KITA MALAYSIA

Malaysian PM: Environment should be priority

noreply@blogger.com (Transporter09) — Mon, 24 Oct 2011 11:11:00 +0000

‘Environment protection cooperation’

Yab Dato' Sri Mohd Najib Tun Abdul Razak

Prime Minister of Malaysia

The opening ceremony of 8th China-ASEAN Expo October 21, 2011, Nanning, China

Your Excellency Wen Jiabao; Premier of the People’s Republic of China,
Your Excellencies, Leaders of ASEAN Countries,
Your Excellency Governor of Guangxi Zhuang Autonomous Region,
Distinguished Guests,
Ladies and Gentlemen,
I am delighted to be here with all of you today at the 8th China-ASEAN Expo – an event that continues to go from strength to strength, bringing together business communities from China, ASEAN and all over the world and the increasing regional cooperation and global ties.
This year I am especially proud because Malaysia has been named Country of Honour. I would like to thank the organizers both personally and on behalf of the more than 100 Malaysian companies taking part in this event for what is indeed a privilege.
This year’s event is particularly significant because it marks the 20th anniversary of the establishment of formal links between ASEAN and China. Over this period the ASEAN-China relationship has grown significantly, buoyed by a common commitment to our mutual development. Through close co-operation we have worked to improve public health, including the establishment of the Risk Communication Resource Centre here in Malaysia to manage infectious diseases outbreaks. We have worked to build the fabric of our societies by controlling and combating drug use. And we have worked to integrate our economies and boost our sources of growth by implementing the China-ASEAN Free Trade Agreement – an agreement that means companies from Kuala Lumpur to Beijing and from Bangkok to Shanghai can reap greater rewards from trade, expand their opportunities to invest and step up their regional and global presence.
But as our economies continue to integrate and expand, we must not allow them to do so in a way that will consign future generations to wealth without the wonders of the natural world. We can build an ice rink or put a roof on a football stadium, but we cannot yet do the same with glaciers or the ozone layer.
What we can do is change our ways and, by promoting cleaner technology and reducing fossil fuel emissions, start to reverse the damage that has already be done. But this will take not just thought for tomorrow but action today, which is why it is so important that this Expo addresses critically important issues like environmental protection and sustainable development.
The background to this development comes of course from the 11th ASEAN-China Summit in 2007, where those nations present agreed that “environment” should be added to the list of priority areas for cooperation. In subsequent years the China-ASEAN Strategy on Environmental Protection Cooperation 2009-2015 went on to pave the way for the establishment of the China-ASEAN Environmental Protection Centre in China.
Ladies and gentlemen,
The breadth and bearing of the Centre is not hard to see and, in leading plans for environmental projects, environmental strategies and promoting environmental industries in China and throughout ASEAN, I have high hopes that it will become a hugely significant institution. One of the projects it has already announced is the China-ASEAN Green Envoys Plan, which aims to increase the use of no-harm-to-the-environment technology, environmental labeling and clean production.
But the weight of the work to be done is formidable and the responsibility could never be borne by just one institution. That is why Governments the world over need to do more to raise public awareness of environmental issues, promote environmental education and develop environmentally sound technologies.
Only in this way we can help to reverse a tide that is coming rapidly further inland and ensure that our children inherit a clean, safe and healthy planet – a planet that harvests enough crops to feed our global population and provides water that is safe to drink.
But our economic and environmental development are of course closely entwined, and as we gather here today we should be mindful of economic challenges that Europe and the US are facing and the impact these will have on us in Asia – for export growth in that part of the world is likely to be muted for some time to come and we will need to look for alternative sources to support our growth.
If we cannot do more business with the West, we can certainly do more business amongst ourselves. Trade between China and ASEAN has grown considerably over the last 20 years, from US$8 billion in 1991 to US$231.2 billion in 2010. China is now ASEAN’s largest trading partner, accounting for 11 per cent of trade last year, while ASEAN is China’s 4th largest trading partner accounting for 10 per cent of trade.
That is not to say there isn’t room to increase this on both sides – quite the opposite in fact, and I welcome China’s pledge to increase bilateral trade to US$500 billion by 2015.
Reaching this target will not be easy. All effective cooperation means working to improve our understanding of each other’s wants and needs, and we must continue to do this at the same time as improving market access for goods and services.
The convening of the first ASEAN-China Ministerial Meeting on Technical Barriers to Trade in Nanning is an important step in this direction, but I hope that we can build on our momentum, increase our ties and continue to progress for the benefit of all.
On that note, I would once again like to thank the organisers for giving me this opportunity to speak to all of you today and, on behalf of all ASEAN countries, I hope that you all enjoy the 8th China-ASEAN Expo.
Thank you.

Rising trade strains Malaysia's top ports

noreply@blogger.com (Transporter09) — Sat, 15 Jan 2011 02:06:00 +0000

MALAYSIA'S growing international trade is putting a strain on main ports, with delays in cargo handling being reported despite an increase in throughput volume, according to a business report on Malaysia.

Publisher and consultancy Oxford Business Group (OBG) said as majority of Malaysia's foreign trade as well as its domestic cargo transfer is moved by sea, delays in clearing the ports can have a direct impact on the economy.

"Bottlenecks add to the costs of both shipping firms and their clients, especially those with perishable freight or cargoes being transported on a tight deadline.

"Though there has been an increase in the number of 20-footer container units being handled by Malaysia's ports this year, some of the main cargo facilities are being stretched, with complaints coming from ...

Read the full story at www.btimes.com.my

Malaysia investors to see ‘Goldilocks’ economy in 2011

noreply@blogger.com (Transporter09) — Sun, 09 Jan 2011 17:53:00 +0000

KUCHING: In the near term, Malaysia’s growth trajectory will hinge on two major factors – namely the global economic development and the strength of private consumption in supporting domestic demand.

STRONG BEARING: On the external front, the US’ economic strength will have a strong bearing on Malaysia’s economic performance through direct and indirect trades. – Photo from mir.com.my

According to Malaysian Rating Corporation Bhd (MARC), Malaysia’s gross domestic product (GDP) growth in 2011 is anticipated to normalise but remain higher than its long term trend of 4.5 per cent to five per cent.

“The moderation in growth in the next one to two quarters is expected to continue, judging by high frequency statistics and leading indicators such as equity market movements and the Organisation for Economic Co-operation and Development (OECD) composite leading indicators (CLI) which are currently moving downward,” said the economics team in MARC.

In its report, MARC further pointed out that the benchmark equity market, the FBM KLCI which leads the economy by approximately four months had now turned downward, portended slower growth over the next few quarters.

Similarly, the sharp decline in the OECD CLI and a more moderate outlook for the manufacturing sector suggested a softer growth in the near term.

On the external front, the US’ economic strength would have a strong bearing on Malaysia’s economic performance through direct and indirect trades. Although the proportion of Malaysian exports to the US shrank to 9.7 per cent in the first 10 months of 2010, US still remained as an important final destination for a major chunk of Asean exports.

Therefore, it was not surprising that the overall correlation between Malaysia’s and the US’ economies remained high over the years, said the economics team. With the US economy expected to continue being saddled with high unemployment, growth would be slightly lower than its long term trend.

However, the lag effect of huge liquidity injections would likely provide some support to the economy that would otherwise grow at a minuscule rate.

“Going forward, we opine that the external sector will exert downward pressure on the domestic economy, especially in the first half of 2011, as demand for major products such as electrical and electronic (E&E) manufactures by advanced economies soften.

“The offsetting effect, however, will come from the commodities side, where prices of crude palm oil (CPO) and crude oil are expected to remain relatively firm,” it revealed.

On the domestic front, the demand would largely be supported by private consumption which had primarily been responsible for the country’s growth since the Asian Financial Crisis (AFC). Major factors that supported private consumption remained favourable, suggesting that consumers would likely be driving domestic demand.

The unemployment rate had declined to 3.1 per cent in the third quarter of 2010 (3Q2010), below its long term average of 3.4 per cent, providing an important catalyst for private consumption. Similarly, consumer sentiment which is another indicator of private consumption had also remained upbeat, suggesting a sustainable growth in private consumption throughout 2011.

Based on the given factors, the rating agency foresaw Malaysia’s GDP growth to moderate to 5.3 per cent in 2011, from the estimated growth of 7.2 per cent in 2010.

MARC economic report also showed that inflation was expected to creep up in 2011, but it would stay below the three per cent mark. That was due to the lack of demand driven factors that offset the rising food and fuel prices arising from the government’s subsidy rationalisation efforts to reduce the burden on its coffers.

As for food prices, it foresaw continuous upward pressure following the sustainably strong commodity

prices attributed to the uncertainty in weather conditions. In this light, Malaysia, being a net food importer, was expected to bear the brunt of strong commodity prices due to low self-sufficiency in food production.

As for fuel, it anticipated further adjustments in petrol prices by 10-20 sen in view of steady and strong prices of crude oil. Sustainable economic growth above its long term potential means that Malaysia would likely take the opportunity to reduce the burden on the government’s financial position.

On the other hand, on the demand side, the small output gap for 2011 of minus 0.6 per cent suggested that demand driven factors that were normally responsible for higher inflation were less visible.

“Against such a backdrop, we project the consumer price index (CPI) to post a moderate increase of 2.6 per cent in 2011, up from an estimated 1.9 per cent in 2010, with core inflation edging up to 2.1 per cent,” said MARC economic team.

In terms of implicit deflators, the divergence between the private consumption and GDP deflators was worth noting. While the implicit deflator for private consumption was in line with the CPI, the implicit deflator for GDP was suggesting stronger price pressures, having grown by 4.1 per cent in 3Q2010 after peaking at 6.1 per cent in 1Q2010.

However, the moderation in its growth suggested that inflation might not be a pressing issue in the nearterm.
In terms of debt sustainability, the Malaysian government’s ability to meet its obligations had been demonstrated by the decline in its debt-service charge ratio to 10.2 per cent in the first nine months of 2010 alone, with the ratio now well below the historical average of 15.6 per cent.

Additionally, analysis of the debt maturity profile revealed that the bulk of the government’s debt would mature after three years, suggesting that the risk of an asset-liability mismatch was fairly low for the Malaysian government.

On interest rates, MARC believed that demand-led inflation, if it happened, would not be a major trigger for future rate increases, as Bank Negara Malaysia (BNM) would likely resort to administrative measures instead. Furthermore, the need to sustain the growth momentum could mean that the policy rate would remained status quo in 1H2011.

In the medium term, however, Malaysia’s stable economic growth above its long term trend, coupled with the need to address financial imbalances, could lead to further normalisation, which was expected to happen in 2H2011.

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Palm Oil Drops as Rally to 34-Month High Lifts Soyoil Appeal

noreply@blogger.com (Transporter09) — Fri, 07 Jan 2011 18:30:00 +0000

Palm oil fell the most in more than three weeks after a rally to the highest level in 34 months narrowed the discount to soybean oil, increasing the appeal of the rival oil for use in food and fuels.

The March-delivery contract declined 2.7 percent to 3,761 ringgit ($1,226) a metric ton, the most since Dec. 17, on the Malaysia Derivatives Exchange. Futures also had the first weekly drop in three weeks. Prices climbed to a 34-month high on Jan. 4.

Soybean oil’s premium over palm oil contracted to $10.09 a ton yesterday, compared with the 12-month average of $84.7 a ton, according to Bloomberg data. Soybean oil traded at a discount of $14.30 on Jan. 4, the first time since June 2007 that the edible oil has been cheaper than palm.

“The rally has prompted profit-booking among investors and with palm oil at parity with soybean oil, there will be less buying,” said Krishna Reddy, an analyst at Way2Wealth Commodities Ltd. in Mumbai.

Palm oil has rallied 67 percent in the past six months on concern that cooking-oil supplies may tighten as dry weather in Argentina weakened the crop in the largest soybean-oil producer and rains damaged oil-palm harvests in Indonesia and Malaysia.

March-delivery soybean oil shed as much as 1.2 percent to 56.70 cents a pound. Futures jumped 43 percent in 2010 for a second straight annual gain.

“Concerns over the Argentine soybean crops are alive and that should support a rally in prices,” Reddy said.

India Plantations

India, the biggest buyer of palm oil, plans to increase its oil-palm area more than sevenfold as it seeks ways to lower its cooking-fat import bill of $8.4 billion, Farm Secretary P.K. Basu said in an interview yesterday in New Delhi. Plantations may cover 1 million hectares (2.47 million acres) in the next five years, from 130,000 hectares now, he said.

Palm oil for September delivery on the Dalian Commodity Exchange tumbled 2.3 percent to 9,852 yuan ($1,486) a ton and soybean oil for delivery in the same month declined 2 percent to 10,586 yuan a ton.

CME Group Inc.’s March palm oil contract, pegged to the Malaysian benchmark price, declined as much as 0.9 percent to $1,226.75 a ton and traded at $1,228.75 at 4:43 p.m. in Singapore.

Top Malaysia panel to probe government agency's interrogation of opposition aide who died

noreply@blogger.com (Transporter09) — Fri, 07 Jan 2011 18:29:00 +0000

KUALA LUMPUR, Malaysia - Malaysia's leader pledged Friday to form a rare high-level panel to investigate the official anti-graft watchdog's interrogation of an opposition party aide who later died mysteriously.

Teoh Beng Hock was found dead on a building roof next to the office of the Malaysian Anti-Corruption Commission in July 2009, hours after agency officials questioned him over suspected misuse of state funds by his boss.

The case has pressured Prime Minister Najib Razak to address allegations that police and other authorities use excessive force against suspects during interrogation.

Teoh, 30, was the aide of an opposition state legislator. An inquest into Teoh's death left it unresolved, with the coroner saying Wednesday that there was inadequate proof of suicide or murder.

Najib said a Royal Commission would soon look into the anti-corruption agency's investigation procedures and determine whether there was "any violation of human rights" during the questioning of Teoh.

It would be only the fourth time Malaysia's government has established a Royal Commission in the past 20 years. The commissions are meant to probe issues of great public interest and have wide powers to compel witnesses to provide testimony and to seize documents for evidence.

Opposition leaders nevertheless voiced frustration that the panel would not specifically investigate whether anti-graft officials were responsible for Teoh's death.

Najib said the attorney general would file a court application for the inquest's coroner to revise his ruling, but it was not immediately clear whether that could lead to a new investigation or criminal charges against anyone.

"What is important for us is to know the truth, and the government wants to know the truth. We will do our utmost to find out the truth," Najib told a news conference.

The Royal Commission will comprise "eminent and respected" members, Najib said, promising more details soon.

The anti-graft agency has denied having any direct role in Teoh's death. A reputed Thai forensic expert told the inquest last year that Teoh's death was almost certainly a homicide. Two Malaysian government pathologists, however, testified that he most likely committed suicide.

ISHARES MSCI MALAYSIA INDEX FUND: THE WINNING STREAK CONTINUES (EWM)

noreply@blogger.com (Transporter09) — Thu, 06 Jan 2011 18:00:00 +0000

(SmarTrend(R) News Watch via COMTEX) -- Shares of iShares MSCI Malaysia Index Fund (NYSE:EWM) traded at a new 52-week high today of $14.71. Approximately 1 million shares have traded hands today vs. average 30-day volume of 1.9 million shares.

iShares MSCI Malaysia Index Fund is currently trading at $14.63, approximately 4.2% above its 50-day moving average of $14.03. SmarTrend will be monitoring shares of EWM to see if this bullish momentum will continue.

In the last five trading sessions, the 50-day MA has climbed 0.24% while the 200-day MA has risen 0.37%.

In the past 52 weeks, shares of iShares MSCI Malaysia Index Fund have traded between a low of $10.18 and a high of $14.59 and are now at $14.63, which is 44% above that low price.

SmarTrend currently has shares of iShares MSCI Malaysia Index Fund in an Uptrend and issued the Uptrend alert on June 21, 2010 at $11.96. The stock has risen 21.6% since the Uptrend alert was issued.

Write to Chip Brian at cbrian@tradethetrend.com

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Copyright, Comtex News Network, Inc. 2011

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As of Friday, 12-31-2010 23:59, the latest Comtex SmarTrendA? Alert,
an automated pattern recognition system, indicated an UPTREND on
06-21-2010 for EWM @ $11.97.

For more information on SmarTrend, contact your market data
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Malaysia seen as good market for 'Sandy Bridge'

noreply@blogger.com (Transporter09) — Tue, 04 Jan 2011 16:08:00 +0000

MALAYSIA, which has surpassed its 50 per cent broadband pene-tration target earlier than projected, is expected to provide a good end-user market for the soon-to-be launched Intel's next-generation family of microprocessors codenamed Sandy Bridge.

Intel Semiconductor Ltd vice-president and general manager (Asia Pacific) Navin Shenoy said Sandy Bridge will transform computers and make them faster with various capabilities.

"We will launch in Malaysia at the same time as in the US. The whole eco-system is ready," he said, adding that Sandy Bridge will be officially unveiled at the Consumer Electronics Show in the US on Wednesday.

Sandy Bridge, Intel's second-generation core processor family, will power the latest desktop computers, laptops and ...

Shoppers to pay 20 sen for each plastic bag on Saturdays

noreply@blogger.com (Transporter09) — Sun, 02 Jan 2011 18:56:00 +0000

PETALING JAYA: Shoppers throughout the country will now have to pay 20 sen for each plastic bag when they shop at hypermarkets, supermarkets and Petronas service stations on Saturdays.

The move, which is already in force in Selangor and introduced to reduce the eight billion plastic bags used each year in Malaysia, caught many shoppers by surprise.

Other developments:

> The sum charged will go to a special fund which will benefit the environment and community;

> Shoppers in Penang will have to pay for their bags in these outlets every day; and

> Plastic industry players in Penang have expressed unhappiness, vowing to distribute 30,000 free bags in defiance of the move.

Malaysia, Yemen, Gulf Investment, France: Islamic Bond Alert

noreply@blogger.com (Transporter09) — Wed, 29 Dec 2010 16:00:00 +0000

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.

Global sales of sukuk fell 24 percent to $15.3 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008.

MALAYSIA: Malaysia will sell 1.5 billion ringgit ($485 million) of 91-day Islamic bonds in an auction on Jan. 3, the central bank said in a statement.

YEMEN: Yemen plans to raise $500 million from the sale of Islamic bonds next year, Reuters reported, citing Finance Minister Nomanal-Suhaibi as saying.

DUBAI: The government is “likely” to sell bonds next year and a Malaysian offering is possible, Abdulrahman Al Saleh, the director general of the emirate’s Department of Finance said. The country hired CIMB Investment Bank Bhd. as a lead arranger to help sell multi-currency sukuk in Malaysia that may range between $1 billion and $1.5 billion, according to a person with knowledge of the plan. The timing of the sale hasn’t been decided, said the person, who asked not to be identified as the details are private.

GULF INVESTMENT CORP.: The Kuwait-based financial institution will set up a 3.5 billion ringgit Islamic fund- raising program in Malaysia in January, Reuters reported, citing a person it didn’t identify.

FRANCE: The country’s first Islamic bond may be sold in early 2011 after the government introduces guidelines for sukuk offerings, said Thierry Dissaux, chief executive officer of the French Deposit Guarantee Fund. The debt may be in dollars and euros, he said.

SAUDI INTERNATIONAL PETROCHEMICAL CO.: The company, based in Al-Khobar, will sell at least 1.5 billion riyals ($400 million) of Islamic bonds to fund expansion plans, it said in a statement on the Saudi bourse website. The bonds will be issued in the first quarter of 2011 to diversify funding for projects and investment, according to the statement.

GENERAL ELECTRIC CO.: The company is looking to sell Islamic bonds in the “near future,” Nabil Habayeb, the company’s president for the Middle East and Africa, said in Abu Dhabi without giving details. Its unit General Electric Capital Corp. sold $500 million of sukuk in Malaysia in November last year.

PALESTINE MONETARY AUTHORITY: The central bank of Palestine may sell as much as $50 million of Islamic notes in 2011 to jumpstart the territory’s Shariah-compliant finance industry and raise funds to construct its headquarters, Governor Jihad al- Wazir said in an interview in Ramallah on Nov. 25.

NAKHEEL PJSC: The property unit of Dubai World may issue an Islamic bond to trade creditors in the first quarter, said Faisal Mikou, executive vice president at the Investment Corp. of Dubai, on Nov. 28. The developer of palm-shaped islands off Dubai’s coast may issue as much as $3.2 billion of five-year sukuk to pay contractors as part of its debt restructuring plan, JPMorgan Chase & Co. said in a report Aug. 26.

SABAH CREDIT CORP.: The state-backed investment company hired AmInvestment Bank as the principal adviser and lead arranger to help sell as much as 1 billion ringgit of Islamic bonds next year, which will be the company’s first sukuk issuance, Azman Hashim, chairman of Malaysia’s AmBank Group, said in a Nov. 24 e-mailed statement.

CREDIT AGRICOLE SA: The French bank is working on two or three benchmark Islamic bonds from the six-member Gulf Cooperation Council and they will be sold before the end of the first quarter, Simon Eedle, global head of Islamic banking at the bank, said in a Nov. 23 interview in Manama, Bahrain.

NOOR ISLAMIC BANK: A lender controlled by Dubai’s government is working on two sukuk sales for the first quarter and may underwrite four to five Islamic bond sales in 2011, Chief Executive Officer Hussain Al Qemzi said in a Nov. 23 interview in Manama, Bahrain.

NATIONAL COMMERCIAL BANK: Saudi Arabia’s largest lender will sell its first Islamic bond in the second quarter of 2011, said Abdulrazzak Elkhraijy, executive vice president and head of the Islamic banking development group. Elkhraijy, speaking in an interview in Manama, didn’t give the size of the sukuk.

KPJ HEALTHCARE BHD.: The Malaysian healthcare provider plans to sell as much as 500 million ringgit of sukuk to help refinance existing debt and fund the company’s capital spending requirements. Affin Investment Bank Bhd. will be the lead arranger for the debt sale, KPJ said in a statement.

EMIRATES TELECOMMUNICATIONS CORP.: The United Arab Emirates’ largest phone operator, known as Etisalat, said it will sell sukuk under its $1 billion Islamic bond program, part of a plan to raise $8 billion to diversify its funding and manage debt maturities, according to an e-mail on Nov. 11.

SENEGAL: The West African nation may sell its first Islamic bond with involvement from Citigroup Inc., a Finance Ministry spokesman said. “We are working on this, but it’s not yet for sure,” said Ousmane Gueye in an interview in Dakar, the capital. He declined to provide details about the offer date, value or specifically say how Citigroup is involved.

ALBARAKA BANKING GROUP: The largest listed Islamic bank in Bahrain expects to raise $200 million from the sale of Shariah- compliant bonds before the end of the year, using Standard Chartered Plc as one of the managers, Chief Executive Officer Adnan Ahmed Yousif said.

ISLAMIC DEVELOPMENT BANK: The multilateral lender plans to sell at least $500 million of sukuk in 2011 to meet its funding needs of more than $1 billion annually, said Vice President Abdul Aziz Al Hinai. The bank sold a similar amount in October.

THAILAND: The Islamic Bank of Thailand, the nation’s only bank to comply with Shariah law’s ban on interest, will delay its first sale of sukuk until early next year as it awaits new guidelines from the securities commission, President Dheerasak Suwannayos said. The country is also considering selling 40 billion baht ($1.3 billion) to 50 billion baht of Islamic bonds to fund infrastructure projects, said Dheerasak, who is a member of the government’s steering committee for Islamic finance.

KNM GROUP BHD.: The Malaysian oil and gas services provider won approval from the Securities Commission to sell as much as 1.5 billion ringgit of Islamic debt, according to a company filing to the Kuala Lumpur stock exchange. The proposed issue involves as much as 400 million ringgit of commercial papers and 1.1 billion ringgit of medium-term notes, it said.

CAGAMAS BHD.: Malaysia’s national mortgage company may sell more Islamic bonds this year and next following a sale in August under its 5 billion ringgit Sukuk al-Amanah Li al-Istithmar, or ALIm, program, Chief Executive Officer Steven Choy said. The company sold 500 million ringgit of Islamic bonds on Oct. 18, Bloomberg data show. As much as 1 billion ringgit of notes under the sukuk ALIm program was sold in August.

SAUDI ARABIAN OIL CO.: Saudi Aramco, the world’s largest state-owned oil company, and Total SA plan to sell Islamic bonds valued at $1 billion this year to fund construction of their joint oil refinery in Jubail, said Simon Eedle, global head of Islamic banking at Credit Agricole SA, the lead arranger of the issuance.

GAMUDA BHD.: The Malaysian builder plans to sell as much as 800 million ringgit of Islamic notes under its 25-year Islamic Medium-Term Notes Program, according to RAM Rating Services Bhd., which rated the bonds AA3, its fourth-highest rating.

EGYPT: Egypt plans to issue guidelines on Islamic debt issuance in 2011 to pave the way for sukuk sales in the country, said Ziad Bahaa El-Din, chairman of the Cairo-based Egyptian Financial Supervisory Authority. Al Baraka Bank Egypt ESC, a Cairo unit of Bahrain-based Islamic lender Albaraka Banking Group, may sell dollar-denominated Islamic bonds in the second half of 2011, said the bank’s Chairman Adnan Ahmed Yousif.

PT BANK MUAMALAT INDONESIA: The Islamic lender plans to sell 1 trillion rupiah ($111 million) of Islamic bonds in the second half of 2011, Andi Buchari, director of compliance and corporate planning at the Jakarta-based bank, was quoted as saying by the Investor Daily newspaper.

SENAI-DESARU EXPRESSWAY BHD.: The operator of Malaysia’s third-longest highway in the state of Johor will issue as much as 1.15 billion ringgit of Islamic medium-term notes to bondholders as part of its debt restructuring program, Chief Executive Officer Mustaza Salim said. The new issue includes debt with maturities ranging from one year to 20.5 years, the company said in a statement.

MALAYSIA DEBT VENTURES BHD.: The venture capital firm owned by the Ministry of Finance plans to sell as much as 500 million ringgit of sukuk in September or October next year to fund investments in technology projects, said Chief Executive Officer Md. Zubir Ansori Yahaya. The company sold the same amount of notes in October.

INDONESIA: Southeast Asia’s largest economy plans to sell Islamic debt in the overseas market in the first half of 2011 and for individual investors in the first quarter, said Rahmat Waluyanto, director general at the finance ministry’s debt management office.

TURKEY: Citigroup Inc. plans to arrange more sales of Islamic bonds from Turkey after managing a $100 million issue for Kuveyt Turk Katilim Bankasi AS, said Hulusi Horozoglu, director of global Islamic banking at Citigroup in August. Kuveyt may sell more than $100 million of five-year sukuk in 2012, the company’s Chief Executive Officer Ufuk Uyan said Aug. 25. The government may consider selling yen-denominated bonds or Islamic securities, Emre Balibek, the Treasury’s deputy general director for public finance, said in June. Turkey is rated Ba2 by Moody’s Investors Service and BB by Standard & Poor’s.

KAZAKHSTAN: The former Soviet republic that last sold debt overseas in 2000 is planning a debut Islamic bond sale this year to broaden its investor base after canceling a Eurobond offering in July, said Aibek Bekzhanov, head of Islamic instruments at the Regional Financial Center of Almaty without giving details.

PHILIPPINES: State-owned Al-Amanah Islamic Bank is looking to sell the nation’s first Islamic bonds, the lender’s President Armando Samia said in July, without giving the size or timing. The proposal is at a “very exploratory stage,” he said.

AHMED SALEM BUGSHAN GROUP: The Saudi Arabia-based company, known as ASB, plans to raise as much as $100 million selling five-year Islamic bonds to fund projects including a mega-steel plant and a real-estate development, Mohamed H. Zakaria, senior vice president of the group, said in an e-mailed statement. The bond will offer a semi-annual return of 125 basis points more than six-month Libor, the rate banks charge each other on loans. ASB may ask Fitch Ratings or S&P to rate the debt, he said.

SAUDI ELECTRICITY CO.: The Arab world’s largest utility company may issue global sukuk in 2011 after April’s sale of 7 billion riyals of Islamic notes, according to Executive Director of Treasury Fahad Alsudairy.

LUXEMBOURG: The country is considering selling Islamic bonds, central bank Governor Yves Mersch said at a conference in Bahrain without disclosing the size and the timing of the sale.

EMIRATES INTEGRATED TELECOMMUNICATIONS CO.: The Dubai-based phone operator known as Du, may consider selling Islamic bonds in coming years to fund expansion, Chief Executive Officer Osman Sultan said in April without disclosing the amount.

LAFARGE MALAYAN CEMENT BHD.: Malaysia’s largest cement maker will sell as much as 350 million ringgit of Islamic bonds under a seven-year program to fund expansion, the company said March 26. The debt is rated AA2 by RAM Rating Services Bhd., its third-highest ranking for long-term corporate debt instruments.

To contact the reporter on this story: Soraya Permatasari in Kuala Lumpur at soraya@bloomberg.net

Gulf bond issuers see opportunity in Malaysia

noreply@blogger.com (Transporter09) — Sat, 11 Dec 2010 11:03:00 +0000

DUBAI: Gulf-based banks and companies, struggling to overcome a lack of investor confidence after the Dubai debt crisis, are increasingly looking towards Malaysia, the world's biggest Islamic bond market with a vast pool of cash.

After the burst of the Gulf real estate and asset bubble, institutions are keen to issue bonds in order to restructure debt and rebuild their balance sheets and Malaysia has an estimated US$79bil in excess liquidity, according to Kuwait Finance House.

The liquidity pool has definitely shifted from West to East, said Nida Raza, senior vice-president at Unicorn Capital. Malaysia is an isolated, internal market that has been relatively unaffected by the global liquidity crunch.

While Gulf-based issuers appear eager to strengthen their ties to growing Asian economies and markets, they are weighing that against the market's ability to absorb debt, currency risks and the time needed to build the right offerings.

In Dubai, worst hit in the Gulf by the financial crisis, the government and state-linked enterprises will have to cover an estimated US$30bil in debt maturing over the next two years.

Dubai is eyeing a US$1.5bil, multicurrency sovereign sukuk in Malaysia, the first ever ringgit-denominated foreign sovereign issue. Malaysia accounted for 42% of the global sukuk issuance of US$19.1bil last year,Thomson Reuters data showed. In the first nine months of 2010, ringgit-denominated sukuk deals made up 63.8% of total Islamic bonds issued globally, KFH said.

The market infrastructure for bonds and sukuk are far more developed in Asia, said Jarmo Kotilaine, chief economist at NCB Capital. There is a fairly sophisticated secondary market in Malaysia that builds broader awareness of a (Gulf company) as an issuer.

Unlike the Gulf, where investors usually opt to buy and hold bonds until maturity, there is a far more active secondary market in Malaysia with larger trading volumes.

Malaysia also has better regulation by the central bank, which has more detailed rules for sukuk issuance, while in the Gulf there is a lack of standards that some experts warn could hobble the growth of Islamic finance. Feeding into Malaysia's pool of liquidity is the country's strong fiscal position, supported by exports this year and robust domestic demand. The International Monetary Fund expects Malaysian GDP to grow 7% this year.

The Gulf bond market is staging a tentative revival with a Dubai sovereign bond and issues from Qatar Islamic Bank and the Saudi-based Islamic Development Bank among others in recent months. Potential ringgit issuers are treading cautiously though to see how others fare before aggressively issuing, said Rizwan Kanji, a Dubai-based debt capital markets lawyer. Although bankers said it was too early to speculate on how much total debt was being prepared for issuance in Malaysia, each will probably near the scale of existing ringgit sukuk.

In recent months, both National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) tested the waters with NBAD issuing a RM500mil (US$158.6mil) sukuk while ADCB followed with a RM750mil conventional bond. Both issues were widely oversubscribed and have held up well in the secondary market with both rising since their launch, indicating good demand, regardless of the yield.

For Asian investors, ringgit-based bonds with Gulf names provide a way to diversify their portfolios while avoiding risk related to currency fluctuations. - Reuters

That offered an opportunity that many Malaysia funds with restrictions on investing in currencies other than the ringgit would find appealing, said Kanji.

Dubai's planned sovereign sukuk, timed as the state seeks a new investor base after its battering during the financial crisis, should provide a good indication of Malaysia's risk appetite for Gulf-based paper.

The issue would have to be rated by a local Malaysian rating agency and analysts say it would need to be rated at least A to spur good demand. - Reuters

After pink train coaches, Malaysia launches women-only buses

noreply@blogger.com (Transporter09) — Wed, 08 Dec 2010 07:34:00 +0000

Women-only transport has been stepped up a gear in Malaysia, it was reported Thursday, after the launch of female-only buses to help counter sexual harassment.

The buses follow ladies-only pink train carriages on the transport system to give the Muslim majority country's females the option of travelling separately from men.

Bus company RapidKL, a state-owned firm, started the special service for its female passengers on Wednesday on seven routes in the Malaysian capital during peak hours, the New Straits Times newspaper reported.

"This is based on feedback received from our customers, especially females, who shared with us their discomfort during peak-hour travels," the firm's chief operating officer Mohamed Hazland Mohamed Hussain said.

The official did not say whether the firm has received any sexual harassment complaints.

"I will feel safer, not because I do not trust men, but for someone my age, it's hard to fight for space during peak hours," Poovan Kaur, 63, told the paper.

In April, the Malaysian Railway launched pink women-only train coaches.

The northern Terengganu state has reportedly said it was aiming to establish a waterfall site exclusively for women to picnic and bathe, in a bid to attract Middle Eastern tourists to holiday there.

Another northern state, Kelantan has also enacted laws that require separate queues for men and women in shops. The rules are not strictly enforced.

More than 60 percent of Malaysia's 28 million population are Muslim Malays, and the population includes large ethnic Chinese and Indian minorities.

Dubai’s Malaysia Sukuk Hampered by No Rating: Islamic Finance

noreply@blogger.com (Transporter09) — Sat, 04 Dec 2010 23:25:00 +0000

Dubai’s proposed sale of as much as $1.5 billion of Islamic bonds in Malaysia won’t appeal to most local funds unless the emirate obtains a rating, Mashreq Capital DIFC Ltd. and Nomura Asset Management Malaysia Sdn Bhd. said.

The government hired CIMB Investment Bank Bhd., a Kuala Lumpur-based unit of CIMB Group Holdings Bhd., the world’s top sukuk arranger this year, as a lead manager to sell between $1 billion and $1.5 billion of the securities, a person with knowledge of the plan said Nov. 24. Malaysian Prime Minister Najib Razak said Oct. 26 the Dubai Department of Finance is proposing a multi-currency sukuk program.

“I doubt they can get it done in any sort of size without a rating,” Abdul Kadir Hussain, who manages $2 billion of mainly Persian Gulf assets as chief executive officer of Mashreq Capital in Dubai, said in a response to e-mailed questions Nov. 25. “Normally Malaysian investors are relatively conservative and invest in very high grade type issuers.”

Dubai is tapping international debt markets to raise funds as the government and state-controlled companies grapple to service borrowings that Barclays Capital estimated in a September report at about $112 billion. The Persian Gulf’s financial hub may sell shares in some of its large businesses, Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said in the emirate yesterday.

The yield on Dubai’s 6.396 percent sukuk due November 2014 rose 1 basis point to 6.756 percent today, the highest level since Nov. 17, data compiled by Bloomberg show. The yield reached 10 percent on Feb. 15. The average yield on Islamic notes sold by Gulf Cooperation Council issuers rose 11 basis points last week to 5.84 percent on Nov. 26, according to the HSBC/NASDAQ Dubai GCC US Dollar Sukuk Index.

Doesn’t Need Rating

Dubai doesn’t need a credit rating for now, Mohammed Ibrahim al-Shaibani, director general of the Dubai Ruler’s Court, said yesterday at the conference in Dubai. Abu Dhabi is rated Aa2 at Moody’s Investors Service and AA at Standard & Poor’s, the third-highest investment grade rankings. Malaysia is rated A3 at Moody’s and A- at S&P, the seventh-highest ratings.

“If the sukuk issued in ringgit does not have a local rating, definitely it will hurt demand,” Shera Shah Shaharudin, a Kuala Lumpur-based fixed-income manager at Nomura Asset said in a response to e-mailed questions Nov. 26. “Domestic institutional investors with strict internal guidelines will not be able to buy non-rated issues.”

The emirate’s sukuk plan is still being discussed and the timing hasn’t been decided, the person, who asked not to be identified as the details are private, said last week. Dubai government officials’ trip to Malaysia was part of a plan to meet investors and explore opportunities, the Dubai Department of Finance said in an e-mailed response to questions Nov. 28.

‘Conservative’ Investors

State-owned Dubai World in September reached an accord with most of its creditors to restructure $24.9 billion of debt. Dubai raised $1.25 billion from non-Islamic bond sales that month in its first debt offering since the Dubai World credit crisis roiled global markets last November. It received orders of about $5 billion. The five-year, $500 million note was priced to yield 6.7 percent and the $750 million, 10-year bond was priced to yield 7.75 percent.

“I don’t think Dubai needs a credit rating as the Abu Dhabi backstop is still behind them,” Gabriel Sterne, London- based economist at Exotix Ltd., an investment bank specializing in illiquid bonds, equities and asset management, said in a response to e-mailed questions Nov. 25. “If it’s priced around 8.3 percent for a 10-year bond, I think it would be a good buy.”

Rating Rules

Foreign currency-denominated bonds sold by overseas issuers in Malaysia don’t require a rating, the Kuala Lumpur-based Securities Commission said in an e-mailed reply to questions Nov. 26. Ringgit debt sold by foreign entities needs to be rated unless the securities are convertible or non-tradable with the agreement of the purchaser that a rating isn’t required, the commission said.

Malaysia’s 3.928 percent Islamic note due in June 2015 fell last week, driving the yield 11 basis points higher to 2.9 percent, according to prices provided by Royal Bank of Scotland Group Plc. The extra yield investors demand to hold Dubai’s government sukuk rather than Malaysia’s widened one basis point to 383, according to data compiled by Bloomberg.

‘Good Buy’

Sales of Islamic debt from the six-nation GCC dropped 40 percent to $4 billion so far this year, according to data compiled by Bloomberg. GCC sukuk returned 11.8 percent this year, according to the HSBC/NASDAQ Dubai GCC US Dollar Sukuk Index. Bonds in developing markets returned 14.2 percent, JPMorgan Chase & Co.’s EMBI Global Diversified Index shows.

The difference between the average yield for emerging- market sukuk and the London interbank offered rate narrowed three basis points to 341 on Nov. 26 and has widened 31 basis points since Sept. 30, the HSBC/NASDAQ Dubai US Dollar Sukuk Index showed.

The U.A.E.’s central bank and Abu Dhabi stepped in last year to support Dubai with $20 billion in loans. Dubai is “not worried” about debt maturing in 2011, Ahmad Humaid Al Tayer, governor of the Dubai International Financial Centre, said in the emirate yesterday. Dubai is now on a sound financial footing, Sheikh Ahmed said.

Ringgit History

Borrowers from the Gulf that have sold ringgit-denominated bonds include Abu Dhabi Commercial Bank PJSC, the United Arab Emirates’ third-biggest bank by assets, and National Bank of Abu Dhabi PJSC. Abu Dhabi Commercial issued 750 million ringgit ($238 million) of notes in August, while National Bank sold 500 million ringgit of Islamic bonds in June in its first offering of debt in Malaysia.

Investors such as Choo Swee Kee of TA Investment Management Bhd. in Kuala Lumpur and Gerald Ambrose of Aberdeen Asset Management Plc’s Malaysian unit said they may buy Dubai’s bonds if they are rated. Aberdeen’s global units oversee more than $243 billion including Shariah-compliant funds.

“It really depends on the rating because you have to assess the issue,” Choo, who manages about $202 million as chief investment officer at TA Investment, said in a telephone interview on Nov. 26. “If they are willing to pay 8 percent a lot of people would rush in.”

Diabetes among children on the rise

noreply@blogger.com (Transporter09) — Sat, 24 Jul 2010 04:50:00 +0000

KUALA LUMPUR: More young people, some as young as seven, are suffering from Type 2 diabetes (T2D), a disease that generally hits those in their 50s.

Doctors say more primary school students have been diagnosed with T2D in the last decade, a fact that is alarming since the disease is usually linked to those much older.

The doctors found that the young diabetics were usually obese, and their condition could be traced to eating too much unhealthy food and having a sedentary lifestyle.

They said the disease was not just about having excessive sugar in the blood system but could also affect the patient’s vital organs like the heart, kidneys, nerves and eyes.

“The children’s bad dietary habits of eating burgers, nuggets, fried chicken, fries and carbonated drinks are also contributing factors,” Universiti Kebangsaan Malaysia Medical Centre senior consultant paediatrician and paediatric endocrinologist Prof Dr Wu Loo Ling said, adding that long hours of homework, watching television and playing computer games added to the problem.

“Cases of children and teenagers with diabetes are increasing at a faster rate,” said Dr Wu. “Between 30% and 40% of children in Western countries are overweight and the problem of overweight Malaysian children is also on the rise.”

Endocrinologist Dr Lim Soo San said T2D was more apparent in people aged between 18 and 29.

“We even came across children who are below 10 years old and have T2D ,” Dr Lim said.

The Registry on Diabetes in Children and Adolescents (2006-2007) showed that 56% of the 42 T2D cases involved obese individuals.

Dr Lim said parents continued to feed their children with “junk food” due to their lack of awareness of the disease.

Dietician Mary Easaw-John said apart from bad eating habits, irregular eating hours had also contributed to the rising trend of T2D among younger people.

“People tend to eat out instead of packing food from home nowadays. And fried food is common in eateries,” said Easaw, who is Dietetics Food Services of the National Heart Institute senior manager.

The Third National Health and Morbidity Survey, conducted in 2006, showed that there was a high prevalence of overweight primary school children, and over 20% of them were obese.

Statistics pointed that Malaysia had the fourth highest number of diabetes cases in Asia, with 800,000 in 2007. The number is expected to jump to 1.3 million cases this year.

The recent survey also revealed that more than 43% of Malaysian adults were overweight or obese, twice the figure a decade ago.

1Malaysia Core To Nation Building And Modern Economy - PM

noreply@blogger.com (Transporter09) — Wed, 30 Jun 2010 12:52:00 +0000

KUALA LUMPUR, June 30 (Bernama) -- The 1Malaysia concept is an integral part of cementing the nation-building process as well as building value for a modern economy, said Prime Minister Datuk Seri Najib Tun Razak.

He said for the nation to move forward and meet challenges, it needed to have a strong core and foundation, that could only be achieved if there was national unity, which would provide the country with the essential bedrock of stability.

"National unity is a value system, a thought process which has to be articulated because everyone has different notions of what national unity means.

"So when we talk about 1Malaysia we expound the fundamental values associated with national unity, so people understand what this process of being one means," he said in an interview with Oxford Business Group (OGB), the publisher of The Report: Malaysia 2010.

The book launched today by the Prime Minister offered insights into business, trade and investment opportunities in Malaysia.

It also highlighted the government's plans and policies including the recently launched New Economic Model (NEM) as well as the 10th Malaysia Plan, in its efforts to transform the country into a high income economy by 2020.

In the interview, Najib also pointed out that every Malaysian should play his or her part in contributing to nation-building efforts in order for the country to be globally competitive.

"These talents are valuable assets for us. That is why it is important for us to have this sense that every single Malaysian is important and that we have a system in this country that allows every Malaysian to realise his or her maximum potential," he said.

-- BERNAMA

Umno Open To Anyone Wishing To Join The Party - Muhyiddin

noreply@blogger.com (Transporter09) — Wed, 10 Mar 2010 08:43:00 +0000

KUALA LUMPUR, March 9 (Bernama) -- Umno does not have to invite former opposition Members of Parliament (MPs) to join the party as it has always adopted an open attitude to those who are keen to join the party, said Umno deputy president Tan Sri Muhyiddin Yassin.

"Umno has never closed its door to anyone even if they are from the other parties. If they want to join us, it's not a problem to us. We don't have to invite them because they know that the door is never closed if they want to join," said Muhyiddin, who is also the Deputy Prime Minister.

He said this at a media conference after opening the 49th Session of the Brunei Darussalam-Indonesia-Malaysia Language Council (MABBIM) at the Dewan Bahasa dan Pustaka (DBP), here on Tuesday.

Asked whether Umno would invite the former opposition MPs to join the party, he said it was up to these MPs whether to join Umno or otherwise because Umno always respected their views and stand.

"(They) don't want to be accused later that they were persuaded by Umno leaders. They have their own stand and we respect their views and stand," he said.

Muhyiddin said all the disclosures and statements made by them on the actual attitude of the party which could not implement what they were fighting for gave a strong signal to the people to evaluate the actual cause of the opposition.

"The leaders who declared that they had left the party had made many statements on the weaknesses of the party, contradictions which they see as inappropriate to their cause," he said.

Since last month, several MPs from Parti Keadilan Rakyat (PKR) had left the party as they were disappointed with the leadership and actual cause of the party. The MPs concerned were Datuk Seri Zahrain Mohamed Hashim (Bayan Baru), followed by Nibong Tebal MP Tan Tee Beng and Bagan Serai MP Mohsin Fadzli Samsuri while on Saturday, Kulim-Bandar Baharu MP Zulkifli Noordin was expelled from the party.

Yesterday, Pas vice-president Datuk Mahfuz Omar said it was inappropriate for the party to accept Zulkifli following his sacking by the PKR as it was not in line with the spirit of consensus among the parties in the opposition pact.

Perak MB Wants Opposition To Uphold Constitution

noreply@blogger.com (Transporter09) — Tue, 09 Feb 2010 14:53:00 +0000

IPOH, Sept 9 (Bernama) -- Perak Menteri Besar Datuk Seri Dr Zambry Abdul Kadir said Wednesday the opposition in the state should respect the principle of upholding the constitution and accept yesterday's High Court decision instead of making baseless accusations and claims.

"I have all along abided by the principle of upholding the constitution even when court decisions have been against me; I respect the law," he told reporters after chairing a meeting of the state executive council, here.

The High Court here on Tuesday struck out with costs the suit by Perak Legislative Assembly former speaker V. Sivakumar against the current speaker Datuk R. Ganesan, seeking damages for assault and battery and wrongful detention, as well as aggravated damages.

Zambry said the people could evaluate the opposition from the series of suits filed in the courts.

"They are not satisfied. If the court decision is in their favour, they say the court is fair but if it is not then they say the court is unfair," he said.

He said the opposition should cease all irresponsible acts and serve as a credible opposition in the interests of the state and people.

-- BERNAMA

DAP Representative Calls For Stern Action Against PKR Leaders

noreply@blogger.com (Transporter09) — Tue, 02 Feb 2010 15:38:00 +0000

PENANG, Feb 1 (Bernama) -- Penang Chief Minister Lim Guan Eng's chief of staff Jeff Ooi wants Parti Keadilan Rakyat (PKR) to take stern action against its members who, he claimed, were attempting to break up the Pakatan Rakyat coalition in the state.

Ooi, who is the Member of Parliament for Jelutong, said he hoped that PKR would take some affirmative action to resolve the issue relating to its members making personal attacks on Lim.

"I hope they (PKR) can make a decisive judgment on this issue so that the entire Penang state can move on under the Pakatan coalition," he told reporters here Monday.

He was responding to a report Monday that the Penang DAP-PKR tiff had worsened after another PKR MP, Tan Tee Beng (Nibong Tebal), threw his support behind fellow party leader Datuk Zahrain Mohd Hashim (Bayan Baru MP) by labelling Lim as a leader without class.

Ooi said Tan and Zahrain shared the same problem of political frustration for having made their negative statements through the media.

"This is a classic case of political frustration. When they do not get whatever they desire, they start making noise," he said.

He explained that Tan was not happy that the recommendation by his party for him to become the chairman of the Penang Water Supply Corporation (PBAPP) and his intervention in the tender process of the Penang Development Corporation (PDC) to get his relative a shophouse lot were not fulfilled.

"We cannot accept all the recommendations and endorsements which have been made. We must consider putting the people first," he said.

However, he said, the Pakatan coalition would make contingency plans for the Bayan Baru and Nibong Tebal constituencies to maintain the people's support for the party.

Earlier, Deputy Chief Minister II P. Ramasamy welcomed the decision of PKR de facto leader Datuk Seri Anwar Ibrahim to refer Zahrain to the party disciplinary committee.

"There is a proper forum to raise the issue, especially during the Pakatan meeting, and making it public is not the idea of Pakatan," he said.

Last week, Zahrain said Lim was a dictator and a chauvinist and communist-minded while on Sunday Tan expressed his support for Zahrain.

Tan went a step further by hitting out at his party leaders in the state government for failing to assert their position in the state Pakatan Rakyat.

He even warned that PKR would end up with nothing if the leaders were weak and continued to bend to Lim's will.

-- BERNAMA

Dr Jeffrey Quits As PKR V-P, May Return To PBS

noreply@blogger.com (Transporter09) — Wed, 28 Oct 2009 10:38:00 +0000

KOTA KINABALU, Oct 28 (Bernama) -- Datuk Dr Jeffrey Kitingan has resigned as a vice-president of Parti Keadilan Rakyat (PKR), and has not ruled out the possibility of rejoining Parti Bersatu Sabah (PBS) led by his elder brother Datuk Seri Joseph Pairin Kitingan.

"At the moment, I will leave my options open. I will decide when the right time comes," he told Bernama here.

Dr Jeffrey was asked to comment on whether he would consider rejoining PBS, a component party of the ruling Barisan Nasional (BN).

He said he would consult other PKR divisional chiefs, his supporters and grassroots leaders before making a final decision on the matter.

"I'm in no rush to make decision or to decide our next course of action," he said. Dr Jeffrey had also resigned as a member of the party's supreme council and the political bureau.

Asked whether Dr Jeffrey was ready to team up with former Sabah PKR deputy chairman Christina Liew, who had also resigned as a supreme council member, to pursue their political careers, he said: "Yes, we will work together".

Dr Jeffrey's resignation is seen as having dealt a major blow to PKR's attempt to strengthen itself in Sabah.

Dr Jeffrey, who is expected to send the resignation letter to the party headquarters by today, will remain as an ordinary member of the party, according to his former aide Kanul Gindol.

It is believed that many of the division chiefs, including Dr Jeffrey himself, were disappointed with the decision of PKR de facto leader Datuk Seri Anwar Ibrahim to appoint Ahmad Thamrin Jaini as the party's new chief in Sabah.

Sabahan Ahmad Thamrin was named as the new state PKR chief last weekend after a group of division chiefs expressed no-confidence in PKR vice-president Azmin Ali leading the state PKR.

The resignation of Liew as a supreme council members is also seen as a setback for PKR. Liew, who is Kota Kinabalu division chief, announced her resignation as a supreme council member today, following in the footsteps of Dr Jeffrey.

Liew said, however, that she would remain as a party member and retain the post of Kota Kinabalu division chief.

"I will be submitting my resignation letter to the party president today," she told Bernama.

Liew said she had always believed that the party was fair and transparent, until the appointment of Datuk Kong Hong Ming as PKR Sabah deputy chairman and Ahmad Thamrin as the party's new chief in Sabah.

"My mum (mother) had to take the public humiliation of me being replaced (as deputy chairman) for unknown reasons. I worked so hard for the last nine years to promote Sabah PKR.

"Since the party has disregarded my contribution, I will bow out with dignity now," she said.

PBS secretary-general Datuk Radin Malleh said the party did not want to speculate on Dr Jeffrey rejoining it.

"We will cross the bridge when the time comes. Right now, we don't want to speculate on anything," he said when met after a meeting of the party's organising committee.

Sabah Umno secretary Datuk Seri Yahya Hussin, who is a Sabah deputy chief minister, said Dr Jeffrey was welcome to join the party.

"We welcome anybody who wants to join the BN. Of course, we will welcome him back to BN's side ... (because) he is not alone, he got supporters as well," he told reporters when asked if Umno would be willing to accept Dr Jeffrey should he decide to join the party.

-- BERNAMA

PKR's Shahruddin Joins The Fray

noreply@blogger.com (Transporter09) — Fri, 02 Oct 2009 04:05:00 +0000

PORT DICKSON, Sept 30 (Bernama) -- Telok Kemang PKR committee member Shahruddin Abd Hamid, 52, today announced that he intended to contest next month's Bagan Pinang by-election as an independent candidate.

He said he had been pressured not to do so by PKR leaders including its advisor Datuk Seri Anwar Ibrahim, but had no qualms leaving the party in order to pursue his dream of wanting to serve the people of the state constituency.

"It's not because I want to cause a split in the votes on any side," he told reporters here.

On Tuesday, the Barisan Nasional (BN) named former Negeri Sembilan menteri besar Tan Sri Mohd Isa Abdul Samad as its candidate for the seat while PAS announced that it would be fielding state PAS commissioner Zulkefly Mohamad Omar.

The Bagan Pinang by-election is called following the death of its incumbent, Azman Mohammad Noor of the BN on Sept 4.

Nomination is on Saturday and polling on Oct 11.

-- BERNAMA

Mohd Isa Selected Due To The People's Choice

noreply@blogger.com (Transporter09) — Wed, 30 Sep 2009 00:26:00 +0000

PORT DICKSON, Sept 29 (Bernama) -- Deputy Prime Minister Tan Sri Muhyiddin Yassin said the selection of Tan Sri Mohd Isa Abdul Samad as the Barisan Nasional (BN) candidate for the Bagan Pinang state by-election was made because this was the wish of the local populace.

He said the decision was made after the top leadership had carried out a detailed survey at the grassroots level among the Malays, Chinese and Indians in the state constituency.

They had expressed their support for Mohd Isa because they had known the people-friendly leader for a long time and knew his contributions to the people of Port Dickson and Negeri Sembilan, he said.

"That's why in my speech earlier, I did not make my own decision because of his popularity and also the wishes of the constituents. And they (the residents) said Isa! Isa! Isa! They mentioned it thrice, only then did I announce it because that is the choice of the voters here," he told reporters at the Bagan Pinang Aidilfitri gathering after announcing Mohd Isa as the BN candidate for the by-election.

The Deputy Prime Minister said the decision was in favour of the voters because it was a by-election and the scenario was not the same as that of a general election.

Mohd Isa, 59, had once served as the Negeri Sembilan Menteri Besar for 22 years from April 1982 until March 2004.

"He may have a political history, just like I have my history and problems, but the local populace, the voters who know him inside-out are confident he is capable," he said.

Muhyiddin said he knew that the opposition would exploit the various issues especially the one on money politics linked to Mohd Isa to discredit the leader.

The Deputy Prime Minister was confident that the BN had made the correct choice when fielding Mohd Isa as the candidate, and hoped that the voters would continue to give the BN a chance to represent the people in Bagan Pinang.

"We will continue with the efforts to bring development because Bagan Pinang is a strategic area, a major portion of it is Port Dickson itself, which has vast potentials. So, we will develop it for tourism and commerce so that it will become more progressive," he said.

He said Mohd Isa's experience would be optimised to develop the constituency because he had the wisdom in terms of administration when he was in the federal and state governments.

-- BERNAMA

'Drug Mules', Malaysian Women Still The Prey For Foreign Syndicates

noreply@blogger.com (Transporter09) — Thu, 24 Sep 2009 23:33:00 +0000

KUALA LUMPUR, Sept 24 (Bernama) -- They came from all corners of the world, displaying various ploys and deception. To a certain extent they operated undetected.

They were in the drug trade, a business where the money was big and they were willing to resort to use anything including the student visit passes.

Some arrived in the country posing as businesmen or tourists to camouflage their scams.

The foreigners who were members of international drug rings were on the move most of the time, depending on the current situation and needs.

Malaysia's open sky policy as well as globalisation and latest technology had somehow or other facilitated these drug syndicates to activate their networks, making the country a 'transit point'.

Based on the findings of the Royal Malaysia Police's Narcotics Department, many of the foreigners involved in the drug trade came from South Africa, Nigeria, Pakistan, Peru, India and Iran.

DRUG MULES

The latest trend applied by these foreign syndicates was using Malaysian women as 'drug mules' or couriers.

To bait the women, the foreign men used a ploy. They were usually charming good looking, know how to sweet talk and live in posh condominiums.

Most of the times, the women would fall to these sweet-talking, charming and rich-looking foreign men who gave them false promises.

According to the authorities, West Africans made up a high number of these perpetrators who tricked local women into becoming their couriers or drug mules.

These women were usually swept off their feet by offer of money and luxury life style including trips abroad. There was also the lure of sex.

The cases where Malaysian women were tricked into being drug mules or couriers had turned into a national issue for the country as some were caught by authorities in South America and Europe.

PREVENT FROM BEING TRICKED

Federal Police's Narcotics Department Deputy Director (Operations) Datuk Othman Harun said in 2007 alone, 127 Malaysian women were held by authorities abroad for possession of drugs.

Due to this, the department had set up a task force to deal with the issue.

This task force collaborated with the Interpol and police of other countries to track down members of the internal drug rings who were out to fleece the local women to act as drug mules.

These foreign suspects would be detained and if no drugs were found on them, they would be deported and given warning.

These measures by the Malaysian police had resulted in the drastic dip of the drug mule cases where only 54 Malaysian women ran foul of the drug laws in foreign countries.

"For this year, as of May only eight (women) have been detected to be conned into being drug mules," Othman told Bernama here recently.

FOREIGNERS HELD

Last year, the authorities arrested 34 foreigners -- seven from Nigeria, Peru ( 11), South Africa (three), India (10), China, Philippines and Bolivia (one each). The drug haul was heroin (4.0 kg), cocaine (2.0 kg) and ketamine (18 kg).

From January to June this year, 17 foreigners were detained - two from Singapore, Nigeria (six), Iran (one), Pakistan (three), Thailand (two) and Indonesia (three). The drug haul was 786 gm of syabu and 14.64 kg of heroin.

From June until August this year, authorities detained 10 foreigners for smuggling and trafficking drugs.

Five were nationals of India and Myanmar aged between 30 and 40 years old from smuggling ketamine last Aug 15.

A Filipino woman was held last Aug 28 on the suspicion of being a drug mule.

Othman said close police surveillance had forced the foreign syndicates to switch their attention to women from neighbouring countries like the Philippines, Thailand, Indonesia, Singapore and Brunei.

According to the Filipino authorities, 111 of women from the Philippines were arrested for drug offences in China, Hong Kong and Macau in 2008 as compared to only 16 the year before.

Their modus operandi was the same, to ferry the drugs from South American countries like Peru, Argentina and Brazil into the country before using the women to ship the drugs to other countries.

Othman said cocaine from South America was not for local consumption as addicts in the country did not use this drug.

Hence when their cover was blown, these drug rings resorted to using the Filipino women as drug mules to ship the drugs out particularly to Guangzhou in using Thailand as the transit point to Cambodia and Vietnam.

OTHER COUNTRIES

Apart from the Africans, the syndicates had also used men from other countries like India, Pakistan and Iran.

Othman said ketamine was the most common drug smuggled into Malaysia by nationals of India while Pakistanis were more inclined to carry heroine and syabu.

Iranians also smuggled syabu into Malaysia before the drug was moved to other countries particularly Japan.

The approach was the same, to win over Malaysian women before making them the drug couriers be it by air, sea and land routes, he said.

The drug rings applied various methods for their drug mules like 'body packed' where the drug packets were taped to the body. The drugs were also swallowed into the gut.

An older method would be the false compartment in a luggage. However the authorities were well-versed with this strategy.

Other methods included cakes of soaps that were filled with drugs, apart from picture frames and laptop computers. The latest method was using a shirt soaked in the liquid form of drugs.

-- BERNAMA

Isa Evasive About Candidate For Bagan Pinang

noreply@blogger.com (Transporter09) — Thu, 17 Sep 2009 18:17:00 +0000

PORT DICKSON, Sept 17 (Bernama) -- Telok Kemang Umno division head Tan Sri Mohd Isa Abdul Samad was still evasive when asked whether he is the candidate for the Bagan Pinang state by-election on Oct 11.

"I don't know...the selection of candidate is decided by the leadership and this has always been Umno's practice. We leave it to the wisdom of the leadership to choose a suitable candidate for Bagan Pinang. Let them evaluate," he told reporters after the launch of a community service programme here Thursday.

The Teluk Kemang Umno Youth chief, Mohd Faizal Ramli, at its meeting on Sept 10, said the division unanimously nominated Mohd Isa as the candidate.

However, Umno deputy president Tan Sri Muhyiddin Yassin wants the Negeri Sembilan Umno to list at least three names for selection.

Nomination for the by-election is on Oct 3 but so far no candidate has been named.

Asked about the division's unanimous support for him as candidate, Mohd Isa, who was former Negeri Sembilan Menteri Besar, said the support was given in the belief that they could work together to ensure that the Barisan Nasional (BN) retained the seat.

Asked for his opinion if the leadership chose a candidate other than himself, he said the leadership would surely have its reasons.

"As a party member and after the leadership's decision, support must be given to the chosen candidate. During elections we cannot speak of the individual anymore, we speak as a team that wants to win. The important thing is to secure a BN victory," he said.

He said he had started campaigning and the response to the BN, including from the Indian and Chinese communities, was good and encouraging.

-- BERNAMA

MIC To Woo Indian Voters To Return For Bagan Pinang Poll

noreply@blogger.com (Transporter09) — Thu, 17 Sep 2009 02:35:00 +0000

(Bernama) -- The MIC will work on bringing back 2,000 Indian-registered voters who reside or work outside Bagan Pinang for the Oct 11 by-election of the state seat.

MIC president Datuk Seri S.Samy Vellu Samy said he led a team to Bagan Pinang yesterday, a day after the Election Commission announced the by-election date, on a fact finding mission.

"Our main task will be to bring in the 2,000 Indian voters on polling day," he said when contacted Wednesday.

He spent half-a-day visiting four Indian-majority areas in Ladang Seliau, Ladang Arthurthen, Ladang Sua Betong and Ladang Bradwall, which have 1,890 of the 2,600 registered Indian voters who form 20 per cent of the electorate.

He was accompanied by the party's newly elected vice-president Datuk Dr S.Subramaniam, who is Human Resources Minister, and Negeri Sembilan MIC chief Datuk T.Rajagopalu.

Samy Vellu said that based on the party's survey, up to 2,000 Indian voters were no longer staying in the constituency but were residing in nearby areas, with 40 per cent living and working in Seremban, Kuala Lumpur and Johor Baharu.

The MIC would start mobilising its election machinery to be headed by deputy president Datuk G.Palanivel.

Samy Vellu said Dr Subramaniam and the other two vice-presidents, Datuk S.K.Devamany who is Deputy Minister in the Prime Minister's Department and Datuk M.Saravanan, the Deputy Federal Territories Minister, would each head a team for the polls.

"They will mobilise hundreds of party Youth and Wanita members to assist families (of voters) by staying with them. I will oversee the running of the entire team to ensure a victory for Barisan Nasional," he added.

He said the MIC would adopt a different strategy to woo the Indian voters in the by-election and identify 'hot spots' based on the last general election.

-- BERNAMA

Muhyiddin Wants Samy Vellu To Take Action

noreply@blogger.com (Transporter09) — Tue, 15 Sep 2009 16:54:00 +0000

PUTRAJAYA, Sept 15 (Bernama) -- Deputy Prime Minister Tan Sri Muhyiddin Yassin wants MIC president Datuk Seri S. Samy Vellu to take action against the MIC delegate who had suggested placing a 'garland of slippers' on the portrait of former prime minister Tun Dr Mahathir Mohamad.

He said this was because the suggestion was considered to be disrespectful to the leader, and 'the faster action is taken, the better'.

"This is because we don't want relations between us (Umno) and the BN (Barisan Nasional) component parties to be strained.

"It is important at this stage that we strengthen solidarity, how we can strengthen further the Barisan Nasional and help each other. And if there is such a view, the party concerned must act to avoid tension," Muhyiddin said after chairing a meeting between the Higher Education Ministry and the Malaysian Islamic Development Department (Jakim) on the direction of the religious stream, here on Tuesday.

He said this when asked to comment on the suggestion made by a delegate at the MIC general assembly following the statement by the former prime minister which was claimed to be interfering in the internal affairs of the MIC.

Muhyiddin said the suggestion was certainly rude and disrespectful to the leader.

Asked on Samy Vellu's statement that the Indians were upset with the BN and not him, Muhyiddin said: "I don't think that is quiet correct, but of course he has his own right to speak the way he spoke."

"You say that it is not a rejection of the MIC but a rejection of the BN. The MIC is very much of component of the BN, and the BN is a bigger party comprising all the component parties."

Muhyiddin said the fact was that there were indications that many Malaysians, including the Indian community, had expressed their observation that there were weaknesses within the MIC.

"I'm not going to go into detail on this. What is important at this moment, as was mentioned by (Prime Minister) Datuk Seri Najib (Tun Razak) when he officiated the MIC delegates conference is for the party to regain the lost ground, the loss of confidence and trust," he said.

-- BERNAMA

Action To Be Taken Against MIC Member For Criticising Dr M

noreply@blogger.com (Transporter09) — Mon, 14 Sep 2009 18:55:00 +0000

KUALA LUMPUR, Sept 14 (Bernama) -- The MIC will take disciplinary action against one of its delegates who had suggested that a garland of slippers be placed on the portrait of former prime minister Tun Dr Mahathir Mohamad at the party's general assembly yesterday.

MIC president Datuk Seri S.Samy Vellu said he deeply regretted the statement made by the delegate and would ask the delegate concerned to give an explanation to the party's Disciplinary Committee.

Samy Vellu said in a statement on Monday that he had asked the delegate concerned to end his speech immediately after making the statement on the 'garland of slippers' yesterday, but his instruction was not reported by the media.

He said this to clarify the report in a Malay daily today on the statement by a MIC delegate who wanted the garland of slippers to be placed on Dr Mahathir's portrait.

Samy Vellu said he had informed the MIC delegates to give the highest respect to Dr Mahathir who had done a lot for the country.

"I realise that Tun Dr Mahathir's statement on the MIC had offended many delegates but there was no necessity to criticise him in such a manner," he said.

Samy Vellu said he respected the delegates' freedom to debate on any issue but when it touched on a national leader, he had to intervene.

Dr Mahathir had given his views on the MIC, Samy Vellu and the decision of former MIC deputy president Datuk S Subramaniam to contest the post of deputy president at the MIC general assembly held on Saturday and Sunday, which had angered several MIC members.

Meanwhile, the criticisms made by the MIC delegates against Dr Mahathir had drawn brickbats from Umno leaders who described such an act as excessive and rude.

Umno Youth vice-head Datuk Razali Ibrahim said such an act was not part of the Barisan Nasional (BN) culture and that the MIC should be responsible and take appropriate action.

"Action must be taken by the BN if the MIC does not take any action on the matter. It must be taken to uphold decorum in the BN," he said in a statement today.

Razali, who is also the Deputy Minister of Youth and Sports, said Umno Youth felt that "such an act does not help to divert public attention from the actual position of the MIC. Respect must be earned and not demanded."

In ALOR SETAR, the Kedah Umno expressed regret over the attitude of the MIC delegate concerned and described such suggestion as uncalled for and should not have been made by the member of a BN component party.

The State Umno Liaison deputy chairman, Datuk Paduka Ahmad Bashah Md Hanipah, said although Dr Mahathir was said to have interfered in the affairs of the MIC by making the statement, there were many other ways to convey their displeasure.

"The suggestion reflects that the Indian community in the country does not appreciate Dr Mahathir's deeds and contributions to the community. This shows their shallow thinking.

"In this context, Kedah Umno wants MIC president Datuk Seri S. Samy Vellu to tender an open apology to Dr Mahathir," he said.

-- BERNAMA