Pengikut

Charles Santiago

Posted by : Admin Direktori Blog | Rabu, 24 November 2010 | Published in

sumber :-

Charles Santiago


控制热钱避免引发市场泡沫(在野党促落实资本管制政策)

Posted: 23 Nov 2010 06:31 PM PST

Source: Merdeka Review

作者/本刊曾薛霏 Nov 23, 2010 02:50:01 pm

【本刊曾薛霏撰述/摄影】巴生区国会议员查尔斯圣地亚哥(Charles Santiago)促请政府落实资本管制(Capital Control)控制大量流入马来西亚货币、房地产和股票市场的热钱,以防市场泡沫化。查尔斯认为,政府不落实资本管制是为了显示经济好,可营造大选时的美好感觉。

不过,副财政部长林祥才则表示,我国已有一些资本管制的措施,也有面对金融危机的经验,因此暂时无须立法管制。

查尔斯(左图)今天在国会走廊召开记者会时促请政府将资本管制纳入政策之中,以控制大量流入我国货币、房地产和股票市场的热钱,以防市场泡沫化,进而导致通货膨胀。

查尔斯点出,政府目前显然无意进行资本管制,他相信个中原因乃政府担心会破坏经济以及竞争力。他较后补充,另外一个原因是,当股市上扬,就有经济好的印象,这是为了显示我国的经济转型计划(ETP)表现好,这可制造大选时的美好感觉。

他透露,大量热钱进入我国市场将导致资产泡沫和通货膨胀飙升,我国出口也会因马币升值而受到影响,进而降低我国在出口领域的竞争力和就业机会。

不过,查尔斯认为,若政府发现不再需要资本管制时,可随时撤掉该政策。不过,他在受询时表示,目前仍无须落实如1997年亚洲金融风暴般资本管制和固定汇率机制,只是我国必须从现在开始就制定该措施,以免后需要时就太迟了。

投资者涌入新兴亚洲市场

查尔斯说,美国联邦储备金最近宣布将花费6000亿美元以在未来八个月购买美国国库券,这种现象为定量宽松(quantitative easing,QE2),这笔钱等同与全球生产总值1%。

随着美国和日本等经济体近乎零利息的情况,投资者倾向到新兴亚洲市场,寻求高回筹的投资。因此,他敦促政府仿效其他亚洲新兴国家,如泰国、韩国、印尼等的步伐,尽早落实资本管制,禁止大量热钱进入,以保护国内市场。

虽然第二财长阿末胡斯尼(Ahmad Husni Hanadzlah)一周前接受彭博社(Bloomberg)专访时也表明,政府现今不会考虑资本管制,并指出政府从资金流入中获利,而马币的币值上升并未影响,但是查尔斯认为,应该将资本管制看成我国的保护政策之一,以防我国的经济不稳定,而近来一些新兴经济体如中国、印尼、泰国、巴西和韩国都采纳此方式。

他也说,在11月4日,G20高峰会议中,韩国策略和金融部长也表示要采纳资本管制,"政府相信有必要改变资本控制是不好的,并考虑介绍可改善宏观经济的谨慎措施。"

我国已经有资本管制

副财政部长林祥才在国会走廊受询时直言,我国已有资本管制措施,而且也有应对金融风暴的经验,因此目前无须立法进行资本管制。

他也说,国家银行目前已与区域其他国家的中央银行合作,以监督热钱的流入。

林祥才表示(右图),我国不能就此事立法,因为我国走的是开放市场经济,并且已经预期这些热钱会流入,他认为国家银行可以处理这些热钱。此外,我国也经历过这一次的金融风暴,我国可处理得很好。

马币兑美元走势,在今年来说,是区域货币中涨幅最高的,涨了9.5%。

他也表示,政府关注马币升值一事,因此,国家银行也开放不同的货币兑换,如与中国进行贸易时使用人民币交易,这是相当重要的措施,因为中国是我国目前最大的贸易伙伴。

他提到,我国目前确实有措施管制流入热钱,如不允许马币在国外外汇市场自由交易。不过,相较起1997年金融风暴时期,前首相马哈迪落实的货币和资本管制,我国近年来已逐步开放市场。

查尔斯也建议,政府可向短期流入的热钱征收更高的税务,至于停留较久的热钱则征收较低的税务。


Syabas denies coffers drying up

Posted: 23 Nov 2010 06:26 PM PST

Source: The Sun

Tim Leonard
newsdesk@thesundaily.com

SHAH ALAM (Nov 23, 2010): Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) has denied allegations that might default payments to its bondholders due to its coffers drying up.

Syabas corporate affairs executive director Abdul Halim Mat Som told the Sun today that there was no such risk as the company is not in any sort of financial problems.

Abdul Halim said he will issue a full statement to refute the allegations soon.

Earlier this week, Klang MP Charles Santiago alleged that the water services company's coffers are facing a possible drying up and it risks defaulting payments to its bondholders.

Charles also claimed that Syabas could be facing a problem of insufficient funds to pay stakeholders, especially as its bonds amounting to a whopping RM1 billion would mature this year.

The payout for bonds maturing next year was even higher, claimed the parliamentarian.

On Dec 5, the Selangor government plans to submit a memorandum to the Yang di-Pertuan Agong in a bid to return water assets to the state government.

Syabas on the other hand, launched its Tabung Budi fund last Friday, in a bid to tackle what it sees as the lopsided blanket distribution of free water by the Pakatan Rakyat-run state government.

The fund allows Selangor residents, who wish to waive their right to free water, to pay for the 20 cubic metres they receive gratis from the state every month, valued at RM11.40.

Syabas said it would then use the money collected to help other residents who have no access to clean water.

Tabung Budi would help those whose water supply has been disconnected due to unpaid bills settle arrears and get back on the grid.


Govt urged to consider capital controls

Posted: 23 Nov 2010 06:21 PM PST

Source:The Star

By LEE YUK PENG

KUALA LUMPUR: An Opposition MP has urged the Government to view capital controls as a protective policy to insulate the local economy from destabilisation.

Charles Santiago (DAP-Klang) said China, Indonesia, Thailand, Brazil, South Korea and other developing countries had recently adopted such a policy.

“Capital controls should be viewed as a policy response to regulate speculative capital, in order to protect the domestic economy from volatile capital flows.

“Malaysia’s hesitation in adopting capital controls could be due to a perception and fear that it will further damage the country’s economic standing and competitiveness in the eyes of investors,” he said in a press conference at the Parliament lobby here Tuesday.

He was responding to Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah telling Bloomberg in a recent interview that the Government was not considering capital controls at this time.

Ahmad Husni said the country was benefiting from capital inflow and the appreciation of the ringgit was not affecting the property market as in other countries.

Charles said the recently concluded G-20 meeting in Seoul indicated that emerging markets facing a surge in speculative capital inflow could impose regulatory mechanisms to stem asset bubbles.

He added that developing countries, including Malaysia, would experience a further surge of hot money flooding the stock, currency and property markets, leading to asset price bubbles and higher inflation.

“These groups are of the opinion that emerging markets need to adopt capital controls in order to regulate the huge inflow of hot money (speculative funds), which has the potential of destabilising economies and financial systems, as experienced in 1997,” he said.

Deputy Finance Minister Datuk Donald Lim said the ministry and Bank Negara Malaysia were monitoring hot money.

“Bank Negara is in the position to handle all these. We have the experience in financial crisis.

“I don’t think the suggestion is necessary. At the moment, we have some form of control,” Lim said.


Economy can crash without capital controls, says DAP

Posted: 23 Nov 2010 02:27 AM PST

Source:Free Malaysia today

Tue, 23 Nove 2010 14:15

E-mail Print
 

By Syed Jaymal Zahiid

KUALA LUMPUR: Malaysia’s economy is set to crash if no regulation is imposed on the inflows of hot money, DAP economist Charles Santiago said.

A rallying market and appreciation of the ringgit have forced the government to think twice before imposing capital control.

Second Finance Minister Ahmad Husni Hanadzlah has said in an interview with Bloomberg recently that "we are benefiting from the capital inflows and the appreciation of the ringgit. It's not affecting our property market like many other countries."

The World Bank has warned that Asian economies may need to impose capital controls as "quantitative easing by the US threatens to spur asset bubbles in the region".

Santiago referred to the just-concluded G-20 meeting in Seoul, South Korea, where it was held that emerging markets need to adopt capital controls to stem a recurrence of the financial crisis experienced by this region in 1997.

“Hot money has the tendency to create asset bubbles in the currency, stock and property markets,” the Klang MP told a press conference at Parliament lobby today.

US-waged currency war

In 2009 about US$9 billion worth of hot money flowed between developed and emerging economies and this has increased to some US$46 billion (RM143 billion) since January-September this year.

The US Federal Reserve has recently announced that it will fork out US$600 billion (one per cent of global GDP) to buy up US Treasury bonds.

The US move has triggered fear that developing countries like Malaysia will see an influx of hot money that can lead to greater appreciation of the ringgit and hurt exports badly.

The ringgit appreciated by 9.5% against the greenback in the last five months.

Bank Negara Malaysia said it was aware of the vast cash inflows and was monitoring the capital movement, but Santiago said surveillance alone was not enough.

“As in 1997, the damage was done when we finally imposed regulation when capital inflows went out of control.”

No control signals snap polls

Santiago, who is also Klang MP, argued that the government’s refusal to regulate capital movement signalled its preparation for an early general election.

In theory, the illusion of a strong market and ringgit creates a “feel-good factor”. The aim is to build voter confidence in the government.

Talks of possible snap polls as early as March next year are rife, as Prime Minister Najib Tun Razak is said to be in need of a fresh mandate to implement unpopular reform policies which include, among others, opening up the market.

Regulating capital movement can be seen as anti-free market and may repel investors, which explains the government’s refusal to block hot money inflows, claimed Santiago.

“But the government should be encouraged to view capital controls as a protective policy to insulate the local economy from destabilisation,” he added.

Emerging markets like Brazil, China, Indonesia and Thailand have all adopted protective measures against hot money, he said.


மக்கள் கூட்டணியைப் பற்றிய தவறான தகவல்களை நம்பவேண்டாம்! – பொதுமக்களுக்கு சார்ல்ஸ் சந்தியாகோ வேண்டுகோள்

Posted: 23 Nov 2010 01:06 AM PST

மூலம் :- மலேசியா நண்பன்

 

 

 


 

 

 


指國陣依舊沒正視權益‧查爾斯:華印裔別再上當

Posted: 23 Nov 2010 12:53 AM PST

Source: Guang Ming

  • 查爾斯(中)與出席的嘉賓和市議員們切蛋糕,慶祝屠妖節。(圖:光明日報)

(雪蘭莪‧巴生21日訊)行動黨巴生國會議員查爾斯指出,自308大選後,國陣依舊沒正視華裔和印裔的福利和權益,因此他促請非馬來人別再"上當"相信國陣所有不可能實現的承諾,並把這股力量轉向繼續支持反對黨,以便削弱國陣的霸權。

他說,11月25日是興權委員會謀求印裔福利而發動大示威的3週年紀念,許多印裔都已淡忘此事,而國陣也沒實現公平對待各族的承諾。

"這從教育政策上就可看出,許多獲優越成績的華裔和印裔都無法獲政府獎勵金,以致他們申訴無門,無法依靠政府的資助來完成學業,白白流失人才;這個問題從308前到308後,一直重复上演。"

查爾斯週日在班達馬蘭舉辦一場屠妖節開放門戶上,呼吁華裔和印裔別再繼續受國陣蒙騙和愚弄,因為國陣根本沒改革的決心。

他說,反觀民聯所執政的州屬,3年來逐步改善不公平的政策和弊端,或許3年的時間太短而無法把所有弊端改過,但民聯卻有志推動所有改革,而且許多成績也有目共睹,因此人民應繼續給予支持。

"國陣掌權50多年,許多不好的政策都難在短時間內一下子糾正過來,民聯需要更多時間來進行改革,這點需靠人民支持。"

他說,2007年11月25日的大示威,是印裔覺醒的一個重要里程碑,他促請所有印裔記得這一天,並持續他們改革的鬥爭,千萬別再被國陣愚弄。

另外,查爾斯表示,如今國人都是各自過各自的佳節,例如印裔的屠妖節、華裔的農曆新年及巫裔的哈芝節,各族之間都只知道這些佳節有假期,卻沒真正瞭解友族的這些佳節歷史和意義,顯示各族之間仍存有隔閡。

因此,他希望各族人民能改變這種看法,以便以後各族之間一起慶祝各個佳節並瞭解節日的意義,體現多元社會的真諦。


DAP MP wants Malaysia to impose capital controls

Posted: 23 Nov 2010 12:06 AM PST

Source: The Malaysian Insider

By Clara Chooi
November 23, 2010
KUALA LUMPUR, Nov 23 – A DAP MP wants Putrajaya to impose capital controls like that which former prime minister Tun Dr Mahathir Mohamad enacted in 1997 to prevent what he called an impending surge of hot money into the local market would put Malaysia into a tailspin similar to the Asian Financial Crisis.Klang MP Charles Santiago (picture) explained that this time the hot money would come from the US Federal Reserve's move to spend a whopping US$600 million (RM1.8 trillion) to purchase US Treasuries over the next eight months under its quantitative easing programme.

"You will see a surge in the property, currency and stock markets, including even in food and oil. Therefore, Malaysia has to do something in order to control such movements.

"When the money comes in, it may look all nice but when it leaves, it will leave a whole lot of destruction along the way. Thousands will lose their jobs, our SMEs will shut down," he warned.

Santiago said it was imperative for the government to impose capital controls immediately instead of waiting for the present economic crisis to end, pointing out that this was already done in Korea, Indonesia, Thailand and even BRIC nations like Brazil and China.

He was referring to Bank Negara Governor Tan Sri Zeti Akhtar Aziz's statement yesterday that the central bank was not considering implementing capital controls to deal with the inflow of funds, due to massive liquidity in western economies that are seeking higher returns in faster growing emerging markets.

She had also noted that the large and volatile capital inflows into regional economies could pose risks to macroeconomic policies and financial stability, claiming that Malaysia was in the position to intermediate the flows.

The country, she added, had also gained experience from the 1997 Asian Financial Crisis.

Last week, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah had also, in an interview Bloomberg, made a similar statement, pointing out that on the flip side, the country was benefitting from capital inflows.

He also claimed that the appreciation of the ringgit was not affecting the property market like in other countries.

Charles, however disagreed with the view, warning that the country was heading into yet another tailspin like it did in 1997 if it failed to regulate capital inflow and protect the local economy.

He also echoed Dr Mahathir's recent cautionary message that the rising Kuala Lumpur Composite Index (KLCI) was no indication of a healthier economy, pointing out that it was an "artificial" feel-good factor due to the influx of hot money or speculative capital in Malaysia.

In his blog post recently, the former premier had also referred to reports on the US government's move to pump in USD600 billion into theUS economy with part of the money possibly being invested in stock and shares of developing countries, similar to previous episodes of hot money flooding stock markets around the world 12 years ago.

"There is a similar trend that you can find in Indonesia, which you can find in Singapore and Thailand and South Korea, where the hot money is coming in in a very big way into emerging markets and this will push up inflation and asset bubbles, which is the cause of the major crisis in 1997 and, to some extent, the present crisis," said Santiago, an economist by training.

He acknowledged that Malaysia's likely concern against adopting capital controls was the fact that it would be likely viewed by foreign investors as an anti-free market policy.

"I can understand that view because in our current precarious economic situation, foreign investors are not looking at Malaysia, and our government feels that imposing capital controls would be viewed negatively.

"Our government fears that it would only serve to further damage the country's economic standing and competitiveness in the eyes of investors.

"But the world has changed today and now, capital controls is perceived or accepted as a part of a government's policy tool to protect the economy," he added.

Santiago continued that capital controls should rightfully be viewed as a protective policy to insulate the local economy from destabilisation, a phenomenon recently adopted by other countries like China, Indonesia, Thailand, Brazil and South Korea.

He also quoted the South Korean Strategy and Finance Ministry's recent statement prior to the G20 meeting that "the government believes it needs to turn away from the perception that controlling capital flows is always bad and consider introducing measures to improve macroeconomic prudence."

"Therefore, Malaysia should not fear that there will be a market backlash. Even Dr Mahathir was smart enough to impose it at the time of the 1997 crisis. He was seen as a naughty boy then but now, capital controls is an accepted policy tool of the government to regulate money coming into the country.

"Malaysia should not shy away… it is not an anti-free market policy. It is necessary to protect our local industries," he said.

Santiago further pointed to the country's sluggish 5.3 per cent growth in the economy in the third quarter of this year, pointing out that Malaysia could not afford to see a further appreciation of the ringgit.

"If the currency appreciates further, then our SMEs will be in trouble. We cannot compete with other nations and this will impact a loss of jobs," he said.


(0) Comments

Leave a Response

Sayap Parti