September 30, 2009

My Maiden Song in Commercial Writing!

Yes, it is in print! It is so popular that I could not even get an additional copy for marketing purposes!

I started on the project sometime before Chinese New Year 2009. It was to stretch into the third week of April.

It was a great feeling to get the okay from the client before it went to the printers.

I have accomplished this in such a short time. The period was about 2 months. I had only two meetings with the clients. Much of the work was done using the email.

I thank Almighty God for this first entry into the publishing world!

US Economy's Latest GDP Data

WASHINGTON, Sept 30 — The US economy contracted at slower pace than previously thought in the second quarter, but a further decline in private payrolls in September was another indication that recovery from recession would be patchy.

The Commerce Department said today gross domestic product fell at a 0.7 per cent annual rate instead of the 1.0 per cent decline reported last month. This was better than market expectations for a 1.2 per cent drop.

GDP, which measures total goods and services output within US borders, fell at a 6.4 per cent rate in the January-March period.

A separate survey by the ADP Employer Services showed private employers 254,000 jobs in September more than the 210,000 layoffs the market had been expecting. However it was less than the 277,000 jobs lost in August.

“It’s (GDP) not an earth-shaking revision, but it does show a healthier picture than before because domestic spending is less weak. It’s unlikely to change perceptions about the third-quarter outlook,” said Pierre Ellis, a senior economist at Decision Economics in New York.

US stock futures rose after the GDP report, regaining losses suffered after data on private sector employment showed more job losses than expected in September. Bond prices fell on the news, while the dollar rose against the euro.

The decline in GDP will probably mark the last quarter of contracting output for the US economy, which slipped into recession in December 2007. The economy is believed to have rebounded in the July-September quarter.

With the second-quarter contraction, the country’s real GDP has shrunk for four straight quarters for the first time since government records started in 1947.

The shallow decline in activity in the second quarter reflected more moderate drops in consumer spending and business investment than previously thought, the report showed.

Consumer spending, which normally accounts for over two-thirds of US economic activity, fell at a 0.9 percent rate in the second quarter — smaller than the previously estimated 1.0 per cent decline. Spending rose at a 0.6 per cent rate in the previous quarter.

Business investment fell at a 9.6 per cent rate in the second quarter instead of 10.9 per cent, reflecting slightly better demand for software than previously thought. It tumbled 39.2 per cent in the first quarter.

Weak domestic demand meant businesses continued to reduce their stock of unsold goods. Business inventories plunged by a record US$160.2 billion (RM891 billion) in the second quarter rather than the US$159.2 billion drop estimated by the government last month. Stockpiles of unsold goods fell by US$113.9 billion in the first quarter.

The drop in inventories subtracted 1.42 percentage points from second-quarter GDP, the department said. Excluding inventories, GDP rose 0.7 per cent in the second quarter compared to a 4.1 per cent decline in the first quarter.

Rebuilding of inventories is expected to be one of the main drivers of the economy’s recovery. Economists agree that the recovery, which is also aided by government spending, is already under way.

However there are doubts over its strength and sustainability because of weak consumer spending as the economy continues to bleed jobs.

The department said corporate profits after taxes rose 0.9 per cent, much lower than the 2.9 per cent it estimated last month. It compared to analysts’ forecasts for 3.0 per cent growth.

After tax corporate profits increased 1.3 per cent in the first quarter.

Investment in nonresidential structures fell at a 17.3 per cent rate compared to a 43.6 per cent drop in the January-March quarter. Residential investment, at the heart of the worst US recession in seven decades, dropped at a 23.3 per cent rate in the second quarter. It fell 38.2 per cent in the first quarter.

There was encouraging news on the trade front. Exports fell at a smaller 4.1 per cent rate instead of the 5 per cent drop reported last month, the department said. Exports plunged 29.9 per cent in the first quarter.
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There were positive contributions from the federal, state and local government during the second quarter.

A National Association of Purchasing Management-New York survey showed business activity in New York City surged to a near three-year high in September, building on recent optimism about local economic conditions.

Separately, the Mortgage Bankers Association said mortgage applications fell last week despite the lowest loan rates in four months, an indication the housing market would likely recover slowly from its three-year plunge. — Reuters

The World is in Debt!

The International Monetary Fund today lowered its estimate for global writedowns for banks and other financial institutions to US$3.4 trillion (RM11.8 trillion) but warned that loan losses were set to rise as unemployment grew.

In April the IMF estimated in its Global Financial Stability Report that global bank losses could reach US$4 trillion but said it cut the figure by US$600 billion to reflect rising securities values and new methodology for calculating writedowns.

“Global financial stability has improved, but risks remain elevated and the risk of reversal remains significant,” the IMF said. It added that the economic downturn was troughing but the recovery in advanced economies would be extremely slow.

The report said that while banks have enough capital to survive, their earnings are not expected to fully offset writedowns expected over the next 18 months.

It said stronger action was needed to bolster bank capital and earnings capacity to ensure banks could support a recovery.

The Fund said while private-sector credit growth has contracted in big economies, overall borrowing needs have not slowed as quickly because of burgeoning government deficits.

“The likely result is constrained credit availability,” it said, adding that continued support by central banks may be required to alleviate this.

Using new methodology to calculate the writedowns, the IMF said bank losses on loans and securities holdings amounted to US$1.3 trillion through the first half of 2009, with new writedowns of about US$1.5 trillion still needed through the end of 2010.

The report said US institutions were about 60 per cent through their needed writedowns, while their euro area and British counterparts had recognized only 40 per cent of losses.

DEAL WITH IT

It said loan losses are expected to account for around two thirds of total writedowns between 2007 and 2010, with housing the hardest hit in the United States and foreign loans the big contributors to loan losses in Britain and the euro area.

The IMF urged authorities to deal with troubled assets still on banks’ books, adding that reassuring stress test results and signs of economic stabilisation have eased pressure to deal with the toxic debt.

“Authorities, banks and investors need to persevere with these programs,” the IMF said, adding that in countries where banks were undercapitalised, such toxic assets should be ringfenced to reassure markets about future losses.

“Only when this source of uncertainty has been substantially reduced can banks fully participate in providing credit for recovery,” the IMF said.
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The Fund said financial conditions in emerging markets have improved thanks to strong policies but estimated that companies faced foreign currency debt refinancing needs of US$400 billion over the next two years. — Reuters

September 29, 2009

US Economy and Home Prices

NEW YORK, Sept 30 — US house prices rose for a third month in July, but consumer confidence fell unexpectedly in September as the worst job market in 26 years fuelled worries about personal finances, private reports showed yesterday.

The data indicates the economic rebound is still in its early days following the worst recession in decades, and it could be a long time before consumers contribute to growth.

Despite improvements elsewhere in the economy and a roaring stock market rally since March, the weakness of the consumer sector bodes ill for the year-end, traditionally a period of heavy shopping and spending.

“Companies haven’t started to hire yet, which is going to weigh on confidence,” said Sean Simko, fixed income portfolio manager at SEI in Oaks, Pennsylvania.

“Offsetting that is the positive move in the equity market. But in the end, as individuals feel under pressure from the labour market, you will have confidence lower than where it needs to be to bolster the economy.”

Consumers’ job prospects might not improve anytime soon, judging by the plans of senior managers. US chief executives are not ready to step up hiring or capital spending, according to a Business Roundtable survey.

It said 40 per cent expect to cut US jobs over the next six months, compared with 13 per cent who expect to add them.

Stocks were lower after turning negative following the weaker-than-expected consumer confidence report. US government bonds, which are investors’ favorite safe haven during weak economic times, pared early losses.

CONFIDENCE GAME

The Conference Board, an industry group, said its index of consumer attitudes fell to 53.1 in September, versus a revised 54.5 in August and expectations of a rise to 57.0.

Reflecting Americans’ worries about employment prospects, the Conference Board’s index measuring jobs “hard to get” rose to 47.0 from 44.3.

At the other end of the scale, the gauge of “jobs plentiful” fell to 3.4 from 4.3. That was the lowest since February 1983 and ties in with Labor Department data showing the US unemployment rate was at a 26-year high of 9.7 per cent in August.

“While not as pessimistic as earlier this year, consumers remain quite apprehensive about the short-term outlook and their incomes,” said Lynn Franco, director of the Conference Board Consumer Research Center.

“With the holiday season quickly approaching, this is not very encouraging news.”

The poor outlook overall led consumers to evaluate their present situation as the worst since March. The present situation gauge fell to 22.7 from 25.4.

In a bit of good news for the Federal Reserve, which has pumped easy money into the financial system in an effort to revive the economy, one-year inflation expectations fell to 5.2 per cent from 5.4 per cent in August.

September’s inflation expectations were the lowest since October 2007. Some investors have worried that the Fed’s recovery efforts will ultimately spark inflation.

IN THE HOUSE

The S&P/Case-Shiller composite index of house prices in 20 metropolitan areas rose 1.6 per cent in July from June, more than triple the estimate of a 0.5 per cent rise found in a Reuters poll. This index rose 1.4 per cent the previous month.

The 10-city index gained 1.7 per cent in July after a 1.4 per cent rise in June.

Housing was at the epicenter of the financial crisis that pushed last year’s mild recession into deep a downturn, and massive foreclosures have heaped pressure on consumers.

“These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures,” David Blitzer, chairman of the index committee at S&P, said in a statement.

A first-time buyer credit of US$8,000 (RM27,962), which ends November 30, has jump-started housing activity this year. But there are concerns about the impact when this incentive disappears.

The monthly price increases helped slow the annual rates of decline but home prices were still down 12.8 per cent in the 10-city index and 13.3 per cent lower in the 20-city index.

Meanwhile, Fannie Mae, the largest provider of funding for US home mortgages, said delinquencies on loans it guarantees accelerated. — Reuters

Fancy Seeing Miyabi in an Indonesian Movie?

So what do you know, megastar Japanese porn star Miyabi is coming by to Indonesia to act in a comedy. The clerics are almost in arms!

Read on, this could be fun!

The Straits Times reported on Sept 29 that filmmakers in Indonesia are adamant on this.

Muslim leaders have blasted plans to bring in erotic film megastar Maria Ozawa, 23, popularly known as Miyabi, to play herself in the upcoming film, Menculik Miyabi (Kidnapping Miyabi).

But Maxima Productions general manager Adi Sudiadi said the firm would stick to plans to include Ozawa in the film, which tells the story of a group of university students who accidentally kidnap the starlet.

“We guarantee that Miyabi won’t be playing in a porn film here. We will bring her here not as a porn star, but purely for a comedy,” Sudiadi said. “Miyabi is well-known to Indonesians. We are expecting her to attract a lot of audience here."

“We are also trying to fix Miyabi’s image by showing she can do more than a porn star,” he said, adding that no final agreement had been reached with Ozawa to act in the film.

Indonesian Council of Ulema chairman Amidhan slammed the choice of Ozawa — who has gained notoriety in Japan’s porn industry, thanks to her Canadian-Japanese looks — as a threat to the moral health of the country’s youth. “Even if the film isn’t pornographic, it is very dangerous for our young people, particularly if they become fans of this porn actress and become curious enough to watch her films,” he said. “We have to be firm and not let rubbish into our country. This is about Indonesia’s reputation as the world’s most populous Muslim country”’

Nearly 90 per cent of Indonesia’s 234 million people are Muslim.

Indonesia’s Parliament earlier this month passed a controversial film law that imposes tighter controls on content, including violence and sex.

Will these tighter legal fetters torpedo Maxima Productions'great Miyabi dreams?

September 27, 2009

The Brain Drain Continues.....

The Straits Times has this story to tell about the topic of the continuing brain drain from Malaysia.

According to its report today (27 Sept), Harvard-trained Malek Ali,BFM's radio owner has recently lost two staff members of his radio station.He felt the reason of his loss was unnecessary.

One was an Australian radio station engineer and the other was the man's Malaysian wife. The couple returned to Australia after the husband could not renew his work permit.

“These are good people. He was among the best in his field,” Malek said. “He and his wife are now contributing to the Australian economy.”

That was a stark contrast to his own experience — in Singapore.

In 2000, he became a permanent resident there, while working for the Singapore operations of a Malaysian company. Six months later, he was asked if he wanted to apply for citizenship.

He did not. He came back to start the BFM radio station, but without his family. He felt it was better for them to continue living across the Causeway. He commutes every weekend to Singapore.

Malek's stories tell a succinct tale of the double whammy Malaysia is facing in the global grab for talent. Its citizens are being wooed by other countries, while its labyrinthine process of applying for permanent residence or even work permits drives away those who might want to stay.

This is not a new story. But it came to the forefront last week when complaints poured out on Internet forums after the Home Ministry held a high-profile exercise to award citizenships to 92 people.

The 92 were among the 33,000 “stateless” persons in the country. Most of them were born in Malaysia, but did not have legal papers as their births were never registered or the papers lost.

Among them was Leong Chwee Chun, 64. She had waited 36 years after her papers were lost during the Japanese Occupation.

But many of the best-qualified of these “stateless” residents have not stayed. Some left long ago, frustrated with inconclusive outcomes of their applications.

Plain-speaking Gerakan politician Dr Hsu Dar Ren tells of a former classmate who did not have citizenship, even though he was born in pre-independence Malaya, because his mother did not apply for it then.

The classmate was consistently top in his class and was later offered a scholarship to study in Singapore, where he became a citizen after graduating as an engineer. No one could blame him.

“The brain drain is really one of the biggest problems in Malaysia today, and this sort of thing does not help,” said Dr Hsu.

The citizenship ceremony was held with pomp last week to showcase the Home Ministry's pledge to clear the backlog of applications by the year end. It has already processed 70 per cent of the 32,927 outstanding applications for citizenship, 16,812 for permanent residency and 93,360 cases of late registration of births.

Malaysia's difficulty in retaining talent has become more acute as the government tries to lift the economy up and out of the low-cost, low-wages model. It needs to have better brains to operate in this country.

Prime Minister Najib Razak had asked the government's Economic Council for a new economic model to emphasise innovation and creativity. I wonder whether this can be done in a country that is steep in religious conservatism as generally wary of championing new ideas for early adoption. Malaysia has always been a laggard in this department.Even its academia is beginning to look suspect because of the so called fake degree uproar unleashed recently.

But as Malaysians like Malek have noted, the malaysian authorities ought to be more efficient about keeping talent. The Malaysian process is opaque and convoluted and the delays are notoriously legendary.

Many have complained that they are kept in the dark about the criteria — unlike countries such as Australia, which uses a clear points system.

There is widespread belief that much hinges on what Dr Hsu describes as “a numbers game”. In a country where race is linked to power, the racial balance is always part of the consideration. Fear is the key and as such the nation suffers.

It may not be an official policy, but there are scores of stories that hint of unspoken racial considerations.

But as it has been pointed out, even if they number in the thousands, new immigrants will hardly change Malaysia's demography.

“The demographic trend clearly shows that the major ethnic group is going to form a bigger and bigger proportion of the total population as time goes on,” said Dr Hsu.

The pledge to clear the huge backlog — which is part of the Home Ministry's Key Performance Indicators (KPIs) — is welcomed, but it will not go very far as long as the process itself is not reformed.

Management-style KPIs may focus on statistics, but not necessarily the right decisions.

“They can easily say 'no' to everyone and meet the KPI,” said Malek. “But we haven't done what is needed — provide a clear policy, transparency and speed.” —

September 26, 2009

The Hums at the Factories are Getting Louder

The Singapore Straits Times (Sept 27)did bring some indicative good news today about the state of the manufacturing sector in Malaysia.

Yes, at this time last year,it was bleak time for Malaysia’s manufacturing sector.Since last December, many factories started four-day work weeks which slashed the income of its employees by up to 20 per cent. Rumours were rife then that a three-day work week would be next. Some workers were told to go especially new ones.

Today some relief has slowly returned. Many are of the view that the worst may be over for the global economy.There has been a rebound in orders for most factories. Work schedules have been restored and many have their pay elevated to former levels.The morale in the factories is so much better these days.

The crash and subsequent rebound of the manufacturing industry, particularly in the electronics and electrical (E&E) sector, has resulted in Malaysia’s see-saw unemployment rate.E&E accounts for 40 per cent of Malaysia’s exports.After holding steady at 3.1 per cent for the third and fourth quarters of last year, unemployment shot up to 4 per cent in the first quarter of this year. Some 100,000 jobs were shed in those three months, most of them in manufacturing.

Given that sharp rise, the Malaysian government had forecast unemployment to be 4.5 per cent for this year, based on the assumption that the global downturn would last for a few more months, a government official told The Sunday Times.But then, monthly unemployment figures started falling. The jobless rate dropped steadily from 4.1 per cent in February to 3.6 per cent in May, which are the latest monthly figures available. Hence, the government may now revise the unemployment forecast for the year to below 4 per cent, the official said.

People working in the manufacturing industry, which had borne the brunt of layoffs during the downturn, are now the ones who are getting their jobs back, said Malaysian Trades Union Congress secretary-general G. Rajasekaran.“We haven’t heard much news of people being retrenched in the last two months. Instead, we hear that companies are rehiring,” he said.

Economists say that the return of orders to the E&E industry is one big reason for the rebound in employment. When the global meltdown struck, the sector was one of the worst hit. Like Singapore, Malaysia is an export-driven economy, and its E&E industry exports almost all of its products to key markets like the United States and China.With the global economy grinding to a halt at the end of last year, orders fell dramatically. But the demand for electronic products seemed to have recovered quickly.

Datuk Wong Siew Hai, chairman of the Malaysian American Electronics Industry (MAEI), feels that growth in the sector was driven by strong consumer demand for products like netbooks, mobile phones and smart phones, which continued to sell well in a sluggish economy.“Look at the new iPhone and the netbooks. They’re not too expensive, and everyone wants one,” he said.

MAEI represents 17 US companies, including giants Intel, Dell and AMD. The companies make up almost a third of the total value of Malaysia’s E&E exports, and contributed 11.3 per cent of the value of Malaysia’s total exports.MAEI members’ export sales rose more than 20 per cent in the second quarter of this year, and are expected to increase by at least another 10 per cent in the third quarter, said Wong.Besides E&E, there are other bright spots in the Malaysian economy.

Six days ago, Prime Minister Najib Razak said that the government’s two stimulus packages totalling RM67 billion were having a positive impact on the economy.He singled out the construction sector, one of the biggest beneficiaries.Construction grew by 2.8 per cent in the second quarter, while the services sector grew by 1.6 per cent.

But labour lobbyists like Factory Workers’ Coalition coordinator A.Sivarajan feel that it is too early to cheer.He noted that some retrenched factory workers have still not found jobs.Some became drivers while others ran illegal food stalls.Indeed, while Malaysia’s economy is rebounding, it is far from roaring.This year’s approved manufacturing investments are forecast to be only half of last year’s US$13.3 billion.It may be a while before the country sees quarterly growth rates of more than 7 per cent — the comfortable position it was in merely two years ago.

So, hold yuor horses! It is still too early to chill the beer glasses for a good cheer.

September 24, 2009

Building muscles in KL-Pumping Iron


As the numbers rolling do not seems to really encourage growth, the government is out to do more.

As such,construction companies are expected to continue to get a shot in the arm and shine in the current year as the government step-ups awards of infrastructure contracts to meet development and fiscal stimulus targets.

Business Times Singapore (24 September 2009)reports that analysts estimate the development spending for this year under the 9th Malaysia Plan would amount to about RM52 billion, increasing to between RM55 billion and RM58 billion next year.

In addition, an estimated RM10 billion of the total RM22 billion set aside for fiscal injection has yet to be awarded.

Because of its big multiplier effect on the economy, the sector is invariably singled out for additional funds.

Earlier this week Prime Minister Datuk Seri Najib Razak said nearly RM8 billion had been paid out to contractors who had completed some 41,000 projects or about half of the total awarded.

The stimulus packages were “on track”, he said, pointing to the construction sector’s growth of 2.8 per cent in the second quarter from 1.1 per cent in the first, as evidence the fiscal injection was beginning to have a favourable impact on the economy.

Because 2010 marks the last year of the 9th Malaysia Plan (2006-2010), the forthcoming national budget scheduled to be tabled in Parliament at the end of October is expected to focus on implementation, given that as at the middle of this year an estimated RM139 billion or only 60 per cent of the RM230 billion allocated for the five-year period had been spent.

Contractors expect the pump to remain open and believe there would be “a flurry of contracts in 2010,” HwangDBS Vickers, which is overweight the sector, said in a report this week.

Maybank IB is also positive, noting infrastructure projects worth some RM33.5 billion under the 9th Malaysia Plan were currently at various stages of being constructed with most expected to continue into the coming 10th Malaysia Plan (2011-2015).

A number of new infrastructure projects have already been earmarked for the new 5-year development plan.

These are likely to exceed RM30 billion and include the electrified double-tracking rail job for the southern portion of West Malaysia, a new light rail transit line linking Kota Damansara to Cheras, and the Pahang-Selangor interstate water transfer project.

However, the pick-up in local construction jobs isn’t the only reason to be positive. Vietnam — where a number of Malaysian builders have invested heavily — has also turned the corner.

Companies like Gamuda and WCT are looking to accelerate their planned billion-dollar mixed-developments to ride on the economic upturn and to cash in on the desire and better purchasing power of young Vietnamese to own a home.

A number of construction stocks have more than doubled year-to-date, including Sunway, Hock Seng Lee, and IJM Corporation.

Even so, the construction bulls noted because “pump-priming remains a cornerstone to drive economic growth” further upside is possible, share prices for some building companies may move upwards on sustainable positive news flow based on new book value.

Fight for it First!

Tourism Minister started the food fight in retaliation to claims of many things Malaysian by Indonesia. Now another way is being waged with the nation from across the Causeway. She may be the one that opens Pandora's Box but certainly be the one to bite the bullet;as Malaysia is often the talk and hardly the walk,

Truth be told,top businessmen and executives from around the world were gathered at the Ritz Carlton hotel ballroom in Singapore as early as during the 2005 Chinese New Year for a glittering award ceremony dinner. At the centre of each table was a colourful raw fish salad, known to Malaysians as “yee sang”.

"Welcome. I hope you enjoy this dish which is unique to Singapore," said the host to the excited guests as they reached for their chopsticks.

This incident is likely a common one in the city state with different types of food and illustrates what has become a contentious and possibly explosive issue of "food hijacking" between the two neighbouring countries that share a common heritage and was once a unified nation.

When Tourism Minister Datuk Seri Ng Yen Yen suggested that Malaysia promote its rich culinary heritage and claim certain dishes as its own however, it sparked off a storm of protest across the Causeway and was also condemned by some Malaysians.

The fact is, however, Singapore is already ahead in branding itself with food — chilli crabs being the most famous example as it has become synonymous with the island republic, with no Malaysian equivalent. However, chili crabs were famous in China even after the war years and found its way to the china-towns of the mighty US of A.

One incident vividly recalled by many Malaysians is when celebrity chef Anthony Bourdain made a visit to Singapore and was filmed eating Ampang yong tau foo, instantly creating an image in the minds of millions of foreigners who watch his popular show that Ampang yong tau foo is a Singapore dish.

Michael Tung, a product management and marketing executive at DiGi, one of Malaysia's most savvy marketing companies, says that it was an illustration of how Singapore benefits due to good marketing.

"Singapore did a good marketing job and we didn't," he tells The Malaysian Insider. "If other people start claiming a particular food, we lose an edge and an asset."

Tung agrees with the view that branding specific dishes will boost tourism.

"Just look at Sipadan, for example. If you don't market it, Malaysia will be known in general for nice beaches but nothing specific. Tourists won't know where to go. But Sipadan has been marketed as one of the top 10 dive sites world and it has paid off. Marketing something specific in that sense, you never fail to gain benefits," he says.

Beyond tourism, the concept of identifying a country with certain products also boosts pride and has long-term economic benefits.

A few years ago, a top Singapore businessman shared some insights with a gathering of his Malaysian counterparts in Kuala Lumpur about how the island republic was looking for ways to create something that would always be unique to the country.

"Everyone thinks of Swiss chocolate and English tea even though Switzerland does not grow cocoa and England does not grow tea," he said. "This is something you can think of doing for Malaysia."

Some companies in Singapore have apparently taken this concept to heart and attempted to sell Malaysian rambutans as "Singapore lychee".

It is also more likely for foreigners to know Singapore laksa and Singapore bee hoon but not Malaysian laksa or Malaysian prawn mee.

Tung warns however that Malaysia should execute the food campaign well and pick its fights carefully.

"Marketing is all about who shouts the loudest, the longest. If you want to do it, do it right or don't do it at all. If you want to market Ampang yong tau foo, for example, you must do it comprehensively and not half heartedly otherwise there will be no impact," he says.

“Make sure all the brochures carry it and tourist guides and hotel staff are knowledgeable about where to eat it. Select the right channels such as the Internet to promote it as that is where tourists go to do research."

He adds that the government should carefully research the origins of dishes which are being disputed or risk a backlash as what is already happening with the torrent of abuse towards Malaysia in Singapore cyberspace.

The dishes mentioned by Ng that are most passionately disputed by Singaporeans are chili crab, Hainanese chicken rice and to a lesser degree nasi lemak and bak kut teh.

Of these dishes, probably the one most widely accepted as Malaysian in origin is bak kut teh which is said to have come from Klang though Singapore has a peppery version of it.

A communications and public relations executive, Tan, tells The Malaysian Insider that he feels the whole exercise could come off "in bad taste".

"Food is all about caring and sharing. Trying to claim something as our own, it just goes against the spirit of our food culture," he says.

One way Malaysia can market its food and limit the risk of antagonism is by simply branding its dishes as a Malaysian version but without claiming exclusive rights to it, the way California, Chile, Australia and France have branded their wines.

In terms of dishes like Penang laksa and Ampang yong tau foo or Terengganu keropok lekor, it can consider the way Japan has marketed Kobe beef or France its Champagne sparkling wine. In intellectual property law, this is called geographical indications.

Done right, Malaysia could derive tourism dividends from its food, heighten national pride and yet keep relations with its neighbours intact.

But let us not shout too loud and too long without first doing our homework first. We might just find our shoe not on our feet but in our mouth!

September 23, 2009

False Confidence or Just Plain Gungho?

KUALA LUMPUR: Malaysia’s central bank has become more confident the South-East Asian nation is recovering from the global recession, Credit Suisse Group said, citing a meeting with deputy governor Datuk Ooi Sang Kuang.

The central bank’s “view is that the signs of an economic recovery seem evident,” Danny Goh, an analyst at Credit Suisse, said in a report yesterday.

It “is only unsure on whether the economic rebound will be modest or sharp,” he said.

Malaysia’s economic contraction eased to 3.9% last quarter from a 6.2% decline in the first three months, and policy makers expect gross domestic product (GDP) to resume growth at the end of the year.

The country’s export and manufacturing slump has abated as economies from Singapore to China emerge from the world’s deepest recession since the Great Depression.

The US$195bil economy may post “mild positive or negative GDP growth” this quarter from a year earlier and may expand in the next three months as the government’s stimulus measures take effect, Credit Suisse cited Ooi as saying.

He had said in June that the economic improvement in the second quarter may not be sustainable, according to the report.

Ooi also noted that retrenchments had slowed and there had been evidence of re-hiring in some industries, Credit Suisse said.

The central bank’s monetary policy would be “supportive of growth,” and the reductions in the benchmark interest rate in the past year had worked well in bringing about lower lending rates, Ooi was cited as saying.

Inflation was expected to remain “benign,” he said. Bank Negara, which has cut its benchmark interest rate from 3.5% in mid-November to 2% to revive growth, may lower its inflation forecast for this year, Governor Tan Sri Dr Zeti Akhtar Aziz said on Aug 27.

The central bank kept interest rates unchanged for a fourth straight meeting last month.

Malaysian banks were well capitalised and banks weren’t under pressure to further strengthen their capital, Ooi was cited as saying. The worst appeared to be over for non-performing loans in the banking system, he said. — Bloomberg

Are Foreign Investors Back Yet?

Apparently, foreign interest in Malaysian stocks been felt over the past few months. Even so, analysts believe domestic equities are still not the priority for such investors.

This is because the defensive nature of the large cap stocks on Bursa Malaysia is perceived as a handicap for investors whose interest has been to seek out growth from the broad-based economic recovery globally.

TA Investment Management chief investment officer Choo Swee Kee told StarBiz that interest is there at all times. The keenness differs.

Choo, however, said there had been a return of interest to the Asia-Pacific region and Malaysia was seeing an increase in activity.

The interest by foreigners is reflected in the trading participation by them in the purchase of stocks in Bursa Malaysia.

As a percentage of trading by value, foreign participation has increased gradually since June when it accounted for 21% of the value of stocks bought for the month.

That percentage rose to 23% in July and 24% in August but was some way off the peak in December last year when foreign institutional investors accounted for 43% of the value of trade done in the stock market.

Local institutions had the largest share of trading with 46% of the value of trades in August. Retailers was next with 30%.

While Bursa Malaysia is seeing a rekindling of some foreign interest, the benchmark FTSE Bursa Malaysia KL Composite Index (FBM KLCI), however, is still a long way off in performance compared with the rest of Asia.

The FBM KLCI is the second worst performer so far this year in Asia after Japan. The index has gone up 39%, the second lowest percentage rise after the Japan’s Nikkei, which has risen a modest 17%.

Choo said the anaemic interest from foreign investors could be due to their preference in markets that were battered by the financial crisis on Wall Street and also the global recession.

“When they invest based on a recovery theme, they would prefer countries that have recovered more,’’ he said, giving examples such as China, Singapore and South Korea. Those markets are up 59%, 52% and 52% respectively this year.

While there is no broad-based foreign investor interest in stocks on Bursa Malaysia, which had recently attracted an “underweight” rating from Bank of America Merrill Lynch’s fund manager survey of emerging markets, specific stocks are nonetheless bucking the trend.

Perennial favourites such as Genting Bhd, CIMB Group Holdings Bhd, Public Bank Bhd, Axiata Group Bhd and a host of other blue chips, especially in the plantations sector, would find favour among foreign investors.

“There are buying but volumes are not indicative of their presence,’’ said OSK Investment Research associate director Chris Eng. “They are buying selectively.’’

Will we see a mini tsunami interest from foreign funds in Bursa? The best may yet to come.

September 22, 2009

Alcom-The Old WorkHorse!

Fancy Value Investing in KLSE suggesting an old workhorse stock like Alcom.!

Aluminium Company of Malaysia Berhad, engages in the manufacture and trade of aluminum sheet and foil products in Malaysia, other Asian countries, and internationally. It offers pre-coated finstocks for use in air-conditioners.

Aluminium Company of Malaysia Berhad is a subsidiary of Novelis Inc.

A few keys point of ALCOM:

1) Alcom does not produce aluminium but uses it as a raw material for its products. Due to the rise in the commodities prices and depressed demand last year, Alcom suffers a small net loss in its previous financial years. That has been causing the lag in its share price recently.

But many didn't know,when the commodities prices were stable from 2007 to 2008, Alcom were able to consistently produced about RM 14 mil p.a. Alcom has established customers in India, Hong Kong, the Philippines and Thailand.Recently,the company was looking at new markets in India and Middle East.

Alcom has a market cap of RM 142 mil and consistently reward its investors with 10% dividend. Its currrent asset is RM 133 mil against total liabilities of RM 40 mil. Hence, by paying RM 142 mil for the business,investors are getting RM 90 mil net-net current asset plus non-current asset of RM 93 mil. In short, investors are paying RM 50 mil for ALCOM's business which produces RM 14 mil p.a (or P/E = 3.5 x) and gets non-current asset of RM 93 mil for FREE.

2) ALCOM is controlled by Novelis Inc. Novelis Inc. is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries, has approximately 12,500 employees and reported revenue of $11.2 billion in fiscal year 2008. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial and printing markets throughout North America, South America, Europe and Asia. Novelis is a subsidiary of Hindalco Industries Limited, one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is the flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.

3) ALCOM has RM 62 mil cash with no debt. Alcom can easily raise another 100 mil from debt market (assuming debt/equity = 0.50). In total, Alcom has access to RM 160 mil to acquire other companies with the assistance from Novelis. Or Alcom can distribute its cash to shareholders through bonus issues / special dividend.

To sum it up, Alcom gives you:

a) Stable 10% dividend due to stable business and balance sheet. Potential special dividend

b) Future appreciation due to business link with Novelis which opens up vast acquisition opportunities

c) Great margin of safety at current entry price. The share price has been almost stagnant for the past 1 month. It didn't follow the recovering market sentiment.

d) Good business at cheap valuation. Investors are paying RM 50 mil for ALCOM's business which produces RM 14 mil p.a (or P/E = 3.5 x) and gets non-current asset of RM 93 mil for FREE.

Why Pure Socialism Just Won't Work!

Read this thought provoking story and tell me what you feel after that.

An economics professor at a college made a statement that he had never failed a single student before but had once failed an entire class.

That class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer.

The professor then said, "OK, we will have an experiment in this class on socialism. All grades would be averaged and everyone would receive the same grade so no one
would fail and no one would receive an A.

After the first test, the grades were averaged and everyone got a B.

The students who studied hard were upset and the students who studied little were happy.

As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.

The second test average was a D! No one was happy.

When the 3rd test rolled around, the average was an F.

The scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.

All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great but when government takes the reward away, no one will try or want
to succeed.

Could not be any simpler than that.

So what is your reaction or response now on socialism?

What a profound short little paragraph that says it all!

Read also this quotation:

"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for
without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for,that my dear friend, is about the
end of any nation. You cannot multiply wealth by dividing it."

~~~~ Dr. Adrian Rogers, 1931

Does it possibly remind you of a failing state?

ADB Not too Bullish about Malaysia's Economic Recovery

Singapore's Business Times has this to report today(23 September 2009).

Asia’s emerging economies are proving to be more resilient than had been feared in the face of the global financial and economic downturn and will recover faster than expected, the Asian Development Bank (ADB) said yesterday in its latest Asian Development Outlook.

Led by China, the region as a whole will grow by 3.9 per cent this year, rather than the 3.4 per cent forecast just six months ago while next year it should reach 6.4 per cent against an earlier forecast of 6 per cent, the ADB said.

But Southeast Asia's “more open” economies will fare badly. Singapore is forecast to see its GDP contract by 5 per cent this year before returning to 3.5 per cent growth in 2010, the ADB said. Pulled down also by Malaysia and Thailand, Southeast Asian growth will fall to just 0.1 per cent this year.

“Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown,” said ADB chief economist Lee Jong-Wha. The upbeat tone of the ADB report contrasted sharply with the view taken by the IMF in its latest World Economic Outlook published yesterday in which it warned that recovery from global recession “is expected to be slow”.

Warning of “concerns about the prospect of long-term damage to the path of global output”, the IMF said that some of the global output losses caused by recession could prove to be “permanent”, damaging government revenues and threatening future fiscal crises.

The prospects of a much hoped-for “V-shaped” recovery in the global economy, in which output quickly returns to pre-crisis levels, are not justified by evidence from previous recessions, especially where these are linked to banking system crises, the IMF suggested.

On a more optimistic note, the ADB said that “firm action by many governments and central banks, the relatively healthy state of financial systems prior to the global crisis, and the rapid turnaround in the region's larger, less export-dependent economies, have all enhanced developing Asia's growth prospects”.

The ADB's growth forecast for East Asia was upgraded to 4.4 per cent in 2009, from the 3.6 per cent projected earlier. In China, aggressive monetary easing and massive fiscal stimulus bolstered the region's largest economy, which is now forecast to grow by 8.2 per cent in 2009 and 8.9 per cent in 2010.

A shallower contraction in South Korea is also expected on the back of effective fiscal stimulus measures. Meanwhile, the economies of Hong Kong and Taiwan are likely to “shrink more sharply on account of the severe drop in the demand for their exports”, the ADB said.

Growth in Southeast Asia is projected to fall to 0.1 per cent this year, against expectations of 0.7 per cent growth as of March. “The more positive outlook for Indonesia and Vietnam failed to offset the deteriorating prospects for the more open (Malaysia and Thailand) and smaller (Brunei and Cambodia) economies,” the ADB said.

By contrast, forecast growth for South Asia has been upgraded sharply to 5.6 per cent this year. South Asia's “limited reliance on trade partly shielded it from the adverse effects of the global slump”, the ADB said.

India is now expected to grow by 6 per cent this year thanks to fiscal stimulus and an upturn in business confidence. Despite improved prospects, “the regional outlook should not make developing Asian economies complacent”, Lee said.

“A protracted global slowdown or the hasty withdrawal of stimulus packages can degrade the region's ongoing recovery,” he added.

So being an open economy and using the export model of growth seems unlikely to work for Malaysia.So it's back to pump-priming and more local civil engineering works to be funded by the government. But watch your imports!

Rubber Ball Genting-The Financing Poser


Shares in Genting Bhd rebounded from Wednesday’s selldown after analysts assured investors that the gaming group had the financial muscle to support its 55%-owned Singaporean subsidiary, Genting Singapore plc (GenS), in its fund-raising exercise.

Genting closed 10 sen higher at RM6.97, off its intra-day high of RM7.06, while GenS was down 5 cents to S$1.14.

GenS, which is developing one of two integrated resorts in the island-state, has proposed a one-for-five rights issue of up to 2.1 billion new shares at an issue price of 80 Singapore cents each to raise an estimated S$1.6bil, to be used for “strategic opportunities” and as working capital.

The theoretical ex-rights price is estimated at S$1.13 per share and GenS is expected to trade ex-rights next Friday.

OSK Investment Bank in a report estimated the rights issue to have a 20% dilutive effect on equity and 6% dilution on GenS’ theoretical rights price.
An aerial view shows the sprawling construction site of the Resorts World Sentosa casino on Sentosa Island in Singapore. - Reuters

Nonetheless, the dilution was not seen as excessive and would place the group in a stronger position to weather any operational uncertainties while providing a larger cash pile for future acquisitions, it added.

Meanwhile, parent Genting’s entitled portion, if fully subscribed, is estimated to cost some RM2bil. Given that its net cash amounted to about RM300mil at company level as at Dec 31, 2008 (FY08), Genting would have to raise the additional funds externally.

OSK said funding was not an issue for Genting as it could tap into bank borrowings, raising convertible bonds on its 49% stake in Genting Malaysia Bhd (GenM) or up-streaming cash from GenM via dividends.

Kenanga Research shared similar views, adding that GenS would make management and licensing fees payments to Genting after its operation commenced, which should enable the latter to repay any loans.

TA Securities believes bank borrowing is more palatable as Genting has a clean balance sheet with zero debts.

Assuming its portion was fully funded by borrowings, net gearing would be at a manageable 0.26 times, it said, adding that Genting’s underlying business fundamentals remained solid.

AmResearch said the interest expense, if Genting were to borrow 100% to fund its subscription, would reduce its FY10 estimated net profit by 7% to RM1.2bil.

The research house has revised upwards its assumption of visitors to Resorts World at Sentosa (RWS) by 18% to 12.9 million in FY11 and 15% to 14.8 million in FY12, due to the expected high number of casino patrons.

OSK said the competitive threat of RWS on GenM was likely to be muted due to the vast differing price points.

The average room rate at Genting Highlands is RM75 per night while hotel room rate at RWS is estimated at S$250 to S$350. The average spending per head at Genting Highlands is RM203 per day and S$460 at RWS.

The RWS project costs S$6.6 bil and is expected to have a soft opening early next year.

September 20, 2009

Wanna See Jojo Struys Strip?

That will be a sight to see! If, only it was true!

But Jojo did strip. Why and where ?

She did it for Harpers Bazaar’s October issue which is already out. This issue features 5 beautiful women in Malaysia. Each had to make a pledge. Jojo pledged to raise awareness of Breast Cancer to all women via her blog

This is what she said in her blog entry. “When I first got told I would have to take most of my clothes off for this shoot, I was like "What? but it's for a good cause...”. So she teasingly lied here. Not totally nude. There were some clothes she kept on!

Let’s hear what Jojo has to say about her assignment with Harper’s Bazaar.

“I've worked with Harpers Bazaar year after year on Breast Cancer and I know the statistics. Breast Cancer can be real scary! One in 19 women in Malaysia get breast cancer. In the US and UK, it's roughly one in 8 women!"

A woman should be checking her breasts at the same time every month from the age of 20 for the rest of her life.

Women can't afford to be slack when it comes to this. No excuses. So, lie down and check your breasts every month. It will only a few minutes of your time.

There were 5 ladies on this shoot; all supporting the Breast Cancer cause. They are Camelia,Stephanie Chai, Deborah Henry and Elaine Daly. And of course, Jojo!

So, this could be a collector’s copy of Harpers Bazaar. Go out now and get one!

Recovery in Seoul

Reuters reported that South Korean exports in September 2009 will probably post their best performance in almost a year and confidence among its exporters has surged to the strongest in almost six years, separate data showed today.

The figures come as optimism for a faster-than-expected recovery in Asia's fourth-largest economy emboldened the central bank to declare early this month that it would raise interest rates if needed to prevent asset price bubbles.

The Korea Customs Service forecast exports for the whole of September would fall 10.4 per cent from a year earlier to around US$33.5 billion (RM117.3 billion), the slowest annual decline since October 2008, while imports would fall 26.6 per cent to around US$29.0 billion.

As a result, the country would enjoy a trade surplus of around US$4.5 billion in September, it said in a statement.

The forecasts, based on the actual performance for the Sept 1-20 period, suggest average exports value per working day would rise to an 11-month high of US$1.40 billion in September from a revised US$1.26 billion in August, Reuters calculations showed.

Separately, the country's largest business lobby for trading firms said its survey index on exporter sentiment rose to 131.5 for the fourth quarter, the highest since the first quarter of 2004, from 108.5 in the third quarter.

A reading above 100 means most exporters expect business conditions to improve rather than worsen, the Korea International Trade Association (KITA) said in a statement.

Bank of Korea Governor Lee Seong-tae said on Sept 10 the central bank was ready to begin raising interest rates, becoming the first G20 central bank to shift to tightening, if the domestic property and mortgage boom continued.

But the government of growth-oriented President Lee Myung-bak has repeatedly said demand from advanced economies has not fully recovered and it is therefore too soon for a rate hike.

The central bank has held the 7-day repurchase agreement rate steady for the past seven months at a record-low 2.0 per cent after reductions totalling 3.25 percentage points between last October and February this year.

It next reviews the rate on Oct 9.

So, except for rumours that Australia will be raising its interest rate very soon too, what other countries will be doing it soon?

Malaysia?

September 18, 2009

Festival of the Hungry Ghosts

The Hungry Ghost festival, a popular period of festivity, falls on the 7th month of the lunar New Year. It is celebrated quite widely by the Chinese in Malaysia, Singapore and China.

During this month, the gates of hell will open to free the hungry ghosts. The ghosts will have 30 days to wander to seek food on Earth. Some believe the ghosts would seek revenge on those who had wronged them in their lives. Mostly the Chinese celebrate this festival to remember their dead family members and pay tribute to them.

Believing that the dead return to visit their living relatives during the 7th month, the descendants prepare sumptuous meals for the ‘hungry ghosts’ on the 15th day of the month. Some feel that by feeding the ghosts, they will come into good fortune in their lives besides warding off bad luck.

Offerings are made to the deceased by burning fake money notes, which are also known as ‘hell money’. Even paper television or radio sets are burned. Many families even burned paper houses and cars for their dead relatives, hoping that these will add comfort to them in their world.

An interesting superstition is not to go swimming anytime during the 7th month. They think that an evil ghost might cause you to drown in the swimming pool. In addition to this, children are also advised to return home early and not to wander around alone at night as wandering ghosts might possess these children.
After 30 days, the festival will be over as the ghosts return to Hell before the doors of Hell closes.

That is tonight at midnight.

September 17, 2009

How perceptive children can be!

This is from an actual science quiz for children. Look at the answers. I think they are just great, don't you agree? Giggle for all you want. No charge!

Q: Name the four seasons.
A: Salt, pepper, mustard and vinegar.

Q: Explain one of the processes by which water can be made safe to drink.
A: Flirtation makes water safe to drink because it removes
large pollutants like grit, sand, dead sheep and canoeists..

Q: How is dew formed?
A: The sun shines down on the leaves and makes them perspire.

Q: How can you delay milk turning sour?(Brilliant, love this!)
A: Keep it in the cow.

Q: What causes the tides in the oceans?
A: The tides are a fight between the Earth and the Moon.
All water tends to flow towards the moon, because there is no water on the moon,
and nature hates a vacuum. I forget where the sun joins in this fight.

Q: What are steroids?
A: Things for keeping carpets still on the stairs.

Q: What happens to your body as you age?
A: When you get old, so do your bowels and you get intercontinental

Q: What happens to a boy when he reaches puberty?
A: He says good-bye to his boyhood and looks forward to his adultery.
(The kid gets an A+ for this answer!)

Q: Name a major disease associated with cigarettes.
A: Premature death.

Q: How are the main parts of the body categorized? (e.g., abdomen)
A: The body is consisted into three parts -- the brainium, the borax and the abdominal cavity.
The brainium contains the brain; the borax contains the heart and lungs,
and the abdominal cavity contains the five bowels A, E, I, O, and U.

Q: What is the fibula?
A: A small lie.

Q: What does 'varicose' mean? (I do love this one...)
A: Nearby.

Q: Give the meaning of the term 'Caesarian Section.'
A: The Caesarian Section is a district in Rome.

Q: What does the word 'benign' mean?'
A: Benign is what you will be after you be eight.

Fun with Food Rights

So let us have some fun with the food rights just suggested by the incredulous Malaysian Tourism Minister.

I copy the Vox Populi Column of Malaysiakini here for all of us to dig into the delicacies of Malaysian food fun emanating from the Minister's 'no-brainer' suggestion.

Let's begin....

'Hainan chicken rice will be called Ng Yen Yen chicken rice from now on? Will there be royalty payments when we eat chicken rice?'

Nasi lemak, laksa to get gov't patent?

Lau Yin Leong: Bravo. Keep up the good work. There are a lot of signature dishes Malaysia has and it is better to register the intellectual property rights to these dishes lest the Indonesians will make another claim.

Teh: Hainan chicken rice will now be called Ng Yen Yen chicken rice from now on? Will there be royalty payments when we eat chicken rice?

Malay Curry Mee

Bah Kut Teh

Char Keoy Tiau

Curry Mee

Grilled Steak

Zainon Ahmad: Can you imagine Umno and PAS agreeing to have the bak kut teh as a national heritage dish. This will lead to demonstrations with p.. heads! I wonder what action we will take against those countries who do not label these dishes as Malaysian.

SRR: What? Now we want to fight for food rights too? Will we ever learn? This is so embarrassing. If Thailand and other countries do the same, there goes all of our options. We will have to travel to Thailand for tom yam, the US for western food and other countries to get other varieties.

Mok Lay Yong: Great, so now I can't cook nasi lemak, laksa and the like without the approval of the patent holder? Which crony gets to hold the patent in trust now? Bright idea, (Tourism Minister) Ng Yen Yen, bright idea!

Malaysian for Malaysia: Doesn't matter about the patent, when people know the best nasi lemak is in Malaysia, they will only eat Malaysian nasi lemak. Ng Yen Yen, go do something more productive like making sure our tourism advertising highlight Malaysia and Malaysian culture only.

Indrani Kopal: What about roti canai and nasi kandar? Why aren't they in the list? They are ours too.

John Smith: Hainanese chicken rice is Malaysian? That will be news for the people of Hainan, where it remains a local speciality even today. Even the origin of chilli crab is not documented and could well be Singapore.

Why doesn't the government try dealing with the many serious problems facing the country like snatch thieves praying on inbound tourists,instead of wasting time with this kind of nonsense?

Myop101: Don't forget Penang prawn mee, char kuey teow and rojak.

Charley: This is one of the silliest things I have come across. Is it possible to patent a cooking recipe? Has the minister done her homework? I wonder how to patent a "culture".

After making claims, how to enforce it? For what purpose? To prevent other nationals from cooking it? Isn't culture something that is universal?

What happens if the Thais start patenting tom yam? Do we have to remove all tom yam from our menus? What about satay? Can't the Chinese in Sinkiang make "kebab" so similar to satay once we patent it?

It appears that the minister wants to do this just because she wants to "retaliate" against the Indonesian ministers, or copy them.

So,now that you seen the barrage of ridicule,who is going to bell the cat?

The Beginning of a Food Fight?

Are we in Malaysia starting a food fight with the world at large?

Laksa, nasi lemak, Hainanese chicken rice, chilli crab and bak kut teh are all Malaysian dishes, Tourism Minister Datuk Seri Dr Ng Yen Yen declared unabashedly!

On Wednesday (September 16,2009), Dr Ng accused other countries of “hijacking” local dishes such as laksa and nasi lemak, and said it was high time that Malaysia claimed them as Malaysian. (This must be the laugh of the century!)

“We cannot continue to let other countries hijack our food,” she said, without naming the countries.(Are we going after the Somalians,here?)

Hainanese Chicken Rice

Hokkien Mee

Roti Canai

Satay

Tom yam

“Chilli crab is Malaysian. Hainanese chicken rice is Malaysian. We have to lay claim to our food,” the minister said after she launched the Malaysia International Gourmet Festival.(I am still giggling!!)

But some food critics disagreed, saying that it would not be possible for a country to claim ownership over the dishes.

Celebrity chef Rohani Jelani said that food in general is not politically divided.

As people move from one country to another, they also take with them the recipes of their favourite foods.

“I think it is difficult to claim ownership or to say exactly what food originated from where. This is because there are no boundaries when it comes to food,” she told The Straits Times.

Singapore food celebrity K.F. Seetoh agreed that it would be impossible for anyone to claim ownership over food, even if a certain dish is easily available at a certain place.

“It is better to lay claim by association,” he suggested.

“For example, burgers are not from America, but they are associated with America,” said Seetoh, who hosts popular TV show Makansutra on the Asian Food Channel. (This is more on the level!)

Dr Ng said that her ministry was identifying the popular dishes, which are also available in neighbouring countries, and would declare them as Malaysian in the next three months.(Is this her KPI,Datuk Idris Jala?)

“We have identified laksa... all types of laksa, nasi lemak and bak kut teh,” The Star newspaper quoted her as saying.

But she did not say how her ministry would label the dishes as Malaysian.(I want to see this!)

The Tourism Minister's announcement came as Malaysia and Indonesia were working hard to resolve a dispute alleging that Malaysia “stole” Indonesian culture such as batik and claimed it as its own.

Malaysian Economic 101-A Snapshot

MALAYSIA saw US$14.06 billion (US$1 = RM3.47) of investments flow out of the country last year, up 26 per cent from a year ago, according to a United Nations annual investment review.

At the same time, foreign direct investments (FDIs) into Malaysia fell 4 per cent to US$8.053 billion in 2008, said the United Nations Conference on Trade and Development (Unctad)'s World Investment Report (WIR).

It said the investment outflow from Malaysia is in line with the trend in South, East and Southeast Asia to developed countries, which has been growing as part of efforts by Asian firms to acquire strategic assets abroad. But it expects the outflows to slow this year.

"The sizeable increase in Malaysia's outward investment in 2008, as in previous years, is a reflection of Malaysia's more globalised and integrated position in the world economy," said Datuk Dr Zainal Aznam Yusof, council member of the National Economic Advisory Council, at the launch of WIR 2009 in Kuala Lumpur yesterday.
The investment outflows for Malaysia were noticeably less than the 81.9 per cent Unctad recorded last year (US$10.98 billion versus US$6.04 billion in 2007).

The report estimated that FDIs inflows will fall to below US$1.2 trillion this year, from US$1.7 trillion in 2008.

"Recovery is expected to be slow in 2010, reaching no more than US$1.4 trillion, but gathering momentum in 2011 to approach US$1.8 trillion," he said.

Malaysia's FDI inflow and outflow in 2008 have seen relatively little impact from the global economic crisis, despite a significant effect on FDIs worldwide, including certain countries in South, East and Southeast Asia.

Countries sharply affected included Singapore, which saw a massive decline of 61 per cent in FDI inflow from a year ago, with FDI outflow shrinking by 44 per cent in the first quarter of this year versus the same period in 2008.

Despite the slowdown worldwide, regional and global FDI flows are being reshaped by China and India, who account for 50 per cent of regional FDI inflows and for about one tenth of global inflows.

Both countries reported historic FDI inflows in 2008, bringing in US$108 billion and US$42 billion respectively.

With its inflows surging to a historic high (US$108 billion) in 2008, China became the world's third largest FDI recipient country after the US and France.

WIR 2009 also featured a special focus on the impact of the crisis on the world's top 100 non-financial transnational corporations (TNCs), based on foreign assets held in 2007. Developing countries filled a record seven positions on the global list, one of which is Petroliam Nasional Bhd (Petronas), at 84th place.

The ranking of top 100 non-financial TNC's in the developing countries category featured six Malaysian conglomerates, namely Petronas at fifth place, YTL Corp Bhd at number 31, Genting Bhd at 38th placing, Sime Darby Bhd (No. 46), Telekom Malaysia Bhd (No.57), and Tanjong PLC (No. 73).

Buffet Fit for a Durian King!

The banner flagging in the wind reads: "RM10 Eat All You Can Durian @ Donald’s Durian, SS2". It beckons to all durian lovers, young and old.

Located a stone throw’s away from SS2’s police station near the rows of bridal shops are three durian stalls having their very own durian buffets. For RM10 you can Eat Until You Drop practically! (MAKAN SAMPAI KENYANG). Before you get all excited about feasting on Hor Lor and Ang Heh (Red Prawn), keep in mind that only Durian Kampung is served for the buffet at this price.




DurianSS2 offers the cheapest eat all you can around @ RM9 for Durian Kampung only. But because the promotion starts during lunch time around 1pm, the durians are completely sold off by the late afternoon. The only other promotion going on is RM15 for D24 durians.

Donald’s Durian is having the buffet for Durian Kampung @ RM10 and RM20 for D24. It’s slightly more expensive than DurianSS2 but it is also the most crowded one.
Donald’s Durian has more variety. I like the fact that they cater for durian parties.

Since it’s a durian buffet you don’t get to choose the durians yourself. So there are bound to be hits and misses. The workers just bring the durians to your table whether you like it or not.

You might have a better chance of getting the nicer ones if your PR skills work with them. It's all about luck. You may get good ones and you may get bad ones.



So,take the risks and see whether Lady Luck smiles at you at the durian buffet!

September 16, 2009

Beware! Tongue Eaters


There is this rare parasite which burrows into host fish before eating and replacing their tongues with itself has been found off the Jersey coast.

The man who found it, Mt Chambers has this to say.

"Really quite large, really quite hideous - if you turn it over its got dozens of these really sharp, nasty claws underneath and I thought 'that's a bit of a nasty beast'.

"I struggled for weeks to find an identification for this thing until, quite by chance I stumbled across something that looked similar in a Victorian journal.

"Apparently there's not too much ill effect to the fish itself except it's lost its tongue."

Experts at the University of Southampton confirmed that the creature was an isopod and that there had been several sightings of them in Cornwall in 1996.
Mr Chambers added: "It doesn't affect humans other than if you do actually come across a live one and try and pick it up - they are quite vicious, they will deliver a good nip."

Some Things I found at the Central Market

Yes, we were early.There was no other place to go and so we went to the Central Market.

So what did I find? You have seen all those pictures of Chinese gods in my earlier post.

So let us look at the other shots I took.


Traditional Nyonya Slippers

Traditional Violins

Candy Floss


Magazine Covers. Cheryl Chung look fetching!