegangan urat di kepala. Sudah la, malam minggu game antara England vs Andora start pukul 2 pagi. Watched halfway, was very one sided game.(heard that England won 2-0).
Sahur bangun jam 5 pagi, pekena roti 2 keping, a cup of nescaffe dan sebatang rokok salem light.
sambung tido dah hanye membuka mata pukul 12 tghari. Melayan tely, nothing new and interesting.
kul 4 petang baru nak mandi setelah layan sitcom 30 rocks (finale episode). Lepas mandi baru teringat nak makan ape buka nanti. Ajak budak rumah layan KFC di kota damansara.
Sampai dalam kul 645 petang, sit hampir penuh, que dah panjang. Ramainye orang buka kat KFC, kata inflation hike...entahla...
Tapi aku realised, i have reduced my weight by 4 kilo within 6 hari pose. Caya la.
My aim is to reduce by 5 kilo..almost achieve
Malam sambung buat tugasan dan melayan text message kepada/dpd kengkawan...
hidup in blues
Sahur bangun jam 5 pagi, pekena roti 2 keping, a cup of nescaffe dan sebatang rokok salem light.
sambung tido dah hanye membuka mata pukul 12 tghari. Melayan tely, nothing new and interesting.
kul 4 petang baru nak mandi setelah layan sitcom 30 rocks (finale episode). Lepas mandi baru teringat nak makan ape buka nanti. Ajak budak rumah layan KFC di kota damansara.
Sampai dalam kul 645 petang, sit hampir penuh, que dah panjang. Ramainye orang buka kat KFC, kata inflation hike...entahla...
Tapi aku realised, i have reduced my weight by 4 kilo within 6 hari pose. Caya la.
My aim is to reduce by 5 kilo..almost achieve
Malam sambung buat tugasan dan melayan text message kepada/dpd kengkawan...
hidup in blues
08092009 Masa
Masa berjalan pantas.
Masa kita berpuasa dizaman kanak-kanak masa berjalan amat lambat
Masa kita berpuasa ketika bersekolah masa bergerak lambat juga
Masa kita berpuasa zaman dewasa - masa bergerak cepat tapi kita jadi lambat
Masa banyak keje - cepat sungguh masa bergerak
Masa takde keje - kenapa la masa ni slow
Masa dalam jel satu hari macam sepuluh tahun
Masa bertenet and bercintan dengan awek macam tak cukup masa
Masa bechatting masa berlari cepat
Masa exam bila tahu buat jawapan masa tak cukup-cukup untuk menulis
Masa exam bila tak tahu buat jawapan berpeluh-peluh menunggu masa
Masa kanak-kanak tak tahu apa tegang
Masa muda selalu tegang
Masa tua tak tegang-tegang
Masa nak buka seluar nak cepat-cepat
Masa nak pancut nak lambat-lambat
Masa kita berpuasa dizaman kanak-kanak masa berjalan amat lambat
Masa kita berpuasa ketika bersekolah masa bergerak lambat juga
Masa kita berpuasa zaman dewasa - masa bergerak cepat tapi kita jadi lambat
Masa banyak keje - cepat sungguh masa bergerak
Masa takde keje - kenapa la masa ni slow
Masa dalam jel satu hari macam sepuluh tahun
Masa bertenet and bercintan dengan awek macam tak cukup masa
Masa bechatting masa berlari cepat
Masa exam bila tahu buat jawapan masa tak cukup-cukup untuk menulis
Masa exam bila tak tahu buat jawapan berpeluh-peluh menunggu masa
Masa kanak-kanak tak tahu apa tegang
Masa muda selalu tegang
Masa tua tak tegang-tegang
Masa nak buka seluar nak cepat-cepat
Masa nak pancut nak lambat-lambat
Saturday, September 6, 2008
6 September 2008
Hari ni memang meletihkan. Pepagi dah ke ofis melayan koje. Baru siap satu tugasan out of 5. Balik rumah, layan tido sampai kul 5 petang. Hujan turun renyai dan lebat. Memang best layan tido.
Memandangkan hari ni sabtu, cuba melayan pasar ramdan kat subang perdana. Pemerhatian from me:-
1. Orang memang ramai datang, tapi kebanyakan orang yang sama. Aku rasa dia tawaf tempat tu lebih dari 4 kali. Tak tau nak beli apa, too many choices.Lantak korang la, duit korang. Tapi, jalan memang jem sebab park sesuka hati kaum family diorang.
2. Ramai orang berniaga, dengan suara dari lembut ke garau memanggil mangil prospect. Nak kesian pun ade, tapi sorry aku memang tak ade belas kasihan. Aku perhatikan, benda yang sama dijual start dari satu ramadan lagi. Hish,hygene ke makanan ni esp lauk pauk. Ngeri aje aku tengok. Pasti banyak pembaziran. Untuk mengelakan pembaziran, recycle is the "only" way.
3. Aku cuba memandinglan tahun2 lepas dengan tahun ni. Dahulu, satu tangan hold sampai 3 ke 4 plastik makanan. This year, nak nampak 2 plastik pun susah. Banyak harga makanan dah naik mendadak. Bubur lambok, tahun lepas RM1.50, sekarang dah RM2.00. Jangan ditanya pasal lauk pauk...semuanya nak menyembelih.
4. Kekadang peniaga ni smart. Dia sewa sampai 3 ke 4 gerai di tempat/lokasi yang berlainan. Kemudian upah makcik indon untuk jaga kedai. Aku nak beli lauk pauk kat makcik indon pun aku dah tak ade selera sebab the way their serve the food and no bargain in pricing. Dia akan cakap," ini bukan kedai saya, saya hanya tolong jaga".
Aku berada kat situ hanya 15 minit. 5 minit for parking, 10 minit cari kuih tepung pelita. Tak teringin nak beli lauk pauk. Aku rela berbuka dengan nasi sejemput,telur goreng dan ikan masin, and not forgetting kurma. Janji kenyang sampai sahur. Sahur hanya 2 keping roti cicah nescaffe dan sebatang rokok...
Memandangkan hari ni sabtu, cuba melayan pasar ramdan kat subang perdana. Pemerhatian from me:-
1. Orang memang ramai datang, tapi kebanyakan orang yang sama. Aku rasa dia tawaf tempat tu lebih dari 4 kali. Tak tau nak beli apa, too many choices.Lantak korang la, duit korang. Tapi, jalan memang jem sebab park sesuka hati kaum family diorang.
2. Ramai orang berniaga, dengan suara dari lembut ke garau memanggil mangil prospect. Nak kesian pun ade, tapi sorry aku memang tak ade belas kasihan. Aku perhatikan, benda yang sama dijual start dari satu ramadan lagi. Hish,hygene ke makanan ni esp lauk pauk. Ngeri aje aku tengok. Pasti banyak pembaziran. Untuk mengelakan pembaziran, recycle is the "only" way.
3. Aku cuba memandinglan tahun2 lepas dengan tahun ni. Dahulu, satu tangan hold sampai 3 ke 4 plastik makanan. This year, nak nampak 2 plastik pun susah. Banyak harga makanan dah naik mendadak. Bubur lambok, tahun lepas RM1.50, sekarang dah RM2.00. Jangan ditanya pasal lauk pauk...semuanya nak menyembelih.
4. Kekadang peniaga ni smart. Dia sewa sampai 3 ke 4 gerai di tempat/lokasi yang berlainan. Kemudian upah makcik indon untuk jaga kedai. Aku nak beli lauk pauk kat makcik indon pun aku dah tak ade selera sebab the way their serve the food and no bargain in pricing. Dia akan cakap," ini bukan kedai saya, saya hanya tolong jaga".
Aku berada kat situ hanya 15 minit. 5 minit for parking, 10 minit cari kuih tepung pelita. Tak teringin nak beli lauk pauk. Aku rela berbuka dengan nasi sejemput,telur goreng dan ikan masin, and not forgetting kurma. Janji kenyang sampai sahur. Sahur hanya 2 keping roti cicah nescaffe dan sebatang rokok...
Purple Mango in Kota Damansara
8.00pm - arrive in purple mango. Nice and very cozy. We had our dinner, and food i would say - enjoyable. The choice of song from 8 to 930pm - easy listening, onwards- more to kill your ears/heart. hehehe
Worst part was filipino gurls - for me they are just looking for fun (read:money). Aku hanye melayan songs and watching big screen. Kawan2 yang lain telah hanyut dengan 2 bottles of chivas and gurls and food. I am pretty sure they more to gurls and not food..
Kepala aku banyak berfikir tentang a lot of works need to be done ahead of business plan meeting. Ade benda baru yang kena buat due to office politicking.
Later la aku story pasal office politicking ni..
Aku supposed to enjoy for second round at BB, but my eyes and brain already been washout, need to be fixed, so aku balik layan game dulu...
Happy weekend ahead, but not for me..too many things to think,do,act,f/up
cheers
Worst part was filipino gurls - for me they are just looking for fun (read:money). Aku hanye melayan songs and watching big screen. Kawan2 yang lain telah hanyut dengan 2 bottles of chivas and gurls and food. I am pretty sure they more to gurls and not food..
Kepala aku banyak berfikir tentang a lot of works need to be done ahead of business plan meeting. Ade benda baru yang kena buat due to office politicking.
Later la aku story pasal office politicking ni..
Aku supposed to enjoy for second round at BB, but my eyes and brain already been washout, need to be fixed, so aku balik layan game dulu...
Happy weekend ahead, but not for me..too many things to think,do,act,f/up
cheers
Thursday, September 4, 2008
Islamic Bond Decree Cripples Sukuk, Imperils Projects
By Haris Anwar
Sept. 3 (Bloomberg) -- The fastest-growing part of the global bond market is faltering, and it has nothing to do with subprime mortgages or the credit crunch.
Sales of Shariah-compliant debt, which financed Dubai's Palm development, the world's largest man-made island and where David Beckham and Donald Trump have homes, fell 50 percent in 2008 and prices dropped an average 1.51 percent, according to HSBC Holdings Plc index data.
The so-called sukuk market, which has doubled each year since 2004 and grown to $90 billion, is declining after a Bahrain-based group of Islamic scholars decreed in February that most bonds ran afoul of religious rules. Only one that complies with the edict has been issued, pushing up borrowing costs on projects including $200 billion of real-estate developments in the United Arab Emirates capital.
``In times of distress, the first thing investors sell are the credits they don't fully understand,'' said James Milligan, Dubai-based head of Middle East fixed-income trading at HSBC, the biggest underwriter of sukuk bonds in the Gulf last year. ``This has hit spreads hard in the region,'' he said, referring to the relative level of the Islamic bonds' yields.
The bonds satisfy Islam's ban on interest by allowing investors to profit from the exchange of assets, rather than money. Sales of the debt fell to $11 billion from January to August, from $21 billion in the same period of 2007, according to data compiled by Bloomberg. They peaked at $38.6 billion last year, growing from virtually nothing six years earlier, the International Monetary Fund said. The decline in prices is worse than the 1.25 percent drop in U.S. corporate bonds, HSBC data show.
No Guns
Banks sell sukuk by using assets to generate income equivalent to interest they would pay on conventional debt. The money can't be used to finance gambling, guns or alcohol.
The Accounting & Auditing Organization for Islamic Financial Institutions ruled in February that bonds don't meet religious requirements if they haven't transferred ownership of collateral to holders. About 85 percent of sukuk failed this test, the board said.
Under the new rules, a sukuk issuer passes ownership of an underlying asset, such as a building, to the investor for the bond's duration. Should the price of the asset rise or fall, the change will be reflected in the bond's value. Buyers can't be guaranteed the security's full face value on maturity. Before the new rules, investors weren't the legal owners of the underlying assets and were effectively lenders to the issuer.
Waning Demand
As demand for Islamic-compliant bonds waned, yields rose to 2.94 percentage points more than the London interbank offered rate, or Libor, near a record and compared with 2.43 percentage points for an equivalent non-Islamic bond, Bloomberg data show. The spread was 1.08 percentage point a year ago and about double that in February.
``I wouldn't add anything to'' our ruling, said Sheikh Muhammad Taqi Usmani, chairman of the accounting board and a retired justice of the Pakistan Supreme Court. ``We're just pronouncing what's compliant to Shariah and what's not,'' said Usmani, who advises HSBC, Dow Jones & Co. Inc., the Central Bank of Bahrain and the Islamic Corporation for the Development of the Private Sector.
The ruling was intended to introduce ``unified rules'' to the market, said Mohamad Alchaar, secretary general of the board, whose rulings are binding in six Arab countries.
Sorouh Real Estate Co., Abu Dhabi's third-biggest property company, sold 4 billion U.A.E. dirham ($1.1 billion) of bonds on Aug. 13, the first sukuk that's ``fully compliant'' with the Shariah Board's ruling, according to Robin Ward, a director of structured finance at arranger Citigroup Inc.
Shariah Scholars
Citigroup's panel of Shariah scholars in London is led by Sheikh Nizam Yaquby, former chairman of the Bahrain-based accounting board. Yaquby, who advises about 40 financial institutions on Islamic financing rules, declined to comment when contacted by Bloomberg News.
``This is a true Islamic sale,'' said Ward. ``You need a tangible asset, and in this case, we had a freehold of land. There's no recourse back to the originator, which is the way previous sukuk have been done.''
The clincher for getting the board's approval, said Ward, was transferring ownership of the underlying asset when the bonds were sold. The bulk of the debt paid interest of 200 basis points more than the one-month Emirates interbank offered rate, according to Citigroup.
``In essence, the previous sukuk structure was replicating a western bond where you get your money back and that's it,'' said Majid Dawood, chief executive officer of Yasaar Ltd., a Dubai- based consultancy that advises Paris-based Societe Generale SA, Royal Bank of Scotland Group Plc in Edinburgh and Dublin-based Bank of Ireland Plc.
10 Percent Drop
More than half a trillion dollars in worldwide credit writedowns and losses squeezed lending in the Mideast as the Dubai Financial Market Real Estate Index of property-related stocks dropped 19 percent since January. Morgan Stanley analysts predict a 10 percent decline in property prices by 2010. About 34 percent of Gulf-region sukuk since 2006 were issued by real- estate companies, according to Barclays Capital.
``The sukuk market has been very tough this year,'' said Kuala Lumpur-based Nor Hanifah Hashim, who manages about $1 billion in an Islamic fund at CIMB, the world's largest underwriter of the debt. ``People are adjusting to the new rules and you need to have very good quality of assets to attract investors.''
Most issuers are still able to sell non-Islamic debt. Mideast companies raised $50 billion this year in loans, compared with $73 billion during the same period of 2007, Bloomberg data show.
`Layer of Uncertainty'
``If you look at the big capital raisings, most have been done through the bank market,'' said Philipp Lotter, a senior credit officer at Moody's Investors Service in Dubai. The Islamic board ruling ``added an additional layer of uncertainty. Certain investors will not invest in sukuk,'' he said.
Investment Corp. of Dubai, a state-owned holding company, said last week it was raising $5.6 billion in a dual-currency loan, while Abu Dhabi National Energy Co., the state-controlled energy company known as Taqa, borrowed $3.15 billion for three years last month to refinance debt.
``Investors are trying to get used to the new structure and studying new requirements,'' said Gaurav Agarwal, chief financial officer of Tamweel PJSC, the United Arab Emirates' biggest mortgage provider, which plans $500 million in asset-backed loans by year-end. ``Borrowers are raising money through bilateral loans until the sukuk market becomes hot again.''
Tamweel's last pre-ruling sukuk was one-third backed by completed property and two-thirds backed by projects under construction. Those proportions would have to be reversed now, said Agarwal.
``The sukuk market is clouded by considerable uncertainty and nervousness,'' said Chavan Bhogaita, head of credit research at HSBC's Middle-East unit. ``Spreads have been widening, sukuk have been underperforming conventional bonds and investors have been shying away.''
Sept. 3 (Bloomberg) -- The fastest-growing part of the global bond market is faltering, and it has nothing to do with subprime mortgages or the credit crunch.
Sales of Shariah-compliant debt, which financed Dubai's Palm development, the world's largest man-made island and where David Beckham and Donald Trump have homes, fell 50 percent in 2008 and prices dropped an average 1.51 percent, according to HSBC Holdings Plc index data.
The so-called sukuk market, which has doubled each year since 2004 and grown to $90 billion, is declining after a Bahrain-based group of Islamic scholars decreed in February that most bonds ran afoul of religious rules. Only one that complies with the edict has been issued, pushing up borrowing costs on projects including $200 billion of real-estate developments in the United Arab Emirates capital.
``In times of distress, the first thing investors sell are the credits they don't fully understand,'' said James Milligan, Dubai-based head of Middle East fixed-income trading at HSBC, the biggest underwriter of sukuk bonds in the Gulf last year. ``This has hit spreads hard in the region,'' he said, referring to the relative level of the Islamic bonds' yields.
The bonds satisfy Islam's ban on interest by allowing investors to profit from the exchange of assets, rather than money. Sales of the debt fell to $11 billion from January to August, from $21 billion in the same period of 2007, according to data compiled by Bloomberg. They peaked at $38.6 billion last year, growing from virtually nothing six years earlier, the International Monetary Fund said. The decline in prices is worse than the 1.25 percent drop in U.S. corporate bonds, HSBC data show.
No Guns
Banks sell sukuk by using assets to generate income equivalent to interest they would pay on conventional debt. The money can't be used to finance gambling, guns or alcohol.
The Accounting & Auditing Organization for Islamic Financial Institutions ruled in February that bonds don't meet religious requirements if they haven't transferred ownership of collateral to holders. About 85 percent of sukuk failed this test, the board said.
Under the new rules, a sukuk issuer passes ownership of an underlying asset, such as a building, to the investor for the bond's duration. Should the price of the asset rise or fall, the change will be reflected in the bond's value. Buyers can't be guaranteed the security's full face value on maturity. Before the new rules, investors weren't the legal owners of the underlying assets and were effectively lenders to the issuer.
Waning Demand
As demand for Islamic-compliant bonds waned, yields rose to 2.94 percentage points more than the London interbank offered rate, or Libor, near a record and compared with 2.43 percentage points for an equivalent non-Islamic bond, Bloomberg data show. The spread was 1.08 percentage point a year ago and about double that in February.
``I wouldn't add anything to'' our ruling, said Sheikh Muhammad Taqi Usmani, chairman of the accounting board and a retired justice of the Pakistan Supreme Court. ``We're just pronouncing what's compliant to Shariah and what's not,'' said Usmani, who advises HSBC, Dow Jones & Co. Inc., the Central Bank of Bahrain and the Islamic Corporation for the Development of the Private Sector.
The ruling was intended to introduce ``unified rules'' to the market, said Mohamad Alchaar, secretary general of the board, whose rulings are binding in six Arab countries.
Sorouh Real Estate Co., Abu Dhabi's third-biggest property company, sold 4 billion U.A.E. dirham ($1.1 billion) of bonds on Aug. 13, the first sukuk that's ``fully compliant'' with the Shariah Board's ruling, according to Robin Ward, a director of structured finance at arranger Citigroup Inc.
Shariah Scholars
Citigroup's panel of Shariah scholars in London is led by Sheikh Nizam Yaquby, former chairman of the Bahrain-based accounting board. Yaquby, who advises about 40 financial institutions on Islamic financing rules, declined to comment when contacted by Bloomberg News.
``This is a true Islamic sale,'' said Ward. ``You need a tangible asset, and in this case, we had a freehold of land. There's no recourse back to the originator, which is the way previous sukuk have been done.''
The clincher for getting the board's approval, said Ward, was transferring ownership of the underlying asset when the bonds were sold. The bulk of the debt paid interest of 200 basis points more than the one-month Emirates interbank offered rate, according to Citigroup.
``In essence, the previous sukuk structure was replicating a western bond where you get your money back and that's it,'' said Majid Dawood, chief executive officer of Yasaar Ltd., a Dubai- based consultancy that advises Paris-based Societe Generale SA, Royal Bank of Scotland Group Plc in Edinburgh and Dublin-based Bank of Ireland Plc.
10 Percent Drop
More than half a trillion dollars in worldwide credit writedowns and losses squeezed lending in the Mideast as the Dubai Financial Market Real Estate Index of property-related stocks dropped 19 percent since January. Morgan Stanley analysts predict a 10 percent decline in property prices by 2010. About 34 percent of Gulf-region sukuk since 2006 were issued by real- estate companies, according to Barclays Capital.
``The sukuk market has been very tough this year,'' said Kuala Lumpur-based Nor Hanifah Hashim, who manages about $1 billion in an Islamic fund at CIMB, the world's largest underwriter of the debt. ``People are adjusting to the new rules and you need to have very good quality of assets to attract investors.''
Most issuers are still able to sell non-Islamic debt. Mideast companies raised $50 billion this year in loans, compared with $73 billion during the same period of 2007, Bloomberg data show.
`Layer of Uncertainty'
``If you look at the big capital raisings, most have been done through the bank market,'' said Philipp Lotter, a senior credit officer at Moody's Investors Service in Dubai. The Islamic board ruling ``added an additional layer of uncertainty. Certain investors will not invest in sukuk,'' he said.
Investment Corp. of Dubai, a state-owned holding company, said last week it was raising $5.6 billion in a dual-currency loan, while Abu Dhabi National Energy Co., the state-controlled energy company known as Taqa, borrowed $3.15 billion for three years last month to refinance debt.
``Investors are trying to get used to the new structure and studying new requirements,'' said Gaurav Agarwal, chief financial officer of Tamweel PJSC, the United Arab Emirates' biggest mortgage provider, which plans $500 million in asset-backed loans by year-end. ``Borrowers are raising money through bilateral loans until the sukuk market becomes hot again.''
Tamweel's last pre-ruling sukuk was one-third backed by completed property and two-thirds backed by projects under construction. Those proportions would have to be reversed now, said Agarwal.
``The sukuk market is clouded by considerable uncertainty and nervousness,'' said Chavan Bhogaita, head of credit research at HSBC's Middle-East unit. ``Spreads have been widening, sukuk have been underperforming conventional bonds and investors have been shying away.''
Malaysian Ringgit Will Be a `Washout' This Year, Institute Says
By David Yong
Sept. 4 (Bloomberg) -- Malaysia's ringgit will be ``almost a washout'' for the rest of this year as a growing fiscal deficit, political turmoil and policy inaction on inflation turn investors away, the nation's biggest economic think-tank said.
The ringgit will probably weaken to 3.5 per dollar by year end, Ariff Kareem, executive director of the Malaysian Institute of Economic Research, said in an interview in Kuala Lumpur yesterday. The partially government-funded think tank had previously forecast the ringgit would strengthen to 3 per dollar by the end of 2008.
Malaysia on Aug. 29 said its budget deficit will widen to 34.5 billion ringgit ($10.1 billion) this year, or a five-year high of 4.8 percent of gross domestic product, because of a trebling in food and oil subsidies. The ringgit fell this week to near the lowest in a year.
``The deficit is enormous and doesn't speak well for fiscal management,'' Ariff said. ``The ringgit is almost a washout. It's partly a verdict on how the country is being governed. This budget doesn't help, it worsens the currency position.''
The ringgit may take another three years, instead of two, to reach its ``fair value'' of 2.8 against the U.S. currency, Ariff said.
Prime Minister Abdullah Ahmad Badawi is counting on oil prices to average $125 a barrel in 2009, unchanged from 2008, to lift revenue by 9.1 percent to 176.2 billion ringgit and narrow the deficit to 3.6 percent of GDP.
`Obsessed'
The ringgit traded at 3.4215 against the dollar as at 9:20 a.m. in Kuala Lumpur today, down from 3.3875 on Aug. 28, the day before the budget announcement that included tax cuts, a bonus for government employees, and free electricity to the poor.
The currency slumped 4.2 percent in August, the worst month since Bank Negara Malaysia scrapped a dollar link in July 2005, amid concern opposition leader Anwar Ibrahim will grab power by Sept. 16 via defections by lawmakers from Abdullah's ruling coalition.
``Political uncertainty, perception about the country's leadership, all these don't augur well for investor perception,'' Ariff said. ``The sovereign rating could be affected.''
Malaysia's gross domestic product grew 6.3 percent in the second quarter, the slowest pace in a year. Annual growth will ease to 5.7 percent in 2008 and 5.4 percent in 2009, from 6.3 percent in 2007, the government said last week.
``We are too obsessed with growth,'' Ariff said. ``There's no way we can get back to the growth rate of the late 1980s and it's not in our interest to get back on track when we grew too fast for our own good.''
`Out of Sync'
The government may be overreacting in its attempt to pump- prime the economy, depleting its resources before a further slowdown in 2009, Ariff said. The institute will probably lower its 5 percent growth forecast for 2009 at a later date, he said.
Fiscal measures to boost the purchasing power of consumers will ``unwittingly'' fuel inflation, while a ``laid back'' interest-rate policy will push inflation-adjusted interest rates deeper into negative territory and spur capital flight, he said.
The central bank has kept its overnight policy rate at 3.5 percent in 19 straight meetings since April 2006, even as other Asian nations raised borrowing costs this year to cool soaring prices. Ariff predicts inflation will accelerate from a 26-year high of 8.5 percent in July in the months ahead.
``Local interest rates are artificially low and they are out of sync with what we see in the region,'' Ariff said. ``Some marginal adjustments are required to send the right message that we are doing something, or else the credibility issue sets in.''
Sept. 4 (Bloomberg) -- Malaysia's ringgit will be ``almost a washout'' for the rest of this year as a growing fiscal deficit, political turmoil and policy inaction on inflation turn investors away, the nation's biggest economic think-tank said.
The ringgit will probably weaken to 3.5 per dollar by year end, Ariff Kareem, executive director of the Malaysian Institute of Economic Research, said in an interview in Kuala Lumpur yesterday. The partially government-funded think tank had previously forecast the ringgit would strengthen to 3 per dollar by the end of 2008.
Malaysia on Aug. 29 said its budget deficit will widen to 34.5 billion ringgit ($10.1 billion) this year, or a five-year high of 4.8 percent of gross domestic product, because of a trebling in food and oil subsidies. The ringgit fell this week to near the lowest in a year.
``The deficit is enormous and doesn't speak well for fiscal management,'' Ariff said. ``The ringgit is almost a washout. It's partly a verdict on how the country is being governed. This budget doesn't help, it worsens the currency position.''
The ringgit may take another three years, instead of two, to reach its ``fair value'' of 2.8 against the U.S. currency, Ariff said.
Prime Minister Abdullah Ahmad Badawi is counting on oil prices to average $125 a barrel in 2009, unchanged from 2008, to lift revenue by 9.1 percent to 176.2 billion ringgit and narrow the deficit to 3.6 percent of GDP.
`Obsessed'
The ringgit traded at 3.4215 against the dollar as at 9:20 a.m. in Kuala Lumpur today, down from 3.3875 on Aug. 28, the day before the budget announcement that included tax cuts, a bonus for government employees, and free electricity to the poor.
The currency slumped 4.2 percent in August, the worst month since Bank Negara Malaysia scrapped a dollar link in July 2005, amid concern opposition leader Anwar Ibrahim will grab power by Sept. 16 via defections by lawmakers from Abdullah's ruling coalition.
``Political uncertainty, perception about the country's leadership, all these don't augur well for investor perception,'' Ariff said. ``The sovereign rating could be affected.''
Malaysia's gross domestic product grew 6.3 percent in the second quarter, the slowest pace in a year. Annual growth will ease to 5.7 percent in 2008 and 5.4 percent in 2009, from 6.3 percent in 2007, the government said last week.
``We are too obsessed with growth,'' Ariff said. ``There's no way we can get back to the growth rate of the late 1980s and it's not in our interest to get back on track when we grew too fast for our own good.''
`Out of Sync'
The government may be overreacting in its attempt to pump- prime the economy, depleting its resources before a further slowdown in 2009, Ariff said. The institute will probably lower its 5 percent growth forecast for 2009 at a later date, he said.
Fiscal measures to boost the purchasing power of consumers will ``unwittingly'' fuel inflation, while a ``laid back'' interest-rate policy will push inflation-adjusted interest rates deeper into negative territory and spur capital flight, he said.
The central bank has kept its overnight policy rate at 3.5 percent in 19 straight meetings since April 2006, even as other Asian nations raised borrowing costs this year to cool soaring prices. Ariff predicts inflation will accelerate from a 26-year high of 8.5 percent in July in the months ahead.
``Local interest rates are artificially low and they are out of sync with what we see in the region,'' Ariff said. ``Some marginal adjustments are required to send the right message that we are doing something, or else the credibility issue sets in.''
Wednesday, September 3, 2008
"Umno deputy president Datuk Seri Najib Tun Razak has apologised for the statement made by one of the party's division leaders which resulted in a lot of criticism from the Chinese community." - thestaronline.com
My comments:-
1. Malaysia sudah 51 tahun merdeka (kalau diambil kira dari 31 Ogos 1957). Kalau manusia berumur 51 tahun, sudah pasti cukup akal dan fikiran utk memikirkan yang terbaik sebelum membuat sesuatu. Tapi, di pihak parti politik, 51 tahun adalah satu masa peringkat bertatih .
2. Aku bukan seorang yang racist, dan pekerjaan dan sekeliling aku memang bercampur dengan non-malay. Masing2 adalah profesional and masing2 memikirkan macamana nak jadi kaya. Bukan mata duitan, tapi utk memastikan anak bini terjaga makan dan pakaian. itu yang paling penting.
3. Aku pernah berbual dengan seorang yang dikatakan pemuda UMNO. Dia bercakap tentang kegusarannye tentang nasib orang melayu di Malaysia, tentang apa dah jadi dengan tanah melayu contohnye yang tinggal sekarang hanyalah keretapi tanah melayu (KTMB), bercakap tentang anak cucu pada masa hadapan, dan lain2 lagi. Aku tidak menafikan semua itu, tapi semua orang kena faham tentang globalisasi. Orang melayu akan mungkin jadi kaum minoriti di england atau di US. Orang melayu mungkin mengembangkan pernigaan dia afrika selatan atau di middle east. orang melayu tidak boleh hanya duduk di malaysia. Dizaman free trade agreement dan zaman globalisasi or borderless world, imposible is nothing.
4. Aku pernah meluahkan perasaan aku kepada pemuda UMNO ni. Aku tanya, sampai bila Pak Lah nak menghukum rakyat. Then, kalau pak lah dah berhenti dari menghukum rakyat, siapa akan mengganti beliau? Najib? i would say his name as a worst case scenario. Siapa yang boleh menggantikan Pak Lah? Aku tidak nampak sesapa pun dikalangan ahli UMNO. Kebanyakan pemimpin UMNO hanya berani bile ramai. Kemudian aku memberi satu alternatif aitu Anwar Ib. For me, it is a good alternative albeit he was from UMNO before, but the most important thing in running the country is well coordination between government servant and decision maker. Sekarang ni aku tengok government servant enjoy their life very much di bawak Pak Lah, cuba lihat 2009 budget. Big and fat imbuhan esp for government staff.
Itu pandangan aku...(banyak benda lagi aku nak tulis, tapi later..tengah busy with "new staff" (awek cun), tak leh concentrate buat koje kejap akibat dari borderless world....
My comments:-
1. Malaysia sudah 51 tahun merdeka (kalau diambil kira dari 31 Ogos 1957). Kalau manusia berumur 51 tahun, sudah pasti cukup akal dan fikiran utk memikirkan yang terbaik sebelum membuat sesuatu. Tapi, di pihak parti politik, 51 tahun adalah satu masa peringkat bertatih .
2. Aku bukan seorang yang racist, dan pekerjaan dan sekeliling aku memang bercampur dengan non-malay. Masing2 adalah profesional and masing2 memikirkan macamana nak jadi kaya. Bukan mata duitan, tapi utk memastikan anak bini terjaga makan dan pakaian. itu yang paling penting.
3. Aku pernah berbual dengan seorang yang dikatakan pemuda UMNO. Dia bercakap tentang kegusarannye tentang nasib orang melayu di Malaysia, tentang apa dah jadi dengan tanah melayu contohnye yang tinggal sekarang hanyalah keretapi tanah melayu (KTMB), bercakap tentang anak cucu pada masa hadapan, dan lain2 lagi. Aku tidak menafikan semua itu, tapi semua orang kena faham tentang globalisasi. Orang melayu akan mungkin jadi kaum minoriti di england atau di US. Orang melayu mungkin mengembangkan pernigaan dia afrika selatan atau di middle east. orang melayu tidak boleh hanya duduk di malaysia. Dizaman free trade agreement dan zaman globalisasi or borderless world, imposible is nothing.
4. Aku pernah meluahkan perasaan aku kepada pemuda UMNO ni. Aku tanya, sampai bila Pak Lah nak menghukum rakyat. Then, kalau pak lah dah berhenti dari menghukum rakyat, siapa akan mengganti beliau? Najib? i would say his name as a worst case scenario. Siapa yang boleh menggantikan Pak Lah? Aku tidak nampak sesapa pun dikalangan ahli UMNO. Kebanyakan pemimpin UMNO hanya berani bile ramai. Kemudian aku memberi satu alternatif aitu Anwar Ib. For me, it is a good alternative albeit he was from UMNO before, but the most important thing in running the country is well coordination between government servant and decision maker. Sekarang ni aku tengok government servant enjoy their life very much di bawak Pak Lah, cuba lihat 2009 budget. Big and fat imbuhan esp for government staff.
Itu pandangan aku...(banyak benda lagi aku nak tulis, tapi later..tengah busy with "new staff" (awek cun), tak leh concentrate buat koje kejap akibat dari borderless world....
Tuesday, September 2, 2008
and isn't it ironic...don't you think??"
An old man turned ninety - eight, He won the lottery and died the next day
Its a black fly in your Chardonnay, its a death row pardon two minutes too late
its like a rain on your wedding day, its a free ride when you've already paid
its the good advice that you just didn't take, who would have thought
Mr Play it safe was afraid to fly, he packed his suitcase and kissed his kids goodbye
he waited his whole damn life to take that flight
and as the plane crashed down he thought " well isn't this nice"
well life has a funny way of sneaking up on you, when you think everythings okay and
everythings going right
and life has a funny way of helping you out when you think everythings gone wrong and averything blows up in your face
A traffic jam when you re already late
a no smoking sign on you cigarette break
its like ten thousand spoons when all you need is a knife
its meeting the man of my dream
and then meeting his beautiful wife
"and isn't it ironic...don't you think??"
Its a black fly in your Chardonnay, its a death row pardon two minutes too late
its like a rain on your wedding day, its a free ride when you've already paid
its the good advice that you just didn't take, who would have thought
Mr Play it safe was afraid to fly, he packed his suitcase and kissed his kids goodbye
he waited his whole damn life to take that flight
and as the plane crashed down he thought " well isn't this nice"
well life has a funny way of sneaking up on you, when you think everythings okay and
everythings going right
and life has a funny way of helping you out when you think everythings gone wrong and averything blows up in your face
A traffic jam when you re already late
a no smoking sign on you cigarette break
its like ten thousand spoons when all you need is a knife
its meeting the man of my dream
and then meeting his beautiful wife
"and isn't it ironic...don't you think??"
Asia central banks defend falling currencies: Traders
Title ni macam penah aku baca pada tahun 1998, whereby Bank Negara intervened to push Ringgit from falling.
Today and this morning , the same title is in Reuters. Kali ini effect pada Thai Baht - due to emergency state as declared by PM, Indon Ruppee - inflasi. Latest news, South Korea also the authority has to intervene.
Bagi aku, its already apparent - recession-, tapi aku pelik bila our beloved Ministry of Finance said, Malaysia is doing well with growth of more than 5%. Lawak la mamat ni, please la cakap together with inflation rate of 9%. The best part...aku tak tau which source yang diambil mengatakan the growth rate of 5%.
maybe...from the sky
Today and this morning , the same title is in Reuters. Kali ini effect pada Thai Baht - due to emergency state as declared by PM, Indon Ruppee - inflasi. Latest news, South Korea also the authority has to intervene.
Bagi aku, its already apparent - recession-, tapi aku pelik bila our beloved Ministry of Finance said, Malaysia is doing well with growth of more than 5%. Lawak la mamat ni, please la cakap together with inflation rate of 9%. The best part...aku tak tau which source yang diambil mengatakan the growth rate of 5%.
maybe...from the sky
Selamat Berposa
Lupa lak nak wish to myself selamat berposa...utk hari yang ke 2 ramdan
so..kita ade 28 hari lagi nak raya....
azam bulan pose ni:-
1. Nak kuruskan berat badan sebanyak 5 kilo
2. Nak kurang kan makan nasi. Hanya makan benda lain selain dari nasi.
3. Nak maximakan sembahyang terawih. Tahun lepas banyak ponteng sebab ramai kengkawan/client/supplier ajak makan kat hotel
4. Nak membaca al-quran (dah lama aku tinggalkan)
5. Nak jaga segalanye. Jaga mulut/mata/tangan/ kaki supaya tak buat benda tak elok/berfaedah
6. Nak kurangkan merokok. Tidak akan merokok pada siang hari.
7. Nak berjimat sakan. Kurangkan pemergian ke pasar ramdan. Aku pasti harga makanan kat sana naik gile. Macam tahun2 lepas, aku pegi pasar ramdan hanye beli kuih aje utk makan sewaktu berbuka sebelum mengerjakan sembahyang maghrib. Tahun ni,aku tekad mengurangkan makan kuih. Beli ape yang perlu.
Tapi itu la, bulan september ni, memang aku busy with 2009 business plan. 18/19 Sept meeting kat Glenmarie. Nak kena present report...dugaan pada bulan pose.
so..kita ade 28 hari lagi nak raya....
azam bulan pose ni:-
1. Nak kuruskan berat badan sebanyak 5 kilo
2. Nak kurang kan makan nasi. Hanya makan benda lain selain dari nasi.
3. Nak maximakan sembahyang terawih. Tahun lepas banyak ponteng sebab ramai kengkawan/client/supplier ajak makan kat hotel
4. Nak membaca al-quran (dah lama aku tinggalkan)
5. Nak jaga segalanye. Jaga mulut/mata/tangan/ kaki supaya tak buat benda tak elok/berfaedah
6. Nak kurangkan merokok. Tidak akan merokok pada siang hari.
7. Nak berjimat sakan. Kurangkan pemergian ke pasar ramdan. Aku pasti harga makanan kat sana naik gile. Macam tahun2 lepas, aku pegi pasar ramdan hanye beli kuih aje utk makan sewaktu berbuka sebelum mengerjakan sembahyang maghrib. Tahun ni,aku tekad mengurangkan makan kuih. Beli ape yang perlu.
Tapi itu la, bulan september ni, memang aku busy with 2009 business plan. 18/19 Sept meeting kat Glenmarie. Nak kena present report...dugaan pada bulan pose.
Oil Trades Near 4-Month Low on Reduced Concern of Storm Damage
That title from Bloomberg.com.
As of pukul 9 pagi..oil price was at USD111.15 p.b, harga emas pun turun.
Aku masih terpikir teory subsidi yang diguna pakai oleh kerajaan sekarang. According to government, a different 30 cents from world price with malaysian price will be applied accordingly. Therefore, 30 cents is a subsidy.
One million dollar question - world price is already significantly reduced, why our oil price hanya turun sedikit aje. Aku masih blur pasal subsidi ni lagi..
As of pukul 9 pagi..oil price was at USD111.15 p.b, harga emas pun turun.
Aku masih terpikir teory subsidi yang diguna pakai oleh kerajaan sekarang. According to government, a different 30 cents from world price with malaysian price will be applied accordingly. Therefore, 30 cents is a subsidy.
One million dollar question - world price is already significantly reduced, why our oil price hanya turun sedikit aje. Aku masih blur pasal subsidi ni lagi..
Malaysia PM plans record budget
Abdullah Badawi, Malaysia’s embattled prime minister, plans to increase government spending by nearly 6 per cent next year as he seeks to regain popularity and fend off an opposition challenge to topple his administration.
But there are worries that the increased spending may pose economic risks, including stoking inflation, which is already at a 27-year high.
Mr Abdullah, who is also finance minister, has proposed a record M$208bn ($61.3bn, €41.7bn, £33.7bn) budget for 2009, including benefits for lower income groups and tax cuts for the middle class, in an effort to keep growth above 5 per cent.
Infrastructure spending will rise sharply in Sabah and Sarawak in an effort to persuade disgruntled government members of parliament from the Borneo states not to support an opposition no-confidence motion against Mr Abdullah.
The opposition, led by Anwar Ibrahim, criticises the spending proposals as “populist” and says the government is depending on oil revenues to finance the spending increase even though the country’s energy reserves are set to decline.
The extra spending is expected to make it impossible for Mr Abdullah to fulfil an earlier promise to cut Malaysia’s budget deficit from 4.8 per cent in 2008 to 3 per cent of gross domestic product by 2010. He estimated a 3.6 per cent budget deficit for 2009.
Mr Abdullah last month partly reversed a 40 per cent rise in retail fuel prices ordered in June to curb the budget deficit.
The price rise was unpopular and contributed to Malaysia’s 8.5 per cent inflation rate in July. “It is unlikely that energy subsidies will be cut further in coming months,” said Nikhilesh Bhattacharyya at Moody’s Economy.com.
Some commentators said that Mr Abdullah may be using the budget to set the stage for a snap election to counter a no-confidence motion. “I will not permit the mandate given by the people to be seized from the [government], which won the last elections . . . based on democratic principles,” he warned.
But an inflation rate fuelled by an expansionary budget could backfire on the government, with opinion polls saying price rises are seen as the most important issue facing the country.
The central bank is being criticised for not raising interest rates to curb inflation, provoking questions about its independence. Morgan Stanley, the investment bank, describes it as “one of the least hawkish central banks” in south-east Asia.
The central bank last week decided to let the benchmark rate remain at 3.5 per cent, where it has been since April 2006. Zeti Akhtar Aziz, the central bank governor, said the economy was slowing and would limit future inflationary pressures.
The governor said she was not under political pressure to keep rates on hold and the central bank earlier denied market rumours that Ms Zeti was threatening to quit.
But the cloudy economic situation is undermining investor confidence, with the Kuala Lumpur stock exchange share index falling by nearly 30 per cent this year, making it one of south-east Asia’s worst performers.
But there are worries that the increased spending may pose economic risks, including stoking inflation, which is already at a 27-year high.
Mr Abdullah, who is also finance minister, has proposed a record M$208bn ($61.3bn, €41.7bn, £33.7bn) budget for 2009, including benefits for lower income groups and tax cuts for the middle class, in an effort to keep growth above 5 per cent.
Infrastructure spending will rise sharply in Sabah and Sarawak in an effort to persuade disgruntled government members of parliament from the Borneo states not to support an opposition no-confidence motion against Mr Abdullah.
The opposition, led by Anwar Ibrahim, criticises the spending proposals as “populist” and says the government is depending on oil revenues to finance the spending increase even though the country’s energy reserves are set to decline.
The extra spending is expected to make it impossible for Mr Abdullah to fulfil an earlier promise to cut Malaysia’s budget deficit from 4.8 per cent in 2008 to 3 per cent of gross domestic product by 2010. He estimated a 3.6 per cent budget deficit for 2009.
Mr Abdullah last month partly reversed a 40 per cent rise in retail fuel prices ordered in June to curb the budget deficit.
The price rise was unpopular and contributed to Malaysia’s 8.5 per cent inflation rate in July. “It is unlikely that energy subsidies will be cut further in coming months,” said Nikhilesh Bhattacharyya at Moody’s Economy.com.
Some commentators said that Mr Abdullah may be using the budget to set the stage for a snap election to counter a no-confidence motion. “I will not permit the mandate given by the people to be seized from the [government], which won the last elections . . . based on democratic principles,” he warned.
But an inflation rate fuelled by an expansionary budget could backfire on the government, with opinion polls saying price rises are seen as the most important issue facing the country.
The central bank is being criticised for not raising interest rates to curb inflation, provoking questions about its independence. Morgan Stanley, the investment bank, describes it as “one of the least hawkish central banks” in south-east Asia.
The central bank last week decided to let the benchmark rate remain at 3.5 per cent, where it has been since April 2006. Zeti Akhtar Aziz, the central bank governor, said the economy was slowing and would limit future inflationary pressures.
The governor said she was not under political pressure to keep rates on hold and the central bank earlier denied market rumours that Ms Zeti was threatening to quit.
But the cloudy economic situation is undermining investor confidence, with the Kuala Lumpur stock exchange share index falling by nearly 30 per cent this year, making it one of south-east Asia’s worst performers.
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