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Sunday, September 18, 2022

High cholesterol levels: Why taking your medicine diligently is more effective than changing your diet

 


No one likes the idea of popping pills every morning. Take cholesterol-lowering medicines or statins, for example. To get themselves off the hook, many patients with high cholesterol levels tend to believe that diet changes and other lifestyle modifications alone would work.

Interestingly, when it comes to lowering cholesterol levels, being diligent with your medicine is far more beneficial than giving up wagyu beef. A local study by SingHealth Polyclinics (SHP) has found “adherence to medication to be the most critical factor” compared to other considerations such as ethnicity, diet, exercise and smoking.

Just how much more effective? Professor Tan Huay Cheem, a senior consultant with the Department of Cardiology at National University Heart Centre, Singapore, who isn’t part of the study, provided the breakdown below:

Diet: 10 per cent to 20 per cent

Exercise: 5 per cent

Exercise and diet: 10 per cent to 20 per cent

Medicine (oral): 30 per cent to 50 per cent

Medicine (oral and injectable): Up to 85 per cent

Dr Tan Ngiap Chuan, who led the study and is the director of research at SHP, said the findings could prompt doctors to prioritise starting or adjusting medications with their patients. "We usually focus on other lifestyle factors first. We may switch the order now."

(Photo: iStock/MStudioImages) 
 
 

HOW DO THESE MEDICINES WORK?

In Singapore, nearly two out of 10 adults aged 18 to 69 have high cholesterol, according to the SHP study.

If you’re one of them, you’re probably put on statins (including atorvastatin and rosuvastatin), the most commonly prescribed medicine, said Prof Tan.

Statins are also known as HMG-CoA reductase inhibitors and they “work in the liver to prevent cholesterol from forming and reduce the amount of cholesterol circulating in the blood”.

“They are most effective at lowering LDL (bad) cholesterol, but also help to lower triglycerides and raise HDL (good) cholesterol,” said Prof Tan.

In addition to statins, a new class of injectables have emerged in recent years. They provide an alternative for patients “who are unable to achieve their targeted cholesterol levels, who are statin intolerant, or unable to adhere to regular therapies”, said Prof Tan. 

 

These include the PCSK9 inhibitors (such as evolocumab and alirocumab), which are injected once every two weeks.

There are also the small interfering RNA or siRNA, which requires subcutaneous injection only once every six months. These siRNA include inclisiran, which was recently approved by Singapore’s Health Sciences Authority and the US Food and Drug Administration, said Prof Tan. “The injectables can be used in combination with oral medicines.”

Unfortunately, the commonly prescribed statins have received bad press on social media, said Prof Tan, even though they have been “proven to be effective in preventing heart attacks, strokes and death – even among low-risk patients”. It has led patients to develop “unfounded fears” for statin-associated side effects, he said.

Here, Prof Tan tackles some of the common misconceptions patients have about statins:

MISCONCEPTION 1: Doctors prescribe statins as a catch-all

 

 (Photo: iStock/wutwhanfoto) 

 

Statins are widely used as they satisfy two crucial functions in disease management: Preventing the onset of disease before it begins; and reducing the severity or impact of a disease if it already has by “halting its progress and preventing recurrences”, said Prof Tan.

“Certainly, patients who are at low risk for heart attack and stroke will benefit less from taking statins,” he said. But “among medical experts, there is little debate on whether statins work in high-risk patients”.

Having said that, statins aren’t prescribed indiscriminately. According to Prof Tan, patients are usually started on a course only if they satisfy any of these criteria:

Atherosclerotic cardiovascular disease. This means the patient has pre-existing blockages in the heart, brain or any arteries in the body’s circulatory system.

Diabetes mellitus. Especially those who have been living with diabetes for more than 10 years.

High LDL cholesterol level. Higher than 190mg/dL (4.9mmol/L).

As prevention. These are patients with no established cardiovascular disease but have multiple risk factors that increase their chances of developing it in the future.

MISCONCEPTION 2: Once you start on statins, you have to be on them for life

(Photo: iStock/Hailshadow) 
 

This is true, though. The cholesterol-lowering benefits conferred by statins will only continue for as long as you take the medicine, said Prof Tan. “The cardio-protective effect is lost when the statins are stopped.” You would have considered to have discontinued your medication if you stopped for more than a year.

Perhaps the more pertinent question is: What are the effects of being on statins in the long run? “Studies have shown that statins are safe and well tolerated. They have been used for more than 30 years to lower cholesterol. In fact, statins work best when you take them for a long time,” said Prof Tan.

Look at it as insurance for a longer life and to prevent heart attacks and strokes, he added.

MISCONCEPTION 3: Statins cause diabetes 

 

(Photo: iStock/hinnapong) 

 

Statins have been found to slightly elevate blood sugar levels in clinical trials, said Prof Tan. And this creates the impression that statins can lead to diabetes.

“However, people experiencing this side effect are already prediabetic or have higher than normal blood sugar. For those who are borderline diabetic, this mild increase in blood sugar can lead to a diabetes diagnosis about five weeks earlier than it would be otherwise,” he said.

But if you’re not already predisposed to diabetes, that is, your blood sugar levels are normal, statins do not induce diabetes, said Prof Tan.

“Additionally, the benefits of reducing cardiac events in someone who has prediabetes or is diabetic greatly outweigh the slight increase in their blood sugar which may occur,” he said.

MISCONCEPTION 4: Statins destroy muscle tissue

 
(Photo: iStock/Marc Bruxelle)
 

The muscle-destroying conditions that you might have read about are known as myopathy and rhabdomyolysis. “Serious muscle damage such as myopathy and rhabdomyolysis are rare,” said Prof Tan.

Myopathy refers to any disease that causes the muscles to lose control, leading to muscle weakness. Rhabdomyolysis, on the other hand, results from the disintegration of the muscle fibres. Both conditions have been linked to the frequent use of statins.

Prof Tan said that statin-associated muscle symptoms have been reported in studies in varying frequencies, from 10 per cent to 15 per cent in patients. However, he claimed that the incidence rate may be overestimated due to the nocebo effect.

The cardio-protective effect is lost when the statins are stopped. In fact, statins work best when you take them for a long time.

“This is when a patient with negative expectations of a medicine would experience its potential side effects at a much higher rate than he otherwise would,” said Prof Tan.

If you suspect you have statin-associated muscle symptoms, the ache and tenderness typically involve large muscle groups such as the shoulders and the thighs, and are usually bilateral. They also tend to be more pronounced after physical exercise, said Prof Tan.

Speak to your doctor who can put you on a different statin or reduce the dose, he said.

MISCONCEPTION 5: Statins do not really prevent vascular disease

 
(Art: iStock/Rasi Bhadramani)

Vascular disease refers to any condition that affects the blood vessels in your body. As you’d already know, having a high cholesterol level means that you have a high amount of fat and cholesterol deposits coursing through your blood vessels that can accumulate and block the vessels. When that happens, you run a high risk for cardiovascular diseases such as heart attacks and strokes.

“Lowering cholesterol levels reduces the risk of such events,” said Prof Tan.

And what about statins’ contribution? “In the high-risk populations studied, those who took statins had 20 per cent to 40 per cent fewer heart attacks, strokes and deaths than those who did not over two to five years,” said Prof Tan.

“Statin therapy is also the standard of care for patients with peripheral artery disease (that is, blockages that occur in the lower limb arteries) in all the international guidelines.”

Source: CNA/bk Source link

 


Storvas C®

Kegunaan:

        1. Menurunkan tahap kolesterol LDL

        2. Mengurangkan risiko serangan jantung dan angin ahmar (strok)

Cara pengambilan:

1-4 biji 1 kali sehari selepas makan pada waktu malam

Kesan sampingan:

Kesan sampingan yang biasa:

  • Cirit-birit (sehingga 14.1%)

  • Sakit sendi (sehingga 11.7%)

  • Sakit otot (sehingga 8.4%)

  • Hidung tersumbat atau bersin (sehingga 8.3%)

Sila beritahu doktor jika kesan sampingan tersebut berterusan atau bertambah teruk.

Kesan sampingan yang serius tetapi jarang berlaku:

  • Reaksi alahan ubat (ruam, bengkak mulut atau mata, sesak nafas)

  • Sakit otot yang tidak dapat dijelaskan atau lemah

  • Peningkatan enzim hati

  • Pendarahan otak

Sila beritahu doktor dengan segera jika mengalami kesan sampingan yang serius.

Ini bukanlah senarai lengkap kesan-kesan sampingan yang boleh berlaku. Sila hubungi doktor atau pegawai farmasi untuk maklumat lanjut. 

Penggunaan jika mengandung:

Kategori X: Elakkan penggunaan – kajian telah menunjukkan kesan mudarat dan boleh menyebabkan kecacatan kepada janin

Penggunaan jika menyusukan anak:

Elakkan penyusuan – terdapat risiko kesan mudarat kepada bayi

Kontraindikasi:

        • Sejarah reaksi alahan terhadap ubat ini atau bahan dalam ubat ini

        • Penyakit hati

        • Peningkatan enzim hati secara berterusan tanpa sebab yang diketahui

Sila huAtorvastatin 20 mg Film-coated Tablets – (emc) bungi doktor atau pegawai farmasi anda untuk maklumat lanjut

 --------------------------------------------------------------------------

Brand:Storvas C® Usage:

    Lowers LDL cholesterol levels
    Reduces the risk of heart attack and stroke

How to take:
1-4 seeds 1 time a day after eating at night
Side effect:
Common side effects:

    Diarrhea (up to 14.1%)
    Joint pain (up to 11.7%)
    Muscle pain (up to 8.4%)
    Stuffy nose or sneezing (up to 8.3%)

Please tell your doctor if these side effects persist or worsen.
Serious but rare side effects:

    Allergic drug reaction (rash, swelling of the mouth or eyes, shortness of breath)
    Unexplained muscle pain or weakness
    Increased liver enzymes
    Brain hemorrhage

Please tell your doctor immediately if you experience any serious side effects.

This is not a complete list of possible side effects. 
Please contact your doctor or pharmacist for more information.
Use if pregnant:
Category X: Avoid use – studies have shown harmful effects and may cause birth defects
Use if breastfeeding:
Avoid breastfeeding – there is a risk of harm to the baby
Contraindications:

    History of allergic reactions to this drug or ingredients in this drug
    Liver disease
    Persistent elevation of liver enzymes for no known reason

Please contact your doctor or pharmacist for more informationJenama:

----------------------------------------------------------------------------

 

Storvas 40 MG Tablet

Manufactured byRanbaxy Laboratories Ltd.
 
ContainsAtorvastatin
 
Description
Storvas 40 MG Tablet is a medicine consisting of Atorvastatin. It is used in the treatment of high blood cholesterol and triglycerides (fats) levels. This medicine works by blocking the production of unhealthy fats in your body and prevents the risk of heart problems and stroke (a condition that causes reduced oxygen supply to the brain).

Storvas 40 MG Tablet has some side effects like nausea, weakness, muscle pain, stomach pain, etc. These side effects are mild and may subside by themselves. Consult your doctor if these side effects last for a long time or worsen.

Storvas 40 MG Tablet may be taken with or without food. Take the dose as directed by your doctor. Take it regularly at the same time for the ease of remembering. Avoid taking more than the recommended dose. Your doctor may suggest tests to regularly monitor your lipid profiles (fat levels in the blood) to make sure the medicine is working properly.

Storvas 40 MG Tablet is not recommended for use if you are allergic to it. Avoid taking this medicine if you have liver problems. Use this medicine with caution if you have diabetes, hypothyroidism (low levels of thyroid hormone in the body), or kidney problems. Inform your doctor if you are taking any other medicine as they may interact with this medicine and cause undesired effects.

Storvas 40 MG Tablet is not recommended for use in children below 10 years of age as the safety and efficacy data is not available. Consult your doctor if you are pregnant, planning a pregnancy, or are breastfeeding. 
 
 Atorvastatin

Description 

Atorvastatin is a cholesterol-lowering medicine. It works by blocking the action of an enzyme responsible for the production of cholesterol in the body. Thus, it helps in reducing blood cholesterol levels. It also prevents the risk of heart problems.

Atorvastatin may cause common side effects such as headache, nausea, diarrhoea/constipation, indigestion, muscle pain, stuffy nose, etc. Consult your doctor if these symptoms persist for a long time or if they become severe.

Atorvastatin can be taken with or without food as instructed by your doctor. Take it at the same time every day to maintain a constant level of this medicine in your body. Do not skip a dose or discontinue the treatment without consulting your doctor.

Atorvastatin is not recommended if you are allergic to it, or have liver problems. Inform your doctor if you have diabetes as this medicine may affect your blood sugar control. This medicine is not recommended for use if you are pregnant or are breastfeeding. 

 

The crown and the colony

The Queen Mother's coffin, the wreath of white flowers and the Queen Mother's coronation crown with the priceless Koh-I-Noor diamond on April 8, 2002.

The queen's coffin, the wreath of white flowers and her coronation crown with the priceless Kohinoor diamond.Tim Graham / Corbis via Getty Images file

 

THE queen of the United Kingdom died almost a week ago.

News of her worsening health had been lingering for a while; she withdrew from some of the platinum jubilee celebrations to take rest, and did not participate in many public events.

Last week, however, things suddenly appeared more ominous when various members of her immediate family were seen rushing to Balmoral Castle in Scotland, where she was staying. When Prince Harry and Meghan Markle, the British monarchy’s currently controversial couple, rushed to Scotland, it appeared imminent that the long reign of Queen Elizabeth was about to be over.

The aftermath of the queen’s death, at the age of 96, has been both expected and unexpected. The pomp and fanfare of the British monarchy continues to endure, at least in the attention it gets from the international media. Even before the queen was dead, there were live broadcasts from the gates of Balmoral Castle, and everything that happened after was covered minute by minute.

The sheer length of her reign means there is no dearth of dramatic moments to memorialise and mourn, and the week of media coverage appears to have covered each one.

Not soon after the queen’s passing, Prince Charles, cooling his heels no more, was crowned King Charles III and was finally able to deliver the coronation address he must have rehearsed for over half a century. The British media and their American mimics made much of the fact that the British could once again sing “God Save the King” — you know... because there was once again a king.

Those, however, were the expected goings-on of the official narrative, one in which the British monarchy was still regaled as having brought railroads and civilisation to the rest of the world. That world is no more, transformed as it has been by the emergence of social media, whose tentacles allow even the most ordinary of opinions, that at the very least have the possibility of ruining a king’s day, to be aired.

On those digital streets belonging to the world’s plebeians, where there are no borders and the entry fee is a WiFi connection, there were immediate rumbles of discontent. It was all very well the British wished to mourn their queen and sing praises of the unifying character of their monarchy, this view held; but they could not expect similar adulation by the rest of a world that had markedly different memories of her reign.

Within hours the internet had erupted in anger that the queen, who presided over an empire built on loot, was being mourned as if she were a saint.

On Thursday, even before the queen was officially declared dead, Nigerian-American Professor Uju Anya posted: “I heard the chief monarch of a thieving raping genocidal empire is finally dying. May her pain be excruciating.” Later, Anya in a second tweet said: “If anyone expects me to express anything but disdain for the monarch who supervised a government that sponsored the genocide that massacred and displaced half my family and the consequences of which those alive today are still trying to overcome, you can keep wishing upon a star.”

Anya may have been one of the first brave survivors of colonial mayhem to speak the truth about the monarchy; despite criticism, she would not be the last.

Read: After the queen

Within hours, the internet had erupted in anger that the queen, who presided over an empire built on loot (let us not forget, even the diamond in her crown was stolen from India), was being mourned as if she were a saint. Soon, both Twitter and TikTok were full of people speaking about the atrocities of the British Empire. Many spoke of India and how Partition and its ensuing hatreds, long cultivated by the British, continue to impact the lives of people living in the subcontinent to this day.

In a day or two, the counternarrative had spread to the mainstream media. On the cable news channel MSNBC, American author Richard Stengel noted: “You played a clip of her speaking in Cape Town in 1947… That’s the year apartheid took effect… British colonialism, which she presided over… had a terrible effect on much of the world.” On British television, the noted anti-colonial intellectual Shashi Tharoor reminded the whitewashers of Empire how they never taught colonial history to their own people, noting its particular absence from the A-Level history curriculum.

The response in Pakistan remained largely meek. It was depressing to see many of Pakistan’s elite, the enduring ‘brown sahibs’, actually pretend to mourn the queen whose forbears ensured that Pakistan and India would remain at daggers drawn for the foreseeable future. The worst were graduates of Oxford and Cambridge, who posted notes of condolence to the monarch as if the monarchy would check to see if they were appropriately servile and obsequious.

It was disgusting to see this drama, whose reach is such that most Pakistanis today are unaware that it was the British who put in place many of the economic, social and legal mechanisms — for instance, the feudal system — that are the source of much dissension and depredation in contemporary Pakistan.

It is heartening to see the conversation about monarchy starting to transform. Enduring monarchies in former colonising countries such as Britain and the Netherlands only serve the purpose of revising the brutality of colonial conquest and the creation of systems that would ensure the poverty and dependence of post-colonial nations for many generations to come. In this particular instance, it was incredible to see the death of a queen who presided over a racist and unjust system being used as a moment to educate the world about what exactly she represented.

As for all the Pakistanis who clamoured to post condolences for the emblem of a system that saw them as little more than apish brutes, a person or a system does not become automatically good, or worthy of respect, by the fact of their passing.

The queen is dead; I hope the system of corruption and looting, of occupation and genocide that she represented perishes too

The writer is an attorney teaching constitutional law and political philosophy. - DAWNN   /Asia News NeworkThe writer is an attorney teaching constitutional law and political philosophy.

rafia.zakaria@gmail.com 

Opinion: With the Queen's death, the system of looting and genocide she represented shoud end too ...

 

Queen's death intensifies criticism of British empire's violent ...

Britain used to rule a quarter of the world. What happened

Queen's death shines spotlight on wrongs suffered indigenous people... - Reuters

Indigenous Australian parliamentarian Lidia Thorpe in the Senate chamber at Parliament House in Canberra

https://www.reuters.com/world/uk/queens-death-shines-spotlight-wrongs-suffered-by-indigenous-people-2022-09-18/


Slavery, Colonisation and the Crown

 

 In 2022, Britain celebrated 70 years of Queen Elizabeth II’s rule with street parties and festivities. But many critics say that the British monarchy should not be celebrated because of its legacy of slavery, looting and colonialism

 

Related posts:

 

The crown of Queen Elizabeth the Queen Mother, containing the famous Kohinoor diamond, pictured on April 19...

 

Saturday, September 17, 2022

Whither the ringgit? US Inflation & workforce are the bigger problems

 


WITH the ringgit passing the RM4.50 mark to the mighty US dollar, questions have been asked as to where the ringgit is headed, as it has dropped almost 9% year-todate and at a level last seen during the Asian Financial Crisis in 1998 – almost a quarter of a century ago.

“See you at five” – a term coined during the crisis time, is being re-played like a broken record as speculation mounts that the ringgit will hit the unthinkable five handle to the dollar in future.

However, as we are aware, the ringgit is not to be entirely blamed for its weakness, as there are other factors that are playing out.

If one were to analyse carefully, the ringgit is in actual fact firmer against the Japanese yen by about 12.5%, up 7.2% and 7.1% against the British pound and the South Korean won respectively; between 0.9% and 3.8% higher against the Chinese yuan, Thai baht, Philippine peso and the euro. 

 


Other than the US dollar, the ringgit is only weaker against the Australian dollar, Indonesian rupiah, and the regional champion, the Singapore dollar by between 1.1% and 4.5%. 


 

Hence, overall, for the performance year-to-date, the ringgit may look like a weak currency as we are fixated on comparing the ringgit’s performance against the US dollar as well as the Singapore dollar, but in actual fact, the ringgit has outperformed at least seven other major and regional currencies.

The strength of the US dollar cannot be denied as the Federal Reserve (Fed) is battling hard against high inflation prints and is left with no choice but to raise the benchmark Fed fund rate (FFR).

Having raised 225 basis points or bps so far this year, the Fed is now poised to increase the FFR by another 75 bps in the September Federal Open Market Committee (FOMC) meeting next week, with odds of 100 bps too not being ruled out at all.

This was after the headline and core US inflation prints came in at 8.3% and 6.3%, and ahead of the market forecast of 8.1% and 6% respectively. Should the FOMC raise the FFR by 75 bps next week, the market is pricing in another 75-bps hike in the November meeting and a 50-bps increase in the December meeting.

This will take the FFR to 4.25%4.50% and bring the 2022 rate hikes to 425 bps. With the US 10-year treasuries at 3.43%, the yield spread between the Malaysian benchmark 10-year Malaysian Government Securities has narrowed to just 72 bps from 209 bps at the start of the year.

Indeed, the divergence in the monetary policy adopted by the Fed has a significant impact on the ringgit too.

Another key factor that the ringgit seems to be suffering is the correlation between the ringgit and the yuan. Both currencies removed the dollar-peg in July 2005, with Kuala Lumpur following suit right after Beijing’s move. Since then, the ringgit seems to have a high correlation with the yuan. 

Year-to-date, although the ringgit is up 0.9% against the yuan since the start of the year, the ringgit’s movement against yuan has been relatively flat over the past five years with the local currency down by 0.4% compared with a year ago, and 1.2% over the past five years.

The yuan has also been weaker against the US dollar, as the Chinese economy has not been doing well since China’s zero tolerance towards Covid-19 cases, which has resulted in major cities or regions going into short-term lockdowns. The yuan even hit a fresh two-year low, flirting with the seven handle against the US dollar.

Other factors too are playing out on the ringgit weakness, although we are fortunate that we continue to run a current account surplus, we have been running budget deficits for nearly a quarter of a century.

This has ballooned our federal government debt level to the extent that we have even moved the needle to ensure we remain within the redefined debt/gdp ratio.

Malaysia also has an over-dependence on foreign workers, which continues to weaken the ringgit with a high level of foreign remittances as well as a deficit in our services account and net outflows from primary income.

In addition, Malaysians investing abroad is another strain on the ringgit, while errors and omissions too can be a large contributor to the ringgit’s weakness as well.

As measuring a currency is all relative, it is understandable when the general public refers to the ringgit’s strength or weakness as “only” when compared with the US dollar and to a certain extent, the Singapore dollar.

Chart 1 shows the relative performance of the ringgit against the major global and regional currencies.

It can be seen that much of the weakness against the US dollar and the Singapore dollar occurred this year itself, while against the pound, euro, yen, won, baht and peso, the ringgit has been gaining ground not only year-to-date but also over the past year and five years.

Against the Australian dollar and rupiah, the ringgit has recouped its weakness against the two currencies with a stronger performance year-to-date.

While the picture looks respectable over the past five years, data going back over a 10-year and 15-year period, suggests that the ringgit has significantly underperformed.

Chart 2 shows the performance of the ringgit vis-à-vis the major global and regional currencies.

As seen in Chart 2, over a 10-year horizon, ie, from mid-september 2012 to the present, the ringgit is only firmer when compared with the yen (19.1%); Australian dollar (5.1%) and the rupiah (5%).

Against all the other currencies, the ringgit is weaker by between 6% against the pound to as much as 49.1% against the US dollar.

Over a 15-year horizon, the ringgit was also seen as weaker as it was down by between 4.5% against the yen and Australian dollar to as much as 40% against the Singapore dollar.

The ringgit is only firmer against the pound (25.6%); rupiah (18.1%); won (13.3%) and the euro (6.2%).

Another comparison is the performance of the ringgit since it was de-pegged on July 21, 2005.

Here one can observe that while the ringgit is down 41.3% since then against the yuan and 19.3% against the US dollar, it is firmer against other major currencies, rising by 1.9% against the euro, 6.4% against the yen and 21.3% against the pound.

Regionally, although the ringgit is up more than 20% against the rupiah, the ringgit is down significantly against other regional currencies.

This is sharpest against the Singapore dollar with about 42.7% depreciation, 35.7% against the baht, and 16.5% against the peso.

As currencies are valued on a relative basis by comparing one currency with another, an alternative approach is to look into the real effective exchange rate (REER) which takes into account the weighted average of a currency in relation to an index or a basket of other major currencies. The weights are based on comparing the relative trade balance of a currency against each country in the index.

REER data is provided by the Bank of International Settlement (BIS) monthly and Chart 3 summarises Malaysia’s REER performance since the de-pegging days, plotted against the US dollar.

The chart shows a highly correlated chart whereby the correlation was observed at -0.95, suggesting that REER has a significant impact on the value of the US dollar-ringgit exchange rate.

A tough question as the valuation of a currency is always seen as a relative point to another currency while the strength/weakness of one currency can also be attributed to the relative weakness/strength of another currency.

Nevertheless, if one were to gauge the REER as a reference point, the ringgit is effectively undervalued by approximately 16.8%, as a neutral REER should be at the 100.00 index point level.in

At this level, the ringgit’s fair value is approximately RM3.89 to the US dollar. However, the REER has always been trading below the 100 index point level, except for a brief occasion between April 2010 and August 2011; in February/march 2012; and between November 2012 and May 2013.

In July 2011, the ringgit traded at its post de-pegging high of RM2.9385 before succumbing to weakness due to multiple reasons.

Bank Negara’s international reserves begin to weaken from a peak of Us$141.4bil (or Rm435.5bil) as at May 2013 at a time when the ringgit was trading at RM3.08 to the dollar and the REER was at its peak of 104.11 points.

However, if one were to take the average REER of 93.34 points over the past 17 years, the ringgit has a fair value of RM4.17 to the dollar.

Hence, while the ringgit has weakened considerably against major currencies, especially since its de-pegging days, the local currency remains an undervalued currency by between 8.9% and 16.6%.

While the ringgit is seen as weak against the US dollar and Singapore dollar, it has outperformed against other major currencies like the euro, pound and yen.

Over the longer term, Malaysia needs to address the serious structural issues that have made us less competitive than our neighbours. Top of the list is education reforms which should be addressed quickly as we are losing out our young bright minds via migration.

One of Malaysia’s biggest losses is the brain drain that has benefitted many countries, especially Singapore, Australia and even as far as the United States.

The second issue that Malaysia needs to address is to attract right-minded high-skilled knowledge workers as well as the ability to attract the right investment dollars into Malaysia.

The spill-over effect from an investment-friendly country is multiple, as it can help to lift Malaysia’s competitiveness not only in traditional fields but new robust industries related to the technology and services industry.

Third, Malaysia needs to address the current low wage levels of Malaysians as we cannot be a high-income nation if 50% of Malaysians are earning less than RM2,100 per month.

There must be a concerted effort to increase wages, which will indirectly address not only the rising cost of living but increase the affordability as well as tax revenues of the government.

Fourth is our fight against corruption. It is a known fact that a low ranking in Transparency International’s Corruption Perception Index is highly correlated to the cost of doing business.

Malaysia needs to make greater efforts to weed out the corrupt practices, both in the government and in the private sector to enable Malaysia to be better position to not only attract the right global investors but to reduce the cost of public spending, which eventually leads to a lower cost to consumers.

Finally, it’s the politics and public policies that come with it. We must not only be investor friendly but must avoid flip-flopping policies that can cause serious irreparable damage to our reputation in the eyes of the world.

Public policies too must be cleverly crafted with the right inputs from all stakeholders to enable Malaysia to march forward as one.

Only then, we will see a stronger ringgit not only against the currencies that Malaysia has outperformed but also against the mighty US dollar and Singapore dollar

  by StarBizPANKAJ 4. KUMAR Source link

 

Is the Dollar the key to US hegemony?   Illustration:Chen Xia/Global Times The US Federal Reserve will hold a new policy meeting on...
 

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 Ringgit slips to new all-time low versus US dollar at opening    


Ringgit slips to new all-time low vs US dollar at opening

Malaysian ringgit slips to a new 24-year low vs US dollar - CNA

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  PETALING JAYA: House prices in Malaysia fell in the second quarter of 2022 (2Q22), marking the worst quarterly contraction since the star...
 

Thursday, September 15, 2022

House prices down in 2Q, Penang residential market picking up pace

 


PETALING JAYA: House prices in Malaysia fell in the second quarter of 2022 (2Q22), marking the worst quarterly contraction since the start of the Covid-19 pandemic.

This occurred as new launches of residential units and sales performance for new launches softened in the first half of this year.

Based on the data by the National Property Information Centre (Napic), the Malaysian House Price Index (MHPI) in 2Q22 decreased by 1.2% compared with the 1Q.

The average house price for 2Q22 was RM439,084. In 1Q22, it was RM444,230.

Napic noted however the MHPI rose marginally by 0.5% on a year-on-year (y-o-y) basis in 2Q22, adding house prices continued “its low pace growth”.

For comparison, the index had increased by 2.4% y-o-y in the 1Q22.

Commenting on the domestic property market performance, Napic said it recorded a rebound in the first half of 2022 (1H22), a reflection of normalising economic activities as the country moved to endemicity.

More than 188,000 transactions worth RM84.4bil were recorded in 1H22, showing an increase of more than 30% in volume and value compared to the same period last year, as all property sectors recorded y-o-y growth.

“The residential property sector recorded 116,178 transactions worth RM45.62bil in the review period, increasing by 26.3% in volume and 32.2% in value y-o-y.

“The four major states namely Penang, Kuala Lumpur, Johor and Selangor formed about 47% of the total national residential volume.

“Commercial property segment recorded 15,169 transactions worth RM14.02bil, up by 45.4% in volume and 28.3% in value compared to the same period last year.

“Selangor contributed the highest volume and value to the national market share, with 26.5% in volume (4,025 transactions) and 33.5% in value (RM4.7bil),” Napic said in a statement yesterday.

Napic also reported that more than 10,000 units of newly launched residences were recorded in 1H22, down by 66.7% y-o-y. Against 2H21, the new launches were lower by 13.3%.

Terraced houses dominated the new launches, contributing 68.2% of the total units, according to Napic.

The sales performance for new launches in 1H22 was recorded at 20.3%, slightly lower compared with 20.6% in 1H21 and 28.1% in 2H21.

On property overhang, Napic said the situation had improved amid the market recovery.

“A total of 34,092 overhang units worth RM21.73bil was recorded, down by 7.5% and 4.6% in volume and value respectively against 2H21. Most of the overhang is in Johor with 6,040 units worth RM4.73bil.

“The serviced apartment sub-sector recorded 22,674 overhang units with a value of RM19.32bil, indicating a decrease of 6.7% and 5.6% in volume and value respectively against 2H21,” it said.

Napic said the property market is likely to “strive in the coming months”.

“With the positive projection on economic growth by Bank Negara, expected between 5.3% and 6.3% in 2022, supported by the implementation of various government initiatives and assistance, the property market performance is expected to be on track,” it said 

  Source link

 

Penang residential market picking up pace | The Star - TheStar

 https://www.thestar.com.my/business/business-news/2022/09/10/penang-residential-market-picking-up-pace

 https://cdn.thestar.com.my/Content/Images/Digital_penang_resident_ekpenang10.jpg

 

'OPR hike would not affect property market' | The Star

 https://www.thestar.com.my/business/business-news/2022/09/16/opr-hike-would-not-affect-property-market

 

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