They said that, and on live TV?

What is a 'live telecast'?

A "live telecast" is when something is seen on television at the same time as it is actually happening. For instance, during this year's Umno General Assembly, all the speeches were carried live over Astro's Channel 94. Thus viewers were able, for the first time, to see all the red/white antics in PWTC, uncensored.

Is that a good thing or a bad thing?

That's the million ringgit question of the hour. Previously, most Malaysians could only follow the drama by reading the dailies and watching clips of the proceedings on the news. With live coverage, however, no delegate is too obscure to be heard by the masses.

However, therein also lies the problem. It is one thing to read the stupid and/or dangerous remarks of politicians in the papers; it is quite another to see them uttered with disturbing conviction and then, more disturbing still, roundly applauded by a hall filled to capacity.

Some of the speeches recently made at the Umno General Assembly really made me wonder if the speakers, for all of the august offices that they hold, had truly lost the plot. They just don't realise that their chauvinistic stance and threatening language is more damaging to Umno than any "outside force" could ever be.

So I wasn't surprised when party No. 2 Datuk Seri Najib Abdul Razak declared that the Umno Supreme Council will look into the wisdom of having the live telecast next year. According to him, "many people" feel it may not be appropriate as it would give a distorted view of the assembly proceedings.

Maybe "many people" are not so much worried about others getting the wrong impression, but rather the right one É

Now, now. It is true that if the government is pledging greater transparency, then they should continue with this practice of having live telecasts, especially when issues and policies are being debated such as in Parliament. It's useful for people to see and to be able to judge for themselves the performance of the representatives that they have voted into power. Politicians will be kept more on their toes (at least in theory - not taking into account varying sizes of egos and tendencies for bull-headedness).

However, live telecasts can also be a double-edged sword. We can't deny that many people take their cues from their leaders. They accept their chosen politicians' words for the gospel truth. They may think, "Oh, if it's all right for my pemimpin to behave that way and say things like that, and on television too, it must be ok for me as well." I mean, seriously, if I had children I definitely would not want them to hear the hurtful and self-righteous comments made by people they are supposed to respect. I would not want them to see their country's leaders waving weapons in the air and venting words of violence!

Are you saying that Malaysians are so easily influenced by their politicians?

I want to believe that most Malaysians are intelligent enough not to be taken in by orchestrated political sandiwara that plays on their insecurities. But, seeing such obnoxiousness rewarded with claps and cheers from the gallery, I wonder. I seriously wonder.

Hmm. So you think that we shouldn't have any more live telecasts of these sorts of proceedings?

Actually, I don't think so at all. From the letters and opinions published in newspapers and on blogs in the wake of the assembly, I think the live telecast of the event has helped to push the silent (and peace-loving) majority of the rakyat to voice their concerns over the racially-divisive zealotry of their leaders.

Besides, if they discontinue the live telecast, what message are they giving out? That bigoted remarks and threatening gestures are ok if done behind closed doors? That it was a mistake to let the rakyat see the reality of Umno General Assemblies?

At the moment, the only way for Umno to salvage its damaged reputation is by pushing for a massive change in the attitude and behaviour of its members and letting people see the change. So yes, let's still have the live telecast of the Umno General Assembly next year, but let us have no more of the ugliness that we've witnessed this year. When the people in the gallery cheer the speeches, let us at home be able to cheer them too.


Rafidah can't write fast enough to keep up with the number of stupid remarks per minute made by our politicians. Comments: feedback@thesundaily.com
(Rafidah Abdullah-The Sun)

MCA and MIC Ministers had barked up the wrong tree when they had advocated the ban of live telecast of Umno general assemblies at Wednesday’s Cabinet meeting.

The question at issue is not the live telecast of the Umno general assemblies but the insensitive, extremist, racist, incendiary and seditious utterances at the Umno general assemblies which must be condemned whether they are made on live-telecast or in closed-door meetings.

It is most unfortunate and regrettable that instead of zeroing on the real question at issue, MCA and MIC Ministers like Datuk Seri Ong Ka Ting, Datuk Seri Chan Kong Choy, Datuk Dr. Chua Soi Lek and Datuk Seri S. Samy Vellu had all gone for a red herring on the live telecast of Umno general assemblies.

Read Lim Kit Siang's "Ban live-telecast of Umno GA - MCA/MIC Ministers barking up wrong tree" Here.

Nik Abdul Aziz Nik Mat "Umno menjaja keris dan semangat ultra Melayu yang tersasar" Here

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Australia & New Zealand Banking Group Ltd. agreed to pay A$383 million ($296 million) for 13.5 percent of AMMB Holdings Bhd., Malaysia's fifth-biggest bank, speeding expansion in Asia as competition crimps profit margins at home.

The purchase, ANZ's second in Asia this week, is subject to it getting approval to increase its holding in AMMB to as much as 25 percent, Melbourne-based ANZ said in a statement today.

Chief Executive Officer John McFarlane is buying stakes in Asian lenders to maintain earnings growth as rivalry in Australia, where 10 banks compete for the business of just 20 million people, cuts profitability. Today's purchase adds to ventures in China, Indonesia, the Philippines, Vietnam and Cambodia.

``ANZ is going into Asia the low-risk way, and that's with a partner,'' said Michael Birch, who manages $120 million at Wallace Funds Management in Sydney, including ANZ shares. ``It can reap the benefits of fast-growing economies with partners that already understand the local environment.''

Kuala Lumpur-based AMMB had assets of $19.9 billion at March 31, 173 branches and about 3.5 million retail customers, according to ANZ Bank, the third-largest Australian bank.

AMMB has ended talks with TPG Newbridge Capital Ltd., a U.S. buyout firm, the Malaysian bank said in a separate statement. AMMB said last week Newbridge might buy a ``substantial'' stake.

`Banking Industry'

AMMB shares and other banking stocks including RHB Capital Bhd., the nation's fourth-biggest lender, and EON Capital Bhd. have gained in the past week after the Malaysian central bank said it will allow financial companies to discuss mergers and acquisitions with more than one party, fueling speculation some banks may be the target of acquisitions.

The Malaysian central bank's decision ``will accelerate the consolidation of the banking industry,'' said Nazir Razak, managing director of CIMB Bhd., Malaysia's second-biggest financial services group.

As part of the purchase agreement, ANZ Bank would buy A$178 million of AMMB preferred stock which may convert into 6.3 percent of AMMB's ordinary shares, as well as A$205 million of bonds issued by AmBank Bhd., a unit of AMMB. The bonds are convertible into 7.2 percent of AMMB's shares.

``We expect we will complete our discussions in the next two weeks,'' said Bob Edgar, a senior managing director at ANZ Bank. Completion of the purchase is subject to due diligence, and regulatory and AMMB shareholder approvals, he said. ANZ said Nov. 21 it was in talks with AMMB.

`Shanghai Rural'

AMMB stock, which has jumped 26 percent this year, was halted from trading at 2.99 ringgit on Nov. 17. Shares of ANZ fell 27 cents, or 1 percent, to A$27.98 at 11:45 a.m. in Sydney. The stock is up 17 percent this year, the second-best performer among Australia's five largest banks.

``It's very good for AMMB,'' said Scott Lim, who helps manage $330 million as chief investment officer at CMS Dresdner Asset Management in Kuala Lumpur, which holds AMMB shares. ``It will strengthen the management and there will be a major re- rating in terms of the valuation of the bank.''

In China, ANZ Bank agreed on Nov. 21 to buy 19.9 percent of Shanghai Rural Commercial Bank and also owns 20 percent of Tianjin City Commercial Bank. Elsewhere in Asia, it owns 10 percent of Vietnam's Sacombank, 29 percent of PT Panin Bank in Indonesia and 40 percent of a credit-card venture with Metropolitan Bank & Trust Co. in the Philippines. Last year, it started a bank in Cambodia through a venture with Royal Group.

`Rapid Pace'

Commonwealth Bank of Australia, the nation's second-largest bank, owns 19.9 percent of China's Hangzhou City Commercial Bank and 11 percent of Jinan City Commercial Bank.

ANZ Bank is seeking acquisitions in Asia after competition at home cut its interest margin, a measure of profitability, by 9 basis points to 2.31 percent in the fiscal year ended Sept. 30.

Malaysia's economic growth in 2006 is ``very likely'' to exceed the government's Sept. 1 forecast of 5.8 percent as the pace of expansion picks up in the fourth quarter, central bank Governor Zeti Akhtar Aziz told reporters earlier this week.

``Malaysia is compelling because its economy is expanding at a more rapid pace than Australia,'' said Wallace's Birch. Australia's economy grew 1.9 percent in the three months ended June 30 from a year earlier, the slowest in five years.


Malaysia's government said its plan to merge three state-linked palm-oil companies including Sime Darby Bhd. will create a ``formidable'' group that can benefit from cost savings and a unified management.

The Malaysian government, creating the world's biggest listed palm-oil producer, is seeking to bolster output of palm oil, the nation's third-biggest export, as the price of the commodity rises. The new company will pass Malaysia's IOI Corp. as the top listed maker of the commodity, which is used in cooking oil, soaps and alternative fuels.


Petronas half-year profit jumps to RM 24.7b !!

MALAYSIA'S oil and gas giant, Petroliam Nasional Bhd (Petronas), reported a 22 per cent jump in its net profit for the first six months of its 2007 financial year.

The country's biggest company made a net profit of RM24.7 billion for the period to September 30, versus RM20.3 billion in the same period a year ago.

Petronas, Malaysia's sole representative in the Fortune 500 list, made a net profit of RM42.8 billion and a revenue of RM167 billion in 2006.

The 2006 figures have been restated to comply with revised accounting standards.

Pak Lah has more money to spend now, yes, Dr M is right to say "Petronas has a lot of money". Three cheers for Malaysia !

Malaysia's economy grew 5.8 percent in the third quarter from a year ago, buoyed by rising exports and higher government spending, the central bank said Thursday.

Bank Negara Malaysia Governor Zeti Akhtar Aziz expressed confidence that momentum would be sustained in the fourth quarter, adding that full-year growth will "very likely exceed" the government's 5.8 percent growth forecast.

Economists polled by Dow Jones Newswires had expected quarterly growth to come in at 5.5 percent.

Zeti said Malaysia's current benchmark interest rate of 3.5 percent is an appropriate level for sustaining growth. The central bank is slated to meet Friday for the last time this year to discuss the rate policy.

For the first 10 months of 2006, consumer prices climbed an average of 3.7 percent on year. Zeti said she expects inflation will continue to moderate well into the next year.

Zeti also said the current level for the Malaysian ringgit reflects orderly two-way flows and that "there are no predetermined rates or paths" for the currency.

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Foreign investments have slumped and even Indonesia is attracting more global capital

MALAYSIA, once touted as one of Asia's budding tiger economies, has slipped into a deep funk and that has got economists and businessmen worried.

Its stock market is anaemic and business confidence is testing new lows. What is more, foreign direct investments have slumped and traditional laggards such as Indonesia have overtaken Malaysia in the intense fight for global capital, according to a recent United Nations survey.

'The country is running the risk of being marginalised,' says economist Chua Hak Bin of Citigroup Global Markets in Singapore.

'Unless it tackles the many issues head on, the Malaysian economy could slip into a period of low-quality growth,' notes senior economist Sanjay Mathur of UBS Investment Research, who expects the economy to expand by about 5.5 per cent this year.

There are signs that the Malaysian government is trying to regain investor confidence.

Prime Minister Abdullah Badawi's government has liberalised rules involving banking mergers and the government has said it would welcome a foreign partner for its national car maker Proton.

'These are right noises. But investors want to see real action,' says Mr Mathur.

So what ails the Malaysian economy?

In a nutshell, economists say that the country's reluctance to liberalise its economy to allow for greater competition and foreign participation has undermined Malaysia's standing among international investors.

At home, private domestic investment has dried up largely because of a decades-old race-based economic policy which favours the country's dominant ethnic Malay community at the expense of the non-Malay groups.

Only a decade ago, Malaysia was widely considered as a serious economic threat to Singapore as it pursued ambitions of becoming a regional hub for finance, information technology and transportation.

In the mid-1990s, the country ranked sixth in world as a magnet for foreign investments, while the combined value of shares listed on its stock market trailed only that of Japan and Hong Kong in Asia.

But the lofty standings have taken a major beating.

Today, the country's ranking as a destination for foreign capital has slipped to the 62nd spot, according to a recent survey by the United Nations Conference on Trade and Development.

Malaysia, which once competed with Singapore for foreign investments, is now under threat from traditional economic laggards such as Thailand, Indonesia and Vietnam.

The importance of its capital market has also slumped. Trading values of the Singapore stock market are three times larger than that of the stocks listed on the Malaysian stock exchange.

'It is not that Malaysia is moving backward,' says Citigroup's Mr Chua. 'It is simply not moving forward quickly enough.'

From an international perspective, economists say that Malaysia's image is still tarred by its controversial move to impose capital controls on the economy in September 1998 to protect the economy from currency speculators.

While many of those restrictive economic measures were lifted in April last year - which included removing the peg on the Malaysian ringgit - economists say Malaysia should remove the ban on the trading of the currency in international markets.

More importantly, Malaysia needs to reinvent its economic model.

For the past three decades, the cornerstone of the country's economic blueprint has been a social engineering policy aimed at promoting the interests of the country's politically dominant Malays.

Known as the New Economic Policy (NEP), the plan which began in the early 1970s seeks to raise ethnic Malay economic ownership to 30 per cent from just under 20 per cent currently.

But the NEP has bred deep inefficiencies in the economy and stifled domestic and foreign investment, economists and businessmen say.

What is worse, the policy has mutated into a potent tool to dispense political patronage. The NEP imposes limits on foreign ownership in business and dictates that ethnic Malays must be given stakes in new and established companies.
(Source:Malaysia Today)

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The services of Second Finance Minister Tan Sri Nor Mohamed Yakcop as a senator has been extended for another three-year term effective Jan 8 next year.

The minister's reappointment has been consented to by the Yang di-Pertuan Agong, Tuanku Syed Sirajuddin Syed Putra Jamalullail, on the advice of Prime Minister Datuk Seri Abdullah Ahmad Badawi, the office of the Chief Secretary to the Government said in a statement Thursday.

The swearing-in and taking the oath of office as a senator will be handled by the Dewan Negara, added the statement, signed by the deputy secretary-general (cabinet), Datuk Mazidah Abdul Majid.

Nor Mohamed's name was synonymous with the bilateral payments arrangement, an ingenious scheme used by Dr M to boost trade among countries in the South, writes Ahirudin bin Attan " rocky's bru - This cat's many lives ", but the BPA, and all these other credentials contained in the Bernama story here, are standard issue for the Junior Finance Minister's current CV.

A couple of details are missing from that CV. There is no mention of the RM9 billion losses suffered by Bank Negara in the forex market after Soros wagered against the pound and won. Nor Mohamed was largely blamed for these losses and left the central bank after the scandal came to light. Kalimullah's friend was also a player in Anwar Ibrahim's inner financial circle and his involvement, especially with financial house Abrar, has also been left out of the CV. Read the full story here.

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Welcome to the world of blogging. Former NSTP Group Editor and current communications consultant to Maxis/Astro, Ahmad A. Talib, started blogging yesterday.

He chose his old column in The NST as his blog title. Pahit Manis.


Malaysia Abdullah Ahmad Badawi Tun Mahathir Asia ASEAN