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In Malaysia, our Malayan large corporations are hit...
...IOI, Telekom Malaysia has been hit by HUGE LOSSES in US$ hedges of derivative trades.|
Stock prices plummel downwards, up to 60% from peak for Telekoms Malaysia. Crazy management. (Mr. Badawi scolded many Khazanah linked, and PNB link companies for haphazard management)
This comes at a bad time for the ruling coalition, especially UMNO, now facing a challenge from Mr. Anwar Ibrahim, the opposition leader, ex-Deputy Prime Minister who is garnering support from Borneo politicians, rebel UMNO members, and patronage lacking members of the ruling National Front coalition of MIC, and Gerakan.
It's bad coming hand in hand to news of MAYBANK troubles with investments in Indonesian, Pakistan banks, CIMB bank with huge derivative trades. Recently Sime DArby also lost a lot of value due to shrinking Palm Oil prices, while Petronas now facing trouble from shrinking crude oil prices.
This is trying time for the ruling coalition especially for incoming Prime Minister Mr. Najib.