Let say Petronas oil money income so far is RM1.5 Trillion and enter our GDP locally (always more than 60 pct income source) while 40-30 pct income sources came from Taxes, Duties etc
RM350 billion stuck inside EPF and RM500 billion stuck inside Bursa as public share market capitalisations
Both EPF and Bursa total funds as Current Assets and Cash-in-hands
Therefore the balance half surely looted by BN UMNO in form of annual Bajet
- debolotment corrupt crony projects expenditure / Developement Expenses
- pay gaji buta and pencen inefficient lazy civil service / Operating Expenses
And BN UMNO will keep on wasting spending to feed the cronies and lazy bums like no tomorrow
Of course BN UMNO greed never enough so BN UMNO borrowed heavily until now stands RM400 billion from external sources
Treating GDP as national account book then it shows Malaysia deeply in debt virtually zero net worth whatsoever
What Idris Jala said that Malaysia gonna bust in 2019 is true indeed and would be faster when oil reserves dried up starting 2016 onwards making Malaysia totally net oil importer
By 2017 the national debts probably reach RM850 billion and still million of fools voted BN UMNO
But nevermind lah by 2018 Malaysia is bankrupt and once again BN UMNO beg to Robert Kuok for help and ask on behalf China for big national loan
HA HA HA BY 2019 MALAYSIA KEEP TAKING LOANS FROM CHINA THE COMMUNIST COUNTRY THAT BN UMNO SAID ALL ALONG THE DEVIL PENDATANG HA HA HA
BY THEN WHO IS EATING OWN WORDS HA HA HA UMNO BEGGING FROM KOMUNIS CHINA FOR MONEY TO BORROW
IF BN UMNO IS SMART NOW BETTER TALK NICELY TO CHINA AND STOP THE KOMUNIS FEAR-MONGERING CRAP LAH HA HA HA
SO IDRIS JALA YOU’RE RIGHT BUT BETTER ACT FAST GRAB AS MUCH JKR FUNDS FOR TAR-SEAL ROADS TO YOUR BAKELALAN ROADS FROM MIRI BECAUSE THERE AIN’T NO MONEY LEFT, AT LEAST WHEN YOU QUIT THE ROAD DONE RIGHT IN FRONT AT YOUR KAMPONG HOUSE
FINALLY HANG TUAH THE PENDEKAR CINA ALSO RIGHT – TAKKAN MELAYU HILANG DI DUNIA…WELL NO THANKS TO CHINA IN 2019 THAT LOAN MONEY TO BANKRAP MALAYSIA AT LEAST MALAYSIA NOT YET DISSAPPEAR BUT WHO KNOWS MALAYSIA GOONA BE ANOTHER CHINA PROVINCE LIKE MACAU S.A.R OR HONGKONG S.A.R WHEN THE LEASE RUNS OUT HA HA HA
MALAYSIA S.A.R( SPECIAL ADMIN REGION) UNDER CHINA LOANS FOR NEXT 99 YEARS ??? HA HA HA SERVED YOU RIGHT BN UMNO!
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China is closing in on having 1 million millionaires
China Daily, 13 Apr 2011
SHANGHAI, CHINA – According to an annual wealth report released on Tuesday, the mainland has 960,000 millionaires with personal wealth of 10 million yuan ($1.5 million) or more.
That is up 9.7 percent year-on-year, said the GroupM Knowledge – Hurun Wealth Report 2011.
Rising property prices and a fast-growing GDP have been the key drivers for the rising number of Chinese millionaires, according to the report.
The event, started by a group of four French private investors, takes place at Sanya’s Visun Marina near the town’s center. Almost 150 exhibitors are displaying their yachts, private jets and other luxury toys. Sponsors include Martell Cognac, BMW and Chopard. The show is open to anybody who will pay a 180 yuan fee ($27), but many of the visitors have been invited by the exhibiting brands — some of the elite guests, known as “jet VIPs,” were flown to the resort by private charter plane.
It found that 55 percent of Chinese millionaires derived their wealth from private businesses, and 20 percent are property speculators who have ridden the fast hike in home prices. About 15 percent are stock gurus, while the remaining 10 percent are high-earning salaried executive.
This is the third year of the report, written by publishing and events institute Hurun Report in cooperation with think tank GroupM Knowledge.
In 2009 there were 825,000 such millionaires while last year the number had grown to 875,000.
Housing prices rose across the country by 13.7 percent in 2010 according to government statistics, with luxury property prices rising even faster.
High-end property prices in China’s leading financial metropolis Shanghai, for instance, grew 21 percent last year, according to figures from UK-based Knight Frank, one of the world’s largest commercial and residential estate agents.
Despite the Chinese government’s efforts to curb property speculation and control rampant housing prices, “the overall confidence of China’s millionaires in the property sector and China’s overall economy remains very high,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
“The impact (of the tightening measures) may be on excessive new wealth creation, but I don’t think it is going to affect very much the (rich’s) appetite for luxury products,” said Hoogewerf, known in China by his Chinese name Hu Run.
“For most luxury brands, the Chinese luxury consumers are now No 1: either representing the biggest market share or the fastest-growing,” he added.
Of the 960,000 millionaires, 60,000 have been identified as China’s super rich with 100 million yuan or more in wealth, up 9 percent year-on-year.
Beijing led the way with 10,000 residents boasting 100 million yuan or more, followed by Guangdong province with 9,000 and Shanghai with 7,800.
The three places also led in the number of millionaires with wealth of 10 million yuan or more.
According to the report, Chinese millionaires average 39 years old, a full 15 years younger than their Western counterparts. Thirty percent of the millionaires are female, the same as last year.
The report also put the number of China’s billionaires at 4,000, but only a third were on the Hurun China Rich List 2010.
“(It suggests) there is still a great deal of hidden wealth in the Chinese economy,” said Hoogewerf.
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Petronas told US envoys Malaysia oil drying up
Malaysian Insider June 20, 2011
The Petronas executive said the oil firm was forced to comply with the government’s policies.
KUALA LUMPUR, June 20 — Malaysia’s limited oil and gas reserves are running dry, spelling trouble for the government as it relies on national oil company Petronas for nearly half its revenue, said a leaked United States diplomatic cable.
According to the cable released by whistleblower website WikiLeaks, a Petronas board member admitted to US embassy officers here in 2008 that the company “feels tremendous pressure to grow its business in order to maintain Malaysia’s political status quo.”
“Petronas wants to stay insulated from politics but must comply with GOM (the government of Malaysia) policy,” Datuk Mohd Azhar Osman Khairuddin, now a vice president at Petronas, was quoted as saying in the cable published in full by the Malaysia Today news portal today.
“Azhar told us that Malaysian O&G reserves are not large and are running out soon. (Note: Conoco Philips Malaysia confirmed that without new discoveries, Malaysian oil production will decline at approximately 10 per cent per year, from 550,000 bpd in 2008 to roughly 490,000 bpd in 2009 and 450,000 bpd in 2010.)
“Azhar noted that revenues from Petronas accounted for 45 per cent of the GOM budget last year and stated that the GOM is over-reliant on Petronas to fund its operations,” said the document classified by the embassy’s then economic counsellor, Matt Matthews.
Petronas made a pre-tax profit of RM90.5 billion for the year ending March 31, 2011. On top of taxes, Petronas has been paying the government a dividend of RM30 billion since 2009, up from RM24 billion in 2008, RM20 billion in 2007, RM13 billion in 2006 and just RM9.1 billion in 2005.
However, a new proposal expected to take effect in 2013 will see dividends paid by the state-owned oil company fixed at 30 per cent of net profit.
According to the cable, Azhar said that Petronas wanted to invest in productive O&G assets to “promote future profitability rather than be spent now on domestic programmes for political gain.”
“He described Petronas as a stabilising force in Malaysia and in Asean regionally and his desire that the USG recognise the important role Petronas plays in maintaining political stability in the region,” the report added.
According to the leaked document, embassy officials had met Malaysian oil and gas firms due to concerns over business activities in Iran but Petronas said it had no active investments in the Islamic republic.
However, Petronas said in April last year that it sold spot volumes of gasoline from third party traders and suppliers to customers in Iran.
The cable also quoted a foreign ministry official as saying that “Malaysian firms go to Iran with suitcases of money to purchase oil and gas concessions from the Iranians. He said that they bring too much cash to count the money, so they weigh it to determine if the amount is correct.”
It named principal assistant secretary and America desk officer Muhammad Radzi Jamaludin as saying that two private companies, SKS Ventures and Amona, claimed they had no financing sources for their projects in Iran.
However, Radzi “did not offer why Malaysian firms would purchase such concessions for projects they were unable to finance.”