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PROPAGANDA | FULL ENGLISH VERSION (2012)

Middle-income trap makes owning homes near impossible

By Opalyn Mok and Ida Lim

January 29, 2013

File photo of houses for sale in Kuala Lumpur, most of which are beyond the means of middle-income wage earners.

GEORGE TOWN, Jan 29 — The poor have government-controlled low-cost housing, the rich can have their pick of whichever property they fancy but the middle-income wage earners are left to rent or make do with a remote location when it comes to getting a home of their own. The latest Property Market Report 2012 has revealed property prices in major cities such as Kuala Lumpur, Penang, Johor Baru and Kota Kinabalu to be well above the affordability of any middle-income wage earner with a take-home pay of less than RM4,000, prompting the federal government to come up with several affordable housing schemes.
In Kuala Lumpur, a single-storey terrace house in Taman Tun Dr Ismail or Lucky Garden is priced above RM730,000 while a similar type of house in the nearby Petaling district is priced above RM378,000.
The solution, according to real estate agent and International Real Estate Federation (Fiabci) committee member Michael Geh, is for potential home buyers to look further away to the outskirts.
“What we have now is a middle-income trap for the average wage earner where they can’t qualify for low-cost housing and yet they can’t afford a comfortable home within city limits,” he said.
Property prices have been strong in recent years with many urban areas experiencing property price increases while newly launched homes are priced above the RM500,000 mark, according to the Property Market Report statistics.
If a house buyer wants to get a home that’s within his means, he will have to either look at locations further from the city centre or get a “partner” as only a combined income will allow for easier approvals of housing loans, said Geh.
“So, either you grab a spouse to apply for a loan based on a joint income or you look further out of the city for cheaper housing and commute to work everyday,” he said.
Geh said there was also a new trend where friends partnered up to jointly purchase properties.
“Many singles prefer to partner up with a friend to jointly buy a house where they stay together as housemates instead of renting,” he said.
But many singles also prefer to rent and live like nomads where they frequently move from one place to another especially when they change jobs, he added.
“This is especially true for fresh graduates who may not have enough income to sustain a housing loan,” he said.
Property auctioneer M. Shanmughananthan echoed Geh’s opinions that it was now very difficult for the middle-income earner to purchase properties, especially newly launched projects in the city.
“There is now a growing phenomenon of investors clubs and they are snapping up these new projects even before they are launched so genuine home buyers will not have a chance to get these properties at the launch price,” he said.
In recent years, the bullish property sector in the country has turned this industry into a commodity worth investing in, spurring the growth of investors clubs.
Property researcher and property book author Ho Chin Soon had said there are now many investors clubs, each with a few hundred members, that advise members on project launches and property investments.
Property prices, while on the increase in urban areas, still remain at an affordable range in the outskirts such as on the mainland side in Penang where property prices in the state are known to be phenomenally high.
A single-storey terrace house on the island may cost upwards of RM500,000 but over on the mainland, in Seberang Perai, it could cost as low as RM90,000.
“House buyers will need to move away from high demand urban areas and look towards the more rural areas such as Juru or other parts of the mainland where property prices are not as high yet,” said Shanmughananthan.
Geh agreed and pointed out that there are still double-storey terrace houses in Johor Baru that are priced below RM250,000. However, this is not so practical for house buyers who prefer to live near where they work.
For lecturer Sandra Chia, all she wanted was to get a place near where she works for easier commuting and convenience, such as apartments in
Tanjung Bungah, Penang, but prices there are above RM400,000 a unit.
Chia earns around RM4,000 but does not have much savings, leaving her unable to buy properties in that area. “I am still staying with my family now but it would be nice to get a place of my own,” she said.
The high prices of properties in Penang have left Chia worried if she will ever be able to afford one and finally move out of the family home.
“It doesn’t look like I’ll be leaving home soon due to the current inflated property prices,” she said.

File photo of condominiums in Bangsar, Kuala Lumpur, most of which are beyond the means of middle-income wage earners.

Another potential house buyer, insurance agent Fakhrul Hizan, could not even get a bank loan for a RM150,000 medium-cost flat in Section 7, Shah Alam, Selangor. The 27-year-old earns RM5,000 monthly but his loan application was rejected as the bank had calculated his nett income by taking 60 per cent of his salary and subtracting it with his monthly financial commitments of RM1,500.
He said the monthly loan instalments of RM650 would have been manageable, so he was “quite disappointed” that his loan application was rejected.
The loan rejection was probably due to strict guidelines on housing loan applications put in place by Bank Negara since 2012.
While there was no shortage in housing loan packages by banks, bank officer Jordan Chong said the problem was for applicants to qualify for the loans.
Under the Bank Negara ruling, housing loan applicants need to borrow based on their nett income, not on their gross income.
For example, Chong explained, a house buyer may have a salary of RM4,000 but the amount of housing loan he is able to apply for will not be based on that figure.
“We will look at the take home pay, after EPF and tax deductions, and from there, look at his other financial commitments such as car loans, study loans, credit cards and other debts,” he said.
So, in short, a person with RM4,000 gross income could end up with only RM3,000 nett income after deducting his other financial commitments.
“Based on this, he is only allowed to borrow a sum where the debt ratio is up to 70 per cent of the nett income,” Chong said, pointing out that a house buyer with a nett income of RM3,000 can only borrow up to RM270,000 to buy a RM300,000 house and he will need to service the loan at RM1,300 per month for 30 years.
But Chong  said house buyers may now apply for longer loan tenure that stretches up to 35 years, not only limited to 20 or 30 years.
“So, a 35-year-old house buyer is able to take up a loan that he will need to service until he is 70 years old,” he said.
As for whether it was true that it was now tougher for house buyers to get loans, he said this was because of the nett income ruling.
“Some may have a lot of financial commitments so after deducting the other loans they are servicing each month, they may not have much nett income left to borrow against,” he said.
All new house buyers with no existing housing loans under their names are eligible to apply for 90 per cent loans for a new house while those with existing housing loans can only apply for 70 per cent loans.
Due to this, newlyweds, fresh graduates and middle-income wage earners may not only have a hard time looking for properties within their affordability range but they will also have a hard time getting loans to buy their homes.
As Geh puts it, middle-income wage earners are stuck in a trap and perhaps the only way to get a place to stay now was to rent one or try their luck with the recently introduced 1 Malaysia Housing Programme (PR1MA).
Both Geh and Shanmughananthan lauded the federal government’s move in introducing the PR1MA affordable housing for the middle-income group and the My First Home Scheme for young adults to get 100 per cent loan financing.
All individuals or couples with an income of between RM2,500 and RM7,500 can apply for a PR1MA house, which is priced below RM400,000 each unit.
Prime Minister Datuk Seri Najib Razak had announced late last year that 123,000 PR1MA houses will be built throughout the nation including in Seremban, Shah Alam, Kuantan, Johor and Penang.
As for the My First Home Scheme, as at October 2012 only 436 applicants were successful in obtaining financing under the scheme which was introduced in 2011.

NRD man got RM1m for letting immigrants vote, RCI told

UPDATED @ 05:22:44 PM 29-01-2013

By Boo Su-Lyn

January 29, 2013

Sea gypsy boys in Sabah peddle their boat through their neighbourhood in Sulawesi Sea. The Sabah RCI was told that a former NRD director got RM1 million via the sale of 16,000 NRD receipts that enabled immigrants in Sabah to vote. – Reuters pic

KOTA KINABALU, Jan 29 – A then-Sabah National Registration Department (NRD) director sold 16,000 NRD receipts for more than RM1million that enabled immigrants in Sabah to vote, the Royal Commission of Inquiry (RCI) on illegal immigrants heard today. Special Branch (SB) officer DSP Badaruddin Ismail, who works in Kelantan, testified today that Ramli Kamarudin sold each receipt for RM250 between 1993 and 1995 to illegal immigrants from the Philippines, India, Pakistan and other countries.
“He (Ramli) said he just did it for the money,” Badaruddin told the RCI here today.
Badaruddin, who had interrogated Ramli, stressed that Ramli said he had done so on his own accord for personal gain without instructions from higher authorities.
Ramli, however, told the RCI recently that then-Deputy Home Minister, the late Tan Sri Megat Junid Megat Ayub, had ordered him to issue NRD receipts, which matched the names and IC numbers of registered voters, to immigrants.
Ramli has said that about 200 NRD receipts were issued in five or six state constituencies, which the government considered difficult to win, before the 1994 state election.
The 1994 state election saw Parti Bersatu Sabah (PBS) winning just 25 out of 48 state assembly seats.
But several PBS MPs defected to Barisan Nasional (BN) shortly after, causing the collapse of the PBS government.
Ramli said that he had used some of the RM1million for personal matters and distributed the rest to his officers and to organise a sports festival in Penang for his subordinates, according to Badaruddin.
The SB officer added that Ramli distributed 14,000 NRD receipts among the latter’s subordinates to be issued to immigrants, while 2,000 receipts were personally issued by Ramli to certain people.
Another then-Sabah NRD director called Datuk Abdul Rauf Sani had sold 6,305 identity cards to Filipino and Indonesian immigrants, as well as locals, for RM167,300, Sarawak SB chief Datuk Haji Ibrahim Zakaria told the RCI earlier today.
Ibrahim added that 94 people, including 24 NRD officials, were arrested under the Internal Security Act (ISA) from 1994 to 2000 for issuing identity cards in Sabah illegally.
“No, he (Rauf) did not say that he acted upon instructions, but he acted on his own,” said Ibrahim.
“From the intelligence I gathered, it is more for gaining rewards, profit,” added Ibrahim, who was wearing a black suit and red tie.
Asked if Ibrahim believed that Rauf was acting on his own, Ibrahim said: “He’s an intelligent person, educated overseas, very communicative, a certain level of position in government service. I took what he said as the truth.”
Rauf, however, told the RCI recently that blue identity cards were also issued to increase the number of Muslim voters in Sabah.
He has said he was aware that immigrants in Sabah were taught how to vote in elections, otherwise their identity cards would be cancelled.
Former Sabah NRD assistant registrar Kee Dzulkifly Kee Abd Jalil testified recently that 100,000 blue identity cards were given to Filipino, Indonesian and Pakistani immigrants in Sabah in 1993.
Tun Dr Mahathir Mohamad, Malaysia’s longest-serving prime minister who was in power from 1981 to 2003, has been accused of spearheading the so-called “Project IC”, in which citizenships were allegedly given to immigrants for their votes.
But former Sabah Chief Minister Tan Sri Harris Salleh, who administered the state from 1976 to 1985, has denied at the RCI the existence of “Project IC”.
Dr Mahathir told a recent press conference that foreigners in Sabah had indeed received citizenship, but stressed that it was “within the law”.
The inquiry before former chief judge of Sabah and Sarawak Tan Sri Steve Shim Lip Kiong resumes tomorrow.

Statistics of Education in Malaysia 2013

TRANSITION IN GOVERNMENT AND GOVERNMENT-AIDED SCHOOLS IN MALAYSIA

Source: Ministry of Education.

The table above shows that approximately 15% of students do not continue their education after primary school. The rate of transition has not increased notably throughout the years, indicating a possible need for a change in education policy to instil the importance of education to Malaysians. Currently, The Education Act 1996 makes only primary schooling mandatory. The effectiveness of mandatory education can be seen from the fact that almost 94% of children between the ages of seven and 12 are enrolled in primary school. However, this number drops to approximately 86% for lower secondary and 77% for upper secondary schooling (Form 4 and Form 5) [1], as shown in Figure 1.
FIGURE 1: PERCENTAGE OF SCHOOL-AGED CHILDREN ENROLLED IN SCHOOL

It is also important to note that there are students that drop out during secondary schooling. As of such, (taking “Year 6 to Form 1” in 2010 as an example) we should not expect 85.94% of those in Year 6 to progress until the end of lower secondary (Form 3). This partially explains the disparity in the percentages shown.

How do we fare internationally?

FIGURE 2: PERCENTAGE OF STUDENTS SCORING As IN ALL SUBJECTS ENROLLED

Source: The Star [2], Ministry of Education, Malaysia-students.com, Berita Semasa.

There is a general upward trend in the percentage of students obtaining straight As in government examinations from 2005 to 2011. The grading system for SPM was changed from 2009 onwards to include three types of Distinctions: A-, A and A+, which could statistically increase the number of students obtaining all As in their examinations. However, to determine the performance of Malaysian students relative to international standards, let’s consider the TIMSS [3] scores.
TIMSS is a study performed by the National Center for Education Statistics that gauges the performance of students internationally in science and mathematics. The scores shown are obtained from those in Year 8 or its equivalent. The study focuses on numbers, algebra, geometry and data & chance for mathematics, while biology, chemistry, physics and earth science are its focus for science.
Source: National Center for Education Statistics.
FIGURE 3: PERCENTAGE DIFFERENCE IN MATHEMATICS AND SCIENCE SCORES VS THE INTERNATIONAL AVERAGE

Source: National Center for Education Statistics.

Figure 3 shows the difference (in percentages) between the scores obtained by a sample of Malaysian students and the international average score. A positive score indicates a better than average performance and, conversely, a negative percentage indicates a score below the international average. The graph clearly shows a negative trend, with Malaysia obtaining below average scores from 2003 onwards.
The usage of other international methods in measuring the education quality of Malaysia yields similar results as well. In 2011, the Program for International Student Assessment (Pisa) found that the percentage of Malaysian students that attained or exceeded the baseline level for reading, mathematics and science were 56%, 41% and 57% respectively [4].

Source: National Center for Education Statistics, TIMSS Scores 2011. [5], [6]

The figure above shows the scores obtained by Malaysian students in the TIMSS assessment in 2011, comparing it with participating countries in Asean, East Asia and the US. Out of the 42 countries that participated in 2011, Malaysia was ranked 26th for Mathematics and 32nd for Science.
TABLE 1: TOTAL NUMBER OF COMPANIES REGISTERED IN PENANG

Source: Companies Commission of Malaysia (SSM).

It is compulsory for every business to register with the Companies Commission of Malaysia (SSM), except for those excluded under the Business Registration Act 1956. There are two types of businesses: sole proprietorship and partnership. They are respectively defined as a business wholly owned by a single owner and a business owned by at least two persons but not more than 20 partners. In 2011, companies from the manufacturing, wholesale & retail trade and financial & insurance industry have seen the highest increase in registered companies in Penang, by 173, 210 and 140 respectively. In 2010, the number of dormant companies was 432, but dropped to only five in 2011. SSM reintroduced the initiative to waive penalties imposed on the directors of dormant companies to provide an opportunity for directors/shareholders in applying to strike off their inactive companies in faster processes.
TABLE 2: DOING BUSINESS RANKING FOR MALAYSIA, 2012 AND 2013

Source: Doing Business Report, World Bank and International Finance Corporation.

Out of 185 economies in 2013, Malaysia ranked 12th in “ease of doing business”, two places higher than in 2012. The indicator covers two themes. The first relates to the strength of the country’s legal institutions (getting credit, protecting investors, enforcing contracts and resolving insolvency) and the second relates to the complexity and cost of regulatory process (starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders). Three out of 10 categories that have improved the most deal with construction permits, registering property and paying taxes, respectively ranked at 96th (116th in 2012), 33rd (62nd in 2012) and 15th (25th in 2012). These three topics portrayed Malaysia’s reforms on its regulations. Contrastingly, Malaysia’s ranking on starting a business dropped 12 places as its reduction of costs for starting a business was not sufficient as compared to other countries.

Singapore In-Laws Rage as Women Spurn Lee’s Babies Plea

Singapore Prime Minister Lee Hsien Loong is cranking up a national debate on babies this month, with proposals to Parliament that would attempt to stem the country’s slumping birthrate. Penelope Sim isn’t listening. “My mother-in-law hates me and she says I’m selfish, but I don’t really care,” Sim, a human resources consultant who’s been married for six years, said as she shopped for MAC lipstick and eye liner, a brand of Estee Lauder Cos. (EL) “Everything’s crazy expensive and life’s already stressful enough here without kids. If there’s no one to carry on the family name, then so be it.” A man and his son look at a view of the central business district in Singapore.

The failure to encourage more births means the country will have to contend with a shrinking pool of workers and consumers, a deterrent to future investment. Photographer: Munshi Ahmed/Bloomberg Enlarge image Singapore In-Laws Rage as Women Defy Lee’s Plea for More Babies Pre-school children tour the Garden by the Bay during an excursion in Singapore.

The nation’s birthrate in 2010 and 2011 were the lowest in 47 years of independence. About 36,000 babies were born to residents in 2011, compared with 50,000 in 1990. A young girl looks on as a couple pose for a photograph at the Singapore Registry for Marriage in Singapore. Singaporean men and women are delaying getting married in part because they want to “concentrate fully” on their jobs or studies, survey showed.

People watch as an image of a mother and her baby are projected through water during 'Wonder Full' - a light and water show to mark the official grand opening of Marina Bay Sands in Singapore on Feb. 17, 2011. Office workers commute during the morning rush hour in the central business district of Singapore. Women made up 44 percent of the resident workforce in 2011 as the government encouraged greater participation and offered larger tax breaks to working mothers.

The Singapore government spends S$1.6 billion annually on its Marriage and Parenthood package, which includes matchmaking, housing grants, subsidizing childcare and fertility treatments, cash gifts for babies, and tax reliefs. Sim, 33, embodies Lee’s challenge to convince Singaporeans to wed younger and procreate more, four decades after concern about overcrowding prompted his father to urge citizens to delay nuptials and have smaller families.

 The younger Lee is caught between a rock and a hard place. While the birthrate was about 1.3 children per woman in 2012 -- barely enough to replace one parent -- a backlash against soaring immigration forced the government to curb the influx of foreigners, leading to labor shortages and slower economic growth. Measures since 1987 to reverse declining fertility, including handouts of as much as S$18,000 ($14,600) and extended maternity leave, haven’t worked. The nation’s birthrate in 2010 and 2011 were the lowest in 47 years of independence.

About 36,000 babies were born to residents in 2011, compared with nearly 50,000 in 1990. The failure to encourage more births means the country will have to contend with a shrinking pool of workers and consumers, a deterrent to future investment. It will also increase the burden on younger employees to pay for an aging population. Lee has said higher taxes will be needed in the next two decades as the government boosts social spending to support the elderly. Baby Boomers Singapore’s first cohort of baby boomers turned 65 last year, and its number of elderly will triple to 900,000 by 2030, according to the National Population and Talent Division. The nation defines baby boomers as those born between 1947 and 1964. The city state isn’t alone in struggling with falling birthrates.


The level in the U.S. hit a record low in 2011, while Japan’s population is forecast to drop by almost a third by 2060 from 128 million in 2010. China’s three-decade-old, one-child policy is accelerating declines in its workforce, and Germany’s birthrate is among the lowest in Europe even as it spends billions of euros to encourage women to have more children. Singapore resorted to immigration in recent years to raise numbers. The population has increased by 1.1 million in the past decade to 5.3 million.

At the height of the influx, in the year through June 2008, the nation added 251,000 people. Fertility Treatments In a package of measures released yesterday on a government website called “Hey Baby,” Singapore said it will boost its annual budget on marriage and parenthood to S$2 billion from S$1.6 billion, including spending on matchmaking, housing grants, subsidized childcare and fertility treatments and cash gifts for babies. In 2001, the budget was S$500 million.

 The prime minister, who has four children, is encouraging couples to start a family earlier by giving priority public housing to those with kids below 16. With some of the most expensive real estate in Asia, government-subsidized homes are the only affordable option for most young couples, and waiting lists for new apartments can extend years. The government will make a S$3,000 contribution to childhood medical expenses and will announce measures tomorrow to make childcare more affordable. Social-policy experts aren’t optimistic that the measures will reverse the trend.

 Immigration Dilemma

“No pronatalist policy can bring the fertility rate back to replacement level,” said Theresa W. Devasahayam, a researcher at the Institute of Southeast Asian Studies in Singapore, who has published papers on gender, aging and labor policies in the city state. “The government is in a fix. For the moment, it has little choice but to keep importing labor and keep the country’s doors open to foreigners.” The new measures come before a Jan. 26 by-election in which all four candidates for the Punggol East parliamentary seat have highlighted the cost or availability of childcare.

 Singapore, smaller in size than New York City, has few natural resources, and the government relies on a skilled workforce to sustain growth. The economy has expanded for all but four years since independence in 1965, bringing million- dollar high-rise apartments and shopping malls in place of pig farms and fishing villages. Singapore’s home ownership rate is about 89 percent and the Boston Consulting Group estimates there were 188,000 millionaire households in the city state in 2011. The Economist Intelligence Unit declared Singapore to be the best place in Asia to be born in 2013. Gross domestic product per capita climbed to $50,123 in 2011, from $516 in 1965.  

Birthquake Effect

Back then, the country boasted a fertility rate of 4.7 and so many women gave birth in the national maternity hospital in 1966 that it entered the Guinness Book of World Records. The so-called birthquake raised concern that the fledgling economy would be overburdened, and Lee’s father, Lee Kuan Yew, promoted family planning, legalized abortion and encouraged sterilization. A “Stop at Two” campaign in the 1970s and the natural decline in childbirth as the economy developed brought the fertility rate down to 1.82 by the end of the decade. Last August, Lee Kuan Yew lamented that the number of births in the city has halved since he came to power in 1959, even with twice as many people. “If we go on like that, this place would fold up because there will be no original citizens left to form the majority,” Lee, 89, said in a speech published in the Straits Times newspaper. “We’ve got to persuade people to understand that getting married is important, having children is important.” Aging Grooms Singaporean men and women are delaying getting married in part because they want to “concentrate fully” on their jobs or studies, a government survey of 2,120 singles showed this month.

 The median age for grooms has risen to 30.1 in 2011, from 26.9 in 1970. For brides, it has climbed to 28, from 23.1. “We have to find effective ways to encourage Singaporeans to have more babies,” the younger Lee said in his New Year message. “We are not impersonal, calculating robots, mindlessly pursuing economic growth and material wealth.” Pursuit of possessions may be partly to blame. Singaporean women are more materialistic than their American counterparts, which could explain a smaller desire for children, according to a 2010 study by researchers at the Singapore Management University and the Northern Illinois University. In the 1990s, success in Singapore was measured by the attainment of the so-called five Cs -- cash, car, credit card, condominium and country club membership. Now, there are 9.3 million credit cards in circulation on the island, private property prices are at a record, and a Volkswagen Golf can cost more than the median price of an existing U.S. home.  

Working Women

The role of women in the economy may also have contributed to the falling birth rate. They made up 44 percent of the resident labor pool last year as the government encouraged greater participation and offered larger tax breaks to working mothers. In 2010, female graduates outnumbered males in three of the five most common fields, including business and administration. A survey by I Love Children, an organization that promotes a “children-plenty” Singapore, showed couples cited money as the top factor for not having babies. It costs at least S$340,000 to raise a child in Singapore from infancy to the age of 21, the Asian Parent website estimated last year. A middle- income U.S. family may spend $234,900 to raise a child born in 2011 to the age of 18, a government report last year showed.  

Family Values

“A lot of women in my generation feel torn between work and family,” said Farah Azmi, a 34-year-old accountant for a pharmaceutical company who married her boyfriend of four years in 2011. “I definitely want to have kids but I won’t be able to be there for them like my mum was there for me and my brothers. What’s the point of having kids if they’re going to be brought up by an outsider, by your maid?” As Lee tries to push for bigger families, his father’s “Stop at Two” campaign may come back to haunt him. Small families are happy, own more, have more to eat, and enjoy better health and education, posters from the 1970s extolled. “I’m stopping at one,” said Corinne Chia, who is six months pregnant with a baby boy she plans to name Jeremy. She said the cost of bringing up a child is the main reason she doesn’t intend to have more. “He’s not even born yet and I joke to my friends that I’m already broke.”

Student told to ‘listen’ zips lips on Sharifah Zohra’s latest snub

By Opalyn Mok January 22, 2013

GEORGE TOWN, Jan 22 – Bawani K.S. has declined comment on the woman who told her to “listen” who has snubbed a second chance to speak at a student forum tonight, saying she will leave it to the organisers to interpret Sharifah Zohra Jabeen Syed Shah Miskin’s rejection of their invitation. Sharifah Zohra, dubbed the “Listen” woman after her outburst, was also alleged to have been invited to share the same stage by the organiser, student group Solidariti Anak Muda Malaysia (SAMM), but her organisation, Suara Wanita 1 Malaysia (SW1M), yesterday confirmed Sharifah Zohra will not be attending the “Academic Freedom and Fundamental Rights” forum. “I have no comment on this,” the Universiti Utara Malaysia (UUM) law student told The Malaysian Insider when asked to respond to Sharifah Zohra’s skipping out on the chance for a second face-off. Bawani said she had no comments. – File pic The 27-year-old at the centre of a storm over the viral “Listen” video confirmed that she will be speaking at a forum in Kuala Lumpur to push for free tertiary education and freedom of speech. The “Academic Freedom and Fundamental Rights” will kick off at 8pm tonight at the Kuala Lumpur-Selangor Chinese Assembly Hall. Ema Lee Abu Samah, a member of SW1M’s supreme council, told The Malaysian Insider yesterday that Sharifah Zohra will not turn up at the forum. She added that her organisation had also lodged a police report accusing SAMM members of breaking into SW1M’s office. A letter that purportedly bore Sharifah Zohra’s signature and SW1M’s stamp of acknowledgement, dated January 18 had been posted on news portal Harakah Daily as proof of her acceptance of SAMM’s invitation. Sharifah Zohra, who is widely seen as a staunch Barisan Nasional (BN) supporter, had come under heavy public fire for her treatment of Bawani at the UUM forum last month, which was uploaded on YouTube on January 11. The recording of her telling Bawani to ‘listen’ a whopping 11 times catapulted her into the limelight and turned her into Malaysia’s latest Internet sensation overnight, sparking memes online and parodies mimicking her public outburst. Sharifah Zohra, the president of SW1M, had emerged from hiding after being hit by brickbats over her treatment of Bawani on Sunday to declare on Youtube that she forgives Bawani and others who had jumped onto the bandwagon to mock her “without checking their grounds or getting their facts right”. In a Youtube posting on Sunday—seen to be the first defence made in her own right—Sharifah Zohra said that she forgives Bawani and others who had jumped onto the bandwagon to mock her “without checking their grounds or getting their facts right”. A copy of her statement was also posted on a SW1M’s member’s blog. She also said the video clip that went viral showed only one part of the student forum that was held at UUM last December 8 and described it as an attempt by oppositon-backed groups to twist the facts without giving the complete picture and draw a negative portrait of her. She added that the issue had been spun to “gather emotional support for an opposition-led party” but did not mention the name.

Viral video reveals varsity ‘brainwash’ tactics, says student

By Opalyn Mok
January 16, 2013

The undergraduates were told in the forum not to emulate opposition leaders such as Nurul Izzah Anwar. — File pic
GEORGE TOWN, Jan 16 ― The university student shown being berated for her views on a viral YouTube clip has said it revealed to the public how state-funded universities use student forums to “brainwash” undergraduates.

Second-year law student Bawani KS also expressed surprise that she was now an overnight sensation for questioning panellist Sharifah Zohra Jabeen at the Universiti Utara Malaysia (UUM) student forum held last December 8.

“Now the public will know what’s happening in public universities and how they could organise a ‘students in politics’ forum and yet use it to ‘brainwash’ the students by telling them that street rallies are wrong while showing pictures of Opposition leaders like Nurul Izzah (Anwar) and telling us not to emulate them,” Bawani told The Malaysian Insider.

The 27-year-old social activist was glad that the incident went viral as it may get more people to join in her cause to fight for free education for all Malaysians.

When told she has been dubbed “Little Ambiga”, ostensibly after Bersih co-chair Datuk Ambiga Sreenevasan, Bawani (left) laughed it off and went on to say how important it is for people to know that they should continue to fight for their rights.

She said Sharifah Zohra did not owe her an apology but that one was due to all of the students in the forum.

“She had belittled all of the students and underestimated all of us,” said the undergraduate, who is a member of Parti Socialis Malaysia and its organisation, Jaringan Rakyat Tertindas.

While not upset at being told off openly, Bawani is still very worked up over how the whole forum was organised to turn university students against Bersih and street rallies held to highlight the people’s rights.

“In most parts of the forum, they showed video clips of rallies and pictures of women involved in rallies and then tell the students that this is not how women should act or behave and that those actions are wrong,” she recounted when contacted in her hometown in Kampar where she is having a short break from the university.

She also expressed surprise that Higher Education Deputy Minister Datuk Saifuddin Abdullah contacted her over the incident.

“He told me he is supportive of me and I replied that NGO leaders like Sharifah (Zohra) should not be allowed to organise such one-sided forums in public universities,” she said.

Bawani said it would be fairer to have a forum where both sides of the political divide are present to openly debate their different views on issues.

She thanked all netizens and students for supporting her and called on them to use this example to continue standing up for their own rights and causes.

“Let’s all fight together for free education for all Malaysians,” said the law student who already has a first degree in psychology from Universiti Kebangsaan Malaysia (UKM).

On her fight for free education, Bawani researched the issue in 2010 and felt that Malaysia, as an oil producing country, could afford to provide free education to all students from kindergarten up to tertiary level.

The YouTube video that showed Sharifah Zohra, who leads little-known organisation Suara Wanita 1 Malaysia (SW1M), berating Bawani went viral yesterday in social media sites.

HL Capital jumps on buyout offer

Hong Leong Capital Bhd, a unit of the Malaysian insurance and banking group controlled by billionaire Quek Leng Chan, surged the most in more than 14 years after receiving a buyout offer from its parent. Hong Leong Capital, which holds the group’s investment banking assets, jumped 25 per cent close at RM1.78 in Kuala Lumpur today, the biggest gain since September 1998. The stock was the day’s biggest gainer on the Bursa Malaysia Finance Index. Hong Leong Financial Group Bhd, which already owns 79.1 per cent of Hong Leong Capital, offered RM1.71 per share for the remaining stake it doesn’t already own, according to yesterday’s Kuala Lumpur stock exchange filing. That’s a 20 per cent premium to its last traded price of RM1.42 before the counter was halted on Jan. 11. “This would be an opportunity for shareholders to cash out at a decent price,” Desmond Ch’ng, an analyst at Malayan Banking Bhd, wrote in a report today. “Hong Leong Capital has historically traded at a discount to book value given the lack of liquidity and interest.” The proposal would streamline the Hong Leong group, cutting its listed financial units in Kuala Lumpur to two from three. Hong Leong Financial said it doesn’t plan to maintain Hong Leong Capital’s listing status. The buyout should have a neutral financial impact on Hong Leong Financial, Ch’ng said, maintaining Maybank’s buy rating with a higher price target of RM15.70, compared with RM15.60 previously. Hong Leong Financial closed unchanged at RM14.42, while the benchmark FTSE Bursa Malaysia KLCI Index rose 0.1 per cent. Hong Leong Bank Bhd, the group’s retail banking unit which isn’t involved in the transaction, was also unchanged at RM14.98. Hong Leong Capital provides investment banking, stock and futures broking as well as fund-management services through its units Hong Leong Investment Bank Bhd and Hong Leong Asset Management Bhd. -- Bloomberg

Joey Yap : 2013 Feng Shui Will Be Better Prospect For Najib Than Anwar

PETALING JAYA (Jan 9, 2013): The Chinese year of the water snake, which starts from Feb 4, 2013 midnight will be a good year for Malaysia in general, said Feng Shui master Joey Yap, adding that sectors that should do well include education, healthcare, oil and gas, plantations, technology, consumer, transportation and gaming. On the other hand, sectors that may do poorly include property and insurance, he told some 400 investors attending CIMB’s Malaysia Corporate Day on Monday. The one-day event saw 15 companies and five guest speakers participating and a key topic of discussion was the 13th general election (GE13). “With regards to the possible election outcome, Joey Yap does not know the answer. But based on the political leaders’ prospects looking at their dates of birth, (he said) Prime Minister Datuk Seri Najib Abdul Razak’s prospects are better than that of Opposition leader Datuk Seri Anwar Ibrahim,” said CIMB head of equity research Terence Wong in a note to clients yesterday. “As for the talk by Institute for Democracy and Economic Affairs founding president Tunku Zain Al-Abidin Muhriz on Malaysian politics, he believes elections will be held either in March or May/June after parliament expires in end-April. “His view is in line with consensus that the ruling Barisan Nasional should win the elections with a narrower margin than the 2008 elections, but he thinks five or six states could fall to the Opposition including the five (Selangor, Penang, Perak, Kedah and Kelantan) that were lost in 2008 as well as an additional state,” said Wong. For CIMB, it reckons that 2013 could be a year of two distinct halves, with the first half (H1) likely to be volatile as GE13 has to be held no later than end-June, while the second half will be more promising, Wong expects the stock market to rebound post-elections when risk appetite returns. although the pace of recovery would depend on the election outcome. The research firm is maintaining its “neutral” weighting on Malaysia, with an end-2013 FBM KLCI target at 1,670 points. Its preferred sectors in the H1 include brewery, real estate investment trusts and utilities.

In ‘fiscal cliff’ bill, White House was key to corporate tax breaks

January 08, 2013 Tax credits for the energy industry make up a big chunk of the ‘add-ons’ that were attached to the fiscal cliff bill. – Reuters pic WASHINGTON, Jan 8 – As the Congress rushed last week to approve a “fiscal cliff” tax bill that raised income taxes on the wealthy, Washington lobbyists were fretting over a drama that was playing out within the negotiations: whether the bill would include about US$64 billion (RM195 billion) in tax breaks for businesses. The bill extended several tax breaks backed by both parties, including US$14.3 billion in credits for research and development projects for thousands of US businesses. But it also had other provisions - breaks for companies involved in wind energy, auto racing, rum, Hollywood films and much more. In the end, the bill approved by Congress and signed into law by President Barack Obama included all of those things, thanks partly to the White House’s interest in promoting wind and other alternative sources of energy, and in subsidizing research and development costs for companies. It also became a lesson in how Washington’s taste for dishing out favors to special interests is alive and well, despite bipartisan calls for the government to reduce the tax credits it gives businesses and individuals at a time when the nation’s debt tops US$16 trillion and is growing. Some business lobbyists told Reuters they were surprised that the package of tax credits - which had been approved by the Democrat-led Senate Finance Committee in August - survived the negotiations over the tax bill. The main part of the bill extended Bush-era income tax cuts for individuals with incomes of less than US$400,000 and couples who make less than US$450,000. The longer the negotiations dragged on, lobbyists for various causes had figured, the more likely the bill would focus solely on the core issues of the talks: raising income taxes on the wealthy, allowing a payroll tax cut for all Americans to expire, and extending unemployment insurance benefits. The lobbyists’ expectations also were lowered by the emergence of Senate Minority Leader Mitch McConnell, a Kentucky Republican, as a key negotiator in the talks. McConnell has spoken on the Senate floor about the need to rethink Congress’ approach to various tax breaks, saying that many had been “reflexively extended” for years “without any meaningful review or oversight.” His words were echoed in September by 47 House Republicans who had urged Republican Speaker John Boehner to eliminate the wind energy tax credit, which had split the Republican Party and drawn criticism from Mitt Romney, the Republican nominee for president. But in the final hours of the negotiations over the fiscal cliff bill, lobbyists pushing the additional tax breaks appear to have had a key ally: President Obama, who during his re-election campaign had touted the need to increase the nation’s investment in alternative energy sources such as wind. Tax credits for the energy industry make up a big chunk of the “add-ons” that were attached to the fiscal cliff bill - about US$18.1 billion worth, of which US$12.1 billion represents a dramatic expansion of write-offs for wind energy investments. McConnell’s spokesman, Don Stewart, said the White House insisted that it would a “deal breaker” if the entire package of tax credits was not in the bill. Stewart also said the White House initially wanted to make all of the tax breaks permanent, rather than extend them only through the end of this year. “The White House ... can’t deny that the only reason the (business tax breaks were) included in the final agreement is because the president insisted” they be in there, Stewart said. White House spokesman Jay Carney yesterday said that Obama supported the overall package of tax breaks for businesses. He emphasised that the president favored the wind energy credit and tax benefits for research and development to encourage “job-creating research investments.” Carney also said that many of the tax breaks in the fiscal cliff bill had bipartisan support. “It would strain the credulity of everyone in this room to suggest that Republicans did not support or want tax credits for business,” Carney said during his daily briefing to reporters. Some Democratic strategists said that given the rush to get a fiscal cliff bill through Congress before US financial markets opened for the new year last Wednesday, it likely seemed unrealistic to pick apart the package of tax credits - known as “extenders” - that had passed the Senate Finance Committee on a bipartisan, 19-5 vote. So the package - with its US$222 million credit for the rum industry, a US$78 million write-off for the owners of NASCAR auto racing tracks and tax credits for the film industry that could total US$248 million, among other things - survived intact, like a holiday bonus to Washington’s lobbyists. “I reacted, like, ‘Wow,’ “ said Rich Gold of Holland & Knight, who lobbied for tax breaks for wind energy and railroad maintenance. He represented the Juno Beach, Florida-based company NextEra Energy (NEE.N) as well as the Greenwich, Connecticut-based Genesee & Wyoming (GWR.N), a freight rail company. “The (fiscal cliff) package had gotten so skinny,” Gold said, “that I just didn’t expect it to happen at the end of the day.” THE WAY WASHINGTON WORKS Outrage over the tax breaks flowed from small-government advocates and conservative voices such as the Wall Street Journal’s editorial page, which called the tax credits a “crony capitalist blowout.” Such business tax breaks are called extenders because lawmakers usually extend them all at once, adding them to other tax bills as they move through Congress. Government budget analysts project their total costs over 10 years, even though many of the breaks are extended for only one or two years at a time. During a session in which a bitterly divided Congress had trouble passing any legislation, let alone a controversial tax bill, the fiscal cliff package was the only vehicle for such tax breaks in the final hours of the session that ended Wednesday. A new Congress, including House and Senate members just elected in November, began meeting Thursday. Critics and supporters alike said that tucking expensive tax incentives into last-minute bills is how Washington has worked for years. “They always do this,” said Tom Schatz, president of Citizens Against Government Waste. The difference this time was that more people were watching the high-stakes talks over the fiscal cliff bill, he said. “Many people are being made aware of these tax breaks,” Schatz said. Republican strategist John Feehery, who favors the wind energy tax credit, said the fiscal cliff deal was never expected to reform the US tax code, as some in Washington had hoped. “This was not going to be a tax reform package. This was going to be an agreement or disagreement over whether we keep the current tax policies in place. And these extenders are, by and large, keeping current policy in place,” said Feehery, who leads a group called the Red State Renewable Alliance, which touts the benefits of the wind industry in conservative states. ‘CORPORATE WELFARE’? Like Feehery and White House spokesman Carney, supporters of tax credits for wind energy and other industries argue that such incentives often boost the economy and create jobs. Critics argue that the breaks are “corporate welfare,” handed out to whoever can hire the best lobbyists or contribute the most to lawmakers’ campaigns. During the past two years, the American Wind Energy Association spent US$4.5 million lobbying and gave more than US$335,000 in campaign contributions to federal candidates, most of them members of Congress, according to the Senate’s lobbying database and the watchdog group Center for Responsive Politics. Fiscal conservatives aren’t the only ones lobbying against such tax breaks. Those opposing the wind energy credits include some in the nuclear power industry, which itself has received more than US$100 billion in federal subsidies since the 1940s, according to the watchdog group Taxpayers for Common Sense. Chicago-based Exelon Corp, the largest nuclear power operator in the United States, spent US$6.4 million on lobbying during the first 10 months of 2012, according to the Center for Responsive Politics. Exelon also is investing in wind energy but was a vocal voice against the tax credit approved by Congress, saying in a statement that “wind energy can and should stand on its own in competing with other clean energy alternatives.” Republican Senator Chuck Grassley of Iowa, a member of the Senate Finance Committee who first proposed the wind energy tax credit back in 1992, said that such provisions are not a giveaway by the US Treasury because they encourage investments that might not otherwise be made. “Using the tax code to stimulate investment is altogether different than appropriating money,” he said. LAWMAKERS TORN Even so, Grassley’s vote on the fiscal cliff bill reflected how some lawmakers were torn over the legislation to prevent income tax increases on most Americans. Last summer, Grassley joined five other Republicans and 13 Democrats on the Senate Finance Committee in voting for the package of tax credits that wound up being included in the fiscal cliff bill. But when the Senate voted 89-8 last week to approve the bill, Grassley was among the eight senators opposing it even though it included the wind energy credits he calls crucial to a developing industry in his state. “The big picture is what ruled as far as I was concerned,” Grassley told Reuters in an interview. “The bill does nothing on the expenditure side. ... It didn’t cut down on the deficit.” By contrast, Arizona Republican Senator John McCain, a longtime critic of special-project spending known as “earmarks,” said he reluctantly voted for the “flawed” agreement because he didn’t want to see income taxes go up on all Americans. Without action by Congress, the Bush-era tax cuts that save middle-class families about US$2,000 a year would have expired at the end of 2012. McCain’s distaste for the tax credits in the bill was clear. “It’s hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interest and campaign contributors,” he said in a statement. After the Senate approved the fiscal cliff deal early on New Year’s Day, it moved to the House, where some Republicans complained about the “bloated” package during a closed-door party meeting. But the objectors decided they did not have the votes to amend the bill, House Republican aides said. The deal passed the House on a vote of 257-167, with opponents of the wind energy credit making up a good chunk of the Republicans’ “no” votes. Some are vowing to return to the issue in the new congressional session. “With taxpayers on the hook for unsustainable corporate welfare, there’s no question we’re going to come back to it in the new Congress,” Representative Mike Pompeo, a Kansas Republican, said in an e-mail. – Reuters

Bill Ackman’s quest to expose Herbalife Ltd. (HLF) started with a tip from a friend. The call came from a reporter turned stock researcher, who had penned a book about the hedge fund manager’s last big short and was now telling him that Herbalife smelled like a pyramid scheme. Enlarge image Bill Ackman On Dec. 20, Bill Ackman went public with a three-hour presentation, accusing Herbalife of using inflated pricing, misleading sales information and a complicated incentive structure to hide a pyramid scheme. Photographer: Scott Eells/Bloomberg Herbalife a Pyramid Scheme, Ackman Says 14:05 Dec. 20 (Bloomberg) -- William Ackman, founder of Pershing Square Capital Management LP, talks about weight-loss supplement company Herbalife Ltd., his short position on the stock and his claim that the company is a pyramid scheme. Ackman speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Money Moves." (Source: Bloomberg) Bill Ackman's 18-Month Herbalife Campaign 1:43 Jan. 7 (Bloomberg) -- Stephanie Ruhle reports on Bill Ackman's quest to expose Herbalife. Ruhle speaks on Bloomberg Television's "In The Loop." (Source: Bloomberg) Enlarge image Ackman Herbalife Short Selling Started With Friendly Tip The Herbalife Ltd. logo is displayed on a monitor on the floor of the New York Stock Exchange in New York. Photographer: Scott Eells/Bloomberg Sponsored Links Buy a link The discussion 18 months ago grew into a research project that pulled in much of Ackman’s team, two law firms and forensic accountants. On Dec. 20, Ackman, 46, went public with a three- hour presentation, accusing Herbalife of using inflated pricing, misleading sales information and a complicated incentive structure to hide a pyramid scheme. The shares plunged 32 percent in the next three days. Amid heated denials from the company, which is preparing to lay out its case at an investor conference in New York on Jan. 10, the shares had by Jan. 4 rebounded 42 percent from their post-Ackman closing low of $26.06. Ackman, an activist investor who has lobbied for shakeups at companies from Target Corp. (TGT) to Canadian Pacific Railway Ltd. (CP), is just getting started with Herbalife. “We’re prepared to spend whatever it costs and do whatever is required to make sure that the world understands the facts about this company,” he said in a telephone interview. “We can’t imagine how the SEC or the Federal Trade Commission or any other relevant regulator will ignore what we have said.” Ackman said he would make all his information available to U.S. regulators. His conclusions center on the company’s network of 3 million distributors in at least 81 countries who sell vitamins, shake mixes and skin gels. Those independent contractors earn revenue by hawking products directly to customers and recruiting new distributors, for which they earn a share of those sales and incentives from the company. Classic Schemes Classic pyramid schemes attempt to make money by solely recruiting new participants into the program, according to the U.S. Securities and Exchange Commission. “Once you realize that this is about promoting a business opportunity -- you recruit five friends who each recruit five friends who each recruit five friends -- it becomes very clear that it’s a pyramid scheme,” Ackman said. “Pyramid schemes are inherently fraudulent.” Herbalife Chief Executive Officer Michael Johnson has accused Ackman of manipulating markets to profit from more than 20 million short shares held by his hedge fund, Pershing Square Capital Management LP. While a court in Belgium has deemed Herbalife an illegal pyramid scheme, no U.S. regulator has made such a determination. Herbalife Denials Barb Henderson, an Herbalife spokeswoman, said the company looks forward to this week’s investor meeting. The company stands by its previous public statements denying Ackman’s presentation, she said. Henderson also said the Belgium ruling “contained factual errors” and that Herbalife is confident it will be reversed on appeal. Mitchell Katz, an FTC spokesman, declined to comment. Ackman began researching Herbalife after a call from Christine Richard, a former Bloomberg News reporter who by then was working for Indago Group, a New York-based boutique investigative research firm. Richard had just published “Confidence Game,” a book detailing how Ackman, warning of an impending bond-insurance market collapse in the runup to the recent recession, had shorted credit insurer MBIA Inc. (MBI) Short selling refers to the practice of borrowing shares and selling them, with the goal of profiting by repurchasing them later at a lower price. Richard declined to comment for this story. The more Ackman and his team dug into Herbalife, the more they became convinced the 32-year-old company would collapse or be shut down by regulators, he said. In the same interview, Pershing’s in-house attorney, David Klafter, said he, too, is convinced the law is against Herbalife. Herbalife Profits Ackman’s chief argument is that Herbalife products are commodities sold at inflated prices to mask incentives that mostly enrich the top echelon of distributors. He estimates that more than 90 percent of profits earned by distributors come from recruiting. Herbalife’s Henderson disputed this in an interview, saying that amount is zero. Distributors, some unsophisticated or desperate for work, are sucked in with false promises of easy wealth, only to learn that such success is more rare than presented and comes with a heavy up-front cost, according to Ackman. “The company’s so-called earnings statement is materially false and misleading and enables Herbalife to deceive new distributors about the potential profitability of the business opportunity,” Ackman also said. Henderson disputed that accusation, as well, saying most distributors are discount customers, not business builders. Premium Prices While Herbalife touts science, research and development to justify premium prices, its powders, vitamins and other products are similar to a glut of competing products on the market from companies including Unilever, Abbott Laboratories and GNC Holdings Inc. (GNC), Ackman said. Herbalife CEO Johnson, a former Walt Disney Co. executive, has said the company performs research and development around the clock while at the same time telling the SEC such expenditures are not material, according to Ackman and Klafter. By last spring, Ackman’s team was convinced Herbalife was worth shorting if they could identify a catalyst, an event that would drive down the shares, he said. That came on May 1, when Greenlight Capital Inc.’s David Einhorn dialed into an earnings conference call asking for more disclosure. He wanted to know why Herbalife stopped giving a breakdown of three groups of distributors it had previously provided. Einhorn had dredged up skepticism that has long plagued well-established direct sellers from Avon Products Inc. (AVP) to Tupperware Brands Corp. (TUP): Are they selling products or a business opportunity that is ultimately flawed? Plunging Shares Ackman started shorting Herbalife before the call was even over, he said. The shares plunged. Ackman kept selling the shares, assuming Einhorn would present a short case for Herbalife at an Ira Sohn conference both men would attend two weeks later, Ackman said. Einhorn didn’t, and the investor hasn’t said a word publicly about Herbalife since his conference call inquiry. That left Ackman to his own devices. He spent the next six months preparing a presentation to see what it would look like before deciding to give it at a special Ira Sohn conference in New York on Dec. 20. He and two associates laid out a 340-slide case against Herbalife and called for regulators to step in. The subsequent campaign includes pages of supporting research posted at a website Pershing called factsaboutherbalife.com. Short Selling Pershing has shorted more than 20 million shares of Herbalife stock. The most recent were executed just before Ackman’s December presentation, he said. Herbalife has lost almost half its value since Einhorn’s conference call questions. Pershing has not covered any of its short and there are no plans to get out now, Ackman also said. He has shown great patience before, holding his MBIA short position for six years, he said. Any money Ackman makes personally on the Herbalife short will be donated to charities run by Ira Sohn and a Pershing foundation, he said. Pershing investors stand to reap millions of dollars of profit on the short trade if Herbalife collapses or is shut down by regulators. Ackman isn’t the first to allege impropriety by Herbalife, he said. The difference is that his firm has the resources to withstand the company’s attacks. “We’ve done a lot of the work for the regulators,” Ackman said in a later e-mail. “We’ve provided the data and a legal road map for regulators to determine that it is a pyramid scheme.”

Income limit for My First Home up to RM5,000

The income limit of individual borrowers for My First Home Scheme (SRP) will be increased from RM3,000 to RM5,000 per month effective January 2013. This enhancement was one of the SRP’s eligibility criteria slated for improvement under Budget 2013’s announcement last year, Cagamas SRP Bhd said yesterday. For joint borrowers, it said the income limit had been increased up to RM10,000 per month, subject to the individual borrower’s income not exceeding RM5,000 per month. “In addition, the requirement for a savings record equivalent to three months installment and minimum employment of six months will be abolish,” Cagamas SRP said. It said the scheme allowed homebuyers to obtain 100% financing from participating banks, enabling them to own a home without having the need to pay a 10% downpayment. “Cagamas SRP will guarantee the initial 10% of the loan under the scheme,” it added. Cagamas was mandated in 2011 to play an active role of helping young, working Malaysians in the private sector to own their first homes under the SRP. - By The Star

牽我的手~林義忠

Such a inspiring and beautiful story from a malaysia pastor GT LIM about his life journey with GOD...Really touch my heart and make me think about the real meaning of life.. Sometime when we are to focus on money and future, we tend to forget to live our life for a this moment ..and to love and care about your family and friends around us...Hope we can be better person...in future....Love is in the air...

Youth Communication Package (PKB) – RM200 Smartphone Rebate for Youth (ends 31st December 2013)

What is the Youth Communication Package (PKB)?

Pakej Komunikasi Belia (PKB) or the Youth Communication Package is a scheme under the Malaysian National Broadband Initiative that grants youth aged 21 to 30 with income below RM3,000 to get RM200 rebate off selected 3G smartphones from telco nominated registered dealers in 2013. This initiative, coordinated by the Malaysian Communications and Multimedia Commission (MCMC), was announced by the Prime Minister as part of Budget 2013 tabled in September this year to encourage more youths especially those in rural areas to enjoy the nation’s broadband facilities.
Note : The package will be offered to 1.5 million eligible youths only on a first come, first served basis.

Eligibility

For Applicants :

• Malaysians aged 21 – 30 years
• Monthly income lower than RM3,000
• Eligible for both new and old ‘jalur lebar’ (but we guess they mean ’3G mobile internet’ rather than broadband) subscribers
• Smartphone rebate will be given only once to eligible participants

Step-by-Step Registration Guide

First up, you will need to register your details of course! You can register physically at either any of the participating network providers (Maxis, Celcom, DiGi, Clixster, YTL Communications, Tune Talk, U Mobile), or at any Pusat Internet 1 Malaysia. If you prefer to register online, just click on the link below!
The registration steps are pretty straightforward and easy enough, but  we’ve personally tried it out and discovered that getting to the registration page itself could be challenging and might take a while, possibly due to the persistent strain on SKMM’s servers. And do take note folks, the registration is closed from 11pm to 7am daily.

Go To The PKB Registration Page

Just in case, here’s a step by step guide on what to expect when registering :
Step 1 : Choose Your Category

Before you start filling in your information, you first have to choose which category you belong to, depending whether you are working or currently pursuing your studies. Because we’re working employees, the next steps will be screenshots for those under this category. But we imagine that there won’t be much differences applied to students (except maybe for employment information).

Step 2 :  Basic Information

No surprises here, the next page requires you to fill in your particulars. Don’t worry about missing out any compulsory sections as the system will let you know when you try register. Once you’re done, just click on the “seterusnya” button to go to the next page.
Step 3 : Telecommunication Information

In the next step, you have to choose from the options given on your current Telco provider (compulsory for postpaid and prepaid subscribers). There’s also a special section for you to fill in your Facebook, Google +, or other social media pages, but it’s not a compulsory field so you can just skip it if you want to!

Step 4 : Employment Information

Step 4 requires you to fill in on your employment details (and for students, we’re guessing details on college / university). You also need to fill in your KWSP / LTAT number, so make sure you have those numbers noted down somewhere!

Step 5 : Confirmation Page

And we’re on to the last step of the registration process! The last step requires you to click on the “I agree on the Terms & Conditions given” statement to show your full agreement. But before that, make sure that all of the information that you’ve given is correct and up to date, failure to do so could mean jail time or fine (or both!).

To send in your registration, just click on the “Daftar” button. It might take a while for the page to load but rest assured, you will be notified of your registration status and registration number immediately and you can straight away print out the status or send it to your e-mail address.

I Have Successfully Registered! What’s Next?

Youv’e registered? Yay! Here comes the exciting part of the deal : Getting the smartphone! There is a one month duration for you to get your new swanky smartphone, exceeding the one month period means you have to complete the registration process all over again.

How Do I Get My Rebate?

Easy! Simply march to any of the participating outlets of your selected network providers with these documents in hand :

• A copy of MyKad
• A copy of student card for students
• Printout of registration status and number

After the obligatory confirmation check from the outlet personnel, you can then immediately get RM200 discount off your smartphone purchase! Here’s the flipside though, you will have to register with the network provider (if you are not yet a subscriber to the network) in order to get the smartphone (you won’t get to save much if they offer an expensive monthly data plan).

Can I start purchasing my 3G smartphone?

Although the registration process has started, most network providers (with the exception of Tune Talk and U Mobile) have yet to announce their “Pakej Komunikasi Belia” smartphone plans. We’ll be sure to keep you posted on the latest updates!

Do I really get the RM200 rebate?

With all kinds of discounts and plan rebates these days, it can be hard to be sure whether you actually get the rebate or not, so be sure to check out the prices of the phones that you are looking to get first (with whichever plan you want, prepaid or postpaid), and then making sure you get the additional RM200 off.
Check out our Utilities & Phones section where we compare smartphone plans (across many platforms, including iOS, Android, Blackberry OS etc.) for your viewing pleasure.

Participating Network Providers 

So where can you get your smartphones? Members of the public should look out for the “Pakej Komunikasi Belia” logo that will be displayed on banners and buntings at outlets from these providers :

• U Mobile
• Tune Talk
• Maxis
• Celcom
• DiGi Telecommunications
• YTL Communications
• Clixster

3G Smartphone List

Each network providers will have a list of entry-level 3G smartphones to offer (previously, the maximum price for 3G smartphone eligibility was RM500 but that condition has been lifted as of early January 2013) for you to choose from, so stay tuned for the updated list and plans from the providers!
Here’s the previous smartphone lists below / borderline RM500 that made the cut :

1. Alcatel 993D
2. Alcatel One Touch Glory 2
3. Alcatel One Touch Inspire 2
4. The Buzz Phone
5. HTC Wildfire
6. Huawei Ideos X3
7. LG Optimus L3
8. Ninetology Black Pearl II
9. Ninetology Palette
10. Nokia 2730
11. Nokia 7230
12. Nokia Asha 305
13. Nokia Asha 308
14. Nokia Asha 311
15. Nokia C2 – 03
16. Nokia Lumia 610
17. Samsung Galaxy Chat
18. Samsung Galaxy Mini
19. Samsung Galaxy Pocket
20. Samsung Galaxy Y
21. Sony Experia Tipo
22. ZTE Acqua
23. ZTE V790

This Youth Communication Package was announced in the Budget 2013 speech in September 2012, for more details on how you can save money from there, check out our full Malaysia Budget 2013 article.

Robert Kiyosaki: "PhD = Poor Helpless and Desperate"