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Bursa outage, Emergency et al

UPDATED VERSION. Bursa Malaysia failed to resume trading when the clock struck 2.30pm for the afternoon session to start. Trading suspension will go on till end day.

It is said that a member company listed on Bursa Malaysia, a blue-chip in the league of EPF, is calling for the removal of the CEO and COO to take responsibility for the full-day trading halt.

Seasoned traders say the protracted trading halt is almost unheard of in recent years as technical glitches only lasted for an hour or two, not an entire session.

Earlier, the burse announced that trading would resume after a half-day suspension of trading due to system failure that shut down the trading floor from 9.00am through 12.30pm.

Read The Edge Financial Daily for context.


ORIGINAL POSTING

Soon after the KLCI opened, down 0.37 point to 1,153.33 on some selling, the system went kaput..

Multi-hardware failure and difficulty in connectivity have been cited for the outage. Trading is expected to be suspended for the morning session that ends at 12.30pm.

The headline index has been sliding in the past few days, here and here, partly due to the nation's anxiety over political uncertainty at the moment.

Meanwhile, as at 10:48hr Malaysia time this morning (22:48hr US EDT - July 2, 2008), crude oil was traded at US$144.11 a barrel.

National anxiety

Lame duck administration. Right now, the DPM and his wife are still plagued by the Mongolian affair, the IGP and the AG are implicated for punishable crime, Anwar Ibrahim is implicated in a politically crippling act, two senior Umno ministers have been identified for political crucifixion, the Sabahan leaders are waiting to bite the right piece of bait -- while the PM is said to be immobilised in anticipation of life thereafter.

Emergency? Is Malaysia about to plunge into a state of Emergency? Eyebrows were raised when people heard IGP Musa Hassan say yesterday that the police and the armed forces will be holding a joint public order exercise until Monday and the military will be called in to maintain public order if the security situation in Malaysia deteriorates. Quote:

“The exercise is also to enhance the cooperation between the police and the army, besides helping improve coordination, logistics and communication between the two forces,” he added.

As it is, security agencies are kept on their toes to deal with possible public order issues this Sunday, when a mammoth rally will be held in Petaling Jaya to protest the increase in fuel prices.

Sodomy. On the other hand, the Kuala Lumpur Hospital (KLH) has denied that it issued a statement on the results of the medical examination conducted on Mohd Saiful Bukhari Azlan, 23, who alleged that he was sodomised.

Hospital director Dr Zaininah Mohd Zain, in a statement issued to Bernama here yesterday, said the hospital did not release nor reveal any information, findings or made any conclusion concerning the medical examination on Saiful.

This came about after two newspapers, including the New Straits Times, carried reports on the matter yesterday, saying that “checks yesterday also revealed that doctors at the KLH, after a battery of tests, found indications that Mohd Saiful had engaged in anal sex”.

Suspension pending investigation. Meanwhile, public opinions are shaping calling for the suspension of the IGP and AG pending investigations into the role they played in allegedly trying to cover up the assault on Anwar in 1998.

A lawyer-MP said the suspension, which has not come in to effect, is important as it would have a bearing on the “conduct of the investigations”.

The runaway gravy train

UEM cost up, again. Meanwhile, on the trail of gravy train, the Treasury and the EPU in the PM's Department failed to contain the rising cost of development projects. UEM Builders, an Umno-linked company camouflaged as a GLC, has raised the estimated cost for the Second Penang Bridge from RM4.3 billion to RM4.58 billion -- all within 45 days. It was only RM3.6 billion in 2006.

UEM is said to be demanding for additional RM285 million as development fees while industry sources said all design, concept and preliminary works -- amounting to US$50 million to date -- were borne by China Harbour Engineering Company (CHEC), the 51%-equity holder in the JV company. Is this double claims?

Integrity reforms sluggish

Bad public service. The public service scored a wrong first for receiving the lowest rating in the inaugural home-grown National Integrity Perception Index (NIPI) released yesterday.

Chief Secretary to Government Mohd Sidek Hassan, accompanied by Malaysian Institute of Integrity (MII) president Dr Mohd Tap Salleh, announced that the public service had ranked the lowest in a survey index, and that they needed start working harder and improve their mistakes.

To lend credence to the findings, the survey was the culmination of four years of work since the inception of the National Integrity Plan by the prime minister in 2004. It has a sample size of 14,967 respondents nationwide.

FAMOUS LAST WORDS... All these, if left unchecked, is the perfect recipe for a national leadership crisis.

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Comments

So, expect a breaking of 1100-point KLCI today...

So, the making of Malaysian Tiananmen tragedy is on the way...

So, 2nd Penang Bridge will end up only a paper and money talk...

So, is Malaysia still livable?

Malaysia Boleh!!!!

Multiple hardware failure?

ROFL. Isn't this is the infamous blame the computer Malaysia government culture?

A computer system used by KLSE are suppose to be HA(High Availability) range hardware. CPU, memory, Disk storage, are all make redundant.

And to safe guard manufacturer defect, those HA server manufacturer will avoid using same batch number of CPU,RAM and storage. And the hot standby HA server are make with the same specification as well.

Somebody must have blow up the KLSE data center with C4 to cause the computer glithes. ;)

Jeff,
Since we have major implication on economy with ICT failure, isn't it a high time to apply good IT governance standards such as COBIT, ITIL and other proven frameworks like how it is applied in developed countries?

Personally, i feel that goverment departments and agencies should strive to achive good IT governance to avoid such humiliating ICT breakdown.

Thanks.

Jeff - what's your basis to paint UEM Builders as an Umno linked company, camouflaged as a GLC? I've worked with UEM Builders before and I can't see such link. Where's the gravy train?


JEFF OOI says: Were you an officeboy or a senior executive in UEM? Give me your employee number and I could check how much information you should know.

I don't agree with them claiming for the consultancy fees - but it is done on a basis of a company asking for additional payment. If the agreement is set otherwise, then the govt shouldn't pay. It's the same with Penang Bridge - UEM Builders don't get fare compensation because the traffic flow is higher than the original forecast (but that didn't stop UEM Builder asking, which the govt rejected!)

I just hope Bursa did not used the hardware or software "imposed" on them.

Many of us who have accounts in CIMB Bank ( and some in Ambank and Hong Leong Bank) suffered greatly when the 1 day SPEED cheque clearance system failed miserably few weeks ago and still not fully rectified.My cheques did not cleared for weeks, even those I cancelled after 2 weeks and banked in again also failed to be cleared !
I were told that CIMB Bank outsourced this to a MESDAQ company "under instruction" and they knew it has no capacity or expertise to handle this so-called speedy cheques clearance. The officer at my home branch even suggested that I do direct debit instead of using the cheques scanning machines as she also has no confidence in them and was shouted at by many customers.

I really wondered the mindset at BNM and all these banks for taking their customers for granted, if they want to be world class, they need to get the best of the best and not all these 1st class rubbish.

Going back to Bursa, it should come out and announced publicly what is the real problem and what steps are being taken to prevent this from happening again.

That would put it one step ahead of CIMB Bank towards transparency and disclosures. Or they just the same ?

Ghaz: 'So you were wrong by a dozen years, Neil.'

Neil: 'About what?'

Ghaz: 'That we will celebrate 2020 by rioting in the streets.'

Neil: 'I am not warmed knowing i have been prescient about things, Ghaz, not when they are affecting our rakyat so badly these days.'

Ghaz: 'I agree with you. How worse can it be when just as we are about to wolf into our instant noodles in a hotel room in a foreign land, the tv screen flashes a FRU hitting a rioter who's already on the ground and that by using the edge of his shield? When i saw that, i thought it was happening in some banana state - until the newscaster said Malaysia.'

Neil: 'Yes, Ghaz, the rakyat don't take to the streets unless something is wrong. Justice defiled, misery deepened, hopes shattered. That's why people were already saying even then that soon enough the military will be brought in. That will only make people think the government has no intention of quickly, or even ever, going to the root of matters. When people see things like that, anger will not dissipate. It will go underground and then resurface elsewhere. Then what? Like a metrosexual with bad mascara, this govt seems to be reacting to one thing after another. People power is like water power; it abhors the vacuum of injustice. And they are justified because it concerns their present and their future even if they have had to swallow their indigestible past.

If orderly, they should allow people to walk and be heard.'

Ghaz: 'Matters are getting from bad to worse. When i look at them, the common skein is this: the govt is trying to maintain status quo for itself. That's why it has separated itself from the rakyat. Its approach to crisis management, if one may call it that, is to deny, fudge, deflect, lie and when all fails, batonize. They continue to treat the rakyat like they are children or cattle.'

Neil: 'What would you want it to do?'

Ghaz: 'Practise democracy for a start.'

Neil: 'Even at the expense of losing grounds for itself?'

Ghaz: 'Neil, what's a govt for but to serve the people who voted it? The govt is also made of people so it's not about doing things under a political banner. A political party is but a transient organizational construct arranged to deliver unsurpassable service. No service is ever enhanced just by the fiat of a political party. It is enhanced by efficient technique coupled to pragmatic process leavened by ethical standards and driven by global excellence. That's all that politicians should promote. A political party is not keeping brands. It's about consistent and exemplary customer service, continuous self-improvement, deep focus on product development and exciting packaging. If one can't achieve them under one organization, move to another, i say, until the bosses come to their senses that the right things must be done, and no ifs-and-buts.

As a counterpoint, look at this moribund organization called Umno. Are the rakyat to believe that only if one champions the now-dead ketuanan Melayu will service be excellent? In the first place, the service has been abysmal which says as much about tinkering with race relations using half-baked, oxymoronic diktats. Try countering that, Neil.

And it's certainly not also made of one MP trying to score trivial points against another in Parliament when every effort should instead be focused on real and hard issues the people are facing.'

Neil: 'But they will argue that if they are not in office, they can't serve so that they must first be in office, any which way it takes, in order to do so.'

Ghaz: 'After 50 years, they should be able to see that means and ends are intricately entwined so that if one is bad the other will soon enough be contaminated but if one is good the other will likewise be enhanced.'

Neil: 'We are sliding very badly, Ghaz, and events seem to have overtaken everyone. Not a day passes when you don't get another slugfest, raking mud on Malaysia, despairing the old, hardening the middle-aged, embarrassing the young.

Ghaz: 'And that's because standards of decency have been left to rot for too long by cuckold politicians hell-bent on serving their own survival first. That's the root of it.

Neil, the root of this country is rot.

Integrity? rotted. Checks and balances? rotted. Moralized administration? rotted. International reputation? rotted. Educational standards? rotted. Public amenities? rotted. Trust in politicians? rotted.

See, they can repair that roof over their heads by direct-nego with just one contractor. And they can award the RM81 million/year rebate contract to Pos Malaysia whose major shareholder is one ECM Libra. So much so, they have mansions lining the Swan River but no one asks a thing. And see, up to now, there has been no explanation for why the home ministry people didn't turn up to clarify Project IC, nor for how the immigration records of specific foreigners can disappear, as with court documents, probes on the deaths of detainees, health inspections on consummables like lingam sauce and sodomee, you know, the usuals, ad nauseum. And may one also ask why there has been no statement taken on the alibi's of people who were said to be where they said they weren't. I mean, don't they read Agatha Christie? To commit something, you need three ingredients working in concert - the means, the motive, the opportunity. One key with three teeth unlocks the door to dark passages.

Neil: 'To cut the chase, what should be done, Ghaz?'

Ghaz: 'When the police and the judges themselves are under the microscope, who can be trusted to deliver clean justice by making investigation independent of their political masters? None. Neil, there is no one who can at the moment do the right thing. So, when there is no-one, pass it to every-one. Move the centre of power from the politicians to the people. How? By freeing the media to expose all bullshits.

There comes a time in the evolution of a nation when the people must be trusted to be able to rationalize things out for themselves based on facts delivered adequately and clearly. The fact that intelligent debates have multiplied so fast and so widely through blogs is evidence that we have arrived at that stage. For the same reason, the fact that people can take to the streets is also evident that something is absurdly wrong in the system of this nation. People need credible channels again to dispel myths and build on what is good, for already they no longer believe in the words of politicians. So, free the media to let journalists practise the science and art of chasing facts that will dissolve fiction and create direction.'

Neil: 'But hasn't the press been given some leeway so far?'

Ghaz: 'Not enough, there hasn't been enough hard investigation and deep probes. Neil, the rakyat must know because it is a safer bet that a bigger group can develop wisdom faster than restrict that process to a small cabal of cronies who continue to repeat their mistakes and misappropriations.

Let me give you just one example. The way Umno negotiates directly and through its GLCs. Didn't its EPU foul up with the toll concessionaires? Didn't TNB foul up in the indonesian coal adventure and with the IPPs? And did anyone ask the question whether Petronas had forward sold its oil for twenty years five years ago at say fifty dollars, indirectly paying sinful sums to filthy rich oil companies to dig our own oil, thereby paying for the biggest unseen subsidies to these international marauders?

And there are other simple questions, like how come they know where to go look for what's left of the body? And why wasn't it asked as to who has the sole authority to command the termination of a foreigner on short notice using explosives requiring special skills? And exactly how many illegals have been given mykads to make up the bumi numbers in order to justify the continuation of the NEP whose targets insiders will tell you have already been achieved years ago?

All this shit has got to stop, Neil. The rakyat must be given the chance to be the voice of the nation. The politicians have usurped that voice and controlled the press for themselves. That has to stop. How else can the rakyat put their heads together to help think out real solutions, not swallow fast-food junk offerings that has been the staple diet of those Batangs Naik, that will in turn balance up the moribund administration of this country? If they want real reforms, the debates must spread, the facts must come out, the innate intelligence must shine again, the standards must be revived, goals set, visions reclarified, kickass chutzpah regenerated, and the iron will of the rakyat wielded with renewed confidence again.'

Neil: 'Wah! even Obama will turn white listening to you, Ghaz.'

Ghaz: 'I hope so, Neil. Take another case. Bursa Malaysia. Why can't they allow for one delay for each IPO? It's not funny when an IPO goes below par value. Those poor hopefuls just had their hopes dashed not because the public were averse to them but because the sentiment of this nation has been sodomized again. You want another case? Umno is now starting to curry favour with the non-malays. Suddenly they can say they will change the history syllabus when not too long ago their thugs can beat down the door of people who just asked some questions about it. Man, that's like an apology that's not an apology. The arrogance reeks. And through a history subject they want to teach civilisational values of one faith they deem to profess?'

Neil: 'At least you're talking like a universalist, Ghaz. Syabas.'

Ghaz: 'Not bad, eh, coming from someone of a country which produces fine mattresses?'

Neil: ' I think we're kaput.'

Ghaz: 'Not yet, Neil. We have seen the Budapest Gambit uncorked. Next will be the Caro-Kann defense, followed by the Najdorf variation to the Alekhine attack, and that's if they survive the French twist to the Botvinnik feint of the Fine ending to the Capablanca fiancetto of the Morphy fork.'

Neil: 'All ending in zugzwang?'

Ghaz: 'Yes, death by self-strangulation. Remember, C4 is a good opening.'

Dear YB Jeff,

Can someone confirm if some Blogsites were hacked into, the slow internet speed even not at peak period the last few days, the Bursa outage, the National anxiety Emergency et al are all interlinked ???

Has anyone calculated the Business losses as a result of all these & the potential withdrawals of foreign & local investors from our Bursa plus the FDI's 2nd thoughts about coming to this Bolehland ???

It is so CRIMINAL on top of The multiple screwing of this nation, its assets & the Downtrodden rayaat who are trying to make ends meet !

maggieq,
It is interesting to read your view on the cheque clearance system.

BNM implement the online SPICK cheque clearing system since 1998. The pilot run on the top 5 resourceful banks has solved most issues back then.

Please take note that, during any pilot run, BNM will select a few key bank that carried the capacity to do the pilot run. Back then, I don't recall "Chimp" or old day BBMB bank are enlisted for pilot.

CTCS is the new cheque clearing system. And I don't see the fuss, because complaint should come early from the big 5 resourceful bank.

It is up to individual Bank run those operation. So if they f*ck up, BNM just want answer or slapped a fine.

Perhaps your problem should root back to - who own those banks and make decision to get those system ;)

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