Sweeping Changes to Malaysia Capital Market? Beware!!!!!

I am not too sanguine about the sweeping changes mentioned by Najib unless I have full details of the changes as people always say" evil is in the details" .............In addition, implementation is the key.......

Najib slashes Bumiputera equity quotas, FIC role

By Neville Spykerman and Lee Wei Lian

KUALA LUMPUR, June 30 — Malaysia today made sweeping changes to its capital markets to boost foreign investments, cutting Bumiputera equity quotas for share offerings and in fund management firms while trimming the role of a powerful but conservative panel overseeing such investments.

Datuk Seri Najib Razak dropped the 30 per cent Bumiputera equity requirement for Malaysian firms seeking public listing, the cornerstone of the New Economic Policy (NEP), but they will now have to offer 50 per cent of the public shareholding spread to Bumiputera investors.

The public shareholding spread is currently 25 per cent which effectively sets the minimum allocation for bumiputeras at 12.5 per cent.

“The 30 per cent requirement remains but it is a macro objective,” the prime minister told reporters after announcing the changes while launching the InvestMalaysia week and meeting with senior fund managers.

He said the Bumiputera equity condition within the public spread will reinforce the competitiveness of Bursa Malaysia.

Najib also cut the powers of the Foreign Investments Committee (FIC), immediately repealing its guidelines covering the acquisition of equity stakes, mergers and takeovers.

The FIC will no longer process any share transactions nor impose equity conditions on such transactions — which has been its mainstay up to yesterday.

Najib also said FIC approval for property transactions will now only be required when it involves a dilution of Bumiputera or government interest for properties valued at RM20 million and above, while other transactions, including between foreigners and non-Bumiputeras, will not require approval.

“In addition, to further ease raising funds from the capital markets, post listing fund raising exercises will no longer be subject to any equity condition,” Najib said in his speech, adding this deregulation will immediately support existing listed companies seek

The audience at Invest Malaysia checking out the PM's speech. - Picture by Choo Choy May

ing to raise funds and reduce the friction cost of compliance.

Najib, who is also Finance Minister, also liberalised ownership in the wholesale segment of the fund management industry, allowing total ownership for qualified and leading fund management companies seeking to be in Malaysia.

He also raised the limit for foreign shareholding in unit trust management firms to 70 per cent, from 49 per cent previously.

To boost the local markets, Najib has set up a private equity fund, called Ekuiti Nasional Berhad (Ekuinas), with an initial capital of RM500 million to invest in private sector funds, to promote genuine partnerships and a fully commercial approach.

He disclosed that Bumiputera participation through Ekuinas will be based on merit. The fund will eventually grow to RM10 billion.

“There should be no doubt that Malaysia welcomes foreign and local investors and participants. We can achieve high income by creating more opportunities for growth rather than protecting our narrow turf. We can only achieve our social equity goals by expanding the pie,” said Najib.

“A high income society must be socially inclusive. It must provide incentives to those who have a lot yet be fair to those who have a little. It must lead to high returns to companies and entrepreneurs who invest, better and higher incomes for those who are employed and greater capability for those who require assistance to help themselves or to get help from the government. Above all, a high income society must be one where every Malaysian feels they have a place and a promising future under the Malaysian sun.”

When asked about a possible backlash from the bumiputera community during the press conference, Najib later told reporters that he does not expect one. “It is a win-win situation,” he said.

“These moves are necessitated by two major factors – the economic environment has changed drastically and the FIC has not produced the desired results. Any new instruments for growth with equity must be more market friendly. The new policies will make our economy even more vibrant and put the country quite high up on the investor’s list.”

Yakcop in a press conference today. - Picture by Choo Choy May

While there is no more equity condition imposed by the FIC, there could still equity restrictions from sector regulators such as Bank Negara, the Energy Commission and the Commercial Vehicles Licensing Board.

While there is the condition that half of the public shareholding spread be allocated to bumiputeras via balloting, the condition will be waived if there are no bumiputeras willing or able to take up the allocation.

Najib added that the FIC can be considered retired and a new unit will be created under the Economic Planning Unit (EPU) to monitor bumiputera participation in the economy as well as property transactions valued above RM20 million that involve dilution of bumiputera equity.

“You can say that the FIC no longer exists and a new unit created by (minister in the prime minister’s department) Tan Sri Nor Yackop will be created to replace it in the EPU,” he told reporters.

More details on the new private equity fund, Ekuinas, which is designed to boost bumiputera participation in the economy are expected to be announced later. But for now, the government has revealed that the initial funds will come from the budget and it will report to the prime minister with the EPU having a supervisory role.

It will be run by professionals and not civil servants but owned by the government. It will focus on nurturing bumiputera businessmen in sectors considered to be high growth such as education, tourism, oil and gas and ICT.

“We still have a number of instruments to help bumiputeras such as PNB (Permodalan Nasional Berhad), Mavcap (Malaysia Venture Capital Management Berhad), scholarships and training,” said minister in the prime minister’s department Tan Sri Nor Mohamed Yakcop in a briefing to reporters. “What we are doing is removing the hindrances to investors. Local and foreign investors hesitate to come in because of the FIC. With higher growth, bumiputeras will also benefit.”

He also said that the FIC is a “blunt tool” for wealth distribution and noted that RM52 out of RM54 billion in shares allocated for bumiputeras between 1984 and 2005 have been “sold quickly.”

Figures provided by the government puts the bumiputera equity figure at about 19 per cent currently.

Nor Mohamed added that he thinks the new measures will make the country investor friendly and competitive overnight and that investment in the country will increase by “leaps and bounds”.

Foreign fund manager Shireen Muhiudeen of Corston-Smith Asset Management says that the announcements are a “step in the right direction.”

She approved of the elimination of the bumiputera quota when raising new capital and the higher ceiling for foreign ownership in stock broking companies saying that it may increase competition and help bring down loading charges.

She however wanted the government to provide more details on the impact of sector regulation on investors.

Head of research at OSK Research, Chris Eng says that the changes will have help market sentiment and attract new listings to Malaysia but does not see any immediate impact.

“Big companies have no problem getting bumiputera investors anyway when raising new funds,” he points out.

He expects the main beneficiaries of the new policies to be investment banks as there would be less regulation for them to deal with.

He also sees the property sector benefitting from foreign investment in the long term but not in the short term as he forecasts a property glut to happen around 2012.

In other announcements, government linked companies (GLCs), will have to focus on core activities and dispose of non-core activities and not compete in areas best left to entrepreneurs.

They will also be required to compete on a level playing field with the private sector.

“There is no issue of the government providing assistance to GLCs by virtue of its shareholding to the detriment of private sector competition,” said Najib.

The lifting of the 30 per cent quota on new public listings is effective immediately and will affect companies currently applying to list.

If UMNO Can Change, Pig also can climb trees.....

When the 27 UMNO assembly members one MCA members with 3 jumping frogs take over the Perak Government, these are Perakian get at the end of the day, all people -friendly policies will be cancelled as reported by Malaysia Kini, especially the open-tender policies for approving government contracts and the conversion of leasehold title to free hold title........

Good luck to you Perakian.........Like I always heard"If UMNO can change, Pig also can climb trees"

Zambir aka Gandhi cum Mandela , dare you to prove me wrong!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Perak bn gov’t scorches Pakatan policies

By Humayun Kabir, Mkini

It looks like the Perak BN government is bent on destroying all people-friendly policies implemented by the previous Pakatan Rakyat administration.

When Menteri Besar Zambry Abdul Kadir took his office in February, he was reported as saying that BN would continue the people-friendly policies implemented during Pakatan’s 10-month rule.

However, this turned out to be a broken promise as about nine people-friendly policies have either been scrapped or put on the back-burner.

DAP state secretary Nga Kor Ming is disappointed with BN’s about-turn on the following Pakatan-implemented measures:

* 3,000 applications from residents of new and planned villages to convert their land titles from leasehold to freehold cancelled.

* 817 elected village headmen had their term of office terminated. The village chiefs have since filed a suit in the Ipoh High Court to be reinstated.

* The proposal to change the octagon Yak Tack Seng market along Jalan Osbone into a tourist centre scrapped.

* The uniform one-coupon parking system for vehicles, and at a discounted rate from April, for the whole state did not see daylight.

* The proposed RM38 million new bus terminal at Meru Raya in Jelapang grounded.

* The open-tender policy for approving government contracts, land and logging concessions reverted to the old system of closed tenders.

* The giving state land to religious schools and Chinese independent schools also scrapped.

* The policy of giving RM1,000 to the dependents of senior citizens who die too has been buried.

* The process of legalising the 134 new villages put on hold.

“Just because Barisan is jealous of our people-friendly polices, it does not mean that they have to penalise the innocent people and make them suffer just to show their anger at us,” said Nga.

nga kor kim 170605 dapsy chiefNga also took to task Deputy Prime Minister Muhyiddin Yassin for his “makan angin” trip during his one-day visit to Ipoh on Thursday while the country was facing the worst economic crisis in history.

“He just comes to eat, drink and takes a walk to meet the people in Little India. He can utilise this precious time to plan how to overcome the economic crisis and bring the nation back to a sound economic footing,” he added.

Top developer says Singapore office rents stabilising

SINGAPORE, June 23 — City Developments (CityDev), Southeast Asia's second largest developer, said today that office rents in Singapore have begun to stabilise and it had raised prices for some of its residential projects.

"We are quite optimistic the (residential) market is recovering well and we think there is lots of steam in this recovery," group general manager Chia Ngiang Hong said at the Reuters Global Real Estate Summit in Singapore.

Chia said office rents have begun to stabilise after falling sharply in the fourth quarter of 2008 and first three months of 2009 as supply remained relatively tight.

Chia acknowledged there were many office projects in the pipeline but said most would only enter the market in 2011 and 2012.

For a poll of property prices and prime office rents in Asia's developed markets, click

Private home sales in Singapore have soared since February after a weak performance in 2008, mirroring developments in Hong Kong and China where residential markets have also recovered despite the weak economic outlook.

Chia said CityDev has launched about 500 homes for sale since January, nearly double the 260 units it planned to sell in the first half of 2009. The firm also raised prices at some of its projects by 2-8 per cent because of strong demand.

According to government data, the number of units transacted in Singapore hit 1,668 units in May, just shy of an all-time high recorded in August 2007.

Chia said property sales in Singapore in the five months to May have already exceeded the 4,000-plus units sold last year, and the total for 2009 should cross 10,000 units — a figure usually associated with years when the sector was booming.

Pent-up demand after last year's low volumes, an improvement in the stock market, and signs that Singapore's economy may have bottomed were all boosting interest in the residential market, Chia said.

Merrill Lynch, which has a "buy" rating on CityDev, said in a report this week that Singapore's residential market has surpassed expectations and that it now expects a "short and sharp V-shape recovery".

CityDev is regarded as the best proxy to the Singapore property market, as it has the largest residential landbank among listed developers and owns offices and shopping malls.

The firm, which also has projects across the region as well as a 53 per cent stake in London-listed hotelier Millennium & Copthorne, posted a 50 per cent drop in net profit in the first quarter of 2009. — Reuters

Why is everyone excited about LKY?

JUNE 17 — It’s amazing the amount of press coverage, especially in the Chinese press, devoted to the visit of Lee Kuan Yew, Minister Mentor of Singapore. In the past 48 hours, even former PM Tun Dr Mahathir Mohamad got into the act by posting on his blog some, shall we say — nasty — comments about LKY (or MM as he is known in Singapore). To quote from Dr Mahathir:

2. But we already have a new Middle Kingdom now. During Lee Kuan Yew's triumphant visit to Malaysia he made it known to the Malaysian supplicants that Singapore regards the lands within 6,000 miles radius of Singapore as its hinterland. This includes Beijing and Tokyo and of course Malaysia.

3. Of course this self-deluding perception places Singapore at the centre of a vast region. It is therefore the latter-day Middle Kingdom. The rest are peripheral and are there to serve the interest of this somewhat tiny Middle Kingdom.

4. Kuan Yew also explained that the fear Singapore Chinese would control Iskandar whatever is not justified. Malays can also work there. It is good to know that Malays can also work in their own country. I wonder as what? Maybe someone should make a study of the Malays of Singapore just to know what it is like to be a Malay minority in their own country.

Yes, we have to say that Dr Mahathir is consistent — he is consistently on bad terms with LKY and he is consistently using the racial card against the “Singapore Chinese”.

Dr Mahathir and LKY’s bad relations are well known — LKY said as much in his book “From Third World to First: The Singapore story, 1965-2000”. Although he did mention that he managed to get a lot done with Dr Mahathir.

What I am more curious about is why Malaysians are so worried about what an 85-year-old person says? For example, his comments about crumbling infrastructure in Penang compared to Ipoh sparked off a war of words between DAP and Gerakan over who is responsible for Penang’s decay. Why do Malaysians take his words, in this case just a side remark, so seriously?

Imagine the hoo-haa if he has said something about the quality of DAP’s or Gerakan’s leadership. Or his comments to the entire leadership of MCA when he met them in his hotel suite.

I suspect the reason why Malaysians, especially the Chinese press, take his comments so seriously is in part based on historical sentiment, and another part based on Singapore’s economic performance. Both are related.

Part of the old Malay elite establishment has never forgiven Tunku Abdul Rahman for letting go of Singapore in 1965. Many wanted the Tunku to use the military to control LKY and keep Singapore in Malaysia. Some of the sentiments are still there today. They simply do not like the idea of a “too-smart-for-his-own-good” LKY getting away with “Malay” land and creating a Chinese “dot” between the Malaysian and Indonesian Malay sea. The fact that Singapore has transformed itself into a fully developed nation with the highest standard of living is another thing they cannot stomach.

The economic success has also added the political dimension. Remember these famous LKY words in 2007:

“We are a standing indictment of all the things that they (Malaysia) can be doing differently. If they would just educate the Chinese and Indians, use them and treat them as their citizens, they can equal us and even do better than us and we would be happy to rejoin them."

LKY was, of course, referring to the NEP policy in Malaysia, and argued that Singapore’s meritocracy policy had brought economic prosperity to Singapore. This was not disputed much but what got people up here unhappy and rattled were his comments that non-Malays are marginalised. Needless to say, the bulk of the non-Malay population was happy with the comments and the Malays unhappy. The non-Malay parties in the BN were forced to rebut LKY and ask him to apologise. LKY, being LKY, did not apologise even after a letter from Malaysia’s PM. LKY’s reputation for talking straight was such that it made a fool of the non-Malay BN parties who had to criticise LKY in public knowing that the bulk of their members agreed with his statements.

What, of course, was not said by anyone was that it was precisely Malaysia’s policies that had benefited LKY and Singapore. Many of the smartest non-Malays have migrated to Singapore, and modern Singapore was built by ex-Malaysians. In the first Singapore Cabinet, the majority of its members were born in Malaya. Even today, many of the top civil servants and top corporate people in Singapore are ex-Malaysians.

It is this dimension, that Singapore’s success was in part built by ex-Malaysians, that has resulted in mixed feelings towards Singapore. The fact that Singapore can create a prosperous society with no natural resources (remember the joke about Singapore having to drink toilet water) purely on meritocracy has cut deep into the Malaysian psyche, both among the Malays and non-Malays. For the non-Malays, Singapore’s meritocracy policy reinforced everything they believe in. For many Malays, the same policy invokes fear on how far they are behind the Chinese if meritocracy was adopted. Hence the constant fear mongering about how bad the Singapore Malays are treated in the island republic.

At the end of the day, Singapore and Malaysia are neighbours and they cannot stop being neighbours. The politics of fear and/or envy will exist in this relationship long after LKY leaves Malaysia. In fact it will probably stay with us as long as talented non-Malays move down South and help build a prosperous Singapore.( By James Chin)

What a remarks by Sultan of Perak!!!!!!!

We really feel sad with remarks made by the Sultan Of Perak....

Really don't know what to say......

Bewilderment greets Perak Sultan’s ‘Malay interests’ remarks

By Syed Jaymal Zahiid

KUALA LUMPUR, June 11 - By equating any questioning of Malay interests and scholarship quotas to the sovereignty of the rulers, Perak’s Sultan Azlan Shah has been met with incredulous response.

Shah Alam parliamenterian Khalid Samad, who is from PAS, believes no one is questioning the rights of the Malays in terms of their places in educational institutions nor was there any move to question their rights to scholarship.

“What is being questioned is the manner in which the scholarship system is being implemented,” Khalid told The Malaysian Insider, saying that the scholarship awarding system must be based on the principles of justice and equitability.

“Although the constitution gives special rights to the Malays and Bumiputras in terms of place of study, it is in no way drafted to deny equal rights be given to the non-Malays.

“The basic idea of this provision is to ensure social justice, not made to serve or justify a chauvinistic end,” he said.

Sultan Azlan said today any move which questions the interests of the Malays and Bumiputras in terms of scholarships and places of study not only violates the fundamental provisions in the federal and state constitutions but also questions the sovereignty of the Yang di-Pertuan Agong and the Malay Rulers.

It is believed that the Perak ruler’s statement was made in reference to the recent call made by the DAP to stop ethnic profiling when awarding scholarships.

Bar Council president K Ragunath when contacted for comments said he doesn’t see how the call for better education opportunities to be awarded to deserving non-Malay students violates the country’s constitutions.

“I think this is a question of interpretation. I don’t think there is a move to question the rights of the Malays to education but a just demand that non-Malays who are doing well in their studies should be allowed the same opportunities,” he said.

Ragunath argued that the country’s broken scholarship system has already damaged the country’s economy with more and more good students pursuing education and employment opportunities overseas due to the lack of chances back home.

“So the whole matter is not about questioning the sovereignty of the Malay rulers or the Agong, it’s just a call for justice to be served,” he added.

The DAP’s Lim Kit Siang when contacted said he would only give his comments soon saying he has yet to read what the Perak ruler had said.

But he said that if the prime minister wants to fulfil his 1 Malaysia promise, then he must move away from ethnic profiling, especially in awarding scholarships.

Lim also pointed out that Education Minister Tan Sri Muhyiddin Yassin’s plan to limit the number of SPM subjects taken by each student was only an “ad hoc solution” and does not go to the root cause of the problem.

“Even if you reduce the number of papers, it would not solve the problem unless there is a fair and transparent system. I think there is a need for a total revamp,” he said.

Sultan of Perak and non-racism — Khoo Kay Peng

JUNE 12 — The Sultan of Perak, Sultan Azlan Shah, said any move which questions the interests of the Malays and Bumiputeras in terms of scholarships and places of study not only violates the fundamental provisions in the federal and state constitutions but also questions the sovereignty of the Yang di-Pertuan Agong and the Malay Rulers.

He said Clause 2 of Article 153 of the Federal Constitution provided the King with specific powers to safeguard the interests of the Malays as well as the Bumiputeras in Sabah and Sarawak in terms of scholarships and places of study."

The monarch represents an important institution in the country. Hence, his statement above is not going to help us to look beyond the question of race when addressing the issue of educational opportunity in the country.

Is it racist when a non-Malay student demands his right to a place in a local university or to be given a scholarship if he/she did exceptionally well in a public exam? Isn't it problematic if a remarkable student was not offered a course of choice in a local university or being denied a scholarship to pursue higher education but an opportunity was given to a less remarkable one?

Over the years, the issue of university placement and scholarship has continued to harm and frustrate many parents and students. Many good students had to look for study grants overseas which had resulted in a massive brain drain for the country.

It does not have to be a zero sum game. Giving more places of study and scholarships to more non-Malay Malaysians does not have to come at the expense of the Malays. Any government would have been proud to provide opportunities to its people especially youths to acquire the highest level of education possible so that they can return to contribute to the country's development.

It is no longer an issue about the Malay rights or supremacism. It is about retaining the best brains in the country. Most knowledge based economies are no longer merely competing for FDI but FHCI (Foreign Human Capital Investment).

Hence, the Sultan of Perak should have asked the government to try to accommodate as many bright Malaysian students as possible, regardless of race or creed, by offering them places in the local universities or giving them scholarships to study abroad.

He should have encouraged the government to correct the flaws in the scholarship and university admission processes so that the issue of deprivation and unfairness can be solved once and for all.

Instead, his warning to the complainants not to question these rights (access to scholarships and places of study) because their action is akin to challenging his sovereignty and authority is most unfortunate and unproductive.

A constitutional monarch is supposed to be a symbol of unity and sovereignty of all Malaysians, not just the Malays or Bumiputeras.

His statement will leave a deep impact on the society's direction and nation building. On race relations, this country has a long bumpy road ahead to travel. — straight talk

Oh No !!!!!Another Stupid Act By Zambry!!!!!!!!!!!!

Zambry puts RM9 billion Vale deal at risk

By Leslie Lau

Consultant Editor

KUALA LUMPUR, June 11 – Datuk Seri Dr Zambry Kadir’s announcement yesterday of a whopping RM9 billion investment in Perak was premature and could jeopardise the deal with Brazil’s Vale, the world’s second largest mining company.

The Malaysian Insider understands the Vale’s management has not even received board approval. Perak DAP chairman Datuk Ngeh Koo Ham also slammed Zambry for what he described as a publicity stunt by the Barisan Nasional (BN) government.

Vale could also face censure from the New York Stock Exchange (NYSE) where the company is listed over the premature announcement, even though the Perak mentri besar did not name the company.

Zambry said yesterday that the investment, which was to set up an iron ore distribution centre for Asia in Perak’s Manjung district, could possibly be one of the state’s largest to date.

Sources told The Malaysian Insider that the company had been in talks with the Pakatan Rakyat (PR) state government for nearly a year before yesterday’s announcement by Zambry.

This was confirmed today by Ngeh, who was a senior executive councillor in Datuk Seri Nizar Jamaluddin’s PR administration, which is still locked in a battle in the courts over control of the state.

“It must be put on record that the said company was in negotiations with the Pakatan Rakyat Perak state government before the latter was immorally, illegally and unconstitutionally overthrown by BN.

“I hope the BN state government will not be continuing its policy of announcing many multi million or billion ringgit projects to paint a good picture of the government,” Ngeh said in a statement today.

Zambry also claimed yesterday that the talks with Vale were in the final stages and that an agreement was set to be signed next week.

However, The Malaysian Insider has learned that Vale has no plans yet for any definitive announcement.

Sources in New York also confirmed that the company had been originally in talks with Nizar and had only recently met Zambry.

It is understood that there are still a number of hurdles to sealing the deal, including land approval and other matters.

Ngeh, who had been a party to the earlier talks with Vale, also posed a number of questions for Zambry regarding the deal.

These include concerns over whether the land in Manjung had already been converted for industrial use from its current tourism use status, and whether an Environmental Impact Assessment (EIA) report had been completed.

There are also question marks as to whether an agreement for the acquisition of the 1,300 acres of land in question had been completed and whether the plot was state-owned or privately held.

“The Perak Pakatan Rakyat Government has a policy to announce the implementation of projects only if it has been finalised and ready to take off as we hold firmly to our principle that the people must not be misled.

“Many have lost money investing in lands surrounding projects announced by BN which did not materialise,” said Ngeh.

True Stories from Bolehland 3

JUNE 8 –Things are happening in Bolehland, which is not same thing as saying Bolehland is a happening place.

There are so many new things to update the world on what is going on in Bolehland, where the Cold War is still very alive and raging.

1) Hypocrisy 1

According to Bolehland’s official ideology, communism is akin to worshipping the devil or worse.

According to a Bolehland minister, Bolehland historians are not telling the “right” history and the younger generation of Bolehland citizens think that communism is “cool”.

The communist are apparently so clever that they have created a website that will fool and brainwash all the teens in Bolehland.

Visiting this website will convert them to communism in the first hour. On this website, you will find a comic book telling the glorious history of the communist movement in Bolehland.

Moreover, there are people who say the most dangerous thing; i.e., allow the leader of Communist Party to retire in Bolehland. No, this must not happen.

Meanwhile, a group of Bolehland ministers and businessmen paid an official visit to the largest communist country on earth, the Peoples Republic of China. Communist leaders welcomed them with open arms and a state banquet.

I understand that Bolehland has engaged the great filmmaker, Borat Sagdiyev, to make a documentary “Evils Learnings of Communism for Make Benefit Glorious Nation of Bolehland”

2) Hypocrisy 2

Bolehland citizens are split – they cannot decide if they want to educate their children in English or Bahasa Bolehland.

To help the debate along, a nationalist group (can’t remember their name) decided that it must be Bahasa Bolehland or else it is the end of the world, and the end of Bolehland civilization.

But wait, looking at the senior members of this nationalist group, I think most of them were educated in English and, in fact, many of them have degrees from non-English speaking places like the US, UK and Australia. Hence, they have the ultimate right to deny the children English since learning English will only hurt the future and career of these children.

After all, who needs English to get a job? Is it not true that Bahasa Bolehland is the language of science of technology?

On, just so that you understand the hypocrisy, there is a special university in Bolehland that only admit indigenous Bolehlanders. From day one, this university has taught all its courses in English while all the other public universities have to teach in Bahasa Bolehland.

So there you have it. Need I say more about how advance the education standard of Bolehland?

3) The ‘Kopi reggate’ saga

Bolehlanders are trained in the highest standard of science and they are innovative. Bolehland invented the Tongkat Ali Kopi, which is 50 times cheaper than Viagra but does the same job – keep all the Bolehland men awake at night so that they can work throughout the night and help the country’s GDP.

Now I have been told that there is an even better invention – Kopi Reggate. In the front-page report by Harian Metro, a transvestite in his 20s revealed that Kopi Reggate could keep him up all night thus helping him provide “better service” to his and/or her (both are correct) clients.

This Kopi Reggate helped to restore his and/or her sexual energy and allowed shim (a combination of him and her) to entertain more than 10 clients a night. The Kopi Reggate is mixed with drugs such as syabu and ganja, and ketum leaves powder.

The effects of the coffee took five minutes to kick in and one would feel refreshed and “high.”

Towkays reading this, please set up your factory now and make sure you get your ISO9002 and EU certification. This can be a multi-billion export business. Bolehland can sink the Viagra.

4) Beyond Moronic

According to Kosmo!, a Mat Rempit asked for help from police officers after trying in vain to lift his motorcycle from the bushes. He was trying to escape a police operation to curb illegal racing at Pantai Lido in Johor Baru by hiding in the bushes with his motorcycle. Needless to say, the motorcycle got stuck.

The Police saw the Mat Rempit trying to lift his motorcycle for 10 minutes before he finally asked for help: “Tuan, tolong tarik motosikal saya, tuan.”

If this story is true, and Kosmo! is a respectable and credible paper, this proves that education levels have reached “taraf antarabangsa” in Bolehland. We know that all Mat Rempits are educated in the finest schools in Bolehland.

5) How to succeed in business (without really trying)

In Bolehland, this is how you start a business. Take a bank loan for $4 billion. Pay above market price for the land and everything else. Build the buildings regardless of the demand. Rent out 20% of the completed buildings. Make sure the other 80% empty buildings are painted white to make it “look nice from afar”.

When people ask “how come so many empty building?” you tell them “this is just phase one – the empty buildings are phase 2 and 3”.

When the banks start asking for money, take out another $4 billion in new loans – except this time, the Bolehland government will act as guarantor. No wonder people say Bolehland government is business-friendly.

When you have spent the money, hire a forensic accountant and issue a 1000-page report. Blame it on the previous management. Hold a press conference and tell Boleahlanders that you are going for transparency and accountability. Wait for six months. Bolehlanders “muda lupa”.

One year later, start a new project. This time, apply for bank loan of $8 billion.

For those who has no idea who is Awang Selamat, please do not mind to check around. He is just a asshole hiding behind Utusan Malaysia...........

How's the readership of Utusan Malaysia now?

I am not sure but If one were look at their latest quarterly result, it shows that the company has chalked up huge loss in just one quarter.....They might blame it to the financial crisis, but one thing for sure, the readership of the newspaper has dropped greatly .........

Why? because the editor of the company writing not with his heart and brain but with his big backside......

5754

Quarterly rpt on consolidated results for the financial period ended 31/3/2009

Quarter: 1st Quarter Financial Year End: 31/12/2009 Report Status: Unaudited Submitted By: CIK SHARINA SAIDON Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/03/2009 31/03/2008 31/03/2009 31/03/2008 RM '000 RM '000 RM '000 RM '000 1 Revenue 79,404 91,607 79,404 91,607 2 Profit/Loss Before Tax (8,679) 1,369 (8,679) 1,369 3 Profit/Loss After Tax and Minority Interest (7,465) 1,025 (7,465) 1,025 4 Net Profit/Loss For The Period (7,465) 1,025 (7,465) 1,025 5 Basic Earnings/Loss Per Shares (sen) (6.74) 0.93 (6.74) 0.93 6 Dividend Per Share (sen) 0.00 0.00 0.00 0.00 Remarks: N/A

20/05/2009 05:25 PM

Do I owe you anything, Encik Awang? — Tay Tian Yan

JUNE 5 — I do not know who Awang Selamat is, but he keeps haunting me, claiming that I've owed him something!

Other than banks, I don't think I have owed anyone anything.

All the things I've had, from the birth certificate when I was born, to the car I bought at the age of 22, and my house at 30... have all been acquired in a clean way, including my self respect.

Moreover, because I do not know Awang Selamat at all, as I said earlier, how could I possibly owe him anything?

But in an article entitled “The Malays are betrayed” published in Utusan Malaysia recently, Awang Selamat said Chinese Malaysians were immigrants, and were indebted to the Malays.

I am a Chinese Malaysian, one in the six million. He said the Chinese owed this and owed that, and as a Chinese, I can't help but ask: "What have I owed you?"

Also, I am not an immigrant. My birth cert and IC, along with all the documents of my assets point to the fact that I am a rightful Malaysian citizen.

The Constitution protects my status, my rights as well as my properties. If I've done anything against the laws, I will be bound by Malaysian laws, like anyone else.

Of course, I can say proudly that I have paid my income tax and owe not a sen.

Moreover, I have never betrayed my Malay friends. We treat one another sincerely and fairly.

When my old friend Ghaffar buys me teh tarik, I'll get him nasi lemak in return, even though nasi lemak is 20 sen more expensive than teh tarik.

But that's not because I feel I'm indebted to him; neither do I think he's trying to take advantage of me!

Right, Awang said Chinese Malaysians were getting more and more demanding, and racist, after the general election in March 2008.

What demands, or should I say what excessive demands, have the Chinese voiced up?

Scholarships? Land titles? Chinese primary schools? Democracy? Equality?

All I know is that these are reasonable requests from each and every citizen. As long as they are eligible, they should possess them.

It has nothing to do with race.

If we are denied these things because of skin colour, then we must fight for them. This is not racism either.

Although I have no idea who Awang is, I know he is hiding under the protective net of Utusan Malaysia.

He may be an individual, or a group of individuals. And he may have his own hidden agendas for his displeasure with Chinese Malaysians.

A lawyer friend told me, it is an act of sedition just to brand ethnic Chinese Malaysians as immigrants, and that the police should probe the incident.

Or perhaps someone should make a police report, in particular those who claim they represent the six million Chinese Malaysians. — mysinchew.com

M’sian property prices may be recovering

Sure Boh?

JUNE 2 – Despite a property overhang and a slump in some upmarket areas, secondary-market prices for many projects in Malaysia have not fallen below launch prices, property consultants say.

And an Internet survey suggests prices may be stabilising – or even recovering.

From its early-March low of minus 58 per cent, the thinkproperty.my Property Outlook Index rose last month to minus 36 per cent.

The improvement – for a second straight month – could signal stabilisation or even recovery, says the website’s chief executive and co-founder Asim Qureshi.

Adding to the feeling that the worst may be over, investors are starting to opt for shares and property over defensive fixed deposits, he says.

According to Asim, the recent pick-up in the stock market, data indicating economic recovery in the United States and China and expectations that government stimulus packages will spur activity are some of the reasons Malaysians are now more positive about property.

But sentiment could change quickly.

While the stock market has improved about 20 per cent since the start of the year, the government has conceded that the economy is in a technical recession and expects a contraction of as much as 5 per cent this year before 3 per cent to 4 per cent expansion next year.

Even so, the latest thinkproperty data is the most favourable the website has seen since it began an ongoing survey in May 2008, which has since elicited more than 1,700 responses.

Zerin Properties chief executive Previndran Singhe believes low interest rates and innovative deals – such as 5 per cent downpayments and balance on delivery, with the developer bearing all other fees and interest payments during construction – have helped spur buyer interest.

“It’s true that transactions have slowed,” he says. “But there has certainly not been a crash.”

Because liquidity is not an issue, developers selling the right product at the right price – throwing in rebates, for example – have not had to agonise too much despite the economic uncertainty.

For instance, a gated development of 49 courtyard homes by Tan & Tan at Sungai Buloh just outside Kuala Lumpur, priced from RM560,000 to RM800,000, was reportedly sold out on the first weekend, netting the developer RM37 million.

Major selling points would have included the units being landed – albeit leasehold – and that they are already completed.

Another Internet survey, meanwhile, has revealed that despite interest in property, some people consider current prices out of their reach.

According to a survey by iproperty.com, 27 per cent feel the time is right for bargain hunting; 39 per cent may buy but are waiting for prices to fall; 8 per cent are contemplating a purchase; and 21 per cent are keen but could not afford it. Twelve per cent said when they finally found a suitable property, many others were vying for it.

Zerin’s Singhe is quick to quash any notion of super bargains, especially in popular locations.

He expects prices to hold because there is liquidity, and reckons there will be an upturn in 2011-2012.

“People still need to invest,” he says.

And except for a 20-25 per cent drop in condo prices in the KLCC area and an 18-20 per cent at Mont Kiara, secondary transactions have not dipped below launch prices.

But he agrees that most young Malaysians – those in their 20s, especially – will find the property hunt tough going, given that incomes have generally remained stagnant over the years while property prices have risen 5-7 per cent a year.

The high-rise segment is expected to remain weak throughout this year and possibly well into next year, according to Regroup managing director Allan Soo.

But he is hopeful that a pick-up in Singapore’s property market will a spillover effect in Malaysia. – Business Times Singapore