In view of the current economic condition, these events are boggling my mind:

1. Local (Malaysia) political has a smooth transition, Najib is set to become the 6th Prime Minister pending the announcement of Pak Lah's resignation. This, in some degree, suppressing the hoo-haa, at least for the time being. But International political tussle has begun where China is urging for a new reserve currency and echoes for louder voice in international stage, at the same time seeking for credit guarantee on China's investment in US treasury. FYI, China is holding at least USD787billion of treasury at present.

2. Some companies are not meant to be rescue, they have been suffering operating losses for the past few years - Automakers; banks, too like Citibank, a falling giant, pouring tax payers money into the black hole?

3. Medias have been rotating the theme, moving the market to a direction. I wont call it manipulating but it seems to me that, bad news are always follow with good news, making a waves of bear traps.

4. Geitner's plan: How banks are going to value the toxic debts? At what level of discount to not hurt banks' balance sheet? What about those off balance sheet SHIT?

5. According a research report, they see money flowing into Asia. Would it stage a short term bear run?

6. Be cautious of distracting noise, it will reduce your analytical ability. Market remains volatile, very much uncertain ahead.

7. Is Asia currencies going to strengthen against USD? (Expecting dollar to depreciate) This would pose another dilemma, money would flow into commodities to hedge against the inflation.

8. I believe banking sector will lead the recovery of the market.

9. Sell on strength?

10. Unemployment rate is US has to new high, almost hitting 10% and i believe it will hit that figure ..... What about Malaysia? An important indicator, in my opinion, to check whether the NPL ratio will further deteriorated. Wait a second, government's mini budget says unemployed can op for payment deferment ... What will happen next?

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-comdty will go up to hedge against dollar depr
-no sign of demand recovery from US, bad export data

-banks found support at current price level
-UMNO meeting, political transition, new PM

Seems that CI short term uptrend remains intact

Amid this financial turbulence, lets brace ourselves for a long battle. Visit Beautiful scenery and Quotes, relax and have a Kit Kat!

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The Malaysian Rubber Glove Manufacturers’ Association (Margma) said Malaysia supplied about 60% of the world’s needs of rubber gloves.

The top five glove manufacturers in terms of volume are all main board-listed in Malaysia - Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd and Adventa Bhd.

Of the export destinations, North America is the largest, taking in 45% of Malaysian exports, followed by Europe with 22% and South America 20%.

On top of that the consensus is that the market for rubber gloves is expected to continue to grow,

The emergence of various dangerous diseases, including severe acute respiratory syndrome or SARS, variants of bird flu and bioterrorism, has resulted in growing demand for gloves worldwide.

The mandatory use in developed countries, particularly the US and the European Union, as well as rising standards of living in the developing world, is making the use of rubber gloves more routine.

Source: http://www.hartalega.com.my/index.php?p=contents-item&id=90

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So what do you guys going to do with your Account 2 ?
In this low interest era / deteriorating share market and unit trust, opportunities do exist. Invest on yourself is a good idea as well.

(Source: http://www.kwsp.gov.my/index.php?ch=p2news&pg=en_p2news_press&ac=2833)

Highest Ever Gross Income of RM20 billion Recorded Despite Financial Meltdown

The Employees Provident Fund (EPF) Board today, with the approval of the Minister of Finance, has declared a dividend rate of 4.50 per cent for 2008. The lower dividend rate compared to that of 2007 is due to the increase in investment provisioning resulting from the sharp decline in global equity prices brought about by the worldwide financial crisis.

Despite the financial meltdown, the EPF recorded the highest ever earnings of RM20 billion in gross income for 2008. This represented an increase of 9.36 per cent over the previous year’s gross income of RM18.29 billion.

Tan Sri Samsudin Osman, EPF Chairman said, “While the year 2008 was challenging due to the unprecedented global financial crisis that has impacted economies worldwide, EPF’s investment portfolio for the year performed better at the gross income level compared to 2007. However, due to the sharp decline in the equity markets, a large provision had to be made resulting in a marked reduction in net income.”

Net income for the year was recorded at RM14.26 billion, after deducting allowances for diminution in value of equities and doubtful debts, dividends for withdrawals, investment expenses, operational expenses, and death and incapacitation benefit payments. This represented a decrease of 15.47 per cent over 2007 net income of RM16.87 billion.

Equities remained as one of the major contributors to the EPF’s returns in 2008, representing 34.82 per cent of the EPF’s total gross investment income. The EPF earned RM6.67 billion from equities which was the second largest contributor to income in 2008 compared to RM5.37 billion in 2007. (Refer to Table 1, Appendix 1)

“Up until September last year, the EPF was doing well in equities. However, following the effect of the global financial meltdown, our performance in equity investments recorded a drop of less than 20 per cent, which impacted our dividend payout. This, however, compares better with that of the KLCI which was down approximately 40 per cent from end of December 2007 to December 2008,” said Tan Sri Samsudin.

As a result of the sharp fall in global equity prices and following a conservative provisioning policy in accordance with accounting best practices, the EPF made allowances of RM4.69 billion for diminution in value of both overseas and local equities, compared to only RM0.52 billion in 2007. Out of the 2008 provision, RM3.20 billion was allocated for overseas equities.

“The fundamentals of the companies we have invested in remain strong and we are confident that this provision will be written back once recovery takes place,” said Tan Sri Samsudin.

Loans and Bonds was the biggest contributor to gross income in 2008, recording a return of RM6.78 billion compared to RM5.91 billion in the previous year, while Malaysian Government Securities, the third biggest income contributor, brought in RM4.94 billion compared to RM4.88 billion in 2007.

As at 31 December 2008, the EPF’s total investment funds grew by RM28.99 billion to RM342.00 billion compared to RM313.01 billion a year ago. These were invested in instruments detailed in Table 2, Appendix 1.

For 2008, the EPF required RM3.18 billion to pay a one per cent dividend compared to only RM2.89 billion in 2007, due to the larger membership base. This means that the EPF needed to earn 9.71 per cent more in order to declare a one per cent dividend in 2008 compared to the previous year. (Refer to Fig.1, Appendix 2)

Dividends will be credited to members’ accounts on 23 March 2009.

“We are bracing ourselves for a tough year ahead as the effects of the global financial crisis continue to be felt. However, we believe that in every crisis, there is opportunity to be seized. The key is to remain vigilant and continue delivering results for the benefit of our members through our prudent investment strategy,” concluded Tan Sri Samsudin.

About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier pension fund, providing basic financial security for retirement. The Fund is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance. It will always be guided by prudence in its investment decisions.

As a customer-focused organization, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.

The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.

Date: 16 March 2009

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The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU). It has also met once at heads of government level, in November 2008. Collectively, the G-20 economies comprise 90% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]

The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

(source: Wiki)

-Original G7 (US, UK, Canada, Italy, Japan, Germany, France)
-BRICS (Brazil, Russia, India, China, South Africa)
-representation from Central America (Mexico)
-the Southern Hemisphere (Argentina, Australia)
-Northeast Asia and Southeast Asia (South Korea, Indonesia)
-MENA (Saudi Arabia, Turkey)
-EU

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Sapura Resource Bhd - What next ?

[Datuk Shahril Shamsuddin]

SapRes
------
Business segment:

1. property investment - rental of investment properties
* lease to group

2. education - the provision of higher education IT related courses and smart teaching and learning curriculum
* APIIT & Smart school projects

3. Automative sales - sales and after-sales services of BMW vehicles
* BMW dealer

SapInd
------
Business Segment:

1. manufacturing - the manufacturer and supply of products for the automotive, electronics and electrical industries and manufacture of butt-weld fittings for oil and gas industries

2. investment holding - the holding of investments and provision of management services to subsidiaries

3. services - sales and after sales services of automobiles

4. others - providing computer aided design and manufacture of sub-systems/systems for applications in production and testing and real property

SapCres
--------
Business segment:

1. installation of pipelines and facilities - installation of offshore platforms and marine pipelines

2. offshore oil and gas drilling - drilling of offshore oilwells and chartering of rigs involved in drilling offshore oilwells

3. marine services - provision of offshore geotechnical and geophysical services to the oil and gas industry, development of marine technology and marine chartering, specialising on ROV

4. operations and maintenance - repairs and refurbishment of industrial gas turbines, supply, installation, commissioning and maintenance of point-of-sale systems for petrol stations and asset management services for offshore installations

SapTech **
-----------
Business segment:

1. O&G
2. IT

========================================

End of story for Saptech, What next? SapRes, how to fit into all these themes? Property / Education / Automative ?

========================================

SapCrest [SapTech* (Formerly known as SapTel)]
- SapTech (53.51%), Largest 30 (82.35%)
SapInd (Formerly known as SapMotor)
- Sapura holdings Sdn Bhd (44.55%), AMDB Bhd (7.52%), Largest 30 (68.35%)
SapRes
- Sapura holdings Sdn Bhd (51.03%), EPF (1.64%), Largest 30 (64.18%)
SapTech**
- Sapura holdings Sdn Bhd (47.41%), EPF (10.85%)

**Sapura holding Sdn Bhd holds 100% SapTech after the exercise.

Refer to : Najib circle, Who is the next Scomi ? for the basis of this article.

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After finish reading the tabled mini budget, the first thing that flash through my mind is "social stability" and easing the burden of minority group.

To me, the government is taking precaution measurements to counter the likelihood of unemployment spike for the coming quarters as predicted by some economists that second wave crisis is hitting us.

Creating working opportunities, reskilling workers, scholarship to master/postgraduate, schemes to encourage entrepreneurship, and some infrastructure projects awards, no doubt, could ease the pressure for the time being, at least for a period prior and post succession of Datuk Najib as Prime Minister, too, maintain the social stability.

Nonetheless, equity market is still in downtrend mode and our economy is still highly susceptible to external factors and latest development of global economy. Deteriorating economy environment, mini budget might not show much help, like a tiny stone being thrown into the sea. Furthermore, Malaysia's sovereign rating could be downgraded due to raising debt and gloomy economy environment.

Malaysia economy is unavoidably sinking into recession and is expecting a GDP of contraction of -1% or even greater in this year, but whether it will be a hard landing, i think government needs to pump priming with a much more substantial package in broader areas.

Read the full copy of the tabled mini budget @ Mini Budget 10 March 2009

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Kuala Lumpur - March 9, 2009: In newspaper ads and public statements, Walton International Property Group (M) Sdn Bhd of Malaysia is assuring Malaysian clients and authorities of its continuing commitment to Malaysian clients, citizens and authorities.

In recent days, there have been reports in Malaysian media regarding inquiries by Bank Negara Malaysia. Bank Negara has advised Walton it is examining activities pertaining to foreign currency remittance procedures which may possibly contravene Malaysia's Exchange Control Act.

Walton does not consciously or deliberately contravene any laws in the countries in which it operates. Walton wishes to assure valued clients, employees, partners and the Malaysian public at large that it is co-operating fully with Bank Negara to resolve this matter as quickly as possible.

"Walton operates to the highest ethical and business standards, here in Malaysia and around the world," said Kent Britton, COO of Walton Asia. "In Malaysia, as elsewhere, we are committed to positive relationships with our valued clients and with the citizens and governments of the countries in which we do business."

"We have and will continue to fully assist the government in its desire to ensure all business is conducted in Malaysia to the highest standard. We are fully open and transparent in our professional relationships with regulatory authorities, and responsive to requests for information and cooperation."
Some reports also made references to deposit-taking and interest schemes, and to distribution of Real Estate Investment Trusts, commonly known as REITs.
Walton does not distribute REITs, nor offer deposit-taking or interest schemes.
Walton does offer clients the opportunity to purchase ownership of high-quality land in highly-researched and carefully-selected growth areas within Canada and the United States. Walton's Malaysian clients hold legal title to the North American lands that they own, safely and securely registered in the respective jurisdictions. Over Walton's 30-year history, almost 50,000 clients worldwide have purchased more than 49,000 acres of land, a total of nearly RM 6 billion worth of land.

"We are careful in the land we select and offer to clients, and have delivered consistent returns to our clients in Malaysia and around the globe," said Britton. "In the last 3 years we have returned the equivalent of RM 1.5 Billion to Walton clients globally, including to clients here in Malaysia. These opportunities and returns are beneficial to Malaysians and to the Malaysian economy, and we trust the Malaysian government will wish them to continue for the benefit of their citizens."
Walton is a well-established successful international corporation, with 13 offices in seven countries around the world.

"We are proud to have been in Malaysia since 2002 as a respected member of Malaysia's growing and important international business and financial community," said Britton. "Together with our nearly 500 employees and associates in three offices across the country, we look forward to the opportunity for continued success in Malaysia and to serve Malaysian clients for years to come."


About Walton: Walton International Property Group (M) Sdn Bhd of Malaysia and the other members of the Walton group of companies constitute one of North America's leading land-based real estate investment groups. Over the past 30 years, Walton firms have acquired more than 49,000 acres of quality land strategically located in the development path of some of North America's leading urban growth areas. Walton companies are innovative leaders in the research, selection, acquisition, syndication, planning, development management and sale of land, having to date syndicated nearly RM 6 billion of land in Alberta, Ontario, Arizona, Texas and Georgia, with over 49,700 investors.
For more information, please visit www.waltoninternational.com

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Good news to all Jim Rogers fan !

Jim Rogers will be "LIVE" on The Breakfast Grille in BFM 89.9, March 10 (Tuesday) from 8am to 9am. Do not miss this chance of the lifetime!

Tune in to BFM 89.9 or listen online at http://www.bfm.my/

You can subscribe to BFM podcast or blog rss too!

About Jim Rogers

James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and financial commentator. He is co-founder, along with George Soros, of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI). Website: http://www.jimrogers.com/

About BFM 89.9
BFM is a 24 hour radio station focused on business news and topics. Think of CNBC or The Edge but on radio. Core programmes include latest business news and stock market reports from Malaysia and other financial centres as well as interviews with business personalities, financial analysts, entrepreneurs, technologists and marketers. BFM also offers business education programmes spanning areas like marketing, finance, technology and business productivity to raise the business proficiency of the Malaysian public.

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Friends, Please dont invest in any land plot for the time being as Walton International Property Group (M) Sdn Bhd is being raided by Bank Negara Malaysia on 5 March under Exchange Control Act (ECA) 1953. The raids were simultaneously conducted at the premises of the company in Kuala Lumpur (W. Persekutuan), Kota Kinabalu (Sabah) and Kuching ( Sarawak ) following complaints received from members of the public. Relevant documents of the company were seized for purpose of the investigation.

According to Walton website, Walton International Group is Canada’s worldwide leader in land asset management offering great real estate investment opportunities through Land Banking - an area traditionally reserved for the wealthy and large corporations – to virtually anyone.

Founded and headquartered in Calgary Canada, some 20 years ago, Walton has offices in Edmonton , Vancouver and Saskatoon. It also has an international presence in Hong Kong (12 years), Singapore (6 years),Japan (3 years) and recently in Malaysia enabling Walton to offer personal service to all our clients local and also overseas.

Walton International Property Group (M) Sdn Bhd Website - http://www.waltoninternational.com/

This is the original press statement from Bank Negara Malaysia:

Bank Negara Malaysia Raids Walton International Property Group (M) Sdn Bhd

On 5 March 2009, Bank Negara Malaysia raided Walton International Property Group (M) Sdn Bhd under the Exchange Control Act (ECA) 1953. The raids were simultaneously conducted at the premises of the company in Kuala Lumpur (W. Persekutuan), Kota Kinabalu (Sabah) and Kuching ( Sarawak ) following complaints received from members of the public. Relevant documents of the company were seized for purpose of the investigation.

Members of the public are advised to be cautious of this type of land banking schemes promoted by the company. Any elements of deposit-taking activities and public offerings such as ‘interest schemes' or investment in real estates schemes (better known as ‘real estate investment trusts' - REITs) should be referred to the appropriate authorities such as Bank Negara Malaysia, Suruhanjaya Syarikat Malaysia and Suruhanjaya Sekuriti. Members of the public are also advised to use lawful remittance channels when making payment or sending money overseas. A list of legitimate remittance channels can be referred at the Bank Negara Malaysia's website ( www.bnm.gov.my ) for either licensed banks or licensed non-bank remittance operators.

For further enquiries, members of the public can contact Bank Negara Malaysia at the following contact points:

Laman Informasi Nasihat dan Khidmat (BNMLINK)
(Walk-in Customer Service Centre)
Ground Floor, Block D
Jalan Dato' Onn
50480 Kuala Lumpur

BNMTELELINK (Customer Service Call Centre)
1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my

Bank Negara Malaysia
6 March 2009

Source: http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1779

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GCH Retail (M) Sdn Bhd, also known as Giant is owned by Dairy Farm Internation. Giant is a 60 year old Malaysian brand started by Teng family as a simple grocery store in one of the ruburbs of Kuala Lumpur in 1944. Its mission was to offer a wide variety of products at the lowest possible prices.

In year 2005, GCH acquired Xtra Supercenter Sdn Bhd from Lion Diversified Holdings Bhd.

DFI currently operates Giant hybermarket and supermarkets, Guardian pharmacies and Cold Storage supermarkets.

(Look for franchise opportunity at Malaysia Retailer-Chains Association )

=====

Dairy Farm is a leading pan-Asian retailer. As at 30th June 2008, the Group and its associates operated 4,359 outlets – including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants; employed over 73,200 people in the region; and had total annual sales in 2007 of US$6.8 billion.

Dairy Farm International Holdings Limited is incorporated in Bermuda and has its primary share listing on the London Stock Exchange, and secondary listings on the Bermuda and Singapore stock exchanges. The Group's businesses are managed from Hong Kong by Dairy Farm Management Services Limited through its regional offices. Dairy Farm is a member of the Jardine Matheson Group.

The Group operates under well-known local brands, including:

Supermarkets - Wellcome in Hong Kong, Taiwan and Vietnam, ThreeSixty and Oliver's The Delicatessen in Hong Kong, Jasons MarketPlace in Singapore, Taiwan and Hong Kong, Cold Storage in Singapore and Malaysia, Giant in Malaysia and Indonesia, Shop N Save in Singapore, Hero in Indonesia, Express Fresh and X-Market in Taiwan, and Foodworld in India;

Hypermarkets - Giant in Malaysia, Singapore, Indonesia and Brunei;

Health and beauty stores - Mannings in Hong Kong, Macau and China, Guardian in Singapore, Malaysia, Indonesia and Brunei, and Health and Glow in India;

Convenience stores - 7-Eleven in Hong Kong, Macau, Southern China and Singapore, and Starmart in Indonesia; and
Home furnishings stores - IKEA in Hong Kong and Taiwan.

The Group has a 50% interest in Maxim's, Hong Kong's leading restaurant chain.

Source: Dairy Farm Group

Simon Keswick is the chairman of DFI. Mr Simon Keswick joined the Board and became Chairman in 1986. He joined the Jardine Matheson group in 1962 and is also chairman of Hongkong Land, Mandarin Oriental, and a director of Jardine Lloyd Thompson, Jardine Matheson and Jardine Strategic. He is part of the Keswick family business dynasty.

Jardine is really a dynasty of Keswick family that worth a deeper research.

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