Wednesday, November 4, 2009

Dato Seri Najib, PM, Malaysia

I have always wondered how Dato Seri would faired as our Prime Minister.
I would like to give him an A for his strong and fair administrative actions. He is able to turn around quite a number of policies and curb a lot of wrong doings. He is like a broom sweeping clean the dust and mess. He makes wise decisions and enable more and more people to believe in him and would want to strive along with him.
1 Malaysia.
The lifelong dream of Malaysia's 6th Prime Minister, Dato' Sri Mohd Najib Bin Tun Hj Abd Razak, is a united, peaceful and prosperous Malaysia, with abundant opportunities for all citizens.

This is what I would like, we as Malaysians can eat, drink and play together. Just like old days, when we play Buah Guli and Gasing in the playground no matter what Race, Malay, Chinese, Indian or Singh. I remembered 2 goods friends Amran and Rajender Singh, we used to play Kites and catch Peacock fish from rivers and big drains.
Last but not least, overall Dato Seri Najib, PM of Malaysia, is doing tremendiously well in managing the Rakyat and Country.

Malaysia Budget 2010

Malaysia Budget 2010

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* Malaysia economy to grow 2-3 per cent in 2010

* Mining to grow 1.1 per cent, manufacturing sector 1.7 per cent, agriculture 2.5 per cent, construction 3.2 per cent and service 3.6 per cent.

* Private consumption expand 2.9 per cent while private investment 3.4 per cent

* Per capita income to increase by 2.5 per cent to RM24,661

* TNB to spend RM5 billion to implement electricity generation, transmission and distribution projects in 2010.

* Individual tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012.

* Public-private collaborations to include an integrated immigration, customs and quarantine complex in Bukit Kayu Hitam, construction of six UiTM campuses and the development of MATRADE centre

* 1Malaysia Development Bhd (1MDB) will establish a corporate social responsibility fund totalling RM100 million as a start to finance community activities

* Government to allocate RM899 million to intensify tourism industry.

* Government to enhance tax incentives for healthcare service providers who offer services to foreign health tourists with income tax exemptions of 100 per cent on the value of increased exports from 50 per cent previously.

* Individual taxpayers to be given tax relief on broadband subscription fee up to RM500 a year from 2010 to 2012

* Civil servants are eligible to apply for computer loans once in every three years and up to a maximum of RM5,000 from the government once in every five years

* Formulate Halal Act in collaboration with State Islamic Religious Councils.

* To corporatise the Halal Industry Development Corporation as an agency under MITI

* Intensify Halal Certification by the Islamic Development Department of Malaysia (JAKIM) by collaborating with international institutions to obtain standards certification such as HACCP ad GMP.

* To provide RM24 million to develop halal products anti-smuggling system at three entry points and three main ports.

* Allocate RM137 million to upgrade and improve drainage and irrigation infrastructures in paddy fields involving 180,000 farmers.

* To provide RM70 million to build the Paya Peda Dam Project in Terengganu to increase water supply capacity to paddy irrigation scheme in Besut.

* Allocate RM82 million to modernise aquaculture industry and conduct entrepreneurship training scheme for aquaculture breeders with focus on production of fish fry and ornamental fish.

* “The stock market will be further liberalised to enhance its efficiency as well as attract domestic and foreign investment. For this purpose, the government will undertake the following measures: First, liberalise the commission sharing arrangements between stockbrokers and remisiers in 2 stages to encrouage retail participation in the stock market. The first stage, which takes effect immediately, allows flexible brokerage sharing at a minimum rate of 40 percent for remisiers. The commission sharing will be fully liberalised in the second stage, effective 1 January 2011.

* “Allow 100 per cent foreign equity participation in corporate finance and financial planning companies compared with the present requirement of at least 30 per cent local shareholding.

* “Islamic banking assets account for 18.8 per cent of Malaysia’s total banking assets while takaful industry assets contribute 7.7 per cent of total insurance and takaful industry assets. To ensure rapid development of financial services, particulalrly in Islmaic finance, the government proposes that the existing tax incentives be extended to 2015.

* “The government is currently at the final stage of completing the study on the implementation of goods and services tax (GST), particularly to identify the social impact of GST on the people. The purpose of this study is to ensure that if GST needs to be implemented to stabilised Government finance, it will not burden the population. “If the government implements GST, it will replace the current sales tax and service tax as well as exemption will be granted to the low income group. The GST rate to be imposed will be lower than the current sales tax and service tax rates.

* “The government needs to ensure that the Malaysian tax system is equitable and able to generate revenue for development purposes. In line with this, the government proposes that a tax of five per cent be imposed on gains from the disposal of real property from 1 January 2010.

* Effective Jan 1 2010, government agrees to allow agencies to retain 50 per cent of rentals received while the remaining 50 per cent will be remitted to the government as revenue.

* The Government will implement fuel subsidy management system in early 2010.

* The Government proposes the maximum income tax rate to be further reduced to 26 per cent from 27 per cent effective from the 2010 year of assessment.

* Maximum tax rate for cooperatives will be reduced to 26 per cent while the fixed tax rate for non-resident individuals will be cut to 26 per cent.

* Personal tax relief will be increased to RM9,000 from RM8,000 effective from the 2010 year of assessment.

* The Government also proposes income tax on employment income of Malaysians and foreign knowledge workers residing and working in Iskandar Malaysia be imposed at 15 per cent compared with the maximum 26 per cent for the rest of the country.

* Government to launch a scheme in January 2010 that enables EPF contributors to utilise current and future savings in Account 2 to promote house ownership.

* RM14.8 billion is allocated to manage, build and upgrade hospitals and clinics.

* The Government will issue 1Malaysia Sukuk totalling RM3 billion.

* The Government will establish the 1Malaysia Retirement Scheme to be administrated by EPF.

* Employees EPF contributions will be raised again to 11 per cent on a voluntary basis with immediate effect. However, from Jan 1, 2011 employees' EPF contribution will revert to 11 per cent.

* The Government proposes existing personal tax relief of RM6,000 for EPF contributions and life insurance premiums be raised to RM7,000.

* Government allocates RM2.3 billion to build and upgrade infrastructures in rural areas.

* Government provides RM41 million to improve income and quality of life of the Orang Asli Community by implementing various projects.

* Budget 2010 allocations totalled RM191.5 billion, of which RM138.3 billion is for operating expenditure and RM53.2 billion for development expenditure.

* Federal Government revenue in 2010 to decline by 8.4 per cent to RM148.8 billion.

* Budget deficit at 5.6 per cent of GDP compared with 7.4 per cent in 2009. - Bernama/Reuters

Wednesday, September 30, 2009

John King Egg Tart in Penang

John King Egg Tart established in Hong Kong is now in Penang. Located at the Basement Floor of Gurney Plaza right in front of Yan Wo Wang Birdsnest Shop. The Egg Tarts are smooth and tasty. Never had such a smooth Egg Tart before. Everyone should try.

Wednesday, September 2, 2009

Rothschild's new fund

Rothschild Said to Start Fund; Chairman’s Son Joins (Update1)
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By Jacqueline Simmons and Anne-Sylvaine Chassany
Sept. 2 (Bloomberg) -- Rothschild, the largest family-owned bank, plans to raise a 500 million-euro ($711 million) investment fund as chairman David de Rothschild’s son joins the firm, two people familiar with the plan said.
Alexandre de Rothschild, 29, moved to the family bank from Argan Capital, Bank of America Corp.’s former European private equity division, to work on the project, said the people, who declined to be identified before the fundraising is completed. Rothschild Managing Director Marc-Olivier Laurent, 57, will oversee the fund, the people said.
The two-century-old firm, which is run by 66-year-old David de Rothschild, plans to buy minority stakes in closely held companies after the pace of global mergers and acquisitions dropped 46 percent in the past year. The fund’s backers include Rothschild partners and clients. It will target companies valued at 100 million euros to 500 million euros, the people said.
“It’s normal for them to bring in family members to ensure succession,” said Anis Bouayad, founder of Paris-based advisory firm AB Conseils. “The bank has always found a way to promote its own, while also bringing outside talent to the top jobs.”
Javed Khan, who joined Rothschild from New York-based private equity firm Blackstone Group LP in June, and Emmanuel Roth, a former executive at investment firm Paris-Orleans, will also manage the fund, the people said. Rothschild plans to complete the fundraising before the end of the year, they said.
‘Family is Fine’
“In a business, the key is to have the best people,” David de Rothschild said in a 2005 interview, addressing the subject of succession. “The family is fine as long as they do a good job. If they don’t, it has to be someone else.”
David de Rothschild took managerial control of the U.K. side of the bank after his cousin Evelyn retired in 2004, cementing control of both the Paris and London businesses by a French Rothschild, a first for the family firm.
David’s younger brother, Edouard, stepped down in 2004 after helping to expand the French bank. Today, he oversees France Galop, the country’s horse-racing association. David’s cousin, Eric, is chairman of Rothschild’s asset-management and private-banking units and also runs the family’s Chateau Lafite vineyard.
Mayer Amschel, founder of the Rothschild banking dynasty, started out buying and selling old coins in a Frankfurt Jewish ghetto in the late 1700s and built an embryonic banking business by extending credit to clients. In the early 1800s, he sent his five sons to establish bases in London, Paris, Naples and Vienna, in addition to Frankfurt.
His great-great-grandson, Guy de Rothschild, rebuilt the French business in the 1950s and 1960s after reclaiming the bank, which had been seized by the pro-Nazi Vichy regime. In 1981, the French bank was nationalized by Socialist President Francois Mitterrand. Two years later, David persuaded the French government to grant the Rothschilds a new banking license. From Bloomberg.

Friday, July 10, 2009

Happy 84th Birthday.....Tun Dr Mahathir

Happy 84th Birthday......Tun Dr Mahathir

Tuesday, June 23, 2009

World Badminton Ranking-after 3 years retiring from the world circuit back in 1997

International Badminton Federation                    26-FEB-97                 
Mens Singles Ranking
Ranking Date      25-FEB-97
(Reformatted and reissued by NEW SHUTTLENWS)
 Pos    Id Surname                   First Name         Ctry  Comps     Points
   1   207 HOYER-LARSEN              Poul-Erik          DEN      14     285.31
   2   511 SIDEK                     Rashid             MAS       9     280.67
   3   541 SUPRIANTO                 Joko               INA       7     274.65
   4  4971 SUN                       Jun                CHN       9     269.48
   5  3268 WIJAYA                    Indra              INA       9     265.70
   6   437 PERMADI                   Fung               TPE      10     263.98
   7  3150 ONG                       Ewe Hock           MAS      10     261.87
   8  1333 STUER-LAURIDSEN           Thomas             DEN      12     258.33
   9  4367 SANTOSO                   Budi               INA       9     235.53
  10  6926 GADE CHRISTENSEN          Peter              DEN      10     233.15

214 4170 LOGOSZ Michal POL 3 17.17

215 2011 FUCHS Hannes AUT 2 17.16

216 349 MAILER Jim SCO 2 17.10

216 7221 CARLSSON Mikael SWE 2 17.10

218 6104 SURYANA Rio INA 2 16.90

219 2033 LEWIS Geraint WAL 3 16.49

220 8393 CHIEN Yu-Shiu TPE 2 16.44

221 10325 FELIX Ooi MAS 5 16.40

222 6907 HARIONO Guntur INA 2 16.31

223 4091 WAPP Stephan SUI

Thursday, June 18, 2009

Hand back 'Saint' schools to the La Salle Brothers

YOUR report “An end of an era for La Sallians” (The Star, May 1) stirred deep emotions in the hearts of those who had studied at the 50 La Salle schools in the country. The exit of Bro Paul Ho, the last Brother Director from St Xavier’s Institution does look like the end of an era.
But Old Xaverians and Old Lasallians do pray that Bro Paul’s retirement would not be the end of the involvement of Christian Brothers in Malaysian schools. At the recent Yayasan La Salle Board meeting on June 6, former UPM Vice Chancellor Tan Sri Syed Jalaluddin, an Old Xaverian, made a passionate plea for the Christian Brothers to stay engaged in Malaysia. The meeting was chaired by Tan Sri Kamarulzaman Shariff, another Old Xaverian and a former Mayor of Kuala Lumpur, who mandated Syed Jalaluddin to sketch out a road map for the coming years.
Old Lasallians like Syed Jalaluddin and Kamarulzaman value what the Brothers have done and wish that they can do more. Unfortunately, the congregation of La Salle Brothers worldwide has shrunk. F
ewer and fewer youths in the modern world are prepared to embrace the vows of poverty, chastity and obedience for the sake of educating children from impoverished families. The Brothers have to conserve their manpower and deploy their resources smartly.
The present thinking is that Old La Sallians who have friends in high places should convince the Government to hand back two schools, St John’s Institution and St. Xavier’s Institution, to the La Salle Brothers to manage and administer. At the same time, the Government should convert both schools from being sekolah bantuan modal into sekolah-sekolah bantuan penoh.
Schools like St John’s and St Xavier’s have shown that they have withstood the test of time. After all, St John’s has produced Datuk Seri Najib Tun Razak, the present Prime Minister; Datuk Seri Hishammuddin Tun Hussein, Home Minister; Datuk Sri Nazir Tun Razak, the banker and younger brother of Najib and Raja Nazrin Shah, the Raja Muda of Perak.
St Xavier’s has produced Karpal Singh, the opposition leader; Tun Hamid Omar, the former Lord President; Tan Sri Nor Nor Mohamed Yakcop, the Minister in the Prime Minister’s Department.
Both schools can be depended upon to make proper use of the financial resources and enhanced powers given to them. They should be challenged - at the right moment - to bring back the academic and extra-curricular excellence that they had enjoyed in the past. These include competency in the English language, both written and spoken.
I believe making St John’s and St Xavier’s fully-aided schools and mandating the La Salle Brothers and the respective boards of governors to administer them is the answer. Taking both schools private sounds great in theory but in practice, funds would have to be raised all the time. Fees have to be charged and revised upward regularly.
Those students who cannot pay would have to be barred from attending classes. The La Salle Brothers would not be comfortable with a fee-based regime. Their philosophy is to provide education to those who need it, not only to those who can pay for it.
Syed Jalaluddin’s mission is delicate and important. As someone who had studied in a La Salle school and who had worked as a Vice Chancellor of a public university, he can bridge the communication gap between the La Salle Brothers and the politicians and civil servants.
He can get a dialogue going. For all you know, he may find an ally in the person of the PM since Najib is an Old Lasallian.
Kuala Lumpur.

Monday, April 27, 2009

Another Good News by our new PM Dato Seri Najib

Financial sector liberalisation (Update 3, full statement)


PUTRAJAYA: Foreigners will now be allowed to own up to 70% equity in all financial institutions here except commercial banks, up from the current 49%, as the Government announced a list of initiatives to liberalise the financial sector (full statement in Bahasa Malaysia below).

Prime Minister Datuk Seri Najib Tun Razak said the liberalisation package, which comprised six thrusts, was aimed at enhancing Malaysia’s linkages with international economies, bring about greater confidence in the economy, and promote greater economic regional integration.

“Over the past three years, the finance and insurance sector has expanded by 8.8% per annum, outpacing the growth in real gross domestic product(GDP) by about 6%.

“The liberalisation measures announced today will also provide greater access to consumers to a wider ranger of world-class financial products and services and further strengthen our position in Islamc finance to become an international Islamic financial hub,” he told a press conference at his office Monday.

The country’s banking institutions and insurance companies employ about 140,000 workers.

The meat of the liberalisation package is the issuance of new licences for seven banks and two family takaful (Islamic insurance) players from this year until 2011.

Under this, up to two new Islamic banking licences will be issued to foreign players to establish new Islamic banks with a paid up capital of at least US$1bil, and two new commercial banking licences for foreign players that will bring in specialised expertise.

These four licences will be issued this year, together with two new family takaful licences.

In 2011, up to three new commercial banking licences will be issued to “world-class banks that can offer significant value propositions to Malaysi,” he said.

Najib, who is also Finance Minister, said flexibility would be accorded for an increase in foreign equity limits from 49% to 70% of investment banks, Islamic banks, insurance companies and takaful operators.

“Such alliances will strengthen the business potential and enhance the growth prospects of financial institutions through the international expertise and the global networks of foreign shareholders.

“The foreign equity limit for commercial banks will remain at the current 30%,” he added.

Najib said the Goverment would also offer “operational flexibilities” to foreign institutions to improve the outreach of financial products and services by increasing branches, while locally incorporated foreign commercial banks would be allowed to establish four new full-fledged branches with effect in 2010, and 10 microfinance branches starting this year.

Effective June 1, Labuan Holding Companies incorporated under the Offshore Companies Act 1990 will be given the flexibility to establish an operational and management office in Kuala Lumpur to enhance efficiency.

Najib added that offshore banking institutions and insurance companies licensed by Labuan Offshore Financial Services Authority that meet the predetermined criteria would be allowed to have a physical presence onshore from 2010 and 2011 respectively.

“Greater flexibility will also be accorded for employment of expatriates in specialist areas that can contribute to the development of the financial sector,” he said.

Thursday, April 23, 2009

PM Najib and Tun Mahathir ERA


What's so wrong with having Mahathirism in current Administration. Malaysia had been under Tun's administration for more than 20years. Tell me, Malaysia did not developed. Tell me, the Americans still think of Malaysian's as people who live on trees. Tell me, we did not have KLCC Tower. Tell me, we did not have Penang Bridge. Tell me, we did not host The Commonwealth Games.

To me, a good Govt is the Govt that can bring growth and advancement to the country. No matter how he does it. As long as, we the public do not see it. It's still fine with me.

Our new PM Dato Seri Najib, is willing to change for the betterment of the people. As shown lately, in some of the changes of policies. Like the abolishment of the 30% Bumiputera quota to attract more FDIs. Hope for more to come.

He is stern and direct in his decisions and is not afraid to CHANGE. Dare to meet the enemy in the eye and suppress it. This shows charisma and leadership. That's what is needed to be a good leader. I am not an expert to judge but I can express what I personally think of Dato Seri.

I had always thought that he is the better choice than any other candidate.

I know I am going against the tide here, but what tide are we in. Can the opposition with in-experienced and no resources do any better. They may have the voice but are they capable of running the whole country. Are they well equip to run the country. 1 cant run a whole nation without a team of experienced subordinates. 1 cant shake the hand of 22 million people.

Penang once Pearl of The Orient.

Now its CAT.

My own encounter with 1 new candidate, cant even get a Thaipusam pass for the resident who lives there. Went to the so called YB's office, didn't even come out from his office room to see me or even try to listen. What kind of people's representative we elected.

Go rakyat Malaysia. Go DATO SERI NAJIB.

Wednesday, April 22, 2009

Our new PM is really turning things around...go PM.

Govt lifts 30% bumi rule for 27 services sub-sectors (Update)


PUTRAJAYA: The government has removed the 30% bumiputra equity condition in 27 services sub-sectors, with immediate effect.

Prime Minister Datuk Seri Najib Tun Razak said the sub-sectors, which involved health and social services, tourism services, transport services, business services and computer and related services, would have no equity conditions imposed.

He said the liberalisation was aimed at creating a conducive business environment to attract more investments, bring in more professionals and technology, encourage competitiveness and create higher value employment opportunities.

“We will be progressively undertaking liberalisation of the other services sub-sectors,” he told a press conference at his office on Wednesday.

Saying that the services sector would become a new growth sector of the economy, Najib said it contributed 55% to the GDP in 2008, and accounted for 57% of total employment in Malaysia.

The Government wanted to tap the sector’s full potential and raise its contribution to 60% of the GDP, he said.

However, he assured that the liberalisation would not adversely affect the domestic services industry, which would continue to be supported.

He said a RM100mil services sector capacity development fund was established under the first economic stimulus package, managed by the Malaysian Industrial Development Authority (Mida) to assist the industry to face the more liberalised services environment.

To facilitate investments into the sector, a National Committee for Approval of Investments in the Services Sector had been established under Mida which would receive and process applications of investment in the services sector, excluding investments in financial services, air travel, utilities, Economic Development Corridors, Multimedia Super Corridor and Bionexus status companies and distributive trade.

In a bid to develop Malaysia as an international Islamic financial hub, the legal profession would be liberalised to allow up to five international law firms with expertise in international Islamic finance to practise in Malaysia, Najib said.

Najib also said the liberalisation was in line with Malaysia’s commitment to Asean.

However, some of the measures were better than those undertaken by other Asean countries, he said, adding that they would also make Malaysia more equipped to compete internationally.

“Consultations were carried out and the decision was made based on the reception and acceptance by the sub-sectors,” he said on the selection of the sub-sectors.

Najib said that in 2008, approved investments in the services sector totalled RM50.1bil, exceeding the target of RM45.8bil per annum under the Third Industrial Master Plan.

The share of foreign investments was 11% of the total investments.

“With the liberalisation of the services sector, we expect greater inflow of investments,” he said.

Najib also said he would announce next week the liberalisation of the financial sector.

He declined to give details.

“I want it to be full of surprises” and “It is good for the market to digest (the announcement for the services sector) first.”

Sunday, April 5, 2009

PM Najib turun padang.

PM Najib visits Chinatown, Kerinchi and Brickfields
KUALA LUMPUR: Less than 24 hours into the new job, the country’s sixth Prime Minister Datuk Seri Najib Tun Razak went down to the ground into the heartlands of Kuala Lumpur to meet the people.
He paid a visit to the street hawkers in Jalan Petaling and Vista Angkasa apartments in Kg Kerinchi and Jalan Tun Sambanthan storekeepers and restaurant operators in Brickfields.
Najib arrived at Jalan Petaling’s main gate in the PM’s silver Proton Perdana with plate number WRP 11. He was accompanied by Federal Territories Minister Datuk Seri Zulhasnan Rafique and Kuala Lumpur mayor Datuk Ahmad Fuad Ismail.
Datuk Seri Najib Tun Abdul Razak visiting 'Chinatown' in Petaling Street. - AZMAN GHANI / The Star
As soon as he stepped out of the car, he was surrounded by a mass of photographers and police officers holding back the crowd to give him room to walk.
Dressed in a casual short-sleeve light green shirt, khaki pants and loafers, he strolled the popular tourist spot with the Kuala Lumpur Hawkers and Petty Traders Association deputy chairman Datuk Ang Say Tee and Bukit Bintang MP Fong Kui Lun.
He spoke to watch dealers and bag sellers and was met with supportive applause from onlookers from both sides of the street.
Locals and tourists alike whipped out their handphones to take pictures of Malaysia’s new PM.
Prime Minister Datuk Seri Najib Tun Razak visiting Vista Angkasa, Kerinchi. - AZMAN GHANI / The Star
At about 4pm, he made a short stop in Kg Kerinchi and spoke to hawkers there.
Seemingly a divine blessing, it began to drizzle in Brickfields just minutes after Najib arrived for his final stop.
Parents Chadaramohan Kanapathi, 40, and Ravita Pakrisamy, 38, from Segambut felt very happy and hoped the country will be “good, peaceful and without any racial problems” under Najib’s leadership.
Ramesh Kumar, 35, from Penang said it was a good sign for Indians that it rained during Najib’s visit.
“I can hardly believe that our sixth prime minister is visiting the rakyat on the second day of his premiership.
Datuk Seri Najib Tun Razak visiting one of the shops along Jalan Tun Sambanthan during his walkabout in Brickfields on his second day of his official duty as newly-elected Prime Minister. - GLENN GUAN/The Star
“This is my first time seeing a PM on the ground. I have high hopes for him. I hope he will be fair to all Malaysians,” Ramesh said.
Restaurant owner S. Paramasivam said he served the Prime Minister and his entourage putu mayam pudina, dosai, vadae, teh ‘o’ ais limau, teh tarik (kurang manis), apples, oranges and grapes.
Just before 5pm and without speaking to the gathered press, Najib ended his first "turun padang" visit as PM and returned to his official residence in Putrajaya.

Wednesday, February 25, 2009

Bank negara cuts OPR by half percentage point

Bank Negara cuts OPR by half percentage point
KUALA LUMPUR: Worried about a growing risk of an economic contraction this year, Bank Negara has cut the overnight policy rate (OPR) by 50 basis points, or half a percentage point, to 2% as the global economy continues to deteriorate.
In a statement yesterday, the central bank announced the statutory reserve requirement (SRR) would also be cut from 2% to 1% from March 1 to reduce the cost to banks.

The ceiling and floor rates of the corridor for the OPR were correspondingly reduced to 2.25% and 1.75% respectively.
“The major advanced economies are experiencing a deepening economic contraction, while the regional economies are experiencing a rapid slowdown,’’ said Bank Negara in its monetary policy statement.
“The impact of the rapid decline in global demand on trade, production and investment activities in the Asian region has intensified.”
It said domestic economic conditions were expected to continue to remain challenging in the coming quarters with the continued deterioration of the global economy.
“While this has raised the risk of an economic contraction in 2009, the prospects remain intact for an economic recovery once global conditions stabilise given that the economy is not over-leveraged, the financial system remains sound, and the external position is healthy,’’ Bank Negara said.
The central bank said the turmoil in the international financial markets had also been protracted and that while a number of economies had put in place stimulus measures to manage the downturn, their impact on the economy had yet to take effect.
“The downside risks to the global economic outlook have increased significantly,’’ it added.
On Jan 21, Bank Negara cut the OPR by 75 basis points to 2.5% and slashed the SRR from 3.5% to 2%.
“This is the first time since the crisis erupted that the central bank has acknowledged the possibility of the economy registering a contraction this year,’’ said Maybank Investment Bank chief economist Suhaimi Illias.
“They are also reacting to the fourth quarter GDP number that will be released this week.’’
Bank Negara said the international economic and financial environment had deteriorated sharply in the recent quarter and that the Malaysian economy had been adversely impacted by these global developments.
“Exports and industrial production have declined steeply, while private investment activities have slowed down in recent months as businesses scaled back their spending. Consumer sentiment has also been affected by the weakening conditions in the labour market,’’ it said.
With inflation on a moderating trend, Bank Negara said the task of macroeconomic policy was to support domestic demand until conditions in the global economy show signs of normalisation.
“Further measures will be introduced to ensure continuous access to credit as well as to minimise the impact of the economic downturn on specific affected groups,’’ it said.
By The Star

Tuesday, January 20, 2009

Bird's Nest or Ean Oo

Hi Fellas

Bird’s Nest for sale @RM8/gm

One piece is appx 6gm.x RM8 = RM48

Shops are selling RM150-200/pc