Archive for the ‘Indian’ category

How to set up the unit trust program for Indians

June 30th, 2008
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Since the special fund (unit trust) was announced to help the indian community, many people are becoming interested. Obviously by given the job to existing fund managers like PNB who manage government unit trust schemes (ASN, ASB, ASM, ASW, ASD etc.) people will be more willing to trust it. Anything but MIC – that’s the what I hear. No one wants another MAIKA.

 

Firstly, people from all walks of life should be given an opportunity to get those units, and definitely not given to few selected Indian-based cooperatives or organisations only. Post offices and banks should be used as application centres. There should also be a limit on the amount each individual can subscribe. The fund size should be moderate, perhaps 1000 million units at RM1/unit for a start, which translates to about 562 units per individual (based on population of 1.78 million). A maximum limit of RM10,000 should be imposed. This will provide some hindsight on how much equity the community can afford to put up.

 

Secondly, the rate of return should be on par with other existing funds managed by PNB. At the moment, we find that ASN earns about 2% more than other unit trust schemes under PNB (if I’m not mistaken).

 

MIC, meanwhile records its thanks to the goverment as mentioned by Devamany:

 

The MIC had previously called for the Indian community’s equity to be increased to three per cent by 2020.

We are happy with the government’s move to form a special trust fund to increase the Indian community’s share of the economy.

However, Deputy Minister Saravanan suggested that a special committee to progress of the fund is set up. He said that there should be a fair Indian representation in the committee comprising professionals, especially bankers, stock market experts, non-governmental organisation activists and political parties.

 

The committee must ensure smooth and fair implementation of the scheme. The scheme must receive equal distribution of unit trusts for the Indian community and nobody should be left out.

Hamidah insults Indian community

June 28th, 2008
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Is the insult by Sungai Rapat (Perak) state assemblyperson Hamidah Osman reflective of BN’s treatment of MIC and Indians in general? One cannot forget Lim Keng Yaik’s famous words as well – something to do with rubber trees (wonder why no one protested him getting Tun). Obviously in a multiracial country, there’s always friendly banter between friends of different races, calling each other names. But that is in an informal, friendly environment. But in a formal setting, the assemblyperson should have known better. Now, Hamidah has become a liability for BN. Apology and wasting money going around her constituency will be wastage only. She might even be greeted with slippers. Best if she resign and save MIC from trying to do a salvage job. The story is below:

Hamidah insulted the Assembly Speaker Sivakumar and his race when she asked him whether he ‘agreed to
disagree’ with a well-known fable of whether a snake or a man from a
certain racial community should be killed first.

Her question caused a commotion by the ruling coalition asking her to retract her question, but Hamidah insisted that she was
merely asking if Sivakumar “agreed to disagree” with it and pleaded innocence.

The
speaker who is also DAP Tronoh assemblyperson instead let her off the
hook with a mere warning of “not to repeat such sensitive remarks.” She later retracted her words after being ordered to do so by the BN whip.

Realising her political mistake (though not necessarily repented) she publicly apologised for hurting the Indian community at a packed press conference in the Ipoh Country Club this
morning, saying that it was not her intention to hurt
the Indian community with a racial slur.

“I have already
retracted my statement in the House and now, I am offering my humble
and sincere apology here to all Indians for uttering the racist remarks
in the heat of the moment.

“I regret for saying that and promise
not to repeat it anywhere anymore,” said a visibly moved Hamidah, who
plans to embark on a ‘constituency road show’ to explain and apologise
over the incident to electorates in Gopeng, which encompasses Sungai
Rapat.

The Buntong assemblyman Sivasubramaniam had this to say (trust the ruling party to use this extensively):

DAP Buntong state assemblyperson A Sivasubramaniam did
not mince his words, labeling her “a racist upholding BN tradition of
racial brand politics”.

“It is ungainly graceless for a people’s
representative to utter such racist remarks against the speaker and his
community,” he said.

Sivasubramaniam
also said Hamidah’s remarks was proof that BN, particularly Umno, had
yet to accept its electoral defeat and conform to the reality that “a
speaker of Indian origin was presiding the House”.

“She and Umno are playing with fire by hurting the racial sentiment of others,” he told Malaysiakini.

Anyway, she was forced to make a public apology, causing a humiliation to BN, and probably take off the pressure from Nizar’s administration for the moment. She was not referred to the Privileges Committee because according to Malaysiakini:

However, a Perak
government insider said Hamidah was not referred to the Privilege
Committee because she was deliberately left to “suffer public
condemnation”.

“She could have become an Umno ‘heroine’ and
evaded public humiliation since she would gain ‘immunity’ if referred
to the committee.

“The game plan worked to force Hamidah to come
out and openly apologise to Indians in Perak and the country as well,”
the insider said.

Ka Ting not defending post but Samy…

June 28th, 2008
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After reading that two-term MCA president Ong Ka Ting has announced that he would not be defending his post in the upcoming party polls, first thing that crossed my mine is Samy Vellu 🙂

After three months of deep consideration, I have decided that in the October party election, I will not defend my post

Not only that, his deputy Chan Kong Choy is also doing the same.

Let’s look at Ka Ting’s reasons:

Explaining his move, Ka Ting said that he had initially considered resigning as MCA president following the MCA’s dismal performance in the March 8 general election.

However, he decided to hold on to the post and ensure that MCA is given adequate representation in the cabinet first.

“The party grassroots generally understand the current political situation and trends. They want to see a transition and strategy change in MCA in light of the current difficult challenges ahead.

“This (party election) is the starting point for the transition,”

Ka Ting reveals more in the Star:

He said it was a decision that he
had thought about thoroughly after seeking the views of party members
for the past three months.

“It has been my political approach
that a leader should not hold on to position for too long. My decision
is a natural progression to what I have always advocated,” he said.

He
had also dropped hints to grassroots leaders and members, telling them
that no one was indispensable in the party and also prepared party
leaders by letting them know that he would be informing the media of
his decision.

“I am mentally prepared and firm about my decision. There are many talented and younger leaders in the party.

“No one is indispensable and we should not rely on a person. Teamwork is crucial,” he said.

“Similarly,
when I first took over the presidency, people were not sure whether I
could do the job, this would happen to the future president.

“But given the opportunity and time, the person elected by the party members can do the job.”

At 52, Ong, who is a former Mathematics and chemistry teacher from PJ Catholic High School, is still regarded as young.

“I have always practiced the culture of accountability and not hanging on to power,” saying he started his career 22 years ago.


While one person is busy Rebranding the party minus himself, others are moving forward by having faith in their party and its upcoming leaders.

What say you?

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

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.