Wednesday, February 04, 2009

Good News or Bad News?

Just saw these two items:

Reuters reported this in its 3rd Feb issue:

Malaysia must review its race-based economic policies if it hopes to rein in political discontent and regain competitiveness, according to a top banker who is the brother of the country's incoming premier.

The top banker concerned is Nazir Razak, CIMB CEO and brother of no other than PM in waiting, Najib. Read the full story here: Top Malaysian banker wants review of race policy

I suspect most wage earning Malaysians would have seen a drastic rise in the number of special draws for the gaming companies. Some have said that the government makes a huge profit from the taxes levied on these extra draws. MalaysiaInsider has the news:

The number forecast operators involved are Magnum, Tanjong and Berjaya Sports Toto, and the award should boost their sales. Each draw typically adds RM16-21 million to total sales, analysts said. The government benefits from gaming and pool betting taxes on each draw, and special draws come in for an extra 10 per cent tax on net sales.

The full story here: Government places discreet bets on gaming

Times ARE bad. Despite the rhetoric, the government IS worried about economic slump. What they don't want to do is ADMIT it. Shhheeeeeshhhhh!