Justice For All Malaysia

Now just trying trying to stabilise falling palm oil prices?

Posted on: July 27, 2008

This is expected to happen.
Inflation reduces the power to purchase which drives down demand…
Hope they are all wide awake at Putrajaya.

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Gov’t to try to stabilise falling palm oil prices
Jul 27, 08 3:30pm Malaysiakini.com
The government will put in place a series of measures to stabilise plummeting global palm oil prices including selling off crude stocks.

MCPX

Peter Chin, minister of plantation industries and commodities, told the Sunday Star newspaper the government wanted to make sure that the almost 25-percent drop in prices in recent months did not become a long-term trend.

“The ministry expects palm oil to contribute up to RM60 billion in revenue to the country’s coffers this year, but the substantial drop in the global price may upset this target,” he said.

“We are worried this may be the start of a further decline in the price of palm oil and we will take counter-measures to maintain a good price,” the newspaper quoted him as saying.

Sharp fall in palm oil prices

In the past week, palm oil prices fell to RM3,095 per tonne from RM3,500. The price early this year was at RM4,000 per tonne.

Chin said Malaysia will export crude – not refined – palm oil to China, India, Pakistan and the Middle East.

It will also increase exports to Western countries where palm oil can be used as bio-fuel during the upcoming northern hemisphere winter, he said.

Chin said other measures include increasing the usage of crude palm oil for bio-fuel production in Malaysia.

Oil palm cultivation occupies 67 percent of Malaysia’s total agricultural land, and some 500,000 people are engaged in the sector. Malaysia hopes palm oil production will hit 20 million tonnes by 2020.

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Must Attend Program

Please go to this link: https://justice4allkuantan.wordpress.com/2008/10/25/invitation-public-forum-the-isa-and-the-police-reform-process-whats-next-after-pak-lah/
To sin by silence when we should protest makes cowards of people - Emily Cox

Siphoning EPF money

On 'Why should Valuecap borrow from EPF?' Syed Shahir Syed Mohamud: MTUC condemns the government's move to bail out Valuecap to support the local stock market using RM5 billion from EPF, as the provident fund is the custodian of the workers' money and not some sort of ‘automated teller machine' for the government.
If at all the EPF were to lend its money to the government, it has to be under the condition that there be transparency and accountability in the activities for which the money has been purposed. We want to know who is doing what with the money that belongs to the workers. This is the hard-earned money of the workers, their retirement plan. How is this bailout plan going to benefit the workers? We also question the reason for this bailout. If the economic fundamentals in Malaysia are strong and reserves sufficient as has been stated several times by the government, then why is there a need to offer so much money to the GLCs? Second Finance Minister Nor Mohamed Yakcop should prove how the EPF would profit from this loan. Bernama had reported that Nor had given the assurance that the loan given out by EPF would reap profits for the fund judging from Valuecap's past performance. But where is the paperwork and calculations to show that this move will benefit the EPF? MTUC is concerned that the loan might be mismanaged or misused and this, in turn, would affect the returns for the contributors. Mere assurances are not enough. We want to proof that this RM5 billion will not go down the drain. (The writer is president, MTUC). Sharyn: The government wants to use our pension money to prop up the Malaysian stock market which is the playing field of the rich people. If so, the government must ensure that the EPF account holders - who are predominantly the poor to average citizens of Malaysia - be guaranteed all of our pension money with a compound 8% growth (interest). It's so selfish and sick of the government to use the poor's pension money to help the rich to make more money with all the risks taken by the poor/average citizen. We can better use the RM% billion loans to Valuecap for our children's education, shelter, medical bills etc. Why not get those rich people to prop up the share market instead? Why should they park their money overseas and gamble with our EPF money instead? Kumar14: Who is behind this Valuecap organisation? Why suddenly, this separate entity is allowed to access funds from the EPF? Are they capable enough to handle it or is it just another desperate and blind move? It has been a very infamous trend where the people's funds are channeled to a company for investment purposes and suddenly POP! the funds disappear and there is nobody to be held responsible but a RM2 shell company. Charge who? Sue whom? The RM2 company (just a registered name)? We have seen this many times. People in power and with connections allow such things to go through and reap/rob the people's wealth and then blame it on organisations which actually don't exist. What if a lot of EPF funds are looted via such scams and nobody is to be pointed at? Where will the government get the funds to replenish the EPF? The people are very bored, disappointed, angry and frustrated at seeing all these dumb and unaccounted for measures being allowed by the government with lame excuses. Please, somebody verify the true purpose, integrity and capability of anybody attempting to use the people's fund.

Raja Petra

Photobucket Ihsan dari blog Go!Malaysian http://gomalaysian.blogspot.com/

ANWAR IBRAHIM

A prosperous future is indivisible from a firm commitment to the principles of distributive justice, the rule of law and a profound respect for human rights.

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