Archive for June, 2008

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Unit trust scheme to reverse Indian equity drop

June 26th, 2008
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The hottest news among the concerned Indians surely have to be the news that Indian equity DROPPED to 1.1% from previous 1.2%. This is a big blow to MIC, and if used properly, will spell the end of Samy Vellu and MIC. For all they claimed on stages and advertised in papers, what we ended up with is a drop in equity. When everyone else registered positive growth, ours went the opposite way. Even though the value of investment increased (by/to?) RM575.2million or 9% within the period 2004-2006.
Unless there is proof that from 2006 to 2007, some sort mini miracle happened to improve the percentage…it will be a body blow for MIC.

Yeah, equity may not be all, but as it is an indicator fondly used by other races, so I guess its fair that we too treat it as an important indicator.

The non-privileged, normal Malaysians share increased from 40.6 percent in 2004 to 43.9
percent in 2006, meaning the Chinese community’s hold increased 3.3%, far more than the privileged and Indians communities.

For non-bumiputeras, it increased from 40.6% in 2004 to 43.9% in 2006. Chinese ownership group saw an increase from 39.6% to 42.4%, while for Indians it showed a slight decline from 1.2% to 1.1%.

However, there was a decline in foreign ownership from 32.5% to 30.1% while for nominees, it fell from 8.0% to 6.6%.

Also, the contentious “privileged’ people equity is being put at 19.4% whereas alternative figures quote more than 45% (google for ASLI’s report on bumiputra equity), increasing from 18.9% in 2004. ?During the period, individual ownership increased from 15.0% to 15.1% while for institutions, including Permodalan Nasional Bhd, it increased from 2.2% to 2.6%. The government’s target under the 9MP is to attain bumiputera equity ownership between 20% and 25% by 2010, which excludes government companies like Petroliam Nasional Bhd and Khazanah Nasional Bhd. The equity ownership is based on the par value of the shares and not on market capitalization.

The irony is privileged people’s equity increased 0.5% and below are among the measures to reach the target of 20 to 25% being introduced by PM:
» Read more: Unit trust scheme to reverse Indian equity drop

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Perak Assembly Speaker Sivakumar finds it tough

June 26th, 2008
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This is the second day of the Perak State Assembly sitting. And Sivakumar, being the first Indian state assembly speaker carries the burden and image of the community. He must not forget that.

Anyway, he’ll be more hellish times ahead since Perak’s situation is nearly balanced. He need to be far more patient than Pandikar Amin the Dewan Rakyat speaker!

He already faced his first walkout, but the Star reports sounds like he was being fair. Selangor’s Teng also doing quite well I guess as no complaints have been registered.

Speaker: Perak BN walkout was ‘childish’

Perak Barisan Nasional’s walkout during the state assembly was “childish” and unbecoming of an elected representative, assembly speaker V. Sivakumar said.

“They are here to bring forth the problems of the people, not to carry out their own agenda in order to get publicity,” he said when commenting on the incident here Thursday.

Asked about Datuk Seri Raja Ahmad Zainuddin Raja Omar (BN – Kubu Gajah) being denied the chance to debate, Sivakumar said that Raja Ahmad Zainuddin had been given the last half hour of the sitting on Wednesday to debate.

But for some reason, he chose not to speak and instead asked to debate Thursday on the motion of thanks on the royal address, said Sivakumar. “When you get the opportunity to speak, you grab it. Otherwise, you will have to wait your turn like everyone else. “Moreover, I never refused his request. I told Raja Ahmad Zainuddin he would debate next after Teja assemblyman Chang Lih Kang, who stood up first,” he said.

On accusations from Barisan representatives that he was biased towards Pakatan Rakyat, Sivakumar aruged that he had been more than fair to Barisan. He pointed out that he gave over two hours to former Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali to present his debate.

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Maathias Chang blunder

June 26th, 2008
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Really surprising that Dr Mahathir Mohamad’s former political secretary Matthias Chang can make such a blunder. Surely he know at least his ex-boss race!

As mentioned in Malaysiakini:

“He (Ian Chin) must be sacked for slandering a great Malay leader,” the lawyer told reporters after lodging a police report against the judge for allegedly making defamatory remarks against the former prime minister.

Its not “great Malay leader”, you silly! Its “great half-Malayalee leader”! If that’s too difficult, just say Indian leader lah… Well, I can accept Indian-Muslim leader as well. :)
t

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9th Malaysia Plan facts and statistics

June 26th, 2008
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NST and Star:

Success of 9MP (first two years):

  • including sustaining economic growth at an encouraging rate of 6.1 per cent per annum
  • enhancing the quality of life of Malaysians by increasing per capita income from RM18,840 in 2005 to RM23,066 in 2007
  • government reduced the fiscal deficit from 3.6 per cent of Gross Domestic Product (GDP) in 2005 to 3.2 per cent in 2007
  • government enhanced the quality and access to the national education system through the implementation of the Education Development Master Plan and the National Higher Education Strategic Plan.
  • lowered the overall poverty rate from 5.7 per cent in 2004 to 3.6 per cent in 2007
  • incidences of absolute poverty were reduced from 1.2 per cent to 0.7 per cent in 2007
  • In Peninsular Malaysia, the percentage of hardcore poverty has
    been reduced from 0.7% in 2004 to 0.3% in 2007
  • for Sabah it was
    reduced from 6.5% to 3.7%
  • for Sarawak it was reduced from 1.1% to
    0.7%
  • urban hardcore poverty rate was reduced from 0.4%
    to 0.3%
  • rural hardcore poverty rate reduced from 2.9% to 1.4%
  • Overall poverty in Peninsular Malaysia was reduced from 3.6%
    to 2.3% while for Sabah, it was reduced from 23% to 16% and Sarawak
    from 7.5% to 4.2%.
  • urban poverty rate was reduced
    from 2.5% to 2% and for rural from 11.9% to 7.1%
  • Bumiputera’s mean income
    increased by 5.2% to RM3,156 in 2007 from RM2,711 in 2004.
  • During the
    period, the Chinese’s income rose 3.0% to RM4,853 from RM4,437
  • Indians’ income rose 3.2% to RM3,799 from RM3.456
  • for others, a
    15.5% increase to RM3,651 from RM2,312
  • In urban areas, income
    rose 3.3% to RM4,356 from RM3,956
  • for the rural area, there was a
    6.8% increase to RM2,283 from RM1,875
  • Bumiputera ownership has increased from 18.9% in share capital in 2004
    to 19.4% in 2006
  • During the period, individual ownership increased
    from 15.0% to 15.1%
  • for institutions, including Permodalan
    Nasional Bhd, it increased from 2.2% to 2.6%
  • For
    non-bumiputeras, it increased from 40.6% in 2004 to 43.9% in 2006
  • Chinese ownership group saw an increase from 39.6% to 42.4%
  • for
    Indians it showed a slight decline from 1.2% to 1.1%
  • decline in foreign ownership from 32.5% to 30.1%
  • for nominees, it fell from 8.0% to 6.6%.

Measure to increase privileged people’s participation:

  • A comprehensive database to monitor Bumiputera performance in the corporate sector will be set up
  • Bumiputera wealth ownership in the non-financial assets such as ownership of commercial and residential buildings will be used as an additional yardstick to evaluate the performance
  • to attain bumiputera equity ownership between 20% and 25% by
    2010, which excludes government companies like Petroliam Nasional Bhd
    and Khazanah Nasional Bhd. The equity ownership is based on the par
    value of the shares and not on market capitalization.

Focus of 9MP (remaining years):

  • increase in the mean income of all Malaysians
  • decline in the incidence of poverty
  • improvement in the restructuring of employment pattern and corporate equity ownership
  • increasing the income share of the lowest 40 percent of households
  • creating a bigger middle income group – defined as those earning household income between RM2,000 to RM4,000 per month, is expected to increase in size and achieve a more rapid growth in income level
  • narrowing ethnic and regional disparities
  • eradicate hardcore poverty and reduce overall poverty to 2.8% by 2010

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HINDRAF not collecting funds

June 26th, 2008
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HINDRAf coordinator Raidu clarified that the group is not collecting any donation from the public and has stopped doing so since a long time ago.

Hindraf does not approve of such methods as we have stopped collecting funds from the public a long time ago

Raidu also mentioned that the ISA detainees informed that they were being accused of collection funds for covert activities like terrorism. Raidu said that about RM68,000 was collected last year and was spent for bail for those detained participating in rallies.

Both Vickneswary (wife of Vasanthakumar) and Buvaneswary (wife of Ganabatirao) said they had not received any of the “donations”. Vickneswary said her husband’s house would be up for auction today. She was unable to pay the RM600 monthly installment.

Pity that Vasanthakumar’s house is going under the hammer. I think something should be done about this.

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