Archive for December 26th, 2015
How 1MDB lost RM6 bil through bond mispricing
Posted by Kit in Financial Scandals, Najib Razak on Saturday, 26 December 2015
BY KINIBIZ
DECEMBER 16, 2015 8:00AM
1MDB has already lost some RM6 billion by mispricing its bonds. So was this deliberately done, and whose pockets ended up bursting at the seams?
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A big chunk of 1Malaysia Development Bhd’s (1MDB) fundraising over the years had been through issuing bonds. However, the company had been massively underpricing its bonds, losing some RM6 billion according to KINIBIZ estimates – and this is not paper but real, cold, hard cash.
When a bond is issued, it has a coupon rate and a face value. The coupon rate typically remains constant over the life of the bond and is a promise by the issuer to pay a certain percentage of the face value of the bond each year.
Bonds are commonly priced to give roughly similar yields as other comparable bonds in the open market. Yields are the annual coupon payments for the year divided by the price of the bond. Yields are adjusted by raising or lowering the bond price – they move in opposite directions.
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After ‘annus horribilis’, can M’sians look forward to a better year?
Posted by Kit in Najib Razak, nation building on Saturday, 26 December 2015
Koon Yew Yin
Malaysiakini
26th Dec 2015
COMMENT Our prime minister is said to have had an “annus horribilis”. He will probably be very happy when this stressful year for him comes to an end.
Malaysians who are not familiar with this Latin term may have dirty thoughts when hearing the term for the first time. They should be excused for thinking of rude or four-letter words when cursing the BN government for making the lives of many Malaysians so hard and miserable.
It is safe to say that our prime minister is not alone in his year of disaster and misfortune. Millions of Malaysians are having it worse – much worse.
At least the PM’s personal bank account has increased by RM2.6 billion. But pity him; let’s not forget that much of this money has had to be distributed to Umno leaders, including members of parliament, state assemblypersons, supreme council members, division leaders, bloggers, media experts, etc. Read the rest of this entry »
Will God-fearing Paul Low ask the Prime Minister to withhold presentation of NSC Bill to the Yang di Pertuan Agong for Royal Assent until Shahidan’s promise to Parliament to improve the Bill’s “shortcomings” had been honoured?
Posted by Kit in Constitution, Najib Razak, Parliament on Saturday, 26 December 2015
What are Malaysians, Christians and non-Christians, to make of the cryptic speech by the Minister in the Prime Minister’s Department, Datuk Paul Low, that if the government is God-fearing, then there would be no need for him to be in the cabinet?
Speaking yesterday at the Christmas high-tea reception organised by the Christian Federation of Malaysia (CFM), which should have been attended by the Prime Minister, Datuk Seri Najib Razak himself, Low said:
“If we have the fear of God, actually there is no need for me to be in the government.
“If we have this fear, we will be concerned for justice, good governance, integrity, the environment, fairness. We will not abuse the power that is entrusted on us ourselves as leaders.”
Deferring the very intriguing issue raised by Low whether one should be in a Cabinet when it is God-fearing or not God-fearing, the most pressing issue facing the country is one of the unfinished business of the year 2015. Read the rest of this entry »
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