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| A little-known hedge fund caused widespread chaos on Wall Street |
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Posted by: superadmin - 03-30-2021, 11:04 AM - Forum: Business, Economy and Investment
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New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.
ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.
Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.
The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.
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| After Umno’s diatribes, PAS president says don’t be rude to friends |
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Posted by: superadmin - 03-30-2021, 10:44 AM - Forum: Politics
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KUALA LUMPUR, March 30 — Datuk Seri Hadi Awang said political parties must not act aggressively towards their allies, after his PAS party came under veiled attack at the Umno general assembly last week.
In a Facebook post, the PAS president said he believed the main issue in the country was the disunity among ummah that his party was trying to remedy.
“Ummah here means both Muslims as well as non-Muslim who are not extremists. This is our agenda.
“Therefore, we should not be rude to our friends. Instead, we must build brotherly bonds and commitments. Let us not be the source of disunity. Be patient and make peace,” he said.
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| Analysts: Time for Perikatan sympathisers within Umno to choose which side their loya |
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Posted by: superadmin - 03-30-2021, 10:42 AM - Forum: Politics
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KUALA LUMPUR, March 30 — Umno leaders who have been supporting Perikatan Nasional (PN) and its leading party Bersatu, must now decide their next course of action as the party has unanimously decided not to cooperate with the ruling coalition in the coming 15th general election (GE15), political analysts said.
Senior fellow at the Singapore Institute of International Affairs Oh Ei Sun said the ‘big’ decision announced by Umno during its annual general meeting (AGM) over the weekend is now clear, leaving little room for PN friendly Umno members to manoeuvre.
Oh pointed out that just because party president Datuk Seri Ahmad Zahid Hamidi heeded the call by grassroots members to cut ties with Bersatu and PN, this does not necessarily translate into tacit support for the Bagan Datuk MP.
“I think the overwhelming grassroots sentiment is not in favour of aligning further with Bersatu, although this sentiment doesn’t necessarily translate to automatic support for Zahid. Umno would work with Bersatu only if their respective leadership roles in the ruling coalition are reversed.
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| Is Umno giving up on non-Malay vote with shariah move? |
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Posted by: superadmin - 03-30-2021, 10:36 AM - Forum: Politics
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PETALING JAYA: A political analyst sees Umno president Ahmad Zahid Hamidi’s promise to strengthen shariah laws as an indication that he does not care if his party loses non-Malay support as long as it can increase its share of Malay votes.
Jeniri Amir, a fellow with the National Council of Professors, said non-Muslims were bound to be offended by the remark Zahid made at the Umno general assembly, but acknowledged the probability that he was not concerned about that.
Zahid said his party would amend the Federal Constitution to give shariah laws more clout if it won two-thirds of parliament seats in the next election.
Jeniri told FMT he believed Zahid was trying to show that Umno was not any less Islamic than PAS.
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| NEP no longer works, says Nazir Razak |
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Posted by: superadmin - 03-30-2021, 10:23 AM - Forum: Politics
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PETALING JAYA: Many of the principles in the New Economic Policy (NEP) no longer work and have instead led to dysfunctional politics and growing divisions among Malaysia’s communities, according to corporate figure Nazir Razak.
Nazir, the son of Malaysia’s second prime minister and NEP architect Abdul Razak Hussein, said the status quo was quickly becoming untenable and asked if the country’s leaders had the initiative to develop and implement new political, economic and social systems.
He said the NEP was not meant to be a permanent solution.
The former CIMB group chairman said the NEP principles, many of which have remained since its institution in 1970, had manifested themselves in “our dysfunctional politics, our economic data and the growing divisions”.
“It’s not surprising because the system that was put in place was meant to be an experiment and to be temporary,” he told FMT.
He warned that festering issues would boil over if the country’s leaders failed to act with urgency to institute reforms.
“Do we have to wait for fighting in the streets or for us to be a failed state before we deal with reforms?”
Nasir said the current state of emergency, political instability and public frustrations should be proof enough that changes were needed.
“Shouldn’t our leaders sit down, recognise the problems and go through these reforms now? They should not selfishly say: ‘I’m a beneficiary of the system; so I don’t want to change anything.’
“That’s always the problem with reform. The people in power are kind of saying, ‘This is the system that got me here. Why would I want to change it?’”
He said there was a need to form a group of experts to examine the country’s most pressing and divisive issues. This is a call Nazir has repeatedly made.
He said the group could be akin to the National Consultative Council formed following the May 13 riots.
“Vernacular schools, affirmative action, this whole issue of secular versus Islamic state – all these things have to be on the table and discussed,” he said.
“Get community leaders, intellectuals, and so on to debate and come up with a new system that can set us on a better path.
“Today, the world waits for no one. The dynamics are such that if we don’t sort out our democracy and society and collaborate across identity borders now, we are going to get further and further left behind.”
Nazir noted that new forms of policymaking were being explored around the world and said it had been shown that elected representatives were increasingly losing touch with voters.
“For long-term structural issues, you cannot rely on parliament or on political parties, which basically have very short-term agendas,” he said.
“The person you elect is going to vote according to what his party tells him, not what his constituents want.
“They are also always affected by the election cycle.”
Referring to an Irish experience, he said a panel of citizens, intellectuals and community leaders were told by parliamentarians that the public would never accept its recommendation to legalise abortion. But the referendum passed with nearly two-thirds of the vote.
“Are politicians the right people to deal with long-term structural issues to better the nation? I think not,” he said.
Source: FMT
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| US ‘finds’ evidence of Top Glove forced labour, goods banned |
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Posted by: superadmin - 03-29-2021, 07:44 PM - Forum: Business. Economy and Investment
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PETALING JAYA: The US Customs and Border Protection (CBP) says it has found “conclusive evidence” that certain products by Top Glove Corp Bhd have been manufactured with the use of convict, forced or indentured labour.
A notice published today in the US Federal Register notified the public that CBP, with the approval of the Secretary of Homeland Security, has determined that “certain disposable gloves have been mined, produced, or manufactured in Malaysia by Top Glove Corporation Bhd with the use of convict, forced or indentured labor, and are being, or are likely to be, imported into the United States.”
It said it can now seize and forfeit all the gloves which have entered the US or those that may enter in the future.
In July, the CBP issued an import order restriction on two subsidiaries of Top Glove, the world’s largest medical glove maker, after stating that it had reasonable, but not conclusive information, to indicate that it produced goods with forced labour.
Under the latest move, products from all subsidiaries have been banned.
Top Glove has 60 companies within its group and exports to more than 195 countries.
Source: FMT
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| Why is PAS president Hadi opposing Undi18 when 90pc of OIC states allow voting at 18? |
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Posted by: superadmin - 03-29-2021, 07:37 PM - Forum: Politics
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Kit Siang: Why is PAS president Hadi opposing Undi18 when 90pc of OIC states allow voting at 18?
KUALA LUMPUR, March 29 — DAP’s Lim Kit Siang questioned today PAS president Datuk Seri Abdul Hadi Awang’s support for delaying the enfranchisement of 18-year-olds, suggesting the latter’s 2019 vote for constitutional amendments to lower the voting age was insincere.
Lim quoted Hadi’s arguments that Malaysia should not be influenced by the Western concept of democracy where voting is based on age instead of maturity, as well as the idea that maturity can come at any age.
Lim also quoted Hadi’s arguments on the need for mature voters when the Islamist party’s president agreed with the Election Commission’s (EC) delayed implementation of allowing Malaysians aged 18 to sign up as voters.
However, Lim pointed out that almost all of the countries in the Organisation of Islamic Cooperation (OIC) — in which Malaysia is a member — allow citizens as young as 18 to vote.
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