By KINIBIZ
Issue 014 of KINIBIZ Magazine hits the stands today with its lead story on fresh concerns faced by the Battersea Power Station redevelopment project.
Well, we are still in the middle of tough times right now, although as I write this note there is some respite for the ringgit, which appreciated some 5% against the US dollar and is trading at around RM4.19. Only a few days before, it was pushing the RM4.50 mark to the US dollar.
The editor’s note is typically the last piece to go into the magazine before it is sent out to the printers, partly because it is easier to see how the whole issue has panned out and to write accordingly.
It is not surprising therefore, that we have three articles on the ringgit this issue, our 15th. The first, my Question Time column, titled ‘How low will the ringgit go’, is to provide some perspective on the ringgit while it was experiencing some serious downward pressure to see if that was really warranted. Coincidentally, Pemandu chief executive officer Idris Jala, a former cabinet minister, gave his take (‘Surviving the new reality’) on what is right with the country.
And then we also have an economy piece, titled ‘Ringgit remains undervalued but pressured’, which seeks to explain why the ringgit is trading below its value based on economic fundamentals and that even so, it may remain depressed in the near term.
The latest upturn in the ringgit may or may not be short-lived but we trust our articles on the ringgit will help you make up your mind on where it should be.
Also, as we finalise the magazine for printing, the Malay rulers came up with a rare, strong statement on Oct 6, over 1Malaysia Development Bhd (1MDB) and how necessary it was for the government to complete ongoing investigations as soon as possible.
Some extracts from the statement made after their meeting: “If proven that there was conduct which violated the law, the government must firmly take appropriate action on all those involved… The findings of the investigations must be reported fully and transparently so that people are absolutely convinced of the sincerity of the government and that they will not hide facts and the truth. It’s feared that failure to provide convincing explanations and answers can result in a crisis of confidence.”
We could not agree more. We have two opinion pieces in this issue that highlight ongoing problems at 1MDB which include delayed accounts and a predilection for 1MDB to challenge other people’s statements without addressing substantive issues.
And oh, yes, our cover story this week deals with a less-than-rosy outlook for the Battersea redevelopment project in London, UK. This involves three prominent Malaysian names – SP Setia, Sime Darby and the Employees Provident Fund. There is one more – Eco World which is involved in the nearby Ballymore development – and an ongoing conflict situation involving prominent developer Liew Kee Sin. It makes interesting reading.
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