Make environment our 2018 priority


Our Environment is Our Life – YouTube

THE year has barely started, and already we have so many reports of weather and climate-related events.

Heavy wind, snow storms and below-freezing temperatures paralysed cities in the United States’ East Coast. New York’s John F. Kennedy International Airport was in chaos with hundreds of flights suspended.

Yet, just weeks previously, big fires linked to a heat wave were sweeping through parts of California on the West Coast, burning 112.000ha of forest and threatening lives and homes.

Colder weather in one place and hotter temperatures in another are signs of global climate change, which can also cause heavier rainfall and drought in different regions.

While it is difficult to pin down any particular incident as a direct result of climate change, it is recognised scientifically that climate change generally exacerbates extreme weather events and may cause some of them.

We can expect the weather, and more broadly the environment, to figure prominently this year.

The alarm bells sounded long ago on the environmental crisis. But it is not easy to achieve a continuous high level of concern among political leaders.

After a calamity and public outrage, there are pledges to correct the situation. However, the interest fades after a while, and not much action is taken, until the next disaster happens.

In Malaysia, people are now looking at the sky constantly to anticipate whether it is going to rain.

Heavy rainfall has been causing floods in Kelantan, Terengganu, Pahang, Johor, Negri Sembilan, Kedah, Selangor, Sabah and Sarawak.

In Penang, severe state-wide flash floods seem to be occurring every few months, with localised flooding in several areas in between. The mud brought down from eroded hill-slopes into overflowing rivers and then into houses, makes floods an even worse nightmare for those affected.

For some unlucky ones, hardly have their houses and furniture been cleaned than they are under one metre of water again through a new flood.

Heavier rain and more floods is the new normal in Malaysia. There has been an increase in rainfall for most parts of the country in 2000-2009 compared to 1970-1999, with the major increase in 2005-2009, according to a 2012 paper by Yap Kok Seng, then the head of the Malaysian Meteorological Depart­ment (MMD), and his colleagues.

The global temperature increase has led to changes in weather including major wind patterns, amount and intensity of precipitation, and increased frequency of severe storms and weather extremes, according to the paper, Malaysia Climate Change Scenarios.

In Malaysia since the 1980s, there had been increasing number of days of extreme rainfall events, extreme wind events and annual thunderstorm days, added the paper.

Unfortunately the situation will worsen. A study published on Jan 10, whose authors are affiliated with Germany’s Potsdam Institute for Climate Impact Research, predicted that millions more people will be affected by river flooding as global warming increases severe rainfall in the next 20 years.

In Asia, the most affected region, people at risk from floods will rise to 156 million from the present 70 million in the next 20 years.

Global warming increases the risk of flooding because rain during an extreme downpour “increases exponentially” as temperatures rise, the institute’s Anders Levermann told Reuters.

“We have to adapt to global warming. Doing nothing will be dangerous,” he said.

Countries will have to act urgently and make major investments in flood protection to boost their flood defences, according to the report.

This advice surely applies to Malaysia as one of the countries already being affected by heavier rainfall and extensive river flooding.

Flood mitigation measures must be increased, including de-silting, widening and deepening rivers, improving urban drainage, strengthening river banks, redirecting water flows, constructing tidal gates, and pumping excess water into ponds.

Even more important is flood prevention. A main cause of the floods is deforestation, leading to the loss of the forests’ valuable roles in soil and water retention and climate regulation.

It is really short-sighted and irrational to damage and destroy forests, especially forest reserves and water catchment areas.

Exposed soils are swept by rain into rivers, clogging up streams and drains with mud and causing floods downstream in the towns and villages, while also depriving us of much-needed water supply.

There is a great deal of public concern over recent developments that threaten forests and hill lands in the country.

These include the de-gazetting of the Ulu Muda water catchment area in Kedah; the de-gazetting of hill lands in Penang that previously were protected under the Land Conservation Act and which are now being “developed” with the aid of higher permitted density ratio; the conversion of 4,515ha forest reserve to cultivate oil palm plantations in Terengganu (being opposed by WWF-Malaysia); and protests over the imminent loss of a forested park in Taman Rimba Kiara in Kuala Lumpur to make way for housing.

Federal, state and local governments should give priority to environmental rehabilitation of damaged forests and hills, prevent damage to the coastal ecosystem including mangroves, and take comprehensive flood prevention and mitigation measures.

They should stop approving environmentally harmful projects in ecologically sensitive areas.

They must make major financial allocations to protect and rehabilitate the environment, and implement finance measures to prevent and manage the floods.

As so many scientists are warning, and as more and more local communities and citizen groups are demanding, the time to act on the environment is now. Let us hope that in 2018 these calls will be heeded.

Global trends by Martin Khor

Martin Khor is executive director of the South Centre. The views expressed here are entirely his own.

Related posts:

Behind BJ Cove houses at Lintang Bukit Jambul 1 is an IJM Trehaus Project.  Approximate Coordinates : 5°20’38.47″N,100°16’…

https://youtu.be/ooyXvqmxbvw GEORGE TOWN: Some 20 houses located on a slope in Hong Seng Estate in Mount Erskine were flooded due

Wet, wet woes: (Above) Bukit Jambul is flooded once again after an evening downpour. Firemen installing a pump to draw floodwater…
Council should not bow to development or political pressure, says city councilor, Khoo ‘Politicians should be ‘wakil rakyat’ and n…
Seeking solutions: Penang Forum member and soil expert Dr Kam Suan Pheng giving her views during the dialogue session themed ‘Penang Fl…
(From left) Dr Kam will deliver a talk on ‘Understanding the Causes of Floods and Seeking Solutions. State assemblymen expressing inter…
https://youtu.be/4qaOB1n5tgA GEORGE TOWN: The Penang Island City Council has lodged a police report against the consultant of the aff…

Speaking out: Penang Forum members protesting outside the CAP office in George Town. Don’t just make it about worker safety issues ..

https://youtu.be/QB45Q2_mOG0 Suspicious activity: A photo taken from Penang social activist Anil Netto’s blog showing an active s..

 

Some representatives of the 24 residents associations and management corporations showing messages urging the state to resolve the flood…
Wanted: Leaders who listen !
Turning a blind eye: The grumblings over exposed hills are growing louder but little is being done to rectify the situation   G…

 

It’s hard to deny when the effects of climate change are all around us  Andrew Sheng says that from increasingly intense hurricanes t…
Why did MBPP approve the Tanjung Bungah development project? Read more at https://www.malaysiakini.com/letters/399357#qbRd534yu1JfC551….
https://youtu.be/kslhytLg-Wc Hills, landslides and floods: What to do?   The mega floods in Penang which followed the landslide…

Becoming bald: A view of the clearing work seen at Bukit Relau which was visible from the Penang Bridge in November last year. GEORGE..

Choong (in white) surveying the deforested hillslope next to Majestic Heights. PENANG MCA has raised concerns about the safety of the r…

Advertisements

Who is sabotaging Penang undersea tunnel project?


Penang govt to blame, says Lau

PETALING JAYA: Barisan Nasional should not be blamed as it is DAP’s own doing that “sabotaged” the Penang undersea tunnel project, said Gerakan vice-president Datuk Dr Dominic Lau (pic).

He added it began when the DAP-led Penang government failed to provide feasibility reports on the project, which were supposed to be completed by April 2016.

“You missed the deadline and in October 2017, the special purpose vehicle (SPV) said there is no more urgency to complete the reports.

“Based on the original timeline, the first phase of the project was supposed to start construction in the first quarter of 2015 and completed by this year.

“As of now, this first phase has not even started construction,” he said in a statement yesterday.

Despite the multiple delays in the reports and the construction starting date, he said the Penang government did not appear to have penalised the SPV.

He said when the project was awarded, a statement was issued stating that shareholders of the SPV consortium are China Railway Construction Corporation (CRCC), Beijing Urban Construction Group (BUCG), Zenith Construction, Juteras Sdn Bhd and Sri Tinggi Sdn Bhd.

“But today, CRCC, BUCG and Sri Tinggi were no longer listed as shareholders while Juteras Sdn Bhd is listed as winding up – leaving only one (Zenith Construction) out of the four shareholders in the agreement.

“Despite a material change of the financial and technical strength promised during the award and what it is now, the Penang government still does not appear to want to cancel the project or penalise the SPV,” he said.

“Even five years after the contract was awarded, the SPV still only has paid-up capital of RM26.5mil – way below the RM381mil minimum paid-up capital required by the Penang government to deliver the project.

“Meanwhile, the SPV is on course to make billions in two property projects valued at RM800mil and RM15bil respectively,” he said.

Meanwhile, Barisan Nasional Strategic Communications deputy director Datuk Eric See-To said the agreement shown to the media by Penang Chief Minister Lim Guan Eng was different from the one MCA deputy president Datuk Seri Dr Wee Ka Siong said was not stamped.

The agreement shown by Lim in a press conference on Friday was between the Penang state government with Consortium Zenith-BUCG; and not between the state and CRCC.

Previously, the Penang state government had shown a copy of a letter of support from the CRCC to prove that it is a party to the SPV awarded to undertake the undersea tunnel project.

On Tuesday, Dr Wee’s statement noted that the Acknowledgement of Commitment signed by the state government with CRCC was not a legally binding document and was hence not stamped.



Related Link:


Penang has enough roads and linkages, say activists – Nation

 

I was referring to three paired road projects, says Guan Eng – Nation …


Ti slams Penang govt over lack of transparency – Nation


Related Posts

Cracks at Tanjung Bungah site began in June, Commissioner of Inquiry told Expert panel: (From right) Yeo, Dr Gue and Prof Ramli arr…
Filepic: PenangPropertyTalk Did the Penang Govt do a “bait and switch” on the Penang people? That was the question pose…
Behind BJ Cove houses at Lintang Bukit Jambul 1 is an IJM Trehaus Project.  Approximate Coordinates : 5°20’38.47″N,100°16’…

Tough questions on Penang turnel project; Engineering Consultant arrested in probe


 

 

 

In-depth query: A screen grab of the video where Dr Wee demanded explanations over the controversial Penang undersea tunnel.
Dr Wee, is trained as a civil engineer has a Master’s in traffic engineering and a PhD in transportation planning, believed to have worked as an Environmental Impact Assessment and Traffic Impact Assessment consultant for more than a decade. He is currently a minister in the
Prime Minister’s Department
.

Wee poses more questions to Guan Eng on tunnel project

Wee raises doubt over paid-up capital and ability of SPV – Nation

Lim: Contract between CRCC and Penang govt legally binding …

PETALING JAYA: Datuk Seri Dr Wee Ka Siong threw hard-hitting questions at the Penang government, demanding an explanation for the controversial undersea tunnel project.

The MCA deputy president raised major concerns in videos uploaded in two parts to MCA’s YouTube channel.

He zeroed in on the changes in the paid-up capital of a special purpose vehicle (SPV) and how two Chinese construction giants have “disappeared” from the SPV shareholding.

He also touched on the state government’s “agreement” with China Railway Construction Corpo­ration Ltd (CRCC) and Penang’s insistence that no money was paid for the project.

In the videos, also uploaded on Dr Wee’s Facebook page, the Minister in the Prime Minister’s Department had a whiteboard to his left showing the changes in the shareholding while a television screen to his right displayed various documents.

Dr Wee wanted Penang Chief Minister Lim Guan Eng to clarify why the SPV Consortium Zenith Construc­tion Sdn Bhd’s paid-up capital was reduced from RM4.6bil to RM70.5mil.

He said while Beijing Urban Construction Group (BUCG) was no longer a shareholder in the SPV, CRCC was never in the picture.

Dr Wee said back in March 4, 2013, the state government’s official newsletter Buletin Mutiara published an article quoting state secretary Datuk Seri Farizan Darus as saying the SPV had a paid-up capital of RM4.6bil, with Zenith Construction Sdn Bhd and CRCC jointly holding a 70% stake in it.

“We are in great shock because just days ago, CRCC went on record to deny ever being a shareholder and developer of the undersea tunnel SPV.

“Without the participation of CRCC and BUCG, the actual capital of the other component SPV back then is only RM8.2mil,” said Dr Wee, who is trained as a civil engineer and has a Master’s in traffic engineering and a PhD in transportation planning.

He, however, said the SPV had a total paid-up capital of RM70.5mil.

Dr Wee added that currently, Zenith Construction has a 47.12% equity in the SPV, Juteras Sdn Bhd (0.75%); Kenanga Nominees (Tempatan) Sdn Bhd (38.92%) and Vertice Bhd (formerly known as Voir Holdings Bhd, 13.21%).

He also revealed that Consortium Zenith BUCG Sdn Bhd was only registered on July 5, 2012, one day before the state government invited the consortium to submit a request for proposal (RFP).

“Chief Minister, you may argue that they formed the consortium just one day before to make it to the tender.

“But bear in mind your state secretary said the consortium was selected based on the financial and technical strength of CRCC and BUCG,” he said, adding that Zenith Construction was only less than three months old when it was then invited to participate in the pre-qualification for the tender.

Dr Wee also said that Acknowled­gement of Commitment signed by the state government with CRCC was not a legally binding document.

“Where is the stamping of documents as required and which is the Court of Arbitration to arbitrate disputes?” he asked.

Dr Wee also questioned Lim’s stand that not a single sen was paid when state exco member Lim Hock Seng replied in the state assembly on March 19 last year that a land swap deal worth RM208mil was identified.

“The said land has been developed and sales of properties for the City of Dreams (which is built on the land) are ongoing. Aren’t you aware of that?

Dr Wee also urged Lim to give a detailed breakdown of how Consor­tium Zenith reaped a significant after-tax profit of RM60mil for the financial year that ended on Aug 31, 2015, when it had only conducted studies and had yet to start any construction work.- The Star

Engineering Consultant arrested in tunnel probe 

‘Datuk Seri’ remanded for five days in Penang tunnel probe – Nation 

Datuk Seri remanded in probe

Magistrate Ainna Sherina Saipolamin allowed the 62-year-old “Datuk Seri” to be held in custody until Jan 29.

Engineering consultant remanded for five days – Nation

 

In custody: The consultant being taken out of the magistrate’s court in Putrajaya. — Bernama

 

PETALING JAYA: A senior engineering consultant in her 50s is the latest to be detained in connection with the probe over controversies surrounding the Penang undersea tunnel project.

The consultant is believed to have forged claim documents for the feasibility studies valued at RM305mil for the mega project of three main roads and an undersea tunnel to the state government, said a source familiar with the Malaysian Anti-Corruption Commission (MACC) investigation.

The woman is expected to be remanded at the Putrajaya magistrate’s court today.

She was arrested at MACC headquarters in Putrajaya at 6.10pm yesterday after her statement was recorded.

“The investigators are trying to determine if other individuals were involved in the preparation of the falsified documents,” the source added.

The engineering consultant is the third person to be arrested in MACC’s investigations into the Penang undersea tunnel project.

Two high-ranking Datuks of development and construction companies were earlier arrested on Jan 9 before being remanded for six days beginning Jan 10.

The remand was then extended for another five days from Jan 15.

They were released on MACC bail of RM200,000 each on Jan 19 by the Putrajaya magistrate’s court.

On Monday, MACC deputy chief commissioner (operation) Datuk Seri Azam Baki had said that more individuals would be hauled up over the project.

The RM6.3bil mega project includes building the 7.2km undersea tunnel connecting Gurney Drive on the island to Bagan Ajam in north Butterworth, 10.53km North Coastal Paired Road from Tanjung Bungah to Teluk Bahang, 5.7km Air Itam-Tun Dr Lim Chong Eu Expressway bypass and the 4.075km Gurney Drive-Tun Dr Lim Chong Eu Expressway bypass.

The MACC has since recorded statements from more than 70 people and visited more than 40 premises in the course of their investigation.

By Royce Tan The Star

State govt can only hold SPV liable, says Wee

PETALING JAYA: Although Penang Chief Minister Lim Guan Eng has reiterated that not a single sen was paid for the feasibility study of the undersea tunnel, the fact remained that it was paid in kind, said Datuk Seri Dr Wee Ka Siong.

Dr Wee, who is MCA deputy president, said the crux of the problem was that the state government had no contractual nexus with the contractor.

“The state government can only hold the special purpose vehicle (SPV) liable, not the contractor.

“Don’t confuse the people with the SPV and the contractor. SPV means you can hold it liable.

“If a contractor is subsequently awarded by the SPV, that’s between the contractor and the SPV.

“If the SPV fails to pay the contractor, the contractor has no obligations (to construct),” he said.

He added that he had conducted a comprehensive research and he knew what happened.

“I welcome this project, but it must be carried out in a proper manner. This is what I want.

“Don’t blame others. If at all you need to blame somebody, it is your SPV that you appointed.

“They keep on delaying the report, not us. We have no say in the report and we’ve not even seen it,” said Dr Wee.- The Star


Related Links:

 Difficult questions over tunnel sea project has party in a tight spot …

 

Contract value of roads increased significantly, says See-To – Nation …

 

Penang has enough roads and linkages, say activists – Nation |



Related posts:

Filepic: PenangPropertyTalk Did the Penang Govt do a “bait and switch” on the Penang people? That was the question pose…

Behind BJ Cove houses at Lintang Bukit Jambul 1 is an IJM Trehaus Project.  Approximate Coordinates : 5°20’38.47″N,100°16′..

 

The American dream turned nightmare, President Trump’s first year …


A homeless man sleeps under an American flag blanket on a park bench in New York City in this file picture. As of June 2013, there was an all-time record of 50,900 homeless people, including 12,100 homeless families with 21,300 homeless children in New York – Photos AFP
A young homeless woman panhandles on the streets of Manhattan in New York City. According to a new report released by the US Department of Housing and Urban Development New York City’s homeless population expanded by about 4% in 2017.

American culture and a new tax Bill are exacerbating chronic poverty by helping to widen the wealth gap.

SITTING among a jumble of his few possessions on a San Francisco sidewalk, 41-year-old “Kaels” Raybon has begun to accept the bad choices he made.

He was a drug user, and did jail time. By the time he was let out, his wife and four children – two boys and two girls – had left him. Other family members had died and he had nowhere to live. He has now spent over 15 years on the street.

America may be the land of equal opportunity – but like many other countries, there is a thin line between a life on the street and a roof over one’s head. Poverty creates its own loop; a prison record, for instance, makes it difficult to find employment.

Raybon’s voice trembles as he speaks of his children.

“Emotionally, I’m a wreck most of the time,” he admits. “I see kids and dads, and I want that too. But it’s just not in my cards.”

The children came to visit him one day, he says. He was torn. “I wanted them to stay, but at the same time I didn’t, because I have nothing to offer them.”

Raybon is among those who make up the most visible indicator of America’s worsening poverty and inequality – over half a million urban homeless. They are a stark contrast in arguably the world’s richest, most powerful and most technologically innovative country.

But homelessness is only the visible tip of the poverty iceberg. Large areas outside big cities are mired in chronic poverty. The definition of poverty varies, but a commonly used measure from 2015 is an annual income of US$12,000 (RM47,500) or less.

Forty-one million Americans live in poverty – 12.7% of the country’s population. Some 46% of those live in “deep poverty” – on an annual income below US$6,000 (RM23,700).

Among them are 1.5 million households, including 2.8 million children, who live in extreme poverty or on less than US$2 (RM8) per person per day.

“These are people who cannot find work … who do not qualify for any other (welfare) programmes or who may live in remote areas. They are disconnected from both the safety net and the job market,” Dr Premilla Nadasen, author and professor at Barnard College in New York City, wrote in the Washington Post newspaper on Dec 21.

Poverty is in the news again on the heels of a scathing 15-page statement released late last year by Dr Philip Alston, a tall, lean, 67-year-old New York University law professor from Melbourne, Australia, who is the United Nations’ Special Rapporteur on Extreme Poverty and Human Rights. A special rapporteur functions like an investigator and reports back to the UN.

Dr Alston is not known for beating about the bush. After a 15-day swing across six American states and cities, he is warning that worse is in store for America’s poor, at the wrong end of an increasingly widening wealth gap, and in an environment and official culture in which if you are down and out, it is probably your own fault.

The recent passage of the Republican Party’s tax Bill will make their lives worse, says Dr Alston. The Treasury Department has explicitly listed welfare reform as an important source of revenue in part to make up for the deficit that the tax cut is likely to trigger.

More important, however, is the culture.

“In a poor country, there are two starting points – that there are social rights, and citizens have a right to healthcare, a right to education, a right to food,” Dr Alston says at an interview in his booklined office at New York University.

“Second, the only thing standing in our way is resources; we just don’t have the money.”

“In the US, it’s the exact opposite,” he says. “There’s no such thing as social rights. If people are living in abysmal conditions, it’s their fault because we have equality of opportunity.

“Secondly, it’s not a resource problem. We just found US$1.5trillion (RM6trillion) to give to the super rich. The money would have been there to eliminate poverty if there had been any political will. But there isn’t.”

The US$1.5trillion refers to the Republicans’ tax Bill, passed just before Christmas that will bring the middle class some relief but inevitably, analysts say, end up benefiting the wealthy disproportionately.

America’s wealth gap has been steadily widening. On average in 1981, the top 1% of adult Americans earned 27 times more than the bottom 50%. Today, they earn 81 times more.

Meanwhile, since the 1970s, the safety net has been considerably diminished, Dr Nadasen wrote in the Post recently. “Labour regulations protecting workers have been rolled back, and funding for education and public programmes has declined. The poor have been the hardest hit.”

She added: “The shredding of the safety net led to a rise in poverty. The United States has the highest child poverty rates – 25% in the world.

In the course of his tour, Dr Alston saw houses in rural areas of Alabama surrounded by pools of sewage. “The state health department had no idea how many households exist in these conditions, nor did they have any plan to find out, or devise a plan to do something about it,” he says in his statement.

He could not help noticing that most of the area’s residents were black. But while racial divisions are not far below the surface, it would be misleading to assume that poverty is generally worse in the Native American and African American minorities. It cuts across all ethnicities. There are eight million more poor white people than black people.

Like Rudy Damian, 53, who as a teenager ended up homeless in San Francisco after taking drugs and alcohol and being involved in crime – a common pattern contributing to broken families and financial ruin.

He has several missing teeth – dental care is not covered by most health insurance and the poor, at best, can go only to hospital emergency rooms where invariably a tooth is simply extracted.

Damian says he is sober now, and even works part-time as a security guard, but still can’t afford to rent a home. He calls his sister and his 94-year-old mother sometimes, but they avoid talking about his life. “They are disappointed by my lifestyle,” he says. “I was just a loner. I was the youngest when my father died, I decided to leave (home), and that isolation has lasted throughout my life.”

Fragmentation of families and the weakening of community support contribute to the isolation of homeless people in particular. But there is more.

“Caricatured narratives” drive the debate on poverty and homelessness in America, according to Dr Alston. The rich are seen as “industrious, entrepreneurial, patriotic, and the drivers of economic success”. The poor are “wasters, losers and scammers”.

“As long as you have the mindset that we’re all on our own, it becomes possible that when my own brother falls off the cliff, I’m able to say, ‘Well, he had the same opportunities as me. He’s failed, he has to cope with it,’ instead of saying, ‘I can’t let that happen. I’ve got to do something.’”

In Los Angeles, he found that the objective for the local authorities was to raise the standard of Skid Row, an area less than a square kilometre but containing many hundred homeless, to that of a Syrian refugee camp.

“One of the richest countries in the world, and we’re aiming to meet the standards of a Syrian refugee camp for a large population in one of our richest cities,” he says. “It is sort of stunning.”

Sources: The Straits Times/Asia News Network, by Nirmal Ghosh who is The Straits Times ’US Bureau Chief.

Related:

Trump’s First Year 

 

President Donald Trump has had a hostile relationship with the media, frequently attacking it and other pillars of the US system including the Department of Justice and the courts.A year on, Trump’s US still deeply divided

 

 Trump, the master media manipulator

 

US lawmakers in bid to end shutdown stalemate

 

Mass crowds rally for anti-Trump Women’s Marches across US | AFP …

China raps US for ‘Cold War mentality’ in defence strategy – ASEAN …

Beijing: China has denounced the United States government for what it calls its “Cold War and zero-sum mentality” in its latest national defence strategy, which named China and Russia as “revisionist powers” that “seek to create a world consistent with their authoritarian models”.

Related post:

Greener pastures: Wang at his company’s headquarters in Shanghai. The successful Silicon Valley alumni was lured back to China by the pro…

 

Pakatan taking a step backwards’


PETALING JAYA: Pakatan Harap­an’s choice of Tun Dr Mahathir Mohamad as its candidate for prime minister is a step backwards for the Opposition grouping, said Institute of Strategic and Inter­national Studies Malaysia Senior Fellow Sholto Byrnes.

In an opinion piece yesterday in The National, a newspaper published in Abu Dhabi, United Arab Emirates, Byrnes wrote that Pakatan’s choice of Dr Mahathir showed it did not have confidence in its own leaders.

He said it also reflected badly on Opposition supporters who were strongly against the Government, which Dr Mahathir led for 22 years.

“The notion that this represents change, let alone fresh blood, is laughable and reflects very poorly on the Opposition’s confidence not only in its younger cadres, but also in those who have always opposed the Barisan Nasional governing coalition,” said Byrnes.

He said many Opposition supporters and leaders were imprisoned by Dr Mahathir, who is currently Pakatan Harapan chairman, for no good reason other than that their vehement opposition inconvenienced him.

“They are entitled to feel bitter at having to kowtow to their former jailer,” he added.

Byrnes noted that Dr Mahathir, who is now 92, would become the world’s oldest leader if elected in the event that Pakatan Harapan wrests power from Barisan.

This, he said, would open Malay­sia to international ridicule.

“Any who doubt that should imagine the incredulous laughter if either George H.W. Bush, aged 93, or Valery Giscard d’Estaing, a sprightly 91, were to seek to return to the presidencies of the United States and France respectively,” he said.

Commenting on Dr Mahathir’s Dec 30 apology for his past mistakes when he was prime minister, Byrnes pointed out that the former leader said sorry for nothing specific.

Dr Mahathir later suggested that it was Malay custom to apologise for possible past mistakes.

“Whatever charges might be laid against him over possible wrongdoing during the course of his premiership – and Opposition activists have in the past called for him to be put on trial for them – he is essentially unrepentant,” Byrnes wrote.

He said Dr Mahathir would never have switched to the Opposition if Datuk Seri Najib Tun Razak had been prepared to act as Dr Mahathir’s tame supplicant and do everything his former boss wanted.

“For ever since he stood down from the premiership, Dr Mahathir has not been able to let go,” he said.

Recognising that it was Chinese faces who had the track record and visibility in the Opposition after Datuk Seri Anwar Ibrahim’s jailing, Byrnes said Pakatan was trying to hide them behind a facade of Malay politicians to win the crucial votes of the majority Malays.

“There are decent people in the Opposition, whom I have come to know personally. But this new top ticket drives a coach and horses through the Opposition’s old principles and thus through whatever moral authority it had,” he said.

Choosing a nonagenerian former PM to head Malaysia’s opposition is a regressive move

– REUTERS/Lai Seng Sin/File Photo

THE announcement last weekend that Malaysia’s opposition coalition, Pakatan Harapan (PH), had chosen Tun Dr Mahathir Mohamad as its candidate for prime minister made international headlines for two reasons. Firstly, Dr Mahathir has been the country’s head of government before, for a record-breaking 22 years from 1981 to 2003, during which (and afterwards) his governing style was described as “authoritarian”. With trademark sarcasm, the good doctor now one-ups that by conceding that in office he was nothing less than a “dictator”. He is not renowned as an advocate for reformist democracy, which is what PH claims to stand for.

Secondly, he is now 92, which would make him the world’s oldest leader if elected. Opposition columnists have ludicrously compared Malaysia, much praised by the World Bank, the IMF and other international bodies for its current government’s reforms, prudent economic stewardship and excellent growth, with Zimbabwe. In fact, it is the latter’s former president Robert Mugabe, a 93-year-old gerontocrat deposed ignominiously last year, who was so close to Dr Mahathir that the BBC’s John Simpson once paid him the backhanded compliment of calling him “a kind of successful, Asian Robert Mugabe.”

Malaysia’s opposition is now effectively helmed by two leaders from 20 years ago: Dr Mahathir and Datuk Seri Anwar Ibrahim, the deputy he sacked in 1998 and humiliated after the latter was charged and then jailed for sodomy and corruption. Anwar is currently in prison on a second sodomy charge. His wife, Datuk Seri Dr Wan Azizah Wan Ismail, is nominally PH’s candidate for deputy prime minister but should the opposition win, its plan is for Anwar to be given a royal pardon, enter parliament via a by-election and then take over from his former nemesis as prime minister.

The notion that this represents change, let alone fresh blood, is laughable and reflects very poorly on the opposition’s confidence not only in its younger cadres (and by younger, that means 50 and 60-year-olds) but also in those who have always opposed the Barisan Nasional (BN) governing coalition, which has never lost power since independence.

Theirs has not been an easy road. Many were imprisoned by Dr Mahathir for no good reason other than that their vehement opposition inconvenienced him. They are entitled to feel bitter at having to kowtow to their former jailer. And while Dr Mahathir might still be very sharp – his tongue has lost none of its spikiness – they cannot be oblivious to the fact that proposing a man who could be 93 by the time he became prime minister again opens the country to international ridicule. (Any who doubt that should imagine the incredulous laughter if either George HW Bush, currently aged 93, or Valery Giscard d’Estaing, a sprightly 91, were to seek to return to the presidencies of the US and France, respectively.)

So why has Malaysia’s opposition proposed him as their leader? Ah, but Dr Mahathir has changed his tune, some will say and has even recently apologised. Firstly, he said sorry for nothing specific and secondly, he then suggested it was Malay custom to apologise for possible past mistakes. However, whatever charges might be laid against him over possible wrongdoing during the course of his premiership – and opposition activists have in the past called for him to be put on trial for them – he is essentially unrepentant.

The late Karpal Singh, the formidable Indian national chairman of the mainly Chinese Democratic Action Party (DAP), would never have stood for it. His daughter and others with a long record in the opposition cannot stomach Dr Mahathir at the top and have said so vocally, as have some significant members of Anwar’s People’s Justice Party (PKR).

No wonder, for this is no alliance of principle. It is one of convenience. And if the current prime minister, Datuk Seri Najib Tun Razak, had been prepared to act as Dr Mahathir’s tame supplicant and do everything his former boss wanted, this would never have happened. For ever since he stood down from the premiership, Dr Mahathir has not been able to let go. First he undermined his handpicked successor, Tun Abdullah Ahmad Badawi, and then Najib – not for any malfeasance on their parts but for the crimes of not taking his “advice” as orders and for not indulging his dynastic ambitions.

Paradoxically, Dr Mahathir’s appearance at the head of the opposition pact is actually a testament to how strong a position Najib has built over the last two and a half years. Recognising that it was Chinese faces who had the track record and the visibility in the opposition after Anwar’s jailing, PH is now trying to hide them behind a facade of Malay politicians to win the crucial votes of the majority Malays.

But their new alliance is incoherent, with politicians having entirely contradictory records on matters of civil liberties and free speech, for instance – and, worse, deceitful ones, claiming that the goods and services tax that the current government has introduced could be removed, with no real plans for how they would replace the vital revenue.

There are decent people in the opposition, whom I have come to know personally. But this new top ticket drives a coach-and-horses through the opposition’s old principles and thus through whatever moral authority they had.

Malaysia has a good government that has won accolades for its determined fight against violent extremism and its successful economic transformation programme. It deserves a better opposition. And there’s a certain 92-year-old who deserves the gratitude of his people for services past – but also a retirement he has put off for far too long.

Source: by Sholto Byrnes, The Star

> Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies Malaysia

PKR gives up 14 seats to Pribumi for GE14

PETALING JAYA: PKR has given up 14 constituencies it contested in the last general election to Parti Pribumi Bersatu Malaysia (Pribumi) for the upcoming 14th General Election (GE14).

Pakatan Harapan’s approved distribution of parliamentary seats for GE14 shows PKR giving up seats in Selangor, Negri Sembilan, Johor, Perak, Kelantan and Pahang to Pribumi.

Notably, it has surrendered the Pekan seat – currently held by Umno president and Prime Minister Datuk Seri Najib Tun Razak – to Pribumi.

Notably, PKR has given up its Lumut parliamentary seat, currently held by Mohamad Imran Abd Hamid, to Amanah.

Since the departure of PAS from the now-defunct Pakatan Rakyat coalition, many of that party’s previously-contested seats were distributed evenly among Pribumi and Amanah, a PAS breakaway party.

Interestingly, Pribumi is the Pakatan Harapan party contesting seven seats in Kelantan, against five by Amanah and two by PKR.

Pribumi will have a strong presence in the Umno stronghold of Johor, fielding candidates in 10 seats.

Four of those seats (Sri Gading, Pengerang, Pontian and Muar) were previously contested by PKR, while Tanjung Piai was previously contested by DAP.

Johor’s Ayer Hitam seat, which was previously under DAP’s quota, will be contested by Amanah.

Pribumi is set to contest eight seats in Perak, after PKR gave up four seats there – Tambun, Bagan Serai, Tapah and Pasir Salak.

PKR is also slated to contest the Sungei Siput seat now held by PSM’s Dr Michael Jeyakumar Devaraj. Dr Jeyakumar won the seat under the PKR banner in the last election.

Apart from Johor, Pribumi also has strong representation in Perak (eight seats), Kelantan (seven), Pahang (six) and Kedah (six).

It is believed that Pribumi is thought to have a better chance against Umno in those seats, compared to Amanah.

Some instances of give and take were seen in the planned parliamentary seat distribution.

Amanah in turn has given up the prized Titiwangsa seat to Pribumi, leaving it with no potential representation in Kuala Lumpur.

Related Link:

Dr Mahathir has hijacked Pakatan, says Liow

Dr Mahathir has hijacked Pakatan, says Liowicon video

New Year 2018 high for Malaysia


FBM KLCI moves higher past 1,800 mark while ringgit breaches RM4 level

In a synchronised fashion, the ringgit, stock market and exports are all glowing for Malaysia. Add this to the rising price of crude oil, economists are expecting the good start to the year to continue leading up to GE14. Experts foresee these translating to lower import costs and more affordable overseas education.

 

Busa and ringgit on a high

PETALING JAYA: In a rare occurrence, the local capital markets got off to a roaring start in the first week of the new year.

US$ vs ringgit at 3.9965 

Sentiments on the stock market picked up as it sailed through the 1,800 mark, the ringgit breached the RM4 level against the US dollar and the latest trade numbers released showed that exports have hit record levels.

FBM KLCI up 14.52pts to 1,817.97

The FBM KLCI, a key benchmark for the local stock market, closed at 1,817.97, up 14.52 points yesterday – the highest since April 2015. Analysts and fund managers expect the upward momentum to continue, leading to the 14th General Election (GE14).

“The local stock market is set to continue its upward momentum, with investors in optimistic mood, lingering upon expectations of the GE14,” an analyst said.

The Malaysian stock market is now playing catch-up with key regional markets in other countries that have been moving up.

For instance, in the United States, the Dow Jones Industrial Average closed at fresh record highs above 25,000. Trading volume on Bursa has risen sharply to a high of nearly six billion shares valued at RM3.94bil. This is the highest since 2014.

“The increasing volume is an indicator of more investors joining the fray,” said the analyst.

The ringgit also perked up against the US dollar and strengthened to 3.9945 yesterday, the strongest level since August 2016.

Crude oil prices continue to climb with the Brent Crude rising above US$67 per barrel. Apart from a brief spike in May 2015, this is the highest price levels it has reached since December 2014, when the oil price started its slide down.

Exports in November rise to RM83.50bil

Exports hit record high of RM83.5bil in November – Business News …

Adding to the optimism, the country’s latest trade data for November showed that exports exceeded expectations and rose to a monthly high of RM83.5bil. This is an increase of 14.4% from last year.

The head of UOB Kay Hian Malaysia Research, Vincent Khoo, expects global and local conditions to be favourable for the local stock market as sentiment builds up for the GE14.

“Malaysia has been a laggard and now it is reversing its underperformance. Liquidity is strong locally and internationally as there is more foreign funds participation.

“Economic numbers are strong and export momentum continues to be solid,” Khoo said.

Socio Economic Research Centre executive director Lee Heng Guie said there were continued optimism and positive sentiments on the global economy and markets.

He said the tax reforms in the US would beef up corporate earnings while central banks around the world were raising rates.

The impending GE14, he added, spurred investors’ interest in the stock market and the recovery in oil prices continued to lift the demand for ringgit.

He said the ringgit had a good rally since the last Bank Negara meeting and the upcoming meeting on Jan 29 might see the central bank review its overnight policy rates (OPR) upwards.

The OPR now is 3.25% and many are expecting it to increase, a move that would spur banks to raise their interest rates.

Additionally, Lee said trade data was better than expected and as long as the macro numbers and earnings deliver, it would lift sentiments on market.

Nonetheless, he said investors might be a bit cautious when the dissolution of Parliament was announced.

Meanwhile, Oanda head of trading Asia-Pacific Stephen Innes said Bursa Malaysia was playing catchup as the ringgit remained undervalued in a lot of fund managers’ portfolio.

“But I think the current run will take us to 3.90 (against the US dollar) but at this stage, I think the market is starting to factor in the Bank Negara rate hike in January.

“So we may see a slower appreciation of the ringgit and we should expect profit taking ahead of the rate decision (by BNM) later in the month,” he added.

On the external front, Inness said the global equity market rally was benefiting from higher commodity prices in general and specifically oil prices.

“The recent supply disruptions are having a much more significant impact on prices given Opec’s (Organisation of the Petroleum Exporting Countries) recent production cut and the market is certainly much tighter than it has been in the past.

“Rising oil prices bode well for the FBM KLCI given that oil and gas constituents play a big role in the KLCI make-up. However, I don’t think this is strictly an isolated oil play but it is also rallying on the global growth narrative which is supporting export-oriented firms,” Innes said.

By leong hung yee The Staronline

Bursa and ringgit on a high

 

FBM KLCI moves higher past 1,800 mark while ringgit breaches RM4 level

PETALING JAYA: In a rare occurrence, the local capital markets got off to a roaring start in the first week of the new year.

Sentiments on the stock market picked up as it sailed through the 1,800 mark, the ringgit breached the RM4 level against the US dollar and the latest trade numbers released showed that exports have hit record levels.

The FBM KLCI, a key benchmark for the local stock market, closed at 1,817.97, up 14.52 points yesterday – the highest since April 2015. Analysts and fund managers expect the upward momentum to continue, leading to the 14th General Election (GE14).

“The local stock market is set to continue its upward momentum, with investors in optimistic mood, lingering upon expectations of the GE14,” an analyst said.

The Malaysian stock market is now playing catch-up with key regional markets in other countries that have been moving up.

For instance, in the United States, the Dow Jones Industrial Average closed at fresh record highs above 25,000. Trading volume on Bursa has risen sharply to a high of nearly six billion shares valued at RM3.94bil. This is the highest since 2014.

“The increasing volume is an indicator of more investors joining the fray,” said the analyst.

The ringgit also perked up against the US dollar and strengthened to 3.9945 yesterday, the strongest level since August 2016.

Crude oil prices continue to climb with the Brent Crude rising above US$67 per barrel. Apart from a brief spike in May 2015, this is the highest price levels it has reached since December 2014, when the oil price started its slide down.

Adding to the optimism, the country’s latest trade data for November showed that exports exceeded expectations and rose to a monthly high of RM83.5bil. This is an increase of 14.4% from last year.

The head of UOB Kay Hian Malaysia Research, Vincent Khoo, expects global and local conditions to be favourable for the local stock market as sentiment builds up for the GE14.

“Malaysia has been a laggard and now it is reversing its underperformance. Liquidity is strong locally and internationally as there is more foreign funds participation.

“Economic numbers are strong and export momentum continues to be solid,” Khoo said.

Socio Economic Research Centre executive director Lee Heng Guie said there were continued optimism and positive sentiments on the global economy and markets.

He said the tax reforms in the US would beef up corporate earnings while central banks around the world were raising rates.

The impending GE14, he added, spurred investors’ interest in the stock market and the recovery in oil prices continued to lift the demand for ringgit.

He said the ringgit had a good rally since the last Bank Negara meeting and the upcoming meeting on Jan 29 might see the central bank review its overnight policy rates (OPR) upwards.

The OPR now is 3.25% and many are expecting it to increase, a move that would spur banks to raise their interest rates.

Additionally, Lee said trade data was better than expected and as long as the macro numbers and earnings deliver, it would lift sentiments on market.

Nonetheless, he said investors might be a bit cautious when the dissolution of Parliament was announced.

Meanwhile, Oanda head of trading Asia-Pacific Stephen Innes said Bursa Malaysia was playing catchup as the ringgit remained undervalued in a lot of fund managers’ portfolio.

“But I think the current run will take us to 3.90 (against the US dollar) but at this stage, I think the market is starting to factor in the Bank Negara rate hike in January.

“So we may see a slower appreciation of the ringgit and we should expect profit taking ahead of the rate decision (by BNM) later in the month,” he added.

On the external front, Inness said the global equity market rally was benefiting from higher commodity prices in general and specifically oil prices.

“The recent supply disruptions are having a much more significant impact on prices given Opec’s (Organisation of the Petroleum Exporting Countries) recent production cut and the market is certainly much tighter than it has been in the past.

“Rising oil prices bode well for the FBM KLCI given that oil and gas constituents play a big role in the KLCI make-up. However, I don’t think this is strictly an isolated oil play but it is also rallying on the global growth narrative which is supporting export-oriented firms,” Innes said.

Experts see good tidings in firmer currency

Back in favour:People queuing to change the ringgit for US Dollar at a money exchange outlet in Bangsar, Kuala Lumpur.

PETALING JAYA: Lower import costs and more affordable overseas education are among the benefits brought about by a firmer ringgit and bullish stockmarket.

National Chamber of Commerce and Industry of Malaysia (NCCIM) president Tan Sri Ter Leong Yap said the rise in the ringgit is a sign of growing confidence in the nation’s economy.

“These are good signs which have set a feel-good mood for the market. What is most important is for the ringgit to remain stable as business needs this rather than having to hedge on the foreign exchange,” he said.

However, a stronger ringgit could act as a “double-edged sword”, Ter added, as exports would now cost higher.

“Exporters may not make the windfall profit as before but they had adjusted to this,” said Ter, who is also Associated Chinese Chamber of Commerce and Industry of Malaysia (ACCCIM) president.

Malaysia Retail Chain Association (MRCA) president Datuk Garry Chua said a stronger ringgit bodes well for retailers that rely heavily on imports.

“In the end, the shoppers will benefit as cost of products would be lower due to the exchange rate,” he said.

Chua said the positive stock run was also good news for retailers and consumers.

“People tend to spend more due to easy earnings from the market and this is good for business,” he said.

Malaysia Associated Indian Chambers of Commerce and Industry (MAICCI) president Tan Sri Kenneth Eswaran said the positive developments showed that the nation’s economic transformation is on the right track.

“The ringgit breaking the RM4 barrier and the stock market climb are signs showing the Government’s economic transformation plans are bearing fruit. Traders and consumers will now enjoy lower import costs,” he said.

Taylor’s University deputy vice chancellor Prof Dr Pradeep Nair said the ringgit’s rally is expected to continue and strengthen below the RM4 region.

“For the education sector, this will be beneficial for parents who wish to send their children abroad to do part or whole of their studies to countries like the US, UK and Australia, should the trend continue,” he said.

He said a firmer ringgit would not have a major impact on incoming foreign students.

“We are still relatively cheaper than other countries that use English as the medium of teaching and we will remain one of the preferred destinations for foreign students looking for affordable, quality education,” he said.

Sunway Education Group senior executive director Dr Elizabeth Lee said some parents would be more willing to send their children abroad for further studies.

“I sense that enthusiasm in parents who enrolled their children with us. They are more confident of supporting their higher education throughout,” she said.

By martin carvalho The Staronline

Ringgit boost for investors, importers 

Companies which lost out during a low ringgit recouping fast

Ringgit on uptrend: People queuing up to change money at a money changer. The ringgit has broken past the crucial 4.00 level.

THE New Year is in, tides are changing and the ringgit is recovering from the past two year’s extreme blues.

The long-awaited reprieve has finally come for certain consumer companies that import intermediary goods for their production cycle.

Foreigners who have taken advantage by accumulating and buying into the equity and/or bond market when the ringgit was at a weaker level last year, would be firmly in the money now.

Analysts see the local currency as now being on a cruise control climb mode moving to new highs in the past week and possibly in the near future.

They note that the foreign buyers would see two-way gains and would be able to realise their gains if they choose to.

“If they liquidate and take the money out they will realise the gains and benefit. Last year the ringgit strengthened by almost 10.4%. Ringgit already broke the crucial 4.00 level, assuming that they make money from the market and take it out, they will also pay less to convert to US dollar,” Socio Economic Research Centre’s executive director Lee Heng Guie tells StarBiz Week.

The ringgit had seen a gain of 0.64% after we entered the New Year, adding to its gains that was achieved in the past two months of 5.63%.<

Currency strategists agree that the next crucial psychological mark would be the 3.80 level that is the infamous currency peg level some years after the 1997 Asian Financial Crisis.

The recovering oil prices with the lifting of equity markets due to strong global sentiment aided gains in the ringgit, Lee says.

The FBM KLCI saw a strong upward move as investors celebrated Christmas and ushered in the New Year thereafter.

The benchmark index had gained some 4.6% since Dec 19 to yesterday’s close at 1,817.97.

Meanwhile, the other companies that will stand to gain are consumer-driven companies especially those that have imported intermediary goods to manufacture or complete end products.

Lee says the strengthening ringgit, if it is sustained, would eventually help to boost the consumer sentiment index (CSI).

In the latest reported third quarter of 2017, the Malaysian Institute of Economic Research (Mier) said the CSI continued to remain weak with the index having retreated further to 77.1.

“Anxieties over higher prices grow and (there are) burly spending plans amid waning incomes and jobs,” the Mier said at the release of third quarter CSI figures then.

Any CSI level below the 100 indicates weakness on the consumer front.

Lee says he is hopeful the stronger ringgit would help eventually translate to additional cost savings to the consumer in the form of lower prices.

Meanwhile, MIDF Research’s consumer stocks analyst Nabil Fithri says not all consumer companies would automatically gain from the strengthening ringgit.

He notes that the gainers among the consumer companies would mainly be those which derive their sales from the local market and have imported intermediary goods in the supply chain.

“On average, the companies that import their raw materials lock in the prices through forward contracts for the upcoming six months. So, if there are any gains to their profit margins, it would be seen in the second half of the year,” he says.

Among the companies that stand to gain from this trend are the major consumer food companies such as Fraser & Neave Holdings Bhd (F&N), Nestle (M) Bhd and Dutch Lady Milk Industries Bhd.

Strong gains: The Dutch Lady Milk Industries
factory in Petaling Jaya. The company’s stocks had been making strong
gains since last year.
Better profit: Nestle Malaysia is one of the companies gaining from a strong ringgit.

All three stocks have been making strong gains in their share prices last year despite their high base.

Observers note that a common theme today that belies these stocks are that they derive their sales from the local market, with minimal or zero exports. Hence they will benefit from strong gains should the local currency appreciate further.

“Their raw materials that form a big part of their production are ingredients such as milk, coffee and sugar which are not readily available locally. They need to be imported and these are denominated in US dollar,” an analyst with a local research outfit says.

Two of those stocks that were mentioned above topped the gainers list on Friday: Nestle rising by RM1.20 to a new historical high of RM103.80 and F&N hitting an alltime high of RM27.82.

Investors may also want to train their sights on the smaller-capitalised consumer stocks some of which had been at a disadvantage earlier due to the weakened ringgit.

The stocks in this space include Apollo Food Holdings Bhd, Hup Seng Industries and Berjaya Food Bhd.

Apollo Food, the maker of packaged confectionery products see a big part of their sales being derived locally and their food is usually stocked in the school canteens.

The stock is trading at a current price to earnings ratio (PER) of 23.6 times and forward financial year 2018 ending April 30 (FY18) PER of 18.96 times.

The company’s second quarter profit had dropped by 11.1% to RM3.82mil primarily due to the lower ringgit then compared to the same quarter a year ago.

When the ringgit was trading above the 4.00 level then, the company had said in its prospectus that its operating environment was more challenging due to the increase in costs of raw materials.

Meanwhile, Berjaya Food Bhd could see further gains ahead as the ringgit continues its ascent.

The company owns half of the popular Starbucks franchise in Malaysia beside owning the worldwide Kenny Rogers Roasters franchise after acquiring KRR International Corp of the US in April 2008.

AmInvestment Bank Research said last month that it believed the worst is over for Berjaya Food with KRR’s robust same store sales growth following the disposal of KRR Indonesia.

The research house had highlighted that Berjaya Food would benefit from a stronger ringgit.

AmInvestment Research maintained its buy recommendation on Berjaya Food with fair value of RM1.91 per share.

“Valuations are pegged to a PER of 25 times FY19 forward, reflecting a 20% premium to its historical valuations. We think that it is justified as Berjaya Food has significantly enhanced earnings visibility following the disposal of KRR Indonesia, attractive growth off a low base and a stellar Starbucks brand,” it says.

By daniel khoo TheStaronline

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.

 

Related Links:

%d bloggers like this: