Can We Say " God Be With You" From Our Hearts?

So, it came to pass.

The powder-keg exploded in arson. One church was torched. One suffered minor damages from an exploded Molotov cocktail. The last one had an unexploded Molotov in its compound.It was understood that two churches received bomb threats.

There were some demonstrations in the various mosques after the weekly prayers.

Such a time as this is always the test of the moral fiber of the national leadership.That law and order prevailed during the demonstration does not matter. It should not be allowed to take place in the first instance. Such a time as this is where true statesmanship is born.


The unease in most towns was almost electric. Many were advised to stay clear from the vicinity of mosques.

The government has also got out the bulwark of its police force and the Fires Services too on stand-by duty. Are all this necessary? How does all this jive with the 1Malaysia concept?


No political points need be won from allowing such a show of defiance to take place now that the issue has been put back to the courts. Let the rule of law prevail while we go about our everyday business.

Asamalaikum means "God Be With You!" in Islam.


Can we practice that with all our fellow Malaysians, irrespective of race or religion?

HLB: Likely To Succeed in EON Takeover

Hong Leong Bank (HLB) is poised to make a voluntary general offer for the assets and liabilities of EON Capital which include EON Bank, Malaysia’s seventh smallest bank. If this takes place,the merger between the two would create a RM110.5 billion bank, the country’s fourth largest. This is the report filed by Business Times of Singapore today.

'HLB announced that the central bank had, via a letter dated Jan 6, indicated that it has no objections to the bank commencing negotiations with the boards of EON Capital and EON Bank to purchase the group’s assets and liabilities.

EON Capital, which is listed on the stock exchange of Kuala Lumpur, owns 100 per cent of EON Bank.

According to Malaysian law, a voluntary general offer would be deemed successful if 50.1 per cent of EON Capital’s shareholders agree to it.
Only one shareholder — the Hong Kong-based investment fund, Primus Pacific Partners might be opposed to it. Three years ago, the fund bought into EON Capital at a jaw-dropping RM9.55 apiece, a price that Quek would probably consider astronomical. And the opposite might be said about Quek’s speculated buying price (RM5.50- RM6) where Primus is concerned.

At least two government agencies — the Employees Provident Fund (EPF) and Khazanah Nasional — which collectively hold 22.1 per cent of EON Capital are said to be favourably disposed towards the HLB bid.

But the key people who have to be persuaded are businessman Rin Kei Mei and Sarawak billionaire Tiong Hiew King who collectively hold 33.2 per cent of the financial firm. Both of them are said to be eyeing a price at around RM8, which would be around 1.4 times book value.

And that could be the rub. Local news reports citing sources have said that Quek Leng Chan, the reclusive controlling shareholder of HLB, would only be willing to pay between RM5.50 and RM6 per EON Capital share which would value the bank at 1-1.2 times book. That may be a trifle cheap for the 2 businessmen’s tastes.

Indeed, there is no certainty that a deal will be struck as this isn’t the first time Hong Leong Bank has eyed EON Capital. A previous attempt several years ago had stalled over pricing: Quek isn’t known to pay more than what he considers a fair price.

But the central bank seems attracted to the idea of merger, which is why some analysts think a happy compromise might be struck. Indeed, the move towards a possible merger reflects the central bank’s desire to winnow the Malaysian banking sector to a few large banks, the better to withstand increased foreign competition starting this year. Currently Malaysia has eight local banks.'

To my mind, whether Hong Leong Bank takes over EON or not is not really important. If it does not, other parties will be making a beeline to it. Also, if Hong Leong Bank is not careful, it will be targetted for absorption as the banking market becomes more competitive and 'smallish' banks like Hong-Leong Bank will be hot for the gobble!

RWS: Michelin Star Chefs

The world’s most Michelin-star-decorated chef, Joel Robuchon, leads a team of celebrity chefs who will open restaurants at Resorts World Sentosa.

Robuchon, who has 25 Michelin stars, will make his debut in Singapore in May with three restaurants — Joel Robuchon Fine Dining, a high-end French restaurant, the more casual L’Atelier de Joel Robuchon, known for its swanky red and black decor and bar counter dining, and The Pastry Shop and Lounge.

The other Michelin-starred chef to set up shop is Kunio Tokuoka, the chef-owner of three-Michelin-starred restaurant Kyoto Kitcho Arashiyama and one-Michelin-starred Hana Kitcho in Kyoto, Japan.

This is the first time chef Kunio is venturing out of Japan. The kaiseki restaurant, called Kunio, is slated to open in April at Resorts World Sentosa’s all-suite hotel, Crockfords Tower. Kaiseki refers to a multi-course dinner where the dishes are made from the freshest seasonal ingredients.

The other two chefs are New York-based Susur Lee, known for starting up Club Chinois in the late 1990s, and Australian chef Scott Webster.

Lee has teamed up with Tung Lok Group to open Asian fusion restaurant Chinois in Hotel Michael, while Webster will be opening Osia, a modern Australian restaurant which used to be located in London’s Haymarket from 2003 to 2005.

Chinois and Osia will open at the end of this month.

Roger Lienhard, Resorts World’s vice-president of food and beverage and rooms, says the chefs were chosen to “balance” the cuisine and culture of the hotels, and to make each of their offerings unique.

On picking Robuchon over other French chefs, he says: “We wanted French cuisine. And in French cuisine, the discipline is very important.

“In the end, we felt that Robuchon was the man who was going to give us the commitment of what we want to do and what we want to strive for.”

All in, Resorts World Sentosa will boast more than 60 food and beverage outlets ranging from outlets offering hawker dishes to cafes to fine dining restaurants.

Last year, Marina Bay Sands announced that no fewer than six celebrity chefs will open restaurants at its resort.

This includes big names such as Wolfgang Puck of Spago restaurant in Beverly Hills, Daniel Boulud of three-Michelin-starred French restaurant Daniel in New York, Santi Santamaria of three-Michelin-starred Can Fabes in Spain, and Mario Batali of Italian restaurants Babbo and Lupa in New York. The resort has postponed its opening till April this year.

Resorts World Sentosa will open on Jan 20, with four hotels — Hotel Michael, Festive Hotel, Hard Rock Hotel and Crockfords Tower, and 10 food and beverage outlets, which includes Palio, a Tuscan restaurant in Hotel Michael.

The resort, which expects to attract 13 million visitors a year, has not announced the opening of its Universal Studios theme park and casino.

So, what do we do now? Taste the food first while we wait for the rides and the casino playoffs.

Malaysia: It's now 7% GDP comes 2011

Malaysia’s economy is likely to grow by seven per cent in 2011 based on the improving world economic condition. This was the opinion of Ahmad Husni Hanadzlah, the second finance minister.

Ahmad Husni also indicated his optimism that the target of five per cent growth for this year could be achieved.

Ahmad Husni said although the World Bank had forecast 4.7 per cent growth for Malaysia this year, the government had set a higher target of five per cent.

“To achieve the target (five per cent), the government undertook a study and one of the initiatives is to increase local demand to galvanise the economy,” he told reporters after launching a Seminar on Jihad Business at Universiti Malaysia Sabah today.

He said the government would also fast-track the implementation of the development projects.

“Projects in the pipeline will be brought forward for implementation. The ministry will also try and speed up the tendering process of the earmarked projects.

“We believe that with the increased level of efficiency, we will achieve the target,” he said. Ahmad Husni said the government would continue to prioritise certain sectors, particularly the tourism industry, which was not clearly affected by the recent economic downturn.

In this respect, he said, health tourism would play an important role to attain the desired result. He said this was in line with Prime Minister Datuk Seri Najib Razak’s 1 Malaysia concept and his vision to transform the country from agriculture-based to manufacturing or high-performance economy.

Showing off Stomach-side

Well, Jackie Chan has shown off his kungfu on stage and in his shows.He may be attired then in kungfu pants to show off his torso.

However, it is not always that he shows his stomach peekaboo to a member of the opposite sex. Look the lady here is having the joy of her life-time, I guess.

Singapore: Casinos and Expected Growth

This is a news report from the Straits times. I thought it makes itneresting reading and so I am posting it in toto here.

"Anyone reading about the outlook for Singapore's economy this year would be forgiven for thinking that growth hinges on the integrated resorts (IR).

The buzz surrounding Marina Bay Sands and Resorts World Sentosa has intensified recently, as the resorts gear up for their big openings while Singapore readies itself for a robust 2010 recovery.

Some analysts say the timing couldn't be better. Economists predict the resorts will help power growth to up to 6.5 per cent this year, after a contraction of 2.1 per cent last year.

One of the immediate economic perks of the resort openings is that visitor arrivals could increase by a strong 20 per cent this year, according to estimates by DMG & Partners analyst.

The resorts are also expected to spur domestic spending and further hiring.
But the real story of the economic recovery this year goes beyond the opening of the IRs. After all, tourism makes up only 3 per cent to 4 per cent of Singapore's economy.

And like almost every other major industry in Singapore, the tourist-dependent resorts are still gambling on a turnaround in the global economy.

“The fundamental driver of growth this year is still the global demand cycle, and the resorts are just the bonus on top of that,” said a Citigroup economist.

He is one of at least three economists predicting 6.5 per cent growth this year, well above the official forecast of 3 per cent to 5 per cent. This is based not just on the expected boost from the integrated resorts, but on a rebound in the wider services sector, which remains key to growth.

In the recent downturn, services proved more resilient than manufacturing, the other main growth driver. Estimates released on Monday showed that the economy hit a speed bump in the fourth quarter, largely due to a pullback in manufacturing, especially in the unpredictable biomedical segment.

Services was steadier, continuing to rise quarter-on-quarter in the fourth quarter, and increasing year-on-year for the first time in five quarters.

Economists believe 2010 will be the year of services growth, in line with what the Monetary Authority of Singapore has said about focusing more on services in the future. The resorts will simply be the most visible service sector star.

Trade-related services, which make up about a quarter of the economy, are expected to pick up along with a rebound in global trade, said one of the economist.

Financial services, about 12 per cent of the economy, should also continue to rally as stock markets improve and private and commercial banking strengthen.

“Services growth will be the key employment driver this year, given the opening of the two integrated resorts and the brighter financial services prospects,” said an OCBC economist.

Manufacturing will also boost the recovery, with two new biologics factories coming on-stream in the first quarter. The Purchasing Managers Index, a forward-looking indicator of factory output, rose encouragingly in December.

Of course, there are risks to this bright outlook, one of which is, ironically, the integrated resorts.

Some economists fear the resorts will simply exacerbate the existing volatility of Singapore's economy, reliant as they are on external demand and sentiment.

Despite numerous attempts at diversification, Singapore's export-dependent economy plunged steeply during the downturn last year, and price stability has proved a pipe dream in recent years as property values and inflation lurched from one wild swing to another.

This has prompted some economic soul-searching, most visibly manifested in the setting up of the Economic Strategies Committee. It will this month unveil its suggestions for new ways for Singapore to grow in the next five to 10 years.

A UOB economist is cautious about how much of an economic boost to expect from the resorts this year, given the opening delays — Marina Bay Sands, initially scheduled to open by the end of last year, is now looking at an April opening for its first phase — and the fact that they are an “untested concept”.

“If anything, the impact will be more material in the second half of 2010, assuming no major external shocks,” she said. “We will have to wait and see.”

Adding to the uncertainty is the lack of knowledge about how much the resorts will actually contribute, directly or indirectly, to economic growth.

Some analysts have put it at as little as 0.3 per cent to 0.5 per cent of gross domestic product (GDP). Others, such as CLSA gaming analyst Aaron Fischer, expect a 4 percentage point contribution this year from all resorts-related activity, from tourism to employment and higher consumption.

The reason, Fischer says, is simple: Asians like to gamble — the average bet in Macau is US$62 (RM210), compared to US$10 in Las Vegas. He expects the integrated resorts “to prove extremely successful”. Gaming revenue for this year is expected to hit US$2.9 billion and surge by 45 per cent to US$4.4 billion next year, as the impact of a full year of operation kicks in.

Beyond the resorts, there are also other risks this year. Inflation is one, no thanks to a surge in food and property prices and abundant liquidity. Governments also need to cut back on their stimulus packages: not so quickly that the recovery stumbles but not so slowly that asset bubbles have time to build.

In general, though, economists are optimistic about Singapore's prospects this year.

As Asia leads the global rebound, plenty of cash is floating around looking for a place to be spent — not just at the blackjack table, but on bigger investments in a country full of casino buzz.

A lot is riding on the success of these resorts, from the tangible — such as the prices of luxury homes in Marina Bay and Sentosa Cove — to the more abstract, including local consumer sentiment and foreign investor confidence in Singapore's economic gambles.

But the good news is that even if the promised boost from the resorts turns out to be more hype than reality this year, the economy is unlikely to tank.

So while all eyes will be on the glitz and glamour of the resorts, expect the big payout to come when the global economy recovers, lifting Singapore along with it.

I like the tone of this news report. It is definitely more optimistic than most.

Construction: To peak in 2H,2010

HwangDBS Vickers Research envisages that the construction sector is expected to peak between the third and fourth quarter of this year on the anticipation of a full roll out of three mega projects,

The mega projects are the RM2 billion Low Cost Carrier Terminal, to be sited about two kilometres from the KL International Airport in Sepang, Pahang-Selangor Water Transfer and Light Rail Transit (LRT) extensions.

The sector may show continuity in 2011, depending on the speed of the roll out of other mega projects like the new LRT lines and the pace of the new order book wins, it said.

“We expect further out performance with the new leadership paving the way for more aggressive contract flows and prudent cost management.

"The foreign contract inflows are added catalysts. We expect Middle East countries and India to be the focus markets,” it said in a statement. The research house also views positively the participation of contractors from China in the mega projects and the spillover effects for the locals.

Private Finance Initiatives and public-private partnerships are expected to play a bigger role as the government had allocated RM7 billion for the purpose under the second stimulus package, it said.

It said the private sector would likely provide the bulk of the financing while the government made available basic infrastructures to ensure project viability.

To spur private sector involvement in economic corridor development, the government had set aside RM3.5 billion this year for infrastructure and basic amenities in the corridor regions, it added."

Looks like an active year for contracting companies if there are sufficient jobs to go around.