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Zakar Naik gets an apology but no money.
Former Klang MP reiterates he only apologised in defamation suit because instructed to by judge
Updated 2 hours ago · Published on 25 May 2023 6:47PM
I WOULD, therefore, like to set the record straight in respect of the apology in the defamation case commenced against me by Dr Zakir Naik.
I apologised to Dr Naik pursuant to the learned high court judge Akhtar Tahir’s direction, failing which I may have been cited for contempt.
I did not do it out of my own free will. I believe the media reporting has omitted this crucial fact.
The judge, justice Akhtar, did not allow me to consult my lawyers but directed me to offer the apology immediately.
I would also like to make an appeal to the media to report on the entire judgment, where the Honourable judge found Dr Naik’s statement “can cause a threat to multiracial Malaysia, stir religious sentiments, and cause tensions amongst us.”
The learned judge also found that the remarks made by Dr Naik in Kelantan against the Indians and Chinese “can cause a threat to multiracial Malaysia.”
It’s crucial to also include these parts of the judgment so it acts as a check and balance to ensure Dr Naik doesn’t make similar remarks, especially as we focus on rebuilding Malaysia under the new government.
I would like to reiterate that, as a then-MP, my only objective was to ensure one man doesn’t create divisions amongst us. – The Vibes, May 25, 2023
Charles Santiago chairs the National Water Services Commission and is former Klang MP
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Excerpts from:
By Naomi Rovnick and Libby George
May 25, 20235:19 PM GMT+8Updated 4 hours ago
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De-dollarisation would require a vast and complex network of exporters, importers, currency traders, debt issuers and lenders to independently decide to use other currencies. Unlikely.
The dollar is on one side of almost 90% of global forex transactions, representing about $6.6 trillion in 2022, accordingto BIS data.
About half of all offshore debt is in dollars, the BIS said, and half of all global trade is invoiced in dollars.
The dollar’s functions “all reinforce each other”, said Berkeley economics and political science professor Barry Eichengreen.
“There just isn’t a mechanism for getting banks and firms and governments all to change their behaviours at the same time.”
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While there may not be a single dollar successor, mushrooming alternatives could create a multipolar world.
BNY Mellon’s Yu said nations were realizing that one or two dominant reserve asset blocks was “just not diversified enough.”
Global central banks are looking at a wider variety of assets, including corporate debt, tangible assets such as real estate, and other currencies.
“This is the process that is underway,” said Mark Tinker, managing director of Toscafund Hong Kong. “The dollar is going to be used less in the global system.”
Because large bank deposits are not always insured, businesses use government bonds as a cash alternative. The dollar’s status is therefore underpinned by the $23 trillion U.S. Treasury market – viewed as a safe haven for money.
“The depth, liquidity and safety of the Treasury market is a big reason why the dollar is a leading reserve currency,” said Brad Setser, a Council on Foreign Relations fellow who tracks cross-border currency flows.
International holdings of Treasuries are vast and there’s no credible alternative yet. Germany’s bond market is relatively small, at just over $2 trillion.
Commodities producers may agree to trade with China in yuan, but recycling cash into Chinese government bonds remains tricky due to difficulties opening accounts and regulatory uncertainty.
“But you can hop on an app and trade Treasuries from anywhere,” Natwest Markets emerging markets strategist Galvin Chia said.
https://www.reuters.com/markets/currencies/end-king-dollar-forces-play-de-dollarisation-2023-05-25/
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weehingthong 