THE SECOND STIMULUS PACKAGE

I have stopped writing in this blog since the beginning of the year. I have been busy with the stimulus packages. The first was announced on 4 November 2008 and the second (also known as mini budget) was launched on 10 March 2009. Of course, there are many comments both in the media and blogs, some criticizing and some praising the Government on the programmes and projects in the packages. The second package of RM 60 billion is more comprehensive and covers a wider spectrum of issues. From the retrenched workers, the vulnerable groups, the business community and foreign investors. The package also focused on building capacity for the future rather than only giving emphasis on short-term problems. One question from the public is that they don’t believe the Government is going to spend RM 60 billion. My response: RM 60 billion is real. All the programmes announced sum-up to RM 60 billion. In this package, the Government is positively creative in using the liquidity in the system which amounts to RM250 billion to draw the two guarantee scheme. First, for the small and medium scale companies the RM 5 billion working capital guarantee scheme where companies with less than RM 20 million shareholders equity can borrow up to RM 10 million with maximum repayment period of 5 years and with 80:20 Government guarantee. The second is the RM 5 billion industry restructuring fund for companies to restructure their production processes and companies going into green technology, they can borrow up to a maximum of RM50 million with maximum repayment period of 10 years. I hope the packages will be implemented fast and will avoid the country going into a deep recession.

The Return of Christine

I thought that Christine has migrated to UK for good. I’m wrong. Like the saying goes; you can imagine or think whatever you want, but the ultimate result is determined by HIM. Christine also thought the same that she won’t come back to Malaysia. But things didn’t turn-up as she wished. One can only plan but one cannot decide the future. Well, I don’t want to talk about the personal life of Christine in this blog and it’s not right to talk about another person’s life. I don’t want to aggravate what she is undergoing now, coz I know she will be reading my blog. To her, I will just say be strong to face the world and forget whatever happened in UK. After all the world is not UK alone, it’s a huge world, u can survive anywhere you want.

The will-power and determination is important. You can be a writer if you keep on writing. You can be a singer if you keep on singing. It’s in you, what you wanna be.

Reality shows on TV

I used to watch reality shows on TV, especially singing competitions such as Malaysian Idol, American Idol, Akademi Fantasia, One in a Million and Gangstar. However, after one or two years now, I feel these shows have become monotonous and boring. Some of the contestants have no real talent but somehow managed to reach the final. They win because they are beautiful or handsome or people are really crazy of the person than his/her voice capability. The quality of the contestants is questionable. On the other hand, the quality and capability of the selected permanent judges are also debatable. Some of the comments they make is not relevant to the performance of the contetstants, especially those related to the way they dress-up and costumes as well as shoes they wear. I still remember the high quality of singing competition in the early 70’s and 80’s such as Bintang Radio, Bintang RTM and Juara Kugiran. These competitions managed to produce quality singers such as Sudirman, Jamal Abdillah and Sharifah Aini.

Do we still need NEP

The New Economic Policy (NEP) was introduced in 1971 as contained in the Second Malaysia Plan to cover a period of 20 years up to 1990. The NEP has a two-pronged strategy of eradicating poverty irrespective of races and restructuring of the society, especially to increase the share of Bumiputera in participating in the economy. The ultimate objective of NEP is to achieve national unity. The objective and strategies of NEP were noble and righteous in view that the majority of the Bumiputeras were in the rural areas, mainly engaged in the agriculture sector. They were poor, still lagged far behind, in terms of education and composition in workforce both public and private sectors. Today, after 38 years far exceeding the original 20-year target, the NEP managed to achieve success in certain areas. There are many learned and professional Bumiputeras both in the public and private sectors. However, in terms of equity ownership in the economy, the Bumiputeras are still lagging behind.

Who should be blamed for the failure in achieving the 30% target in equity share in the economy? There are many policy measures implemented to achieve this target but we still failed. Among the measures include the provision of pink forms to Bumiputeras to own equity shares in newly listed companies, the award of APs to selected Bumiputeras to enable them to import cars, the award of Government contracts, the FIC guidelines and the establishment of MARA to assist the Bumiputeras as well as Permodalan Nasional Berhad which issues trust shares to Bumiputeras (ASN and ASB). Although, all these measures,in someway managed to increase the wealth of Bumiputera but at the same time, the equity share held by the non-Bumiputeras increased and further widened the equity gap. Some of the Bumiputeras who had been awarded the contracts have no business experience and just intend to make quick money by unofficially selling the contracts to the non-Bumiputeras. This gave rise to Alibaba businessmen, where the company is in Bumiputeras name but the real owner is a non-Bumi. Ther were also complain that those who are close to the Government and cronies of certain people will easily get Government contracts. Similarly, complaints were heard that scholarships and jobs were offered to those who have strong cable links with the authority.

I believe in NEP kind of policy but I think that time has come for us to review the NEP objectives and strategies. After 38 years of implementation, we have failed to achieve the main objective of national unity. Whether we agree or disagree the disparity and dissatisfaction among races has widened. The majority Malays are still left behind although there are some multi-millionaires among them. Not all Malays benefited from NEP and there are many who are unsatisfied. We need a new version of NEP focused on uplifting all Bumiputeras livelihood and eradicating poverty among all races through education and providing opportunities to progress in the economy.

Happy New Year - No Smoking

Happy new year. Another year gone by. Usually, people make new resolutions. Me too. I want to quit smoking. I started smoking when i was in Form five. Previously, I stopped smoking 2 times i.e. for 3 yrs from 1993-1995 and for 8 years from 1999 to 2006. Now, in 2009 i have made resolution to stop smoking again. Actually, smoking is an addiction and I should say it is similar to drug addiction. There are a few incidences when the urge to smoke is greater, especially after having lunch, going to restrooms and seeing other people smoking infront of you. Sometimes u even dream of holding cigarretes in your sleep. Its a torturing thing to give-up. But u can do it with your will power.

Note: I have stopped smoking for 13 dyas thus far.

New Post...17 Oct 2008

Well.. i was promoted on the 17 of October 2008. Its really a challenging and tough job taking care of the whole division. There are many kind of characters but i think i can manage them. Most of them are good and I should say knowledgeable in their respective fields.

Just when i took over, its global financial crisis due to the contagion effect of US subprime mortgage problems. Now it had turn into a world economic crisis. Most countries are experiencing difficulties and on or two had even approached the IMF for assistance. Luckily (touch wood) malaysian economy is still slightly affected but if the global slowdown persist longer then Malaysia too will be badly affected. In view of this, my team has been closely monitoring the situation and was tasked to prepare the strategic measures to strengthen the country's resilience against the challenging global economic environment.
Thank you guys and gals who stayed late nights to help me - esa, lim, azlan and others

I dont have much time to write in this blog so see u later in an another entry!!!!

Happy Deepavaly to Vicky, Nirmal, Sundaran, Giva and other indian colleagues

Trip to Hong Kong

I went to Hong Kong (hk) from 3 to 7 October with my family. Really enjoyed the trip. The transportation system is superb. You can use taxis, subway trains or buses.The cheapest mode is buses and they are efficient. The buses arrive on time as per schedule and no traffic jams. The MRT were superb too. There are no motorcycles on the road except for the high cc bikes like Harley Davidson.
The city is safe place to walk midnight and do our shopping or sight seeing activities. Every one hundred metres or so there are closed-circuit cameras on the side of the road and police men are present in all places.
Though some Chinese do speak little english, generally in most shopping malls and travel spots the staff speak reasonably good english.
My wife, daughter and son really enjoyed the trip visiting beautiful tourists spots including the stanley market, temple street (same as KL's Petaling street), disney land, victoria peak and lots of other places. They enjoyed the most - guess what? Shopping of course, cos they have the banker with them. They bought handbags, t-shirts, shoes, souvenir and bla..bla... yeah forgot perfumes too. I didnt buy anything on this trip. I told them dont worry about me. I travel alot and i can buy in other countries when i do travel later.

I think that's for now...