Capital de hipoteca forex malásia

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Mindstorm.
A Inteligência Por Trás da Consciência Coletiva.
O impacto da desaceleração econômica global na Malásia.
Relatório Econômico: Malásia (fevereiro de 2009)
Para os comentários, a cópia eletrônica do documento, opiniões, por favor visite:
O dinheiro é a raiz de todo o mal (prosperidade), ou a falta de dinheiro (pobreza) é a raiz de todo o mal.
Os dados numéricos e as estimativas usadas neste documento são extraídos principalmente do World Economic Outlook do Fundo Monetário Internacional em outubro (há muitas outras fontes que incluem dados obtidos quando eu trabalhava como estagiário no Departamento de Pesquisa Econômica do CIMB). Devido à dificuldade em inserir gráficos e gráficos nesta forma de mídia, decidi omiti-los completamente. No entanto, eu estaria mais do que disposto a fornecer a cópia eletrônica para pessoas interessadas em obtê-la.
Nos últimos quatro anos, a economia mundial tem crescido a uma taxa inigualável desde os anos 70. Juntamente com inflação baixa e alta entrada de capital nos países emergentes e em desenvolvimento, a economia mundial nunca pareceu melhor. Em consonância com isso, a economia da Malásia cresceu rapidamente em conjunto com a economia mundial. No entanto, a implosão da crise hipotecária de alto risco ameaça atualmente descarrilar o sistema financeiro global e pôr fim ao rápido crescimento econômico mundial.
A situação atual nos mercados financeiros globais oferece um caminho desafiador para o qual o sistema financeiro e a economia da Malásia seriam submetidos a testes de estresse por forças externas negativas. Este artigo tenta descrever quais são as implicações da crise financeira global na economia e no sistema financeiro da Malásia. Entre algumas das áreas que seriam trazidas à luz, incluem-se as ligações comerciais da Malásia com economias avançadas, canais financeiros e de empréstimos bancários, e também qualquer exposição direta de instituições financeiras malaias de ativos subprime dos EUA.
O outono de 2008 sinaliza o fim de uma era. Após a implosão da crise das hipotecas subprime em 2007, cinco dos maiores bancos de investimento da América desapareceram ou foram renascidos como bancos comerciais. A realidade nos mercados financeiros trouxe à luz não só as fraquezas do sistema bancário transfronteiriço, mas também feriu gravemente a fé de muitos acadêmicos, economistas e governos na globalização financeira e no capitalismo.
O colapso do sistema bancário na Islândia, a queda do Fortis (Banco Belgo-holandês) e do Lehman Brothers podem ser explicados pela intricada e complexa rede que une o destino de vários países à economia e aos mercados financeiros. dos Estados Unidos da América. Em meio à turbulência financeira e parcial nacionalização de empresas financeiras, o sistema financeiro da Malásia parece ser resiliente.
No entanto, enquanto o mundo caminha para uma recessão global, a Malásia não ficará de fora. A pesquisa que seria feita por nossa equipe visaria não apenas abordar as implicações da crise financeira dos EUA sobre a economia da Malásia, mas, mais importante, as implicações da crise financeira global em nossa indústria e estrutura bancária e financeira. Mais precisamente, nos aprofundaremos no papel desempenhado pelo governo dos Estados Unidos, na desregulamentação, no setor bancário transfronteiriço, na concorrência, na política monetária e na securitização para fomentar a atual crise financeira.
Para atingir este objetivo, nossa pesquisa seria baseada principalmente em dados secundários obtidos do Fundo Monetário Internacional (FMI). Tome nota que os dados que obtivemos do World Economic Outlook do FMI são em outubro e algumas das variáveis ​​econômicas podem ter mudado desde então, já que as variáveis ​​macroeconômicas em muitos países mudaram para alguns, para melhor e alguns para pior. Além disso, devido aos dados do FMI feitos em outubro, esses dados estão sujeitos a premissas semelhantes.
Em primeiro lugar, esperava-se que os preços das commodities e do petróleo na época se movessem em uma tendência de queda, aliviando assim as pressões inflacionárias. Em segundo lugar, é provável que os preços e a atividade imobiliária dos EUA cheguem ao fundo em 2009, esperando-se um período gradual de recuperação. Em terceiro lugar, espera-se que o crédito permaneça apertado, uma vez que a intermediação financeira diminui devido a preocupações com as avaliações de capital e ativos.
Além disso, nosso grupo também realizou uma pesquisa para medir a conscientização dos cidadãos da Malásia sobre como a crise financeira global está afetando a Malásia e seu padrão de vida pessoal. A pesquisa é destinada a indivíduos com 20 anos ou mais, devido à maior conscientização e compreensão entre pessoas acima dessa faixa etária. Para aumentar ainda mais nossas descobertas, realizamos entrevistas breves com vários bancos locais e internacionais para ter uma visão geral de como a crise financeira global os afeta.
I. A atual condição financeira e econômica global.
O mundo continua em estado de choque à medida que a economia mundial enfrenta uma severa desaceleração como resultado da crise financeira que está ocorrendo nos Estados Unidos e que agora se espalhou para a maioria das outras economias avançadas e em desenvolvimento. A crise financeira nos Estados Unidos eclodiu como resultado do colapso do mercado de hipotecas subprime nos Estados Unidos em 2007. Embora o impacto econômico seja mais evidente nos países desenvolvidos do hemisfério ocidental, os mercados emergentes estão começando a ser afetados o crescimento econômico começa a desacelerar. A inflação continua sendo uma preocupação, embora os preços das commodities e da atividade econômica se deteriorem em todo o mundo.
A Figura 1 mostra que a economia global está em expansão há quatro anos, de 2004 até o verão de 2007. Nesse período, o PIB mundial cresceu em média 5% ao ano, a maior taxa sustentada de crescimento do PIB mundial desde o início do ano. 1970 (FMI, 2008). Este período de crescimento econômico global elevado está associado a uma taxa de inflação relativamente baixa e contida. Após a implosão do mercado de hipotecas de alto risco no verão de 2007, a maioria das economias avançadas já está entrando em recessão.
* Isso após a queda de 0,6% no quarto trimestre e antes de 0,9% no primeiro trimestre
A Alemanha tem um crescimento surpreendente de 1,5% no primeiro trimestre.
Nota: As previsões de crescimento global para 2008 foram reduzidas para 2,8% ainda saudáveis. MAS, o crescimento de 2009 foi atualizado para 3,1%
Fonte: Conscensus Economics (Londres) em 2 de junho de 2008 e 15 de maio de 2008 (para as previsões de longo prazo) citada por Elaine Ang & amp; Leong H. Y., 2008. Crescimento em bolsas selecionadas no exterior. A Estrela, 23Jun. B12
No início deste ano, havia duas opiniões predominantes de economistas locais sobre a economia mundial. A primeira foi que a atividade econômica dos países do BRIC (Brasil, Rússia, Índia e China) seria capaz de sustentar o crescimento econômico mundial e que as economias emergentes e em desenvolvimento seriam dissociadas das economias avançadas. A Tabela 1 mostra a previsão no início deste ano das economias asiáticas. Dados obtidos em junho indicam que, mesmo que os EUA estejam em recessão, as economias asiáticas continuarão robustas. A maioria das economias asiáticas é moderadamente afetada em 2008 e continua com uma tendência de crescimento ascendente após 2010.
O segundo difundido acreditava que o aumento dos preços do petróleo e das commodities devido a choques de oferta resultaria em uma estagflação global, em que a recessão global seria acompanhada de um período de alta inflação. No entanto, dados recentes sobre a condição econômica mundial mostram que ambas as opiniões provavelmente não estão corretas, já que o crescimento econômico dos países emergentes e em desenvolvimento é afetado, enquanto os preços das commodities caíram em média de seus picos nos últimos meses. Esta é uma base de suposição sobre dados econômicos agregados médios como diferentes regiões; o Oriente Médio, por exemplo, está caminhando para um período de desaceleração econômica e inflação alta.
Dados obtidos do World Economic Outlook do FMI em outubro mostram que as economias emergentes e em desenvolvimento são mais severamente afetadas do que o previsto. Até mesmo países da Ásia emergente, que muitos economistas esperavam, sustentariam o crescimento econômico mundial, o que é visto como sendo muito adversamente afetado pela desaceleração da atividade econômica nas economias avançadas. A Figura 3 mostra a desaceleração drástica nos países do G7, que foram fortemente afetados após uma crise financeira nos Estados Unidos em 2007.
As economias avançadas cresceram a uma taxa coletiva anualizada de apenas 1% durante o período do quarto trimestre de 2007 até o segundo trimestre de 2008 (FMI, 2008) caindo 2,5% desde o terceiro trimestre de 2007. A queda no crescimento As economias derivam principalmente da correção nos preços da habitação e do aperto das condições de crédito que resultaram em uma contração da atividade econômica. Tanto os sentimentos empresariais como os indicadores de confiança dos consumidores para os Estados Unidos e a área do euro estão atualmente próximos dos baixos níveis experimentados durante a recessão de 2001-2002.
O crescimento do crédito no setor corporativo não financeiro e nas residências agora está diminuindo visivelmente nos Estados Unidos e na Europa Ocidental. Isso implica que as disposições maciças de liquidez dos bancos centrais das nações desenvolvidas são usadas para fortalecer as posições de capital das instituições financeiras, em vez de recanalizar esses fundos para a economia. Essa é uma grande fonte de preocupação, pois implica que a economia real dos EUA estaria desacelerando drasticamente, à medida que as instituições financeiras adotassem políticas mais rígidas de empréstimo de crédito, em um esforço para recapitalizar.
A Figura 4 mostra claramente que muitos países da Ásia são afetados negativamente pela crise financeira dos EUA. As economias asiáticas recentemente industrializadas são fortemente afetadas pelos EUA principalmente porque as economias avançadas continuam sendo seus maiores parceiros comerciais. Além disso, países como Hong Kong e Cingapura são centros financeiros mundiais com exposições pesadas aos ativos dos EUA e seu setor financeiro. A China, por outro lado, exporta uma enorme proporção de seus produtos manufaturados para os Estados Unidos e outros países europeus.
Outras evidências também mostram que as economias emergentes e em desenvolvimento não seriam totalmente desacopladas das economias avançadas. A Figura 5 mostra que, embora os países asiáticos em desenvolvimento tenham crescido a uma velocidade vertiginosa nos últimos anos, os Estados Unidos ainda contribuem com cerca de 21,3% do PIB mundial. Apenas a contribuição dos Estados Unidos e da Área do Euro corresponde a cerca de 37% do PIB mundial. As economias avançadas também detêm cerca de 51% do total das exportações de bens e serviços. No entanto, as economias avançadas representam apenas 15,2% da população mundial. Isso significa que, embora as economias avançadas sejam apenas uma pequena parte do mundo em termos de população, elas contribuem relativamente para uma grande parte da produção e do comércio mundial.
A inflação nos países emergentes e em desenvolvimento aumentou em 2008 devido aos altos preços do petróleo e dos produtos básicos. Embora os preços do petróleo e das commodities básicas tenham alcançado níveis recordes, como resultado de choques de oferta e aumento da demanda, os níveis de preços deverão cair em 2009, como resultado de muitos países que entraram em recessão. Nos países avançados, a flexibilidade dos salários reais, as expectativas de inflação bem ancoradas e a ameaça de desaceleração econômica ajudaram a mitigar o aumento dos níveis de preços. O mesmo não se pode dizer das economias emergentes e em desenvolvimento que viram os salários reais cair drasticamente como efeito direto do rápido aumento dos níveis de preços.
No entanto, à medida que o sistema financeiro global continua a deteriorar-se, a inflação é vista como uma ameaça menor à estabilidade econômica global. A Figura 6 mostra que as taxas de inflação deverão cair em 2009 como resultado de uma desaceleração global na atividade econômica.
A. As Causas e Efeitos da Crise Hipotecária Sub-prime no Sistema Financeiro Global.
A crise financeira global que resultou do colapso do mercado de hipotecas sub-prime dos EUA evoluiu para uma crise de crédito que causou uma ruptura nas instituições financeiras nos Estados Unidos e na Europa. Muitas instituições financeiras em economias avançadas estão agora privadas do que normalmente seria uma fonte estável e segura de financiamento no mercado interbancário. Como resultado disso, preocupações de solvência sobre instituições financeiras afetaram a fluidez dos mercados financeiros e ameaçaram um colapso sistêmico no sistema financeiro global.
A crise financeira global aconteceu em três ondas. O primeiro é a implosão do mercado de hipotecas subprime nos Estados Unidos que levou ao colapso da Northern Rock e da Countrywide. A segunda onda ocorreu por volta de abril de 2008, quando o Federal Reserve arquitetou a venda emergencial do banco Bear Stearn, de 85 anos, e a terceira e mais recente onda viu os mercados financeiros globais mergulharem em turbulências quando o Lehman Brothers (outro grande banco de investimento americano) foi lançado. falido. Poucos dias depois, os mercados enfrentaram outro choque com a fusão da Merrill Lynch & amp; Co. e a nacionalização do American International Group, A. I.G. que era a maior companhia de seguros do mundo.
Após a terceira onda, o mercado interbancário congelou, uma vez que os bancos temiam a concessão de empréstimos uns aos outros devido ao colapso da confiança das contrapartes e preocupações com a solvência bancária. Períodos curtos de estabilização do mercado ocorreram entre essas três ondas, principalmente como resultado da intervenção do governo no resgate de instituições financeiras e na extensão do seguro de depósitos nos Estados Unidos e em vários países europeus. No entanto, os preços das ações em todo o mundo caíram acentuadamente, à medida que a confiança do mercado continua ausente devido à turbulência e ao estresse financeiro enfrentados pelos mercados financeiros em todo o mundo. Evidências disso podem ser encontradas por meio de uma análise mais detalhada dos títulos do governo que representam um instrumento livre de inadimplência ou um porto seguro para os investidores durante períodos de incerteza financeira. Os dados obtidos através do World Economic Outlook do FMI, em outubro de 2008, confirmam isso com rendimentos de títulos do Tesouro dos EUA pairando perto de zero, o que sinaliza uma demanda muito alta de títulos lastreados pelo governo.
É generalizado que acredita que a securitização foi o centro da crise atual, incentivando os bancos a fazerem empréstimos sub-prime cada vez mais arriscados e, posteriormente, removê-los do balanço do banco. Produtos estruturados, como obrigações de dívida colateralizada (CDO), deram aos bancos e outras instituições financeiras mais flexibilidade, já que podiam conceder empréstimos arriscados, reembalá-los e revendê-los nos mercados financeiros. Isso permitiu que bancos como o Northern Rock financiassem suas operações através de atividades fora do balanço e altos empréstimos nos mercados interbancários e monetários.
A capacidade de romper o vínculo entre aqueles que examinam os tomadores de empréstimos e aqueles que suportariam perdas no caso de inadimplência promoveu um grave problema de risco moral e uma falta de responsabilidade (The Economists, 14 de fevereiro de 2008). Além disso, os ativos securitizados complexos que combinavam ativos de risco de crédito diferentes serviam para reduzir a transparência e dificultavam muito a compreensão do risco para os investidores dispostos a mantê-los. A quantidade de empréstimos securitizados em aberto aumentou drasticamente, de US $ 4 trilhões nos anos 90 para US $ 28 trilhões em 2006 (The Economists, 14 de fevereiro de 2008). Segundo a mesma fonte, em 2007, três quintos das hipotecas americanas e um quarto da dívida dos consumidores foram securitizados.
O efeito adverso da crise tornou-se mais grave à medida que as instituições financeiras envolvidas nesses empréstimos subprime sofreram pesadas perdas que afetaram sua adequação de capital. Teoricamente, os bancos foram capazes de diversificar seus riscos para outros investidores individuais e institucionais, transformando empréstimos imobiliários em títulos através de securitização. No entanto, o processo de mudança de risco não reduziu o risco sistemático e, em vez disso, criou um colapso mais disseminado no sistema financeiro global. Devido a mercados interbancários congelados e uma queda drástica nos ativos securitizados, muitos bancos de investimento, fundos hedge e seguradoras tiveram que ser resgatados. por resgates do governo em todos os países desenvolvidos.
A realidade da bolha imobiliária nos EUA expôs a vulnerabilidade e a fraqueza do setor bancário transfronteiriço. O mais evidente foi o colapso total do sistema bancário na Islândia, que terminou com o resgate do governo holandês para que os cidadãos holandeses pudessem retirar dinheiro do Landsbanki. Outras preocupações incluem o compartilhamento de responsabilidades entre os países, como visto no desmembramento do Fortis, um banco belgo-holandês. Os credores da Europa também estavam dispostos a seguir as práticas arriscadas de suas contrapartes americanas, que assumem dívidas arriscadas e dependem de empréstimos de curto prazo, em vez de depósitos para financiar suas operações. Por exemplo, o Hypo Real Estate, o segundo maior emprestador de imóveis comerciais da Alemanha, cujos empréstimos excederam sua base de depósitos em mais de oito vezes (Nelson D. Schwartz, 2008).
Após a implosão do mercado hipotecário de alto risco dos EUA e a destruição de bilhões de dólares de capital, também levou à nacionalização do Northern Rock, que foi o primeiro banco administrado no Reino Unido em 140 anos. O Northern Rock foi o quinto maior provedor de hipotecas da Grã-Bretanha no auge do boom imobiliário nos Estados Unidos. Embora o Northern Rock tenha sido o banco de hipotecas que mais cresce, seu fracasso deveu-se a depender excessivamente dos mercados atacadistas e da securitização de suas hipotecas. para suas operações e não de depósitos de varejo. Como resultado disso, o Northern Rock estava com pouco dinheiro quando a liquidez do mercado congelou. Além disso, os investidores se afastaram dos títulos lastreados em hipotecas e a Northern Rock achou difícil liquidar seus investimentos no mercado atacadista.
Após a nacionalização do Northern Rock, Wall Street foi atingida pelo colapso do Bear Stearns. Segundo The Economist (2008), o Bear foi o mais exposto ao mercado hipotecário de alto risco com posições de até US $ 10 trilhões em swaps de crédito e taxa de juros. Esses títulos lastreados em hipotecas mergulharam em valor de mercado quando a hipoteca subprime explodiu. Como os bancos e outras instituições financeiras perderam a confiança no Bear Stearns, foram solicitados bilhões de dólares a serem retirados em curto prazo. Em última análise, o Bear Stearns teve problemas quando outros bancos se recusaram a emprestar dinheiro, pois temiam ter dívidas incobráveis ​​demais na crise das hipotecas de alto risco.
O colapso do Bear Stearns trouxe uma crise de crédito total, já que as preocupações sobre a estabilidade do sistema financeiro continuam se aprofundando. Em breve, o Lehman Brothers, o quarto maior banco de investimento dos EUA, entrou com pedido de falência depois de incorrer em bilhões de prejuízos no mercado hipotecário dos EUA. Em setembro de 2008, o Lehman Brothers tinha cerca de US $ 113 bilhões em títulos. Estimou-se que a Lehman Brothers tivesse feito transações de derivativos de US $ 1 trilhão em nome de si mesma e de alguns de seus clientes. O Lehman estava envolvido em investimentos altamente alavancados, usando garantias de parceiros comerciais como garantia própria para pedir mais dinheiro para comprar títulos altamente arriscados, como swaps de inadimplência de crédito.
Normalmente, os contratos de derivativos terminam imediatamente quando uma parte entrou com pedido de falência. Mas o problema surgiu quando a quantidade de garantias ultrapassou o valor dos acordos (Goldstein M. & amp; Henry D., 2008). Além disso, muitos fundos de hedge tiveram suas contas congeladas quando colocaram centenas de milhões de dinheiro e outros títulos com a principal operação de corretagem do Lehman em Londres (Goldstein M., 2008).
Enquanto a crise entrava na terceira fase, as gigantes das hipotecas dos EUA - Fannie Mae e Freddie Mac também precisavam de uma ajuda do governo. De acordo com a Economist (2008), a Fannie teve prejuízos antes dos impostos de ativos comerciais e títulos “disponíveis para vendas” de US $ 4,8 bilhões, enquanto a Freddie chegou a US $ 15 bilhões no final de 2007. Inicialmente, as duas instituições foram criadas para fornecer liquidez para o mercado imobiliário, comprando hipotecas dos bancos e reembalando-as para uso como garantia de títulos denominados títulos lastreados em hipotecas. Um dos problemas com os gêmeos era que eles estavam operando com capital muito pequeno. Os dois grupos tinham capital de núcleo de US $ 83,2 bilhões no final de 2007 e isso sustentou cerca de US $ 5,2 trilhões em dívidas e garantias, um índice de alavancagem de 65 para um.
Governos em todo o mundo estão enfrentando um desafio sombrio para restaurar a funcionalidade completa do sistema financeiro após os efeitos da crise do sub-prime dos EUA ter se transformado em uma crise financeira global. Muitos dos principais bancos de investimento e instituições financeiras do mundo entraram em colapso e alguns deles foram fundidos ou nacionalizados para evitar novas conseqüências adversas ao sistema financeiro internacional. Como resultado, o governo dos EUA propôs um resgate maciço e os governos em todo o mundo estão se esforçando para enfrentar a pior crise financeira desde a Grande Depressão em 1929.
Diversas medidas foram tomadas pelo governo dos EUA e pelo Federal Reserve, que incluem um plano de resgate de US $ 700 bilhões, recapitalização de bancos, compras de ativos, cortes de juros, injeções de capital, garantias de liquidez e empréstimos, garantias de depósitos bancários e restrições de venda a descoberto ( Financial Times, 2008). O primeiro passo no programa de resgate é o plano de resgate aprovado pelo Congresso em 3 de outubro de 2008 com o secretário de tesouraria dos Estados Unidos autorizado pela Lei de Estabilização Econômica de Emergência de 2008 para injetar US $ 700 bilhões no sistema financeiro dos EUA. no Serviço Financeiro, 2008)
Ao longo do plano de resgate, um montante total de US $ 700 bilhões em fundos emergenciais será injetado no sistema financeiro dos EUA, pois US $ 250 bilhões em recursos serão alocados para comprar títulos lastreados em hipotecas ilíquidas na forma de ações preferenciais. Metade dos US $ 700 bilhões serão injetados em nove grandes bancos e a outra metade será injetada em pequenos credores e instituições de poupança (Financial Times, 2008). As injeções de capital tinham como objetivo reformar o sistema financeiro global e restaurar a liquidez para estabilizar a economia e o sistema financeiro dos EUA. Além do plano de recapitalização dos bancos, outros US $ 100 bilhões dos US $ 700 bilhões seriam usados ​​para comprar ativos de empréstimos em dificuldades dos bancos. Todo o plano de resgate bancário ajudaria os bancos a atender a demanda de seus clientes com liquidez adicional fornecida pelo Tesouro.
Indústria IKB Deutsche.
Banco da América.
Banco Real da Escócia.
Fonte: Bloomberg, citada em The Star, 2008. Flip-flop na liderança financeira dos EUA, Starbiz, The Star Newspaper, 4 de julho de 2008, p.
A próxima ferramenta que o Federal Reserve usaria para estimular a economia dos EUA é o corte de suas taxas de juros. De acordo com a Tabela 3, o Federal Reserve reduziu as taxas em meio ponto percentual, para 1,50%. A justificativa para reduzir as taxas de juros foi reduzir o impacto da desaceleração do crescimento econômico trazida pela crise financeira. Além disso, muitos dos bancos centrais do mundo também reduziram suas taxas de juros simultaneamente para ajudar a proteger sua nação contra a turbulência financeira global. Da tabela abaixo, o Banco Central Europeu e quatro outras taxas de juros dos bancos centrais reduziram em meio ponto percentual, respectivamente.
Banco da Inglaterra.
Banco Central Europeu.
Banco Nacional da Suíça.
Reserva Federal dos EUA.
Reserve Bank of Australia.
Autoridade Monetária de Hong Kong.
Fonte: Os bancos, citados no The Star, 2008. S. Korea, HK e Taiwan também reduziram as taxas, Starbiz, The Star Newspaper, 10 de outubro de 2008, B8.
A Federal Insurance Deposit Corporation (2008), nos Estados Unidos, está ampliando sua liquidez ou garantias de empréstimo concedidas a instituições financeiras. Todas as dívidas seniores emitidas pelos bancos terão garantia de 100% nos próximos três anos. A recém-emitida dívida sênior sem garantia que o governo subscreverá incluindo notas promissórias, papéis comerciais, fundos interbancários e depósitos de transações não remunerados mantidos por bancos garantidos pelo FDIC. Ao fornecer suporte de garantia imediata ao setor bancário, o nível de confiança seria reforçando nos tempos de turbulência. Para aumentar ainda mais o nível de confiança, os EUA estavam prontos para aumentar os limites de garantia de depósitos dos atuais US $ 100.000 até US $ 250.000 por depositante até o final de 2009 (Financial Times, 2008). Outros governos europeus também estão unidos à ação tomada pelo FDIC.
Uma das causas que desencadeou a crise financeira foi proibida no dia 8 de outubro. As atividades de venda a descoberto seriam temporariamente proibidas em mais de 900 empresas financeiras nos EUA (Financial Times, 2008). A Comissão de Valores Mobiliários dos Estados Unidos (SEC, Securities and Exchange Commission) proibiria atividades de venda a descoberto de ações financeiras e continuaria com as restrições sobre apostas contra ações de empresas em vigor. É para evitar mais atividades insalubres por parte dos investidores e também para evitar eventuais abusos de mercado. A legislação estaria sob revisão e regras mais rígidas e uma maior regulamentação para o setor financeiro seriam impostas enquanto o governo avançasse os planos de resgate de US $ 700 bilhões.
A AIG teve problemas quando uma de suas pequenas unidades de Londres, a A. I.G Financial Products, vendeu contratos financeiros complexos ou derivativos de crédito. A A. I.G. F.P segurou US $ 513 bilhões em dívidas contra inadimplência usando CDSs (The New York Times, 2008). A queda no valor do mercado habitacional dos EUA forçou a AIG a nacionalizar quando o valor da dívida segurada foi afetado. O Federal Reserve criou uma linha de crédito garantido de até US $ 85 bilhões em troca de garantias para uma participação de 79,9% e em 10 de novembro de 2008, o Departamento do Tesouro dos EUA anunciou a compra de US $ 40 bilhões em ações preferenciais seniores da AIG. o Tesouro, 2008). Além disso, o rating de crédito da AIG foi rebaixado de AAA para A - em 15 de setembro pela Standard & amp; Agência de classificação ruim.
II. Monitorando a capacidade da economia malaia de resistir a choques externos.
De acordo com Roger A. Arnold (2008), o produto interno bruto (PIB) refere-se ao valor total de mercado de todos os bens e serviços finais produzidos anualmente dentro das fronteiras de um país. Com base na abordagem de gastos no cálculo do PIB, o PIB de um país é a soma de seu consumo, investimento, compras do governo e exportações líquidas. Embora o PIB seja uma boa medida da capacidade de produção total de um país, o PIB de um país omite certas atividades clandestinas (por exemplo, a venda de DVDs e VCDs ilegais), a venda de bens usados ​​e transações financeiras. Além disso, o PIB de um país é apenas o total agregado da produção de uma economia e não representa a igualdade na renda de seus cidadãos.
Antes da queda nos preços das commodities em todo o mundo, os analistas malaios estavam mais preocupados com o impacto dos altos preços do petróleo do que com a crise financeira dos EUA sobre o crescimento do PIB da Malásia. O Instituto de Pesquisa Econômica da Malásia rapidamente revisou sua previsão de crescimento do PIB para 5,3%, já que os preços internacionais das commodities recuaram de seus níveis recordes, juntamente com o crescimento acima do esperado da Malásia no primeiro semestre do ano (The Malaysian Insider, 2008). . No entanto, a casa de pesquisa independente reduziu sua previsão do PIB para 3,5% (o ritmo mais lento em oito anos) em 2009, devido à fraca perspectiva econômica global e previu que a Malásia poderia cair em recessão no segundo ou terceiro trimestre do próximo ano.
Essa previsão projetada do crescimento econômico da Malásia não está alinhada com as perspectivas econômicas predominantes no início deste ano, segundo as quais muitos economistas esperavam uma dissolução das economias emergentes das economias avançadas, já que os países BRIC (Brasil, Rússia, Índia e China) seriam capazes de sustentar o crescimento econômico mundial. Essa visão da economia global está se mostrando cada vez mais imprecisa, já que as potências da economia emergente sofreram um impacto no crescimento do PIB, que deve continuar com uma tendência de queda em 2009. A condição financeira global altamente incerta e volátil prejudicaria o crescimento da economia da Malásia. e seria um desafio para o governo sustentar o crescimento.
As exportações líquidas da Malásia seriam mais adversamente afetadas pela desaceleração da economia dos EUA. No início de 2008, o argumento era de que as potências econômicas emergentes da Ásia, como a China e a Índia, amorteceriam o impacto da desaceleração das economias desenvolvidas. De acordo com o relatório World Economic Outlook do Fundo Monetário Internacional (FMI) em abril de 2008, haveria uma chance de 25% de que a economia global enfrentasse uma recessão, devendo o crescimento ser de 3% ou menos neste ano e no próximo. Uma desaceleração nos países desenvolvidos (particularmente nos Estados Unidos) teria um efeito adverso no crescimento do PIB da Malásia, à medida que a demanda pelas exportações da Malásia diminuísse.
Balanço de Pagamentos, 2005-2010.
Saldo em mercadorias.
Saldo de serviços.
Saldo na renda.
Saldo em conta corrente.
Conta financeira e de capital.
Balança de pagamentos global.
Notas: Em 30 de maio de 2008.
Fonte: Unidade de Planejamento Econômico e Departamento de Estatística da Malásia.
Componentes do PIB da Malásia.
Estimated ²Forecast ³Bens e Serviços.
Fonte: The Star, 2008. Governador do Banco Negara sobre a situação atual na Malásia. 15 de novembro de 2008.
Economias emergentes como a Malásia, que é intensiva em exportações (com um superávit em conta corrente de RM100,5 bilhões em 2007), também enfrentariam uma desaceleração econômica caso a demanda por exportações de países desenvolvidos diminuísse. Com base nos dados obtidos do Bank Negara Malaysia, os Estados Unidos ainda são o maior destino de exportação da Malásia e um terço das exportações da Malásia foram contabilizadas nos EUA, Europa e Japão, que provavelmente entrarão em recessão.
Segundo o chefe de pesquisa econômica do CIMB Investment Bank Bhd, Lee Heng Guie, um declínio de 1% no crescimento do PIB dos EUA poderia reduzir o crescimento das exportações da Malásia em 0,8%, levando a um declínio de 1 ponto percentual no crescimento do PIB (Fintan Ng & amp; Suraj Raj, 2008). Se isso for verdade, uma desaceleração econômica enfrentada nos Estados Unidos afetaria negativamente a economia malaia através dos vínculos comerciais e financeiros entre esses dois países. Embora a Malásia possa exportar mais para os países asiáticos para reduzir o impacto sobre o crescimento das exportações, pode não ser capaz de fazê-lo continuamente durante um longo período de tempo. Isso ocorre porque muitos dos países asiáticos que importam da Malásia não consomem as mercadorias que importam. Pelo contrário, muitos países asiáticos reembalam e reexportam produtos acabados para os Estados Unidos.
O orçamento fiscal de um país é composto por gastos do governo (a soma de compras do governo e transferências governamentais) e receitas fiscais (Roger A. Arnold, 2008). A Malásia tem um déficit fiscal de longa data (10 anos) em que os gastos do governo são maiores do que as receitas fiscais de aproximadamente 3% a 4% do produto interno bruto. De acordo com Nor Zahidi Alias ​​(2008), a Malásia tem o maior déficit orçamentário como porcentagem do PIB dentro da Asean. Durante essa crise financeira, o governo da Malásia provavelmente implementaria políticas fiscais expansionistas. De acordo com Angus Whitley (2008), o governo malaio injetaria um pacote de estímulo de R $ 7 bilhões para os setores de habitação, transporte público e privado. Besides that, it also plans to spend around RM200 billion in five years on infrastructures and other development projects in order to bolster domestic demand (Stephanie Phang and Angus Whitley, 2007) .
Previously, Malaysia is seen to suffer from a double shock in this crisis. Malaysia is a net exporter of crude oil (unrefined petrol) which according to Petronas, churns out 600,000 barrels per day of which 339,000 barrels per day are refined locally (the balance is exported as crude oil). Government revenue would decrease further as the slowing in global demand caused the commodity prices to decline. As forecasted by MIER in the Malaysian Insiders (2008) , Malaysia’s budget deficit this year will exceed 5% of GDP and exceed 4% next year.
The country risk will increase accordingly as the government need to finance the deficit by borrowing. This is supported by Moody’s Investors Service’s A3 rating on Malaysia’s foreign currency long-term debt (the fourth-lowest investment level). The Malaysian rating has not been upgraded since December 2004 (Stephanie Phang and Angus Whitley, 2008) .
As a consequence of the adverse global development, Bank Negara Malaysia had practice easy monetary policy by cutting its Overnight Policy Rate (OPR) by 25 basis points to 3.25% as growth risk is increasing against the inflation risk (Angus Whitley, 2008) . This is a pre-emptive measure aimed at providing a more accommodative monetary environment. Malaysia needs to cut the borrowing costs and boosting public spending to stimulate growth as the global financial crisis threatens to trigger a global recession. It had made the cost of funds, mortgage and car loans cheaper and thus, may help companies to survive in the economic downturn. However, it is important to bear in mind that depending on domestic spending would not be able to sustain the growth.
Interest rate cutting may create more problems when there is high inflation rate. However, the inflationary pressure is diminishing and expected to be grown at a moderate pace as the decline in global food and commodity prices ( BNM, 2008 ). Furthermore, the domestic price pressures would also be easing as government has lowered domestic fuel prices. Thus, cutting interest rate would be wise to offset some of the effects of the global slowdown. This is because it is costly for a country to go into recession as more business would force to be closed down, default and rise in unemployment.
F. Business Competitiveness and Unemployment.
During this crisis, our foreign reserves had shown a declining trend. According to the graph above, the international reserves of Bank Negara Malaysia amounted to RM345.5 billion (equivalent to US$100.2 billion) as at 31 October 2008 and RM343.8 billion (equivalent to US$99.7 billion) as at 14 November 2008. The reserves position is sufficient to finance 8.1 months of retained imports and is 3.7 times the short-term external debt (BNM). The falling position might due to the de-leveraging by many international investment banks that demanded for dollars and also a portion of our foreign reserves that are built up by short-term inflows ( The Star, 2008) . Figure13 shows us the extent of reduction in Malaysia’s international foreign reserves.
Table9 shows us that the foreign direct investments (FDI) flowing into Malaysia has not reached pre-Asian crisis levels. This is a signal that should Malaysia continue to delay opening up its economy, it is going to lose out against regional economies like Thailand and Singapore because of their own comparative advantages in technology and innovation. In a globalized world, foreign funds flow to countries with the most well managed economy and shun countries which adopt protectionist policies. Therefore, it is important for Malaysia to move up the value chain by forcing local companies to be more competitive in their struggle for survival and profitability.
Foreign Direct Investment.
From the figure 14, we can see that the inflows of our foreign direct investments are increasing over the years, but. Yet it is also important to note that although the inflows of foreign funds have been increasing over the years, the outflow of foreign funds has been also increasing. In 2007, we had a net outflow of $2586million which sent a signal that Malaysia economy is lacking of competitiveness to attract foreign investors. Besides political instability, our country is lacking of investment in human capital and technology to further enhance Malaysia’s attractiveness in terms of foreign direct investments.
III The Performance of the Malaysian Financial System amid a Worldwide Financial Crisis.
During the global financial crisis, there has been significant economy slowdown in most developed countries around the world. The situations worsen when it turned out as spiking inflation and recession at the same time in US and most European countries. While experiencing high volatility in global financial system and contagion effects continues to spreading around, Malaysia government is confidence in our banking sector’s outlook. With the report published on October, RAM Ratings (2008) had revised the Malaysian Banking sector’s outlooks from stable to developing in June 2008. Due to this, Malaysia governments and economy analysts are confidently saying that the Malaysian banking system will remain resilience towards these external shocks.
Generally in the decade after the Asian financial crisis in 1997/1998, Malaysian had continually undergone transformations and structural reforms in its banking sector. This had given rise to strong fundamentals in Malaysian banking system. These continuous developments in banking sector have generally insulated Malaysia from being heavily exposed during the time of worldwide financial stress. RAM Ratings (2007) stated its overall rating actions were largely positive throughout year 2007 by which its rating upgrades were from various sectors; almost half were from infrastructure and financial-services sectors.
From table 10, the debt ratings for financial institutions such as CIMB Investment Bank Berhad had upgraded from AA3 (positive) to AA2 (stable) whereby AmBank (M) Berhad and RHB Capital Berhad were upgraded from A2 (stable) to A1 (stable). These upgraded ratings for issuers of debts indicate Malaysia’s corporations and financial institutions are able to maintain their ratings despite there are sub-prime chaos and increased volatility in financial markets in lately years. They are likely to continuing on performance and strengthen in their strong fundamentals.
Private debt securities (“PDS”) market started to develop in the mid-1980s. During the pre-crisis period (1990-1997), the Malaysian economy was driven by foreign direct investments, which financed the capital-intensive industries in the country. The 1997-98 crisis shows the adverse effects of over-reliance on bank loans in financing due to the absence of a well-developed debt market. After the Asian financial crisis, efforts have been made to develop the debt market in particular the capital market.
PDS market experienced an expansion at a compounded annual growth rate of 33.6% between 1981 and 2007 (RAM Ratings, 2007). This high growth in PDS market has enabled large corporations to assess large-scale financing in capital market rather in the loans market itself. As a lesson learnt from the previous crisis, Malaysia had diversified their over reliance of banking system in their economy structure and thus able to minimized the risks of falling out in Malaysia economy if sub-prime issues is likely to be happen in Malaysia.
Besides that, financial disintermediation had allowed Malaysia banking structure changed into a more diversified base in terms of lending. Since financial disintermediation had lowers a bank’s credit risk in servicing a large single borrower, domestic banks have to move their attention to retail lending and fee-based income. As such, financial disintermediation has created a cost advantage or profit maximization opportunity and which has resulted in a change in a bank’s balance sheet items and composition of its total loans. Consequently banks in Malaysia will less likely get affected by sub-prime issues.
While financial disintermediation creates opportunities, it comes along with potential threats when those securitized loans in US mortgage market had been the main cause for US financial crisis in 2008. Thus, it would impose greater credit risks in Malaysian banking system if those big corporations create sub-prime lending through the growing PDS market. Cagamas Berhad was incorporated as a special purpose vehicle in Malaysia with the main activity of securitizing domestic banks’ loans into Cagamas debt securities. As an implication from US financial crisis, unregulated and over-booming sub-prime markets are in their ability to bring down the world financial centre. US Financial crisis incident should alert the Malaysian government to put greater attention in governing Cagamas and securitization activities.
Furthermore, Malaysia’s banking system is not much affected by the financial crisis because Malaysia’s banking sector is well capitalized, heavily regulated and not directly exposed to US sub-prime mortgage securities. The international reserves in Malaysia amounted to RM343.8 billion (equivalent to US$99.7 billion) as at 14 November 2008 (BNM, 2008) . Since the crisis in 1997/1998, Malaysia nations have learnt the importance in building up foreign exchange reserves as a hedge against attacks. 10 years after Malaysia’s recovery, Malaysia has now a healthy stash of international reserves.
Besides a healthy volume of international reserves, BNM (2008) as at October announced that the net interbank placements from the banking system amounted to RM198.5 billion. Liquidity in Malaysian banking system stays at healthy levels readily available to be pumped into the banking industry when need arises should the overall economy continue to weaken continuously. With adequate capital that was accumulated after the Asian financial crisis, Malaysia’s banking system is likely to remain positively strong to cushion against any adverse external shocks.
One of the most heavily regulated industries in Malaysia is the banking sector. With supervised control and a well regulated financial system formed by Bank Negara Malaysia ( BNM) , Malaysia’s banking system is likely to be able to weather the worldwide financial stress systematically. Furthermore, the central bank requires foreign banks to be incorporated domestically. The requirement for Malaysian branches of foreign banks to be incorporated as local subsidiaries have partially isolated domestic incorporated foreign banks from being affected by their parent’s banks that are suffering from the global financial crisis.
American international Assurance Bhd (AIA) was incorporated in Malaysia since 1948 under American International Group Inc (AIG) (Daljit Dhesi, 2008) . The recent involvement of AIG in issuing CDS had caused AIG to undergo a nationalization program. AIA is not impacted by their parent company because it is locally incorporated with adequate and high level of working capital. Meanwhile, Bank Negara is closely monitoring the banking and insurance industry to maintain the soundness of our financial system. This is to ensure that foreign financial institutions are well support in their domestic operations and able to cushion against financial losses independently.
Although strong fundamentals have in many ways shielded the Malaysian financial industry, the banking sector is inevitably likely to be affected up to certain level. The marked-to-market and impairment losses that are arising from fixed-income-securities will affect the local banks’ book values when they are engaging in the capital markets for financing (Promod Dass, 2008) . When interest rate shoots up for compensation of the higher business risk level in turmoil times, the value of the securities may drop. As a result, the fair value accounting applied in banking system will cause the credit ratings of financial institutions to deteriorate.
According to the Edge Daily (2008) , there is a lower banking system deposits in October. The total deposits with the banking system declined RM8.7 billion compared to an increase of RM9.1 billion in September. The withdrawals of short-term money market funds were mostly by domestic non-bank financial institutions which in the form of demand deposits and repos. This was to reduce and avoid investment activities in the current unfavorable money market situation.
Besides, RAM Ratings also had conducted a survey on the impact of the slower economy growth on banks’ loan growth, asset quality and profitability between June and September 2008. The result was there has been stable loan applications over the three months period. In October, gross financing to private sector was at RM57.1 billion where there is a slight decreased from September (RM60.8 billion) (Promod Dass, 2008) . Although loans application remains stable to reflect the outlook of lending business is in favorable condition, loans growth will get affected because banks are likely to be more cautious in their lending. While potential borrowers’ creditability generally would be dampen by the worsen economy situation in the future, most banks will practice more stringent rules in their loans approval process.
Consequently, loan approval for consumer and hire purchase loans would be decreasing while business loans are depending on which sector borrowers from. Loans to oil and gas industries will still experience at a growth rate but retail, manufacturing and construction sectors will be affected and are currently facing a contraction because of the global economic slowdown that has an adverse effect on local exports. Consumers, small and medium enterprises and businesses will face difficulty in getting loans which in turn could slow down asset growth and impede the interest income sources for banks. Profitability for banks is squeezing and the banking industry may underperform.
As a solution to help out in this worsening situation, the central bank has reduced the Overnight Policy Rates (OPR) by 25 basis points on 24th November to 3.25%. The interest rates cut were aimed at stimulating the local economy. However, doing so would come with a cost of lowering a bank’s interest earning. In order to offset the decline in bank earnings, BNM also announced the reduction of the statutory reserve requirement(SRR) to 3.5% from 4% with effect from December 1 at the same time (Yap Leng Kuen, 2008) .
The further cut in the statutory reserve requirement is aimed to increase the funds available for lending and investment purposes. By lowering OPR and SRR requirements at the same time, banks are able to maintain or improve their deteriorating profitability which was affected by the financial crisis. With a cut of SRR by 50 basis points, BNM is expected to release RM2.7 billion into Malaysian banking system. The additional liquidity into banking system can stimulate economic growth by adding additional money supply into the economy.
On the other hand, as at end-September the net non-performing-loan (NPL) ratios have declined to 2.4% from 2.5% of total net loans. Likewise, the asset quality in the banking system which is measured by the NPL ratio is expected to increase in a small percentage over the next 6 to 12 month but likely to remain stable in 2010 (Cecelia Kok, 2008) . The potential of increase in bad loans would most probably lead to loan losses from retail, manufacturing and construction sectors and maybe in unsecured personal loans and credit cards.
When economy comes under inflationary pressures and is experiencing a slowdown in economy, it is a rational to expect that bad loans will increase since borrowers’ repayment ability will be deteriorated as a result of tightens spending power. As a result, expected bank’s provision for loan losses needs to be increase. Consequently, banks need to effectively managing their funds available for loans to quality borrowers in order to ensure their profitability did not eroded where the funds are limited.
Generally, a loan will be categorized as non-performing or bad when they default on payment for more than three months. The measurement of NPL ratios as an indicator for banking system outlook would not be that appropriate. Default in derivatives contract was not taking into consideration for NPL ratio. When foreign banks or institutional investors underwrite their mortgage-backed securities, it generally would not be taking into consideration for NPL ratios. Furthermore, it will be itemize as off-balance-sheet in a bank’s book. The risks associated with those derivative contracts only appear when it comes into default. Thus, even if the banks are holding a lot of high risk derivatives products, they will not subjected to any cushion of capital or being subjected for ratings purpose.
To prevent further impact that might arise from the global financial stress, BNM had announced a pre-emptive way to preserve consumers’ confidence level in banking sector and maintained banking system stability. Effective from 16 October all ringgit and foreign currency deposits would be under fully guaranteed by government through Perbadanan Insurans Deposit Malaysia (PIDM) (BNM, 2008) . This additional guarantee was work on a temporary basis until it reaches 31 December 2010. At the same time, BNM also would guarantee interbank obligations of banking institutions of banking institutions and will provide sufficient capital for banking institutions when there is a failing in maintaining capital adequacy at a target level.
As the global economy slowdown has posted a threat to Malaysia, we have conducted a survey to measure the awareness of the public on the current financial situation in Malaysia. This survey is built upon a total of 80 respondents that range from age 20 to 50 years old which have been divided into equal number according to their age groups.
According to the survey, we discovered that 100% of respondents were aware of the global financial crisis that is happening in the world right now. In addition to that, 100% of respondents also think that this global financial crisis which originated from the United States has affected Malaysia. This is because the effect of the crisis had spread throughout the world and many of the countries are starting to experience a slowdown in their economy which Malaysia is no exception.
While commodity prices have been falling recently, a general broad based economic slowdown is unavoidable and thus has posted an impact on consumers spending. Generally we believed that consumers are likely to cut down on their spending because of the pessimistic economic outlook in 2009.Next, we will examine the impacts of the crisis towards our nation’s economy activities.
The third question in survey is to identify which area has the greatest impact on our country as a result of the global financial crisis. As shown in the pie chart below, 45% of 80 respondents think that the area that had the most impact from the crisis is economic growth. Employment is the second highest answer with 20 respondents having selected it although this is the main concern of most of the young adults. Malaysia’s economic fundamentals are the main importance in most respondents’ views.
After experienced a worldwide slowdown in economic activity, 60% of our respondents which were amounted to 48 respondents are in view of our country is in an economic recession after the global financial crisis. This may be due to the fact that the overall slowdown in our economy such as export competitiveness as mentioned in the findings of Malaysia’s economy. Furthermore, also examine how the current economic condition in our country has affected their household consumption. 66.25% (53 respondents) are with the opinion that their household consumption has been affected.
In addition to the 53 respondents, 21 of them stated that they were cutting down their miscellaneous goods and services. Another 12 of the respondents stated that they would reduced their clothing and footwear. Moreover, 7 of the respondents will save on foods and non-alcoholic beverages while another 6 of the respondents will save on their transportation. Furthermore, 5 respondents stated they will cut down on their housing, water, electricity, gas and other fuels, and the last 2 respondents of them (for the respondents that in their twenties) will save on health.
Up next, the bar chart below shows the greatest first and second concern as a Malaysian. By far, the job security and concerns on the economy out-weighs the other relevant concern as around 31 and 22 respondents respectively choose these them as their main concern. As said, economic growth seems to be Malaysian’s concern when in such a turbulence time. More importantly, people are conscious about their future perspective in employment because an economic slowdown will cause more unemployment that would ultimately deteriorate Malaysia nations’ earnings of which their standard of living will be affected at the end. Other popular concerns are in personal welfare, increasing fuel and utilities prices, political stability. The second concern was the economy and job security concern which stood at the first and second place in the figure 3.
In times of financial instability, people will start to reduce their spending. From the survey, 28% respondents have reduced their spending on luxury goods and 25% of them have cut down on their debts. 18% will reduce their investment activities, 10% would reduce on travelling, 8% would be a reduction in savings and 11% in others. The results indicate that consumers will most likely cut spending on inelastic items such as luxury goods and travelling plan.
Although housing market in Malaysia are not heavily affected by the global financial crisis, we have examined that consumer responses to the falling home prices from the cut down in interest rates. 65% respondents have no desire to invest their money in property sector. They would rather put their extra money into savings (44%), shares (27%), unit trust (17%) and 12% in others. This is likely because people generally would feel more secured holding their money in high liquidity investments.
The next graph shows that generally our respondents have a medium level of confidence on the Malaysian banking system. After experienced such an economy slowdown brought by the crisis, most of the people have a lower confident level towards the Malaysian banking system because of the unforeseeable future in the world banking system after the crisis spread to a global scale. Furthermore, our respondents were relatively on the fence on whether Malaysian can better handle its banking system as compared to U. S.
Lastly, we examine the need the government bailout plan in rescuing those government-linked companies as well as those important financial institutions who have involved in the crisis. 70% respondents are agreeing to a bailout plan (should there be a need of one). 35% suggested to increased subsidies on important essential household items, 31.25% wish there would be higher government spending in the private sector to boost the economy, 21.25% supported the market to recover by itself and 12.5% emphasis in capital control.
To further strengthen our findings in banking industry impacted from the worldwide economy slowdown, we have arranged a few informal interview session with some banks representatives. From the conversations we have, most of the financial institutions in Malaysia have been practicing costs cutting in recent days. For example, C bank will cancel its annual dinner this year. This is a pre-emptive way to be more secured in a worsening economy outlook that is more likely to happen next year.
Even though there is no massive retrenchment in the financial sector, we realised that many of the banks would not continue to renew their contract staffs upon their contract expiry and there are also no headcount replacement when any of the staffs resign. This might imply that the remaining staffs will need to work on a multi-tasking purpose when the banks are trying to cut down the duplicated works.
Besides that, some of the banks had proposed to transfer their staffs to more profitable departments. For example, the O bank will transfer its staffs from mortgage department to direct sales department. This is because it found that the demand for mortgage loans would be lesser for this turbulent time as compared to the previous booming economy. The bank also wants to reduce its risk towards the housing sector and the mortgage loan will take longer time to recover its profits as compared to personal loans and credit card loans.
Furthermore, the staff we interviewed from the U bank also said that the bank is proposing to sell off its share margins unit. This might due to the volatility of current share market which would make it to be less profitable. Moreover, many banks are tend to be more strict in their over time claims such as they must provide reasonable reason in order to claim their over time. For example, C bank staffs need to work for three hours to get their meal allowance as compared to two hours previously. Also, many of the staffs we interviewed expressed their anxiety towards their year-end bonus.
In conclusion, this cost cutting could be justified as a precautionary way to response to the crisis in order to be more secure in the future.
In the previous chapters, we have seen that after years of strong economic growth, the world economy is facing a major slowdown in growth as the financial crisis that originated from the US Sub-prime mortgage crisis evolved into a full-blown world financial crisis. As many of the advanced economies are plunging into recession while emerging economies face weaker economic growth, it would be rational and prudent to say that the emerging economies especially those in Asia have not decoupled from the economies of advanced nations.
On the surface, the Malaysian banking system appears to be relatively resilient in comparison with the banking system in the countries that are more ‘open’ and less regulated. In comparison with the Asian financial crisis which occurred around 10 years ago, it seems that the Malaysian government and financial industry had learnt its lesson by being less exposed to external shocks and adopting more stringent credit standards. Furthermore, the financial institutions in Malaysia are not directly holding to sub-prime related assets compared to the newly industrialized economies like Singapore and Hong Kong.
The resilience of the Malaysian financial system is indeed a boon to Malaysia in what many economists has stated as the greatest financial crisis since that of the Great Depression in the 1930s. However, the outlook of the economy in terms of GDP growth shows that Malaysia is not completely insulated from the grim happenings in the United States. This suggests that although the local financial system remains relatively strong, other factors have transmitted the adverse effects of the US financial crisis into the Malaysian real economy.
As Malaysia is not fully relying on foreign capital to fund its growth, capital flight would not have so adversely affected the local economy as it did in the Asian financial crisis. Instead, the trade links between Malaysia and the advanced economies, in particular the Unites States which still remains as Malaysia’s largest trading partner seems to be the culprit. As commodity prices like crude oil and palm oil have fallen from their peaks due to a drastic drop in global demand, the Malaysian government has loss a substantial part of their revenue that would have normally been used to prim and pump the economy.
Since government spending in sectors like construction would have a multiplier effect on the overall economy, a drop in government revenues would result in lower government spending and a slowdown in economic growth. Should the slowdown in economic growth turn into a long and severe recession, the local banking and financial system would not escape unscathed. This is because a slowdown in economic growth would mean that the Malaysian economy would not be able to sustain the same number of business entities and job creation levels as during times of economic expansion.
Malaysia Economic Growth Has Not Reached Pre-Asian Financial Crisis Levels.
The likelihood of bankruptcies and insolvencies due to a severe recession would raise the risk profiles of local companies and force banks to increase their interest rates and adopt more stringent credit lending policies. However, by increasing the cost of business operations, banks would further increase the likelihood of business failures and start a vicious circle that would ultimately affect the local banking and financial industry. Consequently, the Malaysian economy would move pro-cyclically together with the advanced economies and would likely fall into a recession in 2009.
Furthermore, although Malaysia’s closed-door economic policies have enabled it to be partially insulated, Malaysia has yet to reach economic growth levels prior to the Asian financial crisis. While other countries, most notably China and India have grown at breakneck speed, Malaysia is seen to be relatively lagging behind. Furthermore, data obtained from the Boston Consulting Group shows us that South-East Asia is facing a lack of companies that can be called ‘world class.’
This hints to us that the price we pay for shielding our local economy from external forces have impacted our local company’s’ competitiveness. Furthermore, out of the five companies highlighted by Boston Consulting Group, most of them are dealing in either food and beverages or commodities.
A. Focusing on Economic Fundamentals.
Ultimately, the Malaysian economy would have to move away from being overly reliant on commodity exports to fuel its economic growth. Malaysia is a net exporter of crude oil which according to Petronas, churns out 600,000 barrels of crude oil per day (of which 339,000 barrels per day are refined locally). Based on projections before the petrol price hike in June, Malaysia’s demand for fuel would exceed local production in 2011. Even though the nation still has oil reserves for another 22 years and gas reserves for 39 years, Malaysia would cease to be a net exporter of oil in the not too distant future.
Furthermore, overly relying on commodities to fuel economic growth would expose the Malaysian economy to external shocks from international commodity prices that is seen in recent years to be increasingly volatile. A good example of this can be seen in 1997 when Russia at the time had a persistent budget deficit s financed by issuing short-term government securities and printing money (Alan Shapiro, 2005) . The combination of rapid debt issuance and falling commodity prices which was a major source of Russia’s revenue caused the Russian government to suspend the trading of treasury bills and a mandatory restructuring of government debt.
Even if Malaysia had an unlimited supply of natural resources, trickle-down economics would also not be an effective way to efficiently allocate capital to their most productive use. On the contrary, government directed credit would prove to be a distortion in the market as capital is allocated not towards the most profitable and productive industries but into favored sectors of the economy and government cronies. A similar scenario happened during the Asian financial crisis whereby governments directed the banking system to lend massively to companies and industries that was viewed as economically strategic without regard to their profitability.
These lending decisions that were dictated by what would be commonly known as crony capitalism caused an overinvestment in certain sectors which would lead to artificially inflated asset prices similar to the sub-prime mortgage industry before the summer of 2007. Crony capitalism proved fatal when East Asian countries loss their export competitiveness as a result of the Chinese yuan depreciating about 25% against the dollar (Alan Shapiro, 2005) . Crony capitalism, a persistently high budget deficit, and the loss of export competitiveness led to the downfall of many countries during the Asian financial crisis.
In order to avoid the same mistakes made in the Asian financial crisis, Malaysia should diversify its economy and its exports away from being too reliant its exports of commodities. It would be beneficial to the Malaysian economy should the Government foster policies and regulations to strengthen economic fundamentals instead of aiming to just pump and prim the economy with revenues obtained from commodity exports. Among some of the economic fundamentals essential for economic growth includes labor productivity, sound capital investments, freer trade, property rights, and economic freedom (Roger A. Arnold, 2008) .
B. An Independent Central Bank as a Bulwark against Irresponsible Fiscal Policy.
Governments all around the world suffer from the same principle-agent problem that plagues public listed companies. In theory, politicians and government officials are agents that are supposed to work on behalf of the public who are the principals. In reality, this is sometimes not the case. This is evident in the case whereby ex-chairman of the Federal Reserve Paul Volcker used tight monetary policy to combat inflation even when fiscal policy was expansionary.
One of the main causes of the U. S. subprime mortgage crisis can be traced back to the fact that the Federal Reserve under Alan Greenspan kept interest rates too low for too long. Furthermore, the Bush administration was generous in tax cuts and spent lavishly on the war in Iraq. Coupled together with loose monetary policy, there was too much ‘cheap money’ in the market. All this ‘cheap money’ ended up in the end up in the subprime mortgage market that fostered over inflated asset prices.
In order to avoid this, central banks must not only be vigilant when times are bad but also maintain monetary discipline when times are good. While it is common to adopt an ‘if it isn’t broke, why fix it,’ it is important to note that periods of overly rapid economic growth usually foster bigger and more severe financial crises in the future.
C. Improving Malaysia’s Competitiveness.
It is a common misperception that countries blessed with natural resources like oil would result in higher economic growth prospects and higher competitiveness compared to countries that are forced to spend large amounts of money to import these resources. Yet as history has often proven to us, this is seldom true and countries with natural resources are often plagued with a resource curse which leads to corruption, wastage, and mismanagement of the economy. Topping the list are countries like Russia and Venezuela that though are rich in natural resources are plagued with economic mismanagement.
According to the Centre for Public Policy Studies director Tricia Yeoh, natural resources do not necessarily bring greater growth and development to a country. In her paper titled Promoting Revenue Transparency in Malaysia, Tricia takes for example how per capita incomes in resource-deficient countries grew two to three times faster than resource-reliant export-driven countries between 1960 and 1990. According to the International Monetary Fund, a country is resource-reliant of at least 26% of its national revenues derive from extractive industries like oil, gas, and minerals.
Malaysia is a resource-reliant country with a huge portion of government revenues coming from the oil and gas industry. Similar with most resource-reliant countries like those in the Middle East and Latin America, Malaysia is behind the curve in adopting freer trade, property rights (remember the Boonsom Boonyanit land law case), economic freedom, and privatization of state owned companies. The presence of oil and gas in Malaysia has created and artificial sense of wealth to which the petrol-dollars are used to pump and prim the economy and subsidize a number of essential consumer items.
On top of that, the Malaysian ringgit used to be pegged to the greenback thus making it undervalued in terms of purchasing power parity to other regional currencies. This has made Malaysian exports cheaper relative to other countries and resulted in a booming export industry and a current account surplus. While the oil price hike in June is detrimental to the Malaysian export industry, it is likely that domestic firms in Malaysia would become more competitive. The reason for this is that as the costs of doing business increase, Malaysian companies would be forced to innovate and generate more income in order to protect their profit margins and ensure their survival.
Furthermore, the increase in costs would breed an environment to which companies with substandard performance in certain industries are forced to stop operations and change into more profitable industries. A highly competitive environment like this would foster more creative destruction which according to Joseph Schumpeter would revitalize itself by scrapping old and failing businesses and reallocating resources to newer and more productive industries. This is the cornerstone and ultimate advantage that capitalist economies have over centrally planned ones.
The world economy and financial system is facing one of the most grim challenges yet seen in the 21 st century. As the global financial markets continue to be hit by the adverse effects of the U. S. financial crisis, the credibility and appeal of the Reagan-Thatcher style of capitalism is losing ground. However, this does not mean that closed-door and heavily regulated economies fare any better. In Malaysia’s case, a highly regulated and relatively closed-door economy still faces adverse effects from the global financial turmoil.
While direct impacts to the local financial institutions have been avoided, the Malaysian economy is not completely insulated from the happenings in other parts of the world. Trade links and various other channels have enabled some of the adverse economic pressures to pass through into the Malaysian economy and financial situation. This implies to us that even though a heavily regulated financial system and closed-door economic policies are unable to completely isolate Malaysia from the world.
Furthermore, maintaining such policies comes with a cost. Foreign direct investments coming into Malaysia has been increasing on a slower pace. To add to that, Malaysia has yet to achieve pre-1997 economic growth levels. Furthermore, protectionist policies implemented after the Asian financial crisis have made local firms less competitive over the years. In the words of Milton Friedman, “there is no such thing as a free lunch!”
Alan C. Shapiro, 2005, Multinational Finance 5 th Edition , John Wiley & Sons, Inc, United States of America p36-37.
Angus Whitley, 2008. Malaysia to Cut Interest Rates Again, Economists Say. [online]. 25 November 2008. Available at: bloomberg/apps/news? pid=20601068&sid=a3WMmgNWllbI&refer=economy [Assessed 30 November 2008]
Ashwin Raman, 2008. GDP growth may be at 0%, says UBS. The Malaysian Reserve, 4 November 2008. p.2.
BBC News, Markets rattled by bank worries. [online]. Available at: news. bbc. co. uk/2/hi/business/7300017.stm [Assessed 7 November 2008]
BNM, 2008. Bank Negara Malaysia Annual Report 2007. Kuala Lumpur: Percetakan Osacar (M) Sdn. Bhd. P. 33, 41, 68.
BNM, 2008. Economic and Financial Developments in Malaysia in the Third Quarter of 2008. [online]. 11 August 2008, Available at: bnm. gov. my/view. php? dbIndex=0&website_id=1&id=679 [Assessed 28 November 2008]
BNM, 2008. International Reserves of BNM as at 14 November 2008. [online]. Available at: bnm. gov. my/index. php? ch=8&pg=14&ac=1722 [Assessed 28 November 2008]
BNM, 2008. Malaysia Takes Pre-emptive Measures. [online]. 10 August 2008. Available at: bnm. gov. my/index. php? ch=8&pg=14&ac=1703 [Assessed 20 November 2008]
BNM, 2008. Malaysian Financial System Can Weather Current Global Financial Turmoil. [online]. Aug 10th 2008, Available at: bnm. gov. my/index. php? ch=8&pg=14&ac=1701 [Assessed 26 November 2008]
BNM, 2008. Monetary and Financial Developments September 2008: Highlights of the Press Release.[online]. Available at: bnm. gov. my/view. php? dbIndex=0&website_id=1&id=675 [Assessed 26 November 2008]
Cecelia Kok, 2008. Challenging Times Ahead; Banks brace for impact of slower economic growth. The Star Bizweek, 8 November 2008, BW3.
Choong Khuat Hock, 2008. The disappearing Asian trade surplus. StarBiz, 22 December 2008. p. B6.
CIMB Research Report, (2008). Regional Economic Compass 2008: Malaysia. Singapore. Indonésia. Thailand. Hong Kong. Kuala Lumpur: Xpress Multimedia Sdn. Bhd. p.31.
Daljit Dhesi, 2008. AIA: Turmoil in US will not hurt Malaysian ops. [online].17 September 2008, Available at: biz. thestar. my/news/story. asp? file=/2008/9/17/business/2042807&sec=business [Assessed 29 November 2008]
Daljit Dhesi, 2008. Lower deposit rates. StarBiz, 5 December 2008. p. B3.
Daljit Dhesi, Racheal Kam & Laalitha Hunt, 2008. Banks selective about lending. StarBiz, 10 October 2008. p. B1
Eileen Hee, 2008. Downward pressure on exports. StarBiz, 3 November 2008. p. B11.
Eileen Ng, 2008. Malaysia to inject $2 billion into economy. [online]. Available at: businessweek/ap/financialnews/D9484F6G1.htm [Assessed 2 December 2008]
Elaine Ang & Leong H. Y.,2008. Growth in selected bourses overseas. The Star, 23Jun. p. B12.
Elaine Ang and Leong Hung Yee, 2008. Growth in selected bourses overseas. StarBiz, 23 June 2008. p. B12-13.
Federal Deposit Insurance Corporation, 2008. Temporary Liquidity Guarantee Program. [online]. Available at: fdic. gov/news/news/press/2008/pr08100b. html [Assessed 13 November 2008]
Fintan Ng & Suraj Raj, 2008. Emerging economies still rely on the super powers. StarBiz, 9 June 2008, p.15.
Fintan Ng and Leong H. Y., 2008. Is the world facing another stagflation? [online]. 8 September 2008, Available at: biz. thestar. my/news/story. asp? file=/2008/9/8/business/1963411&sec=business [Assessed 24 November 2008]
Fintan Ng and Suraj Raj, 2008. Are we staring at a global recession? StarBiz, 9 June 2008. p. B14-15.
Fintan Ng, 2008. Moderate 4.7% growth in Q3. StarBiz, 29 November 2008. p. B1.
Goldstein M. & Henry D., 2008, A Money Mystery at Lehman, BusinessWeek, Issue 4104, p. 034.
House Committee on Financial Service, 2008. Emergency Economic Stabilization Act of 2008 [online]. Available at: financialservices. house. gov/ESSABill. pdf [Assessed 4 November 2008]
Huang Sin Cheng. The Mortgage-Backed Securities Market in Malaysia. [Online]. Available at: adb/Documents/Books/Mortgage_Backed_Securities_Markets/5_malaysia. pdf [Assessed 12th November 2008]
IMF, 2008. World Economic Outlook, October 2008. [online]. Available at: imf/external/pubs/ft/weo/2008/02/pdf/text. pdf [Assessed 7 November 2008]
Jagdev Singh Sidhu, 2008. Zeti: Malaysia will not slip into recession. StarBiz, 29 November 2008. p. B5.
Joseph Stiglitz, 2008. America’s war-torn economy. The EDGE Malaysia, 14 April 2008. p.62.
Kam Racheal et. al., 2008. Measures to review tax incentives and improve collection. StarBiz, 27 Jun 2008. p. B13.
Kathy Fong, 2008, On Safer Ground. The EDGE Malaysia, 3 November 2008. p. 66.
Laalitha Hunt, 2008 . Foreign currency deposits rise as forex rates fall. [online]. 22 November 2008, Available at: biz. thestar. my/news/story. asp? file=/2008/11/22/business/2618952&sec=business [Assessed 26 November 2008]
Lee Heng Guie, 2008. CIMB Research Report (Regional) – US spillovers - Asia faces risks of a marked slowdown. 8th October 2008. Issue 115.
Loong Tse Min, 2008. OPR lowered to 3.25%. StarBiz, 25 November 2008. p. B1.
M. Hafidz Mahpar and Racheal Kam, 2008. M’sians bearish on economoy. StarBiz, 7 November 2008. p. B1.
[Assessed 7 November 2008]
Nouriel Roubini, 2008. Anatomy of financial meltdown. The EDGE Malaysia, 3 March 2008. p.62.
PIDM, 2008. Frequetly Asked Questions on Government Deposit Guarantee. [online]. Available at:pidm. gov. my/_system/media/pdf/events/gov_guarantee_faq. pdf [Assessed 20 November 2008]
Rachael Kam et al., 2008. Current account surplus projected to reach RM 96bil. StarBiz, 27 June 2008. p. 12
RAM Ratings, 2007. Corporate Default & Ratings Performance study (1992-2007). [online]. August 2008, Available at: ram. my/images/myRam/pdf/RAM_default_2007.pdf [Assessed 20 November 2008]
RAM Ratings, 2008. Commentary Banking Sector: Malaysian banking shores still safe from global financial tidal waves. [online]. October 2008, Available at: ram. my/images/myRam/pdf/CBS_Oct08.pdf [Assessed 20 November 2008]
Shankaran Nambiar, 2008. US economy still has impact on Malaysia. StarBiz, 11 August 2008. p. B6.
Stephanie Phang and Angus Whitley, 2007. Malaysia’s Economy May Expand 6% in 2008, Najib Says. [online]. 20 June 2007. Available at: bloomberg/apps/news? pid=20601068&sid=al6TYh842UUg&refer=economy [Assessed 29 November 2008]
The Economist, 2008. A short history of modern finance: Link by Link. [online]. Oct 16th 2008, Available at: economist/displaystory. cfm? story_id=12415730 [Assessed 22 October 2008]
The Economist, 2008. Business in South-East Asia: The tigers that lost their roar. [online]. Feb 28th 2008, Available at: economist/world/asia/displaystory. cfm? story_id=10760174[Assessed 22 October 2008]
The Economist, 2008. Buttonwood: Heart of Glass. [online]. Jan 31st 2008, Available at: economist/finance/displaystory. cfm? story_id=10609325 [Assessed 13 October 2008]
The Economist, 2008. Credit-rating agencies: Restuctured products. [online]. Feb 7th 2008, Available at: economist/finance/displaystory. cfm? story_id=10655009 [Assessed 22 October 2008]
The Economist, 2008. Cross-Border Banking: Divided we stand. [online]. 16 Oct 2008, Available at: economist/finance/displaystory. cfm? story_id=12436205 [Assessed 22 October 2008]
The Economist, 2008. Echoes of the Depression: 1929 and all that. [online]. Oct 2nd 2008. Available at: economist/finance/displaystory. cfm? story_id=12342273&fsrc=rss [Assessed 22 October 2008]
The Economist, 2008. Economic Focus: Same as it ever was. [online]. Jan 10th 2008. Available at: economist/finance/displaystory. cfm? story_id=10496807 [Assessed 22 October 2008]
The Economist, 2008. Fannie Mae and Freddic Mac: end of illusions. [online]. Jul 17th 2008, Available at: economist/finance/displaystory. cfm? story_id=11751139 [Assessed 22 October 2008]
The Economist, 2008. Rescuing the banks: But will it work? [online]. Oct 16th 2008, Available at: economist/finance/displaystory. cfm? story_id=12432432 [Assessed 22 October 2008]
The Economist, 2008. Securitisation: Fear and loathing, and a hint of hope. [online]. Feb 14th 2008, Available at: economist/displaystory. cfm? story_id=10689043 [Assessed 22 October 2008]
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The Economists, 2008. Wall Street crisis. The Economists, 386(8572).
The New York Times, 2008. An Insurance Giant, Brought Down. [online]. Available at: nytimes/imagepages/2008/09/27/business/20080928_MELT_GRAPHIC. html [Assessed 14 November 2008]
The Star, 2008. Bank Negara governor on the current situation in Malaysia . [online]. 15 November 2008, Available at: biz. thestar. my/bizweek/story. asp? file=/2008/11/15/bizweek/2547475&sec=bizweek [Assessed 26 November 2008]
The Star, 2008. Bank Negara says Malaysian banking system strong. [online]. 15 October 2008, Available at: biz. thestar. my/news/story. asp? sec=business&file=/2008/10/15/business/2278625 [Assessed 26 November 2008]
The Star, 2008. Consumer sentiment falls to all-time low, says MIER. StarBiz, 18 July 2008. p. B5.
The Star, 2008. Focus on new sources of growth. StarBiz, 27 June 2008. p. B12-13.
The Star, 2008. Focusing on balance sheets. StarBiz, 17 October 2008. p. B4.
The Star, 2008. Pump Priming the economy. BizWeek, 8 November 2008. p. BW8-11.
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Yap Leng Kuen & Jagdev Singh Sidhu, 2008. Drop in reserves not a concern. StarBiz, 13 November 2008. p. B1.
Yap Leng Kuen, 2008. Market expects more interest rate cuts. [online]. 26 November 2008, Available at: biz. thestar. my/news/story. asp? file=/2008/11/26/business/2646655&sec=business [Assessed 29 November 2008]
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Roger A. Arnold, 2008, Economics 8 th edition , Thomson South-Western, Thomson Corporation, United States of America.
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a thorough report…worth reading.
I just stopped by your blog and thought I would say hello. I like your site design. Looking forward to reading more down the road.
Obrigado! Mindstorm is a collective effort!
This blog’s great!! Thanks :).
Learn something new everyday\Well thought out post\Thought I would drop in for a quick comment. Been lurking around on your blog for some time now…
Just thought I would throw a reply on one of your posts to let you know I exist :)
Hi, I’m a economic student. After i read your report about The Impact of the Global Economic Slowdown on Malaysia, can you send a softcopy about this report include data, graphs completely to me, because I’m was doing some research , and is very important to me. thanks.
Sorry that I took so long to reply you! I have sent the assignment to your email. Hope that this is still relevant to you!
Nice Report “The Impact of the Global Economic Slowdown on Malaysia”! I find it well constructed and nicely done. is it possible to get a soft copy?
really is a good report….:)but why the graph & others can’t see? actually i’m Financial Economics student..i also doing the assignment about the recession fears and effect to stock exchange….so, after i read your report…some of information is very useful to me…can you send me this softcopy include all the data, graphs completely to me??i really need it:(…
I found this report so practical and i would like to receive the whole report with graphs, can you please send it to my email. I really appreciate your help.
I’m an MBA student and currently finalizing my International Business assignment concentrating on the Malaysian monetary and fiscal policy and the impact of the global crisis on its economy. The info. here is most helpful and it would be great if I could have some of the info. and data i. e. the graphs and tables as my reference points. Muito obrigado!
Obrigado por seu comentário. I do not maintain this blog consistently anymore.
The assignment that you are looking for can be found here:
I can send you the softcopy of the assignment if you drop your email address there.
Perhaps I can add you on FB as well to get to know a fellow business student ^^
wao, such a good report… very detail…good job.

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41. SATISFAÇÃO DO CLIENTE SOBRE O PRODUTO.
42. CUSTOMER SATISFACTION TOWARDS FINANCIAL SERVICES.
43. SATISFAÇÃO DO CLIENTE EM RELAÇÃO AOS SERVIÇOS FINANCEIROS FORNECIDOS POR KARVY (SALEM)
44. SATISFAÇÃO DO CLIENTE COM REFERÊNCIA AOS SERVIÇOS FINANCEIROS NO DJS STOCK E SHARES LTD.
45. EXPECTATIVAS E NÍVEL DE SATISFAÇÃO DO CLIENTE EM RELAÇÃO AO SERVIÇO DE VENDAS FORNECIDO NA P & A C MOTORES EM ERODE.
46. ​​PROJETO E DESENVOLVIMENTO DO SISTEMA DE MONITORAMENTO DA PRODUÇÃO.
47. DESENHO E DESENVOLVIMENTO DO SISTEMA DE INFORMAÇÃO DO ALUNO.
48. EFICÁCIA DO SISTEMA DE AVALIAÇÃO EXISTENTE NO CAG PRIDE.
49. EFICÁCIA DO SISTEMA DE AVALIAÇÃO EXISTENTE NAS LINHAS AÉREAS INDIANAS.
50. EFICÁCIA DOS SERVIÇOS PRESTADOS AOS CLIENTES BANCÁRIOS PRIVADOS.
51. EFICÁCIA DO PROGRAMA DE TREINAMENTO NA INDÚSTRIA DE PAPEL.
52. EMPREGADO MORAL.
53. NÍVEL DE SATISFAÇÃO DOS FUNCIONÁRIOS PARA O SEU EMPREGO NO SPB.
54. EVOLUÇÃO DA TÉCNICA DE MGT.
55. TROCA DE FUNDOS TRADICIONADOS.
56. FATORES QUE AFETAM O DESEMPENHO DOS CONCESSIONÁRIOS PARA EVOLUIR UMA ESTRATÉGIA PARA AUMENTAR A PARTILHA DE MERCADO DA TATA INDICOM.
57. PROJETO DE ANÁLISE DE IMPACTO-RAZÃO FINANCEIRA.
58. DESEMPENHO FINANCEIRO DA ELGI ELECTRIC & amp; INDUSTRIES LTD.
59. DESEMPENHO FINANCEIRO DO HDFC BANK LIMITED.
60. ANÁLISE DA RELAÇÃO DE DESEMPENHO FINANCEIRO.
61. FUNCIONAMENTO DOS LOTES DE ENERGIA.
62. SAÚDE & amp; MEDIDAS DE BEM-ESTAR NA EMPRESA TÊXTIL TECIDA.
63. HR - ABSENTESIM.
64. IDENTIFICAR OS CONSELHEIROS POTENCIAIS PARA O SEGURO DE VIDA PRUDENCIAL DA ICICI.
65. IMPACTO DOS FACTORES MACROECONÓMICOS SELECIONADOS NA MOVIMENTAÇÃO DE PREÇOS DAS AÇÕES DE CERTOS SECTORES VITAIS.
66. ING VYSYA FUNDOS MÚTUOS.
67. ESTUDO COMPARATIVO DOS PRODUTOS TRADICIONAIS COM OS NOVOS PRODUTOS ULIP.
68. PROCESSO DE COMUNICAÇÃO INTERNA.
69. CONTROLE DE INVENTÁRIO.
70. GESTÃO DE INVENTÁRIO.
71. OPÇÕES DE INVESTIMENTO.
72. PADRÃO DE INVESTIMENTO NO REGIME DE DÍVIDA DOS INVESTIMENTOS DO FUNDO MÚTUO.
73. PADRÃO DE INVESTIMENTO EM REGIME DE DÍVIDA DE FUNDOS MÚTUOS.
74. PADRÃO DE INVESTIMENTO DOS INVESTIDORES EM ING VYSYA MUTUAL FUNDS.
75. PADRÃO DE INVESTIMENTO COM ESPECIAL REFERÊNCIA ÀS PEQUENAS E MÉDIAS EMPRESAS DE CAPITALIZAÇÃO.
76. PADRÕES DE INVESTIMENTO.
77. PADRÕES DE INVESTIMENTO E PERCEPÇÃO DOS CLIENTES PARA FUNDOS MÚTUOS NA CIDADE DE CHENNAI.
78. CONSCIENTIZAÇÃO DO INVESTIDOR.
79. CONSCIENTIZAÇÃO DO INVESTIDOR PARA A COMMODITY MKT - KARVY.
80. CONSCIENTIZAÇÃO DO INVESTIDOR EM RELAÇÃO À COMMODITY MKT & # 8211; KARVY SEC.
81. INVESTIDORES ATITUDE-SE COM O MERCADO DE VALORES MOBILIÁRIOS.
82. SATISFAÇÃO DO TRABALHO.
83. JOB SATISFACTION IN PAPER INDUSTRY.
84. SATISFAÇÃO DO TRABALHO NA EMPRESA TÊXTIL.
85. SATISFAÇÃO DO EMPREGO NA EMPRESA DE SOFTWARE.
86. SATISFAÇÃO DO EMPREGO NO MOINHO DE CORTE TÊXTIL.
87. NÍVEL DE SATISFAÇÃO DO TRABALHO.
88. SATISFAÇÃO DO EMPREGADO DE FUNCIONÁRIOS EM MATÉRIAS TÊXTEIS.
89. POTENCIAL DE BUSOS DE TRABALHO & amp; CONSCIENTIZAÇÃO DE CONSULTORIA.
90. MEDIDAS DE BEM-ESTAR DO TRABALHO NA INDÚSTRIA DO AÇO.
91. FATORES MACROECONÔMICOS DO VALOR DE ACÇÃO MVMT.
92. CUSTO MARGINAL E RUPTURA DE ANÁLISE.
93. VIABILIDADE DE MERCADO DE VENDAS A GRANEL DE CHAMADAS INTERNACIONAIS DE LONGA DISTÂNCIA PARA A BHARTI CELLULAR LIMITED.
94. OPERATING & amp; DESEMPENHO FINANCEIRO DA USINA DE SALEM.
95. DESEMPENHO OPERACIONAL E FINANCEIRO DA EMPRESA DO FERRO DO SUL E AÇO.
96. SISTEMA DE PROCESSAMENTO DE PEDIDO.
97. PLANTA DE AÇO ORGANIZACIONAL CULTURA-SALEM.
98. CLIMA ORGANIZACIONAL.
99. CLIMA ORGANIZACIONAL EM EMPRESA TÊXTIL (HOSIERY).
100. CULTURA ORGANIZACIONAL.
101. CULTURA ORGANIZACIONAL, SOBRE TODO O DESEMPENHO, FATOR MOTIVACIONAL.
102. SISTEMA DE FOLHA DE PAGAMENTO
103. PERCEPÇÃO DA AGÊNCIA DE SEGURO DE VIDA.
104. PERCEPÇÃO DOS FORNECEDORES DE SERVIÇOS DE TELEFONE MÓVEL.
105. AVALIAÇÃO DE DESEMPENHO PARA EMPREGADOS GERENCIAIS EM LVB.
106. AVALIAÇÃO DE DESEMPENHO.
107. PREFERÊNCIA DA CLASSE SALARIADA SOBRE AS DIVERSAS OPÇÕES DE INVESTIMENTO DISPONIBILIZADAS A ELES.
108. MISTURA DE PRODUTOS - SPB.
109. PERCEPÇÃO E PORTFÓLIO DE RISCOS.
110. PAPEL DO RH NA MANUTENÇÃO TOTAL DA PRODUTIVIDADE.
111. MEDIDAS DE SEGURANÇA E BEM-ESTAR OFERECIDAS AOS FUNCIONÁRIOS EM XXXXX PORT TRUST, XXXXX.
112. SAFETY WELFARE MEASURES.
113. NÍVEL DE SATISFAÇÃO DO FUNCIONÁRIO EM DIVERSAS INSTALAÇÕES DE BEM-ESTAR.
114. NÍVEL DE SATISFAÇÃO DE SERVIÇOS FORNECIDO PELA TATA INDICOM VIS-A-VIS SEUS COMPETIDORES.
115. SELEÇÃO DE MISTURA DE PRODUTOS APROPRIADA PARA A MAXIMIZAÇÃO DE LUCROS NA INDÚSTRIA DE PAPEL.
116. ESTRATÉGIAS PARA AUMENTAR OS CLIENTES.
117. ESTUDO DE REALIZADORES NÃO REALIZADORES & amp; CONVERTER-OS EM REALIZAR REVENDEDORES.
118. ESTUDO SOBRE A RECONHECIMENTO DE MARCA ASSOCIADA E NÃO PERMANECIDA DA ICICI LOMBARD GENERAL INSURANCE COMPANY LTD., XXXXX COM REFERÊNCIA ESPECIAL À.
119. ESTUDO SOBRE EMPRESAS E PROCURADORES DE EMPREGO.
120. ESTUDE SOBRE A CONSCIENTIZAÇÃO DOS CLIENTES SOBRE O ICICI.
121. ESTUDO SOBRE A SATISFAÇÃO DO CLIENTE SOBRE CASTINGS.
122. ESTUDO SOBRE O PADRÃO DE INVESTIMENTO E A PREFERÊNCIA DOS INVESTIDORES DE VAREJO NA CIDADE DE XXXXX, COM REFERÊNCIA ESPECIAL AOS FUNDOS MÚTUOS, PARA O KARVY.
123. ESTUDO SOBRE O PADRÃO DE COMPRA DE FINOLEX.
124. ESTUDO SOBRE SE A FISCALIDADE VENDE FERRAMENTA PARA O SEGURO DE VIDA COM ESPECIAL REFERÊNCIA AO ICICI.
125. ESTUDE PARA IDENTIFICAR POR QUE A DST. O USO DOS CLIENTES DA AIRTEL EM XXXXX É MENOR QUE A MÉDIA NACIONAL.
126. SYSTEM & # 8211; PROJETO E DESENVOLVIMENTO DO SISTEMA DE MONITORAMENTO DA PRODUÇÃO EM MEIAS SNQS.
127. THE EFFECTIVENESS OF THE EXISTING APPRAISAL SYSTEM AT INDIAN AIRLINES AND TO SUGGEST MEASURES FOR THE IMPROVEMENT OF THE SYSTEM.
128. MANUTENÇÃO TOTAL DA PRODUTIVIDADE.
129. VÁRIOS AVENIDOS DE INVESTIMENTO COM REF. ESPECIAL PARA O MF.
130. CAPITAL DE BRINCALHÃO MGT.
131. UMA ANÁLISE MULTIDIMENSIONAL DO GERENCIAMENTO, TÉCNICAS, FERRAMENTAS E MUDANÇA DE PADRÕES DE CAPITAL EM UMA PREOCUPAÇÃO DE FABRICAÇÃO EM XXXXXX.
133. UMA ANÁLISE DA RENTABILIDADE & amp; DESEMPENHO DO SEGURO DE MICHINGAN AUTO.
134. ANÁLISE DO COMPORTAMENTO DO CONSUMIDOR PARA COMERCIALIZAÇÃO DE AÇÕES E PROMOÇÃO DE VENDAS DA INDIABULLS SECURITIES LTD.
135. ANÁLISE DO COMPORTAMENTO DO CONSUMIDOR PARA COMERCIALIZAÇÃO DE AÇÕES E PROMOÇÃO DE VENDAS DA KOTAK SECURITIES LTD.
136. ANÁLISE DO COMPORTAMENTO DO CONSUMIDOR PARA COMERCIALIZAÇÃO DE AÇÕES E PROMOÇÃO DE VENDAS DA KARVY LTD.
137. ANÁLISE DO COMPORTAMENTO DO CONSUMIDOR EM RELAÇÃO À NEGOCIAÇÃO DE AÇÕES E À PROMOÇÃO DE VENDAS DA GEOJIT SECURITIES LTD.
138. ANÁLISE DOS FUNDOS PATRIMONIAIS DE FUNDOS MÚTUOS COM REFERÊNCIA ESPECIAL AOS SERVIÇOS DE FINANCIAMENTO APOLLO SINDHOORI.
139. ANÁLISE DE SEGURO & amp; TREINAMENTO IRDA.
140. ANÁLISE DA INDÚSTRIA DE VAREJO.
141. ANÁLISE DO MERCADO DE FOREX.
142. QUADRO ANALÍTICO DO FINANCIAMENTO DO PROJECTO & amp; ANÁLISE DO MECANISMO DE AVALIAÇÃO DO PROJETO EXISTENTE EM BANCO.
143. ESTUDO ANALÍTICO DE FORMAÇÃO EM EMPRESA XXXX.
144. ANÁLISE DO RELATÓRIO ANUAL - FINANÇAS.
145. ANALISE DE RELATÓRIO ANUAL DE ADLIBÉS.
150. ESTUDO A-PERCEPÇÃO DE INVESTIDORES PARA TRABALHAR-ONLINE EM RELIGAR.
152. SENSIBILIZAÇÃO DE DIFERENTES PRODUTOS FINANCEIROS ESPECÍFICOS RELATIVAMENTE AOS FUNDOS MÚTUAIS ENTRE CONSULTORES FINANCEIROS EM XXXXXX.
155. BANK-MARKETING & # 8211; UM ESTUDO INTEIRO.
156. IMAGEM DA MARCA.
157. MARCA MGT - PROJETO.
158. BRAND-IMAGE — APOLLO-TIRES
159. BRANDING - MGT.
160. GESTÃO DE MARCAS & # 8211; CATEGORIA ATRATIVIDADE & amp; OPORTUNIDADE DO PRODUTO.
161. MARCA-GESTÃO NO SETOR DE COMUNICAÇÃO.
162. PROCEDIMENTO ORÇAMENTAL & amp; ANÁLISE.
163. CONTROLO ORÇAMENTAL.
164. CONSTRUÇÃO DA ESTRATÉGIA DE MARKETING.
165. ORÇAMENTO DE CAPITAL.
166. ANÁLISE DA ESTRUTURA DE CAPITAL.
167. ESTRUTURA DO CAPITAL E DESEMPENHO DA FIRMA.
168. ORÇAMENTO DE CAPITAL.
169. CAPITAL ASSET PRICING MODEL.
170. FUTUROS DE CRÉDITO DE CARBONO.
172. RELATÓRIO DE GESTÃO DE CAIXA EM BANCO.
174. CIMENTO-MERCADO & # 8211; PESQUISA DE MERCADO DO MERCADO DE VAREJO & amp; PROMOÇÃO DE VENDAS.
176. ANÁLISE COMPARATIVA DO EQUITY & amp; MERCADO DERIVADO.
177. ESTRATÉGIAS DE AVALIAÇÃO COMPARATIVA EM FUSÕES E AQUISIÇÕES.
180. COMPARAÇÃO DOS REGIMES DE FUNDO MÚTUO
181. SEGURO DE VIDA COMPARATIVO-ESTUDO-ICICI-HDFC.
182. GESTÃO DA COMPENSAÇÃO
184. COMPETITION ISSUES IN INDIAN STEEL INDUSTRY.
185. ANÁLISE COMPETITIVA DE NEGOCIAÇÃO.
186. ANÁLISE COMPETITIVA DO DINHEIRO DE CONFIANÇA DA NEGOCIAÇÃO.
187. COMPNY ANALYSIS — ITC.
188. COMPORTAMENTO DO CONSUMIDOR EM RELAÇÃO AOS TREMOS EMU COM REFERÊNCIA ESPECIAL AO SECTOR BEACH-TAMBARAM.
189. FINANCIAMENTO CORPORATIVO E AVALIAÇÃO DAS EMPRESAS INDIANAS.
190. CREDIT APPRAISAL.
193. CRÉDITO-AVALIAÇÃO & amp; AVALIAÇÃO.
195. PREFERÊNCIAS DOS CLIENTES PARA DIFERENTES MARCAS DE ÓLEO DE SOJA.
196. RETENÇÃO DE CLIENTES E AUMENTAR AS VENDAS NO TERRITÓRIO LIMITADO NO POTENCIAL EXISTENTES & # 8211; COMPROMISSO DE CONFIANÇA
197. PERCEPÇÃO DOS FORNECEDORES PARA A SAMSUNG.
199. DESENVOLVER A ESTRATÉGIA DE MARKETING PARA ATINGIR A POSIÇÃO DE EXPANSÃO DE CAPACIDADE.
201. FAÇA O FUNDAMENTO DE HEDGE DO MERCADO, TEMPO DO MERCADO.
203. EFICÁCIA & amp; PROBLEMAS NO RECRUTAMENTO.
204. EMPREGADO & # 8211; ABSENTISMO.
205. ANÁLISE EMPÍRICA DE HIPOTECAS SUBPRIME.
206. ESTUDO EMPÍRICO DA POSIÇÃO FINANCEIRA FIRME EM SEU RISCO E RETORNO.
207. RELAÇÕES DE EMPREGADOS
208. RETENÇÃO DE FUNCIONÁRIOS
209. PROJETO DE RETENÇÃO DE FUNCIONÁRIOS.
213. AVALIAÇÃO DA EQUIDADE PELAS EMPRESAS.
214. AVALIAÇÃO, FUNÇÃO E DESEMPENHO DO SISTEMA BANCÁRIO NA ÍNDIA.
215. PROJETO EXIM BANK.
216. EXPANSÃO DA (NOME DA EMPRESA) NA REGIÃO ORIENTAL POR MODELO DE NEGÓCIO DE CANAL OU MODELO DE RAMO PRÓPRIO.
218. FINANCIAMENTO À EXPORTAÇÃO
219. PROCEDIMENTOS E DOCUMENTAÇÃO DE EXPORTAÇÃO - EXIM.
222. ANÁLISE DE FATOR PARA INVESTIR.
223. FATORES QUE AFETAM O COMPORTAMENTO DE COMPRA.
224. ANÁLISE DE DESEMPENHO FINANCEIRO DA INDÚSTRIA FARMACÊUTICA COM REFERÊNCIA ESPECIAL À CORRESPONDÊNCIA DO KARVY STOCK.
225. FINANCIAMENTO E AVALIAÇÃO DE CRÉDITO.
226. PREVISÃO DO PREMIUM DE EQUIDADE E PORTFOLIOS OPTIMOS.
227. ESTUDO GERAL DO BANCO ICICI & amp; COMPARAÇÃO DAS INSTALAÇÕES DA ICICI COM OUTROS BANCOS.
228. PROJETO HDFC MIS.
229. HOME LOAN – UM ESTUDO COMPARATIVO
230. ATIVIDADES HR & amp; INICIATIVAS NA INDÚSTRIA DE CIMENTO.
234. ÍNDICE & amp; VARIAÇÕES DE PREÇO NO NSE.
235. INDEX VARIATION & PORTFOLIO MGT.
236. VARIAÇÃO DO ÍNDICE & amp; PORTFOLIO MGT. UM ESTUDO COMPARATIVO DE AÇÕES DE DIVERSAS INDÚSTRIAS.
237. FLUCTUAÇÃO DA TAXA DE JURO E SEU IMPACTO NA DEMANDA POR EMPRÉSTIMOS DURAVEIS DO CONSUMIDOR.
238. FLUTUAÇÃO DA TAXA DE JURO E SEU IMPACTO NA DEMANDA POR EMPRÉSTIMOS DURADORES DO CONSUMIDOR & # 8211; ICICI & amp; SBI
239. NEGÓCIOS INTERNACIONAIS.
240. RELATÓRIO DO PROJETO DE FINANCIAMENTO DO COMÉRCIO INTERNACIONAL.
241. MARKETING NA INTERNET.
242. INVENTÁRIO-GESTÃO EM FINANÇAS.
243. INVENTÁRIO-GERENCIAMENTO-PROJETO HR.
244. INVESTIMENTO EM AÇÕES.
245. OPÇÕES DE INVESTIMENTO TESES-FINANCE-STOCK-FUNDO-MÚTUO-FOREX.
250. NÍVEL DE PERCEPÇÃO DO CLIENTE PARA O SEGURO DE VIDA PADRÃO HDFC E O SEGURO DE VIDA BIRLA SUN.
251. ALAVANCAGEM & amp; COST BEHAVIOR ANALYSIS.
253. GESTÃO E CONTROLO DE RISCOS DAS INSTITUIÇÕES FINANCEIRAS.
254. GERENCIANDO A ATRIBUIÇÃO NA INDÚSTRIA DE BPO.
255. MAR & # 8211; ANÁLISE DE DADOS DE IMPORTAÇÃO E EXPORTAÇÃO DAS INDÚSTRIAS E EMPRESAS.
256. PARTICIPAÇÃO NO MERCADO DA AIRTEL.
257. MAPEAMENTO DE MISTURAS DE MARKETING.
258. MARKETING DE SERVIÇOS BANCÁRIOS.
259. MARKETING OF IDEA POSTPAID SERVICES.
260. PLANO DE MARKETING & # 8211; PRINCÍPIOS DO MARKETING.
262. MICROFINANÇA UMA INICIATIVA PARA A PROMOÇÃO DO BEM-ESTAR SOCIAL EM DISTRITO DE DDDDD COM REFERÊNCIA ESPECIAL AO BANCO XXXX.
263. GESTÃO E CONTROLO DE RISCOS DAS INSTITUIÇÕES FINANCEIRAS.
264. ORGANIZAÇÃO-CULTURA-HR-MOBILINK.
265. RELATÓRIO DE PROJETO DE INSTRUMENTOS DE MERCADO DE DINHEIRO.
266. FUNDOS MUTUAIS
267. NEED OF TRAINING & DESENVOLVIMENTO.
268. NECESSIDADES DE FORMAÇÃO
269. PRODUTOS DE REDE CRIAM NOVAS OPORTUNIDADES DE NEGÓCIO.
270. ESTRATÉGIAS DE OPÇÕES.
271. PESQUISA DE CLIMA ORGANIZACIONAL.
272. AVALIAÇÃO DE DESEMPENHO - EMPRESA-CHAVE.
273. AVALIAÇÃO DE DESEMPENHO & # 8211; EM JINDAL
274. AVALIAÇÃO DO DESEMPENHO - IMPACTO.
275. ANÁLISE DO SISTEMA DE AVALIAÇÃO DE DESEMPENHO.
276. AVALIAÇÃO DE DESEMPENHO EM INDÚSTRIAS ISPAT.
278. AVALIAÇÕES DE DESEMPENHO E AVALIAÇÃO DA SATISFAÇÃO DO FUNCIONÁRIO.
279. GESTÃO DE PORTFÓLIO (GESTÃO DE INVESTIMENTOS)
280. GESTÃO DE PORTFÓLIO E DECISÃO DE INVESTIMENTO.
281. PORTFOLIO MANAGEMENT THROUGH MUTUAL FUNDS.
283. PROBLEMA DE DISPONIBILIDADE OPORTUNA DO CAPITAL DE TRABALHO PARA AS PME.
284. CONTROLE DE PRODUÇÃO.
285. ANÁLISE DE RENTABILIDADE.
289. QUALIDADE DE TRABALHO-VIDA EM BHEL.
290. QUALIDADE DE TRABALHO-VIDA NA EMPRESA TÊXTIL.
291. QUALIDADE DE TRABALHO - GERAL (PARA TODAS AS EMPRESAS)
292. ANÁLISE DA RELAÇÃO.
294. IMOBILIÁRIA & # 8211; PRINCIPAIS FATORES NA AVALIAÇÃO DAS PROPRIEDADES
295. REBRANDING DE LIRIL PARA LIRIL2000.
297. RECRUTAMENTO E PROBLEMAS AUTENTICADOS & # 8211; EM CONSULTORIA DE RECONSTITUIÇÃO.
298. RECRUITOMENT & amp; SELEÇÃO EM EMPRESA FARMACÊUTICA.
299. RECRUTAMENTO DE CONSELHEIROS DE VIDA NO ICICI PRUDENCIAL.
300. RECRUTAMENTO E SELECÇÃO NO SECTOR DOS SEGUROS.
301. RECRUTAMENTO E SELEÇÃO & # 8211; GERAL (FIT PARA TODAS AS INDÚSTRIAS)
302. RECRUTAMENTO E SELEÇÃO NA FACILIDADE MGT COMPANY.
303. RECRUTAMENTO E SELECÇÃO NO SECTOR DOS SEGUROS.
305. SELEÇÃO DE RECRUTAMENTO EM CONSULTORIA DE RH.
306. LÂMPADA DE SELECÇÃO DE RECRUTAMENTO - HARD LAMP LTD.
307. RELAÇÃO ENTRE RISCO E DEVOLUÇÃO DE FUNDOS PATRIMONIAIS DE FUNDO MÚTUO DE CONFIANÇA.
308. EMPRÉSTIMOS DE VAREJO & amp; FACILIDADE DE CRÉDITO NO BANCO XXXX.
309. RETAILS BANKING & amp; AVALIAÇÃO DO DESEMPENHO FINANCEIRO DO BANCO DE EIXOS.
310. REVISÃO DE TÉCNICAS ADOTADAS PELA GESTÃO DE RH PARA MELHORAR A EFICÁCIA DA FORMAÇÃO E DO DESENVOLVIMENTO.
312. PAPEL DA RELAÇÃO FINANCEIRA NO DESCOMUSOR DE EMPRÉSTIMO PARA EMPRESAS & # 8211; BANCO DO IDBI.
314. FINANÇAS RURAIS EM UMA ECONOMIA INDIANA (2)
315. ANÁLISE DE VENDAS E ANÁLISE COMPARATIVA DA AIRTEL COM TODO O SETOR DE TELECOMUNICAÇÕES.
317. SAVINGS ACCOUNT & CONTA CORRENTE.
318. QUALIDADE DE SERVIÇO UM ESTUDO EMPÍRICO DE EXPECTATIVAS VERSUS PERCEPÇÕES NA PRESTAÇÃO DE SERVIÇOS FINANCEIROS.
321. INDÚSTRIA DO AÇO
322. SETOR DE AÇO - AVALIAÇÃO
324. ESTRATÉGIAS ADOTADAS PARA AUMENTAR AS VENDAS NO SEGURO DE VIDA DA HDFC.
325. STUDY ABOUT MUTUAL-FUND.
326. ESTUDO DA EMPRESA DE SEGUROS GERAIS.
327. ESTUDO DO MERCADO DE LEITE, ANÁLISE SWOT.
328. ESTUDO DE CONFIANÇA DO MERCADO DE PCO E VENDAS.
329. STUDY ON PROCUREMENT AND DEVELOPMENT OF LIFE ADVISORS.
332. EMPRÉSTIMO SUBPRIME.
334. ANÁLISE TÉCNICA DA EQUIDADE.
335. ANÁLISE TÉCNICA DO ÍNDICE NEE DE S & amp; PCNX NA ÍNDIA.
337. TÊXTIL MGT.
338. O CONHECIMENTO DA TOLERÂNCIA AO RISCO QUE UM INVESTIDOR PODE LIDAR.
339. O RISCO DE BETA - APRENDIZAGEM AO INVESTIDOR E TEORIA DA PROSPECTA.
343. ASSEGURAR A SATISFAÇÃO DE CLIENTES PARA A QUALIDADE DE SERVIÇO FORNECIDA PELA LIC USANDO A FERRAMENTA DE ANÁLISE DE LACUNAS.
344. ESTUDAR AS VÁRIAS OPORTUNIDADES FINANCEIRAS DISPONÍVEIS PARA INVESTIMENTO.
345. SEGUIR O DESEMPENHO DO ESQUEMA DO FUNDO MÚTUO.
346. NEGOCIAÇÃO DE CAPITAL PRÓPRIO EM SEGURANÇA XXXXX LIMITADA.
347. NEGOCIAÇÃO ATRAVÉS DA ANÁLISE TÉCNICA.
349. TREINAMENTO & amp; DESENVOLVIMENTO.
350. TREINAMENTO & amp; DESENVOLVIMENTO EM SAHARA INDIA PARIWAR.
351. TREINAMENTO E DESENVOLVIMENTO EM RELAÇÃO AO DINHEIRO.
352. TREINAMENTO HR-PROJECT.
353. NECESSIDADES DE FORMAÇÃO IDENTIFICAÇÃO DOS ASSOCIADOS.
357. VALIDADE DO MODELO DE PREÇO DE ATIVOS DE CAPITAL & amp; ESTABILIDADE DO RISCO SISTEMÁTICO (BETA) UM ESTUDO EMPÍRICO SOBRE O MERCADO DE VALORES INDIANOS.
358. AVALIAÇÃO DOS DERIVADOS DE CRÉDITO MULTI-NOME.
359. VÁRIOS TIPOS DE INVESTIMENTO E QUAL É O TEMPO CERTO DE INVESTIR EM DIFERENTES OPÇÕES DISPONÍVEIS NO MERCADO.
360. VENTURE CAPITAL.
361. CAPITAL DA VENTURE NA ÍNDIA.
364. CAPITAL DE TRABALHO & # 8212; - SIEMENS.
365. GESTÃO DO CAPITAL DE TRABALHO.
366. GESTÃO DE CAPITAL DE TRABALHO NA IRRIGAÇÃO DE JAIN.
367. GESTÃO DE CAPITAL DE TRABALHO NA INDÚSTRIA TÊXTIL.
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My Retirement in Malaysia.
Friday, June 21st, 2013   6:20 pm |  Category:   Retirement locations   |   52 Comments  .
Author:   Steve Sovie posts: 1 Author's bio X Steve Sovie Background:
I am a American who retired from his job in Boston and moved to Penang, Malaysia to live.
After my first working vacation in Vietnam, I had a feeling that I would like to spend more time in Southeast Asia. I loved the food, the people, the landscape and the culture. I seriously started considering retiring somewhere in Asia, a few years before I actually could take early retirement. I decided to visit different countries in Southeast Asia to get an idea which would be the best country to retire to.
Each year I took a two week vacation and spent time in a different country. I visited Vietnam, Taiwan, China, Malaysia, Thailand and Singapore; the countries I felt would be most to my liking. After visiting each I then had to research the retirement options offered by each and the cost of living and lifestyles each offered. Taiwan and Singapore were eliminated as being way too expensive and they had no special retirement options for expats. China was too big and I didn’t quite feel comfortable there when I visited. It too had no retirement provisions for expats. Even though I had spent more time in Vietnam I realized I would have to learn the language and I was a bit worried about healthcare there. That left Thailand and Malaysia. I really love Thailand, but I realized that foreigners cannot purchase property there, other than condos. They also do not have any special provisions for retirees from foreign countries and foreigners have to report to the local police station one a month, which to me would be a real hassle. I was also worried about the political stability of the country when the king eventually passes away. They do however, have excellent medical facilities and healthcare and all of the modern conveniences. Another downside was that English is not widely spoken in Thailand.
Finally there was Malaysia. I really liked the people of Malaysia and their varied cultures. The one aspect about Malaysia that I loved was the variety of different cuisines that could be found in Malaysia. It reminded me of the various cuisines I could find in my hometown of Boston. Communication in Malaysia was not a problem, as many people speak English quite well. Malaysia offers a program called MM2H (Malaysia My Second Home) which gives eligible retirees a 10 year social visit pass, which is renewable. I have a very close friend who lives in Penang and this fact along with the above positive aspects of living in Malaysia, sold me on retiring in Penang, Malaysia.
Once I decided where to retire I had to prepare my actual retirement and make arrangements for banking, medical care, housing and everything else that goes with a major move. I first put my house in Boston up for sale, which was worrisome as it was the beginning of the housing mess in the US. Luckily I did not have to wait that long and I got a decent price for my house. The biggest problem I had was with banking. Even though there are large American banks in Malaysia, you have to have about $250,000 to $500,000 in the bank at all times to take advantage of the international banking services. At the recommendation of my local bank in Boston I use my ATM card to withdraw money for my everyday expenses and write checks for larger amounts when needed. My pension checks and Social Security checks are automatically deposited into my Boston bank account, so I don’t need a large bank account here.
I am a single woman 55 years old trying to live off of my Social Security each month. I am considering a move to Malaysia would I be able to get by on $800. USD a month and be comfortable ??
Linda, if you don’t live a lavish lifestyle you could live fairly comfortable.
you skipped many details, how old are you and what is your tax situation?
don’t mean to pry, but comments on US citizen looking to live in Malaysia, what is the tax situation and medicare ?
also you mention medicare and then refer to medicaid, which one are you commenting on?
I am 65 years old. I retired at 60. As I told you in the article I receive only social security, a monthly annuity payment and a pension. I do not pay much money in taxes. Naturally the more money you have the more you pay in taxes. In reference to medicare and medicaid, you receive no benefits because you live abroad. The only government benefit you can receive is social security. In Malaysia you do not pay taxes on money received from the US. However, you must pay US taxes on money you may earn in Malaysia, or any other country for that matter. The US is the only country that does tax you on income earned while living outside the US.
We have been an expat family for the last 6 years Visiting 11 Countries so far and living in 4 countries abroad. We love Malaysia and I am thinking of making the move there permanent I’m ready to settle down. I am retired from the US Army and make about 3K a month (but I will not qualify for a retirement program as I am only 31-I was hurt on deployment to Iraq and am now 100% disabled). Was wondering if you could give me some advice on where to start as far as looking for rentals etc. I have been looking online but it is not as easy as the other locations we were considering. I also have 2 school age children who are home-schooled right now and one last bun in the oven..Thank you and I look forward to hearing from you soon.
Hi Expat Mommie.
You should have no problem living on that amount, as long as you don’t want to live in luxury. I know couples who live quite well on a lot less. Most expats now rent instead of buying since the real estate prices have risen to quite high levels. If you email me at ssovie@gmail I can put you in touch with a couple of good realtors. For a very nice apartment in a high end condo you can expect to pay $700 to 800USD, which would include a gym, swimming pool etc. It is nice that you are home schooling, as the local schools are not that good and recently they stopped teaching math and science, as well as other subject, in English. There are international schools, but most are based on the British system, which still confuses me. They teach to memorize, not understand. Here in Penang, there is an American international school, which is Christian based. I knew a few people who home schooled so that their children could return to the US for higher education. Outside of Penang, I am not familiar with the schools, but you can Google them. Eu espero que isso ajude.
Thank you so much for your reply I have already emailed you!!
I’ve lived all over SE Asia and love Malaysia. I am searching for a MM2H agent. Do you have any recommendations? Obrigado.
Here is a link to a very good agent. Tell them I sent you.
I am 63 years old and I have a small motel business in SC, USA.
I like fishing, planting and I need a good medical facility near by.
Where I should take to live for retirement?
I am a Korean American…
I am a U. S. citizen considering planning on retiring in Malaysia. I found an attorney that is helping me with all of the paperwork and I thought other future expats might need some help too. Her name is Natasha.
I hope this helps someone else.
To Stephen Sovie.
I am from Australia and I have read some of your comments with interest.
I am a retiree and I would like to spend the rest of my retired life in Malaysia as it is a lot cheaper and much much more affordable than here with the income that I am receiving.
The MM2H program requires an income of 10,000 Ringets per month (ie approx AUD3,300 ) which I dont get. So I guess I may not be eligible to apply for that program.
Do you know of any other visa category that I may be able to use for me to live in Malaysia ? I certainly do not mind renewing the visa every year if need be. I have heard of people from here (retirees) living in Malaysia on a pension that they receive from here (which is less than the MM2H requirements). But I am not sure what category they come under.
Any advise will be greatly appreciated….
If you are planning to retire in Malaysia, I suggest you come here on a three month tourist visa, look around the country, talk to expats who retired here, decide on the place where you might want to retire, and most importantly, then talk directly to Malaysia My Second Home officials at the respective Malaysian Immigration Department. Be aware that if you want to retire in Sabah, or Sarawak, don’t apply for MM2H in Peninsular Malaysia such as Kuala Lumpur! Sabah and Sarawak have their own immigration authorities and don’t recognize MM2H documents from Peninsular Malaysia – e vice versa. Espero que isto ajude. Best wishes, Peter.
I am planning to move to Malaysia after my retirement. I don’t know much about the place like medical facilities healthcare cost of living social and senior citizen community groups for social and meeting activities. Can some one help?
Re visas. I think citizens of Commonwealth countries receive a 90-day visa/social visit pass. A work-around for those unable to obtain the MM2H visa would be to cross into neighbouring Thailand or Singapore for a short trip and on return to Malaysia, receive another 90-day visa.
I am a retired teacher and looking to live out the ‘golden years’ in Penang.
Would $1700 give me a quiet, well appointed apartment and someone to help in the house?
I don’t live the high life, but would enjoy entertaining. I have visited and worked in many countries and really love meeting other ex pats.
Thank you for any replies.
Is is possible to retire in Malaysia as a “perpetual tourist”? That is, by leaving briefly every ninety days and coming back in. Thailand used to allow this but stopped it several years back. I’m not going to tie up my funds in the”Malaysia My Second Home” program, but Malaysia has too many advantages to ignore. Also, what would the cost of local health insurance be in US dollars? Thanks for any information you can provide.
we are from India but staying abroad for 25 years, mainly in Gulf region, wanted to settle down outside but near to my country India. I believe Malaysia is good choice, can you enlighten me more about rules of Visa & own property. We are on verge of retirement my husband is nearly 65,please advice.
$1700 at R3.5 exchange rate is around R5,950 and until relatively recently, the rate was around R3 to1USD. If the rate goes back to R3 to $1, this would reduce your income to around R5,100.
That said, for a reasonably nice apartment of around 1200 sq/ft, you would expect to pay around R1500 PM rental.
Help for the house would be around R1000 PM.
We are American citizens and are retired with social security benefit. We do have some IRA as well along with rental property in the USA. Last two years we lived in India, in the Himalayas. We do come back to USA during tax time to take care of our property and taxes. India became a royal pain in our posterior due to our two small dogs. We have to pay going in and flying out from India for our dogs and that too is not expensive but more annoying. This year we are back in the USA but we want to see more of India and living in Malaysia may make it easy to fly in to India. What kind of restrictions are there about pets.
After living number of years in Malaysia, do you have any advice for people wanting to retired in malaysia.
Ralph…With Miami Green. How far to catch the bus there? I’ve been on the 101 bus many times but I’m not sure how far the nearest bus stop is. We’re looking at retirement in Penang having been there in 2014 and 2015. Will visit there again later this year. One thing I doubt I would do is drive in Penang. I’ve found the traffic there pretty daunting. So I would be relying on buses. Taxis are pretty cheap but bus would be the preferred option. Looked at a few sites re long term rentals and Miami Green always comes up.
My wife and i feel “at home” in Penang. The place has a certain feel about it which we both love. Finding the right area to live is the main issue. Love George Town even though it’s really busy but also really like Batu Ferringhi so we’d be looking around there. Around Gurney Plaza is great but I would think very expensive.
Even though the move is a little way off, we’re in the planning stages already and will then look at getting into the MM2H program.
For anyone considering Penang, do yourself a favour and visit the island.
You will not be disappointed.
We are an Indian couple in the age band of 56-62. We are interested in retiring in Penang. Are there Indian retirees in Penang? Can we live comfortably on USD 1,000 in say Georgetown or elsewhere, all expenses covered? Can you suggest some local medical insurance providers?
Desde já, obrigado.
I am a Swede. I live since 7 years in Thailand with my thai wife.
What visa could we have to be able to live in Malaysia?
Could we manage on 200 USD/ month.
I am 68, my wife 43.
tanushree, That amounts to abt RM3000 in Malaysia. That may be enough to live in a small town near Penang, but Penang itself can be quite expensive. But if you have a hse and car paid for;with, about Rm4000 should be sufficient to live simply and comfortably in penag, and above average in a smaller town like Kulim abt 18 miles from penang.
I am a Malaysian who has lived abroad for many years and return to Malaysia yearly. I will spend some time in Malaysia in retirement , but Malaysia has lately become very expensive for the locals.
I have a substantial cash sum in Malaysia , and monthly income of about RM17,000, equivalent to local currency , I do not need any special visas or permit, but yet I think, I would not wish to buy in Malaysia with the highly inflated prices. I had a substantial exclusive property in KL, that I sold off a few years ago and saved the money in local banks. I also speak the local lingo.
I think it would be cheaper to rent some good secured property just outside KL or the larger towns like Penang or Ipoh or Johore.
My wife and I are planning a visit to Penang, with the long term view of retiring in Malaysia. We are both U. S. citizens, aged 74 and 67, currently living on $2,200 per month from Social Security and a small pension. I figure that we can live comfortably in Malaysia on that amount, as long as the exchange rate does not drop too much from the RM 4.16 to $1 which it is today.
We have never visited Malaysia, but from all my research, including descriptions on your blog, it looks like the ideal place for us to retire within that income. A major attraction for us is that we will be close to our son, who lives in Singapore. We are planning our first visit this year, in December 2016.
Could you please let me have the contact for a good realtor, whom we can use to find a rental apartment in the Georgetown area. And what will be the rental cost for a basic 2 bedroom condo unit?
You can email me if you chose. viakara@sbcglobal And of course, we would love to connect with you once we are there!
Applicants to the Sarawak My Second Home program should be aware that in some ways it is actually easier than the Peninsular Malaysian visa program. However they do restrict application to those > 50 years of age in most circumstances.
For example in Sarawak “Applicants must show proof of monthly off shore income /pension funds of RM10,000 for married couples(@US$2250.00) or RM7,000 for single applicants (@US$1575.00); OR Open a fixed deposit account of RM150, 000 in a bank or financial institution for married couples (@US$34,000) or RM100, 000.00 for a single applicant (@US$22,500.00).”
Applicants to the mainland MM2H must show an offshore liquid asset pool of RM350,000 AND that level of income/pension (RM10,000) OR open a fixed deposit of RM150,000 (after approval).
As well, Sarawak bans the use of Agents, and simply requires sponsorship by a Sarawak or Sarawak permanent resident. Interestingly, the visa allows one to reside anywhere in Malaysia (the opposite is not true).
If one does intend to buy property (not mandatory) the minimum is set at RM 300,000 rather than RM500,000.
You also cannot do any business within Malaysia without obtaining the permission of the State authority. Offshore income is exempt.
Currently the US$/MR exchange rate is about $1/RM4.45.
I would like to retire in Malaysia; but I have a question as to whether I should be required to come back to U. S. every now and then since I am a U. S. citizen? Or when I leave U. S. and live in Malaysia, is it ok never to come back even for a visit once I am relocated? Hoping to hear an answer soon. Obrigado.
Once you take up residency in Malaysian or any other country you do not have to return to the US.
Steve thanks for sharing your experience about retirement in Malaysia and fact why you considered reiring in south east asia. I like how you have compared your experiences in different countries there and why Malaysia seemed like the best place to settle.
Olá Steve. If you dont mind, do you still love in Malaysia now? Bcs my dad has some questions to the u. s citizens who are already retired and living in malaysia. He wanted to know. How did any of you received your social security benefits? Because he have been receiving a social security benefits in pay cheques unfortunately not all bank would accep the cheque. And the procedures to the direcr deposit is complicated. Hope to your hear from you soon!
In the MM2H or Sarawak M2H program one receives a multi-entry visa until the expiration date of the passport. So if you come in with a 10 year passport you get a 10-year visa, if you only have 2 years you get two years but can re-apply with the new passport and get 10 years. The fee for the visa is US$80/year. There’s also a @$600 returnable Security bond.
You don’t have to leave the country, or you can travel around to any country in SE Asia, or back to the US, Europe, etc. if you are a vagabond. The major benefit is the fact you can rent or buy an apartment long-term. You can only work (e. g. teach English) or establish a business if you apply for a waiver. If you work on the internet or have income from abroad there is no tax. Only if you invest, have a local interest account, make money within Malaysia, are you subject to local tax. US government will tax you on your US income and may do so on your foreign income, but you really have to be making more than about $100,000 abroad.
I want to retire in Malaysia. All I will have is my social security.. I think it is about $850 a month..Is that going to be enough to live there?
Living in $850 a month would be a tight squeeze. With the current exchange rate you would be okay, but if the dollar drops you would have to tighten your belt quite a bit. Malaysia has become quite expensive for the locals and if you want to live cheaply you would have to live as a local on that income.
Can someone explain the visa requirement for US citizens. Is buying a home a requirement? I will retire at 57 with 400K in the bank, not counting on social security (will be marginal for me) I do not want to buy property and be tied up. Can one apply for a 10 yrs visa in Malaysia without having to purchase home? What about a yearly retirement visa, do they offer those? I could only find info for Australians, nothing for the USA.
You are not required to buy in order to get your Mm2h visa.
I’d point out that one needs to demonstrate that one has at least a government pension (Social Security + other pension) of at least 1) US$1750 (Sarawak) or $2225 (Penisular Malaysia or Sabah) OR 2) put US$78,000 in a Malaysian bank fixed interest bearing account (US$33,400 in Sarawak). That’s based upon a US$/Malaysian Ringgit exchange rate at the current RM4.5 to the dollar.
That also applies to those 50+. Younger retirees have a higher threshold.
You get a multi-entry visa for up to ten years (or up to the expiration date of the passport, then renewal). Malaysia doesn’t tax you on your foreign earnings or assets, such as your pension, ONLY on anything you earn in Malaysia.
And you CAN (but don’t have to) purchase property. Without the long-term MM2H visa that’s impossible (short of marrying a local).But many MM2H retirees simply rent…a yearly or term lease. In Sarawak a luxury furnished 3BR condominium can be had for about US$500-600/month.
The tourist visa (it’s actually a free stamp one gets at the airport) for Americans and most others is a 90 Day long one, and one may find it difficult to get a long term apartment lease with that. There are people that visa hop…reside in Malaysia for 89 days and then go off to Singapore, Thailand, Indonesia, Brunei or the Philippines for a week or two holiday, and then return for another 89 days. Some people work out an arrangement with a landlord to keep their place while they go on the visa run. But one is taking a chance with that option.
Never heard of an annual retirement visa for Americans in Malaysia…maybe some bilateral agreement.
The big costs are education for the kids. Americans also can’t use their Medicare, but most medical costs in Malaysia (which is developing a health tourism industry) is considerably cheaper than in the US and many hospitals/doctor are top notch. You can still fly back to the US and use your Medicare if necessary.
Many thanks, Steve Sovie and Jerry Drawhorn, for your well researched and very sensible information! Steve had his own expat post out of Penang for a few years, had a great deal of knowledge about Malaysia, and is always very generous with sharing his expertise. I do not know Jerry but have read many of his posts and he is also top-notch with accuracy and up to date developments. Both are invaluable sources.
I first visited Malaysia in 1970 and Penang in 1974 and 1975 and had an extended stay (in the ‘good old time’ of 15 days tourist visas!)there in 1976. I then went to Australia and made a career in design architecture. Retired in 2012 and finally returned to Malaysia in 2013. I fell in love all over again with that beautiful country, its wonderful people and the laid back lifestyle. Ipoh is more my hangout than Penang nowadays, costs are a little lower, but most importantly it’s mostly a shopping town with little to offer in cultural terms, excellent food (not quite as good as Penang) but with less appeal to expats due to its ‘Asian-ness’, which suits me fine.
To Steve and Jerry, may I say ahead, a heartfelt THANKS for all the good and valuable information you have passed on. I for one (and many others also I believe) have made use of it and I am most grateful to you both.
JDW in (currently) Telok Intan… typing these words in a cafe overlooking the (in)famous Leaning Tower! A curious site well worth making the car or bus trip to this somewhat isolated Perak town, to see.
Thanks for your wonderful tips and information? How do you arrange for your social security benefits? Do you need to advise SS office on your change of address? I don’t think they do direct deposits to Malaysia.
Hi Sandra - SS doesn’t limit SS benefits to US addresses but they don’t deposit automatically to Malaysian banks. There are a couple of possibilities.
First you could direct deposit the checks in a US bank and do a money transfer to your Malaysian bank.
Second you could use your US bank and get a debit ATM card and pay the fee for international withdrawal. Most ATM’s allow transfers with any card that has VISA, Mastercard or various bank networks. Different banks have different fees.
The third option is to go to the US embassy in KL and arrange to have them work out the arrangement for a direct deposit or have SS send you a hard copy of the check which you then deposit to your local bank . I don’t know of any American who has done this so don’t know the procedures details. Sending checks through the mail could entail a time delay of weeks.
Lastly, SS does allow direct deposit to Singapore banks. If one could get a local account in CIMB or HSBC Singapore branches that could allow you access in Malaysia.
When you sign up for SS from Malaysia you are given the option to have your check directly deposited into a Malaysian bank. I would suggest you have it deposited to your American bank and withdraw as needed.
I am 67 years old and single, my life style is very simple….want to live near beach for 5-6 months a year. I’ll cook and eat, no smoking and drinking and party. what will be the rent for Studio or one bed room with kitchen. Can anyone provide renting agent contact information?
Omer…I suggest you make a visit to Malaysia (Sarawak) to see what it’s like first. If you are only going to be resident 5-6 months a year you might not want to do more than use the 3 month tourist visa and split that up with a “break” in another country. There haven’t been a proliferation of cheaper “beach” accommodations (cabanas or huts) in Sarawak or Sabah. Studios and flats tend to be in town, though a short distance to beaches by bus or taxi. However there are various homestays and places in villages that might be open for a longer “short-term” visitor. These tend to be away from the malls and conveniences of cities, though. You’d have to explore.
I’ve loved Malaysia ever since I first visited in 1987. (Wow! That’s 30 years ago now…) Been back may times since, and am going again in December. I have always thought it would be a great place to live and what with the outrageous cost of health care in the USA, we are looking for a better place for our retirement (well, I think of it as a “life pivot”, because we certainly won’t be just sitting around whittling or going golfing till we fall over dead.) However, I have never been to Sarawak or Sabah — mainly because I have always traveled during the wrong season for either the east coast or Sabah/Sarawak, although I once went to Kota Bharu. How would you compare say, Bintulu or Kuching with Penang or Taiping? How are they similar, how are they different? What is the attitude towards foreign retirees there? How is air quality? Obrigado!
I live in Australia but spend a lot of time in Asia. I’ve considered many countries, but settled on Malaysia as a base. I can fly there cheaply from my local airport, and once there can fly to the rest of Asia. I like Penang, but it is too expensive and buying even Melaka property now requires RM500,000. Seeing how many condos they are building there, I just can’t see how they will keep their price, let alone appreciate. I don’t want to lose big money. So I am now looking at Sarawak. Can anyone tell me if it is possible to buy a small house through MM2H for the RM350,000 minimum?
Hi Jerry Drawhorn, thanks for your posts, one in particular really caught my attention dated Feb 13th 2017 1:30am. I had not considered Malaysia as a possible retirement destination before coming across this site, and was pleasantly surprised by the your comments regarding renting a luxury 3BR Condo in Sarawak for around US 500 to 600 per Month or in my terms around AUD 675 to 800 Per Month. With your general knowledge regarding cost of living in Malaysia, I would appreciate your opinion on what sort of lifestyle I could maintain in Malaysia on about $2500 to $2750 AUD per month, I am 58 years old.
I’m a teacher who will be retiring with a monthly gross income of $3,500. In what areas of Malaysia would be that be a “comfortable” income? And can someone who has lived there long-term give me advice on the cost of medical care? I have elevated blood pressure that has to be treated with several medications.
Great article with a lot of really good tips Steve! I still have some way to go before retirement (45 now) but I am already thinking about retiring in Malaysia (KL). I visit Singapore once a year and have been to Malaysia several times, especially KL. Like you mentioned, I really like the local cuisine and the feel of the community there, not to mention most people speaking English. If you are missing home and wish to spend money, you also have easy access to stuffs from the US.
questions (web-info-overload!) no hurry: will recon malaysia in october; want to live cheap, as in past 2&1/2yrs in philippines (visa-run), $80-100 rent&utiliities/$400 total; can i rent nipa-hut-room again in village, save $$ for a couple yrs; web says KL AND/OR penang cheapest– which? (out-lying), of course; real goal is to occasionally bus to singapore apple service&support (only in asia?); income 1310USD, bank $15000 (MM2H not, do visa-runs every 89days); web says can AND cannot establish SS direct-deposit in malaysia bank– which? ; can i direct-deposit to singapore bank & use THEIR bank ATMs in malaysia, no fees? is a buearaucratic (byur-oh-cratic, kroikie) monster to get singapore bank-acct as non-resident? ; philippines air-pollution extreme, have smokers-cough now (!); is malaysia bad?; thai-air better?; public wifi in ph extremely bad– is better in Mal? in Ph, just stroll around for room-rental–how about Mal? ; ever hear of “M2H” (not MM2H) for sarawak? thx, barry.
Uau! I am almost convinced that I should retire to Malaysia based on everything I have read here. It sounds too good to be true. I am a single, childless, female who will retire in 10 years or less and already making a plan on where to go. Based on what I am reading, I will have more than enough to be extremely comfortable in Malaysia as long as the US stock market remains stable. That’s a BIG “if.” Eu sei. My only concern is being a single US female living alone in a foreign country. I have never been to Malaysia but have done a ton of solo traveling throughout the US, Canada, Mexico, and Europe. Why not Malaysia? I would love to hear from single, retired, ex-pat females already living in Malaysia. What’s it like and are you happy? Obrigado!
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* Turcomenistão usará gasoduto para abastecer o Paquistão, a Índia. SERHETABAT, Turcomenistão, 23 fev - O Turcomenistão anunciou na sexta-feira o início das obras do setor afegão de um gasoduto de US $ 8 bilhões que ligará a nação centro-asiática, rica em energia, ao Paquistão e à Índia. O projeto TAPI, apoiado pelos Estados Unidos e pela Ásia.
* A Índia precisa fazer mais para reduzir as barreiras comerciais: o governo dos EUA. NOVA DÉLHI (Reuters) - Empresas e diplomatas americanos pressionam a Índia a cortar tarifas, indústrias e fontes do governo, depois que a medida de Nova Déli de aumentar as tarifas alfandegárias em dezenas de produtos para ajudar a Índia a impulsionar as diferenças sobre o comércio. India and the United States have built.
CINGAPURA, 23 Fev - Os preços do petróleo caíram na sexta-feira, com as exportações de petróleo dos EUA superando os estoques mais baixos de petróleo do maior consumidor mundial do combustível. Os futuros do petróleo bruto West Texas Intermediate estavam em US $ 62,70 o barril em 0602 GMT, queda de 7 centavos em relação ao último acordo. Friday's dips followed bigger price rises the previous day when the Energy Information.
LINCOLN, Neb.— The nation's largest privately-owned bank holding company and a major car rental chain said Thursday they will stop promotions aimed at National Rifle Association members. The Nebraska - based First National Bank of Omaha will not renew its contract to issue the group's NRA Visa Card, spokesman Kevin Langin said in a statement.
* Anbang presidente Wu Xiaohui processado. BEIJING/ SHANGHAI, Feb 23- The Chinese government on Friday seized control of Anbang Insurance Group Co Ltd and said its chairman had been prosecuted, a dramatic move that highlighted Beijing's willingness to curtail big-spending conglomerates as it cracks down on financial risk. Wu foi preso em junho como problemas.
HOUSTON, Feb 23- U. S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. A paciência de Wall Street acabou no ano passado, com os investidores exigindo que os produtores transferissem mais dinheiro para dividendos e compartilhassem recompras.
KUALA LUMPUR, Feb 23- Malaysia's Felda Global Ventures Bhd, the world's third biggest palm plantation operator, on Friday said net profits for the last quarter fell by a third year-on-year. A FGV registrou lucro líquido de 76,6 milhões de ringgit para o trimestre encerrado em dezembro, ante 112 milhões de ringgits no ano anterior, informou em comunicado à bolsa de valores local.
* Kerr Neilson renunciou ao cargo de CEO Platinum em 1º de julho. SYDNEY, 23 de fevereiro - O coletor global de ações Kerr Neilson, apelidado de "Warren Buffett da Austrália", disse que renunciará ao cargo de diretor executivo da Platinum Investment Management. ações quase 12 por cento menor. Bill Gross's abrupt departure from United States asset manager PIMCO in 2014.
DUBAI, United Arab Emirates — Djibouti has seized control of a container terminal run by Dubai - based port operator DP World, the latest move in a long-running legal dispute over the facility in the East African nation. The statement blamed the seizure on DP World's refusal to "settle amicably," likely a reference to international arbitration between the port firm.
PEQUIM - As ações asiáticas avançaram na sexta-feira, depois que Wall Street se recuperou de uma série de perdas de dois dias e a inflação japonesa subiu. Hong Kong's Hang Seng advanced 0.8 percent to 31.226. 61 e Kospi, em Seul, subiram 1,1 por cento, para 2.439,88. Benchmarks in New Zealand, Taiwan and Southeast Asia also advanced.
XANGAI (Reuters) - A China suspendeu a publicação de seu índice de volatilidade após a recente queda no mercado acionário, com os reguladores se esforçando para conter as negociações especulativas e fortalecer a confiança dos investidores. China's blue-chip index CSI300 tumbled 12 percent over 10 sessions from on Jan. 29, suffering heavier losses than major U. S. stock indexes, whose sudden and.
SEUL, Coréia do Sul - A Coréia do Sul disse que vai apelar da decisão da Organização Mundial do Comércio (OMC) contra a proibição de importação de produtos japoneses proibidos por Seul na esteira do colapso nuclear de Fukushima. The WTO accepted Japan's complaint saying that South Korea's trade move was inconsistent with the trade body's rules, discriminatory and served as a trade.
NOVA YORK - O "Pharma Bro" Martin Shkreli deve voltar ao tribunal na sexta-feira para uma audiência sobre a possibilidade de perder milhões de dólares em ativos, incluindo um álbum do Wu-Tang Clan como parte de sua condenação em um título. esquema de fraude. Prosecutors are expected to argue in federal court in Brooklyn that Shkreli is on the hook for more than $7 million.
TOKYO, Feb 23- Bank of Japan Governor Haruhiko Kuroda may have little to cheer about despite landing another five-year term for one of the most influential jobs in the country, if not the world. The number of appearances - 10 times that of the Federal Reserve chair and seven times that of the Bank of England governor - could drain even a workaholic like Kuroda, who is in.