I know I said I won’t blog during the World Cup but when the 10MP was announced, I can’t resist the temptation to write a few words…
On page 04 of the Sun’s June 11 2010, the titled screamed “Inclusive socio-economic growth”, and the box on the right entitled “Policy Instruments – Before and After " listed among many, the following:
“Promoting bumiputra representation in high paying jobs through supply-side and market-friendly demand side measure”
For Unit Trust Schemes, “Expansion of this successful concept to other types of wealth”, e.g. Yayasan Amanah Hartanah Bumiputra.
I can understand UMNO dominated and led administration’s need to preserve and consolidate their power base through rewarding and retaining their power base but at least just be honest about the semantics. Perkasa has clearly made an impression with Najib and NEAC, with individuals of great intellect and acumen and experience as author of NEM, might have been maneuvered to play second fiddle in the back scene. Ironically NEM's 200 ++ pager calls for political courage and will to make real change.
Page 1’s column “10MP highlights” summarized the above as “measurement of bumiputra participation in economy will include financial and non-financial assets, such as real estate and business premises as well as professional employment”
- Since when professionals need government assistance? Professionals are called professionals because they should be able to manage on their own like any hawkers, small time business proprietor, taxi driver etc.
The above contradicts another salient point of 10MP – attracting the 700,000 capable Malaysians overseas to return. This is not a new initiative and has not been successful previously. No root cause analysis has been done or at least findings disclosed to the public. Many capable Malaysians have left for overseas exactly because of what other countries would call discrimination or restriction of trade (which I accept as a practical and necessary social re-engineering to a certain extent).
This will throw up serious management and implementation issues…on 1 hand Malaysia needs to attract ambitious, capable, worldly, demanding, fast pace individuals but these returning Malaysians may find the positions or ambition they are aiming for are subject to direct competition from other individuals having the backing of the federal government on the basis of race qualification.
Go ask these individuals who have won competition overseas base on capability, know how, track record, experience and achievement to stomach this and their answers may be a wee bit interesting.
Najib administration has taken a step forward by removing 30% bumiputra quota requirement on 27 sector in 2009, and now 10MP openly states that 30% bumi equity target remains so do the 27 sectors revert back to its old self or other sectors have to make up for the “lost numbers” in that 27 sectors?
I remember Rafidah Aziz once commented that bumiputras are quick to sell off their allocation to have immediate capital gain and perhaps BN administration should consider implementing a restriction of sales of bumi allocations by bumiputra to bumiputra only, just like the concept of Malay reserve land, so that the allocation to bumi remains with bumi as NEP wanted bumis to hold 30% shares, not cash. Otherwise, NEP will become Never Ending Programme if there are unarrested leakages.
(Yes, I imagine professionals in financial markets calling me names now but hey, you guys can think of something better?)
This restriction should not be imposed on bumi shares acquired in open market though.
It was also critical for MCA President to show results to the Chinese community and it is interesting to read from Sin Chew Jit Poh that RM100 million from Bank Simpanan Nasional shall be given as soft loan to pay land premium and finance renewals of leasehold land.
I wonder how much land premium the respective state or federal government earn to the extent that Chinese new village dwellers have to borrow money to pay for the land they dwell on. Pakatan’s Perak state government seemed to operate a less costly model for these dwellers if I remember correctly. For all MCA’s power as the second major component of Barisan Nasional coalition, this accomplishment in “fighting for Chinese” compares unfavourably to Nizar’s infant and robbed administration.
While Najib talks about 52 high impact projects worth RM63 billion and also “market base acquisitions by institutional investors like PNB and Ekuinas”, missing is any concerted action on reducing operating expenditure, national debt and moving towards open tendering system. NEM talks about reducing government participation and letting private sector to drive economic growth so what sort of “institutional acquisitions” and resultant CIMB-led debt raising exercise are we talking now?
An inclusive thrust in 10MP? Reads more like centralization of development and projects to Kuala Lumpur and Iskandar Malaysia only.
Most of the development work seems to be in Kuala Lumpur like the Sungai Besi airport project, with Kuala Lumpur Lake Gardens, Malaysia Truly Asia Tourism Centre (the Tourism Ministry fund usage has attracted discussion whether it was under Azalina or Ng Yen Yen’s watch) or rail transit in KL.
One wonders how this benefits majority of Malaysians accross the nation. Mega projects do not have immediate, direct and far fetch in terms of sharing the wealth of nation. Certainly the contractors would be the first to benefit, then some Indonesian construction workers and hardware suppliers as well. .
What is there for other parts of Malaysia? Families in Malaysia are torn apart by the younger generations’ need and desire to work in Kuala Lumpur (or even overseas) and abandoning their respective hometowns like Alor Setar, Ipoh, Seremban etc and the associated travelling problems during festive seasons.
There are a great number of old lonely folks across Malaysia who lost close company of their young ones due to lack of competitive and fulfilling employment and business opportunity across the country (note we have universities and polytechnics all over the country though), at the same time resulting in congestion and overburdening of land and unequally social and economic development across Peninsular and Borneo subcontinent. In the end, so many warm and wonderful homes across Malaysia that once hosted happy wholesome families and childhood memories ended up as a quiet old folks home or vacant.
And I wonder why most of the MPs across Malaysia did not sound off against this centralization and concentration of development focus at the expense of their own constituencies.
Hiatus
I won't be blogging when the World Cup starts. It has been enjoyable writing here and even more enjoyable reading the comments.
In the meantime, hope we will have an enjoyable world cup.
In the meantime, hope we will have an enjoyable world cup.
Vincent Tan: Finance Ministry need money so....
I love it when I think of my chinese language education background as I can read from vernacular press...such golden nuggets can never find its way into Utusan Malaysia.......
http://www2.orientaldaily.com.my/read/A1/29Zd0zXs1jNF0oRq0SSo6s960QgM6LDn
他相信民聯州政府會以公平態度看待此事。他表示，單靠政治，不能成功治理好一個州或一個國家，而是需要依靠公平和良好的政策及管理。
He believe Pakatan state government will be fair about this. He stated, proper governance of a country or a state cannot depend only on politics, but also fair and good policies and control
所以，他籲請民聯州政府以公平態度看待合法化賭球。「財政部需要錢，而合法化賭球將可為政府帶來豐厚的稅收。」
so he urge the Pakatan state government to adopt a fair attitude to view legalised football gambling. "The Finance Ministry needs money,and legalised football betting can bring lucrative revenue to the state government"
ok,to be fair, Tan Seri, football betting is legal in Singapore and Hong Kong. Patrick Kinghorn is earning good money and getting great exposure in Football Forecast as he gives the odds week in week out, our local newspaper stands are selling those RM3 weekly magazines on BPL statistics and odds, many Malaysians bet amongst friends and even frequent those illegal betting joint (seen one myself although as a football purist, I do not bet as this would prevent me from admiring good football played by a team if I bet against it)
ok to be fair, what the hell the finance ministry needs to money for, after we lost the Limbang? after PKFTZ, Matrade? After no more GST? Despite wtihdrawal of subsidies? In the light of need to develop Tanjong Pagar? Especially after the disclosure of the annual colossal losses disclosed year in year out in the Auditor General Reports? After too many buy elections? Big fat shopping bills overseas? Unnecessary defense spending? Too many civil servants? Next GE warchest?
ok to be fair.....he did say
他表示，重獲賭球執照後，他決定把愛勝閣公司的70%股權或相等於5600萬股脫售予成功集團，而把獲得5億2500萬令吉全數捐出作為慈善用途。
he stated that regaining the betting license, he has decided to dispose 70% shareholding of Ascot Sports which is about 5.6 million shares to Berjaya Group, and will donate all RM525 million to charity....
yeah rite, only after some public outcry then this explanation came out. If all this is said earlier then maybe I might view this differently...but to be fair, there is no mechanism for us to ensure he would really donate and he has no legal obligations to carry out what he said hence it is only fair there aer doubting Thomases ... despite watever nice intention, please don't divert the attention, fact remains, what the hell BN administration needs the money for?
http://www2.orientaldaily.com.my/read/A1/29Zd0zXs1jNF0oRq0SSo6s960QgM6LDn
他相信民聯州政府會以公平態度看待此事。他表示，單靠政治，不能成功治理好一個州或一個國家，而是需要依靠公平和良好的政策及管理。
He believe Pakatan state government will be fair about this. He stated, proper governance of a country or a state cannot depend only on politics, but also fair and good policies and control
所以，他籲請民聯州政府以公平態度看待合法化賭球。「財政部需要錢，而合法化賭球將可為政府帶來豐厚的稅收。」
so he urge the Pakatan state government to adopt a fair attitude to view legalised football gambling. "The Finance Ministry needs money,and legalised football betting can bring lucrative revenue to the state government"
ok,to be fair, Tan Seri, football betting is legal in Singapore and Hong Kong. Patrick Kinghorn is earning good money and getting great exposure in Football Forecast as he gives the odds week in week out, our local newspaper stands are selling those RM3 weekly magazines on BPL statistics and odds, many Malaysians bet amongst friends and even frequent those illegal betting joint (seen one myself although as a football purist, I do not bet as this would prevent me from admiring good football played by a team if I bet against it)
ok to be fair, what the hell the finance ministry needs to money for, after we lost the Limbang? after PKFTZ, Matrade? After no more GST? Despite wtihdrawal of subsidies? In the light of need to develop Tanjong Pagar? Especially after the disclosure of the annual colossal losses disclosed year in year out in the Auditor General Reports? After too many buy elections? Big fat shopping bills overseas? Unnecessary defense spending? Too many civil servants? Next GE warchest?
ok to be fair.....he did say
他表示，重獲賭球執照後，他決定把愛勝閣公司的70%股權或相等於5600萬股脫售予成功集團，而把獲得5億2500萬令吉全數捐出作為慈善用途。
he stated that regaining the betting license, he has decided to dispose 70% shareholding of Ascot Sports which is about 5.6 million shares to Berjaya Group, and will donate all RM525 million to charity....
yeah rite, only after some public outcry then this explanation came out. If all this is said earlier then maybe I might view this differently...but to be fair, there is no mechanism for us to ensure he would really donate and he has no legal obligations to carry out what he said hence it is only fair there aer doubting Thomases ... despite watever nice intention, please don't divert the attention, fact remains, what the hell BN administration needs the money for?
No subsidy, more debts for Malaysians
Khazanah plans sukuk sale for Parkway buy
Published: 2010/06/02
http://www.btimes.com.my/articles/20100602100756/Article/
Khazanah Nasional Bhd, Malaysia’s state investment company, may sell as much as S$500 million (US$354 million) of Islamic bonds, or sukuk, to take over Parkway Holdings Ltd, according to two people familiar with the matter.
CIMB Investment Bank Bhd is among banks that may arrange the sale as soon as this month, said one of the people, who asked not to be identified because the discussions are private.
Khazanah offered S$1.18 billion to more than double its holding in Parkway to gain control of Asia’s biggest hotel operator, Singapore-based Parkway said on May 27. Credit Suisse Group AG recommended that Parkway shareholders accept the offer, which would let Khazanah overtake India’s Fortis Healthcare Ltd as Parkway’s largest shareholder with a 51.5 per cent stake.
The Kuala Lumpur-based company now owns 23.2 per cent of Parkway while Fortis has 25.4 per cent, according to data compiled by Bloomberg.
Mohd Asuki Abas, a Khazanah spokesman, declined to comment on the company’s funding plans. -- Bloomberg
-----------------------------------------------------------------------------------------------
While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB. (read my previous posts, I am fed up of saying who is the main man in CIMB)
In other words, we will bear S$1.18 billion or @RM2.32 = S$1--> RM2,737,600,000 (which is about RM101.39 per person so you and your 3 school going children now owes god knows who RM405.57) excluding interest expense and expensive professional fees earned by CIMB.
To add salt to injury, the money will go to some foreigners who are holding the existing shares in Parkway and I strongly believe that no Ali, Chong, Samy, Gurmit, De Souza or negrito will taste, feel or touch any direct benefits whatsoever associated with this cash outlay.
Parkway Holdings Limited provides health care services throughout Asia, while also managing Parkway Life REIT and providing health care education through Parkway Education Pte Ltd so perhaps from business point of view, it can be lucrative.
However, have any Malaysians ever remember getting some sort of benefits from national state investment arm?
According to Khazanah's website:
http://www.khazanah.com.my/
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, our main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation building.
Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests.
Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are involved in a broad spectrum of industries.
Khazanah is also the key agency mandated to drive shareholder value creation, efficiency gains and enhance corporate governance in companies controlled by the government, commonly known as Government-Linked Companies, or GLCs
------------------------------------------------------------------------------------------------
Some of the key listed companies in Khazanah's investment portfolio include UEM Group, Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Proton Holdings Berhad, PLUS Expressway Berhad, Malaysia Airlines System Berhad, Malaysia Airport Berhad, PT Bank Lippo, and Time dotCom Berhad
If you read the mission statement or whatever you can call it, Khazanah define itself as a trustee to the nation's commercial interest and pursuing long term national interest.
From what I see in Khazanah's staple:
* TNB being the cash cow to IPPs
* Proton Holdings Berhad export price is cheaper than local prices (so I heard), result in Malaysians buying substandard cars at inflated prices since the 1980's, pushing up the price of imported cars and created a wonderful environment for AP kings to flourish
* Plus Expressway....need I say more?
* PT Bank Lippo .. has any Malaysians received any return from our government investment in Indonesia? While our top SPM scores are put through the customary emotional torture in annual JPA scholarship no enough, read this:
http://beasiswaluarnegeri.com/indonesia_lippo_bank_lb_scholarship_2008_for_undergraduate_program
Lippo Bank (LB) Scholarship 2008
PT Bank Lippo Tbk (“LB”), a major investee company of Khazanah Nasional Berhad, Malaysia, believes in developing the human capital in The Republic of Indonesia. In this regard, LB is pleased to offer scholarships and financial assistance to deserving Indonesian students who intend to pursue their tertiary education at selected university in Indonesia
----------------------------------------------------------------------------------------
note: the key word is "deserving"; not "quota" Eat your heart out, you top scorers!
After all the bad things, to even up, I gotta write something good, right? So here goes....
This is what I call having the nation's financial interest at heart - sharing the fruit of gain with the population:
--------------------------------------------------------------------------------------------
Growth Dividends, Life Bonuses for Singaporeans
By Asha Popatlal, Channel NewsAsia Posted: 15 February 2008 1733 hrs
http://www.channelnewsasia.com/stories/singaporelocalnews/view/329063/1/.html
SINGAPORE: The Singapore government has unveiled what can be called a 'surplus sharing' national budget for financial year 2008.
Finance Minister Tharman Shanmugaratnam, in delivering his Budget Statement in Parliament on Friday, said the government had a surplus of $6.4 billion for the financial year 2007 - the largest since the FY1999 - thanks to the strong economic growth.
Singapore's economy had an exceptional growth of 7.7% last year, with the largest boost to revenues coming from an exceptionally buoyant property market.
The government will share the budget surplus with Singaporeans. It will give away a total of S$1.8 billion to individuals and households, in particular to the elderly, poor and needy to cope with rising costs.
-------------------------------------------------------------------------------------------------
- so far only the state government of Penang has emulated this feat (well done Pakatan!), turning the projected deficit into a surplus and giving RM100 to the old folks and some heartless robbers .....
or what the Norwegians are doing:
------------------------------------------------------------------------------------------
Investing petroleum wealth for future generations
Khazanah accounts should be tabled in the Parliament so that the wakil rakyats can scrutinize debate and decide if there is a way to change how it is being run so that the benefits will be cascaded to Malaysians who after all, contribute to the existence of Khazanah.
Published: 2010/06/02
http://www.btimes.com.my/articles/20100602100756/Article/
Khazanah Nasional Bhd, Malaysia’s state investment company, may sell as much as S$500 million (US$354 million) of Islamic bonds, or sukuk, to take over Parkway Holdings Ltd, according to two people familiar with the matter.
CIMB Investment Bank Bhd is among banks that may arrange the sale as soon as this month, said one of the people, who asked not to be identified because the discussions are private.
Khazanah offered S$1.18 billion to more than double its holding in Parkway to gain control of Asia’s biggest hotel operator, Singapore-based Parkway said on May 27. Credit Suisse Group AG recommended that Parkway shareholders accept the offer, which would let Khazanah overtake India’s Fortis Healthcare Ltd as Parkway’s largest shareholder with a 51.5 per cent stake.
The Kuala Lumpur-based company now owns 23.2 per cent of Parkway while Fortis has 25.4 per cent, according to data compiled by Bloomberg.
Mohd Asuki Abas, a Khazanah spokesman, declined to comment on the company’s funding plans. -- Bloomberg
-----------------------------------------------------------------------------------------------
While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB. (read my previous posts, I am fed up of saying who is the main man in CIMB)
In other words, we will bear S$1.18 billion or @RM2.32 = S$1--> RM2,737,600,000 (which is about RM101.39 per person so you and your 3 school going children now owes god knows who RM405.57) excluding interest expense and expensive professional fees earned by CIMB.
To add salt to injury, the money will go to some foreigners who are holding the existing shares in Parkway and I strongly believe that no Ali, Chong, Samy, Gurmit, De Souza or negrito will taste, feel or touch any direct benefits whatsoever associated with this cash outlay.
Parkway Holdings Limited provides health care services throughout Asia, while also managing Parkway Life REIT and providing health care education through Parkway Education Pte Ltd so perhaps from business point of view, it can be lucrative.
However, have any Malaysians ever remember getting some sort of benefits from national state investment arm?
According to Khazanah's website:
http://www.khazanah.com.my/
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, our main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation building.
Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests.
Khazanah has investments in over 50 major companies, both in Malaysia and abroad, and our companies are involved in a broad spectrum of industries.
Khazanah is also the key agency mandated to drive shareholder value creation, efficiency gains and enhance corporate governance in companies controlled by the government, commonly known as Government-Linked Companies, or GLCs
------------------------------------------------------------------------------------------------
Some of the key listed companies in Khazanah's investment portfolio include UEM Group, Telekom Malaysia Berhad, Tenaga Nasional Berhad, CIMB Group, Proton Holdings Berhad, PLUS Expressway Berhad, Malaysia Airlines System Berhad, Malaysia Airport Berhad, PT Bank Lippo, and Time dotCom Berhad
If you read the mission statement or whatever you can call it, Khazanah define itself as a trustee to the nation's commercial interest and pursuing long term national interest.
From what I see in Khazanah's staple:
* TNB being the cash cow to IPPs
* Proton Holdings Berhad export price is cheaper than local prices (so I heard), result in Malaysians buying substandard cars at inflated prices since the 1980's, pushing up the price of imported cars and created a wonderful environment for AP kings to flourish
* Plus Expressway....need I say more?
* PT Bank Lippo .. has any Malaysians received any return from our government investment in Indonesia? While our top SPM scores are put through the customary emotional torture in annual JPA scholarship no enough, read this:
http://beasiswaluarnegeri.com/indonesia_lippo_bank_lb_scholarship_2008_for_undergraduate_program
Lippo Bank (LB) Scholarship 2008
PT Bank Lippo Tbk (“LB”), a major investee company of Khazanah Nasional Berhad, Malaysia, believes in developing the human capital in The Republic of Indonesia. In this regard, LB is pleased to offer scholarships and financial assistance to deserving Indonesian students who intend to pursue their tertiary education at selected university in Indonesia
----------------------------------------------------------------------------------------
note: the key word is "deserving"; not "quota" Eat your heart out, you top scorers!
After all the bad things, to even up, I gotta write something good, right? So here goes....
This is what I call having the nation's financial interest at heart - sharing the fruit of gain with the population:
--------------------------------------------------------------------------------------------
Growth Dividends, Life Bonuses for Singaporeans
By Asha Popatlal, Channel NewsAsia Posted: 15 February 2008 1733 hrs
http://www.channelnewsasia.com/stories/singaporelocalnews/view/329063/1/.html
SINGAPORE: The Singapore government has unveiled what can be called a 'surplus sharing' national budget for financial year 2008.
Finance Minister Tharman Shanmugaratnam, in delivering his Budget Statement in Parliament on Friday, said the government had a surplus of $6.4 billion for the financial year 2007 - the largest since the FY1999 - thanks to the strong economic growth.
Singapore's economy had an exceptional growth of 7.7% last year, with the largest boost to revenues coming from an exceptionally buoyant property market.
The government will share the budget surplus with Singaporeans. It will give away a total of S$1.8 billion to individuals and households, in particular to the elderly, poor and needy to cope with rising costs.
-------------------------------------------------------------------------------------------------
- so far only the state government of Penang has emulated this feat (well done Pakatan!), turning the projected deficit into a surplus and giving RM100 to the old folks and some heartless robbers .....
or what the Norwegians are doing:
------------------------------------------------------------------------------------------
Investing petroleum wealth for future generations
http://www.norway.or.kr/aboutnorway/economy/Investing-for-the-future/
11/10/2009 // Revenues from Norwegian oil and gas activity are invested in a government pension fund, ensuring that the country’s petroleum wealth will benefit future generations. The fund serves as a resource as it makes long-term investments in solid companies throughout the world. Openness and ethical considerations are cornerstones in the fund’s investment strategy.
Khazanah accounts should be tabled in the Parliament so that the wakil rakyats can scrutinize debate and decide if there is a way to change how it is being run so that the benefits will be cascaded to Malaysians who after all, contribute to the existence of Khazanah.
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