3. "I want to prove there are Malays who use their power to defend Islam; I want to prove there are Malays who uphold the principles of mercy and justice in Malaysia. We must always be vigilant so division can be avoided," explained Anwar
The four Sabah Bersatu MPs did not breach the anti-hopping law and need not vacate their seats, Wan Junaidi says.
The former de facto law minister adds that this was because the MPs had quit Bersatu in early October before GE15 and contested as direct GRS candidates. https://t.co/JkOUxXpNQfpic.twitter.com/T1yP8vW6id
Sabah Law Society president Roger Chin said the law was designed to prevent those elected from crossing over to another party after winning a seat.
“However, what if the elected representatives crossed over from one coalition party to another coalition party but remained in the same coalition? Was the law intended to stop this?
KOTA KINABALU: Sabah Bersatu quitting Parti Pribumi Bersatu Malaysia yesterday will likely see the new anti-hopping law being tested.
With the exodus of four members of parliament and 15 assemblymen from the peninsular-based Bersatu yesterday, questions also arose whether the four Sabah Bersatu members of parliament would risk their seats being vacated if they are found to have broken the the law.
The four MPs — Datuk Armizan Mohd Ali (Papar), Datuk Jonathan Yassin (Ranau), Datuk Matbali Musbah (Sipitang) and Khairul Firdaus Akbar Khan (Batu Sapi) — stood as Gabungan Rakyat Sabah candidates.
National Council of Professors’ Governance, Law and Public Management Cluster chief Professor Dr Nik Ahmad Kamal Nik Mahmood had said MPs from Sabah Bersatu who quit the party would not have to vacate their seats.
He said their actions did not fall under the anti-party hopping law passed on Oct 5.
Nik Ahmad Kamal said the representatives had contested on a GRS ticket, which is registered, and not on a Bersatu ticket.
However, the anti-hopping law is applicable only if one of the six GRS parliamentarians left the coalition and joined another party.
Sabah Law Society president Roger Chin said the law was designed to prevent those elected from crossing over to another party after winning a seat.
“However, what if the elected representatives crossed over from one coalition party to another coalition party but remained in the same coalition? Was the law intended to stop this?
“It must be recognised that Malaysia has seen coalitions governing rather than a majority party ruling by itself.”
With the change of “a member’s political party” in new Article 49A of the Constitution dealing with the change, Chin said the meaning of the words “a member’s political party” is far from clear.
He asked whether a “political party” meant an individual party like Umno and PKR, or did it also include a registered coalition like Barisan Nasional or GRS.
He said it had been reported that the GRS constitution allowed for the coalition to operate as a party, though its membership is based on political parties.
“If this is correct, then are members of parliament members of GRS, or only the party they are members of, for example, Bersatu members of GRS?
“There is not enough information to determine this issue.
1. The fate of Sabah MPs who quit Bersatu will be decided by the anti-hopping law, says president Muhyiddin Yassin.
"Saya kecewa dengan sikap mantan kepimpinan BERSATU Negeri Sabah yang tidak menunjukkan kesetiaan kepada parti yang meletakkan mereka pada kedudukan yang tinggi." https://t.co/0D53dlpR62pic.twitter.com/YUm8MxxPzw
Fate of four Sabah Bersatu MPs will be determined by anti-hopping law
Published: Dec 11, 2022 4:13 PM
Updated: 4:38 PM
Bersatu president Muhyiddin Yassin said the fate of the four Sabah MPs who left the party yesterday will be determined by the anti-hopping law which came into force on Oct 5.
He said Sabah Bersatu continues to exist and function despite its former chairperson Hajiji Noor and his followers having announced quitting the party.
“The position of four MPs who contested under the GRS logo in the recently concluded general election (GE15) will be determined based on the anti-party hopping law under Article 49A of the Federal Constitution,” Muhyiddin (above) said in a statement today.
The term eurodollar refers to U.S. dollar-denominated deposits at foreign banks or at the overseas branches of American banks. Because they are held outside the United States, eurodollars are not subject to regulation by the Federal Reserve Board, including reserve requirements. Dollar-denominated deposits not subject to U.S. banking regulations were originally held almost exclusively in Europe (hence, the name eurodollar). Now, they are also widely held in branches located in the Bahamas and the Cayman Islands.
Eurodollars refer to dollar-denominated accounts at foreign banks or overseas branches of American banks.
The eurodollar market is one of the world’s biggest capital markets and consists of sophisticated financial instruments.
. The fact that the eurodollar market is relatively free of regulation means such deposits can pay higher interest. Their offshore location makes them subject to political and economic risk in the country of their domicile; however, most branches where the deposits are housed are in very stable locations.
The eurodollar market is one of the world’s primary international capital markets. They require a steady supply of depositors putting their money into foreign banks. These eurodollar banks may have problems with their liquidity if the supply of deposits drops.
17,080 views Mar 28, 2021 EUROPE Eurodollars are essentially, all those dollar deposits outside of the US banking system. Banks registered abroad can create offshore US dollar loans and derivatives. This creates US dollar-liabilities, but these Banks registered outside USA don’t have the ability to issue base money. Only the Federal Reserve has that Power. Eurodollars are accounting entries. Electronic payment system. It’s estimated over 90% of international trade is financed through the eurodollar market. It’s also worth pointing out that the Eurodollar market is almost entirely a cashless market. It is for simplicity sake, banks balance sheets. Eurodollars are simple promises of payment. After world war II Europe was economically weak and the effects of the war debasteted the economy. The United States provided funds through the Marshall Plan to rebuild Europe. US Banks started to proliferate Outside US jurisdiction and this led to wide injection of US dollars Offshore providing liquidity In consequence it surge a development of a separate, less regulated market for the deposit of those funds that has not changed that much. Support the channel Eurodollar explained simple #eurodollar#tiefinance#eurodollarshttps://www.paypal.com/paypalme/tiefi…
Saudi Arabia’s Oil-For-Yuan Bid Won’t Threaten the Dollar
Analysis by David Fickling | Bloomberg
March 18, 2022 at 1:10 a.m. EDT
Is there a situation more absurd than two of the world’s most dollar-dependent economies promising to free themselves from the exorbitant burden of the dollar? .
Let’s set aside, for the moment, the fact that there is no sign of the yuan reaching the status of even the Swiss Franc as a medium of exchange, let alone the mighty greenback. Dollars were used for 88% of foreign exchange transactions in 2019, compared to just 4.3% for the yuan:
.
. A circumspect government that doesn’t think it can count on friendly relations with Washington in perpetuity might be wise to diversify its foreign holdings into a currency that’s less under the thumb of the Federal Reserve.
Here’s the thing, though: Such a currency already exists, and it’s called the U.S. dollar.
The greenback’s centrality to trade finance isn’t due to any enthusiasm for U.S. financial regulation, and it’s not grounded on issuance of dollars by American banks regulated by the Fed, either. Quite the opposite — the bedrock of the international financial system is not so much the U.S. dollar as the eurodollar, the rather obscure market in short-term loans and bonds issued by banks outside the U.S. but denominated in dollars.
The eurodollar market owes its origins to precisely the sort of wariness about the U.S. order that Saudi Arabia, Russia and China are showing now. It evolved in the years after World War II so that Communist countries could store their dollar deposits in European banks where they wouldn’t fear their assets might be frozen by the U.S. government. It’s since become a behemoth, with $13.42 trillion in credit outstanding last September, compared to about $4.26 trillion in euro-denominated offshore funding and $412 billion in yen. It’s not an exaggeration to say that international trade and finance would crumble overnight if it failed. .
The growth of dollar swap lines to backstop the eurodollar since the 2007 financial crisis and the growing willingness of the U.S. to wield secondary sanctions on a global basis have certainly increased Washington’s oversight of this market — but at bottom it remains largely unregulated.
That goes a long way to explaining why the dollar remains so dominant in cross-border transactions. If you don’t want foreign governments meddling with your overseas assets, the eurodollar is about as close as you can get, short of selling your crude in Bitcoin. Even in China itself, investors seem to prefer greenbacks: The value of overseas debt denominated in dollars held by Chinese-based banks jumped $474 billion in the five years through last September, compared to a $127 billion increase in yuan-denominated securities.
If Saudi Arabia doesn’t want a foreign sovereign to control its overseas assets, switching more of its trading into yuan is about the worst way to go about it. China’s closed capital account means that just switching in and out of renminbi requires permission from the government. Add to that the sweeping asset forfeiture rules incorporated into Beijing’s anti-sanctions law introduced last year, and you’d be naive to think that China was any more secure a place for Riyadh to store its wealth in the long term.
Most of Saudi Arabia’s assets and reserves are in dollars including more than $120 billion of U.S. Treasuries that Riyadh holds, and the Saudi riyal, like other Gulf currencies, is pegged to the dollar.
RIYADH, Dec 9 (Reuters) – President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing’s goal to establish its currency internationally and weaken the U.S. dollar’s grip on world trade.
Xi was speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two “milestone” Arab summits with the Chinese leader which showcased the powerful prince’s regional heft as he courts partnerships beyond close historic ties with the West.
Top oil exporter Saudi Arabia and economic giant China both sent strong messages during Xi’s visit on “non-interference” at a time when Riyadh’s relationship with Washington has been tested over human rights, energy policy and Russia.
Any move by Saudi Arabia to ditch the dollar in its oil trade would be a seismic political move, which Riyadh had previously threatened in the face of possible U.S. legislation exposing OPEC members to antitrust lawsuits.
China’s growing influence in the Gulf has unnerved the United States. Deepening economic ties were touted during Xi’s visit, where he was greeted with pomp and ceremony and on Friday met with Gulf states and attended a wider summit with leaders of Arab League countries spanning the Gulf, Levant and Africa.
At the start of Friday’s talks, Prince Mohammed heralded a “historic new phase of relations with China”, a sharp contrast with the awkward U.S.-Saudi meetings five months ago when President Joe Biden attended a smaller Arab summit in Riyadh. .
Beijing has been lobbying for use of its yuan currency in trade instead of the U.S. dollar.
A Saudi source, speaking before Xi’s visit, told Reuters that a decision to sell small amounts of oil in yuan to China could make sense in order to pay Chinese imports directly, but “it is not yet the right time”.
Most of Saudi Arabia’s assets and reserves are in dollars including more than $120 billion of U.S. Treasuries that Riyadh holds, and the Saudi riyal, like other Gulf currencies, is pegged to the dollar.
China’s Middle Eastern biz will increase yuan-for-oil-deals, but USD expected to stay dominant in world trade: “Fr an economic perspective it is hard..to see that the [yuan] wld be a big int’l reserve currency or even a trade currency in the near future.” https://t.co/vrwsp9wIMK
China’s plan to expand use of its currency for oil trading with six Middle Eastern countries will elevate use of the yuan in global commerce among friendly countries and futures traders drawn by its stable exchange rate, market analysts forecast.
But while that may lead to more yuan-for-oil deals – largely so China can buy fuel without intervention from the United States – experts say the shift will not offset use of the petrodollar or substantially boost the yuan’s use outside energy markets. .
The number of yuan deals should rise, however, because China – the world’s biggest buyer of oil – would ask exporters to use its currency, Zhao said.
Other parts of the world will catch on if yuan exchange procedures are convenient and the Chinese currency is regarded as “safer” than the dollar, he said. Among the candidates are Hong Kong, Singapore and some European nations. .
But the yuan will not replace the petrodollar as Middle Eastern exporters find the US currency to be their easiest way of investing proceeds from sales. Western countries and importers in Asia outside China still widely use it, Ho said.
“It’s a long way to go before we can say there is such a thing as petro-renminbi,” said Chen Zhiwu, chair professor of finance at the University of Hong Kong. .
But the currency’s global profile will stay low because China wants to continue controlling its international exchange rate, analysts say.
An armed german (40) first killed a woman (70), then rushed to a radio station, firing a pistol around himself. He fled to a shopping mail and holed now up in a drugstore. No information on the number of hostages/victims https://t.co/Gcpykiqo6M
— Michael Barthel 🟧 🦕 (Fly Eagles Fly 🦅) (@RealMiBaWi) December 10, 2022
#Germany – #Dresden#hostage The suspect died during the police operation. The 40-year-old suffered fatal injuries during the attack and the liberation of the hostages.
The specific circumstances are part of the further investigation.
— Michael Barthel 🟧 🦕 (Fly Eagles Fly 🦅) (@RealMiBaWi) December 10, 2022
Demand for gold has risen by 28% this year, primarily driven by a flight towards safer assets amid soaring inflation, according to a new World Gold Council report.
A significant amount of this demand has come from central banks in recent months.
Turkey was the biggest gold buyer in the third quarter, followed by Uzbekistan and India.
Central banks globally have accumulated gold reserves this year at a pace never seen since 1967, when the US dollar was still backed by the precious metal.
In the quarter ending September, demand for gold was up 28% year-on-year, reaching 1,181 tons, according to a new World Gold Council (WGC) report. The demand for gold this year has been primarily driven by a flight towards safer assets amid scorching inflation.
Gold is regarded as an effective inflation hedge, although some analysts believe this to be true only over extremely long time horizons stretching over a century or more.
A significant chunk of the demand from central banks arose during the previous quarter, setting a record of nearly 400 tons that lifted central bank net purchases to date to 673 tons.
(Kitco News) – China has confirmed what many commodity analysts have long suspected was happening for most of this year: it is loading up on gold again.
Early Wednesday, the People’s Bank of China reported that it bought 32 tonnes of gold in November. According to reports, the central bank bought gold when prices were around $1,650 an ounce. .
In an interview with Kitco News, Juan Carlos Artigas, global head of research at the World Gold Council, said China’s latest gold purchase is in line with its previous activity.
He added that he couldn’t speculate why China announced its latest purchases.
“This is a continuation of the trend for China. The central bank continues to use gold to diversify their reserves,” he said. “I don’t think this is unusual activity for China.”
Beyond just one central bank purchase, Artigas said that this is a small picture in a much bigger trend. He noted that central banks have been net purchasers of gold for the last 13 consecutive years.
“What we have seen and expect to continue to see is that central banks continue to diversify their reserves and hedge against risk with gold,” he said. .
Marc Chandler, managing director at Bannock Global Forex, said in a comment to Kitco News, that China’s purchase is a drop in the bucket compared to their overall reserves.
“It sounds like a lot, but if the issue is for diversification, it’s minor,” he said. “I think the dollar’s role as a reserve currency is safe and the diversification out of the dollar into gold is modest and inconsequential for the dollar and probably for the gold market itself.”
TOKYO — Central banks are snapping up gold this year, but it is uncertain which ones are behind most of that shopping spree, fueling speculation that China is a big player.
Seeing how Russia has been hit by monetary sanctions by the West, China and some other countries must be hurrying to reduce dependence on the dollar, analysts reckon.
