Tuesday, June 30, 2015

As default looms large over Puerto Rico, CNBC's Jim Cramer said Tuesday the situation there is more important to investors than the Greek saga or the situation in China.

Puerto Rico more important than Greece, China

As default looms large over Puerto Rico, CNBC's Jim Cramer said Tuesday the situation there is more important to investors than the Greek saga or the situation in China.
"Everybody had it. Rich people had Puerto Rico. Mutual funds had Puerto Rico [bonds]. A lot of hedge funds had levered up Puerto Rico because it was such a great trade. It turned out to be not so great," Cramer said on "Squawk on the Street."
Cramer made his remarks a day after the U.S. territory's governor, Alejandro García Padilla, told The New York Times that, as the situation stands now, Puerto Rico cannot pay its $72 billion debt. "This is not politics, this is math," García Padilla said.
http://www.cnbc.com/id/102798297

Wednesday, June 24, 2015

SAY NO TO FASTING IN ALGERIA

A cook serves soup in a Ramadan charity tent, outside Algiers [Reuters]


Algerians protest against mandatory fasting

Hundreds of people join public lunch during Ramadan to protest at alleged persecution of those who choose not to fast.

| Africa, Algeria
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A cook serves soup in a Ramadan charity tent, outside Algiers [Reuters]

Tuesday, June 23, 2015

PROPERTY CORRUPKORUPSI DI MALAYSIA-----TION INVOLVED MALAYSIANS, MARA





澳洲媒体揭露有大马高官利用政府机构资金在墨尔本以超高价购买房产,把房产交易用来洗黑钱,且涉欺诈及贪污。澳洲媒体Fairfax Media也点名这些官员是人民信托局,或通称玛拉(Majlis Amanah Rakyat,MARA)高层。








羅贵勇's photo.

Ipoh Barat MP M. Kula Segaran wants the education authorities to get into the bottom of the incident that happened in SK Ibrahim, Sungai Petani, by interviewing students and other teachers as well.

Kula Segaran

IPOH: Just because the Kedah Government claimed that a teacher was just “joking” or misunderstood when he allegedly told non-Muslim pupils to drink their urine in the toilet, it’s not over.


Ipoh Barat MP M. Kula Segaran wants the education authorities to get into the bottom of the incident that happened in SK Ibrahim, Sungai Petani, by interviewing students and other teachers as well.


He reminded the ministry to look into two pressing issues in the incident with utmost seriousness and urgency.


He said the teacher had allegedly told the non Muslim students to drink urine and secondly, non-Muslim students were asked to drink water in the toilet, and if they don’t have, they were asked to drink tap water.

AIR ASIA--BANYAK PROBLEM, BANYAK MASALAH

           AirAsia Bhd had to defend its accounting practices against more allegations from Hong Kong’s GMT Research yesterday ahead of a full report this week.
GMT founder Gillem Tulloch accused Asia’s biggest budget carrier of dubious accounting practices that was unsustainable in the long run.
Tulloch said AirAsia needs a capital injection of RM7 billion to address the financial health of its units in Indonesia, Thailand, India and the Philippines, which include servicing debts of RM12.7 billion.
Tulloch, who spoke in a video posted on the company’s website said, over the last six years AirAsia inflated profits by “some RM1.1 billion through leasing and selling aircraft to its associates”.
"The group's structure appears to have been designed to remit profits and cash at the operating level to the parent company from its airline associates," Tulloch said in the video.
Preliminary reports from GMT about AirAsia’s financial methods had forced AirAsia to issue counter statements defending its bookkeeping methods.
The research house is scheduled to release its full report this week. Among its accusations, GMT claimed that AirAsia’s foreign units have stopped paying bills and need support from AirAsia.
“Real profits have collapsed and AirAsia now needs a thorough recapitalisation and restructuring that will dilute existing shareholders by more than 100%,” Tulloch said. AirAsia’s chairman of its audit committee VU Kumar has come out with a statement to counter the allegations.
He said the company was “distressed and peeved” at being accused of abuses and condoning accounting gimmicks by GMT.
Kumar said GMT should check with AirAsia before making public accusations that could tarnish the airline’s reputation.
Countering one of GMT’s accusations, Kumar said local regulations in Indonesia and the Philippines prevented the airline from consolidating its foreign associates.
"(The company) has for at least over 12 months, had a whole series of meetings with PricewaterhouseCoopers (PwC), legal advisors, management of the associate companies and aviation regulators to effect consolidation of its associate companies," he said.
However, due to aviation regulations in Indonesia, the Philippines, Thailand and India as well as local business laws, Kumar said AirAsia could not have legal control or legal power over its associate companies.
AirAsia owns only 49% of AirAsia Indonesia and 40% of AirAsia Philippines.
Kumar said AirAsia risked losing operating licences of its foreign associate companies if it changed equity holdings in those companies.