Archive for August 9th, 2011

Bursa losses at RM91 billion since last Monday

By Yow Hong Chieh
The Malaysian Insider
Aug 09, 2011

KUALA LUMPUR, Aug 9 — Malaysia’s benchmark index regained some ground today but still fell 1.66 per cent as regional markets struggled to halt their slide on European and US debt crises fears.

The index recovered from its early morning low of 1,423.47 to end the day at 1,472.14, down 24.85 points from the start of trading. Losers continued to outpace gainers 828 to 159, with 179 counters unchanged.

The broad-based Emas index meanwhile rebounded to 10,048.74 at market close after losing as much as 490.12 points, or 1.75 per cent, earlier.

The Kuala Lumpur share market is down an estimated RM91 billion from last Monday following last week’s rout on Wall Street, the worst since Lehman Brothers collapsed in 2008. Read the rest of this entry »


Leave the sinking Titanic now!

By Richard Loh

“Just Trust Us Sdn Bhd” (JTU) is the biggest corporation in this country for 54 years running. In a nation that comprises of many races, smaller corporations were formed to operate businesses to suit each individual race. In no time these small corporations were bought over by “Just Trust Us Sdn Bhd” and incorporated into a major company called “Just Follow Our Command Sdn. Bhd” (JFOC) to which “Just Trust Us Sdn. Bhd” remains the major shareholders.

There are many private corporations that are envy of “JTU” and “JFOC” successes (even though by dubious means). They tried many times in corporate take over bids but failed miserably.

Even though “JFOC” is in the forefront carrying out the daily business, it is “JTU” that controls every single thing from behind. All top portfolios in “JFOC” are themselves holding high position in “JTU”. Every three years election is called to elect who will be the management team in “JTU” and even though there are thousands of shareholders only a handful are allowed to vote. “JTU” is in fact owned and controlled by a handful of close and trusted associates and will remain so as long as other shareholders dare not raise the issue. Read the rest of this entry »


Inter-faith group says Jais raid an attempt to create religious strife

By Shannon Teoh
The Malaysian Insider
Aug 09, 2011

KUALA LUMPUR, Aug 9 — A non-Muslim inter-faith group said last week’s raid on a church dinner was part of a “systematic and deliberate attempt by many of those who walk the national corridors of power” to create conflict among the different races and religions in Malaysia.

The Malaysian Consultative Council of Buddhism, Christianity, Hinduism, Sikhism and Taoism (MCCBCHST) also urged the federal government to investigate the fiasco including reports by Umno-linked Berita Harian and Harian Metro that “Muslims questioned that night confirmed that they had been asked to convert.”

The MCCBCHST said the Jais raid on the DUMC (picture) ‘sets a dangerous precedent and makes a mockery of the sanctity and inviolability of all religious places.’ — File pic
“These reports… did not identify the claimants nor state the basis for their making such statements. Such witnesses must be made available to an independent inquiry, which must be instituted immediately… to corroborate such evidence and to verify it.

“If the newspapers in question are found to have published false statements likely, or meant, to incite religious or racial hatred between Malaysians, the authorities must initiate the necessary action to punish them to the full extent provided for in our laws,” it said. Read the rest of this entry »


Will Idris Jala please return the millions?

— Gomen man
The Malaysian Insider
Aug 08, 2011

AUG 8 — So the turnaround specialist, or best thing to happen to Malaysia Airlines, did not do such a good job after all.

But Datuk Seri Idris Jala pocketed a few million short of RM20 million when he left Malaysia Airlines to become the Najib administration’s transformation czar.

This money was either a bonus or compensation for his glorious achievement of “turning things around” at MAS. I am sure major shareholders at MAS — Khazanah Nasional and EPF — will be happy to enlighten Malaysians on this reward scheme.

That is the problem with us Malaysians; we are so quick to praise people and put them on a pedestal. We called Abdullah Ahmad Badawi a reformer early on and look how that turned out. We still didn’t learn. Read the rest of this entry »