Malaysia Today - Your Source of Independent News
Malaysia Today - Your Source of Independent News |
- Maximum 40pc pay rise as Putrajaya reverts to single-tier civil service
- Perkasa wants Sime Darby to drop E&O share buy
- Military training for media covering war, disasters
- ‘Name the 1,000 companies’
- Stocks, commodities fall on euro crisis fears
- The lazy country
- Hudud held back by lack of consensus
| Maximum 40pc pay rise as Putrajaya reverts to single-tier civil service Posted: 29 Sep 2011 09:52 AM PDT By G. Manimaran, The Malaysian Insider KUALA LUMPUR, Sept 30 — Putrajaya is to implement a new pay scheme for the country's 1.3 million civil servants that will see salaries jump by up to 40 per cent next year, sources say. Datuk Seri Najib Razak is expected to announce a return to a single-tier system when tabling Budget 2012 next week after more than 15 years of grumbling from public sector employees who say the current triple-tier system is unfair.
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| Perkasa wants Sime Darby to drop E&O share buy Posted: 28 Sep 2011 05:33 PM PDT By Syed Mu'az Syed Putra, The Malaysian Insider KUALA LUMPUR, Sept 29 — Perkasa called today for Sime Darby to cancel the 30 per cent purchase of Eastern & Oriental (E&O) as the government-linked company (GLC) already has expertise in real estate development. "We are confident that Sime Darby does not need the services of other companies," said the Malay lobby group's information chief Ruslam Kasim after handing over a memorandum protesting the move to Sime Darby. Sime Darby's acquisition of the 30 per cent stake in E&O is being probed by the Securities Commission (SC) following allegations of insider trading that also involves the husband of the SC chairman. Perkasa's memorandum called the planned RM776 million purchase at a 60 per cent premium over the market price a betrayal of trust. "It represents the fall of moral responsibility and credibility of Sime Darby, damaging the image of the government for failing to monitor (Sime Darby's) operations. "The rise of such corruption will damage the government's efforts to transform the entire sector," the memorandum said. Just before the Hari Raya break, Sime Darby announced it wanted to buy a 30 per cent block (involving 273 million shares and 60 million irredeemable convertible secured loan stocks) in E&O at RM2.30 per share from three vendors.
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| Military training for media covering war, disasters Posted: 28 Sep 2011 05:23 PM PDT (Bernama) - Media personnel being assigned to war zones or disaster areas will be required to undergo training with Defence Ministry's Territorial Army Media Team to prepare them physically and mentally for the tasks ahead. Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi said the decision was reached at the Cabinet meeting on Sept 28. "The training session will ensure that media personnel are aware of safety aspects when undertaking their duties," he said at an Aidilfitri gathering with non-governmental organisations here tonight. He said media organisations should be willing to send their staff for the training ahead of their assignments abroad. The minister also called on organisers of humanitarian missions to equip the teams with safety equipment, including bullet-proof jackets. Meanwhile, Ahmad Zahid said the Burundi army should pay compensation to the family of BernamaTV cameraman, Noramfaizul Mohd Nor, who was killed in a Sept 2 shooting incident in Somalia, in which Burundi troops were believed to be involved. The African Union peacekeeping mission in Somalia (AMISOM) has apologized over the incident and sacked the four soldiers who are to be sent back to Burundi to face trial. Noramfaizul, 39, was killed after the vehicle he and other Malaysian media personnel were travelling in to return to their hotel in Mogadishu came under fire. The media team was covering a relief mission to help famine victims in Somalia. |
| Posted: 28 Sep 2011 02:39 PM PDT By Joseph Tawie, FMT KUCHING: The government's decision to do away with the 30 percent Bumiputera equity quota has received the opposition's conditional acceptance. Welcoming the move, Sarawak DAP, however, insisted that the government reveal the names of the 1,000 companies which the government would help to grow bigger and better. "We want to know the 1,000 companies. Are they related to Umno or to Barisan Nasional politicians? "How many of these companies are based in Sarawak, and who are the shareholders? "Are there Ibans, Bidayuhs, Lun Bawang, Kayans and other natives of Sarawak holding shares in those companies?" asked DAP secretary Chong Chieng Jen. Chong, who is the Kota Sentosa assemblyman, was reacting to the move announced by Prime Minister Najib Tun Razak. Najib said that the 30 percent quota had not served its purpose. He said that it instead hampered Bumiputera companies from developing. He said the government would instead adopt a different approach to support Bumiputera companies in order to make them more competitive. What are the criteria? Najib also said the government would help more than 1,000 companies which have been identified through Teraju (Bumiputera Agenda Coordinating Unit) to become bigger and better. Said Chong, who is also Bandar Kuching MP: "The government's move is a small step forward. But we want to know the selection process and the criteria." He said that Najib has been making some major announcements purportedly to reform the whole system in the country. But in terms of impact, it did not truly reform or change the system for the better. Citing the move to repeal the Internal Security Act (ISA) as an example, Chong said: "I see the move by the government towards reform as very insincere. "You only make the announcement to repeal ISA but, on the other hand, you are going to replace it with two new laws. "And those detained under ISA will continue to be detained after the announcement," he said. GST still on the cards Chong also cited the GST (goods and services tax) as yet another example of the government's insincerity. He said it was common knowledge that the GST is a regressive tax policy. "GST taxes people from the lower income group. Previously, they don't have to pay income tax, but with GST the poor people will indirectly pay taxes. "After making the announcement, the government received adverse reactions and opposition from the people. "The government claimed it listened to the opinions of the people and deferred the Bill. "Since the announcement, I have been attending Parliament and still GST is on the order paper. It has never been removed. "The government is just waiting for the right time to implement it, which I believe will be after the general election provided it is given a strong mandate to govern," Chong said.
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| Stocks, commodities fall on euro crisis fears Posted: 28 Sep 2011 02:18 PM PDT (Reuters) - Asian shares and commodities fell today on growing worries that Europe's intractable debt problems will plunge the world into a second global financial crisis. Copper fell three per cent, gold slipped towards US$1,600 (RM4,800) an ounce to stand more than US$300 below its record high earlier this month, and commodities-related stocks such as global miner Rio Tinto were dumped on worries that demand will weaken as the international economy slows. The past week has seen a broad sell-off of commodities, equities and emerging markets bonds and a rally in the dollar that has been reminiscent of the rout surrounding the collapse of Lehman Brothers investment bank three years ago. "It seems periods of optimism are getting shorter and the pessimism is getting longer," said David Land, analyst at CMC Markets in Sydney. "This is being driven by the clear realisation that while there are many plans as to how to deal with the Euro situation, the reality of getting agreement will be that much harder." Tokyo's Nikkei share average fell 1 per cent, while MSCI's broadest index of Asia Pacific shares outside Japan dropped 0.8 per cent, with its materials sub-index shedding more than two per cent. S&P 500 index futures were mildly negative, after Wall Street's broad benchmark dropped 2.1 per cent yesterday. "The market situation is still tough, with worries about global growth," said Fujio Ando, senior managing director at Chibagin Asset Management in Tokyo. The latest source of nervousness was a vote in Germany's parliament at 0900 GMT today to approve new powers for the euro zone's €440 billion (RM1.76 trillion) rescue fund. While opposition votes will ensure the bill passes, a big rebellion within Chancellor Angela Merkel's own centre-right coalition could weaken her politically and cloud future policy making at a time when financial markets and other nations are urging euro zone leaders to act boldly and decisively. The euro was a little firmer around US$1.3555, while the dollar rose 0.2 per cent against a basket of currencies. "You would suspect weakness until Germany votes, given that it is the big guy that has to fund it," said Gavin Stacey, head of Australia and New Zealand research at Barclays Capital. "The euro is most likely to continue its trend deterioration until it gets really bad, forcing a resolution to come." Commodities continued to slide, with copper, which is highly sensitive to expectations for global growth, falling to US$7,036.75 a tonne. US crude oil futures fell 0.6 per cent to US$80.70 a barrel and Brent crude lost 0.4 per cent to US$103.37. Gold , which has seen a shift from a negative to a positive correlation with riskier assets over the past week or so as investors seeking safety have turned their back on the metal in favour of the dollar and US Treasuries, fell 0.2 per cent to around US$1,605 an ounce. Japanese government bonds were in demand for their safe haven appeal, with the benchmark 10-year yield falling one basis point to 0.995 per cent following similar moves in Treasuries, where the 10-year yield dipped back below two per cent yesterday. |
| Posted: 28 Sep 2011 10:35 AM PDT Lazy people should be made to bear the consequences of their own doings. Greece is not the only lazy state on this planet. By Tay Tian Yan (MySinchew) The menace that Greece poses to the world today is comparable to the threats of Alexander the Great to conquer the world 2,000 years ago. Alexander the Great launched his tireless assaults across thousands of miles of terrain, much to the fright of the world. Today, the self-destructive Greeks are taking global finance system for a ride, and vows to trample stock markets worldwide. The trumpets heralding an imminent downturn of global proportions chill the bones of many. Two millennia ago, the Greek troops scourged a vast mass of land stretching all the way to India, but the debt crisis of modern-day Greece has a spillover effect that easily wraps up the entire planet. Just as governments across the world are cracking their heads to seek workable solutions to fix Greece's problems, and entrepreneurs and investors lamed under the mounting pressure thanks to the debt crisis of the Mediterranean state, the Greeks respond by holding one after another street parties. Greece's transport workers, civil servants, teachers, etc. take to the street for massive strikes, which are pretty common in that country, some having their dates scheduled all the way to next month. The objective of the demonstrations and strikes is to protest against the government's decision to trim wages, pensions, benefits and subsidies as well as an intention to perk up taxes. The measures adopted by the Greek government have been made to satisfy the demands of IMF and other creditors. Their rationale is straightforward: Greece needs to fix its own house before it can secure foreign assistance. The Greek economy has headed downhill since its admission into the Eurozone club. Nevertheless, the government has remained lavishly generous and its people addicted to all the benefits and enjoyments befitting the people of a developed state. Everyone wants a comfortable life, and the government has to issue bonds to meet their needs so that they can continue with their extravagant lives and the government continues to get a ticket to rule. As such, the government hires a multitude of civil servants. One in ten employed Greeks draws his salary from the national coffers, complete with all the perks. In addition to easy work, they can advance their retirement benefits after they turn 40. In the event they pass away, their children can inherit the annuities. The private sector is just as lucrative. The government continues to fork out medical subsidies, education, food and accommodation bills. You don't need to worry about the taxes, for the enormous underground economy offers a way out for tax evaders through bribes. Over the decades, Greece has evolved into a Lazy Country, where the people are unproductive, the government incapable and the country uncompetitive. When the mountain of debts begins to fall apart and all the prosperity turns into bubbles, the people remain recalcitrant with their good old life. They would rather take to the street than to soberly accept a more simplistic and thrifty lifestyle. They believe they can go on with the good life by holding on to the Euro Big Brother Germany or holding the world for ransom. But, the world has already got sick of Greece. Many economists feel that Greece should be thrown out of the Eurozone, or allowed to go bankrupt. Only utter destruction could give Greece a ray of hope for regeneration. Lazy people should be made to bear the consequences of their own doings. Greece is not the only lazy state on this planet.
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| Hudud held back by lack of consensus Posted: 28 Sep 2011 08:16 AM PDT
Islamic law cannot take place without DAP's agreement, agreed Pakatan leaders tonight. (Free Malaysia Today) - PAS' hudud dreams in Kelantan remained just that today after Pakatan Rakyat agreed that it has to have a consensus among all three partners – PAS, PKR and DAP – for the Islamic law to be implemented. At the same time, the pact also agreed not to stop PAS from raising the hudud issue again. More importantly, Pakatan noted that any implementation of the Islamic law in Kelantan, or even nationwide when Pakatan comes to power, would need a constitutional amendement first in the parliament. "Pakatan respects the PAS initiatives and aspirations (to implement the hudud in Kelantan), but we have to reach a consensus… DAP is opposed to that and PKR and PAS respect that decision," said Opposition Leader Anwar Ibrahim after a lengthy Pakatan meeting tonight. He said that Pakatan respected PAS' and PKR's support for the implementation of hudud in Kelantan just as it respected DAP's opposition to it. "However (a change to Islamic law) requires a Pakatan Rakyat consensus and an amendment to the (Federal) Constitution, and DAP's position is that they are not supportive of that particular proposal," he told reporters at the PAS party headquarters in Jalan Raja Laut. The meeting, attended by all Pakatan top leaders, started at about 9pm and ended almost after midnight. Anwar was the only leader who spoke at the press conference. The PKR supremo said that Pakatan's leaders acknowledged the existence of the Second Syariah Kelantan Criminal Enactments 1993 and the Terengganu Syariah Criminal Enactments 2003. "Both enactments are already there, but there is a need to refer to Pakatan Rakyat because it involves federal constitution amendments… As it stands, the matter is a non-issue," he said. Anwar said the need for a Pakatan consensus on the matter does not mean PAS will be stopped from talking about implementing hudud laws. "This is not an Umno-controlled Pakatan Rakyat. We respect the right of people to present their case, ask questions and raise the matter… To deny PAS to articulate their position is not fair," he said. Victory for DAP Kelantan menteri besar and PAS spiritual leader Nik Aziz Nik Mat immediately said that the state was ready for hudud laws, a move which was supported by Anwar in his personal capacity. However DAP was opposed to the idea as it claimed that implementation of Islamic laws was not part of Pakatan's common policy framework.
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