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Quota-free: How's the market reacting to Najib?

How is the stock market reacting to Najib's "quota-free" announcement today... the 2nd day of Q3?

PKFZ: No PwC report for MPs... yet

Ong Tee Keat's attempt to kick the PKFZ scandal into the Parliament's basket isn't futile.

Dewan Rakyat Deputy Speaker Ronald Kiandee confirmed, and announced in the House today, that we MPs will not get the PricewaterhouseCoopers (PwC) audit report and its appendix on the Port Klang Free Trade (PKFZ) -- that Tee Keat promised -- until the Public Accounts Committee (PAC) has completed its investigation on the matter.

The deputy speaker also clarified that the 300 copies of the report were being kept by the Parliament Cecretariat on its capacity as the secretariat of PAC, because the reports were required by the PAC, first and foremost.

Unless the PAC finishes its job fast, and unless the Parliament will courier the report to us MPs, this means the earliest date we MPs can obtained the complete report is when the Parliament re-convenes on October 19.

So, what's new Malaysia Boleh, and quote OC Phang, what's new capable Malaysians?

Let me repeat, again: This PKFZ scandal is fast becoming an Agatha Christie mystery murder: You have a stinking corpse with multiple fatal stabs, no killers.

Al-Hadi... Al-Khairy

UPDATED VERSION.The Son-in-Law made interesting utterances yesterday that the viewpoints therein cannot reconcile.

On one hand, he lauded intellectual discussions between Umno Youth and PAS Youth. On the other, he condemned Hadi Awang as a political puppet to DAP and PKR.

His friends at the Malaysian Insider say the statements are telling of "more about the political chameleon that Khairy is more than anything else... And adds to the general distrust towards Umno politicians".

The news portal adds:

"For politicians like him always believe that non-Malays must always kow-tow to the Malays. And not vice-versa." [...]

But Khairy, who has alternately spoken about going beyond race-based politics and upholding Malay superiority in the past few years, has been anything but consistent in his beliefs.

And it quotes an infamous quote:

Who can forget his “The internal split within Umno will weaken the party’s position and this will pave way for the Chinese Malaysians to make various demands to benefit their community …”, as quoted by Sin Chew Daily in August 2006?

It's now July 2009. By July 8, it will be sixteen months after GE2008.

The Son-in-Law is evidently still pressing the denial button, dreaming that Umno is still popular, its race-based politico-economic cause still valid.

Which is the perfect recipe for annihilation by GE2013.

UPDATES: And Al-Khairy replies: Insidious Insider - My Reply to Malaysian Insider (Again).

Tee Keat... Where's the PKFZ report for MPs?

June 15, MCA-owned newspaper The Star quoted a statement on www.pkfznews.com.my and reported that Transport Minister Ong Tee Keat had agreed to provide every Member of Parliament a copy of the PricewaterhouseCoopers Position Review on PKFZ, including the appendices.

Reportedly, 300 copies of the report were to have been sent to the Parliament by June 15, following a request on June 12 from the Parliament Secretary.

June 22, Minister Ong reiterated that the 300 copies of the PwC report had been sent to the Parliament, and it was up to the Secretariat to distribute it to the MPs.

The current Parliament session will end tomorrow. But the said report has not been given to us MPs.

SUMMON TO TESTIFY. Meanwhile, the Public Accounts Committee (PAC), an instrument of the Parliament, will summon four personalities involved in the PKFZ scandal to testify in an investigation within the next two weeks.

The foursome are Ling Liong Sik, Chan Kong Choy, Ong Tee Keat -- all are MCA-nominated Transport Ministers at some point in time -- and Tiong King Sing, the CEO of Kuala Dimensi Sdn Bhd (KDSB) and Barisan Nasional Backbenchers club chairman.

However, one woman was missed out in the PAC summon for testimony.

OC Phang, the chairman of PKFZ cum Port Klang Authority (PKA) general manager who served the said three Transport Ministers (read: MCA Presidents) throughout the material time PKFZ was being cooked, was not called.

Phang is believed to have left the country.

We really want to know through OC Phang if it was Ling, or Kong Choy, who had signed away the government's rights by issuing letters of support, or letters of guarantee, to underwrite risks of the project falling through.

Will Tee Keat hang his two ex-bosses to dry in order to save MCA from the quandary?

Let me repeat: This PKFZ scandal is fast becoming an Agatha Christie mystery murder: You have a stinking corpse with multiple fatal stabs, no killers.

Najib's pre-Q3 strategy?

UPDATED VERSION as at 06.45am, July 2. Does the market believe what PM Najib Razak offered yesterday? What's the confidence level for Q3 under Najib? Can those sharp gains made in the past three months hold up in Q3?

June 30 marks the end of the first-half of 2009, and the start of Q3 and a critical phase of economic recovery -- it might even be further deterioration if new turbulence sets in -- that will determine Najib's survival as the Prime Minister.

With that in mind, Najib announced the removal of the longstanding quota on Malay ownership of public-listed companies, complemented with a wide staple of liberalisation measures.

Equity quota may have ended on paper. However, the equity market didn't react with jest. Bursa Malaysia took a slight dip on market close.

UPDATES: What a sluggish first day of trading for Q3!

Window dressing! Only a last minute surge in buying interests in a few selected blue-chips lifted the index out of negative territory.

According to The Edge, the index was in the red for most of today, falling to as low as 1,071.38 before gaining 0.39% or 4.16 points to end the day at 1,079.40.

ORIGINAL UPDATES

The KL Composite Index was down while other Asian markets were mostly higher at midday today, July 1.

Bursa Malaysia dipped 1.19 points to 1,074.05, with losers beating gainers nearly four to one.. Turnover was 387.46 million shares valued at RM387.54 million. There were 391 losers to 96 gainers while 178 stocks were unchanged.

The market is also abuzz with news that Maybank would see slight deterioration in non-performing loans.

For now, companies will no longer have to reserve at least 30% of their shares for the favoured Malays, who are largely cronies of Umno. However, companies will have to maintain at least 25% of their shares for sale to the general public, of which half must still be sold to Malays.

Throughout the implementation of the New Economic Policy (NEP) since 1972, leakages of the system were serious and fatal. Millionaires were made of the few who were allotted shares and Approved Permits, but many became self-inflicted casualties in the forms of Tajuddin Ramli, Halim Saad etc.

It was Najib himself who had to swallow bitter pills and admitted that, of the RM54 billion in shares allocated between 1984 and 2005, only RM2 billion worth of shares were left in the hands of bumiputeras. In other words, under NEP, only Umnoputras triumphed.

Meanwhile, Najib said there's not going to be a third stimulus package. Food for thought.

Broadband oh Broadband

Finally, I have to admit Maxis and Celcom HSDPA wireless broadband have both failed me. I can't be paying premium price (RM128 and RM108 per month, respectively) in return for GPRS/EDGE quality amidst hardship in user authentication and always-on connection.

So, I succumbed to temptation to be having a trial run of 4Mbps Streamyx in my Penang apartment this Friday. At RM160 per month, fingers crossed.

Fret. Techweb China is yelling at me that China will be having 100Mbps by 2012!

This will be done via VDSL2 networks, with priority areas in Guangzhou and Fuoshan cities. Right now, VDSL networks are offering bandwidth ranging from 26 to 52Mbps.

Theoretically, with 100Mbps broadband, downloading an 8Gb Blu-Ray movie will take 80 seconds!

Read www.techweb.com.cn.

Big fish... How big? How soon?

June 30, the Malaysian Anti-Corruption Commission (MACC) said it will reveal several "big" corruption cases involving certain syndicates, soon.

The statement was made by MACC Director of Intelligence Mohd Jamidan Abdullah.

Having learned from past occasions with the defunct Anti-Corruption Agency, which bites without teeth, we ask: How big? How soon?

Now, an ikan bilis like former Ampang Jaya Municipal Council (MPAJ) enforcement director, Kapt (Rtd) Abdul Kudus Ahmad, can get jailed for 11 years and 10 months and fined RM370,000 on 24 counts of bribery involving RM59,000, what's next?

Once upon a time in not too recent years, Rais Yatim used to talk about 18 big fish. Mana dia?

PKFZ: RM660m payment withheld from Kuala Dimensi

[ Twist 1: June 29 ]

Financial daily The Edge reported that the Port Klang Authority (PKA) has to pay RM660 million to Kuala Dimensi Sdn Bhd, the turnkey contractor for Port Klang Free Zone (PKFZ), by next month.

The report also stated that Kuala Dimensi had so far received total payments of more than RM1 billion since 2007.

The fact remains that the RM660 billion owed to Kuala Dimensi is payable in four parts to special purpose vehicles created by Kuala Dimensi, namely Special Port Vehicle Bhd, Transhipment Megahub Bhd, Valid Ventures Bhd and Free Zone Capital Bhd.

A total of RM330 million is due to be paid to Kuala Dimensi by today, June 30, while a further RM300 million will be due in July.

[ Twist 2: Same day, June 29 ]

DAP secretary general Lim Guan Eng urged Transport Minister Ong Tee Keat to stop all payments to Kuala Dimensi.

“If Ong is committed to cleaning up the RM 12.5 billion PKFTZ scandal, then he must immediately instruct all payments to KDSB or any other parties be stopped until the culprits responsible are arrested and charged in court,” said Lim.

[ Twist 3: June 30 noon ]

PKA announced that it will withhold payments totalling RM660 million to Kuala Dimensi pending review by taskforce.

This PKFZ scandal is fast becoming an Agatha Christie mystery murder: You have a stinking corpse with multiple fatal stabs, no killers.

Simanggang kids

A grabshot of two Simanggang kids.

They were so camera-conscious that they hurried inside on seeing the conspicuous me. I, too, sped off before their mum came for me.

* Simanggang is the maiden name for Sri Aman.

Mount Hosanna Chapel, Sri Aman

This afternoon, I was trekking up the trail I last impressed in 1987. Due to time constraint, I fell short at Sri Aman. My last stop 22 years ago was right up to Lubok Antu, with a detour to Engkilili.

Around the 157km milestone along the Kuching-Sarikei Highway was this Mount Hosanna Chapel, a very eye-catching and unique architecture of three large white candles.

There were steps ascending to the chapel, very much akin to staircase to heaven.

HEAVEN FORBIDS. Regrettably, Paul and I couldn't find our way in. The chapel is only open every Sunday 10am to 1.00pm. Have to wait for my readers to fill us in... why the three huge white candles?