Witness in a Civil Case

This was my first appearance in court as a witness for the defense.

It was 9 December 2009. Court began at a little before 10 am. Every one bowed as the judge stepped in. And so began the days' deliberations. Witnesses were asked to leave for the witness room until called.

I was called as Witness No. 2 for the day. The lawyer for the plaintiff I guess was quite well prepared. Only thing, he was more on a affirmative path to confirm things. I really do not know what he was gunning for. After a short 30 minutes, I was released.

What do I feel? Definitely, not in awe of the legal process. As I myself possess a Diploma in Law and the proceedings were conducted in English, I was more at home.

I am not sure of the court procedures. Seems to be different from that of a Magistrate's court.

And that was my experience in court. Not exceptionally significant but a milestone in my life, nevertheless.

Khazanah: Now it is a Tenaga Placement

Reuters reported today(11 Dec 2009)that Khazanah placed out 87 million shares in national utility Tenaga raising RM704.7 million.

The shares were sold at RM8.10 a share.

This placement is part of Khazanah’s plan to reduce its ownership in government-linked companies in a bid to increase market liquidity in those companies so as t create a more liquid and vibrant Bursa.

Tenaga shares were down 0.48 per cent at RM8.36 a share yesterday. The stock has gained 34.4 per cent so far in 2009, one of the most obvious laggard behind the wider market’s 43.7 per cent rise.

Hopefully, more GLC shares including that of Tenaga is sold out to the open market so that life is restored to Bursa.

Right now, it is one hibernating bear!

Malaysia: Industrial Production Growth

I think this is somewhat significant.

The Business Times Singapore has reported today(11 December 2009) that industrial production for Malaysia grew 0.7 per cent in October, the first expansion after 13 consecutive months of contraction. This was mainly on the back of increases in manufacturing activities and electricity output.

The earlier than expected turnaround coupled with the 1.7 per cent growth in October exports point to a recovery that is under way, economists said.

“We’re now back to pre-crisis level,” opined RAM Holdings chief economist Yeah Kim Leng who had been expecting a rebound in December.

He attributed the boost in manufacturing to a combination of recovery in exports and improving domestic confidence which had in turn led to stronger consumer spending.

Manufacturing output rose one per cent in October from a year ago and 7 per cent from September. For the cumulative 10 months, it was nearly 13 per cent lower compared to the same period in 2008.

The value of manufacturing sales in October was 3.7 per cent lower at RM44.6 billion compared to the same time last year. But it was 9.3 per cent higher than in September.

The number of people employed in the sector in October came to 939,351 or a slight 0.2 per cent increase of 1,924 workers. Compared to October 2008, the number is down by about 49,000 or 5 per cent.

Electricity output registered a strong 13.4 per cent gain, reflecting the stronger demand from the manufacturing and services sectors. It was 7.7 per cent higher than in September.

Yeah has projected fourth-quarter gross domestic product (GDP) growth of 2-3 per cent but, given that the economic momentum has been more robust that predicted, now thinks there could be further upside.

“The global slump in demand has eased considerably to the extent that stronger domestic demand together with export recovery has resulted in economic growth turning positive.”

The economy had shrunk by a smaller than expected 1.2 per cent in the third quarter after contracting 3.9 and 6.2 per cent in the second and first quarter, respectively. The government has stated that it would continue with its stimulus and plans to inject RM1 billion monthly into the economy until the end of 2010.

Last year, in response to the global financial crisis, it had pledged RM67 billion to stave off a greater recession, but hopes to see the private sector take up the slack next year so that some pressure can be taken off its balance sheet.

My Comments:

Unless there are motivating factors to promote private sector growth, I would not put too much of my chips on the profit-oriented private sector. No one wants to do 'national service' unless there is a considerable trade off in the balance.