Chinese are the unsung heroes of South East Asia: Robert Kuok Memoirs


They are the most amazing economic ants on Earth, ‘Sugar King’ writes in memoir

Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70year career. Robert Kuok

The overseas Chinese were the unsung heroes of the region, having helped to build South East Asia to what it is today, said Malaysian tycoon Robert Kuok (pic).

He said that it was the Chinese immigrants who tackled difficult task such as planting and tapping rubber, opening up tin mines, and ran small retail shops which eventually created a new economy around them.

“It was the Chinese who helped build up Southeast Asia. The Indians also played a big role, but the Chinese were the dominant force in helping to build the economy.

“They came very hungry and eager as immigrants, often barefooted and wearing only singlets and trousers. They would do any work available, as an honest income meant they could have food and shelter.

“I will concede that if they are totally penniless, they will do almost anything to get their first seed capital. But once they have some capital, they try very hard to rise above their past and advance their reputations as totally moral, ethical businessmen,” Kuok said based on excerpts of his memoir reported in the South China Morning Post .

“Robert Kuok, A Memoir’ is set to be released in Malaysia on Dec 1.

Kuok said the Chinese immigrants were willing to work harder than anyone else and were willing to “eat bitterness”, hence, were the most amazing economic ants on earth.

In the extracted memoir published by the South China Morning Post, Kuok, pointed out that if there were any businesses to be done on earth, one can be sure that a Chinese will be there.

“They will know whom to see, what to order, how best to save, how to make money. They don’t need expensive equipment or the trappings of office; they just deliver.

“I can tell you that Chinese businessmen compare notes every waking moment of their lives. There are no true weekends or holidays for them. That’s how they work. Every moment, they are listening, and they have skilfully developed in their own minds – each and every one of them – mental sieves to filter out rubbish and let through valuable information.

“Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70-year career,” he said.

“They flourish without the national, political and financial sponsorship or backing of their host countries. In Southeast Asia, the Chinese are often maltreated and looked down upon. Whether you go to Malaysia, Sumatra or Java, the locals call you Cina – pronounced Chee-na – in a derogatory way,” he said.

He added that the Chinese had no “fairy godmothers” financial backers.

“Yet, despite facing these odds, the overseas Chinese, through hard work, endeavour and business shrewdness, are able to produce profits of a type that no other ethnic group operating in the same environment could produce,” he said.

Kuok ultimately attributed the Chinese survivability in Southeast Asia to its cultural strength.

“They knew what was right and what was wrong. Even the most uneducated Chinese, through family education, upbringing and social environment, understands the ingredients and consequences of behaviour such as refinement, humility, understatement, coarseness, bragging and arrogance,” he said.

 

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Malaysia’s Budget 2018 Highlights


KUALA LUMPUR: Prime Minister Najib Razak has tabled the RM280 billion Budget for 2018, his last before the next general election which must be called by middle of next year.

Below are Salient points of the budget from Dewan Rakyat.

Civil Servants

• 1.6 million civil servants to receive the following benefits:

– second round time-based promotions

– senior servants who retire due to health reasons will be accorded the same benefits as those who undergo mandatory retirement

– special leave for teachers increased to 10 days a year, up from seven

– seven days unrecorded leave for umrah pilgrimage

– women at least five months pregnant allowed to leave work an hour earlier while husbands accorded the same privilege if their work locations are in close proximity to each other

– maternity leave increased from 300 to 360 days throughout service with a maximum of 90 days a year

– RM1,000 set for minimum pension amount

Senior Citizens, Disabled, Children

• RM1.7 billion for the following areas:

– RM603 million to increase allowance of senior citizens from RM50 to RM350

– RM100 million to increase allowance for the disabled by RM50 a month

Digital Free Trade Zone

• RM83.5 million allocated for DFTZ in Aeropolis, KLIA.

• Increase minimum value for imports from RM500 – RM800.

Sustainable Development

• RM5 billion allocated under Green Technology Funding Scheme.

• RM1.4 billion to reduce non-revenue water programme.

• RM1.3 billion to build Off-River Storage as an alternative water source.

• RM517 million for flood mitigation plans nationwide.

Reduction in Income Tax Rates

• Reduction in individual income tax rates:

– RM20,001 – RM35,000: 5% to 3%

– RM35,001 – RM50,000: 10% to 8%

– RM50,001 – RM70,000: 16% to 14%

• Increase disposable income between RM300-RM1,000 while 261,000 do not have to pay tax

Foreign Domestic Helpers

• Allow employers to hire foreign domestic helpers directly without agent.

GST

• No change to Goods and Services Tax but government to propose either exemption or zerorising certain items and services.

– local councils

– reading materials

– cruise operators

– construction of schools and places of worship funded by approved donations

– oil and gas equipment imports under lease agreement

– import of big ticket items like planes and ships

– management and maintenance of homes with strata titles

Health

• RM27 billion for better quality health services.

• RM4.1 billion for medical supplies and consumables.

• RM1.4 billion to upgrade and maintain health facilities, equipment, ambulances and construction of operation theatres in three hospitals.

• RM100 million to upgrade hospitals and clinics.

• RM50 million to subsidise hemodialysis treatment; and RM40 million for medical assistance fund.

• RM10 million for treatment of rare diseases; RM30 million for health community programmes.

• RM50 million for voluntary health insurance scheme.

Housing

• RM2.2 billion allocated to boost home ownership.

BR1M

• 7 million benefited from RM6.8 billion in BR1M payouts and in 2018 the 7 million will continue to receive the same payout.

Orang Asli Benefits

• RM50 million for Orang Asli for economic development and quality of life enhancement.

• RM60 million for Orang Asli village development.

Indian and Chinese Benefits

• RM50 million for Chinese SME loans through KOJADI.

• RM30 million to be channelled to the 1Malaysia Hawkers and Petty Traders Foundation.

• RM65 million allocated for Chinese New Villages and RM10 million for house restoration.

• RM1.5 billion additional Amanah Saham units for Indians.

• Increase the intake of Indians to IPTA and public service (7%)

Bumiputera Benefits

• RM2.4 billion allocated to UiTM.

• RM3.5 billion for the following initiatives:

– RM2.5 billion for MARA higher education and training scholarships

– RM90 million for Program Peneraju Profesional, Skil dan Tunas

– RM200 million for MARA Graduate Employability Training Scheme or GETS

– RM555 million for Bumiputera Entrepreneurship Enhancement Programme (RM200 million for PUNB Entrepreneurship Programme and Business Premises; RM200 million for MARA Entrepreneurship; RM115 million for Vendor Capacity Programmes).

• RM150 million for Pelaburan Hartanah Berhad and RM150 million to EKUINAS.

Defence

• A total of RM14 billion for armed forces; RM9 billion for police force, RM900 million for Malaysian maritime.

• RM3 billion for purchase and maintenance of defence assets; RM720 million for the construction of 11 police headquarters and six police stations.

• RM490 million to MMEA for repair and maintenance of ships, boats, jetties and procurement of three patrol vessels.

• RM250 million to ESSCOM

• RM50 million to enhance weapon capability to combat terrorism.

• Government to build 40,000 houses in phases for families of armed forces personnel.

• RM40 million to upgrade five hospitals; build four polyclinics and one hospital for veteran armed forces personnel.

Rural Development

• RM200 million allocated for Felda for water supply and road upgrades.

• 112,ooo settlers will each receive windfall worth RM5,000.

• RM43 million allocation for Felda settlers and RM60 million for replanting of oil palm, RM164 million allocation to build 5,000 houses for second generation Felda settlers.

• RM1.1 billion for people-centric projects; RM1 billion to develop communication infrastructure; RM934 million for rural projects; RM672 million for electricity supply; RM420 million for clean water supply inclusive of RM300 million in Sabah and Sarawak covering 3,000 homes; RM500 million for public infrastructure maintenance; RM50 million for mapping and measuring of native customary land

– RM30 million for Sarawak, RM20 million for Sabah.

• RM6.5 billion for rural infrastructure which includes RM2 billion for the Pan Borneo Highway.

Education

• RM4.9 million allocated for 100 scholarships for TVET students.

• RM4.9 billion allocated for Technical and Vocational, Education and Training (TVET).

• RM200 million added to PTPTN fund for B40 families.

• Discount for repayment of PTPTN loans is extended to Dec 31, 2018 (20% for full repayment, 10% for 50% repayment, and 10% for direct debit salary deduction).

• RM100 for 3.2 million schoolchildren totalling RM328 million.

• RM2.9 billion for food aid, text books and minor federal scholarships.

• RM2.5 billion for maintenance of schools – RM500 million in Peninsula, RM1 billion in Sabah, RM1 billion in Sarawak, in addition to an existing special fund for maintenance.

• RM654 million for construction of four pre-schools; nine Permata schools; two centres for children with autism; 48 primary, secondary as well as vocational and matriculation centres.

• RM61.6 billion for development of education.

TN50

• RM20 million for Bukit Jalil sports school.

• RM112 million to construct 14 new sports complexes nationwide.

• RM1 billion to conduct sports initiatives to make country a sports powerhouse.

• RM50 million to fund social enterprise and NGOs to solve communities issues.

• RM40 million for open interview programme under the 1Malaysia training scheme (SL1M).

• All undergraduates and those in Form Six will continue to receive book vouchers.

• RM90 million for MyBrain programme for 10,600 students to further their studies at post-graduate level.

• RM400 million for research and development grants to public institutions of higher learning with a special allocation to Universiti Malaya to achieve status of Top 100 universities in the world.

• RM2.2 billion for JPA scholarships, the ministry of higher education and ministry of health.

• RM20 million for setting up of a Cultural Economy Development agency.

• RM190 million to upgrade 2,000 classes to become smart learning classrooms.

• To enhance present computer science module to include coding programme in primary and secondary school curriculums.

• RM250 million to build science, technology, engineering and mathematics centre.

• Special fund set up for children born between Jan 2018 to Jan 2022.

• Tax relief for employers who employ the disabled that include those involved in accidents and have critical illnesses.

• Local councils to make it mandatory for all new buildings to have childcare facilities, beginning in Kuala Lumpur.

Public Transport

• Government studying proposal for a new airport in Pulau Tioman.

• Government to build new airport for Mukah and expand airport for Kota Bahru and Sandakan.

• Government to upgrade Penang and Langkawi international airports.

• RM55 million transport subsidy for rural rail services from Tumpat to Gua Musang.

• RM45 million to create a biometric control system to monitor the movement of express bus services.

• RM95 million for the repair and construction of jetties as well as river mouth dredging.

• RM1 billion for public transport fund for start-up capital and procurement of assets like buses and taxis.

• RM3 billion for transport development fund for the purchase of maritime assets, aerospace technology development and rail.

Infrastructure

• Special border economic zone in Bukit Kayu Hitam to be developed.

• Pulau Pangkor to be declared a duty-free zone.

• RM230 million to continue central spine road project from Raub to Bentong.

• RM5 billion for the west coast coastal highway from Banting to Taiping.

• Government to expedite MRT3 project by two years from 2027 to 2025.

• RM32 billion for MRT2 project (Sg Buloh-Serdang-Putrajaya).

• RM110 million to provide alternative road to Port Klang.

Tourism

• RM30 million to be allocated to the Malaysian Healthcare Travel Council to boost medical tourism.

• RM500 million for the promotion and development of tourism.

• RM1 billion to tourism infrastructure development fund.

• RM2 billion fund for SMEs in tourism.

Agriculture

• RM200 monthly for a duration of 3 months for padi farmers while waiting to harvest their crops, which amounts to RM150 million.

• RM200 million for rubber replanting, RM140 million for development, re-planting and promotion of oil palm.

• Almost RM500 million to improve agriculture infrastructure.

• RM2.3 billion in incentives and assistance for the agriculture community.

• RM6.5 billion allocated to the smallholders, farming and fishing communities.

Other Highlights

• RM100 million with a 70% government-guaranteed loan for the furniture export industry.

• RM200 million allocated for training programmes, grants and SME easy loans under SME Corp; and close to RM82 million for halal products and industry development.

• RM2 billion set aside for 70% government-guaranteed loans.

• RM5 billion allocated for start-up capital for businesses.

• RM7 billion allocated to Skim Jaminan Pembiayaan Perniagaan.

• SMEs expected to contribute 41% of GDP by 2020.

• Private sector investment is expected to reach RM260 billion by 2018 and will be the engine of growth.

• Total investments in the country is expected to increase by 6.7% contributing to 25.5% to the GDP for 2018.

• RM26.34 billion for economic sector; RM11.72 billion for the social sector; RM5.22 billion for the security sector; RM2.72 billion for general administration sector.

• Administration budget is RM119.82 billion; other expenditure is RM1.08 billion; asset procurement is RM577 million.

• For 2018, federal government is expected to collect RM239.86 billion in revenue.

• Allocation for Budget 2018 is RM280.25 billion, an increase of over RM20 billion.

• B40 household income has increased to RM3,000 per month from RM2,629 for the period 2014-2016.

• Monthly median income has increased from RM4,585 in 2014 to RM5,288 in 2016.

• Current per capita income stands at RM40,713, expected to reach RM42,777 by 2018.

• Our international reserves now stand at US$101.4 billion.

• In August, exports hit a high of RM80 billion, recording double-digit growth.

• 69% or 2.26 million new jobs created so far from the target 3.3 million to be created by 2020.

• 3 international credit rating agencies have reaffirmed our A-rating with stable prospects.

• Looking at 2009, our fiscal deficit was at 6.7% of the GDP and is expected to decrease to 3% in 2017 and 2.8% in 2018.

• Actual private investment for 2016 is over RM211 billion.

• Government projection growth of between 5.2% to 5.7% for 2017, higher than the projection in March of between 4.3% and 4.8%.

• Projected GDP increase from 4.9% to 5.2% for 2017.

• The country has had a growth rate of 5.7% in the first half of 2017.

Source: Free Malaysia Today

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Penang landslide tragedy, why it happened?


Speaking out: Penang Forum members protesting outside the CAP office in George Town.

Don’t just make it about worker safety issues

 

GEORGE TOWN: A Penang Forum member is worried that the state’s proposed inquiry into the Tanjung Bungah landslide will only focus on worker safety issues.

Meenakshi Raman, who is also Tanjung Bungah Residents Associa­tion chairman, said the inquiry should instead look at the laws that have not been followed and whether or not the Penang Structure Plan (PSP) was neglected.

“It should also look at whether the Penang Island City Council (MBPP), which has the authority to act, failed to properly do its job.

“We hope the commission will broaden its scope of inquiry,” she told press conference at the Consu­mers Association of Penang (CAP) office yesterday.

Penang Forum is a loose coalition of several civil society groups in the state.

The coalition, which includes Sahabat Alam Malaysia, CAP, Malay­sian Nature Society, Women’s Centre for Change, Penang Heritage Trust, Friends of Botanical Gardens, and 25 residents’ associations and management committees, urged the state to halt all hillslope projects immediately.

It also wants the state to amend the 2009 guidelines on “special projects” to explicitly prohibit development on hill lands except for essential public services.

Forum member Dr Lim Mah Hui said the Penang Hills Watch citizens’ initiative provided the state government with information on hill cutting it collected from the public.

“In January, this site was the first case we highlighted to the state government.

“Photos of construction and hill cutting there were presented to the state government. It responded that the ‘earthwork is being monitored’,” he said.

Dr Lim said Chief Minister Lim Guan Eng wrote in the Safety Guidelines for Hillside Development in 2012 that local governments were to strengthen their geotechnical units, which process and approve applications for hillside developments, and follow up with strict enforcement.

“It says a monitoring team will be established to ensure compliance in construction and performance (of projects).

“The question is what happened then? Did the state and local governments follow their own guidelines? Or was there gross negligence?

“Such a tragedy could have been avoided,” Dr Lim claimed.

He also said parties like the State Planning Committee, MBPP’s One-Stop-Centre Committee (which approved the project), the engineers, the developer and contractors should be investigated.

CAP vice-president Mohideen Abdul Kader said Penangites’ concerns over hill development dated back some three decades.

“Remember the proposed Penang Hill development which we managed to cancel in the end? What the state must do now is look after the natural resources and listen to the NGOs.

“Public pressure can make a difference,” he said.

Another forum member, Dr Kam Suan Pheng, said the Penang Structure Plan forbade development on hill land 76m (250ft) above sea level or with a gradient of 25° and above.

“But many developers cut hillslopes, making them steeper and less stable.

“The weather is always blamed but there was no rain for the past week. So how did the landslide happen?” she asked.

Dr Kam said the Safety Guidelines for Hillside Development clearly state that “if you have a slope … depending on the height of the slope, you need to have a buffer zone that is greater than the height of the slope.”

“From the media reports, the height of the affected slope is 10m, so there should be a buffer zone of 10m from the foothill,” she said, adding that the inquiry should explore this aspect.

Penang Citizens Awareness Chant Group adviser Yan Lee urged the developer to conduct studies on improving on-site safety measures and engage foreign consultants to make sure the project can go on safely.

“They should also make sure the deceased workers’ families are taken care of.”

 

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RECENTLY, the Institution of Engineers Malaysia (IEM) received an enquiry on the usage of the title “Engr.” for members of the institution. The title “Ir” was first introduced by IEM in the early 1970s for both the graduate and corporate members of the Inst…Getting titles right in the engineering field in Malaysia rightwaystosuccess.blogspot.com

 

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Corruption has no place in any culture


LATELY, we have been seeing many photographs and a lot of video footage of handcuffed men and women in orange T-shirts bearing the words “Lokap SPRM”.

These are people who have been arrested by the Malaysian Anti-Corruption Commission (MACC) in connection with its investigations. Lokap SPRM is the Bahasa Malaysia term for the MACC lock-up.

Some of these men and women have been or will be charged in court for offences such as offering or soliciting bribes and abuse of power. If they are guilty, they will be punished.
But what if the wrongdoing is partly to do with how the private sector operates?

If businessmen believe that greasing someone’s palm is an acceptable way to get ahead of the competition, and if a company’s culture tolerates or even encourages corrupt practices, why should the employees be the only ones held accountable when the authorities enforce the law?

It is not easy, however, to prove that a company has criminal intent.

This will matter less if there are provisions in the law that deem companies responsible if employees commit certain offences in the course of their work.

This concept of corporate liability for the crimes of employees has been introduced in countries such as the United States, Britain and Australia.

Malaysia has long talked about introducing such provisions.

In July 2013, for example, Minister in the Prime Minister’s Department Datuk Paul Low said the Government wanted to introduce a “corporate liability law”.

The idea is to hold boards of directors and CEOs of companies responsible for bribes given by their employees unless it is proven that there are measures in place within the organisation to prevent corruption.

Since then, Low and senior MACC officers have several times brought up this matter.

It appears that the plan is to either amend the MACC Act or to come up with a fresh piece of legislation.

At one point, Low said the Bill would be tabled by March this year and that the new provisions would come into effect in 2018.

However, the draft legislation has yet to reach Parliament.

The latest update was from MACC deputy chief commissioner (operations) Datuk Azam Baki, who was quoted in a Sin Chew Daily report this week saying that the Cabinet had approved the Bill for the Corporate Liability Act and that it would be tabled in October.

It is understandable if the business community is less than enthusiastic about this.

There is always the fear that an employer will be unfairly blamed for an employee’s lack of integrity.

There is also the well-worn argument that complying with additional rules and regulations will increase costs amid already challenging conditions.

It is likely, however, that the new provisions are applicable only if the companies cannot demonstrate that they have done all they can to prevent the offences, or if they are negligent in addressing the risks of such offences being committed.

We will have to wait and see.

Meanwhile, businesses should examine their practices and procedures.

It is definitely in the best interest of a company to ensure that its employees understand well that corruption is not part of its corporate culture.

For that matter, corruption should not be part of any culture.

– Sunday Star Says

Amend MACC Act to give it more bite

TRANSPARENCY International Malaysia (TI-M) hails the call by the Malaysian Anti-Corruption Commission (MACC) to amend Section 23 of the MACC Act 2009 to give it greater clarity so that corrupt practices and other related offences could be better tackled especially in state-owned enterprises (SOEs).

As stated by MACC deputy commissioner (Operations) Datuk Azam Baki, MACC needs more bite to act against corrupt public officials including ministers, assemblymen and politicians.

TI-M also supports MACC on the recently proposed new law known as “Misconduct for Civil Service Act”, where civil servants who caused substantial financial losses to the Government due to negligent acts or non-compliance with official policies or procedures would face criminal charges under this proposed new Act.

TI-M has been advocating for these amendments to the existing MACC Act for the past several years and hopes to finally see the light at the end of the tunnel.

Section 23 of the MACC Act 2009 prohibits “an officer of a public body” or public officials from abusing their power for any gratification for themselves or for their relatives. TI-M shares Azam’s opinion that many politicians are being appointed into SOEs and public interest entities (PIEs).

In addition, TI-M is also looking forward to the inclusion of the corporate liability provisions into the MACC Act 2009, which will ultimately hold companies accountable for corruption cases involving their employees.

Currently, when an employee is caught for corruption or bribery, he or she will face the consequences and can be charged individually. The company which the respective employee works for is not held liable for its employees’ acts, as in law the company not being a human person is not capable of having criminal intent.

With the introduction of the corporate liability provisions, companies can be held accountable for their employees’ involvement in corruption or bribery if they are found to have failed to take adequate steps to prevent such corrupt acts by their employees.

When this becomes a reality, employers in the private sector would have no choice but to initiate anti-corruption programmes in their companies/organisations to mitigate and eventually eradicate corrupt practices.

TI-M, meanwhile, has been encouraging companies in the private sector to adopt the ISO 37001 Anti Bribery Management System as an initiative to put in place all the preventive controls and systems while simultaneously getting the top management to commit to the elimination of any form of bribery in their organisations.

On the proposed Misconduct for Civil Service Act, any effort or law to address misconduct which results in loss of taxpayers’ money should be lauded.

However, we would like to raise the issue of whether the proposed law should only apply to civil servants. What about instances where orders or instructions come from politicians or persons in elected positions? Should they not also be held liable if proven to be involved?

Any proposed law should fairly apply to everyone involved in the decision-making process, and that includes politicians.

Azam has been reported saying that each year, the AuditorGeneral’s Report reveals a litany of malpractices among government departments and agencies, some of which are outrageous, for which the civil servants responsible should be charged with criminal offences instead of just disciplinary action under the domestic rules applicable to them.

TI-M supports these new measures proposed by the MACC and hopes that the Government will give due consideration and also fully support the same by effecting the necessary changes in the law. This would ensure that we plug the existing loopholes in our anti-corruption laws.

DATUK AKHBAR SATAR President Transparency International Malaysia

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Rail link a huge economic boost, big news for small towns in Malaysia


 
Boom time is here for railway towns, little places that dot the route of the RM55bil East Coast Rail Link from Port Klang to Kota Baru. Not only will the link shorten travel time between the west and the underdeveloped east of the peninsula, it will also unlock huge economic potential, create thousands of jobs and bring down the country’s carbon footprint. And it could all happen sooner than expected.

KUANTAN: Exciting days are ahead for the many small towns that dot the route of the East Coast Rail Link (ECRL) from Port Klang to the Kota Baru.

A host of towns including Bentong, Mentakab, Maran, Kuantan, Cherating, Chukai, Dungun, Kuala Terengganu and Tok Bali and Kota Baru, all of which are designated as ECRL stations, are looking at boom times ahead.

The ECRL will also benefit freight transport as it will link key economic and industrial areas within the East Coast Economic Region such as the Malaysia-China Kuantan Industrial Park, Gambang Halal Park, Kertih Biopolymer Park and Tok Bali Integrated Fisheries Park to both Kuantan Port and Port Klang.

Prime Minister Datuk Seri Najib Tun Razak called it “another milestone in the country’s land public transport history”.

With its slogan of “Connecting Lives, Accelerating Growth”, Najib said the project sets the tone for an economic spin-off effect and positive social impact for the east coast states.

“The ECRL is a high impact project that will provide easy access from the Klang Valley to Pahang, Terengganu and Kelan­tan.

“The 688km rail link will be a catalyst for economic equality between the west coast and east coast as it will stimulate investments, spur commercial activity, create ample jobs, facilitate quality education and boost tourism in the states of Pahang, Terengganu and Kelantan,” he said at the ground-breaking ceremony here yesterday.

Najib also urged local contractors with capabilities and know-how to seize the opportunity to take part in the project.

“We have together with our Chinese counterpart agreed that Malaysian contractors will be involved in at least 30% of this high impact project,” Najib said.

“The viability of the ECRL is undisputed as it is estimated that 5.4 million passengers and 53 million tonnes of cargo will use the service annually by the year 2030 as the primary transport between the east coast and west coast.

“Comparatively, revenue from the operation of the ECRL project is projected to be obtained through a transportation ratio of 30% passengers and 70% freight.”

Najib said the project was long overdue as the east coast states of the peninsula had only been connected to the west coast via a network of roads, highways and woefully inadequate rail lines.

Najib also urged local contractors with capabilities and know-how to seize the opportunity to take part in the project.

“We have together with our Chinese counterpart agreed that Malaysian contractors will be involved in at least 30% of this high impact project,” Najib said.

“The viability of the ECRL is undisputed as it is estimated that 5.4 million passengers and 53 million tonnes of cargo will use the service annually by the year 2030 as the primary transport between the east coast and west coast.

“Comparatively, revenue from the operation of the ECRL project is projected to be obtained through a transportation ratio of 30% passengers and 70% freight.”

Najib said the project was long overdue as the east coast states of the peninsula had only been connected to the west coast via a network of roads, highways and woefully inadequate rail lines.

The railway line, with 12 passenger-only stations, three freight stations and seven combined passenger-freight stations, is expected to increase the gross domestic product of the east coast states by 1.5%.

China’s state-owned China Communications Construction Company has been appointed for the construction of the RM55bil project.

Malaysia Rail Link Sdn Bhd is the special purpose vehicle under the Minister of Finance Incorporated tasked as the project owner.

Rail link a huge economic boost – ECRL project set to create over 80,000 jobs and promote businesses along its route

KUANTAN: The economic impact of the East Coast Rail Link (ECRL) is huge and critics who say it is not feasible are wrong.

“There will be a multiplier effect. When there are more business people, we can get more taxes and government revenue will increase,” Malaysia Rail Link (MRL) chairman Tan Sri Dr Mohd Irwan Serigar Abdullah said.

He said critics must also look at the development that would take place alongside the ECRL in the long run.

China Communications Construction Group chairman Liu Qitao said the ECRL project was of great economic significance.

“It will promote social development and improve the living standards of those along the railway line, especially in the east coast,” he said.

Liu said that the rail link was also expected to generate more than 80,000 jobs for Malay­sians during its construction period.

Another 6,000 jobs will be created during the rail’s operation and the Chinese government will also train more than 3,000 Malaysian students.

A total of 3,600 graduates will be trained in rail technology through the ECRL Industrial Skills Training (PLKI-ECRL) programme.

Its chief coordinator Prof Dr Rizalman Mamat said about 1,000 applications had already been received as of yesterday.

“The first intake of 50 participants will begin in September with the next intake of 250 scheduled in December.

The next batch of 700 trainees will be in April next year.

“The programme will be focused specifically on the socio-economic development of the east coast but this does not mean those in the west coast cannot take part.

Dr Rizalman said the training was open to graduates who majored in civil engineering, mechanical engineering and electrical engineering.

He added that Universiti Malaysia Pahang (UMP) had been appointed as the focal university for the implementation of the programme, with cooperation from Beijing Jiaotong University and Southwest Jiaotong University and other institutions of higher learning in Malaysia.

He said railway technology was developing rapidly and the programme was a stepping stone for UMP to develop rail engineering in the future.

The training under the programme will take four to six months, said Dr Rizalman.

China state councillor Wang Yong said ECRL was a landmark project for China and Malaysia.

“The team from our two sides have had productive cooperation. This is a full demonstration of the friendship between China and Malaysia and its efficiency,” said Wang.

MRL project director Yew Yow Boo said the railway would have 88.8km of viaducts mostly in Kelantan and Terengganu to bypass flood-prone areas.

Yew said the first phase would have a total length of 49km of tunnels at 19 locations with the longest being 17.9km connecting Bukit Tinggi and Gombak.

Source: The Star/ANN

Liow: Do not politicise the ECRL

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KAJANG: The East Coast Rail Link (ECRL) is created for the people and country, and should not be politicised or turned into a racial or language issue, says Transport Minister Datuk Seri Liow Tiong Lai.

“I would like to emphasise that the ECRL is one of the most important projects for the nation.

“It’s a game changer for the east coast. It is for the country’s economic development and to help us reach greater heights.

“The theme is very clear, we’re pushing for connecting lines and accelerating growth,” he said after attending Universiti Tunku Abdul Rahman’s 15th anniversary celebration at its Sungai Long campus here yesterday.

The RM55bil ECRL from Port Klang to Kota Baru, which is 534.58km long, is estimated to be completed in 2024.

Liow cautioned actions that could harm good bilateral ties between Malaysia and China were counter-productive.

 

Varsity pillars: (Standing from left to right) Utar founding president Tan Sri Dr Ng Lay Swee, MCA vice president Datuk Dr Hou Kok Chung, Dr Chuah, Dr Ling, Liow, Dr Ting, Chong and Utar Board of Trustees chairman Tan Sri Dr Sak Cheng Lum cutting Utar’s anniversary cake. 

“We must explain to the people that the ECRL is for them and the nation. They should not be misled by those out to create a controversy,” he said.

The ECRL was launched in Kuantan on Wednesday.

Certain groups had criticised the rail link launch, claiming that it was “too Chinese”.

Liow described the launch as a successful event, adding that the project was set to bring many benefits to Malaysians.

“We have received a lot of support for the project. We are looking forward to its completion,” he added.
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Stop bitting the helping hand

Bitcoin must not in your retirement financial planning portfolio


Bitcoin investments have undeniably become a trend among savvy investors in search of the golden goose, but one financial planner is against the use of it as part of the financial planning portfolio for retirement.

Max Growth Wealth Education Sdn Bhd managing director Nicholas Chu said one should not use bitcoin as part of the retirement portfolio and the public must be well aware of the risk in bitcoin trading before getting in.

“It is not asset-backed, it is very unsecure. It is, basically, you want to participate in the future changes. It’s not a proper financial planning way. It is just an experimental thing that you want to go through in this era, but it is not a proper investment product,” he told SunBiz.

“I definitely don’t agree if they use this for their financial planning. But for those who are able to try new ventures, they can go ahead provided they have extra money. If this doesn’t affect their existing financial planning, then I’ll leave it to them. We need to tell them the pros and cons of this investment. It’s up to the clients to do the final decision,” he said.

Chu cautioned on the uncertainties of bitcoin trading, which is driven by market forces.
“It is beyond anybody’s control, all the participants contribute to the bitcoin value. From that, I can say that there are a lot of uncertainties in the future,” he said.

Nonetheless, with the setting up of a few bitcoin exchanges, Chu noted that there will be demand and supply with tradeable markets available.

Bitcoin was the best-performing currency in 2015 and 2016, with a rise of 35.8% and 126.2% respectively.

Year to date, bitcoin prices have leaped more than three times. It stood at US$2,840 (RM12,140) as at 5pm last Friday.

Bitcoins are by the far the most popular cryptocurrency, which exists almost wholly in the digital realm and has no asset backing it. Bitcoin generation, known as mining, while open to anyone with a “mining application” on their computer, needs a great deal of computing power to solve complex algorithms which are later verified with the entire bitcoin network.

Colbert Low, founder of bitcoinmalaysia.com, said the recent spike in bitcoin prices could be partly due to the legalisation of bitcoin by the Japanese government.

He is unsure if the sharp rise in bitcoin prices will create a price bubble, but stressed that one cannot judge its price movement based on the “old economic theory”.

“This is a new economy based on a different model. It’s very hard to say,” Low opined, noting that there has been a growing number of retail outlets that accept bitcoin.

He foresees the usage of bitcoin propagating, especially in different types of payment methods.

However, Low opined that there will not be any “big movement” in the local market if the regulators do not regulate bitcoin.

“Our new Bank Negara governor is forward thinking and he is very much into fintech, technology and innovation. So there would definitely be improvement,” Low said.

The positive development of blockchain will be a catalyst for the growth of bitcoin, he added.

“Blockchain is a real thing that will change the way the IP system is architectured. We need to go down to a deeper level to see how blockchain can change the current problem and solve it.

“There are a lot of projects right now, over 500 companies are looking at this (blockchain) right now. Even IBM, HP and Microsoft are looking at it.”

Blockchain refers to distributed database that maintains a continuously growing list of records, called blocks, secure from tampering and revision. Bitcoin is just an application or software that runs on blockchain technology.

“If you look at blockchain technology, government agencies like the United Nations, the World Bank and the International Monetary Fund are looking at it. This is the best way to secure your data,” Low said, noting that the usage of bitcoin will help reduce operating cost.

Currently, there are about 16 million bitcoins in the market and the number is capped at 21 million.

Bank Negara has said that it does not regulate the cryptocurrency and advised the public to be cautious of the risks associated with the usage of such digital currency.

Source: By Lee Weng Khuen sunbiz@thesundaily.com

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Penang properties: security for homeseekers, location for foreigners, increased value for investors


 

Security ranks high for the homeseekers

GEORGE TOWN: Security is a key feature sought after by property buyers at the StarProperty.my Fair 2017 at Gurney Plaza and Gurney Paragon Mall here.

Eco World Development Group Berhad (EcoWorld) sales executive Andre Lim Han Lin said potential buyers approached the company due to the security features of its projects.

“We stress a lot on security in our projects. Take for example the Eco Meadows gated and guarded mixed development project in Simpang Ampat on the Penang mainland.

“Each housing unit comes with intercom system and alarm system to provide enhanced safety for our customers.

“In cases of emergency, homeowners can contact our well-trained security guards for assistance,” he said at the fair yesterday.

Hunza Properties (Penang) Sdn Bhd head of sales and marketing Karen Thein said the company’s Alila2 project in Tanjung Bungah comes with a top-notch security system to ensure the safety and security of its homebuyers.

“We have layers of security from the guardhouse, to the car park, lobby area and to the home unit.

“The project is equipped with security tags, access card control system and CCTVs,” she added.

She said Alila2 was also equipped with smart home panel that allows owners to view their visitors who are at the lobby.

“Owners can open the door to the lifts at the lobby from their home after confirming the identity of the visitors through the smart panel.

“Aside from that, each unit is equipped with a panic button for owners to alert the security guards during emergencies,” she said.

BDB Land Sdn Bhd sales executive Mohd Zaidi Md Jasmin said potential clients who came to their booths were also concerned about security.

“Security is one of the important factors we stressed in our Darulaman Perdana township in Sungai Petani.

“The project is a guarded community, crafted to meet the needs of those who seek comfort and safety in their homes.

“We have our security guards patrolling our project to ensure safety at all times.

“Besides safety, we are also into building a healthy and environmental-friendly community,” he said.

The StarProperty.my Fair 2017, organised by the Star Media Group, is open from 10am to 10pm daily until Sunday.. Admission is free.

By Christopher Tan The Star

Foreigners eyeing Penang properties

FOREIGNERS were among the early birds who visited the StarProperty.my Fair 2017 in Penang on its first day, looking for properties to invest in.

Couple Wallace Ng and Minnie Yip, both 50, from Hong Kong, said they were looking for a property with sea view and good facilities to invest in.

“Good location will be an added value to the property,” Ng said while checking the City Residence project in Tanjung Tokong by Ivory Properties Group Bhd at the fair yesterday.

Another couple from Shanghai, Liu Jun and Hua Wen Xin, both 49, were checking out Ewein Zenith’s City Of Dreams project in Gurney Drive.

“We are interested in having a property at a bay on Penang island. It would be a good investment for us. Location plays an important role,” Liu said.

New Zealander Brad Harman, 31, echoed similar sentiments, saying suitable location would be his first preference while looking for property in Penang.

“I understand that investing in the property market in Penang is profitable as it’s growing rapidly. This may be a good time to look for one but it will be a better choice when it has a good location too,” he said.

Henry Teoh, 29, and his girlfriend Jesslyn Tan, 24, both insurance agents from Penang who are searching for a second property in the state, said they were looking for a landed home since their first property is a high-rise.

“We prefer to have the house on the island as we think that the land value on the island is higher and it will be a good investment too,” Teoh said while checking the properties offered by IJM Land Bhd.

Sales and marketing executive Marie Kam, 37, who was eyeing Sentral Suites by Malaysian Resources Corporation Berhad (MRCB) in Kuala Lumpur Sentral, said the development attracted her due to its location.

“KL Sentral is a prime location in Kuala Lumpur,” she said.

At The Star’s booth in Gurney Plaza, retiree Ho Kam Hoong signed up for a one-year standalone ePaper subscription for RM180.

“I prefer The Star ePaper since it is more convenient as I can surf the news from anywhere.

“I like the lifestyle, social event and sports sections,” said Ho who received a complimentary RM20 Starbucks card, three free spins in the fair’s Spin & Win Contest and two additional months of free ePaper for signing up for the package.

More than RM50,000 worth of prizes are up for grabs in the Spin & Win Contest during the four day fair which is being held at Gurney Plaza and Gurney Paragon Mall.

The fair also offers visitors the opportunity to win a one-bedroom serviced suite worth over RM550,000 at PJ Midtown in Section 13 of Petaling Jaya, Selangor, under the Win A Home (WAH) campaign.

Simply like and follow the StarProperty.my Fair Facebook page, then register online at wah.starproperty.my or at the WAH booth in Gurney Paragon Mall, to get one entry.

Finally, complete a creative slogan in English.

Those who buy properties during this and all subsequent StarProperty.my Fairs until Dec 31 will be entitled to multiple entries.

Visit http://fair.starproperty.my for details and the terms and conditions.

The public could also sign up for the Penang Starwalk 2017 on Sept 10 and Fit For Life Fun Run on Nov 19 during the fair at The Star booth in Gurney Paragon.

The fair, organised by the Star Media Group, is open daily from 10am to 10pm until Sunday. Admission is free.

RM78,000 house four decades ago now priced close to RM1mil

PROPERTIES are a hedge against inflation as their value increases with time, said full-time property investor Kaygarn Tan.

Citing a single-storey house in Island Glades in Penang as example, he said the price doubled from RM78,000 in 1977 to RM158,000 in 1988.

“In 2015, it was priced at RM900,000,” Tan said in his talk titled ‘Creating Wealth Through Property Investment’.

He described the current property market as soft where purchasers hold much of the power in negotiations.

“This sentiment is shared by many business analysts and experts. It is now the buyer’s market.

“The people should grab the opportunity as sellers will be more flexible in their pricing,” he added.

Lawyer Khaw Veon Szu, in his talk titled ‘A Landmine-free Roadmap to Property Ownership/Investment’, said buying a property was arguably the biggest investment for ordinary people.

He advised buyers to equip themselves with basic knowledge of property purchasing and trust nobody.

“They should exercise due diligence, especially on the background of lawyers or real estate consultants before they engage their services,” he said.

In another talk, feng shui master Stephen Chin provided feng shui tips on selecting the right home.

The property education talks were brought to the fair by BDB Land.

Source: The Star/ANN

Educating the young urbanites

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GEORGE TOWN: Well-known developer BDB Land Sdn Bhd has launched its Property Education campaign at the StarProperty.my Fair 2017 organised by Star Media Group, in Penang.

Aimed at providing valuable insights into home ownership for the public, it includes informative talks at the four-day fair which ends today.

There will also be radio segments on 988 and Suria at prime time daily starting Aug 2, and digital content on The Star Online, to reach out to a broader audience.

The radio segments encompass topics like current property trends, upcoming developments, sub-sales market information, property investment, legal aspects, first-time buyer tips, foreign property news and more.

For the digital segment, there will be videos on various aspects of property ownership.

First-time buyers should benefit from the buying guide 101 that includes budget planning, things to prepare for, payment procedures and renovation costs, among others.

For experienced home buyers, there are also topics to look out for, such as refinancing a property, selling a property without making losses, who to approach if defects are found with the property, questions to ask the developer, and the importance of real estate management.

Izham presenting a momento to bin Yusoff, June Wong, Chief Content Officer of Star Media Group and her colleagues in Penang.
Izham presenting a memento to Wong. With them are Liong and Hwang.

BDB Group managing director and the BDB Land Sdn Bhd executive director Datuk Izham Yusoff said the campaign was in line with their EZY Home programme for young urbanites.

“Our track record of successfully delivering homes in self-sustaining townships in Kedah for over 30 years puts us in good position to give advice.>

“This reflects our long-standing commitment to help individuals own a home,” he said after the launch which started with an ice-breaking session by Suria Cruisers who engaged visitors in games and a quiz.

Also present were the company’s sales and marketing head Anneta Hassan, marketing and product development head Fadzil Amidi Ahmad and sales head Mohd Shukry Shuaib.

Joining them were Star Media Group Content Development chief operating officer June Wong and regional operations general manager (north) Simone Liong, as well as Star Media Radio Group general manager of sales Erin Hwang.

The public forums, themed “Let’s Talk Property”, continue today with sessions on “Attacting Wealth by Applying Vasthu Sastra (Indian Feng Shui)” at 11.30am by T. Selva, and “How Incredible i-Ching Helps Boost Prosperity in Your Home Fengshui” at 1.30pm by Mak Foo Wengg.

Popular with the masses: Visitors checking out The Light City project at the IJM Land’s booth during the StarProperty.my Fair 2017 at Gurney Plaza, Penang.

Completing the line up are talks on “5 Trends That Will Change the Malaysian Property Market Forever” at 4pm by Ahyat Ishak, and Penang Property Outlook at 5.30pm by Leon Lee.

The StarProperty.my Fair 2017 is organised by Star Media Group.

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