Malaysia Today - Your Source of Independent News
Malaysia Today - Your Source of Independent News |
- DPM: Barisan not depending on Sabah and Sarawak to win
- Umno slams S’gor MB for saying state will not take part in GE before June
- Hisham questions whether Suhakam doing its job
- Australia’s Malaysian-born minister backs gay marriages
- Unite under Pakatan, Karpal tells anti-BN parties
- Tsu Koon: I’m staying on as Gerakan president
- Rural Sarawak still without water or electricity
- Once, twice, thrice bitten but never shy
- Who’s behind the farmers’ party in Sabah?
- Noh Omar denies NFC issue ever brought up in Cabinet
- Report card launched for voters to rate MPs’ performance
- DPM: School aid fund balance must be returned to Govt
- Intelligence led to arrest of suspected Sabah militants, says IGP
- Bank Negara unveils new financing rules
- Euro rises on ECB lending hope, world stocks fall
- Rival groups table proposals to resolve KGNS land dispute
| DPM: Barisan not depending on Sabah and Sarawak to win Posted: 18 Nov 2011 06:02 PM PST
(Bernama) - The Barisan Nasional is not depending solely on the two states of Sabah and Sarawak to win in the next general election, but on the other states in Peninsular Malaysia as well. Deputy Prime Minister Tan Sri Muhyiddin Yassin said although the two states as well as Labuan had been described as fixed deposits for the Barisan, the coalition should be able to win back the other states that had fallen to the opposition in the last election. "We should be able to wrestle back the other states which are now being ruled by the opposition in the next election," he said. Muhyiddin said equal focus and attention were given to all the states including those ruled by the opposition as according to him, the Barisan government always adopted a fair attitude. "We will continue to maintain our 'touch point' approach in helping the people. We want the people to know that we are caring and sincere in helping them," he said at a press conference after a one-day visit to Labuan, here. On the decision of Gerakan president Tan Sri Dr Koh Tsu Koon not to contest in the coming election, Muhyiddin said it would not affect the Chinese votes in the election. "We respect the decision. It will not have any effect on us in the election. We believe he had discussed with party members. What is more important is that the party will continue to work together with Barisan," he said. Earlier, he held a closed-door meeting with Labuan Umno and Barisan Nasional component parties and was briefed on the election preparation by Umno leaders. "I'm satisfied with the briefing. The unity issue as raised in the past should not be questioned. It is alright, I do not see any problem on unity on the island," he said.
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| Umno slams S’gor MB for saying state will not take part in GE before June Posted: 18 Nov 2011 06:01 PM PST (The Star) - Umno has lashed out at Selangor Mentri Besar Tan Sri Khalid Ibrahim for refusing to participate in the upcoming general election if it is called before June next year. Umno vice-president Datuk Seri Mohd Shafie Apdal said holding elections separately would not just trouble the voters but also costly. "Selangor voters residing outside the state would have to return twice to cast their votes and that will incur some costs. "This is not to mention the cost to hold a series of elections," he told newsmen here on Saturday. Khalid had on Thursday cited the just approved state budget for next year as the reason for the possibility of not participating in the election if it was called before June. "We do not want to shortchange the people," he said after closing the state assembly sitting. Mohd Shafie also said the refusal indicated that the Parti Keadilan Rakyat-led Selangor government was not confident in retaining the state. "They are not confident of getting the support from the people and I think that is the reason for it," he said.
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| Hisham questions whether Suhakam doing its job Posted: 18 Nov 2011 05:59 PM PST (The Malaysian Insider) - Datuk Seri Hishamuddin Hussein accused the Malaysian Human Rights Commission (Suhakam) today of not carrying out its duties after it demanded that 13 suspected Islamic militants detained under the Internal Security Act (ISA) be released. The home minister said such a demand "without knowing the facts and wanting to release dangerous individuals is very irresponsible."  The home minister described Suhakam's statement demanding the release of the suspected Islamic militants as "very irresponsible". — file pic He said the arrest of the 13 individuals should not be politicised because the ISA has only been specifically used to combat terror and not for political purposes. Hishamuddin said Suhakam officials should have met him first before making such remarks. The home minister's remarks are in response to a statement released by Suhakam earlier today demanding the authorities release the 13 suspected militants from ISA detention. Suhakam chairman Tan Sri Hasmy Agam said in a strongly-worded statement the arrests went against Datuk Seri Najib Razak's promise to repeal the law. He said the government should instead charge the suspects in open court and allow them legal representation. Suhakam is also currently conducting a public inquiry into the July 9 Bersih rally which was declared illegal by the government. Police dispersed tens of thousands who poured into the capital to call for free and fair elections, using water cannon and tear gas in chaotic scenes that saw over 1,500 arrested, scores injured and the death of an ex-soldier.
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| Australia’s Malaysian-born minister backs gay marriages Posted: 18 Nov 2011 04:50 PM PST (The Malaysian Insider) - Australia's Malaysian-born Finance Minister Penny Wong called today for the ruling Labor party (ALP) to outline its commitment to same-sex marriages in its national congress next month. Wong, whose initial appointment to the Australian Cabinet in 2007 was widely reported in Malaysia, wrote an opinion piece in the Sydney Morning Herald today that Labor's current policy platform "perpetuates unequal treatment of some Australians solely on the grounds of their sexual orientation."  Wong was born in Kota Kinabalu in 1968. — Picture courtesy of The Age Wong said that although "it is this Labor government that removed discrimination against same-sex couples in more than 80 areas of the law," Australians should not be denied the right to marry just because they are not heterosexual. "Can we justify valuing a relationship less, in law and in practice, solely on the basis of the genders of the partners? "Surely Australia has reached a point where we can value relationships by markers such as respect, commitment and love. I have no doubt our laws will one day reflect this," the senator said. Born in Kota Kinabalu in 1968, Wong's promotion to finance minister last year in Julia Gillard's administration was also reported in the local media and fuelled public debate on Malaysia's brain drain. Wong had previously handled the climate change portfolio under former Australian Prime Minister Kevin Rudd.
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| Unite under Pakatan, Karpal tells anti-BN parties Posted: 18 Nov 2011 04:06 PM PST DAP national chairman Karpal Singh urges political parties unhappy with Umno-BN to join Pakatan officially to face the 13th General Election (Free Malaysia Today) - DAP national chairman Karpal Singh urged all political parties unhappy with Barisan Nasional to join Pakatan Rakyat officially to face the next general. However, he said the parties should apply to join Pakatan without any conditions attached. He particularly had his sights on Parti Sosialis Malaysia (PSM), Human Rights Party (HRP) and Parti Rakyat Malaysia (PRM) who he said should join Pakatan now unconditionally. He said these parties should know that the 13th General Election presented a great chance for Malaysians to oust Umno and BN from federal power for the first time since the country achieved independence. "They should join us unconditionally and not become spoilers. Together we can replace BN in Putrajaya," said Karpal, the Bukit Gelugor MP. However, he said any conditional application, especially those demanding seats, would not be entertained because it would put all anti-BN parties in a "no win situation." Although PSM is Pakatan-friendly and contested in three seats under PKR ticket in the last general election, in which it won two, the party still remains outside Pakatan. In 2008, PSM national chairman Dr Nasir Hashim won the Kota Damansara assembly seat while another leader Dr Micheal Jeyakumar won the Sungai Siput parliamentary seat. PSM secretary-general S Arutchelvam lost in the Semenyih state seat in Selangor.
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| Tsu Koon: I’m staying on as Gerakan president Posted: 18 Nov 2011 03:27 PM PST (The Malaysian Insider) - Tan Sri Dr Koh Tsu Koon said today he will not step down as Gerakan president despite announcing on Thursday he would not be contesting in a general election expected soon. The minister in the Prime Minister's Department said he still needed to handle party matters while other Gerakan leaders prepared for polls expected early next year. He said resigning would be the "easy way out" after coming under pressure from several Umno leaders including former Prime Minister Tun Dr Mahathir Mohamad to make way for younger leaders. Koh's announcement on Thursday came after he said last month he would make "the ultimate sacrifice," leading to speculation that he would set a timeframe to quit politics. Gerakan has failed to regain support over the last three years since it was wiped out in its former stronghold of Penang in Election 2008. Following the former Penang chief minister's announcement, the MCA, its fellow Chinese-based Barisan Nasional (BN) component, said yesterday it wants Penang voters to give the party a chance in the coming national polls. Although his successor as Penang CM Lim Guan Eng said Umno had forced Koh out, the senator insisted it was a "personal decision" and he was not succumbing to any political pressure. |
| Rural Sarawak still without water or electricity Posted: 18 Nov 2011 03:21 PM PST By Joseph Tawie, FMT Thirty percent of rural Sarawak has no electricity, 41% no water coverage and 47.8% of the state's hardcore poor are native Ibans. These, according to Bukit Assek assemblyman Wong Ho Leng, are the hard facts about Sarawak. "Under the BN, people see the SESCO's (Sarawak Electricity Supply Corporation) power grid above longhouses. But many of these longhouses do not have electricity supply. "About 33% of rural areas in Sarawak do not have electricity coverage, compared to 0.5% in Peninsular Malaysia. This shows that the performance of BN is a disgrace. "We have the Batang Ai hydro-dam. We also have the Bakun Dam. Yet, in many areas that I visited, particularly areas near the power grid and the dams, many longhouses do not have electricity supply. "These areas are BN strongholds and served by Ministers. The areas that I had visited include Sri Aman, Balai Ringin, Kapit, Selangau, Tamin, Mukah, Nangka, and Bawang Assan. "The government should not have neglected these rural folk. To deny them electricity supply is to deny them human rights. They are forced to use gen-sets. The diesel is not only costly. "These generators have to be turned off at about 9pm. Some longhouse folk told me that their children cannot produce good exam results because their study hours are so short. "Not only that. Many longhouses I visited do not have water supply. They depend on rain water. In fact, 41% of rural areas do not have water coverage, compared to only 10% in Peninsular Malaysia," he said. Natives are the poorest Citing the Rajang River as an example, he said there were many longhouses along Malaysia's longest river which do not have piped water supply. "Why is this so?" he asked. Wong was highlighting the issue of poverty and the lack of basic necessities in the state during the debate on the state's budget 2012. Their incomes, he said, were less than RM830 per month per household. He said 27, 902 (49%) households were considered to be hardcore poor, earning less than RM520 per month. The Ibans comprised 13, 349 (47.8%), Malays 5,601 (20%), Orang Ulu 2,925 (10.5%), Bidayuh 2,757 (9.8%), Melanau 1,974 (7%) and Chinese 674 (2.4%). "We should view these figures with grave concern. The majority of the hardcore poor are the natives of Sarawak. Have a heart for these people," Wong said. He also asked Jabu to detail what he had done to eradicate poverty in Sarawak. "The Deputy Chief Minister said that he had done a lot for the natives to eradicate poverty. With these figures, can we know what has he done? We don't want hot air from Jabu," said Wong. Basic amenities essential He said the Penang Pakatan Rakyat government had eradicated poverty within a year by topping up hardcore poor household's income.
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| Once, twice, thrice bitten but never shy Posted: 18 Nov 2011 03:18 PM PST By Jeswan Kaur, FMT Once bitten twice shy is a phrase alien to Barisan Nasional. The three-party coalition's shocking defeat in the 2008 General Election has failed to teach it any lesson in humility. Take the high-handed show of power by Deputy Prime Minister and Education Minister Muhyiddin Yassin who stubbornly declared that the teaching of Maths and Science in English be reverted to Bahasa Malaysia – this despite pleas by parents for their children to have the option of choosing between either. Muhyiddin, however, remained adamant of completing his mission of making the Malay agenda his top most priority. It was a pleasant end to this controversy when Muhyiddin failed to fulfill his wish, one which served more of a personal agenda instead of the nation's. Prior to this, the DPM was just as unwilling to step in and end the controversy surrounding the Malay novel Interlok which was made the literature textbook for Form Five students starting this year. Muhyiddin could not care less whether Indians in Interlok were called pariah or the Chinese were depicted as cheats and heartless parents. What he did deem important was that the author of this novel, national laureate Abdullah Hussain, not be chided for labelling the non Malays in a racist and discrimninatory way. It seems that BN is back to its old modus operandi of taking the rakyat for granted. Hoodwinking the people under the tagline "people first performance now" BN chief and prime minister, Najib Tun Razak, has turned complacent, misguided by the notion that the mega bucks splashed on mega projects are certain to earn him mega votes come the 13th General Election. But both Najib and Muyhiddin have got it all wrong. In fact, they have decided that the rakyat has no other choice but to come crying to BN for help. Perhaps that is why Muyhiddin so confidently remarked on Halloween Day that the rakyat has no better choice than the BN government – harrowing indeed. This display of "leadership by example" has now taken a turn for the worse. The antics of MCA president Chua Soi Lek and Women, Family and Community Development Minister Shahrizat Abdul Jalil have confirmed the rakyat's worst nightmare that politics in Malaysia is all about serving personal interests, never the people's. When BN censors the truth Chua, the former health minister whose political career was destroyed after he was exposed having an extramarital affair, has yet to learn his lesson, as far as dispensing advice goes. Reacting to the police's move to ban the Seksualiti Merdeka festival, an event aimed at empowering the LGBTIQ community, Chua said police interference could have been avoided had the festival organiser held it in a "hush hush" manner. Chua was quoted in The Star as saying that "the festival organiser must be sensitive as there are certain segments of the community that might not be able to accept such an event". Looks like Chua was speaking from experience, but then as the Malay saying goes, "berani kerana benar, takut kerana salah" (one is brave when right and afraid when in the wrong), there was no reason for the festival organiser to cower in fear. If dispensing that uncalled for advice was not enough, MCA earned the condemnation of Malaysians living abroad when MCA central committee member Ei Kim Hock told the Parliamentary Select Committee panel on Nov 11 that Malaysians living abroad were unqualified to vote as they were "out of touch" with the country's current affairs. Backing his claim, Ei said MCA's research showed that most of these Malaysians only received information from dubious sources which may not paint a true picture of the situation here. Needless to say, Malaysians living abroad wasted no time in taking MCA to task, forcing Chua to immediately chastise Ei for his improper explanation. Chua clarified that MCA opposed overseas voting because of the "logistical nightmare" and resources needed for its success. Such a comedy of errors! If indeed Malaysians abroad gained information from unreliable sources, what then are the roles played by the Malaysian embassies located overseas? Do we take it as that the Tourism Ministry, mired in a never-ending controversy of extravagance, has failed to do its job as the agent of information for Malaysians in other parts of the world? If the truth cannot reach Malaysians staying abroad, it is because BN as the federal ruling government chooses not to tell the truth and not because the former does not know how to get hold of information pertaining to their motherland. 2011 seems to be one of controversies. The most recent involves seasoned politician, Shahrizat. Shahrizat seems to have joined the bandwagon of corrupt and nepotism-practising politicians and has come under fire over claims that the National Feedlot Centre (NFC) paid for a RM10 million condominium belonging to National Meat and Livestocks Corporation, a company wholly-owned by her family.
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| Who’s behind the farmers’ party in Sabah? Posted: 18 Nov 2011 03:14 PM PST By Luke Rintod, FMT KOTA KINABALU: A new political party that emerged in Sabah about a year ago is raising eyebrows after it appeared to have received the support of two influential leaders – Chief Minister Musa Aman and former chief minister Harris Salleh. Who really is behind the Sabah People's Front Party (SPF)? The question keeps popping up during discussions about politic movements in the state. It has become all the more interesting since SPF president, Berman Angkap, now sits as one of the directors in a co-operative initiated and led by Harris, his predecessor in Bersekutu which morphed into SPF. At a function in Keningau last month, Berman and Harris stood side by side with Musa, who lent support to the Koperasi Sabah Kita Berhad, by approving a RM1 million state grant for it to run its contract-livestock-and-farm programme, with mostly SPF and ex-Bersekutu's members. "I hope the grant will be fully utilised to benefit co-operative members," Musa said when he launched at 3-in-1 integrated farming (cattle, lemon grass, agarwood) by the co-operative at Kampung Ferry in Keningau. When Berman announced on Dec 15 last year that the Registrar of Societies (ROS) had approved SPF on Dec 8, he stressed that SPF was an opposition party that would fight for Sabah's rights but it had no plan to work with other opposition parties in Sabah. He also confidently told the waiting crowd at the airport here then that SPF would definitely join the fray in the coming state election. While everyone seems to agree that there was nothing wrong with Musa granting state money to a co-operative, an initial grant of RM1 million to a co-operative inspired and led among others by an "opposition" party is more than just meets the eye. "There must be something cooking behind all this," said some of those who refused to believe that it was normal, arguing that Harris himself is known to have left Umno and sometimes very critical on the ruling party. Sabah Umno leaders' interest in SPF? Political observers here said Berman could be the "temporary" frontman of a group of Umno leaders, mostly those likely be dropped for the coming general election. The rumours even mentioned name of senior state Umno leaders including that of Lajim Ukin, the federal deputy minister of housing and local government, who is also president of his Bisaya community's cultural association. They too speculated that it would not be a surprise if about eight Umno leaders would use SPF as their launching pad in the coming general election if they are not re-fielded by Barisan Nasional. One politician who claimed knowledge of the game-plan, said the group might also be wanting to work with the existing Sabah opposition parties, especially Sabah Progressive Party (SAPP) which used to enjoy a close rapport with some of the state Umno leaders, if it serves their mutual benefits.
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| Noh Omar denies NFC issue ever brought up in Cabinet Posted: 18 Nov 2011 03:08 PM PST By Melissa Chi, The Malaysian Insider
Minister of Agriculture and Agro-based Industry Datuk Seri Noh Omar denied today that the decision to award the National Feedlot Centre (NFC) project was discussed during Cabinet meetings. "I can confirm that NFC is under the High-Impact Projects Committee and at the time of the loan approval to NFC, that was not under the Cabinet, not (mentioned) in the meetings," Noh (picture) told reporters after the launch of the farmers, livestock breeders and fishermen's day celebration at the Selangor Mardi headquarters here. PKR yesterday demanded that the Najib administration disclose all Cabinet meeting minutes from 2006 onwards to determine if Women, Family and Community Development Minister Datuk Seri Shahrizat Abdul Jalil was directly involved in the decision to award the NFC project to her husband's company. PKR strategy director Rafizi Ramli pointed out that NFC executive chairman Datuk Seri Dr Mohamad Salleh Ismail, Shahrizat's husband, had not denied a single allegation and had merely offered explanations for the many discrepancies involved in the federally-funded RM250 million cattle project. Instead, he said, Mohamad Salleh had made three major admissions when addressing the issue on Thursday — that his company had no experience in the cattle farming industry prior to the project award; that the RM250 million government loan had not been accompanied by a repayment schedule; and that the company had purchased "not one, but two" luxury condominium units for a whopping RM13.8 million in total. The cattle farming project kicked off in 2008. |
| Report card launched for voters to rate MPs’ performance Posted: 18 Nov 2011 10:56 AM PST By Wani Muthiah, The Star Voters will soon be able to rate the performance of their elected representatives. This is made possible through the Laporan Rakyat (People's Report) launched by the Centre for Public Policy Studies (CPPS) and UndiMsia! Under the programme, constituents will be given a report card to assess their MPs and assemblymen. UndiMsia! representative Edmund Bon told a press conference yesterday that the first part of the exercise would be launched in the Hulu Langat parliamentary constituency with the state constituencies of Kajang, Dusun Tua and Semenyih. Hulu Langat MP Che Rosli Che Mat is from PAS, Dusun Tua assemblyman Ismail Sani and Semenyih assemblyman Johan Aziz are from Umno while Kajang assemblyman Lee Kim Sin is from PKR. Bon said Hulu Langat was chosen because the incumbents' margin of victory in the last general election was less than 5%. He said the purpose of Laporan Rakyat was to make politicians accountable as well as encourage people to participate more actively in the country's political landscape. CPPS director Ng Yeen Seen said many elected representatives they had spoken to were supportive of the idea. "There is a disconnect between the MP or state assemblyman and the people,'' she said. Ng said they hoped to complete the exercise and come out with a report by March. CPPS chairman Tan Sri Dr Ramon Navaratnam said the report was also aimed at encouraging voters to be aware of their rights and to vote wisely. He added that the onus was on voters to choose the right representatives. The report card can be downloaded from CPPS and UndiMsia! websites. |
| DPM: School aid fund balance must be returned to Govt Posted: 18 Nov 2011 10:52 AM PST (Bernama) - Deputy Prime Minister Tan Sri Muhyiddin Yassin has instructed schools to return any remaining balance from the RM100 school assistance fund to the Government if the money is not claimed by the parents. Parents have a choice as to whether they want to accept the assistance or wish to contribute it to the school, he said. However, they must claim the money first before they decide to make it a contribution, said Muhyiddin, who is also Education Minister. "It's all right if parents say they don't need the assistance. "We have instructed the schools to return any balance to the ministry and it will be put back into Government funds, as it is Government's money. "It's up to the parents. Our aim is to ease their financial burden at the beginning of the year. "But if parents say they can afford it or have other resources or think they want to contribute, they have to claim the money first," he said after the launch of Unesco Day here yesterday. He hoped the distribution of the money could be completed within this month. If it is still not claimed by parents for any reason, the supervisor or headmaster can make a decision on the matter, he added. "If the parents are far away or overseas, it's not a problem as the money can be kept for them." Distribution of the RM100 school assistance to 5.3 million students from Year 1 to Form 5 commenced on Tuesday. Prime Minister Datuk Seri Najib Tun Razak announced the financial aid during the tabling of the Budget 2012 last month. Muhyiddin, who is also president of the Malaysian National Commission for Unesco, said the country had almost reached its target of "education for all" (EFA) earlier than the original target year of 2015. Based on Unesco's 2011 EFA Global Monitoring Report, he said Malaysia was ranked 65th out of 127 countries in the Middle Category Group compared to its previous placing of 69th out of 128 countries. He said the Malaysian Unesco Day will be celebrated annually to allow people the opportunity to evaluate the nation's ranking in Unesco and the organisation's contribution to the country. - Bernama |
| Intelligence led to arrest of suspected Sabah militants, says IGP Posted: 18 Nov 2011 10:51 AM PST (The Malaysian Insider) - The arrest of 13 suspected militants in Sabah earlier this week was the result of both internal and foreign intelligence received by the police, Tan Sri Ismail Omar was reported by Bernama Online as saying today. The Inspector-General of Police (IGP) told the news portal he had acted as soon as the police had received the intelligence because it was an issue of security that could possibly threaten other countries in the region. He added he had acted in accordance with current laws that are relevant to the case and that he had briefed Home Minister Datuk Seri Hishammuddin Hussein on the matter. When asked to comment on a statement by Sabah PAS commissioner Mohd Aminuddin Aling in which he asked the police to clarify the circumstances surrounding the arrests, Ismail stressed that the move was a pre-emptive measure conducted in the interest of national security. The IGP announced yesterday that seven Malaysians and six foreigners were arrested in Sabah on Monday under Section 73(1) of the Internal Security Act to thwart their alleged efforts at reviving a militant movement in the state. The police have not disclosed the identity of the militant movement. Bernama Online reported, however, an English daily has linked the individuals to the Abu Omar group, which is better known as the Kaltim group that uses Kalimantan as its base. According to the daily, the group was using Tawau as a transit point to amass firearms procured from south Philippines. |
| Bank Negara unveils new financing rules Posted: 18 Nov 2011 09:13 AM PST (The Star) - Malaysians will have to go through a more exhaustive process when applying for loans starting next year after Bank Negara issued guidelines on responsible lending by banks. Following the new guidelines, the maximum tenure for car loans will be capped at nine years with immediate effect. Starting July next year, borrowers will not be penalised heavily for early settlement of their loans. Instead, banks will only be allowed to charge for the cost incurred in processing the loan and not for profit loss from the early settlement of the loan. At a media briefing yesterday following the release of third quarter economic data where the economy grew by 5.8%, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the objective of the guidelines was to inculcate responsible lending practices by financial institutions which include commercial banks and development financial institutions. "We don't want to restrict growth but we want to set parameters which are transparent," she said, adding that the guidelines also provide for clear information and disclosure on financial products. As the industry becomes more competitive in a challenging environment, Zeti said the central bank wanted to ensure responsible lending practices did not erode. Starting Jan 1, banks must make clear to the borrowers the implications of the loans they take, illustrating to them just how much more they will have to pay should the base lending rate go up. The guidelines would be applicable to home and vehicle financing, credit and charge cards, personal financing including overdraft facility as well as financing for the purchase of securities except for share margin financing which comes under stock exchange rules. Zeti said as part of measures to ensure borrowers do not migrate to cooperatives to get their loans, the Cooperatives Commission would also be imposing requirements on responsible financing practices on credit cooperatives. Furthermore, the debt-service ratio of civil servants would be capped at around 60%. For others, the banks will determine for themselves and not have a fix ratio in determining what the maximum amount of loan a borrower can take. The guidelines will include a more stringent "suitability and affordability assessment" which would ensure borrowers have the ability to pay without recourse to debt relief or substantial hardship. To improve assessment of individual affordability and provide suitable and responsible advice to customers on their capacity to take on additional financing, there would now be appropriate enquiries by lenders on income after statutory deductions and debt repayment obligations. Zeti added that other objectives of the guidelines were to foster a healthy and sustainable credit market which in turn would contribute to economic and financial stability as well as further strengthen the protection of consumer interests. |
| Euro rises on ECB lending hope, world stocks fall Posted: 18 Nov 2011 09:06 AM PST (Reuters) ― The euro gained yesterday on hopes that the European Central Bank may get involved in a plan to help struggling euro zone countries, but world stocks fell as many investors continued to fear a spread of the region's debt crisis into core European economies. Key US stock indices were mixed in the late afternoon, though supported by reports that the ECB is considering lending to the International Monetary Fund to bail out troubled euro zone economies. US Treasury prices fell as the borrowing costs of troubled European countries declined slightly, reducing the appeal for safe-haven assets. Yields on Spain's bonds eased modestly before weekend elections. Speculation that the ECB could also step up purchases of European sovereign debt helped shore up investor sentiment. Either ECB approach would be satisfactory, said Andrew Busch, senior currency strategist at BMO Capital Markets in Chicago. "The broader point is that the ECB is finding a way to stabilise the European debt crisis," he said. Economists say only the ECB would have enough fire power to quell a confidence crisis spreading throughout the euro zone. But EU law forbids the bank to finance government borrowing directly, thus the possible arrangement with the IMF. "This third-party lending arrangement not only works around ECB laws, but also provides an avenue for the ECB to create enough funding to stabilise the crisis while maintaining its appearance of independence," Busch added. The euro zone common currency rose 0.4 per cent to US$1.3509 (RM4.36), pulling away from a five-week low of US$1.3420 struck on Thursday. Apparent disagreement between Germany and the UK about how to solve the European debt crisis kept investors on the edge, however. At a news conference in Berlin, the leaders of both countries sent out conflicting messages to markets, with British Prime Minister David Cameron calling for "decisive action" to stabilise the euro zone and German Chancellor Angela Merkel favouring a "step-by-step" approach. Wall Street indexes were mixed, with the S&P 500 holding above a key resistance level around 1,200. The Dow Jones industrial average up 31.29 points, or 0.27 per cent, at 11,802.02. The Standard & Poor's 500 Index was up 0.04 point, or 0.00 per cent, at 1,216.17. The Nasdaq Composite Index was down 13.81 points, or 0.53 per cent, at 2,574.18. In Europe, the FTSEurofirst 300 finished 0.7 per cent lower. World stocks, measured by the MSCI All-Country World Index .MIWD00000PUS, declined 0.4 per cent. "The (market's) scepticism comes from the realisation that there is no magic bullet in place to solve this crisis," said Giancarlo Perasso, chief economist at Redux-Matrix. US crude oil prices settled US$1.26 down at US$97.67 (RM208.63). Benchmark 10-year US Treasury notes fell 13/32, sending their yield up to 2.01 per cent, as a decline in Italian government bond yields reduced their safe-haven bid. Yields on Italian 10-year bonds eased to 6.7 per cent but stayed near levels investors consider unsustainable. Spanish 10-year bond yields fell to 6.4 per cent from Thursday's 6.5 per cent before weekend elections in which the centre-right People's Party is expected to win a resounding mandate to slash public spending. |
| Rival groups table proposals to resolve KGNS land dispute Posted: 18 Nov 2011 08:56 AM PST By Jahabar Sadiq, The Malaysian Insider Rival groups have tabled alternative proposals to resolve Kelab Golf Negara Subang's (KGNS) land dispute with Putrajaya in a fiery emergency meeting tomorrow to keep its 330 acres of pristine greenery here after the club leadership allowed a caveat to purposely lapse. Documents seen by The Malaysian Insider reveal that a group aligned to the general committee wants to set up a corporate body to manage and control the club after winning an official lease from the Federal Land Commissioner while another group wants to establish a task-force to solve the issue upon instructions from all the members. At the heart of the matter is whether the members will have final say over the club's fate or they will have to leave it to the proposed Perbadanan Padang Golf Subang (PPGS) to decide the fate of the club and its leased land. A notice of motion filed on November 17 proposed three resolutions, including to defend a suit filed by the Federal Land Commissioner to compel KGNS to pay market rates for the land which sits squarely in the middle of both established and rapidly developing areas such as Subang Jaya, Ara Damansara, Kelana Jaya and Bandar Sunway. The second resolution called for the setting up of the PPGS "be empowered to take on the responsibility for the management and control of Kelab Golf Negara Subang (KGNS) in accordance with the Subang Golf Course Corporation Act 1968 (Act 509) after obtaining a lease of land held under Hakmilik Lot PT No. 221 HS (D) 3458 (148046), Mukim Damansara, District of Petaling Jaya, State of Selangor, from the Federal Land Commissioner and the creation of a sub-lease in favour of KGNS." "That Kelab Golf Negara Subang (KGNS) be authorised to negotiate the terms of settlement of the land the management and control of the Club with the relevant authorities and that the terms thereof be tabled at the General Meeting of the Club for rectification and approval," said resolution three of the motion. The Malaysian Insider understands that the motion was filed after a rival group called for a special task force to "deal with all issues that have arisen in respect of the status of land presently occupied by Kelab Negara Golf Subang (KGNS) with the Federal Land Commissioner, the Subang Corporation Bhd and/or any other Government Agencies pertaining to the said land." The group called for seven members to form the special task force which "shall be independent of the management committee". It said the special task force should regularly review civil suits in the case but will have no right or power to commit KGNS to any agreement or compromise on the status of the land. "The Special Task Force Committee should be independent and should not be anyway hampered by direction from the Management Committee as in the past, and the interests of the members must always be primary," according to a member supporting the resolution who declined to be identified. "The line of communication must be extremely clear. The Management Committee has in many ways abdicated its duty to the members by not reporting the progress of the issues and keeping matters to itself," he added. The Malaysian Insider reported last Saturday that a KGNS task force allowed a caveat to lapse on its leased land last June in order to preserve the club president's ties with the Najib administration. The panel's move without seeking the members' approval could now cost the club billions as the official land owner, the Federal Land Commissioner, has gone to court to compel them to pay market rates for the 330 acres of land. The clubs's land issue task force met on June 17 this year, six days before the caveat filed in 2004 was due to expire when it decided not to extend the caveat. That meeting was chaired by club president Tan Sri Megat Najmuddin Khas and attended by several other members. "We are not intimidating the government who is the rightful owner of the land.
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