Handsome Mens Club

This is more than just a TV sketch. Its called the Handsome Mens Club. Jimmy Kimmel as the "surprising and obviously undeserving President". The number of big stars they managed to gather was mind boggling. Just goes to show, everyone is game for a laugh. I mean, you are getting Josh Hartnett, Rob Lowe, Lenny Kravitz, Matt Damon, Ben Affleck, Matthew Mcconaughey, Ted Danson, Sting, Patrick Dempsey, Tony Romo, John Krasinsk, Keith Urban, etc... and its a lot funnier if you are familiar with the "rivalry" between Kimmel and Damon, and the "sex tapes" among Kimmel, Affleck, Sarah Silverman and Damon, but its still damn funny if you are not.

If video does not play well, click through on the link:

http://www.funnyordie.com/videos/d303130b50/handsome-mens-club?rel=featured&rel_pos=19

Handsome Mens Club - watch more funny videos

Marketocracy Portfolio Updated - March 18, 2010

price history
		SMF m100 S&P 500 DJIA Nasdaq

recent returns vs. major indexes
		Beating Today MTD QTD YTD SMF 0.69% 6.99% 6.78% 6.78% S&P 500 0.44% 5.08% 4.44% 4.44% DOW 0.34% 3.49% 2.47% 2.47% Nasdaq 0.47% 6.24% 4.80% 4.80%

recent returns
		RETURNS Last Week 3.37% Last Month 10.69% Last 3 Months 7.50% Last 6 Months 6.12% Last 12 Months 104.57% Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 34.89% (Annualized) 19.97% RETURNS VS S&P500 Last Week 1.65% Last Month 2.67% Last 3 Months 2.43% Last 6 Months -3.80% Last 12 Months 47.41% Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 38.86% (Annualized) 22.40%

alpha/beta vs. S&P500
		Alpha 23.43% Beta 1.14 R-Squared 0.77

turnover
		Last Month 17.33% Last 3 Months 39.20% Last 6 Months 83.33% Last 12 Months 395.72%

Symbol	Price	Value	Portion of Fund	Today	Inception Return
F	$13.62	$136,199.00	10.03%	0.96%	61.72%
BDD	$16.45	$82,250.00	6.05%	2.17%	57.69%	Details
NYB	$17.07	$102,420.00	7.54%	1.37%	55.81%	Details
NVDA	$18.11	$90,549.50	6.67%	2.00%	35.60%	Details
PLD	$14.38	$116,736.84	8.59%	1.20%	30.35%	Details
GE	$18.19	$72,740.00	5.35%	0.64%	22.79%	Details	MIDDLE
QSII	$59.75	$89,625.00	6.60%	0.76%	17.66%
LOW	$25.23	$88,305.00	6.50%	0.72%	16.00%
C	$4.09	$122,700.00	9.03%	0.99%	22.63%
NATH	$15.76	$78,800.00	5.80%	-0.19%	9.06%
FMC	$60.45	$90,675.00	6.67%	0.32%	7.67%
BAC	$17.20	$154,816.20	11.40%	1.01%	24.87%	Details
VXZ	$67.38	$67,380.00	4.96%	-1.29%	-4.47%	Details

recent closed tickets
		Close Date Type Symbol Shares Net Avg. Price Net Mar 10, 2010 Buy VXX 1,000 $23.3437 $23,343.74 Feb 24, 2010 Buy VXZ 1,000 $70.5357 $70,535.73 Feb 24, 2010 Buy VXX 1,500 $26.8776 $40,316.38 Feb 24, 2010 Buy FMC 1,500 $56.1421 $84,213.17 Feb 18, 2010 Sell KBW 4,500 $25.4103 $114,346.36 Feb 18, 2010 Sell MGM 9,500 $10.8018 $102,616.71

If You Are Bullish Long Enough .......

As the saying goes, if one is bullish or bearish long enough, both will eventually be right. I couldn't be bothered anymore over the hoopla over Astro when it was suspended a couple of days back. Not again, I say, sometimes its the "boy-who-cried-wolf" syndrome ... Astro went through the same pattern a 9 months back, I spotted the surge in volume just a couple of days before being suspended, wahlah .... nothing. Why suspend a stock and announce nothing? Now the actual thing came through, not involved this time though, got me pissed off royally before. At least my anticipated buyout of RM4.20 came close enough.

Malaysian satellite broadcaster Astro All Asia Networks plc said today it would go private after its holding company made a US$758 million buyout offer. Astro, controlled by Malaysian tycoon Ananda Krishnan and state investment firm Khazanah Nasional Bhd, said the move was aimed at “re-energising the company’s growth, both locally and internationally.”

It said the purchase of the 27.1 per cent of the broadcaster that Astro Holdings does not currently own would enable it to pursue expansion of its ventures in China and India, and its new Internet Protocol TV projects.

Astro All Asia Networks (AAAN) chairman Badri Masri said its board received a formal offer today at a price of RM4.30, a 24 per cent premium over the closing price on March 12 before trade was suspended.

The RM2.5 billion (US$758 million) purchase offer values Astro at RM8.5 billion.

“AAAN do not foresee any changes with the ongoing operations of the company and that the company will continue to be managed by the current board and management,” Badri said.

“As a publicly listed entity substantial capital requirements needed for its growth plans may potentially strain the cash flow position and may impair AAAN’s dividend payment capability,” the company said in a statement.

If you have the time, browse through the following postings on Astro and you will understand why so many have given up on the stock:

http://malaysiafinance.blogspot.com/2008/08/astro-we-have-our-own-bp-russia-debacle.html

http://malaysiafinance.blogspot.com/2009/07/why-i-would-buy-astro-now.html

http://malaysiafinance.blogspot.com/2009/07/astro-whoops-there-it-is.html

http://malaysiafinance.blogspot.com/2009/07/lessons-from-astro-exercise.html




Again, as in the usual Malaysian markets, somebody somewhere got the news ahead of everybody. Look at the huge jump in volume prior to suspension. Surprisingly EPF reduced their stakes from 8.65% to 8.61% on the same day. They accounted for 50% of the trading volume prior to suspension in the afternoon. Looks like it wasn't just me who gave up on the Astro privatisation theory - even EPF took the opportunity to sell down a bit. Ooopss ... this time really got privatisation.

Can't win em` all ...





p/s photos: Gu Chen

Indonesia's Getting All The Applause

While most Asian countries are coming to terms with a stuttering global recovery plus a China that is hiking rates, coupled with the REDS in Thailand - Indonesia is getting all the positives from international investing community. The strong political will to push through "real eradication of corruption" over the past 5 years are now bearing fruit.

• Overview: With attractive yields, a strong domestic currency, a recent debt ratings upgrade and the revival of the global carry trade, Indonesia’s bond market was attractive in 2009, which helped the government to finance its budget deficit by issuing sovereign, Islamic and samurai bonds. Yields declined in 2009 due to monetary easing by the central bank and the faster-than-expected economic recovery. The yield curve steepened in June 2009 as rising inflationary pressures increased the expectation of monetary tightening in early 2010. In 2010, the government’s bond issuance is expected to decrease due to the smaller budget. But, with the expected economic recovery and attractive yields, Indonesia’s debt market will remain attractive to investors.

• Indonesia’s debt market offers higher returns compared to the equity market, thus attracting more foreign investment. Faster economic recovery, global liquidity, attractive yields, and the potential for further ratings upgrades will buoy the debt market in 2010. Monetary tightening starting in Q2 2010 will further widen Indonesia’s interest rate differentials with Japan and the U.S. will boost carry trade. Any slowdown in the U.S dollar-funded carry trade will cause only temporary volatility in the market as investors will soon switch to the yen-funded carry trade, given attractive IDR-JPY spreads and low currency volatility.

Ratings

• On March 12, 2010, Standard & Poor’s (S&P) raised Indonesia’s long-term foreign-currency rating to ‘BB’, the highest level in 12 years, from ‘BB-‘ with a positive outlook. S&P also affirmed Indonesia’s long-term local currency rating of ‘BB+’ and short-term foreign and local currency rating of ‘B.’ According to S&P’s statement, the upgrade was driven by improving government debt conditions and rising foreign exchange reserves, helping reduce Indonesia’s vulnerability to external shocks. S&P believes that Indonesia’s government debt ratio will continue to improve, given appropriate fiscal policies and double-digits nominal GDP growth. However, Indonesia's relatively high external debt, low per capita GDP, high level of corruption and lack of infrastructure constrain further rating upgrades. S&P expects continued economic and political reforms, as well as management of inflation and external debt in order to bring about any further ratings upgrades.

• On January 24, 2010, Fitch upgraded Indonesia’s long-term foreign and local-currency credit ratings from BB to BB+, the highest level since the 1997 financial crisis, with a stable outlook. BB+ is one level below investment grade. Fitch also upgraded the country ceiling to BBB- from BB+ and affirmed the short-term foreign currency rating at B. Ngiam Ai Ling, the director of Asian sovereigns at Fitch noted that Indonesia’s ratings upgrade was supported by the economy’s resilience to the global cues in 2008-09 thanks to “the improvement in public finances, a fundamental sovereign rating strength, and a material easing of external financing constraints.” The public debt to GDP ratio has shown a downward trend while the country’s foreign exchange reserves have increased. These factors will help Indonesia weather any abrupt capital outflows.

Current Performance

• Yield Curve: In March 2010, Indonesia’s yield curve turned steeper relative to January 2010 as inflation expectations rose. In March, the two-year bond yield was around 4.7% (January: 5.7%), the five-year bond yield was 8.1% (January: 8.2%), 10-year bond yield was 9.6% (January: 10.2%) and the 20-year bond yield was 10.8% (January: 10.9%).

• Foreign holding in Indonesia’s bond market increased in 2009 thanks to global risk appetite, attractive Indonesian yields, credit ratings upgrades and positive economic outlook. Relatively high interest rates, prospects of monetary tightening in 2010, an appreciating domestic currency and global liquidity make Indonesian bonds an attractive carry trade asset funded by USD and JPY. Indonesia’s debt market offers higher returns compared to the equity market, and attracted over US$11 billion in foreign investment in 2009. Large debt inflows have put upward pressure on the Indonesian currency and hurt export competitiveness vis-à-vis other Asian countries. However, Indonesia is unlikely to impose capital controls in the debt market as it needs to finance its fiscal deficit. However, some analysts argue that Indonesia might restrict foreign investment in the central bank’s one-month short-term bills (known as SBI) if capital inflows remain buoyant in 2010.

• The budget deficit is expected to reach 1.6% of GDP in 2010 from over 2.0% of GDP in 2009 (can someone please compare that with Singapore, Malaysia and Thailand??!!). Indonesia’s finance ministry announced that in order to finance the fiscal deficit, gross debt issuance would reach US$18.5 billion in 2010, 20% higher than in 2009. The government will diversify its funding sources by issuing local and foreign currency bonds, samurai bonds and sukuk bonds. The government plans to finance 75% of the bond issues via domestic sources and shift foreign investors into debt with maturity of over five years.

Bond Issuance

• Indonesia began 2010 with a successful sale of US$2 billion in U.S. dollar denominated bonds, maturing at 10 years with a yield of 6%. Indonesia's budget deficit will drop from 2009. Due to favorable growth prospects and macroeconomic stability, Indonesia's ratings have either been upgraded or remained stable, depending on the agency. To meet its funding needs, Indonesia will issue a range of bonds in 2010, including local currency, Islamic, samurai, and U.S. dollar denominated. A strong Indonesian rupiah will increase the attractiveness of local currency bonds while expected increases in inflation in mid-2010 will steepen the yield curve.

• On January 13, 2010, Bloomberg reported that Indonesia sold US$2 billion in U.S. dollar bonds with 10-year maturities at 6% yield. Indonesia had planned US$4 billion in sales but scrapped plans for 30-year bond issues as investor appetite for emerging market debt waned slightly in the recent weeks.

• Corporate bond sales are up more three times from the same period in 2009 as investors are seeking higher yielding assets and infrastructure companies look to expand to meet plans to double spending on infrastructure this year. Poor infrastructure continues to be cited by analysts and investors as one of the key impediments to stronger growth in Indonesia. PT Macquarie Securities Indonesia is quoted in estimating that Indonesia could reach growth rates of 8-9% with the proper investment in power and roads.
  

Outlook

• Economist Jahanna Chua at Citigroup said in a March 12, 2010 report titled “S&P Finally Upgrades: Outlook Positive” that, with strong and improving fiscal and external liquidity positions, Indonesia’s ratings might upgraded to high double B in 2010 and Indonesia could become investment grade by 2011-12.

• Sovereign Analyst Aninda Mitra at Moody’s said that “ongoing flexibility in the economic policy fame work” and robust economic recovery backed by limited economic openness, a well diversified economy, low leverage and a large domestic consumption base have helped improve Indonesia’s debt ratings. Implementation of structural reforms will sustain Indonesia’s credit ratings.

Indonesia’s stock market, the Jakarta Composite Index (JCI), surged 87% in 2009, making it the second-best-performing equity market in Asia. Robust GDP growth, the prospect of a faster-than-expected economic recovery and improvement in exports and IPOs are sustaining investor sentiment.

• The JCI's improvement has been led by reduced global risk aversion and capital inflows, Indonesia's superior economic performance relative to other ASEAN countries and abating political uncertainty after parliamentary and presidential elections in April and July 2009, respectively. Positive economic growth in Q1 and Q2 2009 based on robust domestic demand improved investors' risk appetite, bringing them back to the market.

• While strengthening commodity prices will be an upside for the stock market ahead, the revival of global risk aversion and capital outflows, reduction in capital expenditure and greater-than-expected slowdown in GDP growth are risks.

• In 2008, the market was hit by global risk aversion and capital outflows, commodity correction and sluggish growth as a result of the global recession. This led to significant government intervention. In late 2008, the government broadened the limit for firms to buy back shares from 10% to 20% of their paid-up capital, with government funding of US$420 million. Firms no longer required shareholder approval to do so. The central bank kept the option of conducting open-market operations or letting regulators halt trading if the index falls below a certain level.

• Credit Suisse forecasts Indonesia’s stock market will continue to surge 32% in 2010 on the back of companies' strong balance sheets and high economic growth. Companies are raising debts to expand their business while the economy is strong. However, the central bank’s monetary tightening policy will be a risk to Indonesia’s stock market in 2010, and a short-term correction is expected before it rebounds.

• The Indonesian stock market is still attractive to international funds. Political stabilization has improved investor sentiment, resulting in stronger foreign investment inflows. The country's large population has allowed for robust domestic consumption, reducing Indonesia's dependence on global trade. The government's US$7.2 billion stimulus package and promising economic policies will continue to attract foreign investment.

The Indonesian currency, the rupiah, appreciated 16% against the U.S. dollar (USD) in 2009, making it Asia's best performing currency for the year. However, we also need to be aware that the rupiah was Asia's worst performing currency of the decade, dropping 24%. The rupiah's rally in 2009 was led by strong capital inflows into Indonesia's equity and debt markets.

• 
  

• The rupiah's appreciation in 2009 has been due to a number of factors: a stock market rally, improved bond yields, the revival of global risk appetite, relatively robust economic growth, positive election results, the central bank's monetary easing policy, the revival of the carry trade, an upgraded Moody's rating, a trade surplus, USD weakness and agreements for bilateral and multilateral currency swaps.

• The central bank has been intervening in the FX market to ease the external debt burden and contain currency appreciation as exports continue to contract. Intervention will continue as long as inflation is subdued to allow the central bank to build up reserves. In 2010, the central bank may allow the currency to appreciate to contain import inflation, but this will largely depend on the strength of the export recovery and the recovery in global oil and commodity prices.

• According to Milan Zavadjil, an IMF senior resident representative, the rupiah is not overvalued. Given Indonesia's current account surplus and robust economic growth, the rupiah is in the line with fundamentals.

• EIU: The revival of global interest in the carry trade, combined with Indonesia's stable political situation and strong economic growth amid the global economic downturn, has boosted investor sentiment regarding Indonesia'a asset markets and caused the rupiah to appreciate.

p/s photos: Bianca Bai Xin Hui

Let Me Introduce You To JZ8

Readers of this blog will know that I have been a heavy promoter for the brilliant 2V1G, followed by Gina Panizales and Roger Wang's Love's Tapestry. Love's Tapestry is selling well considering its an English album launched in Malaysia - it made strong inroads in Indonesia and Taiwan. Well, I am a fan because I know the producer Leslie Loh very well, in particular since we both are from Ipoh - even though he was from ACS, I shall not hold that against him.

I like what he is doing, its a passionate job, its a refreshing voice amidst the highly commercialised, heavily marketed artistes by huge management / music companies in Asia. Can we just do great music for once???

2V1G did extremely well, selling way above 10,000 copies for a pure Malaysian effort. I was invited by Leslie to an early listening session of JZ8 just prior to CNY, apparently the first person outside of those in the studio to have a listen - my opinion after the few songs, I told him JZ8 will sell 30,000 copies. 2V1G was all Mandarin, JZ8 has both Cantonese and Mandarin and the jazzed up treatment of some songs were absolutely delicious, plus it took a couple of the older oldies and gave that a wonderful tweak as well - the album will appeal to a much broader spectrum, one can buy it for their gfs, bfs or their parents, or their rebellious teenage kids. Its that cool!!!!!!

From the sampling player on the right, Forever Smile was one of my favourite songs from my dad's era. Rarely heard nowadays, and the soft jazz treatment brought life to this magnificent tune. The second song was just superb, very different from the lackadaisical Faye Wong's version (which was also superb btw) - that song was crying out for a jazzy treatment and it brought out the cheekiness of the lyrics.

The third song, Unforgettable You, to me is one of the saddest Chinese song ever ... The stripped down version finally brought the sadness, the desperation in unrequited love, the hollowness and lingering pain of memories, the empathy and tenderness in the song beautifully. Lovingly sung and Cher Siang's piano puts in the right mood.

Many artistes have done Eason's Mor Tin Loun. I must say, Cher Siang's piano brought to life the carnival, circus feel instead of the original more sombre feeling. Its another song crying out for a soft jazz treatment as the optimistic lyrics yearns for. Exceptional.

The last song is the famous I Have A Date With Spring ... again cut to the bones, a song that needed to reflect the wistfulness, the accepting of fate and destiny, it needed to be melancholic and reflective. It is at the same time tinged with regret, acceptance but also hope. Can you imagine all that in one song - my favourite from the album by far because it was all of the above, wonderfully executed.

Below is the supposed press release to coincide with the launch of JZ8's album.

~~~~~~~~~~~~~~~~~

8^th August 2008 was the fateful day I conceived JZ8. It was also the day the epic China Olympics started, hence the “8” in JZ8. I also met JZ8 pianist Tay Cher Siang for the first time in my house on the same day. JZ8 was inspired, in no small way, by Ted Lo 【羅尚正】the veteran jazz maestro from Hong Kong. The song that started it all was Miriam Yeung’s 【楊千嬅】【傷追人】, a cover of Leo Ku’s 【古巨基】hit song written by Justin Lo 【側田】。 Ted arranged and played some fabulous jazz piano in the song. This song got me thinking about making an album like that, with even bolder and jazzier arrangement.

When I thought of the idea of JZ8, I have this picture of a smoky and dimly-lit jazz bar tucked away in the far recesses of KL’s bustling night-life. Its close to 2 am on a Saturday night. It is the closing hours of the jazz bar as the wait staff start to empty the ashtrays. But there are a still couple of tables with regular customers who seemed reluctant to leave, ... till they hear the singer sing her last song for the night. On the stage, a mature female vocalist, slim and sexy, smiling knowingly to her regular supporters. As she leans seductively next to the grand piano, a virtuoso pianist casts a lonely shadow in one quiet corner and is wearing a hat that covers most of his face, she signals with a knowing eye contact to him that she is ready for the last song of the night. She starts to croon the last song of the night, “I Have A Date With Spring” 【我和春天有個約會】, slowly, sensously and seductively, while he tinkers with a flowing line so smooth that you swear you would surrender to both the voice and piano helplessly and willingly….

Lydia Chew and Tay Cher Siang are the perfect vocal-n-piano duo to complete that imaginative picture.

Lydia is the most sought after backup vocalist in Malaysia, while the other is the fast-rising, most promising jazz pianist who has been raising eyebrows in the music circuit in Malaysia. Together, they titillate your aural senses with refreshing interpretations of contemporary Chinese pop songs with a pop/jazz/swing flavor like you have never heard before. I seldom see such a tight and matching combination of vocals and piano.

JZ8 has taken us more than 18 months to complete. We have left no stones unturned. Being the Executive Producer of this album, I aim to break new grounds musically with an album that will hopefully revolutionizes Chinese pop/jazz in its small ways. While my Producer, Chow Kam Leong wants to make the best album in his 25-year career, one that he can cherish for the rest of his life. Both of us felt that we have achieved our ambitions with this album. It is a milestone album for both Musictoxin and Pop Pop Music, the two collaborating music labels.

With the usual high standards of recording equipment used in “Love’s Tapestry”, JZ8 album goes one step further in creating a lively, exciting, energetic and yet tonally gorgeous recording that complements the jazz flavor of the music. The audiophile mastering was, as usual, done by the most trusted guru in the world, Doug Sax of The Mastering Lab. Doug Sax has shown to us that if you want the best, you have to hire the best people to do it.

JZ8 has all the elements of a classic Chinese Audiophile album. We strongly believe JZ8 will become a yardstick by which all Malaysian audiophile productions in the future are going to be measured.

Retail launch is 28^th April 2010. We are open for online reservation now. First 1,000 early birds will get the virgin pressing, which is the best sounding of the lot. Retail price is only RM49.90. All email enquiries to poppopmusic@yahoo.com

leslie loh
+6012-2083790
a & r director
pop pop music
"i feed on music, what do you feed on?"
http://poppopmusic.blogspot.com

GST Revisited & Related Stuff

My comments in bold.

easystar said...

Hi Salvatore Dali,

Interesting - thought you are a Democrat and Democract hates GST as it is less progressive.

The solution to tax evasion should really be to hire more good inspectors rather than introducing GST.

Nah..GST is also prone to evasion, and worst, false refund claim. UK suffers from several billion pounds of false refund claim - when that happens, it transfer wealth from law abiding consumers and productive business to the fraudster.

Also, GST is not really a consumer tax, it is a half business, half consumer tax as it affects the price that can be charged by businesses.

The best form of government revenue is in fact from natural resources like oil or from land. Unfortunately, of course, that does not last forever and given the other alternative, I am not against a low level (i.e. sub 10% of GST) but anything beyond that can be fairly distoring (encourage smuggling, evasion etc). I would prefer a Land Value Tax over GST if given the choice. (Hong Kong and Singapore practises a form of LVT)

Also, can't see how introducing GST will transform malaysia into a high income country. The PEMANDU/Transformasi project is a small step forward but the compete or die motto will probably be more effective to transform Malaysian into a high income country,

Yes, I agree there will be loopholes and there will leakages and poor enforcement. Do you stop sending your child to learn piano because, let's face it, he/she is not talented enough to be a professional. The GST is a must idea, it must be implemented, just because we all know that we have frittered away tons of money via corruption and other ways does not and should not stop us from implementing the GST. We basically have no choice. Even if we start to crack down successfully on 99% of corruption, we are still left with a gaping deficit and an uncertain future and means of funding our spending. Hence, let's put it up first, and put GST on the same list of our agenda on things that need to be monitored, managed professionally and with transparency - such as the police force, the MACC, the subsidised industries, the judiciary ... now you just add to it the GST.

ebisunishi31 said...

Is this a result of having a government with a weak mandate in power?
The shocking number of U turns recently does not bode well for Malaysia.
I fear for what this will mean for the soon to be proposed NEM. The things that we need to fix overall in our economic management will require much more pain compared to the gradual introduction of a consumption tax like the GST.
The opposition here have done the country a great disfavour. Although I agree that plugging leakages and stopping wastage will go a long way in bring down the deficit but there still needs to be an alternative tax source.

The pols need to get the message across that it is not that they do not want to countinue lavishing the a select group with unending rents, it is just that the country cannot afford to anymore.

Very good point, I will elaborate later in the posting.

soonyeah said...

I totally support GST and also removal of subsidies. It is a bitter pill to swallow but in long run it is good for Malaysia. One condition that I would expect income tax to be reduce on par with the regional. Additonal, I read that 10% of workforce actually paying tax. I see the tax scale need to be review.I believe most of the tax paying citizen are already on the high side of the bracket. The golden goose is getting very tired.

STOCKAHOLIC said...

GST Sounds good, but what happen if they don't use it wisely?

Expect high inflation in coming year due to GST, businessmen will add the GST into their goods..

Studies have shown, and even in places where they have implemented GST that there will be a one off price jump and things will settle down after that. We are not doing something EXTRAORDINARILY NEW and UNTRIED.

Suddenly we have these truckloads of delays in these supposed reforms we are supposed to be having. Now suddenly all not on time and not necessary? Are the delays caused by election concerns - if they are then I am very disappointed, again we have a government that promises so much but still kowtow to votes, I am not saying the votes are not important, its that we have pathetic political will to push through NECESSARY reforms. When you are an effective leader, sometimes you have to make the unpopular decisions, anyway, the next elections need not be called till 2013 - there is plenty of time to do what is right, do what is pertinent, instead of pandering to the masses or fearing that the opposition will have more ammunition with these unpopular moves.

The next general election does not have to be held until 2013, but could come as early as 2011 to coincide with elections Sarawak, a government stronghold that supplies 30 of BN’s 137 lawmakers. Najib vowed last year to reform public finances in order to cut the budget deficit to 5.6 per cent of gross domestic product in 2010 from 7.4 percent of GDP in 2009 and pledged to tackle a subsidy regime that accounted for 15 per cent of all federal government spending in 2009.

The delay in GST signaled the end of meaningful fiscal reforms until after the next elections. Over the past three weeks, we also have the postponement of electricity price rises and ended plans to hike subsidised petrol prices. Now we have also effectively delayed announcing its New Economic Model (NEM) when Najib announced a two-stage rollout of the ambitious plan to turn Malaysia into a high-income nation based on innovation and creativity.

We need:

a) a GST by 3Q 2010, with strict implementation and monitoring, with heavy penalties, must be vigilant - I know thats a tough ask, and implement a corresponding 2 percentage points cut in corporate and personal income tax.

b) we should still implement a hike in petrol prices according to a car's cc. No need to do the card reading, ID tracking, all that seems to be trying to enrich somebody with that kind of clumsy hardware and software. We already have a system in place, our road tax already taxes according to a car's cc - just tag an additional RM1,000 for cars 2001cc-2500cc, add RM2,000 for cars 2,501-3,000cc, above that put in RM5,000. You can tweak the figures to whatever amount you want to collect in the end. Sssooo... simple.

c) We need a tariff plan and formula that will allow electricity prices to be passed onto the users. Having said that, we will need a gradual removal of subsidy for oil, gas and electricity USED and CONSUMED by companies (not individuals) - why are we still subsiding them. There will be grave aftershocks if we pull the rug all at once, so do it with a plan: 1/3 subsidy removal from 1.1.2012, another 1/3 from 1.1.2014 and total removal from 1.1.2016 - and then watch our budget deficit problems eradicated drastically.

All of that will remove the reliance on oil royalties and our narrow tax base. You have till 2013 ... don't worry about the elections yet... do the hard stuff NOW. We need to see real political will to push these through, not sloganeering.

Notable Music Events At NBT

Another couple of great events at No Black Tie...

Signal To Noise

March 15, 2010 9:30 PM - March 15, 2010 11:00 PM
March 16, 2010 9:30 PM - March 16, 2010 11:00 PM


Cover charge RM 35

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Signal to Noise is composed of four very unique and accomplished improvisers — hailing from The U.S., Japan and France. The band about exploring methods and strategies of improvisation, whose music is grounded in jazz improvisation, blending concepts and principles from both Western and Eastern contemporary classical music. A significant element of Signal to Noise’s philosophy is best summarized by Mr. Anthony Braxton from a 1993 interview: “I want, that which happens when music happens, to happen. It’s not about me being the total energy that completes the process of the “ising” of the music.”

Signal To Noise is playing at 9.30 pm on March 15 and March 16. For reservations, please call 03-2142-3737 after 5 pm.

MARGIE SEGERS & MICHAEL VEERAPEN TRIO

March 17, 2010 9:30 PM - March 17, 2010 11:30 PM
March 19, 2010 9:30 PM - March 19, 2010 11:30 PM
March 20, 2010 9:30 PM - March 20, 2010 11:30 PM
Cover charge RM 30

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MARGIE SEGERS has come a long way from being discovered at age 18. She appeared in Indonesia’s music scene as a blues, motown and soul singer, but under the wing of the late and legendary jazz maestro Jack Lesmana — she has carved out a niche, unwittingly, as a jazz vocalist.

“It was very hard for me, as all the great musicians I know were much older than me. I was 18 and nervous. They didn’t have CDs back then (in the ’70s), so I had to carry all these jazz LPs home to listen,” Segers recalls.

“I was a blues singer, so when I listened to jazz singers I thought, what are they doing? They sound like they are talking!” she said. “The musicians were very tough on me and I thought I’d never make it. But Jack told me ‘No. I’ll be watching you. You’re not going anywhere’.”

And it’s a good thing that Segers persevered. Now, three decades later, she can account for having cut several albums and becoming a household name in the region. Here, Segers gives us five minutes of her time before her No Black Tie debut last year.

No Black Tie presents a wonderful combination of pure talent with MARGIE SEGERS & MICHAEL VEERAPEN TRIO. Segers is widely acknowledged as the singer who started the jazz trend in Indonesia back in the 70s and is now more than a household name in her home country. Those with an ear for jazz have even compared her to Eva Cassidy and Dinah Washington, but truth be told, Segers’ originality not to mention her interpretation of familiar pop songs are incomparable. Coupled with Michael Veerapen’s sheer experience and undying passion for music, this is one showcase that will get your hearts racing.

Temasek & Its Bank CEOs

What is it about Temasek and its banks CEOs. One or two resignations may be coincidence, but the number of frequent "resignations" by Temasek owned bank CEOs may hint at something very wrong with the way Temasek manage their units.



Temasek has lost billions during the crisis. Their Bank CEO in India was pressured into leaving. Their Indonesian CEO (Bank Danamon) also recently resigned under pressure, and now Bridget Lai.

The DBS Bank CEO position is also a hot seat. The Asian-American's predecessors - Frenchman Philippe Paillart and American John Olds - each didn't last more than 2 years. It's not bad that Jackson Tai managed to stay in the largest bank in ASEAN for six years. Still one can't help but think why the rapid changes. Were they "pressured" to resign?

The problem I think stems from the way Temasek wields its power. Its the inability to "let go" and empower their CEOs. Its also they way they appoint "people onto the boards of the bank". Those appointed are probably "too beholden" to Temasek, and rather than having a synergistic board, you have a board that continuously watch over and second guess every major decision by the CEO.

Temasek better change their ways. You live or die with the CEOs you appoint - once you have appointed them, unless they do something drastically that impairs the value of the bank, then you do something. You look at the entity they are managing and then sit down to set reasonable targets on metrics to be achieved, then leave them to do it. No one in the CEO position wants their every move to be second-guessed, no one in those position wants to have "micro bickerings" and "fine tuning suggestions" every month from the top.

Temasek do pay top dollar, so compensation is not an issue. Temasek needs to re-evaluate how they do things. Temasek has shown that they have been very poor in reading macro signals, very poor in digging deep on financials when buying those large banks. They have been too driven by "top strategy decisions to get into big banks and big financials" in a big way without proper understanding of business cycles or a decent understanding of the various underlying business models of the big banks.

Then they get too "close" with the smaller banks and their CEOs, to the extent of frustration for many of these CEOs. The board is no help to the CEOs as they act like sheriffs for Temasek rather than a cohesive board.

Temasek have proven that they cocked up royally when investing in big banks. Now with smaller banks, where they can appoint most onto the boards, they have also shown a great affinity to piss off CEOs.


p/s photos: Rina Chinen