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PM’s CNY present – RM70 billion Bursa Saham losses by small investors

KLSE

The Prime Minister Datuk Seri Abdullah Ahmad Badawi had a special Chinese New Year message for Malaysians in the first two days on the Chinese New Year on February 18 and 19, 2006 — to enter the stock market to “ride on the momentum” of the good economic times.

This was his common theme at the Gerakan Chinese New Year open house in Kuala Lumpur on the first day of the Chinese New Year and at the open house of the Penang Chinese Chamber in Penang on the second day of the Chinese New Year.

Abdullah pointedly said that the Bursa Saham composite index, which was at the time at a high of more than 1,258 points, could surpass the 1,350-point level following positive indicators of the country’s economic growth — namely the trillion ringgit total trade last year, the increasing foreign and domestic investments and and the rising ringgit. (New Straits Times 21.2.07)

There had been widespread skepticism about the slew of “good economic news” which had been trotted out by the government in the previous two weeks, particularly about foreign direct investments which clearly conflicted with statistics released by the United Nations Conference Trade and Development (Unctad) — raising the question as to why there is a difference of between RM6.4 billion to RM9.8 billion in the statistics released by the Ministry of International Trade and Industry (MITI) and Unctad on 2006 FDIs into Malaysia.

However, when the Prime Minister openly urged Malaysians to enter the stock market “to ride on the momentum” in expectation of the KLSE rising above 1,350 points, small investors cast aside their doubts, reservations and skepticism and entered the stock market in a big way after the Chinese New Year holidays, lifting the KLCI to close at 1,283 points last Friday — with the Star yesterday carrying the screaming headline “KLCI poised to break record” for this week. Continue reading “PM’s CNY present – RM70 billion Bursa Saham losses by small investors”

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How Samy Vellu can transform from Dracula to saint

Works Minister and MIC President, Datuk Seri S. Samy Vellu is both incensed and very hurt.

This came across powerfully in the exclusive interview he gave for New Sunday Times today, “‘Works Minister, still smarting over being accused of ‘going for blood’, says… ‘I’m no Dracula'”.

He showed his feelings in the very first question of the interview, when he was asked about his “outburst about not being ‘the bad boy’ of tolls”, as follows:

Q: Your outburst about not being “the bad boy” of tolls took many by surprise. All kinds of allegations have been levelled at you over the years regarding toll hikes, so why did you react that way?

A: There’s pressure being applied now by the opposition. They were trying to paint a picture that I make all these decisions to bring hardship to road users and the people, which is not true.

I had wanted to say it for a long time, so I did it on that day (Feb 11), because, the previous day, Lim Kit Siang (the Opposition leader) had used a word which was really hurtful.

Lim Kit Siang said I was going for blood. He was indirectly saying I’m a Dracula. Only a Dracula goes for blood. A man and politician of his age and experience should be more cultured when he talks about other people.

First, let me state that “Dracula” had never entered my mind when in my statement of 3rd February I had demanded to know why Samy Vellu was “suddenly so ‘bloodthirsty’ as to want four Opposition leaders, namely Tan Sri Khalid Ibrahim and Tian Chua of PKR, Ronnie Liu of DAP and Dr. Hatta Ramli (PAS) jailed for at least a year under the Official Secrets Act (OSA) for revealing that the government had guaranteed profits to Litrak in the Lebuhraya Damansara-Puchong (LDP) concession agreement?”

My statement continued:

What have the four done that they must be treated like ‘highway robbers’ and must be made to suffer the most severe form of punitive punishment, of being jailed for at least one year, if they are charged under the OSA and found guilty of unauthorized communication of an official secret?

Have they done anything akin to sabotage or imperil the national economy, subvert the national security or undermine national stability?

I do not believe that Samy Vellu, even in his most creative best, would be able to make out a prima facie case that the four Opposition leaders had done any of these terrible things in connection with the publication of the Litrak LDP concession agreement. Continue reading “How Samy Vellu can transform from Dracula to saint”

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Arsenal training at Brickendonbury — Did Najib lie?

After chairing the meeting of the Cabinet Committee for Sports on February 8, 2007 Deputy Prime Minister Datuk Seri Najib Razak announced a RM68.7 million “refurbishment” of the Tun Abdul Razak Research Centre (TARRC) in Brickendonbury, London into a high-performance sports training centre to be fully operational in April.

Najib said agreement “in principle” had been reached with Arsenal to train the national under-16 football team, which will be the first to use the London centre.

The Weekend Mail, in its first issue after its suspension, carried a report raising the question whether Najib had lied.

This is the report, “TRAINING STINT FOR NATIONAL UNDER-16 FOOTBALL TEAM – Arsenal says it’s unaware of proposal” by Rizal Hashim:

THE proposed Malaysia-Arsenal joint-venture to equip the country’s young footballers with the necessary weaponry to raise their game has been thrown into doubt after it emerged that no formal discussion had been held between the two parties.

This was confirmed through an e-mail response from the communications department of Arsenal to Mailsport on Friday.

“I am afraid we are not able to provide you with answers to your questions or an official club comment, however, I can confirm that the club does not know about the proposed arrangement and furthermore, we have no involvement in any such project,” the statement said.

Upon further investigation, Mailsport discovered the only discussion on the subject was held at Arsenal’s state-of-the-art training centre in Hertfordshire, between a five-man recce team from Kuala Lumpur and the centre manager, Sean O’Connor, just before the Cabinet Committee on Sports Development’s announcement on the proposed stint on Feb 8. Continue reading “Arsenal training at Brickendonbury — Did Najib lie?”

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14 RM70,000 Ops Sikap XII watchtowers worth only half or less?

Works Minister, Datuk Seri S. Samy Vellu has denied the allegation of the Inspector-General of Police, Tan Sri Musa Hassan that five of the 14 traffic watchtowers are unsafe for use — with one each in Selangor, Penang, Perak, Malacca and Negri Sembilan.

Sin Chew Daily reported with photograph on Thursday that the watchtower built at Tampin-Gemas Road 16km was so fragile and unsafe that it had been abandoned for the safety of the traffic policemen on duty.

It was first reported on 12th February 2007 (with photograph) that 14 manned watchtowers will be built in accident-prone stretches of federal, state and municipal roads for use durings Ops Sikap 12.

Transport Minister, Datuk Seri Chan Kong Choy had announced that the Cabinet had approved close to RM1 million to build the first 14 watchtowers in Peninsular Malaysia on roads where nine out of every 10 fatal accidents occur, and that each tower is expected to cost the Public Works Department about RM70,000.

On the same day, I received the following SMS from someone from the construction industry:

“Today’s NST page 8 prime news says 14 watch towers to cost government RM70k each is grossly over-priced. “

When I SMSed back to ask what would be the proper price range for such watchtowers, back came the reply:

“25 — 30k with transport and installation costing 5k a piece.” Continue reading “14 RM70,000 Ops Sikap XII watchtowers worth only half or less?”

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RM69 mil London Sports Centre – proof of shambolic Abdullah government?

The bursting of the London High Performance Sports Training Centre balloon in less than a week raises concern whether the highly-regarded Abdullah administration had in three years degenerated into a shambolic and incompetent government.

Last Thursday, Deputy Prime Minister and the Chairman of the Cabinet Committee on Sports Development, Datuk Seri Najib Razak announced a new lease of life for the controversial London Sports Centre, originally slated to cost RM490 million until it ran into quite unanimous opposition in the country including from Members of Parliament from both sides of the House.

Najib assured that “no additional costs will be incurred” in turning the Tun Abdul Razak Research Centre (TARRC) in Brickendonbury into a sports training centre as “we will be using existing facilities”.

Yet the cost for turning the TARRC into a sports training centre instead of a sports complex will be a walloping big bill of RM69 million for “refurbishments” – which will include building accommodation for athletes and upgrading the fields and equipment all to be ready by April.

However, a Sun exclusive “Sports centre plan stalled” by R. Nadeswaran reported that despite Najib’s announcement that the London training centre will be full operational by April, it is likely to be a non-starter.

This is because the East Herts Council, under whose jurisdiction the Brickendonbury centre falls, holds the position that issues covering planning and development encountered in previous applications remain relevant to new proposals to converting existing buildings to provide accommodation for athletes, installing a football pitch, and extending an existing swimming pool on the site.

The council’s communications officer Nick White told the Sun in an email response to queries that the Brickendonbury site is within the green belt, surrounded by protected woodland. Some of the buildings are listed. As all these will need to be taken into account when planning application comes in, the council expect it will be a couple of months before a planning application is submitted.

In view of the stand taken by the East Herts Council, it is unlikely even if planning permission is approved, renovations can be completed by April. Continue reading “RM69 mil London Sports Centre – proof of shambolic Abdullah government?”