Malaysia: Dell Axed Another 700

In spite of what the government is trying to do to maintain employment,revenue and profits still continue to rule the way.

And so some 700 Dell Malaysia workers in Penang will be let off in a voluntary separation scheme (VSS) exercise soon.

The 700 include those in the operator, supervisory and managerial positions at its Bukit Minyak plant here.

Dell corporate communication senior manager Jasmine Begum said the VSS scheme was being implemented because Dell was transferring the division that manufactured notebooks for Latin America, Canada and US markets to the group’s global manufacturing network.

“This means that the Bukit Minyak plant will only manufacture notebooks, desktops and servers for the South Asian and Australian markets,” she said.

The move would enable Dell Malaysia to be more cost-effective in its operations, reduce delivery time and enhance the quality of the products manufactured, Begum said.

“Dell Malaysia will continue to hire for the procuring, financing, and supply chain planning departments,” she said.

Jasmine said the affected workers would leave the company via VSS packages from January to June.

“They will be given competitive VSS packages. We will also provide them with career counselling and outplacement services,” she added.

Dell Malaysia, which has been operating here since 1995, currently has some 4,500 workers, most of them employed at the Bukit Minyak plant, and the rest at the Dell Cyberjaya Centre.

After the VSS implementation, the workforce in Malaysia will be scaled down to about 3,800. In March, Dell Malaysia offered VSS packages to about 5% of its employees.

I do not with the improving world economic situation,VSS will be reduced.

Alex Ooi: First Anniversary

Today is the first anniversary of the passing of my good buddy,the late Alex Ooi Eng Chor.

Alex passed on after suffering a heart attack during dinner after a dance competition in Ipoh.

I went for the wake the following day to pay my last respects.

Looking at the viewing glass plate in the coffin, I could see for the first time a clean shaven Alex lying in peace.

Alex has always been a person that is friendly and gifted with the serving spirit.

According to his mother, he had omens that he would not last 2008.As such, he told her that he would not cook the Chinese New Year dishes in 2009.

We remember him in memory this day and pray the Almighty Lord will be kind to his soul.

Amen.

The Electric Train: Faster Ipoh-KL travel

Yes, beginning April 2010, get ready for a 140 km/h speed train to shorten the journeying time from Ipoh to Kuala Lumpur.

The first of five sets of the six-car electric train had arrived on Dec 3 from South Korea. When deployed on the tracks, this comfortable electric train will take you from Ipoh to Seremban in less than 2 hours (1 hour 55 minutes estimated time). It takes about 3 hours now. The day of drudgery on trains will be gone from this stretch from then on.

The five sets of train cost RM240 million and each train has a capacity of 350 seats.

I am looking forward for this to happen. If the schedule works for me, it means an option is now open for me to perhaps relocate to Ipoh or Seremban when rents are cheaper and cost of living lower so that I can stretch further the ever shrinking ringgit, no thanks to the government.

Gentings is Now in Cairo!

2009 is one real eventful year for Genting Berhad and its subsidiaries.

Sentosa Island Resorts in Singapore is days away from its opening. Development is on-going in Manila and Gentings Hong Kong has been incorporated.

Genting Casinos is now the new operator of casino in Cairo.

Genting Casinos Limited, an indirect wholly-owned subsidiary of Genting UK Plc, is the new operator of the casino at The Nile Ritz Carlton Hotel, Cairo.

Genting Singapore Plc said Genting UK, an indirect wholly-owned subsidiary of the company, has been awarded the casino concession for an initial period of 10 years.

According to the press release,Genting UK plans to open the new operation under the brand,"Crockfords on the Nile".

It said this step is being taken, as part of the group's strategy to expand its casino resort network as well as strengthen and develop, Genting UK's leading position in the premium market through its key high-end London casino clubs, Crockfords, Coloby and Maxims.

Genting Singapore said the Nile Hotel is owned by Misr Hotels Company, a leading, government-controlled hotel owner and operator in Egypt.

Misr Hotels will shortly be undertaking a major refurbishment of the renowned Cairo hotel on the banks of the Nile.

The hotel, considered an icon in the Egyptian capital, has contributed to the country's travel industry for the past 50 years.It first opened in 1958.

It will be re-opened as The Nile Ritz Carlton Hotel, Cairo, following an extensive renovation and refurbishment plan, expected to be completed in early 2012.

So, what do you know? Isn't Genting real busy in 2009?

2010: RPGT Kicks In

This article in the Malaysian Insider was written by Lee Wei Lian

I will abridged and highlight the salient issues.

The real property gains tax (RPGT), which takes effect in 2010, is likely to hit long-standing homeowners and foreign investors the most.

The five per cent tax, which was announced in October, is normally imposed to curb speculation but due to its flat structure does not differentiate between homeowners who have been holding a property for 20 years or those who are flipping properties within one or two years for a profit.

The property sector was also taken by surprise by the announcement and worries that it will send a message to potential investors that the government has not been consistent in its policy-making.

An exemption on the RPGT was given in 2007 and its removal two years later with little warning could heighten the feeling of uncertainty among investors.

Real Estate and Housing Developers Association of Malaysia (REHDA) president Datuk Ng Seing Liong said the RPGT should be structured so that it curbs short-term speculation and take into account interest paid on the property as well as inflation.[Such a logical proposal]

"The RPGT will hit those who hold property for more than 10 years the most," Ng told The Malaysian Insider. "It also does not ensure that the interest that was paid is tax deductible like in Australia. If you pay a housing loan over 20 years, the interest you pay is substantial and it should be deductible."

Ng said the RPGT has also introduced an element of uncertainty for foreigners looking to invest in property in Malaysia, noting that the exemption was introduced fairly recently.

"They will now feel that government policy is not consistent and the five per cent tax can be increased anytime in the future," says Ng.

One leading property developer told The Malaysian Insider that the impact will not be as bad as it originally seemed right after the announcement.

"The government has clarified some things since then," he said. "However, it would be good if they can keep their policies consistent."

This perception of "flip flopping" in policy-making could pose a challenge for the Najib administration which is trying to chart a new growth path for the country with an emphasis on private investment.

Property website thinkproperty.my says that investor confidence has fallen as a result of the RPGT.

Its Property Outlook Index dropped to 29 per cent at the end of November 2009, down from its all-time high of 68 per cent on the day before the re-introduction of RPGT was announced.

"The level of RPGT at 5 per cent is de minimis. However, people are concerned that this will make Malaysian real estate less attractive relative to other options for both local buyers and foreign investors, the latter of whom have plenty of other countries where they can invest their money. In addition many are worried that this is the first step towards further increases in RPGT, something that the government has not ruled out," said thinkproperty CEO Asim Qureshi.

It will indeed be a sad day for many potential property sellers when January 2nd dawns on the eastern horizon.

Berlusconi: Sharp Shot to the Head!

You may be loved. You may be hated.

That is the way Italian President Silvio Berlusconi felt after receiving a blow to the head from a piece of Milan Cathedral miniature hurled by a sharp thrower in the crowd who loves him not.

The result: A broken nose.

Obama: A Kodak Moment!

This is a gem of a picture. A Kodak moment at its best!

Would the London cop ever imagined that he will be meeting with his "brother" who is a President of the most powerful nation in the world?

You bet, he didn't and yet the magic moment came!

And that, my friend is life............