May 28, 2011

Here Comes Resorts World Miami!






This is another corporate move of Genting Malaysia to move strongly in to good old USA. Not contented with just Aqueduct New York, Miami is one hot destination it is pursuing n its international footprint.

So, let us hear it from the boys!

Bayfront 2011 Property, LLC, a subsidiary of Genting Malaysia Bhd, has acquired 5.62 hectares in Miami, the United States for US$236 million (RM708 million) for mixed-use development.

The land includes a large waterfront property enclave that faces Biscayne Bay.

Genting Malaysia will work on a master plan for its next resort harnessing on Miami’s strength as a major tourist destination. Resorts World Miami will be developed as an integrated resort which will include a hotel, entertainment, convention centres, restaurants, retail, and residential facilities.

In a statement, Genting Malaysia chairman and chief executive Tan Sri Lim Kok Thay said that Resorts World Miami will be a landmark mixed-used development for Miami, Florida, and the US.

Resorts World Miami is slated to be Genting Malaysia’s second venture in the US after Resorts World New York. This new acquisition in Miami is an important move as part of Genting Malaysia’s international expansion efforts in the leisure, hospitality and entertainment industry.

So, looking for another casino licence here too, Kok Thay?

May 26, 2011

Two Loud Pictures

Wonderful, don't you think so?


May 24, 2011

Curiosity Motivates....

A picture spells out a thousand words or more....

Enjoy.

Faber Group-The Way Out and Forward


At its AGM and EGM in May 2011, Faber Group Bhd stated that it hopes to give out higher dividends from next year following shareholders' approval for a proposal that will help clean its balance sheet by year-end.
 
Faber is a dividend paying company for the last 5 years and recently, did declare an increased dividend rate of 8 per cent for financial year ending December 31 2010.

"We hope that the accumulated losses will be wiped out by this year and from this (move), to see a better future dividend payout," managing director Adnan Mohammad told reporters at a press conference after its annual general meeting and an extraordinary general meetings here yesterday.

Faber has accumulated some RM422 million losses over the years.



Adnan said that looking at the past five years' trend, it had declared dividends of 2 per cent, 3 per cent, 4 per cent, 6 per cent and now 8 per cent and it would like to see this trend continue.

The dividend quantum would also depend on the group's performance, he added.

Yesterday, Faber obtained shareholders' approval to reduce the par value of its shares and for a share premium reduction.

The former will see it reduce its issued and paid-up share capital to RM90.75 million comprising 363 million shares of 25 sen each from RM363 million of RM1 share each.

The share premium account will be reduced by RM115.98 million.

Meanwhile, Adnan reiterated that he was positive it would get a further concession for the government hospital support services.

He hopes that it will encompass the same area, services as well as the duration.

Faber has a 15-year concession from the government that will end on October 28 2011. 

Looking at potential and fundametals, Faber Group looks good as a 'hold'.


May 22, 2011

Moments and Memories

Yes, truly these are memorable shots. Youth cannot be preserved and incidents and happenings can only be captured at that crucial moment on film.

These are some of the best yet.

The Prime of Brigitte Bardot- Pristinely Captured.


The Teenage Beatles as Never Before Seen

Sonny,Cher and Bob Dylan-Better Times

Senior and Elvis
That tender moment.....
Licensed to Thrill!

Jane Seymour, ever majestically...

Jolie-Pre-notoriety Phase


Marilyn and Queen Elizabeth II-Wondrous!

Star Wars-Go Gaga!

May 18, 2011

Commissioner for Oath Exam-A Wake Up Call for Me

I was truly disappointed. Not really with the examination but more with myself.


I was quite prepared for the examination in terms of the substance of the Commissioner for Oath Regulations,1993 were concerned. However, what stumped me was the entire examination was subjective unlike previous years where some or all were in objective form. To make matters worse, I  was careless with time management.

There were 20 questions to be done in 90 minutes. Apart from missing a whole lot of questions because of confusion arising from poor time management, I could not answer obvious questions or could use clues to my advantage. Moreover, my disappointment with the stress of 'authority' meaning to remember the regulations by number also spooked me to a certain extent of disorienting me.

Anyway, I said my prayers before the exam but evil influence got  in the way. Called it Murphy's law or whatever, I have not really felt disappointment or daunting challenges for quite a while. This was the wake-up call. For one thing, my memory is slowly slipping away. That I know for sure.......

May 07, 2011

Requiem for an Economist


I have pasted this lock ,stock and barrel from the online NST.

" DATUK Dr Zainal Aznam Mohd Yusof, a member of the National Economic Advisory Council, died on April 30 at the age of 66.

He contributed immensely to the nation as an ,playing a key role in the building of the economy and development policies.

Thus, it was fitting for him to be chosen as a member of the council, within which his untiring energy for narrowing economic inequality was reflected in the New Economic Model (NEM).

His forte was addressing disparities, poverty and income distribution.

He was concerned about the widening gap between the rich and the poor, and the plight of the bottom 40 per cent of households.

These efforts left a great impression on those who worked with him.

Zainal Aznam guided much of the work of the council in the two areas. He was critical of the problems associated with the implementation of certain policies but did not lose sight of the need to reduce inequality.

While recognising that there would be resistance from vested interests, he advocated a pro-poor, ethnically-blind affirmative action approach to helping the bottom 40 per cent of households, in line with the NEM goal of inclusiveness.

For him, it was imperative to address the inequality within and between ethnic groups, between regions, and between urban and rural areas.

But he also believed that for wealth to be fairly distributed, it must first be sustainably generated.

He was eager to see that his ideals were achieved, since he had been involved in the country's economy for 38 years.

He participated in the preparation of the first and subsequent industrial master plans. He also contributed to several Malaysia development plans.

He had long been involved in economic research and policy development departments and committees.

Thus, it was understandable that he wanted to see to it that his pursuit of addressing the widening gap between the rich and the poor would culminate in policy initiatives that could be carried out, like those he worked to include in the NEM.

His passion for statistical figures was a key element of the analytical tools he applied to diagnose the health of the economy. His obsession with improving the lot of the low-income group was amply documented with statistical and graphic representation, which brought to the fore the plethora of disparities that existed among the poor.

In his article Secret Lives of Statistics, he wrote: "Numbers count. Serious economists need statistics if they are to be counted and taken seriously. What have been the most seminal and outstanding statistics that have appeared so far for over the past 38 years, was the statistics on the incidence of absolute poverty, the inter-ethnic income disparity, overall income inequality and the ownership of share capital of Bumiputeras because of their wide repercussions and controversial, too."

He held a doctorate in Economics from the University of Oxford, besides having served in the government and private sectors.

He served on boards and teams at Harvard University, Keio University in Japan and at the Korea Institute for International Economic Policy.

He was a visiting scholar at the Harvard Institute for International Development, Harvard University and a consultant to the World Bank looking into the political economy of poverty, equity and growth.

He was a modest and humble person and we admired his dedication to an exercise regime as an athlete and fitness enthusiast, even as the demands of tough discussions in the council took a toll on his time.

He was a hardworking person and spared no efforts on thorough research while delving deeply into topics or issues prior to talking with conviction on the subjects.

He was concerned about maintaining impartiality and a non-partisan view, and it would be near impossible to get his vote or show of support if the issue did not meet his high standards.

In Zainal Aznam, the council had a colleague who was not afraid to speak his mind and yet allowed for disagreement and dissent.

When the council convened its inaugural meeting, he made it clear that the minutes should capture all viewpoints, however unpopular or controversial they might be.

Always looking debonair in his suit, he put forward his arguments eloquently and convincingly.

The council members will miss his wise counsel and contrarian views where they matter.

This tribute was written by the National Economic Advisory Council, Putrajaya."

So, we say sayonara to one contributing son of the nation.

May his soul rest in peace.

May 03, 2011

High House Property Prices-Locking out Young Housebuyers


An entire generation of young adults risk being locked out of the property market due to runaway house prices warns The National House Buyers Association (HBA)


HBA secretary general Chang Kim Loong said the rapid inflation of assets has put house ownership
beyond the reach of young adults.

“The prices are exorbitant and beyond the reach of young adults,” Chang told The Malaysian Insider. “The
price increases are not commensurate with salary increases. How are young adults going to catch up
(with house prices)?”

Property prices in urban areas such as Penang and Kuala Lumpur rose by up to 40 per cent last year
fuelled by low interest rates and a surge in speculative buying.

The average price of a KL residential property is now about RM485,000, or roughly nine times the average
urban household annual income of RM54,000.

The Demographia International Housing Affordability Survey rates markets, whose property prices are 5.1
times median income or more, as “severely unaffordable”.

The high prices of property in urban areas prompted the Najib administration to introduce a first-home
ownership scheme in March in addition to the loan-to-value ratio cap in a bid to stave off discontent.

However, lawyers and bankers say the first-home ownership scheme will not help those who take home
RM3,000 in total household income as the amount will not cover loan repayments due to rising prices for
food and other basic necessities and utilities.

The government’s My First Home Scheme launched in March will enable young adults aged up to 35 and
earning less than RM3,000 to get 100 per cent financing to buy houses worth between RM100,000 and
RM220,000 with a repayment period of up to 30 years. The measures also pale in comparison, however,
to efforts seen elsewhere in the region, such as China and Singapore.

The Chinese government last year introduced curbs on foreigners buying property and raised the
minimum downpayment for first-time buyers to 30 per cent from 20 per cent and banks were ordered to
suspend mortgages on third homes and above in some cases — in addition to hiking interest rates three
times since October.

Singapore, meanwhile, raised stamp duty on new properties to as much as 16 per cent of the sale price
to be paid by the seller if the house is offloaded within a year of purchase.

The amount that banks can lend for a second property has also been lowered to 60 per cent of the
home’s value.

So another problem looms on the horizon for eager beavers hoping to buy a house under the government's first home ownership scheme. It appears that they are just ripe for the burgeoning rental market, don't you agree?