By recording USD40.6 billion profit, Exxon achieved the best ever result for the whole history of the US. GM on the other hand recorded the largest ever loss in the history of the US by losing USD38.7 billion.
Hmm…
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[1547] Of look, up in the sky…
Wow. Monday blue took a deeper dip than usual after a long holiday and I am starting to miss my weekend already. My mind seems stuck at the performance on last Friday evening.
And no, that is not a balloon. In Walloon maybe but you are not a loon. What the hell am I writing, eh?
About the performance, if I understood the theme correctly, the sphere is a cocoon. There were 7 spheres and there were 7 persons inside it. The whole show seemed to tell a story of birth and in the end, independence. Or maybe it was just about how we all are tied together to a common destiny. Or metamorphosis.
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[1546] Of 40% better sir?
Punching bag of the day:
PENANG: Malaysians from all walks of life are better off now than four years ago.
Second Finance Minister Tan Sri Nor Mohamed Yakcop said the country’s per capita income had risen by 40% between 2004 and 2007, from RM15,819 (US$4,163) to RM22,345 (US$6,452).
“If we compare in terms of US dollar, the per capita income has risen by 55% during the period due to the depreciation of the dollar against the ringgit. [Malaysians better off than four years ago. The Star. February 10 2008]
I am not so sure how the Finance Minister gets the 40% increase. I approximate that there was a 13% real increase in GDP per capita instead.
I did my own calculation and using approximated figures, I estimated that Malaysian GDP in real terms has increased approximately 20% since 2004. Remember, these are based on approximated figures and this reminder is especially important when the official GDP for Q4 2007 has yet to be release. It is expected to be release no later than February 29 2008 but the Finance Minister probably has access to such information regardless. The population sizes are approximated figures as well. Still, a 40% increase sounds awfully high.
One could get to a higher figure if the MYR is converted into USD (without considering purchasing power parity). In USD terms, there was an increase to approximately 31% in GDP per capita. If one reconverts the USD figures into MYR using 2007 nominal exchange rate instead of using the rate corresponding to the respective years, one will get 31%. This may correspond to the Minister’s 55% figure.
It is worth noting that the 31% and 55% figures are meaningless as a measure of well-being because most Malaysians do not earn in USD and spend in MYR. Instead, they earn in MYR. This makes the 13% and the 40% figures more relevant than the same figures read in USD.
I constructed the table below to summarize what I am trying to highlight.
For the full version of the workings, you may download it here.
Tony Pua is right about we would need to grow about 12% per year to get the 40% figure.
To achieve 40% growth, Malaysia must be growing in excess of 12% per annum. Hence, to grow by 40% over 3 years, with a population growing at just under 2% per annum, that will actually make Malaysia the fastest growing economy in Asia, outstripping even China and India. [Malaysian Income Rose by 40% over 3 years? Philosophy Politics Economics. February 10 2008]
I have included his 12% scenario into the calculation in the file if you are interested in it.
p/s — Could it be possible that the Minister included inflation in his calculation? If so, we need a GDP deflator. Or nominal GDP as data instead of real GDP. Or inflation rate.
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[1545] Of flying performers
After making a resolution, I spent my Friday night enjoying a public performance:
They troupe did a good job at entertaining the crowd. More of this kind of performance should be organized!
Shooting fast paced subjects under low lighting is a real challenge. I cannot remember how many times I adjusted the settings of my camera. Frantically at that, as I tried to capture the moment in still frames. At times, I could almost shout “quit moving goddamnit and let me shoot you!”
About the performance itself, I shall blog about it at Metblogging KL later.
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[1544] Of Romney quits
And there were two:
Mitt Romney, the former Massachusetts governor who sought to position himself as the true conservative choice for the Republican presidential nomination, announced Thursday afternoon that he had ended his campaign. [Romney Drops Out of Presidential Race. NYT. February 7 2008]
Will this be bad news for McCain?
It has been speculated that McCain won despite opposition from the social conservative because of votes split to Huckabee and Romney. Without Huckabee, Romney would have performed much better in the latest primaries. Without Romney, likewise for Huckabee.
With Huckabee being the only social conservative candidate, religious conservatives in the GOP have just one candidate to choose from. Whether those conservative votes would be enough to jack Huckabee up past McCain, we will have to wait and see.
I wonder who Romney will endorse as the Republican candidate though. I do hope it is McCain. Having a person that will disrespect secularism in the US sounds too scary to even imagine.