SOUNDBITES – HOUSING

1. There have been many comments on my blog on Housing.

2. As usual some are for and some against.

3. I don’t have to reply because the comments cancel each other.

4. Nevertheless I think an audit of the occupancy of the buildings completed in the last three years would be useful to validate or disprove the comments on the blog.

5. The Government may find it useful to require returns on the sale and occupancy as well as the length of time premises unsold or bought remain empty.

6. This audit should be updated every three or six months. Not only will it be useful to the Government but developers will also benefit from the information.

HOUSING


1. In the 1980’s and early 1990’s there was a great construction boom in Tokyo. Land was sold at USD 3,000 per sq foot. Everyone was rushing to buy expensive land because the market for apartments and office space seem to be forever.

2. Then suddenly the market dried up. The boom became bust. Since then Japan has not been able to really recover.

3. It was the same with Hong Kong. The economy collapsed because of overbuilding.

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THE CURRENCY


1. The Malaysian Ringgit has appreciated after control was removed. It is now stronger against the US Dollar by approximately 20 per cent.

2. What does this mean to the people? It should result in imports becoming cheaper if not by 20 per cent at least by some percentage below that.

3. But I don’t think Malaysian imports paid for in US Dollars is noticeably cheaper in Ringgit. Why is this so?

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TUN DR LIM CHONG EU


1. We know that we must all leave this life one day. But knowing the inevitabilty of death cannot stop us from grieving over the passage of a great man, no matter how long he may have lived.

2. As a nationalist, as a friend, as a compatriot, I feel saddened by the passage from this life of Tun Dr Lim Chong Eu.

3. Except for Tun Razak, Tun Lim contributed most to the formation of the National Front, the coalition which succeeded the Alliance, ruled and developed Malaysia until today. He responded postively to the proposal by Tun Razak to rejoin the coalition for the good of Malaysia. He rose above many of the grievances which had led him to leave the MCA, to become a junior partner even though he had been victorious. He was content to be just a Chief Minister of Penang.

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SOUNDBITES

MULTICULTURAL SOCIETY

The Nation newspaper reported on October 18th that the Chancellor of Germany, Angela Markel, said “Multikulti (Multicultural) in Germany has not worked” (read here).

Her remarks were prompted by the unwillingness of Germany’s non-German population of 16 million, including Turks and Jews to “integrate” with the natives of Germany i.e. the ethnic Germans.

For the Muslim Turks integration means curbs on their religion. Whether the Jews also should have their religion curbed is not mentioned.

I think Malaysia can be regarded as being more successful with multi-culturalism. We are more tolerant of the differences between our racial origins, our religions, our languages and our cultures.

I think Germany and Chancellor Merkel can learn something from Malaysia about multi-culturalism.

THE STOCK MARKET


1. Lately we have been seeing rather rapid increases in the Kuala Lumpur Composite Index. Those who play the stock market must be feeling very happy. Much money must be made by investors from capital gains.

2. Some people believe that the rise of the KLCI is an indicator of the healthy state of the Malaysian economy. This may be true but let me throw some cold water in the belief that the index indicates that the economy is doing very well.

3. It is doing fairly well, no doubt, but that is not enough to push the KLCI to record highs. What is happening is that a lot of foreign money is coming in to buy Malaysian stocks.

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THE CURRENCY WAR 2


1. Malaysians, including Malaysian monetary authorities seem quite happy over the appreciation of the Ringgit against the US Dollar. We think that when our currency strengthens it must be because our economy is strong, Therefore we are doing well.

2. But are we doing well? Is it the Ringgit which is appreciating or is it the US Dollar which is devaluing?

3. Actually it is the US Dollar which is devaluing. It is devaluing against most other currencies, especially against China’s currency.

4. Why is the dollar devaluing? Could it be due to the currency traders selling dollars? Could it be because the balance of payment is not in US favour?

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LABUAN


**Saya ucapkan selamat menyambut Hari Raya Aidil Adha kepada semua rakyat Malaysia yang beragama Islam. Saya juga berdoa agar semua jemaah Haji kita dapat mengerjakan ibadah Haji dengan sempurna dan dapat pulang ke tanah air dengan selamat, insya’allah**


1. The last time I was in Labuan was in 1998 to officiate the opening of the new building of the Labuan Offshore Financial Centre. So when I was invited to speak on Islamic Finance by the Centre, now known as the Labuan Offshore Financial Services Authority, I accepted it with alacrity. I wanted to see the progress made since I was there the last time.

2. I am glad to see obvious development everywhere. The old wood and zinc sheds have been largely replaced by new brick and mortar houses of pleasing designs. The roads are well paved. The kampung roads have been concretised. New buildings and shop houses are going up everywhere.

3. YB Dato Yusof Haji Mahal (MP for Labuan) rode with me around the island pointing out proudly to the concrete walkways in the water villages, the Direct Reduction Iron plant, the oil supply base and the big Petronas Methanol plants.

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WATER AGREEMENTS

1. Next year, 2011, one of the agreements to supply up to 86 million gallons of water per day (mgd) from Johore to Singapore at 3 sen per 1,000 gallons will end.

2. I understand Johore is still buying treated water from Singapore for 50 sen per 1,000 gallons. The amount purchased should not exceed 12 per cent of the raw water bought by Singapore.

3. The agreement also stipulates that the price of raw water and treated water can be renegotiated and changed if both parties agree. Should the raw water price be revised upwards Singapore would be entitled to revise the price of treated water.

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PROTON DALAM ERA TEKNOLOJI HIJAU

1. Pada 6hb November kereta Proton Exora telah menang pertandingan kereta zaman akan datang yang dianjurkan oleh RAC (Royal Automobile Club – United Kingdom). Pertandingan ini melibatkan hanya kereta-kereta otomobil yang tidak terlalu mencemar udara dengan pengeluaran asap, karbon dioksida dan monoksida.

2. Hampir semua syarikat-syarikat otomobil di dunia telah mengambil bahagian dalam pertandingan ini dengan kereta elektrik dan hybrid ciptaan mereka untuk masa depan (future). Kereta-kereta ini dikehendaki berjalan dari Brighton ke London, perjalanan sejauh lebih kurang 60 batu (miles).

3. Diantara jenama yang terkenal yang mengambil bahagian ialah Toyota (Jepun), Volkswagen (Jerman) dan General Motors (Amerika Syarikat). Ada yang mengambil bahagian dengan kereta yang sudah dipasarkan dan ada yang belum dipasarkan.

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