Standard and Poor's European Downgrade

Making Everyone Poorer!

When the news came into the market that Standard and Poor's have downgraded the credit ratings of some major European economies, everyone expected the backwash effects to overwhelm Asian markets and Wall Street.Only Germany withstood the downgrade.

As there were no illuminating news from Wall Street, today saw a swath of red ink encompassing major regional markets.

So Bursa went down more than 14 points at today's close.

Even resilient shares like Digi got hit and went down 3 sen.

 The big boys like BAT,Genting Berhad, GAB and Dutch Lady took wallops at their broadsides.

Interestingly shares such as Maybulk bucked the trend. What is happening here? Is Kuok taking this counter private as well? Good to watch for any developments here.

Also shares such as LPI recovered on closing to end unchanged at RM14.00 as the dividend payout of 50 sen occur on this Friday, 20th January.

Genting Cheapens!

I was in Genting Highlands last week-end and yesterday as well.

Cheapened Product

What I have noticed is there is a lot of cost cutting.

For instance, there is no longer any Milo for casino patrons. The tea once served with sugar and cream  is now without sugar and the coffee with sugar taste like it has been recycled many times over.

Then, let us look at the New Orleans Restaurant in Monte Carlo Casino.

Where in the past, you can have any numbers of refills of soup, salad and coffee, they have now put up signs that forbade any refills. Charges or surcharges are posted on the tables and well as at the place where the soup is ladled and at the salad bar;so if you are caught infringing this new condition, you pay the price-lah.

I think Genting is not being productive to maintain quality but just cheapening itself.

How sad!