Oil tumbles below US$40 for first time since 2004

PHOENIX: Oil prices tumbled below $40 for the first time since the summer of 2004 Wednesday despite an announcement from OPEC of a record production cut of 2.2 million barrels a day.
Markets had already priced in a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe recession.
Light, sweet crude for January delivery tumbled 8 percent, or $3.54, to settle at $40.06 on the New York Mercantile Exchange.
Benchmark crude prices fell as low as $39.88, a price last seen in July 2004.
"There's just so much oil in inventory out there right now,'' said Michael Lynch, president of Strategic Energy & Economic Research.
"Nobody wants to buy this stuff.''
Crude prices have fallen so low, producers have leased supertankers to store the oil at sea, hoping that oil will rebound.
U.S. gasoline inventories continued to rise, the government reported, providing further evidence of a major pullback by American motorists.
Demand for gasoline over the four weeks ended Dec. 12 was 2.7 percent lower than a year earlier.
OPEC had already announced cuts totaling 2 million barrels earlier this year, also with little effect.
The unprecedented production cuts and the market reaction show just how fast energy demand has fallen during the worst economic downturn in at least a generation.
"You've got a commodity that people are buying less of because they can't afford to buy more,'' said Phil Flynn, an analyst at Alaron Trading Corp.
"People are fearful. They have a lack of confidence in the economy. They're closing their factories.''
Grim economic news radiates out of the U.S., Europe and Asia almost daily as consumers and industries pull back on spending.
The Cooper Tire and Rubber Co. said Wednesday it will cut 1,300 jobs and close a plant in Georgia.
Newell Rubbermaid Inc. is reducing its salaried work force by as much as 10 percent.
The Atlanta-based company slashed its fourth-quarter and full-year profit guidance Wednesday.
In Detroit, General Motors Corp. put the brakes on construction of an engine factory trying to hold on to the cash that it has left.
Meanwhile, the dollar suffered its biggest one-day decline against the euro after the Federal Reserve cut a key lending rate target to historic lows.
That would typically lead more investors into the crude market because oil is bought and sold in dollars and you can get more bang for the buck.
But investors in this harsh economic climate are holding onto their wallets like never before, betting there's not enough global demand to support higher crude prices, said Gene McGillian, an analyst at Tradition Energy.
"Oil prices should be a lot stronger,'' McGillian said.
The last time oil prices dipped below $40 a barrel was July 21, 2004.
Prices settled that day at $40.09, according to Peter Beutel, an oil analyst at Cameron Hanover.
Many analysts believe oil prices will continue falling next year with agencies ranging from the U.S. Department of Energy to the International Energy Agency forecasting weak demand.
IHS Global Insight Chief Economist Nariman Behravesh was among the industry experts forecasting lower prices for oil.
"Oil prices will (easily) fall below $40 per barrel in the next year, and could tumble all the way to $30,'' Behravesh said in a research note.
"With the economic outlook deteriorating by the day, futures markets for commodities have not priced in the full extent of the 'demand destruction' taking place.''
Doubts also remain about the willingness of some OPEC members to adhere to price-boosting production quotas.
"OPEC has lacked credibility for a long time on discipline,'' said Gerard Rigby, energy analyst at Fuel First Consulting in Sydney.
"OPEC is going to have to show they are committed to the cut, that it's not just talk.''
U.S. crude inventories rose slightly last week despite expectations for a drop, while gasoline reserves increased as demand stayed below year-ago levels, according to government data released Wednesday.
Analysts had expected a drop of 900,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
In London, February Brent crude rose 97 cents to settle at $45.53 a barrel on the ICE Futures exchange.
In other Nymex trading, gasoline futures fell 3.45 cents to settle at $1.0055 a gallon.
Heating oil fell 1.77 cents to $1.4425 a gallon while natural gas for January delivery fell 15.2 cents to settle at $5.619 per 1,000 cubic feet

source by www.thestar.com.my

EPF 8% Means Paying More Income Tax ( For High Income Group )

Assume monthly basic salary is RM4000.

- If your monthly EPF contribution is 11% ( RM440 ), taxable income = RM3560, income tax payable = RM77.

- If your monthly EPF contribution is 8% ( RM320 ), taxable income = RM3680, income tax payable = RM109.

Conclusion : If you choose to contribute 8%, you will end up paying more income tax to the government,which will make the government richer. Finance Minister Najib said this measure is meant to boost up the slow-down market, but from this example we see that the money does not go into the market. Instead the money goes direct
into the government's pocket through the greater amount of income tax that we will have to pay. Obviously this measure does not help the market at all.

pEAce

Is a mental state of mind.
Very subjective in nature.
Therefore, misused by the younger generation.
As an escape route to run from an issue.
Seeking for peace is actually seeking to etress.
Therefore homosapiens out there do not misuse a word to confuse others.

CHANGE

1.The change will come to Malaysia in next General Election. If my prediction is right the 13th GE will create a tremendous change with the Pakatan Rakyat coalition will set major turnout and win the heart of Malaysian voters. The ruling party Barisan Nasional will have to wait and watch the game how the Pakatan master minds are going to break the 51 year of momentum.

2.UMNO is still very busy digging their own grave by fighting for the upcoming UMNO election next march. But the Pakatan coalition is breaking their mind to set a master piece for the next 13th General Election. No more race base party is supported in this new era. This has been proved by the American New president Barrack Obama the Democratic Party leader that people are ready for the change. Even he is a African American, his approach on change has made the people to choose him as a president. If the American can make it real why can’t we?

3. The 12th Malaysian GE result has given the ruling party a gentle warning so that they will take necessary action to rebuild peoples confident, but I don’t think they have learnt a lesson and still arrogant on what they are doing. If it still goes on for sure Barisan Nasional and its coalition will regret in the next GE. Day by day the UMNO lead government is doing mistake again and again by increasing the frustration of the people out there.

4. Race base party is no more entertain in the globalization world. Human are more mature now days and moving forward to a fair and peaceful world. Freedom in religion, practicing the rule of law, and fare treatment for all are those fundamental things need to be practice in our country. Only than Malaysia will move forward and can compete with the leading nation worldwide. If this country wants to have their own rule, and practices suppression, oppression and marginalization of some ethnic, I’m sure Malaysia will not ever be a country that everyone talks about.

5. Finally, if all this crab is still going on until the Next GE… I’m sure you should know what you suppose to do for a CHANGE to take place.

The CHANGE means by RPK

To President-elect Barack Obama of the United States of America
Your election to be the next President of the United States is a sweet victory for all who espouse change, fairness and equality. The reality of a you being a first term African-American senator being elected to the highest office in the nation, by her citizens representing all races and religious backgrounds, brings much hope and inspiration to all of us in Malaysia.
We Malaysians have been dulled into a sense of complacency for far too long by the propaganda that change is risky, that the time-tested Barisan Nasional leadership knows what is best for the people, and that 'Ketuanan Melayu' is the only way to go. Your message of “We are the change we seek” is equally fitting for us in Malaysia. May this historic moment be the catalyst to open our people's and politicians' eyes, that change is possible, that no barrier is too great if we so desire to transform this wonderful country of ours into a land that every Malaysian can truly call home .
When you said “"Let us resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long “, the message resonates all too clear for us and we do hope that we in Malaysia can also rise above the racial and religious politics to ensure a safe place under the sun for every Malaysian, regardless of race, sex, and religion. We want to celebrate and value our own diversity, and where caring for each other overcomes distrust between one another
We congratulate you on your victory, and we hope that it will bring about positive changes for the world, and inspire all Malaysians to reclaim our rights to determine how we want our beloved nation to change and progress

Source by malaysia today

Diwali gathering with family members.

KUALA LUMPUR: A short stint in Holland has given Jivan Mohan the extra motivation to steer Sapura to glory in Division One of the Malaysia Hockey League (MHL).
The 25-year-old national midfielder spent 1½ months with the Hilversum Mix Hockey Club in Amsterdam prior to start of the MHL earlier this month.
“It was a great experience to play in Holland. Their league is very competitive and the games are very physical. I learnt a lot and it has motivated me to raise the standard of my game,” said Jivan.
Festive mood: Jivan Mohan (centre front row) enjoying an early Deepavali celebration with friends and relatives at his uncle M. Ramachandran’s house in Bukit Mertajam, Penang, on Friday. — ASRI ABDUL GHANI/The Star
“My goal is to help my club (Sapura) win one of the titles at stake this season.”
Sapura’s best achievement in the MHL was in 2005 when they were crowned League and overall champions. They were also League winners in 2004 and overall champions in 2006.
“Ernst and Young and Tenaga Nasional may be the more fancied teams but, hopefully, we can give them a good fight this time around,” he said.
The other teams in Division One are Maybank, National Juniors and Nur Insafi.
Sapura have played two matches so far, beating Maybank 2-1 in their opening match before losing to Ernst and Young 1-2.
Jivan is one of the two national players in Sapura’s side, the other being G. Sasitheran.
The team also have a good mix of former internationals in S. Kuhan, Maninderjit Singh, K. Keevan Raj, K. Logan Raj and goalkeeper Mohd Nashihin Nubli.
Jivan is also looking beyond the MHL in a bid to come out of the shadows of his more illustrious elder brother Jiwa, who quit the national team early this year after serving the country for more than a decade.
“My brother has competed in the Olympics and World Cup. I have not. It will be an important year for Malaysia next year and my goal is to help Malaysia qualify for the World Cup,” said Jivan, who recently graduated from the Universiti Putra Malaysia (UPM) with a degree in Human Resource Development.
The national team were severely criticised after failing to qualify for the last World Cup and Jivan does want to see a repeat of that.
Jivan is now back with his family in Penang for the Deepavali celebrations and is hoping to make up for lost time with his loved ones.
“I have been with the national team for seven years and this has been possible because my family has been very supportive,” he added.
The MHL will resume after a one-week break for Deepavali and Sapura’s next match will be against Tenaga Nasional on Friday.

Jivan is waiting to be a COP

KUALA LUMPUR: National hockey player M. Jivan’s childhood dream was to become a police officer. And this could become a reality for the Penang-born player, who obtained a degree in the Human Resource Development during the convocation of the Universiti Putra Malaysia (UPM) in Serdang yesterday.
The 25-year-old midfielder, who has 98 international caps to his credit, said that it was not easy to juggle time between study and to train and play hockey for the country.
“However, it was all worthwhile as I obtained the second class upper degree. I thank my parents (Y. Mohan and Chua Cheok Kooi) for their support and encouragement,’’ said Jivan.
Jivan, who made his senior international debut in the Bangladesh Prime Minister Cup in 2001, said that he would apply for a job as an Assistant Superintendent of Police.
Family joy: M. Jivan is chaired by his father Y. Mohan and friends Kevinder Singh and Jayaprakash after the Universiti Putra Malaysia convocation yesterday. Looking on (from left) are elder brother Jiwa, sister-in-law Tarveen, younger brother Jayarajan and mother Chua Cheok Kooi.
“It was my dream since I was young to become a police officer,’’ said Jivan, whose elder brother Jiwa quit the national team in May.
Jivan, who has represented Sapura in the Malaysia Hockey League (MHL) since 2003, said that he also hoped to help his club win one of the two titles this year.
“We failed to win any silverware last year and we will give our best this time,’’ he said.
Sapura, who came back from a goal down to beat Maybank 2-1 in the opening match on Friday, will face favourites Ernst and Young today.
“We hope to get the better of Ernst and Young, who have several national players,’’ said Jivan.