So that is why KWSP - EPF declared dividend less thean 6% at 5.7%

Below my comments in red after this article

SHOCK EXPOSE – EPF CAUGHT BAILING OUT 1MDB: PENSION FUND WROTE DOWN RM8.17BIL IN SO-CALLED SHARE LOSSES TO COVER UP FOR REAL LOSSES AT 1MDB – REPORT

EPF REASONS FOR RM 8 BILLION WRITE-DOWN NOT SUPPORTED BY THE DATA: IS THE EPF LYING TO HIDE 1MDB RELATED LOSSES, POSSIBLY IN EXCESS OF RM 8 BILLION?
Malaysia’s Employees’ Provident Fund has stated:

(Chairman) Tan Sri Samsudin said, “The FTSE Bursa Malaysia KLCI, which has almost 33 per cent exposure to the banking sector, yielded negative return for the third consecutive year, closing the year with -3.00 per cent in return. This affected valuations of listed assets held by the EPF as more than 70 per cent of our total investment asset is invested domestically. On the global front, the crude oil prices tumbled to as low as USD30 per barrel, affecting the valuation of oil & gas listed companies. Therefore, as a prudent retirement savings fund, it is imperative to factor in such mark-to-market losses on our income statement.”



In accordance with the Malaysian Financial Reporting Standards (MFRS 139), the EPF is required to recognise net impairment amounting to RM8.17 billion, compared with RM3.07 billion in 2015 to reflect the lower equity prices, particularly in the domestic banking sector and oil & gas sectors in both the domestic and foreign markets.
However, as this chart of the S&P Oil and Gas Production ETF shows, oil and gas stocks had a good year in 2016, compared to 2015.
The SPDR S&P Oil & Gas Exploration & Production ETF tracks an equal-weighted index of companies in the US oil & gas exploration & production space.
A rough inspection of the graph above shows an upward trend in 2016,well into 2017. FOr that reason alone, the EPF’s justification for at least part of the RM 8.17 Billion write-down does not hold water.
In fact,given the roughly 100% jump in oil and gas stock valuations in 2016 that the graph suggests, the EPF ought to have registered a mark-up, not write-down,in 2016 compared to 2015.
This suggests that the actual write-down might well be in excess of RM 8.17 billion,the net figure declared having been reduced by an increase in oil and gas stock valuations.
It does appear as if the EPF is lying to cover losses from something, and that something is more than likely to be losses related to 1MDB.


– http://sahathevan.blogspot.my/




Comments

KWSP – EPF have a very significant investment in Perisai Petroleum Teknologi Berhad ("Perisai") and Perisai have order 3 new jackup rigs from PPL Shipyard in Singapore. Only one jackup rig was delivered and 2 brand new jackup rigs are still in PPL Shipyard Singapore. Perisai cannot take ownership of these 2 new Jackup rigs in Singapore because Perisai do not have the money to pay PPL Shipyard to have these rigs released. Wondering what happen to the money KWSP invested in Perisai and now Perisai is a failed company with only one rig working for Petronas and much reduce day rate. The rate is not enough to cover the operating cost of the jackup rig and service the bank loan. Another write off coming soon and I think will be included in KWSP – EPF 2017 books.

 

Malaysia boleh semua boleh but KWSP – EPF Members suffering with reduced dividends for their savings and no fault of theirs but only the Bunch of thieves in KWSP – EPF who give out unsecured loads and invest without doing due diligence on the companies it invest. Must be under table money talking

 

PRU 14 or GE 14 - No need Banglas or Indons - China can help

PRU 14 or GE 14 - No need Banglas or Indons - China can help or maybe this happen in USA Presidential elections and that is why Trump Won the Presidential elections. Just a thought only

 

 

Woman shot dead in Penang: Dead in 5 minutes after leaving office

 

 

Coincidence that the Murdered Penang Datuk and the Lady shot dead in same photo. Looks like an eye for eye

 

 

 

 

 

 

Government - where and how to find a few extra ringgits in revennue

 

 

Manipulation of country’s official exchange rate helps the country to earn extra local currency when the country is a net exporter of raw materials Crude oil , Petroleum gas, rubber , tin , Palm oil and others when sold in international markets , the selling price is in US Dollars. When US dollars are remitted back to country, best to weaken the local currency and there you go a magical extra amount of local currency. This helps the government revenue collection.

 

 

Once gets addicted to it, it is very difficult as it takes governments will and political power to strengthen the local currency. If this is done then less local currency for the US dollars remitted back to the country.

 

This is why our ringgit got detached with Singapore currency, because Singapore did not see the benefits of a weak local currency against US dollars as Singapore do not have natural resources to sell in the foreign markets but Malaysia had the newly found oil and gas to sell, been greedy weakened the local currency to get more ringgits for the dollars. Ringgit can be strengthened back to a realistic level but then less Ringgit in government coffers and less money to spend.

 

 

We suffer for this foolishness, it is the general population. Whenever an extra tax or revenue avenue is introduced by the government, it goes on and never gets repealed.

 

What else to say expect we have fools managing our economy since Tan Siew Sing was replaced by Tengku Razeligh and his successors. Voodoo or Malaysian stupidly economics in play.

 

We are only going down a hole which have no bottom and forecast if present PM is in power another 5 years , the Ringgit will be exchanged with US dollars at the rate 7 ringgit to 1 USD and 5 Ringgit to 1 US Dollars and on par with Thai Bahts and Philippines pesos.

 

Not joking but it have been happening in our generation and the devaluation of Ringgit have accelerated

Ringgit to USD RM RM 3.0737 January 01,2011

Ringgit to USD RM 4.4555USD February 20,2017

 

6 years deperication between Ringgit to USD RM RM 3.0737 January 01,2011 and Ringgit to USD RM 4.4555USD February 20,2017 is 44.93932 %

For every Barrell of crude oil sold the value of Ringgit in remitted money have increase by manipulation of country’s official exchange rate helps the country to earn extra local currency when the country is a net exporter of raw materials Crude oil , Petroleum gas, rubber , tin , Palm oil and others when sold in international markets , the selling price is in US Dollars. When US dollars are remitted back to country, best to weaken the local currency and there you go a magical extra amount of local currency. This helps the government revenue collection.

 

 

Once gets addicted to it, it is very difficult as it takes governments will and political power to strengthen the local currency. If this is done then less local currency for the US dollars remitted back to the country.

 

This is why our ringgit got detached with Singapore currency, because Singapore did not see the benefits of a weak local currency against US dollars as Singapore do not have natural resources to sell in the foreign markets but Malaysia had the newly found oil and gas to sell, been greedy weakened the local currency to get more ringgits for the dollars. Ringgit can be strengthened back to a realistic level but then less Ringgit in government coffers and less money to spend.

 

 

We suffer for this foolishness, it is the general population. Whenever an extra tax or revenue avenue is introduced by the government, it goes on and never gets repealed.

 

What else to say expect we have fools managing our economy since Tan Siew Sing was replaced by Tengku Razeligh and his successors. Voodoo or Malaysian stupidly economics in play.

 

We are only going down a hole which have no bottom and forecast if present PM is in power another 5 years , the Ringgit will be exchanged with US dollars at the rate 7 ringgit to 1 USD and 5 Ringgit to 1 US Dollars and on par with Thai Bahts and Philippines pesos.

 

Not joking but it have been happening in our generation and the revaluation of Ringgit have accelerated

Ringgit to USD RM RM 3.0737 January 01,2011

Ringgit to USD RM 4.4555USD February 20,2017

6 years depreciation between Ringgit to USD RM RM 3.0737 January 01, 2011 and Ringgit to USD RM 4.4555USD February 20, 2017 is 44.93932 %

But remember we are now in President Trump's era and cannot live on easy money at the expenses of other countries. Malaysian exports will be hit by import duties in USA and EU and Malaysia go kaput

 

 

To Blog or not to blog

How to blog when there is no feedback and feel like playing to an empty gallery. No motivation at all as have not seen comments. I have enabled the comments sections for you all to post your comments and suggestions, but not seditious or foul language.

 

I think I may better off doing something else if nobody is interested in this blog

Subang USJ - What is lacking and what need to be done or vote out the present state assemblyman come PRU14

You can call me lain-lain as when I fill up government forms, Race I have to enter Lain-Lain as my race is not one of the 3 official races. If my race was an official race then it should be on the government form as an option. On government handouts, my race is at the bottom of the food chain but among the top in paying income taxes and other taxes.

 

Why should I be a party to replace one BN PM with a PH-Perbumi PM, when the fundamentals of how the wealth of the country , the economic cake , scholarships , Civil Service jobs ( I do not think the non-Bumis have much interest hear because of promotion prospects ) is shared among the races is not going to change . I feel that I as a citizens have to foster care a few civil servants –( I used to pay income tax of RM 170,000  in excess and comes to supporting 6 civil servants with my income taxes contribution and feel look down when need to do business in the government offices Passport , National registration Dept , JPJ etc. .

 

It is just like replacing a thief with another thief would take all and give to one particular race. Nothing is going to change unless the PH-Perbumi comes out with a formula to share the country’s wealth equally among all the stake holders which are the citizens and not with a particular segment of the population and also the imported Bumis like the Filipinos, Banglas, Iranians, Southern Thais, Indons and all the non-citizens when profess the official religion come dressed in the national costumes speak passable Malay and can claim citizenship.

Look at Subang Jaya and especially USJ have a lot of grievances but the MPSJ, Councilors and state assembly woman sleeping on the job

 

1.      Tarring of the roads – Some neighbors get tarred roads and others not even get tarred once since PR/PH won PRU12 and 13

2.      Uneven rubbish collection

3.      Drains not cleaned on schedule and mosquitos breed freely. That is why USJ have the highest percentage of Dengue cases per month

4.      Parking – Lack of parking spots for vehicles In USJ commercial area Taipan , Main place area , USJ 1 , USJ 2 and other places

5.      Lack of enforcement on illegal parking with vehicles parked walkways, double parking’s, road shoulder, on main road opposite Chartered / Public bank – opposite Victoria station on main road and etc. . MPSJ only enforce rules as far as they can see as the enforcement personnel come and step up tent at 10 am Next to TNB office in Taipan and close shop at 3 pm. Can see all of them having good time bullshitting under the tent and a few may walk not that far as not to stray from the cozy Tent. On main road one lane vehicles parked illegally on main road in front of Public bank and opposite Victoria station on main road and all internally roads, the vehicles are illegally double parked. With a very narrow passage to drive thru, cars get damages and scratch with no fault of the drive because of all the double parking. No enforcement outside main place, USJ1 and other commercial places in USJ. In Taipan Friday, the enforcing is only from 10 am to 12 am and nothing on Saturdays, Sundays or Public holidays. Best when it rains no enforcement at all. Do any in MPSJ enforcement know what is a rain coat or a slicker suit?

 

6.      Traffic in the mornings or I say whole day is a gridlock as the drivers do illegal U-Turns , drive slow on fast lanes and if need to turn left drive on right lane and cause a traffic jam to try to turn left at the last moment. Drivers will driving can be seen texting. USJ have an average of one accident per day due to drivers beating traffic lights or texting while driving. No traffic policemen seen during morning and evening peak areas and drivers never respect the yellow box and block the incoming or turning traffic causing traffic jams. Malaysian drivers are a bunch of selfish drivers and when there is no traffic policeman in sight does all he can do to contribute to a traffic jam by hogging the yellow boxes and do not give the other driver the right of way

 

7.      Water supply just got a SMS saying no water supply from tonight to Thursday and that also if lucky as the repairs may prolong. Do not know the how major is the burst pipe problem at Batu Tiga Carlsberg unless these dig the ground where the pipe burst. The problem of broken pipes is not new as the state government have not invested or budgeted funds to renew the water pipes. I have to change water filters every 3 days as filters become dark chocolate and coated with slimily mud. Yuks

 

8.      Lack of walkways for pedestrians and bicycle lanes. If no plastic bags in Shops than better also encourage cycling as less fumes in the air.

 

9.      Question the footpath outside of shops , do this footpath used by public belongs to the particular shop on is it designated as a public access way. The foot paths are uneven with the renovations and the tiles outside the shop, some are not the nonskid type, and it is slippery. I have seen allot of elderly people and children falling and more common why it rains. Can a perslyman and bring in a responsible person come PRU 14on sue MPSJ or the shop owner for the injuring due to slip on wet and slippery tiles outside the shops

 

10.   Lack of parking spots at the parks and cars parked in a hazard manner, blocking traffic and also house owners cannot get their cars out.

 

11.   Back lanes of house when incase of fire is an alternative escape routes but now all are gated from one side to the other side. A tragedy waiting to happen and like the USJ2 fire

 

 

A lot more can be written but will be thankful if the above can be addressed for now. I think I have seen better times during BN’s time and I have voted for PR in PRU 12 and 13 but now I have to consider who will make my place livable

Gout - Damn this rich man/woman’s disease or old folk’s disease

Signs and symptoms

Gout presenting in the metatarsal-phalangeal joint of the big toe: Note the slight redness of the skin overlying the joint.

Gout can present in multiple ways, although the most usual is a recurrent attack of acute inflammatory arthritis (a red, tender, hot, swollen joint). The metatarsal-phalangeal joint at the base of the big toe is affected most often, accounting for half of cases. Other joints, such as the heels, knees, wrists and fingers, may also be affected.Joint pain usually begins over 2–4 hours and during the night. This is mainly due to lower body temperature. Other symptoms may rarely occur along with the joint pain, including fatigue and a high fever.

Long-standing elevated

Gout uric acid levels (hyperuricemia) may result in other symptoms, including hard, painless deposits of uric acid crystals known as tophi. Extensive tophi may lead to chronic arthritis due to bone erosion.^[11] Elevated levels of uric acid may also lead to crystals precipitating in the kidneys, resulting in stone formation and subsequent urate nephropathy

 

Cause

The crystallization of uric acid, often related to relatively high levels in the blood, is the underlying cause of gout. This can occur because of diet, genetic predisposition, or underexcretion of urate, the salts of uric acid. Underexcretion of uric acid by the kidney is the primary cause of hyperuricemia in about 90% of cases, while overproduction is the cause in less than 10% About 10% of people with hyperuricemia develop gout at some point in their lifetimes. The risk, however, varies depending on the degree of hyperuricemia. When levels are between 415 and 530 μmol/l (7 and 8.9 mg/dl), the risk is 0.5% per year, while in those with a level greater than 535 μmol/l (9 mg/dL), the risk is 4.5% per year

 

Lifestyle

Dietary causes account for about 12% of gout^] and include a strong association with the consumption of alcohol, fructose-sweetened drinks, meat, and seafood. Other triggers include physical trauma and surgery

Studies in the early 2000s found that other dietary factors are not relevant. Specifically, moderate consumption of purine-rich vegetables (e.g., beans, peas, lentils and spinach) are not associated with gout. Neither is total consumption of protein Alcohol consumption is strongly associated with an increased risk, with wine presenting somewhat less of a risk than beer and spirits.

The consumption of coffee, vitamin C and dairy products, as well as physical fitness, appear to decrease the risk This is believed to be partly due to their effect in reducing insulin resistance.^[20]

Genetics

Gout is partly genetic, contributing to about 60% of variability in uric acid level. The SLC2A9, SLC22A12 and ABCG2 genes have been found to be commonly associated with gout and variations in them can approximately double the risk.^[22][23] Loss-of-function mutations in SLC2A9 and SLC22A12 cause hereditary hypouricaemia by reducing urate absorption and unopposed urate secretion. The rare genetic disorders familial juvenile hyperuricemic nephropathy, medullary cystic kidney disease, phosphoribosylpyrophosphate synthetase superactivity and hypoxanthine-guanine phosphoribosyltransferase deficiency as seen in Lesch-Nyhan syndrome, are complicated by gout.^[5]

Medical conditions

Gout frequently occurs in combination with other medical problems. Metabolic syndrome, a combination of abdominal obesity, hypertension, insulin resistance and abnormal lipid levels, occurs in nearly 75% of cases.^[6] Other conditions commonly complicated by gout include lead poisoning, kidney failure, hemolytic anemia, psoriasis, solid organ transplants and myeloproliferative disorders such as polycythemia.^[5][24] A body mass index greater than or equal to 35 increases male risk of gout threefold^] Chronic lead exposure and lead-contaminated alcohol are risk factors for gout due to the harmful effect of lead on kidney function. Lesch-Nyhan syndrome is often associated with gouty arthritis.

Medication

Diuretics have been associated with attacks of gout. However, a low dose of hydrochlorothiazide does not seem to increase risk Other medications that increase the risk include niacin, aspirin (acetylsalicylic acid), ACE inhibitors, angiotensin receptor blockers (except losartan), beta blockers, ritonavir, and pyrazinamide.^[11][27] The immunosuppressive drugs ciclosporin and tacrolimus are also associated with gout,^[5] the former more so when used in combination with hydrochlorothiazide.^[

Diagnosis

 

Gout on X-rays of a left foot. The typical location is the big toe joint. Note also the soft tissue swelling at the lateral border of the foot.

 

Spiked rods of uric acid crystals from a synovial fluid sample photographed under a microscope with polarized light. Formation of uric acid crystals in the joints is associated with gout.

Gout may be diagnosed and treated without further investigations in someone with hyperuricemia and the classic acute arthritis of the base of the great toe (known as podagra). Synovial fluid analysis should be done, however, if the diagnosis is in doubt. X-rays, while useful for identifying chronic gout, have little utility in acute attacks.