Concentration of Wealth in Malaysia

Malaysia

2007-04-05T11:40:00.000+08:00

Perak prince has hit the nail on the head
ANALYSISBy AZMI SHAROM
COMING from Penang, I feel a little weird around royalty. We are just not used to them, you see. In fact, there is a family legend on my Mom’s side that illustrates this.
My great granddad was from Penang and he moved to Kedah to take up a teaching post. While working in his garden, a group of men came up on horseback. The ensuing conversation went something like this:
“Hello,” said my ancestor.
“Don’t you know who I am?” asked the lead horseman imperiously.
“Nope.”
“I am your Sultan!”
“Oops.”
Or something like that.
I must confess that great-grandpa’s temporary cluelessness has been passed down to me. So at functions with royalty, I stand when others stand, sit when they sit and generally try to be inconspicuous. I don’t pay much attention to their speeches either because the “beta’s” and “titah’s” confuse me.
Raja Nazrin of Perak’s speech two days ago at a Bar Council do was a bit different though. For one thing, he wasn’t using royal language. For another, he was speaking about a pressing issue in the country, in a manner that was, for a royal address, detailed and pointed.
The topic was about nation building and the first point he made was that at the core of the nation-building process was the need to have a citizenry that actually felt that they were a part of that nation.
I am glad the prince said this because it can’t be stressed enough that this is a major problem in Malaysia as more and more people are feeling disillusioned with the way they perceive themselves to be treated. There is a loss of a sense of belonging and an isolation of spirit that comes from being seen as the other.
It is one thing to have policies that favour one group over all others; it is another thing to make the other groups feel totally left out and uncared for.
When affirmative action becomes oppressive and when respect for one group is not matched with equal respect for another, what we will have is an atmosphere of cynicism and anger. This is not conducive to the well-being of the nation, be it economically, politically or socially.
His Highness (see, I’m learning the proper terms as I write) went on to say that in order to continue to grow as a united country, we must reject extremism and bigotry with dialogue and civil action. Tolerance and forward thinking ought to be the order of the day and inclusive participation as opposed to enforced solutions, the method of overcoming problems.
Underlying all this is a need for the total respect and protection of the Federal Constitution.
This call to look unto the Constitution as the guiding light this nation needs to adhere to is not new or revolutionary, but coming from Raja Nazrin, it takes on a certain resonance.
To the royalists out there, it is a call for the adherence to the law from a ruler. To me, it is an indication that things have reached a point where the direction this country is taking is a matter of concern of such importance that it affects not only the man on the street but also a man who could not be further away from it.
If now is not the time to make sure our country reaches for the ideals of fairness and justice, so that together we can grow as a nation, then I have no idea when is.

NST 12 Mar 2007

2007-03-12T08:39:00.000+08:00

Anything from RM1.4 million to RM2.8 million12 Mar 2007

HOW much does one need for a life of comfort in retirement?

Financial planners differ on this, coming up with figures ranging between RM1.4 million and RM2.8 million.Certified financial planner S. Thechinamoorthy, of Monetmatters Corp Sdn Bhd, suggests RM1.4 million as the minimum sum a 35-year-old today should have accumulated at 55."This may seem big by today’s standards but people underestimate the effects of inflation over the next 25 years."RM1.4 million in 2026 is RM639,000 today," says Thechinamoorthy.Malaysian Association of Chartered Financial Consultants president Lim Yan Chang said there was no hard and fast rule about it."But I should say that RM1.5 million would be the sum an average Malaysian would need to live comfortably in retirement," he said.Citibank Berhad vice-president and head of investment business Danny Chang put it at nearly RM1.6 million."A person needs RM1,591,979 when he is 55 to last him the next 20 years," he said.U Chen Hock, HSBC Bank general manager for personal financial services, said a person needed RM2.06 million to achieve a comfortable lifestyle in retirement.He said the 35-year-old earning RM4,000 today would have RM500,000 in EPF savings by 55 but would still need to raise another RM1.6 million."The key for a retirement plan is to analyse when one wants to retire, the kind of lifestyle one wants and how many years are left to retirement," he said.Prudential marketing and communications director Paul Khoo felt that one would need RM2.8 million to receive RM4,000 monthly for 25 years after retirement. "The individual would have accumulated RM726,827 in his Employees’ Provident Fund account and assuming he has not withdrawn it for any reason, he has to accumulate RM2.1 million to meet his retirement goals."Great Vision Advisory Group tax and financial planning head Chua Tia Guan said it was difficult to compute the cost of a comfortable retirement as it depended on one’s desired lifestyle after 55."The first step to attaining your retirement needs is to plan the lifestyle you want at the end of the line, not what you currently have," he said.For instance, a lavish lifestyle before 55 may need to be reviewed to meet the realistic financial capacity after retirement.ABN-Amro vice-president and head of wealth management Michael Hui Hoong Tho concurred with Chua, saying that it was difficult to place a finger on an actual amount."But I can tell you that the amount required to retire comfortably is huge," he said. Hui, who often presents talks at multinational companies, said most people he met often said that he should have come earlier.EPF deputy chief executive officer Rusma Ibrahim said one should start saving for retirement on getting a job."According to our statistics from 2005, the average contributing member has only RM100,000 left in his EPF account at 54. "For many, the remainder could be their only source of retirement funds which evidently is not enough to last their post-retirement years and increasing medical costs." She said 99 per cent of members withdrew their entire savings at 55."There are few who leave money behind in their accounts although the number of those who do so is increasing."What’s interesting is that our recent survey showed that, with hindsight, most said that if they could turn back the clock, they would have made monthly withdrawals instead of taking it all out in one lump sum."

Sources say:

2007-02-06T08:29:00.000+08:00

Statistics show it's stronger now and more resilient than ever.

KUALA LUMPUR: A decade after the Asian financial crisis, the economy is at its best shape, analysts have pronounced.Not only has Malaysia’s economy come out of crisis mode, statistics show that it is strong enough to face future shocks."Malaysia is now in better shape to withstand any mega surge in liquidity that could potentially destabilise the country," said OSK Research economist Sia Ket Ee.At its darkest period in 1998, the banking industry was bogged down in bad debt, the stock market benchmark index plunged to 262 points (the Kuala Lumpur Composite Index closed at 1,225.73 points yesterday) and there was a serious glut in the property market.The last few years, however, have shown a significant strengthening of economic fundamentals with the government’s move to improve competitiveness and its spending cuts to narrow the budget deficit. Agencies such as Pengurusan Danaharta Nasional Bhd, recapitalisation agency Dana- modal and the Corporate Debt Restructuring Committee — set up during the crisis period to clean up a potentially huge financial mess — have today ceased operations with commendable measures of success, analysts say.Danaharta, for example, formed in 1998 to carve out bad loans from banks and maximise the recovery value of their non-performing loan (NPL) portfolios, closed shop at end-2005 with a final NPL recovery rate of 58 per cent — one of the top performers among similar agencies worldwide.Economists cite the pegging of the ringgit to the US dollar in late 1998 and its unpegging in July 2005 as a bold and unconventional step to handle the crisis. "This is one of the things Malaysia has done correctly," said Joseph Tan of Standard Chartered, a Singapore-based economist.However, there are still areas that Malaysia needs to address in order to compete effectively, given that other "victims", such as South Korea, have made significant headway since the crisis.An area of concern is the slow pace of annual economic growth from pre-crisis days."Macroeconomic stability is at a higher level in Malaysia today, but there’s also been a loss in growth," said Sanjay Mathur of UBS Warburg, another Singapore-based economist.Annual GDP growth hovers in the 5-6 per cent range compared with the pre-crisis average of 7.5 per cent."Private investment is seriously languishing and the country lacks skills," said Mathur.The Malaysian economy should also be more open and spend more on human capital — a key area which will determine growth these days.He noted that while Malaysia was a relatively wealthy economy compared with many Asian counterparts, it lagged in terms of human capital. There were too few postgraduates in science and technology.To rectify the human capital development flaws, the government is offering initiatives under the Ninth Malaysia Plan.Tan said the serious shortage of talent needs to be addressed. "Competition today is on a different scale. The war is about talent, not capital."Malaysia could produce top graduates, he said, but the government needs to consider ways to retain its talent. The reform pace was also too slow compared with regional competitors, such as Singapore and Hong Kong. "Benchmarked against itself, Malaysia has made lots of improvement. But compared with other countries, especially in the area of foreign investment, it needs to act more speedily," said Tan.Countries like Thailand, for example, one of the worst-affected economies in Asia during the financial crisis, was until its recent military coup, a darling of foreign investors.Malaysia also needs to improve its corporate and income taxation, and business processes and efficiency, he said.

Say what?

2007-01-25T09:24:00.000+08:00

link

FOREX scams

2007-01-25T09:19:00.000+08:00

PETALING JAYA: The number of foreign exchange (forex) scams are on the rise."The cost of living is rising and many are jumping at any chance to make quick money," said National Consumer Complaints Centre (NCCC) director Darshan Singh. "We need the regulators to protect us. They must set a certain criteria for companies to employ investment managers as they are advising people on investments."Many of them are fresh graduates who do not know how to manage their own finances, and yet they are employed to advise others." If left unchecked, said Darshan, this would add to the debt culture and increase the number of bankrupts. "Many borrow money from their parents who are just about to enjoy retirement, hurling them into debt at an age where they can’t work anymore. Some borrow from Ah Long and have to run for their lives. "Family units also collapse because of financial problems. In the end, they are jobless and their parents lose their savings. The regulators should not wait to act," he said.However, Darshan advised the public not to be so gullible, and to check with the relevant authorities before parting with large sums of money.He said some complainants had approached Bank Negara Malaysia after they were cheated, but claimed they were not entertained.MCA Public Service and Complaints Department head Datuk Michael Chong said from 2002 till now, he had received more than 200 complaints against companies involving forex trading. "I’ve been warning the public about this. The problem is the companies the money is sent to are all based overseas. So how do we sue?" he asked. "When the complainants go to make a report, they are pushed all over the place. One would tell them they should go to Bank Negara, another would say go to the Companies Commission and yet another would say go to the Securities Commission. Even I am confused." Bank Negara records showed there were 130 complaints and enquiries about forex trading in 2005.Its corporate communications department director, Abu Hassan Alshari Yahaya, said these were only the numbers that came forward. The actual number could be a lot higher."Some are embarrassed to come forward and admit they were duped."Others give up hope after many failed attempts of ever recovering their money, so the illegal forex operators escape," he said.Abu Hassan said the percentage of those who managed to recover their money was very slim as it involved a long and tedious court process.He advised those who suspected they were being duped to document all transactions so it could be used as evidence when making a complaint."These operators also come in many forms, some in the guise of pyramid-level marketing or electrical parts business, to entice the unsuspecting individuals. "At times it is difficult to say if the company is legitimate or not because it may run legal activities at the initial stages and slowly transform to operate illegal activities."He said that with the advent of technology, these operators were using software as gimmicks to fool the prospective investors."These so-called high-tech software, supposedly used to monitor the market, can be easily obtained and accessed by anyone, anywhere. "They promise to trade your investment in forex, with high returns in a short time, but in actual fact there is no transaction taking place between them and the foreign intermediary."There are cases where the perpetrators have tapped into servers that lead to links with Bloomberg and Reuters, which bogus companies use to add to their foreign network ‘credibility’," said Abu Hassan.He advised those in doubt to check with Bank Negara on the legitimacy of the operator and the establishment before any money is transferred.Abu Hassan said any money transferred abroad had to be done through licensed local banks.Licensed money-changers in Malaysia are not permitted to make remittances under the Money-Changing Act 1998 as well as the Exchange Control Act 1953, he said.2 firms charged over forex dealsKUALA LUMPUR: Bank Negara has prosecuted two companies for dealing in foreign exchange without a licence.Its corporate communications department director Abu Hassan Alshari Yahaya said most victims lodge complaints with insufficient documents, making it difficult for the authorities to act. He advised the people to be cautious when a company promises handsome profits or interest rates.

How much does Singapore give thier Army Officers?

2007-01-11T16:40:00.000+08:00

http://www.mindef.gov.sg/rsaf/flyhigh/rb-ag.asp

Imagine earning almost 5K Sing dollars if you're a full fletch F15 pilot.

Power!

More stuff here:

2006-12-29T14:52:00.000+08:00

MY LAST column on wasteful government spending in Malaysia (Business, 15/11) generated a furore. I received more than 600 emails from readers, mostly Malaysians (both expatriate and in Malaysia) and nearly all supportive.
The column was the most emailed item on The Age's website for six days straight and it was replicated in dozens of blogs worldwide.
My personal website received more than 50,000 hits. A Malaysian Government minister criticised the column publicly. And the Malaysian Opposition Leader issued a news release in its support......

read all about it here...

All you need is a good story...

2006-12-18T10:25:00.000+08:00

MOSCOW: There will be no teh tarik-making or roti canai-tossing experiments in space for our Angkasawan when he blasts off in October.
Instead, he will carry out at least 10 laboratory tests for serious research designed by 10 universities, institutes of higher education and government science agencies.
Science, Technology and Innovation Minister Datuk Seri Dr Jamaluddin Jarjis said the experiments were important as “they will have an important impact on our local food and medical industries”.
“All the experiments done in space so far are for the benefit of the countries that sponsored their scientists to fly to space.
“There have been no scientific studies in space on any Asian interest, in terms of medicine or food technology.
“The Americans do experiments for their own industries and they do not share their findings. It is the same with the Russians or Japanese; they will not share. This is why it is important for our Angkasawan to carry out these tests,” he said.
Dr Jamaluddin had earlier visited the two Angkasawan candidates, Dr Sheikh Muszaphar Sheikh Shukor and Dr Faiz Khaleed, at the Yuri Gagarin Cosmonaut Training Centre at the Russian Star City about 35km from here.
The institutes, which drew up the experiments and will supervise the Angkasawan, are Universiti Kebangsaan Malaysia, Universiti Malaya, Universiti Teknologi Mara, Universiti Darul Iman, Universiti Putra Malaysia, Malaysian Genome Institute, Aviation Medicine Institute, Sunway University College, Health Ministry and Malaysian Agriculture Research and Development Institute (Mardi).
The experiments will be in the fields of life sciences, space medicine, physics education and food technology.
The Angkasawan, who gets to carry 15kg of equipment on board the Russian Soyuz spacecraft, will do tests on the effects of microgravity and space radiation on microbes, cells, food and crystals. (See chart for details.)
Dr Jamaluddin hoped that the release of the details of these experiments would put paid to earlier reports about the Angkasawan having to make teh tarik or toss roti canai in space.
“We are not sending up a space tourist. Whoever is chosen will be carrying out ground-breaking experiments with serious implications on our economy.
“Mardi’s research to be carried out will have serious implications on how we can pack our foodstuff for export in the future. We may be able to get Malaysian foodstuff packed in a manner that it stays fresh for a longer time.
“These kinds of experiments can only be done quickly in an environment like space,” he added.
The Angkasawan programme is part of Malaysia’s purchase of the Sukhoi multi-role fighter aircraft from the Russians in 2000.
Unlike other countries that have to pay the Russians to send their astronauts to space, the entire programme is borne by the Russians.

Australian news says:

2006-12-12T20:40:00.000+08:00

MALAYSIA'S been at it again, arguing about what proportion of the economy each of its two main races — the Malays and the Chinese — owns. It's an argument that's been running for 40 years. That wealth and race are not synonymous is important for national cohesion, but really it's time Malaysia grew up.

It's a tough world out there and there can be little sympathy for a country that prefers to argue about how to divide wealth rather than get on with the job of creating it.

The long-held aim is for 30 per cent of corporate equity to be in Malay hands, but the figure that the Government uses to justify handing over huge swathes of public companies to Malays but not to other races is absurd. It bases its figure on equity valued, not at market value, but at par value.

Many shares have a par value of say $1 but a market value of $12. And so the Government figure (18.9 per cent is the most recent figure) is a gross underestimate. Last month a paper by a researcher at a local think-tank came up with a figure of 45 per cent based on actual stock prices. All hell broke loose. The paper was withdrawn and the researcher resigned in protest. Part of the problem is that he is Chinese.

"Malaysia boleh!" is Malaysia's national catch cry. It translates to "Malaysia can!" and Malaysia certainly can. Few countries are as good at wasting money. It is richly endowed with natural resources and the national obsession seems to be to extract these, sell them off and then collectively spray the proceeds up against the wall.

This all happens in the context of Malaysia's grossly inflated sense of its place in the world.
Most Malaysians are convinced that the eyes of the world are on their country and that their leaders are world figures. This is thanks to Malaysia's tame media and the bravado of former prime minister Mahathir Mohamad.

The truth is, few people on the streets of London or New York could point to Malaysia on a map much less name its prime minister or capital city.

As if to make this point, a recent episode of The Simpsons features a newsreader trying to announce that a tidal wave had hit some place called Kuala Lumpur. He couldn't pronounce the city's name and so made up one, as if no-one cared anyway. But the joke was on the script writers — Kuala Lumpur is inland.

Petronas, the national oil company is well run, particularly when compared to the disaster that passes for a national oil company in neighbouring Indonesia. But in some respects, this is Malaysia's problem. The very success of Petronas means that it is used to underwrite all manner of excess.

The KLCC development in central Kuala Lumpur is an example. It includes the Twin Towers, the tallest buildings in the world when they were built, which was their point.
It certainly wasn't that there was an office shortage in Kuala Lumpur — there wasn't.

Malaysians are very proud of these towers. Goodness knows why. They had little to do with them. The money for them came out of the ground and the engineering was contracted out to South Korean companies.

They don't even run the shopping centre that's beneath them. That's handled by Australia's Westfield.

Next year, a Malaysian astronaut will go into space aboard a Russian rocket — the first Malay in space. And the cost? $RM95 million ($A34.3 million), to be footed by Malaysian taxpayers.

The Science and Technology Minister has said that a moon landing in 2020 is the next target, aboard a US flight. There's no indication of what the Americans will charge for this, assuming there's even a chance that they will consider it. But what is Malaysia getting by using the space programs of others as a taxi service?

There are no obvious technical benefits, but no doubt Malaysians will be told once again, that they are "boleh". The trouble is, they're not. It's not their space program.

Back in July, the Government announced that it would spend $RM490 million on a sports complex near the London Olympics site so that Malaysian athletes can train there and "get used to cold weather".

But the summer Olympics are held in the summer.

So what is the complex's real purpose? The dozens of goodwill missions by ministers and bureaucrats to London to check on the centre's construction and then on the athletes while they train might provide a clue.

Bank bale outs, a formula one racing track, an entire new capital city — Petronas has paid for them all. It's been an orgy of nonsense that Malaysia can ill afford.

Why? Because Malaysia's oil will run out in about 19 years. As it is, Malaysia will become a net oil importer in 2011 — that's just five years
away.

So it's in this context that the latest debate about race and wealth is so sad.

It is time to move on, time to prepare the economy for life after oil.

But, like Nero fiddling while Rome burned, the Malaysian Government is more interested in stunts like sending a Malaysian into space when Malaysia's inadequate schools could have done with the cash, and arguing about wealth distribution using transparently ridiculous statistics.

That's not Malaysia "boleh", that's Malaysia "bodoh" (stupid).
email: michaelbackman@yahoo.com
http://www.michaelbackman.com/

Source

Conspiracy or what?

2006-10-12T09:32:00.000+08:00

Lim free to resign based on principle, says Mirzan

PETALING JAYA: Asli’s head of Centre for Public Policy Studies Dr Lim Teck Ghee has resigned over the controversial studies on bumiputra equity ownership in Malaysian companies.
His resignation, effective from the end of the month, came after Asli (Asian Strategy and Leadership Institute) president Mirzan Mahathir issued a statement on Tuesday that the studies by the centre that showed bumiputra equity ownership could be as high as 45% could not be vigorously justified.
Mirzan said that after re-examining the methodology and conclusions of the report, Asli had concluded that there were shortcomings in assumption and calculation that led to conclusions that could not be vigorously justified.
He also expressed deep regret over the “hurt and confusion felt by all Malaysians” caused by the report.
“Since I cannot agree with Mirzan’s statement and because of the need to defend the position and integrity of independent and non-partisan scholarship, I will be stepping down from my position at the end of the month,” Dr Lim said in a four-paragraph press statement here yesterday.
“I hope the public space opened up by the centre’s work on this particular issue, as well as other important issues, will be expanded on and vigorously defended by others.
“It is the fundamental right of the Malaysian public to question all government statistics and policies, more so when these are not transparent or defensible.”
Mirzan in his reply via e-mail said since Dr Lim had a different view to Asli’s and he felt strongly about it, he was free to resign from his position based on principle.
He said Asli was not told to retract Dr Lim’s findings directly.
“We did an evaluation of the specific report and found it wanting. If its assumptions and calculations are faulty, we felt that the conclusions arrived at may also be faulty. As such, we feel that the report does not fairly reflect the true picture of bumiputra equity ownership in Malaysia,” he added.
Mirzan also denied any political pressure to issue the statement.
Dr Lim, a prominent political scientist, was also the former UN regional adviser and senior social specialist with the Environment and Social Development Sector Unit of the World Bank.
He also worked as regional adviser on poverty alleviation and social integration for the UN Economic and Social Commission for Asia and the Pacific.
DAP chairman Lim Kit Siang described the retraction by Mirzan as a dishonourable and cowardly act.
“It is evident that Asli was under pressure from the strong arm tactics employed by certain quarters to retract the findings of the report,” he said. Umno Youth deputy chief Khairy Jamaluddin said that organisations making public findings that concern the people must be careful not to get them wrong, as retracting their statements would not stop the damage already done.
“We (Umno) did not agree with the methodology used by Asli because it was inaccurate and unfair and it is now proven to be without basis,” he said.

Link

World demographics

2006-09-27T13:51:00.000+08:00

dem‧o‧graph‧ics /ˌdɛməˈgræfɪks, ˌdimə-/ Pronunciation Key - Show Spelled Pronunciation[dem-uh-graf-iks, dee-muh-] Pronunciation Key - Show IPA Pronunciation
–noun
(used with a plural verb) the statistical data of a population, esp. those showing average age, income, education, etc.

Link

The Star reports:

2006-09-04T08:45:00.000+08:00

Good times just keep rolling on for oil and gas workers

MIRI: There is one sector of the labour industry where the rising costs of living do not seem to be able to shake – employees in the oil and gas industry.
While people employed in other sectors have been forced to tighten their belts because of increases in expenditures brought about by rising prices, the good times keep rolling on for these cash-rich oil and gas workers.
Employees in the industry seemed to party on and the more fuel price increases, the more they benefit.
In northern Sarawak, the oil and gas capital of Sarawak and the top producer for Malaysia, employees working for oil giants Shell and Petronas here continue to live the good life.
Their strong purchasing power has in fact helped to sustain the local economy through the past two years when the price increases of fuel and consumer goods have forced the rest of the citizenry to cut back on spending.
In fact, the oil and gas workers in this part of the country contribute enormously to the consumer goods market, the services sector, the airline sector and the travel industry, the food industry and hotel industry nationwide through their spending.
Oil workers in Miri City alone spend RM20mil on airfares to fly out of the city every year.
“The oil workers continue to fly overseas because they can afford to. Increases in airfares, airport taxes, fuel surcharges and the like do not bother them much.
“It is precisely because of the constant fuel price increase that these oil workers continue to enjoy the good times,” said a source familiar with the oil industry here.

Source

This is not related to my title of this blog.

2006-08-30T08:25:00.000+08:00

The star 30 August 2006

Link

Mustapa: Recruit non-bumis

By LEANNE GOH, SIMRIT KAUR

KUALA LUMPUR: Higher Education Minister Datuk Mustapa Mohamed wants to see a greater representation of non-bumiputras in academia.
He has asked public universities to recruit more non-bumiputra lecturers, attract the best brains, and develop a vibrant academic environment.
“I want more non-bumiputras to be recruited as lecturers. The Government has acknowledged there is a need for more non-bumiputras in certain sectors of the civil service. I personally believe more can be done to attract them,” he said in an interview.
“I hope more non-bumiputras will come into the universities as we need everyone to be involved. I have askedthe vice-chancellors to look into hiring more non-bumiputra academia.”
He was asked if meritocracy would be practised in the promotion of staff at public universities.
The minister acknowledged that the percentage of non-bumiputras, especially in promotional posts, was low.
In Universiti Malaya there is only one non-bumiputra dean among 20. In many of the other universities, there is none.
“Yes, we are aware more needs to be done but things take time,” he said. “We are already putting in measures to foster a more exciting academic environment and to strive for world-class institutions, especially in the area of research.”
For a start, he is now holding monthly meetings with vice-chancellors,empowering universities with greater autonomy and cutting down bureaucracy.
“These things are happening; if you talk to some of them, they will tell you there is more engagement. I engage a lot more with them and they are quitehappy. They can provide input as stakeholders and they know that it is taken into account,” Mustapa added.
Citing some examples, he said the universities were being consulted on terms and conditions of service, scholarships, PhDs and contracts for retired staff.
“Previously, if a lecturer wanted to be retained on contract (after retirement), it could take months.
“I think there is a new mood in universities as I am empowering them. There is greater delegation of authority now,” he said.

How rich are you?

2006-05-10T13:37:00.000+08:00

How rich are you or perhaps how poor do you think are you??

http://www.globalrichlist.com

Remember to divide your annual income by 4 if you're earning in ringgits.

2006-04-01T10:16:00.000+08:00

Hear ye hear ye!

The Ninth Malaysian plan:

http://www.epu.jpm.my/rm9/html/english.htm

Or if you wish to read the highlights alone:

http://thestar.com.my/9mp/

Interesting facts

2006-03-17T08:19:00.000+08:00

Click here to understand where tax funds go to in AMERICA.

I read this statement somewhere before.

"America prospers not because of diversity but because of freedom."

2006-03-15T13:03:00.000+08:00

PETALING JAYA, Tues, 15th March 2006 -NST

It’s down to the final four Malaysian astronaut candidates. And one of them is a woman, engineer S. Vanajah.The other three are Dr Sheikh Muszaphar Shukor, dentist Dr Faiz Khaleed and pilot Mohammed Faiz Kamaluddin. They were the final group whittled down from the initial 11,000 applicants.The announcement was made today by Deputy Prime Minister Datuk Seri Najib Razak, who said the final four had been found to be competent after all the mental and physical tests."We adopted a very scientific and objective approach in selecting the astronauts, because the one person who will finally represent the country should be better than the others," he said at the Royal Malaysia Air Force base in Subang .He said the selected candidates would next undergo two weeks of stringent training in Moscow, after which the final two would be selected.Both the chosen candidates will undergo a further 18-month stint at Star City Moscow, before the final person is picked for the International Space Station (ISS) expedition in October next year.Malaysia’s astronaut programme was part of a package deal arising from Malaysia’s purchase of 18 Sukhoi SU-30MKN fighter jets from Russia.Najib added that the Russian Government had offered in return a place for a Malaysian to join Russian cosmonauts on the expedition to the ISS in October."The entire process has generated a lot of national interest and the person finally selected has to be the creme de la creme," he said."That candidate will be representing Malaysia."

Cost of Malaysia's astronaut programme: RM92.9m to be offset as part of the RM3.34b defence deal to buy 18 Sukhoi SU-30MKN fighter jets from Russia.

2006-02-03T16:24:00.000+08:00

Hong Kong Disneyland was sold out for eight straight days during Chinese New Year, and the gates were shut to many visitors who brought their families from mainland China to enjoy the long lines, short rides, and even shorter tempers inside the filled-to-the-gills park. Excerpt from
www.boingboing.net.

By the way, the picture above is not related to the story. Thought it'll look cool to have a more hyped out picture.

Anyway, I would definately love to open another theme park in China. Imagine. 1 billion visitors swarming into my sweet roller coaster rides, arcade games and what nots.

Heck, I can even make a million bucks just by selling cotton candy!

Ah China. The giant awakens.

How much to own your own Mc Donalds?

2006-01-13T17:30:00.000+08:00

Hi kids!

I've always wanted to own my own Mc Donalds Restaurant ever since I first stepped into the playhouse.

Now you can with RM3 million ringgit.

Here's the breakdown of your investment:

RM171,000 - Franchise fee paid upon or prior to the commencement of the franchise

RM45,000 - RM70,000- Interest-free security deposit for the faithful performance of the franchise (approximately 2 months' deposit for service fee, royalty and marketing contribution or 3 months' rental deposit), refundable when the franchise ends.

RM180,000 - RM200,000- Approximate cost of kitchen equipment, signage, seating, decor and landscaping paid to individual suppliers.

Range from RM2 million to RM600,000 depending on store type (Drive Thru, Mall, Oil Alliance or Shop Front)- Approximate cost of all civil works, ventilation system and renovations to the premises paid to individual contractors. (Applicable for Developmental Franchise Only)

complete link here

Well, I can still dream on. But it's good to know the facts.

Have a nice day and I'm heading off for my Big Mac.

Supersize me!

2006-01-09T10:14:00.000+08:00

Lebanese billionaire: I was set up

KUALA LUMPUR: Lebanese businessman Dr Elie Youssef Najem, who announced he was making a US$275mil (RM1.04bil) donation for cancer research, has landed himself in an unwanted spotlight.
The 45-year-old self-professed billionaire came out in defence of himself following allegations made against him.
“All the allegations against me are trumped up and untrue,” he said when met at his condominium here.
“I come from a very important family in the Middle East and my donations to the National Cancer Council (Makna) involves people high up in Malaysian society.”
He was asked to respond to allegations that he was charged with three counts of cheating on Sept 30 last year. He is said to be on bail pending trial.
Police are also said to be conducting investigations into his activities follow
ing several other complaints against him.
City Commercial Crimes deputy chief Supt Azham Othman confirmed that they would be checking with Makna on its dealings with Dr Elie.
But said Dr Elie: “Nobody would go public with the information regarding my donation without due diligence.”
Claiming to come from a wealthy family of doctors, Dr Elie said he had controlling interests in banking, construction, telecommunications, software, palm oil, and oil and gas industries in Sweden, New Zealand, Canada, Dubai, Qatar and Malaysia.
He showed bank statements which showed account balances running into hundreds of millions in US dollars, sales documents of him buying seven luxury cars, and various business contracts totalling about US$13bil (RM49.4bil).
“I am hurt and angry at all these allegations,” he said when asked about the cynicism from some sections of Malaysians about him.
Dr Elie, who said he suffered from cancer, added he lived in a modest three-bedroom condominium due to safety reasons as he had been kidnapped twice.
“Why would I want to get kidnapped again?” he asked, saying there had also been three attempts on his life.
During the three-hour interview, there were two bodyguards in his apartment. They were dressed in suits and armed with a pistol each. Another 15 uniformed security personnel stood outside his home.
Dr Elie said the only court case he had been involved in since coming to Malaysia was with a business partner.
“The argument is clearly a civil dispute and is only a contractual problem involving the both of us,” he said, adding that he had 95 companies registered in Malaysia.
He also alleged that he had been the victim of a set-up involving some disgruntled former employees.
“I had hired four women workers when I came to Malaysia but when they found out I was getting married to Farinnie (Farid) they all resigned on the spot,” he said, adding that his 19-year-old Malaysian wife is now three months pregnant.
“They then lodged a report against me for not paying their salaries,” he said.
Dr Elie alleged he was kept in the police station overnight last September.
“When I was released the next day, I settled the payments immediately, but was subsequently re-arrested by the police,” he added.

Link

Is there a loophole in our economy to get free education?

2006-01-05T13:34:00.000+08:00

Yes. To some point.

Well, this happened by accident.

I have always had my personal point of view that education should be free. But here's a black and white from an academician. He's into free education.

Sometimes you may ask yourself. Should you get a commercial loan for your own education? Well most people go fo it without doing much economic reseach. Why? because it's too much hassle. Waste of time. Excuses and so on.

Nevertheless, read this rally of emails between myself and an academician who is striving for free education. Enjoy.

................................................................................................................
Dear Charles,

I apologise for not replying earlier. I have been a bit swamped withwork and meeting deadlines.I've actually addressed the question of taking loans for education onthe PhD Blog.

Basically, a commercial loan does not make financial sense, not if you work out the return on the investment. I would earn more money in mylifetime joining the work force now with my education up to theMasters level than I ever would with a PhD.

Furthermore, buying an education is not the same as buying other physical assets - there are distinct differences in the "goods/products" that have implications on structuring loans. Both these arguments combined forms the basis forthe argument that educational loans have to be provided on a"subsidised" basis, with repayments scheduled according to the level of future income streams.

Many economists now support this view and ithas been implemented in both Britain, Australia and a few othercountries.Furthermore, commercial loans demand collateral - if I had collateral,I would not need a loan. Finally, as I have argued elsewhere, my investment into my education will have external benefits to society,particularly since I intend to be an academic - so from a strictly economic point of view, society should also bear some of the cost of my education. This is one of the arguments for free public education(to a certain degree/level).

My arguments here are abbreviated - there is a whole literature outthere on the economics of education that I will be happy to direct youto. The work of Nicholas Barr, a UK economist at the LSE is a goodplace to start. You'll find his academic webpage here with links tosome articles that he has written:http://econ.lse.ac.uk/staff/nb

That said, given the funding gap, I may yet have to borrow money atsome point - hopefully it will be from members of the family wherethey would hopefully not expect a market rate of return.Getting a loan for education is really not such a simple matter.

BEST WISHES

jikonOn 12/27/05,

My first mail to him:

Charles <charleskylow@gmail.com> wrote:> Below is the result of your feedback form. It was submitted by> Charles (charleskylow@gmail.com) on Tuesday, December 27, 2005 at 09:13:25> --------------------------------------------------------------------------->> realname: Charles>> email: charleskylow@gmail.com>>

Subj: Why dont you get a loan???>>
Message: Simple. Get a loan, graduate, get job, pay off loan.>> Anyway, maybe you could

visit>> http://wealthmalaysia.blogspot.com

>>>> --------------------------------------------------------------------------->>",0]

2006-01-05T08:38:00.000+08:00

Genting expects to clinch S’pore licence
By Yvonne Tan
GENTING Bhd is looking at a busy 2006 as it expects to clinch one of the two Singapore casino licences to operate in Marina Bay and Sentosa Island.
The de-regulation in Britain's gaming sector and return on capital re-rating from the expansion of its non-gaming assets, specifically energy, also augur well for the group.
The success of Genting International Ltd’s (GIL) earlier initial public offering (IPO) puts Genting in a “commanding” position to win one of the Singapore’s integrated resort (IR) licences, ECM Libra said in a report.
It said the offering of 800 million shares was oversubscribed by 8.1 times while demand in the retail portion was at 13.8 times. According to ECM, with the IPO exercise, GIL would have increased its free float from 8% to 23% - more than one billion of GIL’s 5.4 billion shares.
“With such a large number of shares in the market, it is quite foreseeable that GIL will be actively traded on the Singapore Stock Exchange and ultimately have a strong retail following despite most of the IPO initially allocated to institutional funds,” said ECM.
It said this implied that the Singapore public could end up being the strategic local investor in Genting’s IR bid. The research house said by using GIL for the IR bid, Genting was well ahead in the game - in terms of capital raising.
Should Genting not get anything out of Singapore, ECM said there was always the other pillar of gaming liberalisation - Britain's casino de-regulation.
Besides gaming, Genting has value in energy as well.
The company still has interest in the Muturi Block of BP’s Tangguh gas field off Indonesia. Although it sold 9.66 % effective rights in the gas reserves to BP in 2001, to reclaim most of its investment,
Genting would still be able to take 30% of it original rights to pre-tax profits of liquefied natural gas (LNG) sales when production begins in 2008, said ECM.
It said although it expects Genting’s share of the initial profits from the Tangguh LNG to be minimal in the first few years, the long-term value of still having 30% of its original rights cannot be ignored.
Shares in Genting ended yesterday as one of the top gainers, adding 40 sen or 1.9% to RM21.50.
According to an analyst, sentiment on the stock was boosted following reports that James Packer’s Publishing and Broadcasting Ltd and Stanley Ho have withdrawn their joint bid for the Marina Bay IR-cum-casino, raising Genting’s chances of securing the bid.
However, a local research house said despite this, it believed Genting’s prospects lay with the Sentosa Island IR, not the Marina Bay IR as the former fitted in with Genting’s track record and experience.

Link

No money wor? How?

2006-01-04T08:23:00.000+08:00

Frankly, I couldn't care less if I knew anything about The Great Depression in the 1930s in America. But having watched King Kong, Peter Jackson's remarkable remake which stresses on The Great Depression, I just had to look into history to see what it is all about.

And so I searched. How sure am I about the resources from the internet? Well, to me it doesn't really matter. As long as the information sounds logical, I'll take it's word for it.

http://en.wikipedia.org/wiki/Causes_of_the_Great_Depression

Here's wikipedia for you. I'm reading it. So can you.

Is there an easier way to understand the stock market?

2006-01-03T17:58:00.000+08:00

Yes there is!

Found this on the "money" channel of www.howstuffworks.com.

Quotes that I find interesting:

No one can become really educated without having pursued some study in which he took no interest ... T.S. Eliot

Everything should be made as simple as possible, but not simplier... Albert Einstein

How to Make A Million Ringgit!

2006-01-03T13:01:00.000+08:00

Press this link:

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

With the compound interest calculator above, key in these values:

Current principal: RM1000 (your initial value)

Annual Addition: RM24000 that is RM2000 a month

Years to grow: 26

Interest rate: 3.7% (which is according to our local bank's fix deposit interest rates: link here)

Compound interest: 12 times annually (once a month)

Press calculate and you will get:

RM1,052,144.98

The basis of this calculation:

http://www.moneychimp.com/articles/finworks/continuous_compounding.htm

Conclusion:

You have to earn at least RM2000 a month. By hook or by crook you have to put in RM2000 a month into the bank as fixed deposits. Do this religiously...(yes money can be a religion to some people) for 26 freakin' years and you WILL have RM1,052,144.98

So lets say you are 24 now, by 50 years old you can purchase your dream Ferarri by cash. Amen to that brother!

Tips for earning at least RM2000 a month is available here:

http://www.kellyservices.com.my/eprise/main/web/my/services/en/document_center/SalaryGuide_05M.pdf

But of course, there ARE other ways of making money. I heard that football bookies earn ten times more than your legal salaries. Will look into that later.

As Paul Zane Pilzer says, "God loves savers".

Read God Wants You To Be rich

Poultry business??

2005-12-28T17:38:00.000+08:00

Poultry stocks continue run-up on strong earnings
BY LOONG TSE MIN

AFTER a price run-up last week, poultry stocks hogged the limelight again at the start of the trading week yesterday as chicken and duck breeders dominated Bursa Malaysia's top gainers list, led by Leong Hup Holdings Bhd, which surged 35 sen, or 25.93%, to a year high of RM1.70.
Shares of Farm Best Bhd, which runs poultry hatcheries, rose 8 sen, or 3.83%, to RM2.17; while poultry and eggs farmer LTKM Bhd shares - the cheapest in terms of price-earnings ratio - rose 17 sen, or 13.93%, to RM1.39 on a volume of 394,700 shares.
Leong Hup shares gained 30 sen last week while Farm Best shares started this week 26 sen higher than its Friday close.
Emivest Bhd, a duck breeder and controlled by Leong Hup, has also been running up since the middle of last week, surging from 43 sen on Dec 21 to end last week at 51 sen. The counter surged 10 sen, or 19.61% to 61 sen yesterday.
A remisier said the rally in poultry stocks was due to dissipating fears of a bird flu outbreak and the improving performance of poultry companies.
“The results for the poultry sector in the past three quarters have been remarkable,” he said.
In addition, the price of chicken has stabilised. With the 20 sen rise in the ex-farm price per kg of chicken, a standard dressed chicken (with feet, head and liver) is now at RM5.75 a kg, very close to the ceiling price of RM6.
“Prices are unlikely to change further, and the poultry business remains lucrative,” the remisier added.
Elsewhere, the price of poultry feed - the industry's main input - is expected to fall. The global price of corn, which is a main ingredient in poultry feed, has fallen by 20% in the past six months due to a bumper harvest this year, especially in China.
The remisier said poultry stocks had been priced at a discount since 2003 due to bird flu concerns and their current prices did not reflect the potential of the companies.
“Prices have plunged in the past five quarters and the market had been very pessimistic about the industry as a whole”.
He said it was likely that investors were now more aware of the odds of a bird flu outbreak in Malaysia and were beginning to value poultry counters more fairly.

Link

Rich man says..

2005-12-28T14:31:00.000+08:00

It's not the money

Every so often, you'll hear this statement being uttered: "Just look at ...(fill in the name here). He's already so rich, already a millionaire yet he's still trying to make some more money. Isn't he a greedy s.o.b.? How much more money does he want?"Personally, I find such questions off-the-mark. For a number of reasons. more

Dream building

2005-12-28T13:05:00.000+08:00

Now what the heck is dream building?

It's a term used by some Network Marketers to motivate new members on how to dream high. Dream high!

Some activities in dream building would be:

1. A tour to some bungalows of the rich and famous.
2. A test drive of a sports car at the nearest Mercedez or BMW showroom.
3. A helicopter ride and imagine that you are owning the chopper and everything below.

For example, you could even do this:

http://www.autospies.com/article/index.asp?articleId=6235&categoryId=21

Dream high!

Understanding debts in a global point of view

2005-12-27T21:07:00.000+08:00

Third World debt is external debt incurred by Third World countries. (The term "Third World" is still in use, although many prefer less pejorative terms, such as "developing countries", "Majority World" or "global South".)

Unpayable debt is a term used to describe external debt where the interest on the debt exceeds the amount that the country produces, thus preventing the debt ever being paid back. It is considered by some a method of oppression or control by first world countries; a form of debt bondage on the scale of nations.

Odious debt is debt incurred by undemocratic countries and misspent (for example, on armaments or repression of the population) or misappropriated. The debt campaign organization, Jubilee USA notes that, "Odious debt is an established legal principle. Legally, odious debt is debt that resulted from loans to an illegitimate or dictatorial government that used the money to oppress the people or for personal purposes. Moreover, in cases where borrowed money was used in ways contrary to the people’s interest, with the knowledge of the creditors, the creditors may be said to have committed a hostile act against the people. They cannot legitimately expect repayment of such debts."

Link: http://en.wikipedia.org/wiki/Third_World_debt

"Think global, act local"- Annonymous

Shell's Business Scenario

2005-12-27T16:46:00.000+08:00

What is Shell's Business Scenario?

Scenario planning is a discipline for rediscovering the original entrepreneurial power of creative foresight in contexts of accelerated change, greater complexity, and genuine uncertainty.
—Pierre Wack, Royal Dutch/Shell, 1984

Link

Visit: www.shell.com

And another interesting report about the business trends of the future, 2025 by Shell:

http://www.shell.com/static/royal-en/downloads/scenarios/exsum_23052005.pdf

And if you'd like to join this good company. Give yourself a chance at

http://www.shell.com/home/Framework?siteId=careers-en

Sources from other media

2005-12-27T16:24:00.000+08:00

Jeff Ooi's compilation:

http://www.jeffooi.com/archives/2005/07/the_30_solution.php

TIME Magazine Archives

http://www.time.com/time/asia/2003/mahathir/mahathir900820.html

Multimillion Dollar Industry

2005-12-27T13:55:00.000+08:00

"Notwithstanding these notably positive developments, there remain some disturbing trends. Malaysia remains a significant source of production and export of pirated optical discs (CDs, DVDs, VCDs, CD-ROMs, etc.), including what is certain to be a more than doubling of pirate DVD exports leading all around the globe (see table below). Malaysia remains the most significant producer/exporter of pirate optical disc entertainment software in the world. The domestic piracy situation for business software remains bleak, presents difficulties for book publishers, and continues to harm the recording industry, as sound recording piracy began to tick up at the end of 2004.1 The judicial system is marred by substantial backlogs and far too many acquittals. Estimated losses to the U.S. copyright industries in 2004 due to piracy in Malaysia were US$188.4 million. "

Resource:http://www.iipa.com

Complete PDF report, here

Salary guide in Malaysia

2005-12-27T13:45:00.000+08:00

Are you earning as much as what the market is offering??

For 2004, click here

For 2005, click here:

Link credits go to Kelly Services.

No regrets. Just continue doing what you are good at. Nothing else matters. But it's good to know where you stand sometimes.

Can you earn RM7000 a day?

2005-12-21T08:52:00.000+08:00

RM1.5m paintings hot topic

KUALA LUMPUR: The purchase of three paintings worth RM1.55mil by Malaysia Airlines (MAS) to decorate the chairman's office was to maintain the stature of the place, the Dewan Negara heard yesterday.
Deputy Transport Minister Datuk Seri Tengku Azlan Sultan Abu Bakar said the money came under MAS' current expenditure.
The paintings were a hot topic among members of the Dewan Negara yesterday, besides the hiring of expatriates on high salaries.
Tengku Azlan also clarified that the salary received by MAS senior general manager Chris Andrews of RM7,525 a day was normal, no different from the pay received by any individual who had held the post in the airline.
“If there are any unsatisfactory answers, please come for a briefing on MAS tonight (yesterday),” he told the senators during his winding up of the debate on the 2006 Budget.
Tengku Azlan also said that the appointment of British Airways senior executive Peter Reads as MAS operations director was announced by managing director Idris Jala.
He said the newly appointed managing director would need time and full authority to revive the airline's operations.
“All the problems that have occurred will be studied by the new managing director. That is why he needs time to fix the mistakes that were made in the past,” he said.
Tengku Azlan also stated that as an airline that offered international flight services, MAS did not plan to stop serving alcoholic beverages.
However, he said, alcohol was only served upon the request of the passengers..
Later, when asked by reporters about MAS' current expenditure to upkeep the “status” of its premises, Tengku Azlan said: “That you would have to ask the MAS management.” – Bernama

http://www.thestar.com.my/news/story.asp?file=/2005/12/21/nation/12927196&sec=nation