Financial World Today

Agribusiness -- The China Story

2009-11-27T21:02:00.005+08:00

When the elephants fight, would palm oil benefit ? I think Wilmar is a must BUY counter now.

(A) Archer Daniels Midland (ADM)
(B) Bunge Limited
(C) Cargill
(D) Louis Dreyfus Group
Wilmar
Yihai Kerry
Toepfer International
COFCO 中粮
中储粮 SinoGrain
来宝集团

以ADM、邦基、嘉吉和路易·达孚为首的国际粮商，早已控制了南美大豆和美国大豆，巴西、阿根廷和美国是世界上三个最主要的大豆生产国。跨国粮商控制了中国的大豆压榨能力后，就形成了原料在国外、加工在中国的布局。

2000年，美国ADM与新加坡丰益公司投资组建了中国最大的粮油集团——益海集团，2006年，丰益国际以27亿美元收购了嘉里粮油，并与其在中国的子公司益海集团合并为庞大的益海嘉里集团。

利用丰富的国际贸易经验和资金优势，目前四大跨国粮商垄断了中国80%的进口大豆资源。据业内人士透露，跨国粮商对中国油脂加工业的渗透还在继续，并且开始向小麦、玉米等领域，以及流通领域渗透。

我国现有97家大型大豆加工企业中，有64家具有外资背景，实际加工能力超过5000万吨，占国内总量的85%。据统计，内资大豆油脂加工企业实际大豆压榨量占全国的比重迅速下降，而外资企业却从9.0%快速提高到了48.0%。

美国等国家从原料上也对中国进行了一场没有硝烟的战争。由于进口大豆价格远低于国内大豆，迫于成本压力，国内企业纷纷采购进口大豆。

据了解，美国、巴西等大豆出口大国大力扶持大豆的发展。从20世纪90年代开始，美国政府每年都拿出190多亿美元补贴大豆。农业机械化使其生产成本较低，加上有政府补贴，其成本远低于我国国内。

由于大豆种植面积减少，而需求量持续上升，因此，我国对进口大豆的依存将长期存在。

2001年中国开放大豆市场，到2007年中国进口大豆总量达到4600万吨，当年全球大豆贸易量仅7500万吨，中国大豆产量仅1400万吨。在加工环节，在国内90多家主要榨油企业中，已经有64家变成了外资独资或合资.

http://www.howvc.com/Html/economy/industryresearch/48322065706.html
http://economy.enorth.com.cn/system/2009/05/26/004052694.shtml
http://mnc.people.com.cn/GB/10177252.html
http://www.cnffi.com/zqsd/2009/1117/131902.html
http://www.cnffi.com/rice/ricenews/2009/0724/101415.html
http://wiki.mbalib.com/wiki/%E4%B8%AD%E7%B2%AE%E9%9B%86%E5%9B%A2
http://my.icxo.com/?uid-244207-action-viewspace-itemid-152855
http://www.yihaikerry.net.cn/
http://www.cnyouzhi.com/
http://blog.icxo.com/

Is Dubai debt concern the last straw ?

2009-11-27T19:23:00.002+08:00

Emerging-market stocks fell for a second day, Treasuries jumped and credit default swaps surged as Dubai’s attempt to delay debt repayments unnerved investors. European stocks pared declines.

Is Dubai debt concern the last straw for a double dip ?

Markets have been moving due to liquidity with recovery story, i reckon recovery is not on track, but merely restocking that push up the figures.....

If things get worst, make sure you get out from the market ....

LARGE CAP GROWTH INVESTING - MICHAEL K. FARR

2009-11-27T10:28:00.001+08:00

TWST: Do you see any challenges ahead for investors that they should be wary of now?

Mr. Farr: There are always challenges. The market appears to be discounting a normal cyclical recovery in earnings in 2010. This might happen but it might not too given the fact that the U.S. consumer accounts for 70% of GDP and the U.S. consumer has only slightly less debt as a percentage of income as he/she had at the peak in 2007. This raises the question of "Where will actual demand come from once the government stops propping things up?" This only increases our comfort with the large, stable companies that are typically found in our Large Cap Growth portfolios.Two additional risks that I would mentioned. The first is emotional risk, or the risk of making investment decisions emotionally rather than dispassionately. One of my long-standing rules about investing is, if it feels bad, do it. Forget everything you learned in the 70s, if it feels bad, do it. It felt really bad to be buying in March and that's precisely what you should have been doing. It certainly doesn't feel good to be selling right now. I think you probably should be trimming some positions right now, but the best market moves are counter-intuitive when it comes to your emotions. The other risk right now that I think is quite significant is policy risk. Government's involvement in the economy has gotten to a nearly unprecedented level as a result of the historic measures required by the government to keep the U.S. financial system from imploding last year. It's very difficult to judge by any sort of historical norms the influence of all the types of intervention that the Fed, Treasury and Congress have provided to the markets. One thing that we do know is that the government has a lot of debt and that deficits appear to be only getting larger and larger. This can't continue forever. There is a lot of policy risk out there and it's very difficult to judge the cleanest, most conservative ways forward.

http://finance.yahoo.com/news/LARGE-CAP-GROWTH-INVESTING-twst-1066962796.html?x=0&.v=1

BAHVEST - BORNEO AQUA HARVEST BERHAD (ACE Market)

2009-11-08T14:15:00.001+08:00

LTH has been accumulating since October.

23/10/2009 Changes in Sub. S-hldr's Int. (29B) - Lembaga Tabung Haji
16/10/2009 Changes in Sub. S-hldr's Int. (29B) - Lembaga Tabung Haji
13/10/2009 Changes in Sub. S-hldr's Int. (29B) - Lembaga Tabung Haji
12/10/2009 Notice of Interest Sub. S-hldr (29A) - Lembaga Tabung Haji

source: Bursa Malaysia

As at 22/10, LTH shareholding is standing at 19,743,200 shares, which is around 6%

Virtonomics - An online multiplayer business simulation game

2009-11-08T13:00:00.007+08:00

Virtonomics is an online multiplayer business simulation game. Reviewers say that Virtonomics is a "browser game that stands out among others. It is unique in its kind". Virtonomics combines logical and business gaming, business and real economy simulation and economic strategy.

Many business schools and universities recommend Virtonimics as a unique business training simulator for modeling various business strategies and tactics, solving business cases, as well as a unique business community where you can find new business partners and potential employers.

You can start playing for free. "Virtonomics" is for anyone who is interested in economy, business and finance, anyone who enjoys playing online computer games and meeting interesting people. If you want to get a better understanding on how things work in real business Virtonomics could be the best online strategy game for you. You can start your own business and gain management, marketing and other skills. Play online and get the insights on running your own company in an outstanding business simulation browser game.

The main goal in «Virtonomics» is to create a successful business. Players take control of a small business enterprise with aspirations to expand their business by going into trade, production, science research, mining, agriculture and foreign exchange market.

To manage your corporation you'll have to hire and train employees, regulate sales and supplies, monitor your competitors, improve quality of your products, promote your brands, and take part in auctions, amongst other things.

Find out more at http://virtonomics.com/

Malaysia Insurance Companies landscape

2009-10-04T17:34:00.003+08:00

Insurance companies are to implement risk based capital framework starting from 1st Jan 2009, where Central Bank is imposing the supervisory CAR must be 130% or more otherwise company must raise more capital in order to continue doing business.

Implementation of RBC MAY spark:-

1. raise capital activities which could dilute earnings
2. Companies with high risk portfolio to diversify their portfolio and the fastest way is through M&A
3. Consolidation of the industry in the way of M&A activities
4. De-tariff: As capital is charged according to the underwriting risk, current tariff fixing would no longer economical sound.

Do you think any of these companies will give you 25% return every year ?

Kurnia
Takaful
MAA
Manulife
Allianz
LPI
Jerneh
MNRB
P&O
PACMAS

Timber? Automaker? Budget?

2009-09-19T23:20:00.003+08:00

EPF is buying Ta Ann. Is the market running out of idea? Or purely speculating global property market is recovering ? Better home starts data ? Worth to ponder over.

Could Malaysia take advantage on Thailand's political turmoil and seize the opportunity to become SEA largest automaker manufacturing hub by shifting policy from protectionism towards New Automaker Policy?

New PM this year, so new sets of budget? October 23 .. Watch out. Pre-Raya rally MAY sustain and the uptrend could follow through until Chinese New Year.

Budget is on October 23.

Financial Books Online

2009-09-06T15:51:00.012+08:00

Came across this Online Book Store with Cheap Financial Books

1 stop Online Book Store

I would recommend these books:

1. The intelligent Investor RM24
2. Security Analysis: Principles and Technique RM30
3. 论势——曹仁超创富启示录 RM22.80
4. 货币战争2：金权天下 RM23

Alternatively, you could order books from me by emailing me @ jason.webapp@gmail.com and i will give you a quote.

As i know, delivery fee is not included, but free if purchase above RM 100. Still, the selling price is still way cheaper than market rate.

1 stop Online Book Store

The Reason Why BCHB (Commerz) dropped on 28th Aug

2009-08-30T16:05:00.003+08:00

This is due addition/deletion/re-weighting in MSCI August quarter review.

MSCI Emerging Market Standard Index

Bumi Commerce weighting will reduce from 10.47% to 7.89%
Tenaga increase from 5.8% to 5.96%
Axiata increase from 2.78% to 3%
Genting increase from 5.03% to 5.17%

For detail information, you can download the PDF from this link: MSCI Equity Indices August 2009 Quarterly Index Review

MSCI Barra website

Sugar price hike - PPB Group and Tradewinds Malaysia

2009-08-27T00:15:00.004+08:00

1. Sugar is a controlled item in Malaysia. Retail price is fixed at RM1.45 per kg with GOM subsidizing RM0.60 per kg. This will cost GOM est. RM720mil in 2009.

2. Sugar price hike due to 1) India becomes a net importer (previously was a major exporter) due to reduced monsoon rain during planting season. 2) Brazil is expected to export less as production is affected by excessive rain

3. Retail price for neighbour contries (in RM/kg):

Malaysia - 1.45
Thailand - 2.35
Singapore - 3.43
Indonesia - 2.98
Philipines - 2.67
China - 5.69
Hong Kong - 4.91
Australia - 3.13

Mulpha - Could Mudajaya become its catalyst ?

2009-08-15T11:07:00.003+08:00

Mulpha owns 23.5% Mudajaya.

At present, Mulpha's market cap is around RM671m. Its investment in Mudajaya, as at 14/8, worth RM307m translated to 26sen per share; excluding its other investment in Mulpha Land (listed in Malaysia), FKP (listed in Australia), Greenfield Chemical (listed in Hong Kong), Rotol (listed in Sg) as well as its properties and hotel portfolio in Australia and land banks.

YTD, Mulpha's NTA stood at RM1.70. Its share price is almost 70% discount to its NTA.

This is just my thought: If Mulpha decided to stream the Mudajaya shares back to its shareholders, that would be a good channel to realise Mulpha share value, increase Mudajaya's liquidity and streamline its corporate structure.

Daim linked companies ?

2009-07-25T23:01:00.002+08:00

Rumours:

1. Daibochi
2. AFG
3. Multi-Purpose
4. KFima
5. TRI (?)
6. Cold Storage (Now under Berjaya ?)
7. RHB

8. UEM
9. Time
10. Ho Hup
11. Faber
12. FCW
13. L&G

14. Dataprep
15. MRCB
16. PSCI
17. EKRAN
18. PWE
19. Berjaya Group
20. Bandaraya

CFA Malaysia Education/Careers Day: Gateway to the investment profession

2009-07-10T17:17:00.002+08:00

http://www.surveymonkey.com/s.aspx?sm=cNk5dTTJTyiyJXys_2fD44Yg_3d_3d

Dear Candidates,
CFA Malaysia would like to invite you to our Education/Careers Day on 18 July 2009 @ KLCC Convention Centre (more details below).

Although the event is meant mainly for university students, members and candidates will also find the presentations highly instructive. It would also be an opportunity for members and candidates to network with each other and with the presenters, who will include senior staff of the CFA Institute as well as recruitment consultants.
Please use the link to register. Feel free to forward to those you think may be interested. See you there!

Regards
CFA Malaysia

======

CFA Malaysia is the local chapter of the CFA Institute, a global, nonprofit member organization of financial analysts, portfolio managers and other investment professionals (please see http://www.cfainstitute.org/ for more details).

The aim of the event is to introduce undergraduate and postgraduate students to the investment profession, the CFA Institute and its role throughout the world, and the CFA charter. It is an excellent opportunity for students to meet with prominent figures in the local investment industry including analysts/heads of research of brokerage firms, regulators, investment bankers and portfolio managers. Recruitment consultants will also be present to discuss employment prospects in the current environment.

The agenda for the day* is as follows:

9.30amRegistration
10.00amOpening address
Speaker: Jason Lee (President, CFA Malaysia)
10.10amCFA Institute and the CFA program - Who are we? What do we stand for?
Speaker: Lee Kha Loon (Head, CFA Institute Centre for Financial Market Integrity, Asia Pacific)
10.50amBreak
11.00amA day in the life... Types of jobs in the investment industry (incl compensation trends)
Panel discussion (Buy/sell side analysts, regulator, investment banker)
11.40amSurviving the crisis – Staying employed in tough times
Speaker: tbc (recruitment consultant)
12.20pmClosing remarks
Speaker: Jason Lee (President, CFA Malaysia)

*(subject to minor changes)

Attendance is free of charge; however registration is required (please click here to register).

If you have any questions or need further clarification, please do not hesitate to contact me.

We look forward to seeing you at the event!

CFA Program Scholarship

2009-07-05T17:33:00.002+08:00

Personally i have not apply for any of these except for the discount/rebate given by Inti-IMS as i was Ex Intian.

For those who are interested to find out more about CFA Program scholarship, you can find out the information from these websites:

http://www.cfainstitute.org/cfaprog/university/scholarships.html
http://www.cfainstitute.org/cfaprog/university/society_scholarship.html
http://www.membersocieties.org/malaysia/default.aspx

http://www.ims-inti.com/ims/index.php?id=51

If you dont need them, tell your friends about it.

PM Najib Invest Malaysia 2009 Key Notes address (Complete)

2009-07-01T00:05:00.001+08:00

KEYNOTE ADDRESS BY
YAB DATO’ SRI MOHD NAJIB TUN ABDUL RAZAK
PRIME MINISTER OF MALAYSIA
AT INVEST MALAYSIA 2009
SHANGRI-LA HOTEL, KUALA LUMPUR
30 JUNE 2009 (TUESDAY)
9.30 AM
---------------------------------------------
Y.B Tan Sri Nor Mohamed Yackop,
Minister of EPU,

Y.B Dato Sri Husni Hanadzlah,
Minister of Finance II

Y.Bhg Tun Mohd Dzaiddin
Chairman of Bursa Malaysia

Y.Bhg Tan Sri Zarinah Anwar
Chairman of Securities Commission

Y.Bhg Tan Sri Azman Mokhtar
Managing Director of Khazanah Nasional

Y.Bhg Dato’ Sri Nazir Razak
Chief Executive Officer of CIMB

Tan Sri-Tan Sri, Dato-Dato,

Distinguished guests
Ladies & Gentlemen.

Assalamualaikum warahmatullahi wabarakatuh, salam sejahtera and a
very good morning.

Introduction
1. First of all, let me thank the organizers of Invest Malaysia
2009, for their kind invitation for me to speak at the Fifth Invest
Malaysia conference. I am delighted to see such a large turnout of
investors and would like to extend a warm welcome to our
international visitors. Invest Malaysia has become the most
important annual forum for us to meet with international portfolio
investors and showcase what we are doing. It also provides an
opportunity for Malaysian PLCs to engage with the investment
community. We feel that this reverse road-show of bringing investors
to our shores allows investors to see first hand what we are doing
and gauge for themselves the investment climate in Malaysia and
complements our promotional and marketing efforts internationally.

2. As you are aware, this event is typically held in March to
coincide with the Grand Prix. However, recognizing the imminent
transition of leadership then, the organizers had delayed the event
by a couple of months to allow me to speak to you as Prime Minister.
For me this is an important occasion to share with you my views and
aspirations for Malaysia and its capital market. To the Formula One
fans among you, rest assured that I have asked the organisers to
revert to the original schedule for next year!

Ladies and Gentlemen,

Meeting the challenges of the global economic downturn

3. We meet today in a very challenging environment. The world has
experienced unprecedented displacements and distortions to the
global financial order. The Global Financial Crisis has had severe
ramifications on once revered financial institutions, led to
tremendous wealth destruction and questioned the wisdom that has
driven conventional thinking in finance. But what’s more damaging
has been the economic cost that this financial crisis has had across
the world beyond the epicenter of the financial crisis.

4. There are clearly many lessons to be learnt and reforms that
will need to be put in place. Markets must be subject to stronger
oversight and there must be no hesitation in making difficult policy
decisions when we see early signs of excesses and irrationality
start appearing on the horizon. Governance arrangements and risk
management standards at the level of banks and financial firms must
be strengthened. Regulation of Over The Counter (OTC) markets and
some loosely regulated firms must be commensurate with the impact
and role they have in today’s financial markets. Sales practices and
unfettered risk taking must be subject to adequate oversight.

5. We all now know and have felt how this financial meltdown
translated into devastating consequences for the real economy,
companies, jobs, people and families – all around the world.
Malaysia has not been spared. Therefore ,my immediate priority has
been to provide a decisive response to blunt the impact of the
global economic downturn. We have put together two stimulus packages
amounting to RM67 billion or roughly 9% of GDP to be spent over two
years. The financial package comprised comprehensive measures aimed
at easing the hardship of affected individuals and businesses,
stimulating aggregate demand in the short-term and building the
long-term capacity of the economy. We have ensured that businesses
have sufficient access to financing and implemented various
initiatives to provide financing to SMEs, established mechanisms to
provide guarantees to support private sector financing as well as
reactivated debt resolution mechanisms.

6. As of 19th June, projects worth RM9 billion has been awarded
under the Stimulus package 1 and 2, of which RM3.0 billion has been
paid. Given the step-up progressive payments to be made as these
projects are rolled out, I am confident that this spending injection
into the domestic economy and the related multiplier effects will
help and cushion the impact of the sharp external downturn and set
the stage for economic recovery sometime in the second half of this
year.

The shift to a new economic model

Ladies and Gentlemen,

7. The larger challenge before us lies not in addressing the
short-term vulnerabilities and dislocations but over the long-term
national competitiveness. In the last three decades, we have made
great strides in poverty eradication, enhancing the living standards
of Malaysians, developing world class infrastructure and providing
respectable economic growth. We have become a successful
middle-income economy. But we cannot and will not be caught in the
middle income country trap. We need to make the shift to a high
income economy or we risk losing growth momentum in our economies
and vibrancy in our markets. The challenge of managing such a major
transition is not easy and has been made more considerable by the
weakness in the global financial architecture and intensifying
competitive pressures arising from dramatic changes in the global
economy.

8. But let me assure you, that making this transition to a high
income economy for the future of our country has become my key
priority. My government’s policies and priorities will be driven by
this overall objective. The concept of 1Malaysia that I have
propagated is meant to get all Malaysians to work as one team in
order to achieve one goal and that is towards a developed nation by
2020. I have set in motion, efforts to formulate a new economic
model, which will be base on innovation, creativity and high value,
to lift us into the ranks of a high income nation within the decade.
Our new economic model is intended to shift our reliance from a
manufacturing base dependent on semi skilled and low cost labour to
one that hinges on a high technology and modern services sector
dependent upon skilled and highly paid workers.

9. The implementation of the new economic model will require a
major and comprehensive policy overhaul in many areas but it is
pivotal for Malaysia’s future. We need to make fundamental changes
in strategies as well as mindset. We will adopt a holistic approach
to bring about competition in all sectors of the economy. We will
systemically foster innovation as a key driver of value add and
promote higher value add sources of growth such as , private
education, health tourism, Islamic finance, ICT, creative industries
and biotechnology.

10.In this context, it is critical to sustain the momentum through
policies that are market-friendly and that create new sources of
growth in the services sector. Therefore, we will continue to modify
or eliminate policies that inhibit growth. The work has already
begun. We have already announced the liberalization of 27 services
sub-sectors and followed through with liberalization measures to
enhance the role of the financial sector as a key enabler and
catalyst of economic growth.

Ladies and gentlemen,

The Capital market – making the strategic shift towards a growth
agenda

11.Similarly, in the capital market, we have come a long way.
Assisted by a structured development agenda through the Capital
Market master plan, we have developed one of the most diversified
and broad based capital markets in the region. We have a deep and
sizeable bond market that is the third largest in Asia benchmarked
by GDP. We have one of the largest exchanges in ASEAN and with the
highest number of listed companies. The fund management industry is
growing rapidly and we have the largest unit trust industry in
ASEAN. The Islamic capital market is the largest in the world, with
more then 60 percent of global sukuk issuance out of Malaysia; the
largest number of Islamic funds globally and a large number of
Shariah-compliant equities. Our regulatory framework is
internationally benchmarked and has been assessed to be of
international standards by expert external assessors. We have
attracted leading international firms in broking, fund management
and Islamic finance to establish operations in Malaysia.

Internationalising the capital market

12.Moving to the next phase of developing our capital markets will
necessitate greater internationalization. This is inevitable and is
an integral aspect of a high income strategy. Internationalisation
of the financial services sector and the capital market will serve
to expand the scope of opportunities for our country – as was
evident with the resources and manufacturing sector. Liberalizing
ownership rules will serve to allow foreign players who wish to
invest in our country and to use Malaysia as a base for their
regional and international operations. Liberalisation is therefore
inevitable and we can only choose to manage its pace. It would be to
Malaysia’s advantage to liberalise at a faster pace as this would
also allow us the flexibility to tap international opportunities
earlier.

13. We also expect the wider participation of foreign players to
raise the level of competition and to promote innovation to drive
growth at a faster pace. This would facilitate the Malaysian capital
market industry to attain higher competitiveness by rapidly
expanding the range of choice and quality of offerings that is
available to customers. Growth will be driven by investments in
technology, talent, infrastructure, R & D and marketing to maximize
long-term revenue growth and enhance market vibrancy. Our domestic
players have built strong local operations. Some have even
established regional presence. They should now leverage on the
flexibilities granted to explore new opportunities and business
models by establishing strategic partnerships and alliances to
expand their global reach. I have every confidence in their ability
to raise the bar and compete effectively. The pie must expand. There
is no point in having a larger share of a shrinking pie.

14.This has formed the basis of some of my recent announcements on
the liberalisation of the services sector including recent measures
announced for the banking sector. I am pleased to therefore announce
a set of measures today that will have the same impact on the
Malaysian capital market.

Ladies and gentlemen,

Investment Management – Fund management and unit trust segments

15.To further strengthen Malaysia’s position in the fund management
and unti trust segment of the capital market value chain and to
allow fund managers an additional option to establish their
operation in the region, I am pleased to announce the following.
First, ownership in the wholesale segment of the fund management
industry will be fully liberalized to allow 100% ownership for
qualified and leading fund management companies to establish
operations in Malaysia. Second, for the retail segment, the foreign
shareholding limits for the unit trust management companies will be
raised to 70% from its current level of 49%.

Stock broking segment

16.Major reforms in the stock broking industry has already
strengthened domestic players and widened the scope of their capital
market activities. We have also seen greater foreign participation
through the special scheme licenses improve competition in the stock
broking industry as well the global connectivity of Malaysia’s
capital market. Some of our domestic stock broking companies have
expanded their operations into other countries. But there are still
opportunities for domestic stock broking companies to form new
partnerships, facilitate the expansion of business domestically and
internationally as well as to promote more product innovation and
expand the range of skill sets and capabilities. To allow this to
occur, I wish to announce that the foreign ownership shareholding
limits in existing stock broking companies will be increased to 70%
from its current level of 49%.

Encouraging more listings and addressing liquidity

17.There must be a lot more effort made towards attracting leading
companies to list on the exchange. The government is committed to
contribute its part through listing more of its entities and assets
to ensure more significant listings and to provide domestic and
international investors more opportunities to invest in the
Malaysian economy. We have revamped the fund raising framework with
more efficient rules and broadened the ease of financing through the
merger of the main and second boards of the exchange and
re-positioning Mesdaq as a sponsor-driven market for a wide range of
companies. We have also allowed for foreign listings and I note that
there are several already in the pipeline. I urge market players to
take advantage of these changes by redoubling your efforts to
identify quality local and foreign companies to list in Malaysia .

18.I have also asked that the issue of free float levels and
liquidity in the market be addressed immediately with a holistic
review and comprehensive measures. On its part, the government and
its associated entities will look for ways how it can contribute
towards reducing some their share holdings and having more shares
available for investors.

Ladies and gentlemen,

Safeguarding governance through effective enforcement

19.Even as we move towards a more internationalised capital market
environment, we must ensure that our regulatory objectives of fair
and orderly markets, transparency, financial soundness and investor
protection are met. In this regard, it is even more necessary to
ensure that there are high standards of ethical conduct and practice
of good corporate governance. This requires that we strengthen our
regime for effective enforcement against corporate crime and
securities offences.

20.We will be tabling in Parliament a set of far reaching amendments
to the Capital Market Services Act (CMSA) to further strengthen the
enforcement powers of the Securities Commission on corporate
governance transgressions. It will empower the SC to take action
against a director or officer who causes a wrongful loss to a PLC or
its subsidiary to the detriment of shareholders of the PLC. It will
also allow the SC to prevent the wrongful dissipation of assets of a
PLC by those managing the PLC. In addition, a new offence is created
to prohibit any person from influencing, coercing or misleading any
person engaged in the preparation or audit of financial statements
of a PLC. In addition, an independent Auditor Oversight Board will
be established through the tabling of amendments to the Securities
Commission Act 1993.

Attracting human capital

21.The capital market is a knowledge-intensive industry. Attracting
and retaining talent is a critical aspect of the process to capture
the necessary skills and social relationships to increase
international participation in the Malaysian capital market. We must
recognize that there is strong international competition for human
capital and must be in a position to fast-track the recruitment
process for international talent. For this purpose, I am pleased to
announce that BNM and SC will review all visa applications for the
financial services industry and capital market industries.

Ladies and gentlemen,

Deregulation of the Foreign Investment Committee (FIC) Guidelines

Malaysia has undoubtedly been a success story in what we have
achieved since independence. Then, Malaysia was but a poor nation
reliant on rubber and tin. By choosing a path of diversification
and industrialization, the Malaysian economy was transformed,
resulting in a higher growth trajectory than what would have been
possible if we remained reliant on those commodities. Over this
period, Malaysia sustained rapid economic growth, averaging 6.4
percent annually. Coupled with distributive policies, this rapid
economic growth benefited all segments of the population. Poverty
has now fallen to below 4 percent from 49 percent in 1970.

This is our approach of growth with equity, the Malaysian way.
There is no issue of expropriation. Equity is achieved through a
more equitable distribution of an expanding economic pie. Without
strong economic growth, we cannot achieve our objective of a more
balanced distribution. The introduction of growth with equity in
1971 also reflected Malaysia’s ability to take pragmatic and
courageous decisions, particularly to advance the national
interest at times of crisis.

Not unlike previous crises, I believe we are yet again at a
critical juncture in our nation’s journey. I am convinced that
failure or hesitation to act now will have long term ramifications
for the nation. The crux of the problem is that on one hand, we
have clear ambitions to pursue growth with equity as we strive to
achieve developed nation status. To succeed, we would need to
again transform the economy onto a higher growth trajectory. Yet,
on the other hand, we face major challenges to realizing these
ambitions, given external factors and domestic constraints to
strong economic growth.

Against our ambitions for high growth and greater equity, we are
faced with four major challenges, namely:
- First, what has worked before, in advancing Malaysia into
a high middle income country, appear to be no longer effective in
moving us towards developed nation status. Our past experience has
given us valuable lessons in what has worked well and what has not,
but they don’t necessarily provide us with a clear way forward

- Second, the competitive landscape has changed. Unlike
before, we now face intense competition, particularly globally for
capital, talent, knowledge and resources;

- Third, the global economic crisis is amplifying the need
to be a preferred investment destination, given corporations are
consolidating and moving operations to where it is most competitive;
and

- Fourth, the intensity of competition for a smaller pool
of investments, necessitates removing impediments to investments,
whether real or perceived and to administer distributional policies
more effectively but in a more market friendly manner.

In the context of the challenges that the nation faces, the
guidelines of the Foreign Investment Committee (FIC) appear to
have outlived its usefulness. When the FIC was first introduced in
1974, it represented a major component of the strategy for growth
with equity. Today, it is no longer an effective instrument to
support growth with equity. Back in the 1970, Bumiputera equity
was only 2.4%. Given the very low base, it was perhaps relevant to
adopt allocation type policies to quickly redress the imbalance.
Back then it was still practicable to use such policies, given the
relative lack of competition for investments.

Ladies and gentlemen,

Today, we face a completely different scenario. Investment
policies creating regulatory uncertainty and that are not in line
with international practice, will only constrain our growth
potential. Growth, that will allow our distributional objectives
to be achieved. Further, the dynamism and complexity of today’s
economy does not sit well with the blunt ‘one size fits all’
approach of FIC. With the progress achieved and enhanced
capabilities of Bumiputeras today, the pursuit of sustainable
equity requires a focus on effective and meaningful economic
participation, not just ownership. A 30% minority stake in a given
company in fact does not provide an avenue for representative
participation. Further, it has been shown that the lack of capital
results in the 30% stakes held at company level not being
sustainable. Thus, an objective assessment would conclude that the
FIC in its current form does not facilitate growth nor does it
effectively promote sustainable equity for the
“capital-disadvantaged” bumiputera.

The world is changing quickly and we must be ready to change with
it or risk being left behind. If we stand still and attempt to
cling on to the past glories during these dynamic times, we will
be swiftly overtaken by our competition, as we have overtaken
others in the past. It is not a time for sentiment or half
measures but to renew our courage and pragmatism to take the
necessary bold measures, to advance the national interest, for the
long term benefit of all Malaysians. Pragmatism requires a focus
on substance, not form. The Government continues to be committed
to pursue the spirit and substance of growth with equity. We are
not hostage to forms or instruments, which whilst have been long
associated with growth with equity, are no longer effective in
substance.

As a major initiative to ease doing business in Malaysia and make
Malaysia more attractive as an investment destination, I am
pleased to announce a comprehensive deregulation of investment
guidelines administered by the FIC. The scope and functions of the
FIC have been substantially rationalised. FIC’s scope now involves
far fewer transactions, far fewer rules and far fewer conditions.
This is in line with the Government’s focus towards establishing a
more conducive regulatory environment for the private sector to
prosper, by facilitating robust investment activity and a more
vibrant capital market.

The review of FIC guidelines encompasses:-
- First, acquisition of equity stakes, mergers and
takeovers;
- Second, treatment of fund raising by listed companies;
and
- Third, acquisition of properties.

With immediate effect, the FIC guideline covering the acquisition
of equity stakes, mergers and takeovers is repealed, without any
new guideline in its place. The FIC will no longer process any
share transactions, nor impose equity conditions on such
transactions. This represents a major rationalisation of FIC
regulation. Up till yesterday, processing such transactions were
the mainstay of FIC. From today, this function of FIC ends.

Notwithstanding this deregulation, the national interest in terms
of strategic sectors will continue to be safeguarded through
sector regulators. Companies in such sectors will continue to be
subject to equity conditions as imposed by their respective sector
regulator, such as the Energy Commission, Commercial Vehicles
Licensing Board, National Water Services Commission, Malaysian
Communications and Multimedia Commission. Even for such regulated
companies, the repeal of the FIC guideline enhances the regulatory
environment, given that the oversight will only be by the sector
regulators, who are best placed to tailor regulation according to
the needs of their respective sectors.

The treatment of fund raising by listed companies has also been
significantly enhanced towards raising Malaysia’s attractiveness
as a listing destination. Currently, companies seeking listing are
required to satisfy the public shareholding spread requirement of
25% based on Bursa Malaysia’s Listing Rules and also, the
Bumiputera equity condition based on FIC guidelines. Going
forward, the public spread requirement remains and in addition,
the SC will introduce a new guideline which requires companies
seeking listing, to offer 50% of the public shareholding spread to
Bumiputera investors. The Bumiputera equity condition therefore
becomes subsumed within the public spread requirement. This
reinforces the competitiveness of Bursa Malaysia as a listing
destination as promoters of companies seeking listing will no
longer need to divest equity beyond that required to satisfy the
public spread requirement.

In addition, to further ease raising funds from the capital
markets, post-listing fund-raising exercises will no longer be
subject to any equity condition. This deregulation will
immediately support existing listed companies seeking to raise
funds to undertake investments and reduce the friction cost of
compliance.This new requirement to offer 50% of public
shareholding spread to Bumiputera applies only to Malaysian
companies seeking listing on Bursa Malaysia. The current guideline
for foreign companies to seek listing without any need for
compliance with any equity conditions remain and we have seen
several foreign companies successfully applying for listing in
Malaysia as a result.

The scope of FIC with respect to property transactions will also
be substantially rationalised with immediate effect. The FIC
approval for property transactions will now only be required where
it involves a dilution of Bumiputera or Government interests for
properties valued at RM 20 million and above. All other property
transactions, including those between foreigners and
non-Bumiputeras, will no longer require FIC approval. For example,
a dilution of Bumiputera interests refers specifically to the
instance where a property is currently majority held by bumiputera
and as a result of a transaction ceases to be owned by a majority
bumiputera entity. Transactions no longer requiring FIC approval
fall into 2 categories; First, any transactions involving sale by
non Bumiputera or foreign majority interests (e.g. Non-bumiputera
selling to foreign) and second, any transactions involving
purchase by bumiputera controlled entity and this would include a
bumiputera owned company acquiring property from another
bumiputera owned company. This deregulation is expected to
facilitate greater property transactions and investments,
including acquisitions of commercial properties by foreign
interests.

The Government believes that the above easing of regulations will
significantly enhance Malaysia’s value proposition as a place to
do business and invest. With the comprehensive easing of FIC
guidelines at the firm level, the Economic Planning Unit will
re-focus its efforts towards coordinating and monitoring
distributional policies at a macro level. In this respect, the
Government remains committed towards enhancing economic
participation by Bumiputeras. A new approach shall be undertaken,
focused on promoting sustainable, meaningful and effective
participation through genuine partnerships and meritocracy. Let me
emphasize here that whilst the government remains fully committed
to the goals of equitable growth, our approach will be to
implement these goals in a market friendly manner, given that
robust and sustainable growth is a pre-condition for equitable
distribution.

Ladies and gentlemen,

In line with this new approach, a new investment institution,
called Ekuiti Nasional Berhad (Ekuinas) will be established.
Ekuinas will be set up as a private equity fund, with an initial
capital of RM 500 million. It is targeted that Ekuinas will
subsequently be enlarged to become a RM 10 billion fund. Ekuinas
will focus its investments in sectors with high growth potential,
in line with supporting the New Economic Model. At the same time,
Ekuinas will invest jointly with private sector funds, in order to
promote genuine partnerships and a fully commercial approach. In
this way, participation of Bumiputeras through Ekuinas will be
premised on merit.

Since the 1970s, the capabilities of Bumiputera professionals have
been substantially raised. The Bumiputeras of today are keen to
contribute and compete to play an active role in employment,
management and as vendors. It is hoped that through investment
funds such as Ekuinas, the ambitions of the best and brightest
amongst Bumiputeras can be supported and nurtured.

The comprehensive deregulation of FIC guidelines has been
formulated to strengthen Malaysia’s attractiveness as a place to
do business and invest, for Malaysians and foreigners alike. A
facilitative business and regulatory environment, which unleashes
the full potential of the private sector is required, together
with a new economic model to transform the nation towards a
sustainable trajectory of higher growth. Combined with a more
effective distributional policy, the Government is convinced the
measures announced benefits all stakeholders. We are committed to
drive strong economic growth, which is equitably enjoyed by all
Malaysians, in line with the spirit and substance of promoting
growth with equity.

Ladies and gentlemen,

GLCs and Corridor Development: Continuity and Change Anchored on
Competitiveness

40.In order for Malaysia to successfully realise its ambition for
developed nation status, there will clearly be key areas in need of
major change and at the same time, other areas where we are already
in the right direction, which therefore will be reinforced. In this
regard, our policies on Government Linked Companies (GLCs) and
corridor development going forward will involve a judicious
combination of continuity and change.

41.GLCs continue to constitute a major part of the nation’s economic
structure. Thus, it is in the national interest that GLCs play their
role, both in supporting the success of other companies that make up
Malaysia Inc. and at the same time, leading the way as successful
corporations in their own right. Both roles require a continued
focus on performance and competitiveness, which needs to be
benchmarked, not only locally but at global standards. In this
context, the Government is committed to ensure that the GLC
Transformation Programme continues to be implemented. If anything,
with greater urgency and focus. The continued drive for high
performance is critical to ensure that Malaysia is able to unlock
its full growth potential.

42.There are clearly key examples of GLCs which must aspire to
greater heights, whether in terms of being best in class or emerging
as future regional if not global champions. These include the likes
of Petronas, MISC, Sime Darby, MAS, Axiata, CIMB, Maybank but to
name a few. These companies must continue to pursue an increasingly
international outlook in terms of market penetration and
international competitiveness. The success of such Malaysian
champions will help define the boundaries and reach of Malaysia Inc
in the years to come.

43.At the same time, GLCs are significant in the Malaysian context,
not only in terms of their size but also with respect to the
business critical functions they provide to businesses in Malaysia,
particularly services such as electricity, telecommunications,
postal, airlines, airports, water and financial services. Hence,
greater competitiveness and performance by such GLCs supports the
competitiveness of Malaysia Inc.

44.Beyond supporting through competitive services, GLCs must also
play a complementary role in the development of the Malaysian
private sector, in terms of the space in which it competes. In terms
of defining the role of GLCs going forward, three key principles
will be applied. First, GLCs should be focused on core activities
and therefore, should proceed to dispose of non-core activities;
Second, GLCs should only operate in sectors, in which GLCs as
institutionally owned entities can be competitive and even in these
sectors, GLCs should catalyse and develop the domestic eco-system,
including vendors. GLICs should divest companies operating in
sectors or scale of activities best undertaken by entrepreneurs.
Third, in their respective core sectors, GLCs must compete on a
level playing field with private sector. There will be no issue of
Government providing assistance to GLCs by virtue of its
shareholding, to the detriment of private sector competition.
Through these principles, the Government is confident that GLCs will
play a complementary role with the private sector towards fully
unleashing the dynamism of Malaysia Inc and enhancing the
competitiveness of the country.

45.Similarly, the Government's support and drive for corridor
development will continue anchored on the competitive intrinsic of
each corridor and in terms of its activity to help drive
immediate-term fiscal stimulus imperatives as well as medium and
longer term structural change to the economy.
In this regard, the development of Iskandar Malaysia for example
will continue to be driven anchored on its push towards greater
regional integration in a networked economy and its propensity to
develop a new template for newer higher value-add service-based
sectors including in healthcare, wellness, education, leisure and
tourism and logistics services

Conclusion

46.In conclusion, if there was one message I wanted to leave with
the investment community, it is that there should be no doubt that
Malaysia welcomes foreign and local investors and participants. We
can only achieve high income by creating more opportunities for
growth rather than protecting our narrow turf. We can only achieve
our social equity goals by expanding the pie. A high income society
must be socially inclusive. It must provide incentives for those who
“have a lot” and yet be fair to those who “have a little”. It must
lead to high returns for companies and entrepreneurs who invest,
better and higher incomes for those that are employed and greater
capability for those who require assistance to help themselves or to
get help from government. Above all, a high income society must be
one where every Malaysian feel they have a place and a promising
future under the Malaysian sun. It is toward this ultimate goal that
I dedicate the energies and efforts of this Government. I hope as
investors, you too will continue to play your part, and walk along
with us in this great Malaysian journey.

Thank you.

PM Najib Invest Malaysia 2009 Key notes

2009-07-01T00:00:00.001+08:00

Key Highlights:

-Foreigners can now own 100% of fund management company in wholesale and up to 70% (previous 49%) for retail segment
-Foreign limit for local broking firms increased to 70% from 49%
-FIC guideline covering the acquisition of equity stakes, merger and takeover is repealed, without any new guideline in its place
-No more requirement to staisfy the public shareholding spread of 25% and the 30% bumi equiy condition for new listing on bursa
-New guideline - require companies seeking listing to offer 50% of the public shareholding spread to Bumi investors
-Post listing fund raising exercise will no longer be subject to any equity condition
-FIC rules will still apply for properties >RM20m and and which involves a dilution of bumi interest
-set-up a RM10b private equity fund to invest in high growth sectors possibly in partnership the with private sector

From: UOBKayHian

Invest Malaysia 2009

2009-06-27T16:50:00.003+08:00

Invest Malaysia 2009 starts next week on 30th June, Tuesday until 1 July Wednesday.
PM Najib will deliver key notes on Tuesday, so watch out the post Invest Malaysia market movement. Last year Market reacted positively by moving up for 3 days but subsequently being sold down.

Personally i hope there is a change in policy, only then will stage a sustainable rally.

Some information about Invest Malaysia 2009: http://www.investmalaysia09.com/

Invest Malaysia is an annual institutional investor conference showcasing selected Malaysian corporate companies and profiling Malaysia as a destination of investment.

The upcoming Invest Malaysia 2009 conference will be the 5th since its inception in 2005, and is sponsored by Bursa Malaysia, CIMB and supported by CMDF ( Capital Market Development Fund). Held on June 30th - July 1st 2009, it will be another platform for the capital market to unravel and bring together regulators, market players and investors for an insightful event.The conference is the investment premier event that attracts both local and foreign fund management and is expected to be attended by more than 500 people.

The Prime Minister of Malaysia will be delivering the keynote address on Day 1 and will provide his inspiration to the market players and audience. Invest Malaysia 2009will also have a policy and major Malaysian corporate drivers to panel discussions and presentations aligned to this year's theme of Malaysia's Growth Drivers.

Invest Malaysia is organized by CIMB, Bursa and CMDF

Some information about CFA Program

2009-06-21T17:50:00.004+08:00

Excerpt from CFA Institute website: http://www.cfainstitute.org

What is CFA institute?
CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA and CIPM designations. We promote the highest ethical standards and offer a range of educational opportunities online and around the world.

=====

What is a CFA program?
A self learning, graduate level program for investment professionals

=====

Overview
When you sign up for the CFA Program, you become a candidate. As a candidate, you:
-Study for three exams using an assigned curriculum
-Take the three levels of the exams sequentially

If you pass all three exams, meet the professional and ethical requirements, and become a regular member of CFA Institute, you become a CFA charterholder.

Exams for all levels are held in locations around the world. Level I exams are held in June and December. Levels II and III are only held in June.

You can take as long as you need to complete the program, and there is no limit to the number of times you can take each exam. The curriculum changes each year to meet the dynamic nature and complexity of the global investment profession.

Course of study:
http://www.cfainstitute.org/cfaprog/courseofstudy/index.html

=====

Requirements:

Have a U.S. bachelor’s (or equivalent) degree
Or be in the final year of your bachelor's degree program at the time of registration
(Note: education information must be updated before progression to Level II)
Or have four years of qualified, professional work experience
Or a combination of work and college experience that totals at least four years.
(Note: summer, part-time, and internship positions do not qualify)

Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility).

Be prepared to take the exams in English.

https://www.cfainstitute.org/cfaprog/charterholder/program/program_require.html

=====

Fees:
https://www.cfainstitute.org/cfaprog/register/fees.html

For new candidate, you are required to pay a one off enrollment fee of USD390 / USD465 (last date for enrollment), exam registration fee varies upon your registration deadline. There are 3 deadlines in general.

Regitration fee includes a set of curiculum which will be fedex to your house.

If you fail, you are required to pay USD550 for repeating and that includes a new set of curiculum as well.

=====

To become a CFA charterholder

>>You need to pass all 3 level of exams.
>>Become CFAI member.
>>You need to have 4 year relevant industry working experience, full time position with qualifying activities:
a. Evaluating and applying financial, economic, or statistical data involving securities or other investments, or producing work that adds value to the process
b. Supervising persons who practice such activities
c. Teaching such activities
>>Pay dues.

https://www.cfainstitute.org/cfaprog/charterholder/membership/
https://www.cfainstitute.org/cfaprog/charterholder/membership/work_experience.html

=====

Faqs

https://www.cfainstitute.org/cfaprog/faq/index.html

=====

Some external tuition centre for CFA program in Malaysia

- IMS Inti Management School (http://www.ims-inti.com/ims/index.php)
Fee schedule: http://www.ims-inti.com/ims/index.php?id=30

- Kasturi (http://www.kasturi.edu.my/?page=pri&pid=39#cfa)

- Suria college

=====

At present i am a Level 3 CFA candidate. I wish to sell my Level 3 books too. If you are interested, please contact me, thanks.

KLCI got any support ?

2009-06-19T00:46:00.003+08:00

Concerns on economy recovery and negative news flow from IDR sent KLCI to 1054. Retailers are panic selling at the moment. If you notice, stocks were queuing lower in order to absorb cheaper stocks. Cheap RM also indicates some outflow.

So where is the support?

Technically, i would believe the correction would be overdone as public still lack of confidence as the market has been going up for months not weeks. Everyone is fear.
So the support would be around 1035 - 1040 and bottom still cap at 1000.

Mid - Long term trend still looks good.

Buy on dip. I believe there are more to come.

Where is KLCI heading ? Volume as your bellweather.

2009-06-13T00:30:00.005+08:00

1st Apr - 11 May : Volume hit 3.85B at peak @ 1034 (Please refer to 2006-2007 chart & volume)

As public becomes optimistic and believe that any stocks they are buying would make them money, smart monies should be catious about the current trend and be prepared to exit whenever the volume surge higher than 3.85B OR beg the profit which satisfy you. Do not be greedy.

I believe we will see another volume peak in 2 weeks time before Invest Malaysia 2009. Again, volume could be your bellweather. Sell on strength.

Some data for reference
=======================

(2006 - 2008)
Wave 1 to Wave 2 was around 2 months and 3 weeks.

Wave 1: Volume 2.2B, KLCI retraced 6%
Wave 2: Volume 4.85B, KLCI pulled back 17.8%
Wave 3: KLCI pulled back 16.7% with average 2B trading volume
Declining trend of trading volume until Peak @ 1505.71 , average trading volume at 2B

Market Rumour

2009-06-11T00:57:00.003+08:00

1. Ride on the feel good factor and to continue it to next year for ELECTION.

2. MRT extension to IDR and Free zone for Singaporean. Old story but worth to relook. Too, the packages. - IRIS, PATIMAS, UEMLAND

3. Trans Penisular Pipeline could have Plan B. - O&G

These are market rumours, and i am not recommending any shares, buy or sell at your own risk.

Market to go up until Najib 100 days ?

2009-06-05T17:50:00.002+08:00

The KLCI is attempting on 1077, its 32.8% fibonacci. Historical data in 97-98 and 2001-2002 has told us that, a recovery movement will always face a leg down when it hit 32.8% fibonacci. Could it be an exception this round ?

Najib 100 days in office - from 8/4 to mid of July
CIMB invest Malaysia 2009 - from 30 June to 1 July

Rumours on operators will push the market on this 2 events already circulating on the market.

My target would be 1077, 1090, 1164, 1300

I believe market will have a leg down on August after these events. Market cant straight line go up without coming down right?

Its time to switch to lower liners ?

Crazy spanish bull runs until you dont believe

2009-06-01T21:28:00.005+08:00

While everyone was still pondering what direction should the market go, the bull already started with smart money came in and made all the easy money.

While everyone was still thinking the leg down will kick in, the market reacted the other way by extending the leg up.

While everyone was thinking that to breach resistances, the market would take a breather, the market just kept on going up like rocket.

People scared this is a trap, but when market keeps on going up, the starting to believe this is a spanish bull, and starting to "Sai Lang" (money all in), practicing buy high sell low strategy to benefit smart investors.

Now what is in your mind? Up Down ? Down Up ? Up Up Down Down ? Down Down Up Up ?
I believe this crazy bull is losing his mind, keep on running because his eye is covered by red cloth.

Next would be 1077 , 1090 , 1164 , 1250 , 1300.
Downside at 980 - 1000 , next 950

What to buy? This is a good question. As dollar is depreciating like nobody business, i think resources based counters would give you good return.

KNM Group

2009-05-30T21:04:00.004+08:00

KNM surged on last friday after the company released better than expected result. Its share price had been consolidating since mid of May, building a strong base to challenge RM 1.

Technical reading:

MACD was forming bullish golden cross
RSI regained momentum
DMI showed bullish direction

Resistance: RM 0.895 , RM 1 (should i hold firmly at the resistance turn support point at RM 0.895), RM 1.26

Fundamental:

Some reports from Brokers: KNM Broker reports

Bank Negara Malaysia on Tuesday 26 May

2009-05-24T13:42:00.004+08:00

Bank Negara Malaysia to decide on OPR.

While many were expecting a cut previously, BNM had maintained the OPR, leaving room for manoeuvre, shall the gloomy economic condition remains gloomy.

Stop cutting interest rate indicates the view on economic condition is turning, at least for now.

I believe BNM will keep OPR unchange for now, which would be another catalyst to send the KLCI benchmark higher.

In my yesterday post http://todayfinancialworld.blogspot.com/2009/05/catalyst-for-uptrend.html, i have mentioned catalysts that are positive to the market.

Please support my blog thru various available means if you find the information shared is invaluable. Thanks