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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PERKASA

**Saya mengucapkan Selamat Menyambut Hari Deepavali kepada semua rakyat Malaysia yang beragama Hindu, khususnya kepada pembaca laman blog ini**

1. Saya ucap terimakasih kerana ramai yang melawat blog saya dan membuat komen menyokong atau menolak. Ramai juga yang bercakap berkenaan bahagian-bahagian Perlembagaan yang tidak boleh dipinda (entrenched). Tetapi ramai yang tidak ambilkira tentang peruntukan-peruntukan dalam Perlembagaan yang begitu adil. Tiada perlindungan bagi hak sesuatu kaum yang tidak diimbangi dengan hak kaum-kaum lain.

2. Demikian apabila agama Islam dijadikan agama rasmi negara Malaysia, susulan daripada itu perlembagaan memperuntukkan bahawa agama-agama lain boleh dianuti dan dipraktik oleh penganut-penganut agama berkenaan tanpa gangguan.

3. Apabila bahasa Melayu diterima sebagai bahasa rasmi negara, tetapi bahasa-bahasa lain boleh digunakan sebagai bahasa ibunda dan bahasa pengantar di sekolah-sekolah.

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PERKASA and ME

1. When the 5th PM took over, it became obvious he was incompetent and unable to govern the country and grow its economy. He was seen as weak by the Malays as well as by the Chinese and Indians. He flipped-flopped, making decisions and policies and reversing them, arresting opposition members under the ISA and then releasing them shortly after, claiming that he wanted to protect them.

2. Extremists among the Chinese and Indians felt they could safely challenge the Government, particularly over racial issues. They demanded that provisions in the Constitution favouring the Malays and the NEP quotas be removed. Even Barisan Nasional partners took up the call.

3. Normally UMNO leaders and UMNO generally would take up the defence of the Malays. But Abdullah as UMNO President and PM was silent (elegant silence) causing the other leaders and members of UMNO to become silent also.

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HIGH INCOME ECONOMY

1. The Prime Minister has announced that Malaysia should develop into a high income economy. In the past we had stressed low cost because we wanted to attract Foreign Direct Investment through low wages for our workers. That was a good strategy because we were trying to solve our high unemployment problem.

2. We were so successful in creating jobs that we have to import foreign labour. We were effectively helping to solve the unemployment problem of other countries.

3. Our cost of labour is now higher than our neighbours and of course against China and Vietnam.There is no way we can compete with them. If our labour cost increases further, especially if we want to have a high income economy, we can no longer compete for FDI, at least the labour intensive ones.

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THE CURRENCY WAR


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.

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HUMAN DEVELOPMENT SEMINAR, MELBOURNE


1. I would like to apologise to the students and others for failing to turn up to give the talk I had agreed to.

2. I would also like to thank those who sent get well messages, fruits and flowers while I was in hospital in Melbourne.

3. Honestly I feel I have lost an opportunity to meet and talk to what may be the future leaders of Malaysia. For this reason I am writing down here what would have been the contents of my talk.

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