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New stock market terms; Singapore in recession October 10, 2008

Posted by elizabethwong in Current Affairs, Economy, Malaysia, Southeast Asia.
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10 comments

Anne James sent some jokes around today. At this point, a bit of humour goes a long way. But everyone should brace themselves – the good times are indeed over.

CEO–Chief Embezzlement Officer. 

CFO– Corporate Fraud Officer. 

BULL MARKET– A random market movement causing an investor to mistake himself for a financial genius. 

BEAR MARKET– A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex. 

VALUE INVESTING– The art of buying low and selling lower. 

P/E RATIO– The percentage of investors wetting their pants as the market keeps crashing. 

BROKER– What my broker has made me. 

STANDARD & POOR– Your life in a nutshell. 

STOCK ANALYST– Idiot who just downgraded your stock. 

STOCK SPLIT– When your ex-wife and her lawyer split your assets equally between themselves. 

FINANCIAL PLANNER– A guy whose phone has been disconnected. 

MARKET CORRECTION– The day after you buy stocks. 

CASH FLOW– The movement your money makes as it disappears down the toilet. 

YAHOO– What you yell after selling it to some poor sucker for $240 per share. 

WINDOWS– What you jump out of when you’re the sucker who bought Yahoo @ $240 per share. 

INSTITUTIONAL INVESTOR– Past year investor who’s now locked up in a nuthouse. 

PROFIT– An archaic word no longer in use. 

And let’s hope our new Finance Minister has the courage to state the economic situation as it is, like in Singapore. Commissions don’t count as part of GDP growth. 

Singapore is in recession

SINGAPORE, Oct 10 – Singapore has slipped into recession and the Government has revised its 2008 growth forecast to around 3 per cent from a previous estimate of 4 to 5 per cent.

The economy shrank at an annualised, seasonally adjusted rate of 6.3 per cent in the third quarter, according to third quarter advance estimates released by the Ministry of Trade and Industry on Friday morning, pushing the export-dependent economy into its first recession since 2002.

The government also revised down its 2008 growth forecast to around 3 per cent from a previous estimate of 4 to 5 per cent.

Economists had expected the Republic to narrowly escape a recession in the third quarter by growing 1.1 per cent, lifted by a slight improvement in electronics output.

A recession is often defined as two consecutive quarters of economic contractions.

The deepening financial crisis, which sparked banking crises in the United States, Iceland, Britain, Germany and Ireland, is threatening to drag the world economy into recession.

The advance estimate, based largely on July and August data, gives an early indication of the economy’s performance during the July-September period.

MTI said the Singapore economy is estimated to contract by 0.5 per cent in the third quarter, than a year ago.

On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP declined by 6.3 per cent, following a 5.7 per cent decline in the previous quarter.

On the outlook for the year, MTI said since the revised GDP forecast in August, “external economic conditions have deteriorated more than expected and some sectors of the economy have weakened significantly on account of industry-specific or domestic factors.

“The worsening of the financial crisis in the US in recent weeks has deepened the credit crunch, making it more difficult for businesses to sustain economic activities. With unemployment on the rise and house prices continuing to fall, US consumer sentiment has weakened further and will affect demand for exports from Asia and the rest of the world.”

It added that Singapore’s export-oriented sectors, such as manufacturing, will be affected, noting that Europe is also facing severe strains in the banking sector, tighter credit conditions, and adjustments in housing prices.

Growth in major economies such as Germany, France, Italy and the UK has dipped sharply in the second quarter.

Growth forecasts for several Asian economies, such as China, India and South Korea, have been revised downwards since the start of the year.

The estimates showed that Singapore’s manufacturing sector continued to be weighed down by the negative growth in biomedical sciences, as pharmaceutical companies are still producing a mix of pharmaceutical ingredients with values lower than compared to a year ago.

The precision engineering and chemicals clusters have also slowed, because of weaker external demand.

The construction sector grew by 7.8 per cent in the third quarter, compared to the 18.3 per cent growth in the first half of 2008. Despite a strong pipeline of construction projects, a shortage of contractors, a tight labour market for engineers and project managers, and longer waiting times for equipment, have delayed the realisation of these projects.

MTI said the financial services sector is likely to see slower growth in the coming months as the ongoing global financial crisis has heightened uncertainties for sentiment-sensitive segments such as stocks trading and fund management activities.

“Taking into account the slowdown in the global economy and key domestic sectors, MTI has revised the 2008 GDP growth forecast to around 3 per cent. The inflation forecast of 6 – 7 per cent for 2008 remains unchanged,” it said. – The Straits Times, 10 Oct 2008

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Maybe baby January 7, 2008

Posted by elizabethwong in Bebal-ism, Current Affairs, Democracy, Huh?!, Human Rights, Malaysia, Politics, South Asia, Southeast Asia.
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14 comments

NDTV: Do you have any evidence to back your government’s charge that the Hindraf has links with terrorists?

D S Vellu: Hindraf said they would fight like the Tigers, the way the Tigers are fighting in Sri Lanka. It was by Vedamurthy. After he talked like that, we did an investigation and it was felt that he may have gone there for training.

NDTV: Do you have evidence of this?

D S Vellu: No. It is our suspicion.

http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20080037517&ch=1/2/2008%206:04:00%20PM

Credit to to reader Hutchrun for spotting this.

Suaram: Demonising HINDRAF hurts Malaysia December 7, 2007

Posted by elizabethwong in Current Affairs, Democracy, Human Rights, Malaysia, News Archive, Politics, Race Relations, Southeast Asia.
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SUARA RAKYAT MALAYSIA
Address:433A, Jalan 5/46, Gasing Indah, 46000 Petaling Jaya, Selangor, Malaysia.
Telephone: +6 03 7784 3525 Fax: +6 03 7784 3526
Email: suaram@suaram.net Web: www.suaram.net

PRESS STATEMENT: 7 December 2007

Demonising HINDRAF hurts Malaysia:
Class, not ethnicity should be national focus

The intensive media and political attacks against HINDRAF for almost two weeks have served only to hurt and embarrass the nation.

Instead of addressing and resolving the substantive and the essence of HINDRAF’s grievances, the government has instead sought to use all its available resources and state functionaries – from the police to government-linked non-government organisations (GONGOs), from the mass media to government institutions such as the Human Rights Commission of Malaysia (SUHAKAM), to demonise and vilify HINDRAF and Malaysian citizens of Indian descent.

This reflects badly on the government of Prime Minister Abdullah Badawi, who rode into power in 2004 on the promise that he would listen and act on the people’s grievances. However when citizens march on the streets wanting to be heard, the Prime Minister, who is also the Internal Security Minister, turned a deaf ear and instead threw chemically-laced water and teargas canisters at them.

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Lingamgate: Blame the whistleblower October 3, 2007

Posted by elizabethwong in Current Affairs, Democracy, Huh?!, Human Rights, Malaysia, Note2Self, Politics, Southeast Asia.
8 comments

Instead of getting the crooks featured in the Lingam Tape, everyone, from the ‘Independent’ Panel to the ACA is playing the game of ‘catch the whistleblower’.

Not that this is unexpected. Anyone caught with their pants down would be pointing left, right and centre while trying to cover themselves.

But this is pushing a little too far, reverse psychology and all:- (more…)

Save the Seal October 3, 2007

Posted by elizabethwong in Current Affairs, Democracy, History, Huh?!, Human Rights, Malaysia, Note2Self, Politics, Southeast Asia.
7 comments

To questions on PKR’s claims of conflicts of interest – Haidar on his role in the 1988 judicial crisis and Lee on his public and private positions, namely the NS Council chairperson which had its own scandals involving the death of its trainees, and his position as a Media Prima Sdn Bhd director – Haidar said he could not stop people from questioning the panel members’ ability.“Our conscience is clear. Anybody can make allegations,” he said, adding that he “did not want to enter into arguments” when asked on his role in the Salleh’s sacking. (The Sun)

When I was a wee lil’ thing, way way back in 1988, I found myself at the Bangsar night market in front of a table with petitions and badges for sale.

I bought two. One was bright yellow, about the independence of the judiciary with the Bar Council logo; the other was a plain white button badge.

“Save the Seal”

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Vigil for Burma (Friday) October 3, 2007

Posted by elizabethwong in Current Affairs, Democracy, Event, Human Rights, International, Malaysia, Politics, Southeast Asia.
9 comments

A Solidarity vigil will be held this Friday night, in support of Burma’s people, who are unable to exercise their fundamental rights in their country, and to express our opposition towards the Burma military junta’s bloody crackdown on protestors.

There are now reports filing in, that hundreds have been killed and some 6,000 people are being held at various detention facilities. Thousands of monks have been forcibly defrocked and are believed to be on their way to the military junta’s deadly labour camps.

 

The vigil is an initiative of civil society organisations, including Suara Rakyat Malaysia (SUARAM), Civil Rights Committee of Kuala Lumpur and Selangor Chinese Assembly Hall (KLSCAH-CRC), Youth For Change (Y4C) and Amnesty International (AI) Malaysia.

 

Date: Friday, 5 October 2007

Time: 8 p.m.

Venue: KLCC (entrance nearest to Menara Maxis, opposite Avenue K)

 

Please come to show your solidarity. Please bring candles, candle-holders, tang-lungs, pelitas and banners. Wear your red top too.

 

“Please use your liberty to promote ours”
– Daw Aung San Suu Kyi, detained Nobel Peace Laureate.

 

For further information, please contact SUARAM (MoonHui) at 03-77843525 or Amnesty International (K.Shan) at 03-79552680.

Long walk to freedom September 26, 2007

Posted by elizabethwong in Current Affairs, Democracy, Event, History, Human Rights, Malaysia, Note2Self, Politics, Southeast Asia.
20 comments

longmarch.jpg

(L-R) Edmund, Amer and Jonah.

They walked the extra mile (actually it was 5 km!) to reach the Palace of Justice, when the police stopped the buses.

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100000 in the streets of Rangoon! September 24, 2007

Posted by elizabethwong in Event, History, Human Rights, International, Southeast Asia.
14 comments

[Youtube=”http://www.youtube.com/watch?v=581tLWRNRwA”%5D

Many tens of thousands of people led by Monks and celebrity artists peacefully demonstrated against the military regime, on 24.09.2007, in central Rangoon, near Sule Pagoda. (video Ko Htike; photos Zaw Sai)

[Photos on www.burmadigest.info ]


Be Brave
ACT

Confirmed: Judiciary not independent September 24, 2007

Posted by elizabethwong in "We can do better", Current Affairs, Democracy, Huh?!, Human Rights, International, Malaysia, Note2Self, Politics, Southeast Asia.
10 comments

This is a most telling statement to date.

In the past, at least the government puts up a facade and employs politically-correct language to soothe one’s apprehension over the state of democracy and the independence of the judiciary.

Today, it has been affirmed that the three fundamental pillars of a democratic society – the Executive, the Legislative and the Judiciary – are not independent.

Today’s statement, as reported by Malaysiakini, by Minister in the Prime Minister’s Department should shock everyone.

“I am his minister. I am the minister in charge of legal affairs. ”
(…)
On why Ahmad Fairuz (the Chief Justice) has been evading the media, Nazri said it was because the former is not answerable to the press.

I’m going through all the politically sensitive cases now, the most glaring being the trial of former deputy Prime Minister Anwar Ibrahim in 1998-99, condemn by all and sundry as a ‘kangaroo’ trial.

We find that even back in 1789 after the French Revolution, the French Declaration of the Rights of Man and Citizen had this concept:- “Any society in which rights are not guaranteed, or in which the separation of powers is not defined, has no constitution.” (Article 16).

About a hundred years on, Lord Acton wrote this much-loved line:-
“Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men.” (3 April 1887 in an letter to the Bishop of London, Mandell Creighton).

Then about another century forward in 1988, Malaysia saw the complete dismantling of the independence of the judiciary.

And what we learnt today is:-
The Chief Justice is answerable to the Minister in the Prime Minister’s Department = Prime Minister.

Think no further.
Be brave.
ACT.

Tabula rasa September 21, 2007

Posted by elizabethwong in "We can do better", Current Affairs, Democracy, Human Rights, Malaysia, Note2Self, Politics, Southeast Asia.
2 comments

Fahri Azzat, lawyer, in “The Chief (In)Justice, Malaysiakini

Whatever the talk may be, I think this latest video revelation is a fitting farewell for Ahmad Fairuz. He has surpassed all the previous Chief Justices and brought the bar so low on all attributes required of a Chief Justice of Malaysia that only Mother Nature’s most useless and vile creatures would have the necessary (not required) attributes to assume the position.

Amer Hamzah Arshad, lawyer, in “Time for Action, By Any Means Necessary”, Malaysian Bar website.

Let us not have the ‘what if’ thought when we are on our deathbeds, wondering if there was something else that we could have done other than merely attending the EGM and issue statement/comments.

If blood has to be shed, let it be for the cause of upholding the integrity of the judiciary.

If heads have to roll, let them be the heads of the culprits that have brought eternal shame to our judiciary.

“Poison pen letter against Ahmad Fairuz surfaces“, Malaysiakini.

In their joint statement, they (former Transparency International Malaysia presidents Param Cumaraswamy and Tunku Abdul Aziz Ibrahim) urge Prime Minister Abdullah Ahmad Badawi to invoke Article 125 of the federal constitution to set up a tribunal for the removal of Ahmad Fairuz as judge.

————–
(Updated) The website of the Malaysian Bar went kaput this afternoon. Thus the full text of Amer Hamzah Arshad’s commentary is reproduced as below:-

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