Kedai 1 Malaysia was established by Mydin group of companies...
The CEO said, they can sell cheaper because they buy all the stuff in bulk and they sell the item cheaper because of CSR...
but the question is: Why using 1 Malaysia brand?
If they want to do CSR, they should sell it at My Mydin Shop instead of 1 Malaysia shop.
Let's look how long they can sustain....
Friday, July 1, 2011
Sunday, December 12, 2010
KTMB receive a 40 years old train coach from Japan: Looks like we are 40 years lagging from Japan...
40 Years old coach from Japan to be used here? so unreasonable.... sigh...
http://www.bharian.com.my/bharian/articles/KTMBterima14kocdaripadasyarikatJepun/Article
KTMB terima 14 koc daripada syarikat Jepun
2010/12/09
PELABUHAN KLANG: Keretapi Tanah Melayu Berhad (KTMB) hari ini menerima 14 koc kereta api sumbangan JR Kyushu dan JR West, sebuah syarikat dari Jepun.
Pengurus Kanan Unit Komunikasi Korporat KTMB, Mohd Fazil Ismail, berkata koc terpakai itu akan digunakan untuk perjalanan ke pantai timur dan selatan tanah air bermula Jun depan.
"Walaupun usia koc ini hampir 40 tahun namun jurutera KTMB yang dihantar ke Jepun Disember tahun lalu mengesahkan ia masih berada dalam keadaan baik dan boleh digunakan untuk perkhidmatan di negara kita.
"Semua 14 koc yang diterima ini merangkumi bahagian tempat duduk, katil dan kabin keretapi iaitu yang paling lama digunakan sejak 1972 dan terbaru pada 1980," katanya kepada pemberita ketika meninjau ketibaan koc keretapi itu, di sini hari ini.
Mohd Fazil berkata, koc berkenaan dijangka mampu beroperasi bagi jangka masa antara 10 hingga 15 tahun lagi.
Beliau berkata, penambahan koc berkenaan dijangka dapat memberi ruang tambahan kepada 600 penumpang setiap hari dengan kutipan sehari dianggar mencapai RM23,000.
Katanya, kos penghantaran koc itu ditanggung oleh KTMB iaitu sebanyak RM3.8 juta.
"Semua koc ini akan melalui proses pengubahsuaian bagi membolehkan ia digunakan di landasan tolok satu meter di Malaysia berbanding di Jepun yang menggunakan 'narrow gauge'," katanya.
Beliau berkata, syarikat pengendali tersebut menawarkan koc terbabit kepada KTMB hasil kerjasama kedua-dua syarikat yang telah sekian lama terjalin menerusi pelbagai program termasuk pertukaran pekerja yang diadakan setiap tahun.
Selain Malaysia, syarikat pengendali itu turut memberikan koc keretapi kepada negara lain seperti Thailand, Myanmar dan Filipina. - BERNAMA
http://www.bharian.com.my/bharian/articles/KTMBterima14kocdaripadasyarikatJepun/Article
KTMB terima 14 koc daripada syarikat Jepun
2010/12/09
PELABUHAN KLANG: Keretapi Tanah Melayu Berhad (KTMB) hari ini menerima 14 koc kereta api sumbangan JR Kyushu dan JR West, sebuah syarikat dari Jepun.
Pengurus Kanan Unit Komunikasi Korporat KTMB, Mohd Fazil Ismail, berkata koc terpakai itu akan digunakan untuk perjalanan ke pantai timur dan selatan tanah air bermula Jun depan.
"Walaupun usia koc ini hampir 40 tahun namun jurutera KTMB yang dihantar ke Jepun Disember tahun lalu mengesahkan ia masih berada dalam keadaan baik dan boleh digunakan untuk perkhidmatan di negara kita.
"Semua 14 koc yang diterima ini merangkumi bahagian tempat duduk, katil dan kabin keretapi iaitu yang paling lama digunakan sejak 1972 dan terbaru pada 1980," katanya kepada pemberita ketika meninjau ketibaan koc keretapi itu, di sini hari ini.
Mohd Fazil berkata, koc berkenaan dijangka mampu beroperasi bagi jangka masa antara 10 hingga 15 tahun lagi.
Beliau berkata, penambahan koc berkenaan dijangka dapat memberi ruang tambahan kepada 600 penumpang setiap hari dengan kutipan sehari dianggar mencapai RM23,000.
Katanya, kos penghantaran koc itu ditanggung oleh KTMB iaitu sebanyak RM3.8 juta.
"Semua koc ini akan melalui proses pengubahsuaian bagi membolehkan ia digunakan di landasan tolok satu meter di Malaysia berbanding di Jepun yang menggunakan 'narrow gauge'," katanya.
Beliau berkata, syarikat pengendali tersebut menawarkan koc terbabit kepada KTMB hasil kerjasama kedua-dua syarikat yang telah sekian lama terjalin menerusi pelbagai program termasuk pertukaran pekerja yang diadakan setiap tahun.
Selain Malaysia, syarikat pengendali itu turut memberikan koc keretapi kepada negara lain seperti Thailand, Myanmar dan Filipina. - BERNAMA
Malacca's monorail service... another project goes to drain
Barely 2 months in services, the Melaka's monorail project facing so much problems and stop its' operation.
Looks like not the tourist inside the monorail can have a sightseeing, but the people outside the monorail can watch them inside instead...
http://thestar.com.my/news/story.asp?file=/2010/12/11/nation/7601872&sec=nation
Saturday December 11, 2010 - The Star
Malacca's monorail service comes to a stop
By ALLISON LAI
malacca@thestar.com.my
MALACCA: Barely two months after its grand launch to mark Malacca’s developed state status, the city’s RM15.9mil monorail line has ground to a halt owing to a host of problems.
Launched on Oct 20, the monorail has been idle for a month after developing problems with its wheels and software system.
The China-made monorail line, spanning 1.6km from Taman Rempah in Pengkalan Rama to Kampung Bunga Raya Pantai along the Malacca River, is part of the state’s aim to tap the potential of the river as a tourist attraction.
Project under scrutiny: The monorail line is part of Malacca’s aim to tap the potential of the river as a tourist attraction.
Chief Minister Datuk Seri Mohd Ali Rustam had launched the system to mark the recognition of Malacca as a developed state, 10 years ahead of the national Vision 2020.
Hours after the launch, however, a coach with some 20 passengers stalled about 100m from the Hang Jebat station.
Operator Menara Taming Sari Sdn Bhd used a skylift to rescue the stranded passengers.
The project is a joint venture between the Malacca Historic City Council and state subsidiary Kumpulan Melaka Bhd and Agibs Engineering & Construction Sdn Bhd.
The Tourism Ministry has approved an additional RM13.2mil for the monorail phase two extension project under the 10th Malaysia Plan.
On Thursday, a visibly upset Mohd Ali said four engineers from China were trying to iron out the problems affecting the monorail.
“Some screws keep breaking and the rims of the wheels had to be replaced.
“We hope the engineers will be able to fix it within a week,” he told reporters after closing a refresher course for National Service trainers at Permata Resort Camp in Alor Gajah.
He said if the monorail continued to face problems, the state government would not buy additional monorails from China for the proposed extension project and would, instead, source them from Europe.
Menara Taming Sari chief executive officer Nazry Ahmad admitted the monorail had been out of service due to “several technical and mechanical problems”.
“We have been facing problems with the monorail on and off since it was launched. It is now closed to the public,” he said yesterday.
Looks like not the tourist inside the monorail can have a sightseeing, but the people outside the monorail can watch them inside instead...
http://thestar.com.my/news/story.asp?file=/2010/12/11/nation/7601872&sec=nation
Saturday December 11, 2010 - The Star
Malacca's monorail service comes to a stop
By ALLISON LAI
malacca@thestar.com.my
MALACCA: Barely two months after its grand launch to mark Malacca’s developed state status, the city’s RM15.9mil monorail line has ground to a halt owing to a host of problems.
Launched on Oct 20, the monorail has been idle for a month after developing problems with its wheels and software system.
The China-made monorail line, spanning 1.6km from Taman Rempah in Pengkalan Rama to Kampung Bunga Raya Pantai along the Malacca River, is part of the state’s aim to tap the potential of the river as a tourist attraction.
Project under scrutiny: The monorail line is part of Malacca’s aim to tap the potential of the river as a tourist attraction.
Chief Minister Datuk Seri Mohd Ali Rustam had launched the system to mark the recognition of Malacca as a developed state, 10 years ahead of the national Vision 2020.
Hours after the launch, however, a coach with some 20 passengers stalled about 100m from the Hang Jebat station.
Operator Menara Taming Sari Sdn Bhd used a skylift to rescue the stranded passengers.
The project is a joint venture between the Malacca Historic City Council and state subsidiary Kumpulan Melaka Bhd and Agibs Engineering & Construction Sdn Bhd.
The Tourism Ministry has approved an additional RM13.2mil for the monorail phase two extension project under the 10th Malaysia Plan.
On Thursday, a visibly upset Mohd Ali said four engineers from China were trying to iron out the problems affecting the monorail.
“Some screws keep breaking and the rims of the wheels had to be replaced.
“We hope the engineers will be able to fix it within a week,” he told reporters after closing a refresher course for National Service trainers at Permata Resort Camp in Alor Gajah.
He said if the monorail continued to face problems, the state government would not buy additional monorails from China for the proposed extension project and would, instead, source them from Europe.
Menara Taming Sari chief executive officer Nazry Ahmad admitted the monorail had been out of service due to “several technical and mechanical problems”.
“We have been facing problems with the monorail on and off since it was launched. It is now closed to the public,” he said yesterday.
Wednesday, November 17, 2010
Talent Corporation or Talent Time Movie?
Taken from other blog: Talent Corporation? One more company established as to make use of tax payers money for their own pocket, do you think our Malaysian working abroad will turn back to Malaysia with low wages and high cost of living? Think again....
Ganesh
17 November 2010 at 8.09am
I personally know a close doctor who migrated to Australia.
When he was here, he was running a clinic. Most months, he would come home with ZERO. You see, in Malaysia, some doctors who run their own clinics actually suffer cause patients really can’t afford to pay well to keep the doctor’s business afloat (because most people still earn so little).
The doctor friend of mine had to, in a month, at least earn RM10,000 just to break even. Why? His rental alone was RM4500. Plus to pay two nurses was already RM2000. Then you add water, electricity, insurance etc etc, he had to come up with more than RM10,000 just to break even for the given month.
To make matters worse, if he charged a patient more than RM50, it was likely the patient won’t come back. So, you do the calculations lah and see how many patents he needs per day, for him to survive. Adding to that, don’t forget, he has to pay for the medicine suppliers too.
Everyday he has no money. He eat mixed rice everyday. That also, he eat vegetarian to keep his cost down. On lucky days, he will take one meat and 2 vege but he tries to keep it below RM5. Yes, that is a doctor. The person who suffers studying his MBBS for a million years and yet, when he works, he has to eat mixed rice.
Now he is in Australia. He makes rougly AUD$30,000 per month. That is RM100,000 per month.
Why is this so? Because the Australian government, through a medical insurance scheme, similiar to the UK’s NHS, is able to pay doctors well. At the same time, not burdening the rakyat. Each rakyat can afford the best medical care. So, both win win. Doctors are well paid and each and every citizen got either free or nominal paid access to the best medical care.
In Malaysia, we are more interested in buliding tall buildings. Yes, tall buildings. Lessening the burden of the rakyat is least priority.
You think the Doctor wants to come back? No amount of Talent Corporation can pay him RM100,000 lah
Ganesh
17 November 2010 at 8.09am
I personally know a close doctor who migrated to Australia.
When he was here, he was running a clinic. Most months, he would come home with ZERO. You see, in Malaysia, some doctors who run their own clinics actually suffer cause patients really can’t afford to pay well to keep the doctor’s business afloat (because most people still earn so little).
The doctor friend of mine had to, in a month, at least earn RM10,000 just to break even. Why? His rental alone was RM4500. Plus to pay two nurses was already RM2000. Then you add water, electricity, insurance etc etc, he had to come up with more than RM10,000 just to break even for the given month.
To make matters worse, if he charged a patient more than RM50, it was likely the patient won’t come back. So, you do the calculations lah and see how many patents he needs per day, for him to survive. Adding to that, don’t forget, he has to pay for the medicine suppliers too.
Everyday he has no money. He eat mixed rice everyday. That also, he eat vegetarian to keep his cost down. On lucky days, he will take one meat and 2 vege but he tries to keep it below RM5. Yes, that is a doctor. The person who suffers studying his MBBS for a million years and yet, when he works, he has to eat mixed rice.
Now he is in Australia. He makes rougly AUD$30,000 per month. That is RM100,000 per month.
Why is this so? Because the Australian government, through a medical insurance scheme, similiar to the UK’s NHS, is able to pay doctors well. At the same time, not burdening the rakyat. Each rakyat can afford the best medical care. So, both win win. Doctors are well paid and each and every citizen got either free or nominal paid access to the best medical care.
In Malaysia, we are more interested in buliding tall buildings. Yes, tall buildings. Lessening the burden of the rakyat is least priority.
You think the Doctor wants to come back? No amount of Talent Corporation can pay him RM100,000 lah
Saturday, October 23, 2010
Budget 2011, a new way to siphon tax payer's money..
By Syed Akbar Ali
Hot news versus one week later analysis. Well when sometime has passed we get more hindsight and more 'analysis paralysis'. I am just rounding it up and putting my two cents worth about the Budget 2011.
Today the Plus folks reveal that the five year postponement of toll hikes simply means that the Government has to pay Plus RM5.0 billion compensation. Plus the RM2.5 bilion unpaid compensation still owing to Plus by the Government, that is RM7.5 Billion of taxpayers’ funds. That is simply leaving money in the right pocket and paying taxpayers money to Plus from the left pocket. Apa beza sangat ?
There are adventurous ideas like building an RM5 billion 100-storey Warisan Merdeka by PNB. The PM said yesterday, somewhere, that the 100 floors of this building will fill up with offices and businesses, implying the 100 storey building means jobs and humming businesses. Well it does not work that way.
Assuming each floor has a minimum of 100 occupants, the 100 storey building will house 10,000 people. These 10,000 people must already have successful businesses before they can move in and pay the rent in a 100 storey “Malaysia’s tallest building”. You cannot build a 100 storey building which will magically create successful businesses to become its tenants.
I guess what will happen is that PNB will arm twist all the GLCs under its wing to take up space at the 100 storey Warisan Merdeka.
There is precedent because this is what UEM(?), MRCB(?) had to do to fill up the Sentral Project in Brickfields. Ask the GLCs and Government departments to move into Sentral. Wouldn’t 1MDB’s Sg Besi redevelopment, Naza’s Jalan Duta redevelopment and all the other Greater Kuala Lumpur skyscrapers also be clamoring for the same GLCs and the same Government departments to fill up their empty spaces? So please plan well.
Then the PM’s wife’s pet project the Permata program has been given another RM111 of taxpayers’ money – three times the RM36 million given last year.
Last year the Prime Minister said there were 900 “anak pintar”. So do we have three times more anak pintar kids this year? Number of children is a biological function. You cannot triple ‘pintar kids’ in one year. Todate the total amount spent on the Pintar program is over RM176 million – which works out to RM195,500 spent per pintar kid so far. That’s more than degree at a private university. OK let me ask a simple question : how are the Pintar kids doing? Folks our money is being spent. So how are the Pintar kids doing? Do you all recall the Monsoon Cup?
Critics have also pointed out an allocation of RM65 million to renovate the Prime Minister’s residence. The question is why? It’s still a new house, made of concrete and steel. Why renovate a new house? And why cost so much?
The good part in the Budget are the incentives for home buyers. A 4 percent interest rate for a maximum of RM60,000 for low cost houses, government guaranteed down payments of 10 percent for houses below RM220,000 for first time buyers earning less that RM3000 a month, and 50 percent stamp duty exemption for first-time house buyers of houses not exceeding RM350,000 is just great. Helping folks financially with the 10% house deposit for huses below RM220,000 is just awesome. This will help more Malays and other lower income folks own houses (this is a real problem lah). Kudos to whoever managed to slip this gem into the Budget. I take it that this also means that the banks can still lend 90% loans for the remainder purchase price? Syabas. Lets increase house ownership – it will lead to economic growth.
Abolishing import duty on approximately 300 items like apparel, handbags, shoes, shampoo, suits, children’s apparel, wallets, hair colourants, golf balls, imitation jewellery, talcum powder, curtains, table cloth, blankets, bed sheets, shirts, undergarments, lingerie, nightwear, perfumes and mosquito netting (?) is great.
Please include cars and motorbikes in the list too.
I agree with Dr Mahathir that the Employees Provident Funds should be careful with investing 20 percent of its assets overseas (from 7% now). On the one hand we want foreign investment. On the other hand we are sending out our money by the shiploads. What gives? Please don’t buy shopping malls overseas ok. Want to play safe buy OECD Government securities. If it is Greek, discount heavily first.
The Auditor General’s Report has been postponed. Do you share the feeling that there is going to be some embarrassing news? FMT has written about the 2006 Auditor-General’s Report “about a RM32 screwdriver set bought for RM224, a RM160 pen for RM1,146, and a RM50 carjack for RM5,700? …more shocking RM290 million spent by the Customs Department for an outdated user-hostile information system.”
This is the sin of our system for the past 40 years, we do not pay market prices. We always overpay and get less. It is not just bad for us the taxpayers but it is worse for the businesses, the entrepreneurs and the economy. Easy money has made us non competitive and condemned us to the wheel chair.
One Taikor said “the Government pays three times more fo everything anyway”. That is three time market price. The 2011 Budget totals RM212 Billion. There is plenty of fat inside I am sure. Looking at past Auditor-General’s Reports and what the Taikor said, we can achieve what we want to achieve for 2011 using maybe just one third of the amount or RM70 Billion only.
The remainder RM142 Billion will be used to make nails in our coffin, by making easy money GLCs, easy money cronies and other easy money addicts uncompetitive, lazy and handout driven. No need to be innovative, creative, work hard or be bold.
The 2011 Budget also says that “Private Sector Investment” will increase to RM86 Billion. There is some ‘pulling the wool over the eyes’ going on here. The businesses that I run are 100% private sector. The Government never asked me how much I will be investing over 2011. Even if they did, how does my “private sector investment” become part of the Government’s Budget Planning?
What is meant by “private sector investment” actually means spending by the GLCs. That is taxpayer’s money ok, it is NOT private sector investment. For example the Government has Guaranteed 1MDB’s RM5.0 billion Bond issue (that’s taxpayers money folks).
i. The Kuala Lumpur International Financial District valued at RM26 billion.
ii. The Mass Rapid Transit in Greater KL costing RM40 billion (targeted 2020).
iii. the Warisan Merdeka 100-storey tower valued at RM5 billion
So I hope someone will advise the Prime Minister not to keep repeating Private Sector Financing (do you notice that they have dropped that other misnomer “Private Finance Initiative”?) There is no such thing. The taxpayer’s will be paying for everything.
Other than the 100 storey Warisan Merdeka, there are a couple of other dicey suggestions which have slipped under the radar. One is the RM3.0 billion resort developmet in Karambunai.
“Najib said Nexus Karambunai, a renowned resort in Sabah, had committed to developing an integrated RM3bil eco-nature resort, the first in the world, by leveraging on its natural beauty and uniqueness.”
The Government will “give” RM100.0 million. Hah? What do you mean by “give”? Let me guess, the balance RM2.9 billion is “private sector financing”? I find this very hard to accept. I suspect taxpayer’s money will be involved again. Somehow I smell fish here. RM3.0 billion for a resort? In Sabah? I say bro, RM30.0 million tak boleh ke?
Here is some Standard Two calculation to get the Pay Back period. Pay Back period represents the number of years for a business to generate net profit to payback the total money invested in the project.
Say the Karambunai Eco Resort will have 500 rooms. Say it is 5 star and room rates average RM500 per day (well lets assume the Mubadalla guys from Abu Dhabi will stay there).
Assuming 80% occupancy the whole year (I am being very very optimistic) the calculation is like this : 500 rooms x 80% x 365 days x RM500 = RM73.0 million revenue. Taking 30% "net profit" (a very very optimistic assumption again), net profit will be = RM22.0 million.
So Pay Back Period = RM3.0 billion / RM22.0 million = 136 years ! ! It will be 136 years before they can recover the investment. (Usually most viable businesses have a payback period of 6 - 12 years)
Lets give them even more optimistic scenarios. Lets double the room rates to RM1000 per day (OK lah the Emir of Abu Dhabi may come calling too). At double the net profit, the Pay Back period will be halved ie 68 years. This is still too far fetched.
Here is some more Darjah Dua arithmetic. Say the cost of construction is RM100 psf. It means RM3.0 billion will buy us 3.0 million square feet of resort space in Karambunai. For your imagination and comparison, the Mid Valley Mega Mall has 4.5 million sq ft of space.
Here is some trivia about the Mid Valley Megamall. 4.5 million square feet (420,000 m²), a shopping mall, an office tower block, 30 signature offices and 2 hotels, 430 shops on five and a half floors, five anchor tenants; Carrefour, Jusco, Golden Screen Cinemas, Metrojaya and Harvey Norman, an 18 screen Cinema, a state-of-the-art bowling centre, two mega food courts, a 48,300 square foot (4,500 m²) convention centre, a 646 room business hotel named Cititel
I know a resort and a shopping mall are not like “apples and apples” but RM3.0 billion for an eco resort? Shouldn’t it be the case that in an “eco” resort you must preserve the greenery with minimum cutting and covering with concrete. RM3.0 billion sounds way too much. Sinkhole comes to mind.
The other ‘blackhole’ that should be on our radar is the Talent Corporation. Even the name Talent Corporation sounds like some Las Vegas adult entertainment “talent hunting” company. There was no mention of the amount to be given to this Talent Hunters but I think it is a ripoff of taxpayers funds.
The plan to get back 70,000 Malaysians working overseas is ridiculous. Even getting back 10% of this figure or 7000 of them is ridiculous.
Most of them are non Malays who have left the shores for greener pastures overseas. Why would they come back? And if they come back, where would the Talent Corporation place them? Can the Talent Corporation go to IOI Corporation or Gleneagles Medical Center and say ‘we have found this guy who is earning USD30,000 a month overseas. Can you give him a job for RM150,000 a month?’
Its not going to happen. The only alternative is to find them places in the GLCs. I don’t think this will happen either.
So what gives? The fun will be in the “talent hunt”. Whoever the clever beggar “con” sultant or sub-contractor who thought up this idea and slipped it between the sheets is going to make tons of money undertaking the “hunt”. Whether they bag any birds is not relevant. The fun (and the money to be made) is in the hunt. No need to head to the Las Vegas “one armed bandits”. The stick up can be done here. ‘Stick ‘em up’.
Posted by Syed Akbar Ali at 12:03:00 PM
Hot news versus one week later analysis. Well when sometime has passed we get more hindsight and more 'analysis paralysis'. I am just rounding it up and putting my two cents worth about the Budget 2011.
Today the Plus folks reveal that the five year postponement of toll hikes simply means that the Government has to pay Plus RM5.0 billion compensation. Plus the RM2.5 bilion unpaid compensation still owing to Plus by the Government, that is RM7.5 Billion of taxpayers’ funds. That is simply leaving money in the right pocket and paying taxpayers money to Plus from the left pocket. Apa beza sangat ?
There are adventurous ideas like building an RM5 billion 100-storey Warisan Merdeka by PNB. The PM said yesterday, somewhere, that the 100 floors of this building will fill up with offices and businesses, implying the 100 storey building means jobs and humming businesses. Well it does not work that way.
Assuming each floor has a minimum of 100 occupants, the 100 storey building will house 10,000 people. These 10,000 people must already have successful businesses before they can move in and pay the rent in a 100 storey “Malaysia’s tallest building”. You cannot build a 100 storey building which will magically create successful businesses to become its tenants.
I guess what will happen is that PNB will arm twist all the GLCs under its wing to take up space at the 100 storey Warisan Merdeka.
There is precedent because this is what UEM(?), MRCB(?) had to do to fill up the Sentral Project in Brickfields. Ask the GLCs and Government departments to move into Sentral. Wouldn’t 1MDB’s Sg Besi redevelopment, Naza’s Jalan Duta redevelopment and all the other Greater Kuala Lumpur skyscrapers also be clamoring for the same GLCs and the same Government departments to fill up their empty spaces? So please plan well.
Then the PM’s wife’s pet project the Permata program has been given another RM111 of taxpayers’ money – three times the RM36 million given last year.
Last year the Prime Minister said there were 900 “anak pintar”. So do we have three times more anak pintar kids this year? Number of children is a biological function. You cannot triple ‘pintar kids’ in one year. Todate the total amount spent on the Pintar program is over RM176 million – which works out to RM195,500 spent per pintar kid so far. That’s more than degree at a private university. OK let me ask a simple question : how are the Pintar kids doing? Folks our money is being spent. So how are the Pintar kids doing? Do you all recall the Monsoon Cup?
Critics have also pointed out an allocation of RM65 million to renovate the Prime Minister’s residence. The question is why? It’s still a new house, made of concrete and steel. Why renovate a new house? And why cost so much?
The good part in the Budget are the incentives for home buyers. A 4 percent interest rate for a maximum of RM60,000 for low cost houses, government guaranteed down payments of 10 percent for houses below RM220,000 for first time buyers earning less that RM3000 a month, and 50 percent stamp duty exemption for first-time house buyers of houses not exceeding RM350,000 is just great. Helping folks financially with the 10% house deposit for huses below RM220,000 is just awesome. This will help more Malays and other lower income folks own houses (this is a real problem lah). Kudos to whoever managed to slip this gem into the Budget. I take it that this also means that the banks can still lend 90% loans for the remainder purchase price? Syabas. Lets increase house ownership – it will lead to economic growth.
Abolishing import duty on approximately 300 items like apparel, handbags, shoes, shampoo, suits, children’s apparel, wallets, hair colourants, golf balls, imitation jewellery, talcum powder, curtains, table cloth, blankets, bed sheets, shirts, undergarments, lingerie, nightwear, perfumes and mosquito netting (?) is great.
Please include cars and motorbikes in the list too.
I agree with Dr Mahathir that the Employees Provident Funds should be careful with investing 20 percent of its assets overseas (from 7% now). On the one hand we want foreign investment. On the other hand we are sending out our money by the shiploads. What gives? Please don’t buy shopping malls overseas ok. Want to play safe buy OECD Government securities. If it is Greek, discount heavily first.
The Auditor General’s Report has been postponed. Do you share the feeling that there is going to be some embarrassing news? FMT has written about the 2006 Auditor-General’s Report “about a RM32 screwdriver set bought for RM224, a RM160 pen for RM1,146, and a RM50 carjack for RM5,700? …more shocking RM290 million spent by the Customs Department for an outdated user-hostile information system.”
This is the sin of our system for the past 40 years, we do not pay market prices. We always overpay and get less. It is not just bad for us the taxpayers but it is worse for the businesses, the entrepreneurs and the economy. Easy money has made us non competitive and condemned us to the wheel chair.
One Taikor said “the Government pays three times more fo everything anyway”. That is three time market price. The 2011 Budget totals RM212 Billion. There is plenty of fat inside I am sure. Looking at past Auditor-General’s Reports and what the Taikor said, we can achieve what we want to achieve for 2011 using maybe just one third of the amount or RM70 Billion only.
The remainder RM142 Billion will be used to make nails in our coffin, by making easy money GLCs, easy money cronies and other easy money addicts uncompetitive, lazy and handout driven. No need to be innovative, creative, work hard or be bold.
The 2011 Budget also says that “Private Sector Investment” will increase to RM86 Billion. There is some ‘pulling the wool over the eyes’ going on here. The businesses that I run are 100% private sector. The Government never asked me how much I will be investing over 2011. Even if they did, how does my “private sector investment” become part of the Government’s Budget Planning?
What is meant by “private sector investment” actually means spending by the GLCs. That is taxpayer’s money ok, it is NOT private sector investment. For example the Government has Guaranteed 1MDB’s RM5.0 billion Bond issue (that’s taxpayers money folks).
i. The Kuala Lumpur International Financial District valued at RM26 billion.
ii. The Mass Rapid Transit in Greater KL costing RM40 billion (targeted 2020).
iii. the Warisan Merdeka 100-storey tower valued at RM5 billion
So I hope someone will advise the Prime Minister not to keep repeating Private Sector Financing (do you notice that they have dropped that other misnomer “Private Finance Initiative”?) There is no such thing. The taxpayer’s will be paying for everything.
Other than the 100 storey Warisan Merdeka, there are a couple of other dicey suggestions which have slipped under the radar. One is the RM3.0 billion resort developmet in Karambunai.
“Najib said Nexus Karambunai, a renowned resort in Sabah, had committed to developing an integrated RM3bil eco-nature resort, the first in the world, by leveraging on its natural beauty and uniqueness.”
The Government will “give” RM100.0 million. Hah? What do you mean by “give”? Let me guess, the balance RM2.9 billion is “private sector financing”? I find this very hard to accept. I suspect taxpayer’s money will be involved again. Somehow I smell fish here. RM3.0 billion for a resort? In Sabah? I say bro, RM30.0 million tak boleh ke?
Here is some Standard Two calculation to get the Pay Back period. Pay Back period represents the number of years for a business to generate net profit to payback the total money invested in the project.
Say the Karambunai Eco Resort will have 500 rooms. Say it is 5 star and room rates average RM500 per day (well lets assume the Mubadalla guys from Abu Dhabi will stay there).
Assuming 80% occupancy the whole year (I am being very very optimistic) the calculation is like this : 500 rooms x 80% x 365 days x RM500 = RM73.0 million revenue. Taking 30% "net profit" (a very very optimistic assumption again), net profit will be = RM22.0 million.
So Pay Back Period = RM3.0 billion / RM22.0 million = 136 years ! ! It will be 136 years before they can recover the investment. (Usually most viable businesses have a payback period of 6 - 12 years)
Lets give them even more optimistic scenarios. Lets double the room rates to RM1000 per day (OK lah the Emir of Abu Dhabi may come calling too). At double the net profit, the Pay Back period will be halved ie 68 years. This is still too far fetched.
Here is some more Darjah Dua arithmetic. Say the cost of construction is RM100 psf. It means RM3.0 billion will buy us 3.0 million square feet of resort space in Karambunai. For your imagination and comparison, the Mid Valley Mega Mall has 4.5 million sq ft of space.
Here is some trivia about the Mid Valley Megamall. 4.5 million square feet (420,000 m²), a shopping mall, an office tower block, 30 signature offices and 2 hotels, 430 shops on five and a half floors, five anchor tenants; Carrefour, Jusco, Golden Screen Cinemas, Metrojaya and Harvey Norman, an 18 screen Cinema, a state-of-the-art bowling centre, two mega food courts, a 48,300 square foot (4,500 m²) convention centre, a 646 room business hotel named Cititel
I know a resort and a shopping mall are not like “apples and apples” but RM3.0 billion for an eco resort? Shouldn’t it be the case that in an “eco” resort you must preserve the greenery with minimum cutting and covering with concrete. RM3.0 billion sounds way too much. Sinkhole comes to mind.
The other ‘blackhole’ that should be on our radar is the Talent Corporation. Even the name Talent Corporation sounds like some Las Vegas adult entertainment “talent hunting” company. There was no mention of the amount to be given to this Talent Hunters but I think it is a ripoff of taxpayers funds.
The plan to get back 70,000 Malaysians working overseas is ridiculous. Even getting back 10% of this figure or 7000 of them is ridiculous.
Most of them are non Malays who have left the shores for greener pastures overseas. Why would they come back? And if they come back, where would the Talent Corporation place them? Can the Talent Corporation go to IOI Corporation or Gleneagles Medical Center and say ‘we have found this guy who is earning USD30,000 a month overseas. Can you give him a job for RM150,000 a month?’
Its not going to happen. The only alternative is to find them places in the GLCs. I don’t think this will happen either.
So what gives? The fun will be in the “talent hunt”. Whoever the clever beggar “con” sultant or sub-contractor who thought up this idea and slipped it between the sheets is going to make tons of money undertaking the “hunt”. Whether they bag any birds is not relevant. The fun (and the money to be made) is in the hunt. No need to head to the Las Vegas “one armed bandits”. The stick up can be done here. ‘Stick ‘em up’.
Posted by Syed Akbar Ali at 12:03:00 PM
Wednesday, April 28, 2010
This is what you get when you sue UMNO in their "own" court
UMNO is so vulnerable and untouchable... What you will get when you sue them in their "own" court? Of course, you're looking for big-big trouble....
Instead of you will not get your money back or whatever you claim, you will also be asked to pay for the case....
ironic isn't it? This is Malaysia......
Now, UMNO is freed as a not guilty although they never pay for what they've consume.... fair isn't it? Malaysian style fairness.....
http://www.thestar.com.my/news/story.asp?file=/2010/4/28/nation/20100428131253&sec=nation
Published: Wednesday April 28, 2010 MYT 1:07:00 PM - The Star
Firm loses appeal to reinstate RM218mil suit vs Umno
PUTRAJAYA: Elegant Advisory Sdn Bhd lost an appeal on Wednesday to reinstate its RM218mil civil suit against Umno over non-payment for the supply of election paraphernalia during the 2004 general election.
Justices Tengku Datuk Baharudin Shah Tengku Mahmud, Datuk Wira Abu Samah Nordin and Datuk Sulong Matjeraie unanimously held that the Court of Appeal agreed with the decision of Judicial Commissioner Anantham Kasinater to strike out the suit on the basis that the claim was unclear in stipulating the cause of action.
Baharudin also ordered Elegant Advisory, a supplier company, to pay costs of RM5,000.
On Sept 10 last year, the Kuala Lumpur High Court had allowed Umno's application to strike out the suit on the grounds that it did not follow the Contracts Act 1950.
Former Umno treasurer Datuk Seri Abdul Azim Mohd Zabidi was initially named as a defendant in the suit but his name was replaced with that of former Umno administration and finance secretary Datuk Ishak Abdul Rahman after the High Court allowed the company's application to amend the name of the defendant in the suit last year.
In its writ of summons, Elegant Advisory claimed that it was involved in supplying election merchandise, transportation and publications, and had supplied Umno with the items for the 11th general election in 2004.
The company claimed that it had sent invoices for RM218,013,475 and that the defendant had failed to pay up.
Outside the court, counsel Datuk Hafarizam Harun, who represented Umno, told reporters the appellate court's decision was appropriate.
"As the Umno legal advisor, I hope there will no more similar cases filed against Umno. Umno would have surely paid up if it had used the services and supplies of printers and others," he said.
He said it was hoped that Umno would not be accused in Parliament of having spent more than permitted in a general election campaign under the Elections Act.
Meanwhile, the company's lawyer, Ahmad Tarmizi Abdullah, said he would discuss with his client whether to file an appeal to the Federal Court. - BERNAMA
Instead of you will not get your money back or whatever you claim, you will also be asked to pay for the case....
ironic isn't it? This is Malaysia......
Now, UMNO is freed as a not guilty although they never pay for what they've consume.... fair isn't it? Malaysian style fairness.....
http://www.thestar.com.my/news/story.asp?file=/2010/4/28/nation/20100428131253&sec=nation
Published: Wednesday April 28, 2010 MYT 1:07:00 PM - The Star
Firm loses appeal to reinstate RM218mil suit vs Umno
PUTRAJAYA: Elegant Advisory Sdn Bhd lost an appeal on Wednesday to reinstate its RM218mil civil suit against Umno over non-payment for the supply of election paraphernalia during the 2004 general election.
Justices Tengku Datuk Baharudin Shah Tengku Mahmud, Datuk Wira Abu Samah Nordin and Datuk Sulong Matjeraie unanimously held that the Court of Appeal agreed with the decision of Judicial Commissioner Anantham Kasinater to strike out the suit on the basis that the claim was unclear in stipulating the cause of action.
Baharudin also ordered Elegant Advisory, a supplier company, to pay costs of RM5,000.
On Sept 10 last year, the Kuala Lumpur High Court had allowed Umno's application to strike out the suit on the grounds that it did not follow the Contracts Act 1950.
Former Umno treasurer Datuk Seri Abdul Azim Mohd Zabidi was initially named as a defendant in the suit but his name was replaced with that of former Umno administration and finance secretary Datuk Ishak Abdul Rahman after the High Court allowed the company's application to amend the name of the defendant in the suit last year.
In its writ of summons, Elegant Advisory claimed that it was involved in supplying election merchandise, transportation and publications, and had supplied Umno with the items for the 11th general election in 2004.
The company claimed that it had sent invoices for RM218,013,475 and that the defendant had failed to pay up.
Outside the court, counsel Datuk Hafarizam Harun, who represented Umno, told reporters the appellate court's decision was appropriate.
"As the Umno legal advisor, I hope there will no more similar cases filed against Umno. Umno would have surely paid up if it had used the services and supplies of printers and others," he said.
He said it was hoped that Umno would not be accused in Parliament of having spent more than permitted in a general election campaign under the Elections Act.
Meanwhile, the company's lawyer, Ahmad Tarmizi Abdullah, said he would discuss with his client whether to file an appeal to the Federal Court. - BERNAMA
Friday, April 23, 2010
As expected, 2 Perak's frogs freed from court case
If you wanna escape from the Malaysian Jungle law, vote for UMNO or else, even if there is no case, they can create it special for you if you're opposition.... believe me or not?seing is believing, Malaysiaku menuju kehancuran..... that is one of the reason Malaysian migrate to other country....
How can 16 cases don't even one case courted?
http://www.thestar.com.my/news/story.asp?file=/2010/4/23/nation/20100423123107&sec=nation
Published: Friday April 23, 2010 MYT 12:25:00 PM
Updated: Friday April 23, 2010 MYT 4:38:48 PM
Ex-Perak PKR exco members acquitted of graft charges (Updated)
By SYLVIA LOOI
IPOH: Two former Perak Pakatan state exco members and three others who were charged with corruption were acquited by the Sessions Court on Friday.
In his less than five minutes judgement, Sessions judge Azhaniz Teh Azman Teh said the Malaysian Anti-Corruption Commission (MACC) had failed to prove a prima facie case.
"As such, I am acquitting all of you without your defence being called and the bail money shall be returned to your respective bailers," he told the court here which was packed with supporters and relatives of all the accused.
Jamaluddin Mohd Radzi (right) and Mohd Osman Mohd Jailu outside the Ipoh Sessions Court on Friday after being acquitted of corruption charges.
In the dock were former PKR members Capt (Rtd) Mohd Osman Mohd Jailu and Jamaluddin Mohd Radzi, two former Perak Tengah district councillors Usaili Alias and Zul Hassan and businessman Fairul Azrim Ismail.
Perak State Development Corporation technician Ruslan Sahat had his charges dropped last August following his demise.
All five faced 16 counts of accepting and asking for bribes over a RM180mil development project in Seri Iskandar.
Jamaluddin and Mohd Osman, along with Datuk Hee Yit Foong of the DAP, were blamed for the fall of the Pakatan Rakyat Perak government last year after they quit their parties to become Barisan Nasional-friendly Independents.
While Zul and Fairul were charged with accepting sexual favours, the others were accused of accepting money.
Met outside the court, all expressed their relief for the decision.
Osman thanked his supporters for standing by him since the trial started.
"The matter has dragged on long enough," he said. Jamaluddin said he had expected the results.
"I believed in the country's judiciary system and my case had proven the system will not victimised the innocent," he said.
Usaili, meanwhile, said justice had been served.
Speaking in a voice choked with emotions, Usaili had this piece of advice:
"Be careful with the friends you keep in the political circle."
MACC deputy public prosecutor Mohd Shahrullah Khan Nawab Zadah Khan said the prosecution would appeal against the decision.
Mohd Osman and Jamaluddin, who had since turned Barisan Nasional-friendly independents, were represented by Abdul Roni Abdul Rahman, Surjan Singh for Usaili, M. Saravanan for Zul and Mohd Asri Othman for Fairul Azrim.
Together with another Barisan-friendly independent Datuk Hee Yit Foong, who is Jelapang assemblyman, Barisan returned to rule Perak.
A total of 30 witnesses were called during the trial, which began on Oct 12 last year.
During the hearing, it was revealed that the MACC had procured the services of an agent provocateur and women to offer sexual services.
Clips allegedly showing one of the accused having sex with a woman was also shown in open court during the trial.
Two former Perak PKR exco members and three others facing corruption charges had their charges acquitted by the Ipoh Sessions Court, without their defence being called, and were freed.
How can 16 cases don't even one case courted?
http://www.thestar.com.my/news/story.asp?file=/2010/4/23/nation/20100423123107&sec=nation
Published: Friday April 23, 2010 MYT 12:25:00 PM
Updated: Friday April 23, 2010 MYT 4:38:48 PM
Ex-Perak PKR exco members acquitted of graft charges (Updated)
By SYLVIA LOOI
IPOH: Two former Perak Pakatan state exco members and three others who were charged with corruption were acquited by the Sessions Court on Friday.
In his less than five minutes judgement, Sessions judge Azhaniz Teh Azman Teh said the Malaysian Anti-Corruption Commission (MACC) had failed to prove a prima facie case.
"As such, I am acquitting all of you without your defence being called and the bail money shall be returned to your respective bailers," he told the court here which was packed with supporters and relatives of all the accused.
Jamaluddin Mohd Radzi (right) and Mohd Osman Mohd Jailu outside the Ipoh Sessions Court on Friday after being acquitted of corruption charges.
In the dock were former PKR members Capt (Rtd) Mohd Osman Mohd Jailu and Jamaluddin Mohd Radzi, two former Perak Tengah district councillors Usaili Alias and Zul Hassan and businessman Fairul Azrim Ismail.
Perak State Development Corporation technician Ruslan Sahat had his charges dropped last August following his demise.
All five faced 16 counts of accepting and asking for bribes over a RM180mil development project in Seri Iskandar.
Jamaluddin and Mohd Osman, along with Datuk Hee Yit Foong of the DAP, were blamed for the fall of the Pakatan Rakyat Perak government last year after they quit their parties to become Barisan Nasional-friendly Independents.
While Zul and Fairul were charged with accepting sexual favours, the others were accused of accepting money.
Met outside the court, all expressed their relief for the decision.
Osman thanked his supporters for standing by him since the trial started.
"The matter has dragged on long enough," he said. Jamaluddin said he had expected the results.
"I believed in the country's judiciary system and my case had proven the system will not victimised the innocent," he said.
Usaili, meanwhile, said justice had been served.
Speaking in a voice choked with emotions, Usaili had this piece of advice:
"Be careful with the friends you keep in the political circle."
MACC deputy public prosecutor Mohd Shahrullah Khan Nawab Zadah Khan said the prosecution would appeal against the decision.
Mohd Osman and Jamaluddin, who had since turned Barisan Nasional-friendly independents, were represented by Abdul Roni Abdul Rahman, Surjan Singh for Usaili, M. Saravanan for Zul and Mohd Asri Othman for Fairul Azrim.
Together with another Barisan-friendly independent Datuk Hee Yit Foong, who is Jelapang assemblyman, Barisan returned to rule Perak.
A total of 30 witnesses were called during the trial, which began on Oct 12 last year.
During the hearing, it was revealed that the MACC had procured the services of an agent provocateur and women to offer sexual services.
Clips allegedly showing one of the accused having sex with a woman was also shown in open court during the trial.
Two former Perak PKR exco members and three others facing corruption charges had their charges acquitted by the Ipoh Sessions Court, without their defence being called, and were freed.
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