Jumaat, 11 Oktober 2013

The Star Online: Metro: Sunday Metro

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The Star Online: Metro: Sunday Metro

India issues red alert for cyclone Phailin
Five dead, millions without power as typhoon hits Philippines
Malala wants to be PM to 'save' Pakistan

India issues red alert for cyclone Phailin

Posted:

NEW DELHI, Oct 12, 2013 (AFP) - India's weather office issued a "red" alert Saturday as a massive cyclone bore down on the east coast, forcing the evacuation of hundreds of thousands of people.

The weather office, in its "red message", said that the "very severe cyclonic storm Phailin" was moving toward the coast packing gusts as high as 240 kilometres per hour (150 miles per hour).

Five dead, millions without power as typhoon hits Philippines

Posted:

MANILA, Oct 12, 2013 (AFP) - Typhoon Nari pummelled the northern Philippines early Saturday, ripping roofs off buildings, killing five people and leaving more than two million people without electricity, officials said.

Nari hit the country's east coast around midnight (1600 GMT Friday), toppling trees and pylons and dumping heavy rain as it cut a westward swathe through the farming regions of the main island of Luzon, they said.

"One of the dead was a police officer awaiting deployment for rescue duties. He was buried in a mudslide," National Disaster Risk Reduction and Management Council spokesman Rey Balido told a news conference in Manila.

Three people were crushed to death by falling trees while another person was electrocuted by a loose power line, Balido added.

The damage blacked out 37 towns and cities across central Luzon, according to a tally by the civil defence office in the region.

Road and utility crews were out clearing roads and restoring power, but it could take up to two days before electricity is restored and major highways are reopened to traffic, Nigel Lontoc, a disaster official for the region, told AFP by telephone.

A total of 2.1 million people live in the areas now without electricity, according to official population figures.

Balido said four people were listed as missing, including a fisherman on the country's east coast who had been sleeping in his boat when the cyclone made landfall.

"Big waves swept the boat out to sea," he added.

Three other fishermen who put to sea elsewhere before the typhoon have also failed to return, Balido said.

About 3,000 people moved into government-run shelters before the typhoon struck amid warnings of flooding and landslides, Lontoc said.

Seventeen villages in Bulacan, a province that lies next to Manila, were under up to 1.2 metres (four feet) of floodwater, he added.

Balido and Lontoc said local officials were tallying the number of damaged homes, many of which had their roofing blown off.

The typhoon spared the capital Manila, where the state weather service had warned on Friday about possible widespread flooding.

No major floods have been reported in the metropolis of more than 12 million people.

After sweeping across the Philippines, Nari blew out to the South China Sea with peak winds of 120 kilometres (75 miles) an hour, the state weather service said.

Projections from the Hong Kong Observatory had the storm gathering pace over the coming days as it heads towards the northeast coast of Vietnam.

The Philippines is hit by about 20 major storms or typhoons each year that occur mainly between June and October.

Malala wants to be PM to 'save' Pakistan

Posted:

NEW YORK CITY: Teenage rights activist Malala Yousafzai told an audience in New York that she would like to become prime minister of Pakistan to "save" the country.

In an interview with CNN's Christiane Amanpour at a sold-out public event, she also said winning the Nobel Peace Prize would be a "great honour".

Asked about her conflicting dreams of becoming a doctor or a politician, and whether she would like to become premier, Malala said she wanted to help her homeland.

"I want to become a prime minister of Pakistan," she told Amanpour to cheers from the audience.

"I think it's really good because through politics I can save my whole country," she added.

"I can spend much of the budget on education and I can also concentrate on foreign affairs."

Malala was shot in the head by the Pakistani Taliban on Oct 9, 2012, for speaking out against them, demanding that girls have the right to go to school.

She was flown to Britain for specialist care and made a remarkable recovery, going on to become a global ambassador for children's rights.

The 16-year-old has written an autobiography, addressed the United Nations and set up the Malala Fund.

On Thursday, she won the prestigious Sakharov human rights prize from the European parliament and was tipped as a firm favourite for the Nobel Peace Prize.

"If I got the Nobel Peace Prize I think it would be such a great honour and more than I deserve," she said.

"The Nobel Peace Prize would help me to begin this campaign for girls' education."

The real prize, she said, would be to see every child, black or white, Christian or Muslim, boy or girl, go to school and "for that I will struggle and work hard".

She paid tribute to previous Nobel laureates, including scientist Abdus Salam who in 1979 won the prize for physics – Pakistan's only Nobel to date. — AFP

Kredit: www.thestar.com.my

The Star Online: World Updates

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The Star Online: World Updates

Obama and Republicans search for a deal on U.S. fiscal impasse
California man on way to Mexico arrested in al Qaeda probe
Lawyers say NSA eavesdropping on U.S. citizen may have led to strike

Obama and Republicans search for a deal on U.S. fiscal impasse

Posted:

WASHINGTON (Reuters) - President Barack Obama and congressional Republican leaders inched toward resolving their fiscal impasse on Friday, but struggled to agree on the length and terms of a short-term deal to increase the U.S. debt limit and reopen the government.

Obama met Senate Republicans at the White House and spoke by phone to House of Representatives Speaker John Boehner as negotiations intensified on how to get hundreds of thousands of federal workers back on the job and extend the government's borrowing authority past the October 17 limit.

It was hard to gauge the progress of talks, as all sides refused to divulge many of the specific details of what is being discussed.

But both sides spoke with new optimism about the possibility of avoiding a fiscal crisis. Lawmakers were expected to work through the weekend with a goal of finishing a deal by early next week.

Economists have warned that a debt default would create global economic chaos, and analysts warned on Friday that if the shutdown lasts more than a month, it would cause a sharp slowdown in fourth-quarter economic growth.

Obama wants the debt ceiling raised for longer than the six weeks first proposed by Republicans, and Republicans want a commitment to broader deficit-reduction talks from the White House.

"The two of them agreed that all sides need to keep talking," White House spokesman Jay Carney told reporters after the call between Boehner and Obama. "It at least looks like there is a possibility of making some progress here."

House Republicans will meet at the Capitol on Saturday morning to discuss their options after sending the White House a proposal that included the short-term increase in the debt limit that would clear the way for reopening the government.

The House Republican proposal called for cuts in programs like the Medicare health plan for seniors to replace two years of the automatic spending cuts known as "sequestration" agreed to last year by Congress, senior aides said.

"The good thing is the negotiations are ongoing. That is much more progress than has been the case lately," House Majority Leader Eric Cantor of Virginia said.

But Carney said the short-term increase proposed by Republicans would not provide enough certainty for the economy and would put the country back on the verge of default during the end-of-year holiday season.

"A debt ceiling increase at only six weeks tied to budget negotiations would put us right back where we are today in just six weeks, on the verge of Thanksgiving and the obviously important shopping season leading up to the holidays," Carney said.

At a White House meeting with Senate Republicans on Friday, Obama expressed concerns the proposed debt-limit extension was too short and also talked about the need for new revenues as part of any long-term deficit reduction plan, Republican Senator Orrin Hatch of Utah said.

Large portions of the U.S. government shut October 1 after Obama and Democratic lawmakers rejected House Republicans' demands for delays to Obama's healthcare reforms in exchange for temporary government funding. Thousands of government workers have been furloughed and parks and attractions shuttered.

Deals were struck on Friday to reopen three of the most famous landmarks, using state money and other funds. The Grand Canyon, Mount Rushmore and the Statue of Liberty will soon be open for visitors, as well as some parks in Colorado and Utah.

'A DIFFICULT EXPERIENCE'

Hatch said he left the meeting feeling the fiscal fight would still be a "difficult experience."

But Senator Bob Corker, a Republican from Tennessee, said senators "had to leave there knowing that probably in the very near future we will have these issues behind us."

The new sense of optimism sent U.S. stocks higher on Friday, extending gains from a major rally in the previous session. But U.S. Treasury bills maturing in late November and throughout December spiked as banks and major money market funds shy away from holding debt with any risk of delayed interest or principal payments.

"If the shutdown lasts through the end of October, the economic damage would be significant, reducing real GDP as much as 1.5 percentage points in the fourth quarter," said Mark Zandi, chief economist at Moody's Analytics in West Chester, Pennsylvania.

An unlikely coalition of the heads of the U.S. Chamber of Commerce, AFL-CIO labour federation and United Way Worldwide joined together on Friday to warn about the dangers of a prolonged economic impasse.

"While we may disagree on priorities for federal policies and we even have conflicting views about many issues, we are in complete agreement that the current shutdown is harmful and the risk of default is potentially catastrophic for our fragile economy," they wrote in a letter to Obama and members of Congress.

Obama spoke by phone to a group of about 150 leaders of major businesses on Friday afternoon, the White House said.

"The president reiterated that his first order of business is to urge Congress to reopen the government and remove the threat of default, and then he is willing to engage with Congress on a long-term budget," the White House said.

Time was running short, with the shutdown in its 11th day and less than a week to go before the Treasury Department exhausts its ability to borrow money to pay the government's bills.

Any deal that is struck by leaders could face a revolt from rank-and-file conservatives in both the House and Senate.

Texas Senator Ted Cruz, a Tea Party favourite who has been a leader of conservatives demanding delays or defunding of Obama's healthcare law before they will approve a budget deal, took a hard line at a conference of conservative activists.

In a speech frequently interrupted by hecklers but warmly embraced by the smaller-government Tea Party faithful, he said the country must "stop that train wreck, that disaster, that nightmare that is Obamacare."

Senate Democratic leader Harry Reid is scheduled to hold a vote on Saturday on a measure giving a one-year debt ceiling increase without conditions. It is expected to be opposed by Senate Republicans. The chamber may then move quickly on a shorter time frame, even if it is not Democrats' first choice.

Senate Republicans were discussing a series of different ideas, including a quick reopening of the government coupled with a debt limit increase and the repeal of an unpopular medical device tax that would raise revenues to pay for the healthcare law.

Reid on Friday publicly criticized Republican calls for a short extension of the borrowing authority.

"We do not believe a six-week delay of a catastrophic default is enough to get the economy the confidence it needs," Reid said on the Senate floor.

A Reuters/Ipsos poll on Friday showed more Americans blamed Republicans for the shutdown, which also appears to be damaging the party's reputation on issues such as healthcare and the economy.

Nearly one-third of Americans - 32 percent - say Republicans are responsible for the shutdown, up from 26 percent a week ago. About 4 percent said Democrats were mostly at fault for the shutdown, down from 5 percent. Sixteen percent blamed Obama, up from 14 percent.

(Additional reporting by Tim Reid, Patrick Rucker, Roberta Rampton, Mark Felsenthal, Jeff Mason, Steve Holland and Lucia Mutikani; Writing by John Whitesides; Editing by Claudia Parsons, Tim Dobbyn and Lisa Shumaker)

California man on way to Mexico arrested in al Qaeda probe

Posted:

LOS ANGELES (Reuters) - A California man was arrested at a bus stop on his way to Mexico on Friday and charged with attempting to provide material support to al Qaeda and making a false statement on a passport application, the FBI said.

Authorities arrested Sinh Vinh Ngo Nguyen, 24, in Garden Grove, 25 miles (40 km) southeast of Los Angeles.

The U.S. citizen is accused of providing a false name on a passport application and offering to help the militant network, according to a federal indictment.

He was seeking "to work under the direction and control" of al Qaeda, said the indictment filed in U.S. District Court for the Central District of California.

Nguyen, who was due to appear in court on Friday afternoon, went by the alias Hasan Abu Omar Ghannoum, the document said.

He is accused of making the false statement on the passport application "to facilitate an act of international terrorism," an FBI spokeswoman said in a statement.

(Reporting by Alex Dobuzinskis; Editing by Cynthia Johnston and Xavier Briand)

Lawyers say NSA eavesdropping on U.S. citizen may have led to strike

Posted:

WASHINGTON (Reuters) - U.S. intelligence officials may have used National Security Agency data collected by eavesdropping on U.S. citizens or residents to target a Somali militant leader in a lethal missile strike, defence lawyers in a California terrorism-funding case said.

Questions about whether the data may have been collected illegally could fuel fresh controversy over NSA spying on U.S. citizens and residents and the way data it collects is used. Defence lawyers assert there may be legal grounds for a new trial for four men convicted in the case.

In February, the four men, of Somali extraction, but resident in San Diego, were convicted of conspiracy to finance and support the Somali militant group al Shabaab, which recently carried out a deadly attack on the Westgate shopping mall in Nairobi.

In a court document filed on Thursday, lawyers for the four said an FBI email they obtained under disclosure rules constitutes evidence which, though cryptic, suggests that data collected by NSA eavesdropping on one of defendants - a U.S. citizen - was used for the missile targeting.

The email, from an unnamed FBI official to an unnamed recipient at another agency, talks about how Aden Hashi Ayrow, the senior al Shabaab leader based in Somalia killed in the May 2008 missile strike, tried to call one of the defendants - U.S. citizen Basaaly Moalin - in January 2008 but failed to reach him.

"We just heard from another agency that Ayrow tried to make a call to Basaaly today, but the call didn't go through. If you see anything today, can you give us a shout ? We're extremely interested in getting real time info (location/new #s) on Ayrow," the email says.

One of the defence lawyers, who spoke on condition of anonymity, said it was unclear if the information was legally obtained with a warrant. The new court filing calls for a new trial and for the U.S. government to turn over other evidence which may have been withheld at the original trial.

Historically, it has been rare for the U.S. government to release, either through evidence-sharing rules or under the U.S. Freedom of Information Act, internal government documents relating to counterterrorism armed drone operations.

The email in question was uncovered during the lengthy government investigation and court proceedings about the four defendants and turned over to defence lawyers.

Revelations this year by former NSA contractor Edward Snowden have provoked a major political debate in the United States on the extent of snooping on U.S. citizens and residents and its legality.

In their court filing, the defence lawyers argued that the use of NSA eavesdropping authority employed in their case "would be beyond the scope of anything authorized by Congress or approved by the (Foreign Intelligence Surveillance Court) - unless of course that is the subject of another set of secret procedures and protocols yet to be exposed and subsequently acknowledged."

"Given that the U.S. government had previously attempted to target Mr Ayrow via missile attack (unsuccessfully), and ultimately did so successfully May 1, 2008... the implications of 'real time' information on Mr. Ayrow's whereabouts are obvious, if not altogether ominous," it said.

In congressional hearings following the Snowden revelations, law enforcement and intelligence officials publicly cited the San Diego prosecution as one of a handful of unclassified examples of how NSA surveillance had been a key tool in U.S. counterterrorism efforts, but gave only limited details.

The NSA had no immediate comment and the CIA, which has conducted lethal drone operations against militants in Somalia and other countries, declined to comment.

(Editing By Alistair Bell and David Brunnstrom)

Kredit: www.thestar.com.my

The Star Online: Business

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The Star Online: Business

On track to Asean integration?
Real Fed’s test for Yellen
Unit trust's CG challenge

On track to Asean integration?

Posted:

THERE can be no doubt that Asean member states want the Asean Community, a platform for regional integration based on the three pillars of the economy, security and culture, to succeed.

Of the three pillars, the most important by far is the Asean Economic Community (AEC) whose main objectives include a single market and production base, a highly competitive economic region, a region of equitable economic development, and a regional economy fully integrated into the global economy.

Therefore, Myanmar and Malaysia, who will be chairing the Asean summits next year and in 2015 respectively, will be closely watched as they set the agenda towards regional integration.

At the 22nd Asean summit held in April and chaired by Brunei, integration was the major agenda item. The 23rd summit, also chaired by Brunei and held over Wednesday and Thursday, committed the members to the Asean Community goals as well as regional stability and prosperity.

However, the end-2015 deadline, while a milestone in regional integration, only marks the beginnings of integration, not the deadline for total integration, as government officials and Aseancrats point out.

While Asean government leaders sing paeans to regional integration, their underlings are more practical as the AEC is very much a work-in-progress.

The AEC have a scorecard measuring members' progress but US Chamber of Commerce senior director for South East Asia John Goyer says a better way of measuring compliance is needed.

"The scorecard does not access how well or effectively obligations are being implemented, it just assesses whether rules/regulations are in place," he says in an email reply to StarBizWeek.

Goyer says while the impact of the AEC have been generally positive, there is substantial unrealised potential, adding that Asean has had a substantial focus on trade and investment, which has served the organisation, its members and its people, very well.

"Economic integration, both within Asean and between Asean and its major trading partners, has played an important role in the region's growth and development," he points out.

But business leaders have cause to question whether economic integration is deepening. In fact, a joint survey by the American Chamber of Commerce in Singapore and the US Chamber recently showed that 52% of 475 senior US business executives doubt the AEC's goals will be realised in 2015.

Some 60% of them believe that member states will not be able to fully achieve the goals set out for deeper economic integration until 2020 or later.

The survey also showed that these executives remain optimistic of overall business prospects in the region and expect the levels of trade and investment in Asean by US firms to rise over the next five years.

The push for economic integration

Nevertheless, despite the pessimists' views, Asean ministerial officials remain committed to ensuring that member states' governments comply with the AEC goals.

Malaysia's International Trade and Industry Ministry secretary-general Datuk Dr Rebecca Fatima Sta Maria says the challenging part comes from improving behind-the-border measures. These are measures akin to non-tariff barriers and include technical barriers, labelling requirements and other regulatory measures.

She notes that while member states are working on increasing intra-Asean trade, the region is still more competing than complementary.

"Trade facilitation must be a priority. We have begun the process of collating the non-tariff barriers (NTBs) as brought to our attention by the business community," Rebecca says, adding that Asean needs to strengthen its dispute settlement mechanism.

She also stresses that 2015 is not a deadline. "It is a major milestone towards economic integration. The process of economic integration will continue," Rebecca says.

Rebecca says there is an agreement among all parties that there is a need to streamline meetings while the oversight process as provided by the senior economic officials, Asean economic ministers and the Asean Economic Community Council should be stepped up.

Meanwhile, former deputy secretary-general for Asean economic cooperation Dr Suthad Setboonsarng acknowledges that members' commitment to implement and enforce AEC rules is still an unresolved issue.

"This is why the focus is now on administrative measures and product/service standards. Changing administrative procedures requires changing existing regulations, rules and laws which may be embedded in other laws and regulations. It is a demanding exercise and takes time," he points out.

Suthad says the 2015 deadline "is a good milestone" but some areas of the AEC will have progressed more than others.

"For example, the textile industry, automotive, and wood-based products such as furniture are almost single markets. However, service sector liberalisation will need us to properly address winners and losers.

Sensitive issues

These are sensitive issues that need to be further investigated," he adds.

Suthad likens the AEC rules, regulations and laws governing business conduct in the region as the Asean software infrastructure but the process of implementing them will take years and not all will be completed by the end-2015 deadline.

"This doesn't mean we will stop working on them," he says. Inevitably, the private sector must step up to assume part of the burden that the AEC changes will demand and which the public sector may not be able to cope.

Suthad says one example in which the private sector can take an active role is in product standards testing and verification where governments can accredit private companies/institutions to provide the certification while maintaining the supervision role.

Inevitably, economic integration will be important for Asean's community-building process as a natural next-step to the political security and the peace dividend cultivated over the years.

"Asean can only determine its own future if the region is integrated.

"We all in Asean know that autarky is not sustainable in the medium or long run. These practices cater to pressure in domestic politics and only serve short term interest. Governments and, more critically, their voters will know that this is not in the best interest of the country and region," Suthad says.

Real Fed’s test for Yellen

Posted:

Sometimes it takes a woman to do a man's job

IN Chinese history, a woman's ascension to power is either a sign of profound change or dramatic crisis. Janet Yellen's nomination to assume chairmanship of the US Fed is a sign of changing times.

Note that both the Fed and the SEC will be headed by women. After all, Christine Lagarde, head of the IMF, has said that if Lehman Brothers had been a bit more Lehman Sisters, we would not have had the same degree of tragedy!

In essence, we need women to clean up man-made messes.

The difference here is not that Yellen is taking over in crisis, but is faced with withdrawing the medicine for the crisis. She inherits an intoxicated punch bowl, with a central bank that needs to unwind massive quantitative easing (QE), at the same time as the United States faces its own debt debacle. According to the Congressional Budget Office, the United States will run out of borrowing authority on Oct 17 and will have about US$30bil in cash after that. The country would be unable to pay all of its bills, including benefits, salaries and interest, sometime between Oct 22 and Oct 31.

The rest of the world sits aghast with disbelief that the most powerful economy in the world can have a debate whether the government would stop paying its bills, because some Tea Party members can play "who blinks first" with the President on changing the Medicare legislation. This is stark reminder that crisis is not about rationality and that politics is the real dismal science, not economics.

I have no doubt that in terms of IQ, EQ and experience, Janet Yellen is imminently qualified to be the captain of the world's leading central bank. As former president of the San Francisco Fed, she understands not only the issues of an open, innovative West Coast economy, but also the dynamic Pacific Rim countries that account for 55% of world GDP (gross domestic product) and 44% of world trade.

The Apec economies, being large users of the dollar for trade and largest dollar holders in their foreign exchange reserves, have high hopes that the new Fed chairman will protect the value of their dollar holdings.

What is the scorecard that Yellen has inherited?

QE3 is committed to buying US$85bil worth of long-term Treasury paper, including US$40bil of mortgage-backed paper, per month, as long as is necessary. Furthermore, since December 2012, the Fed has said it intends to hold the federal funds rate near zero at least until unemployment has declined below 6.5%. As far as I know, there is no theoretically proven causal effect on low interest rates reversing the level of unemployment. Even current chairman Ben Bernanke has admitted: "We don't have tools that are strong enough to solve the unemployment problem."

Despite this, the purpose of QE is to tell Congress that the Fed stands fully behind the economy, buying time for the real structural reforms to be undertaken by the politicians.

But that is exactly the unfortunate dilemma of modern central banking. By stepping forward with a printing solution in a policy vacuum, central banks gave their politicians the perfect excuse not to take the tough medicine of structural reforms. As former European Commissioner Jean-Claude Juncker honestly admitted: "We heads of government all know what to do, we just don't know how to get re-elected when we do it."

We all recognise that unconventional times needed unconventional tools. The Fed can be congratulated for taking decisive action in 2008 to prevent a financial meltdown. But applying a stimulant during a heart attack does not mean that you should apply it forever.

There are several good reasons why aggressive and prolonged easing can lead to negative results. First, by spraying everyone with liquidity, it is the banks and those able to borrow cheaply that benefit more than those who cannot access finance. This is a distributional issue which has huge political ramifications that will haunt future central bank independence.

Second, the low interest rates actually erode the income of pension funds and life insurance companies, thus worsening the net wealth of the retirees. Another distributional issue that explains why Republicans also do not like QE.

Third, prolonged low interest rates and high liquidity renewed incentives for a "search for yield" and another round of speculation and leveraging. Large carry trade capital flows rushed into emerging markets, and there was a huge gush out in May when Ben Bernanke started hinting about tapering QE. The latest IMF Global Financial Stability Report has warned: "After a prolonged period of strong portfolio inflows, emerging markets are facing a transition to more volatile external conditions and higher risk premiums. Some need to address financial and macroeconomic vulnerabilities and bolster resilience."

Fourth, QE and low interest rates are atrophying market discipline. Central bank balance sheets are triple what they were before 2007. They have become front line intermediaries in areas such as the mortgage market and money markets.

Indeed, governments with debt over 100% of GDP are completely reliant on low interest rates to sustain their budget debt servicing at a reasonable level.

Even the august Bank for International Settlements has warned, "unusually accommodative and protracted monetary conditions can delay the necessary balance sheet repair and misallocate resources".

The financial markets and the governments are very happy that Yellen said in April that she was persuaded that "the policy rate should, under present conditions, be held "lower for longer" than conventional policy rules imply," implying that she is a monetary dove.

But what may be needed in the near future is tough action to ensure that the United States and the rest of the world do not enter into a period of stagflation – slow growth, high unemployment and inflation.

Now that's a real test of central banking skills. Good luck, Janet. We all wish you well.

Andrew Sheng is president of the Fung Global Institute.

Unit trust's CG challenge

Posted:

THE Malaysian unit trust industry quietly recorded a milestone at the start of the year when the total net asset value (NAV) of its funds climbed above the RM300bil mark in January. That figure matters because it shows just how fast the industry has been growing in recent years.

When 1996 came to a close, the total NAV was RM60bil. It went past RM100bil in January 2006, about nine years later. However, it took only four years to double. That was in March 2010.

The subsequent step up was achieved in an even shorter time. The vault from RM200bil to RM300bil, which basically meant that the industry's worth increased by 50%, was made in less than three years.

According to the Securities Commission, the unit trust NAV is projected to increase to almost RM830bil in 2020. That's merely seven years away.

The rise in the other indicators are not as huge, but the numbers for the last decade (see table) tells the same story – that the pace of the country's unit trust business has picked up tremendously.

It appears that the man in the street in Malaysia is finally embracing the idea of investing in unit trust funds.

The history of unit trust industry here goes back to 1959, but public awareness of unit trust investing had been close to zero until 1981, when Amanah Saham Nasional was launched. However, demand for unit trust funds offered by the private sector had been slow to take off until the new millennium.

In the Capital Market Masterplan 2, the SC notes that the rapid growth of the investment management industry (21.2% annually between 2000 and 2010) was largely driven by the unit trust players.

"Based on historical trends, the growth of the investment management industry is likely to outpace the growth of equity assets over this decade. This is a feature typical of an economy in transition from middle income to developed status," says the commission.

"Projections indicate that the penetration rate for unit trusts is likely to almost double from 18% in 2010 to 34% in 2020, which is closer to levels usually seen in developed markets."

(The penetration rate is the unit trust NAV as a percentage of the stock market capitalisation.)

In short, the unit trust companies are becoming more influential in the capital market. But here's the thing: When was the last time you've heard a unit trust company publicly talking about corporate governance and shareholder activism?

Visit the websites of these companies and you'll see that most of them focus solely on the companies' products, investment prowess and accolades.

As a whole, the industry too has little to say about the governance of the companies its players invest in, and about the role of institutional investors in shareholder activism.

The Federation of Investment Managers Malaysia (FIMM) says its mission is to build "the highest level of trust, integrity, standards and ethics for investor security, growth and knowledge in the investment management industry". Naturally, the federation looks within, coming up with rules and measures to improve the environment for unit trusts and to better protect investors.

The federation does have an advocacy role – to promote public awareness of the benefits and risks of investing in unit trusts. Its code of ethic and rules of professional conduct for unit trust funds have no room for any reference to engagement between FIMM members and the companies they invest in.

Yet, the unit trust companies can do more than take good care of their customers and investment portfolios.

The SC's Corporate Governance Blueprint 2011 has a chapter on the role of institutional investors, urging them to take a leadership role in governance by exercising responsible ownership.

Says the SC: "Institutional investors are in a unique position to exercise influence over companies and to hold them accountable for good governance.

"Given the typically significant stake they hold, they have the ability to demand meetings with the senior management of companies, challenge them on issues of concern, discuss strategies for achieving the companies' goals and objectives and be the leading voice of shareholders in demanding corrective action when wrongdoing occurs."

To prod institutional investors to do more for corporate governance in Malaysia, the Blueprint recommends the formulation of a new code and the creation of an industry-driven umbrella body, both for institutional investors. To date, neither has happened.

The flourishing of the unit trust industry may reflect Malaysia's progress toward high-income status, but that doesn't change the fact our unit trust companies have some way to go before their take on corporate governance matches that of their top counterparts in the developed countries.

Many of the biggest mutual fund managers in the United States, for example, have guidelines on how they vote in shareholder meetings of the companies they invest in.

Says American Funds on its website: "A proxy authorises someone other than the owner of a stock to cast a vote on his or her behalf at the issuing company's shareholder meeting. Proxies typically are used by shareholders to elect a company's board of directors, select independent auditors, approve executive compensation, and vote on other management- or shareholder-sponsored proposals.

"With responsibility for millions of shares of stocks, American Funds routinely votes by proxy. Through this process, we aim to promote the long-term financial interests of our shareholders."

The mutual funds are also open about their views on corporate governance, and often, they clash with the management of listed companies over proposals.

"Vanguard's duty to fund shareholders is to maximise the long-term value of the investments held by our funds. We advocate effective corporate governance by the companies in which our funds invest because we believe that it is an important way to enhance shareholder value," says The Vanguard Group, another mutual fund giant.

Fidelity Investments, home of perhaps the most famous mutual fund, the Fidelity Magellan Fund, has this to say about its role in corporate governance: "Even within sound, time-tested markets, there still exists the potential for corporate missteps such as accounting and financial reporting irregularities and corporate bankruptcies.

"The occurrence of such events underscores the importance of sustaining investor confidence in the basic integrity of corporations and their leaders, as well as the fundamental fairness of securities markets. We know that shareholders rightfully look to Fidelity to be responsive to matters relating to corporate governance."

The unit trust companies here will perhaps argue that their customers don't expect them to carry the torch in the struggle for better corporate governance, that the unitholders prefer that time and resources are spent on managing investments instead of shareholder activism.

That may be the case now, but when investors become more enlightened, they will eventually realise that poor corporate governance gets in the way of solid long-term returns.

Executive editor Errol Oh, who has invested in unit trusts, wonders if the ownership of most of the Malaysian unit trust companies contributes to the lack of shareholder activism.

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The Star Online: Nation

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The Star Online: Nation

Three armed robbers shot dead
Ramli Sarip and Kim Swee to get Datukships
PAS shortlists eight for Sungai Limau polls

Three armed robbers shot dead

Posted:

IPOH: Four armed robbers, who had just robbed a goldsmith of RM1.8mil in front of the Mydin Mall in Meru Raya, were caught in a shootout with the police which killed three of them.

Another robber managed to escape on foot during the shootout at a road junction 3km away from the Kedai Emas Sri Ayu, which they robbed at 10.55am yesterday.

In Kepala Batas, Inspector-General of Police Tan Sri Khalid Abu Bakar said that the four men were involved in at least three robbery cases.

He confirmed that the robbers were gang members but declined to comment further as investigations were still pending.

Perak police chief Senior Deputy Comm Datuk Acryl Sani Abdullah Sani said an Ops Cantas Khas team tracked down the robbers' getaway car, a silver Proton Waja, at a nearby roundabout before a high speed chase ensued shortly after the robbery.

"The suspects opened fire and a bullet hit the bumper of the police vehicle. Subsequently, at a traffic light junction, the driver lost control of the getaway car and it skidded.

"The suspects got out and immediately started shooting at the police," he told reporters.

He added that two other police vehicles arrived at the scene and during the crossfire three of the robbers were killed.

"We believe the robber who got away was injured judging by the way he was limping into the oil palm plantation nearby.

"Our men have surrounded the area and are still on standby there to nab the suspect," said SDC Acryl Sani.

Police later recovered a Spanish made pistol and three bullets, plus 4kg of jewellery, two spent bullet casings, a parang and ski mask, from the scene of the shooting.

During our search for the remaining suspect at the plantation, our men managed to recover another firearm, a Smith & Wesson revolver with three live bullets," he added.

SDC Acryl Sani said footage from closed-circuit television cameras at the goldsmith shop showed that the robbers were in and out of the place within three minutes.

"Two of them entered the shop and smashed its showcase with hammers while another armed accomplice kept watch outside.

"A fourth man waited in the car, which we later found out in our investigations was reported stolen in Bayan Baru, Penang, on Oct 3," he said.

The identities of the three men are still unknown as they did not have any personal identification on them, he added.

Ramli Sarip and Kim Swee to get Datukships

Posted:

MALACCA: Rock legend Ramli Sarip and Harimau Muda A coach Ong Kim Swee are among 901 recipients of state awards in conjunction with the 75th birthday of the Yang di-Pertua Negri of Malacca Tun Mohd Khalil Yaakob.

The two will receive the Darjah Pangkuan Seri Melaka (DPSM) award that carries the title Datuk.

They are among the 104 personalities who will receive the Datuk Seri, Datuk Wira and Datuk titles.

Chief Minister Datuk Idris Haron and Inspector-General of Police Tan Sri Datuk Seri Khalid Abu Bakar lead the honours list in conjunction with the Governor's birthday today.

Award recipients: (From left) Ramli, Ong and Khalid.

Idris will receive the Darjah Gemilang Seri Melaka (DGSM) award which carries the title Datuk Seri, while Khalid will get the Darjah Cemerlang Melaka (DCSM) award which carries the title Datuk Wira.

This was announced by State Secretary Datuk Naim Abu Bakar here yesterday. He said the 901 recipients will receive their awards in three separate investiture ceremonies.

Among nine others who will receive the DCSM award are Armed Forces chief Tan Sri Zulkilfeli Mohd Zin and state Education, Higher Learning, Science and Technology committee chairman Datuk Md Yunos Husin, Mamee Double Decker (M) Bhd CEO Datuk Pang Tee Nam and Mass Rapid Transit Corporation Sdn Bhd CEO Datuk Azhar Abdul Hamid.

Nine recipients will receive the Darjah Mulia Seri Melaka (DMSM) award, which also carries the title Datuk.

Naim said the Governor has consented to award recipients comprising Federal and state government officials, corporate figures, non-governmental organisation (NGO) activists, volunteers and people from the media.

PAS shortlists eight for Sungai Limau polls

Posted:

KUALA LUMPUR: PAS has shortlisted eight candidates to contest in the Sungai Limau by-election, said party president Datuk Seri Abdul Hadi Awang.

However, the Marang MP said that the candidates names would only be announced on Oct 21, in Kedah.

"All of the candidates are new faces and had never contested in the previous election.

"We are currently scrutinising each candidate to ensure that they are free from scandals, corruption and are well-accepted by the grassroots," he said after chairing a meeting at the party headquarters here yesterday.

The Sungai Limau state seat fell vacant following the death of its incumbent Tan Sri Azizan Abdul Razak, the former Kedah Mentri Besar, on Sept 26.

Kredit: www.thestar.com.my

The Star Online: Lifestyle: Bookshelf

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The Star Online: Lifestyle: Bookshelf

The Things They Cannot Say

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IF life is a concoction of paradoxes, then nowhere can we see this better than in the life of a soldier. The title of this book itself is a harbinger of paradoxes to come.

In The Things They Cannot Say, Kevin Sites – an award-winning journalist who has experienced the reality of war zones with his own senses – explores the impacts of wars on human beings.

Delving into the stories of 11 combatants who returned from wars in Iraq, Vietnam, Afghanistan, the Persian Gulf and Lebanon, Sites sheds light on the different triumphs and struggles that they have to face before, during and after their stint of duty in the military. These accounts certainly showed me – and will show most people, I think – just how little we really know about the life of a combatant.

This book made me realise that soldiers are very much human beings like the rest of us. Killing does not come automatically to the average soldier, and for most soldiers, their first time in taking the life of another human being comes with a shock at the magnitude of their action. Some overcome the trauma by vowing to never kill another human being while others find a way to live with themselves by numbing their emotions.

If we thought that soldiers were fearless warriors for their country, one of them whom Sites interviewed would disagree and tell us that it is not bravado that spurs them into amazing war actions most of the time, but rather, the pure practicality of a need to survive the moment.

Such paradoxes are rampant in the life of a combatant. Individuals in the military show us human nature at its strongest and weakest. The toughest soldiers who have killed many combatants could return home and watch their own lives crumble as they fail to come to terms with their past actions.

If we thought that a soldier is all about seriousness when out attacking an enemy's base, the soldiers give you accounts of comical moments of clumsiness peppered within these life-and-death situations.

The life of a soldier is almost never how we expect it to be.

This is not a book for the faint-hearted, for there are many instances of violence, of spilled blood and lost limbs and lives of fellow comrades that the soldiers have had to face. Even upon returning safely to the life of a civilian, many soldiers continue to face loss when post-traumatic stress disorder (PTSD) make them difficult people to live with. It is heartbreaking to see a soldier who has sacrificed so much to defend his country unable to defend his own marriage or happiness, but this is a story too true for many of them.

Whether a man volunteers himself or is drafted into the army, these soldiers prove that none can come out of a war zone unaffected in his worldviews and perceptions of life.

Sites has done an outstanding job in bringing to life the story of the 11 combatants. The accounts in this book are a result of Sites' interviews with the individuals as well as his own eye-witness accounts. His storytelling allows us to feel for these individuals as they experience losses, traumas, victories and hopes for their future. Sites even tells of his own battle with his inner self as a witness to the many traumas of war.

Most importantly, through his stories, Sites makes us ponder whether the world is in greater need of a solution through war or a solution for the consequences of war.

Reboot

Posted:

THERE is a glut of supernatural romance stories for young adults on bookshelves these days, which is not necessarily a bad thing – but some variety would be nice.

There are vampires, werewolves, fairies, witches, trolls (apparently they're not only beautiful, they have magical powers too) ... the list goes on.

Cutting through all the saccharine-sweet nothings and frustratingly-fraught cross-species romances comes Amy Tintera's Reboot, a futuristic sci-fi take on zombies that blends fast-paced action, mystery and some – just some! – romance.

Thanks to films like Day Of The Dead and 28 Days Later, we're used to the idea of zombies as drooling animated corpses or mindless humans, either fiendishly bloodthirsty or rotting and eager to feast on human flesh.

But in Reboot, zombies are closer to superheroes than anything else.

Set in the near future, a mysterious virus known as KDH has killed a large number of the human population.

However, some don't stay dead. Certain individuals – the strong, the young – are "lucky" enough to rise from the dead, only now they are stronger, faster and able to heal from grievous injuries in moments. The longer they've been dead, the nearer-invincible they are.

Although I say zombies, it's worth noting that Tintera has put her own spin on the urban horror figure.

Reboots bleed and keep ageing even after reanimation, they aren't rotting, and are capable of human emotion.

These "reboots" are tracked down by what passes for a governing body in this dystopian world, the Human Advancement and Repopulation Corporation (HARC).

HARC kills all adult reboots, claiming they are dangerous. But teenagers and children are used to form HARC's army, ostensibly to protect humanity's future.

They are sent out into the slum-like cities to apprehend or kill criminals, KDH survivors who don't turn themselves over to HARC, adult KDH survivors, and other supposedly unsavoury figures.

Reboot focuses on HARC's deadliest soldier, teenager Wren Connolly, who died five years ago for 178 minutes after being shot in the chest.

Being dead for that long makes her incredibly strong, cold and emotionless – the perfect soldier.

But, that changes when she meets Callum Reyes, who was dead a pathetic 22 minutes; he's practically still human, Wren notes. He's uncoordinated, goofy and disarmingly friendly, but Wren takes a shine to him and decides to train him, hoping her tutelage will lengthen his lifespan.

The lines of good and evil are clearly drawn in Reboot, especially for fans of any post-apocalyptic film: the corporation is always the bad guy.

The book is a real page-turner, and Tintera is excellent at world-building, adding in little details and human nuances that make the book a pleasure to read.

The plot really comes to a head when some of Wren's less-talented peers mysteriously fall ill after visits from HARC staff, and become feral, craving raw meat, and acting sluggish and bad-tempered.

When her best friend dies after a bout of strange behaviour, Wren decides something is amiss.

But only when her superior officers order her to kill Callum for asking too many questions is she spurred to stage an escape with him.

She teams up with human rebels who want to return democracy to the world and begins a mad scramble across New Texas to an almost-mythical "Reboot reservation", where her kind live undisturbed.

Reboot has all the elements of a great read: mystery, a realistically-paced romance, action, a window into the hardiness of the human spirit, and a commentary on accepting others and yourself.

Although the novel leaves many questions unanswered – What exactly is the KDH virus? Who runs the Reboot reservation? What is HARC really up to? – the promise of answers lie in the sequel, out next May.

In the meantime, Reboot is a rollicking, well-paced story that leaves you wanting more, while still being a self-contained adventure that will please readers who just want to veg out with a fun book.

Kredit: www.thestar.com.my

The Star Online: Metro: Central

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The Star Online: Metro: Central

Vietnam battles for General Giap’s legacy

Posted:

HANOI: The death of Vietnam's last great independence leader has sparked a battle over his legacy, with the regime seeking a firm grip on his image as communist hero, and brushing aside his criticism of the party in later life.

More than 100,000 people have visited the Hanoi house of General Vo Nguyen Giap, who died on Friday aged 102, to pay their respects to the military strategist hailed for masterminding Vietnam's stunning battlefield victories against France and America.

Giap will be given a state funeral attended by the country's top leaders on Sunday, as the heavily-censored one-party state seeks to downplay the general's later activities as a persistent government critic.

"The state is eager to recall the general as a symbol of the unquestionable legitimacy of the communist party," said Jonathan London of the Department of Asian and International Studies at City University of Hong Kong.

But he said the general was actually "quite uneasy with the current leadership", which has faced increasingly vocal domestic criticism in recent years amid persistent economic woes and high-profile corruption scandals.

"His loss is a watershed moment for the country's history (and his death has) given way to its own battle – a battle over his legacy."

The communist party, which has run unified Vietnam since the war ended in 1975, relies heavily on the personality cult it has built around founding father Ho Chi Minh – whose body, against his wishes, was preserved and put on display in Hanoi.

All Vietnamese school children learn about "Uncle Ho" and criticising him – even in jest – can land people in hot water.

Giap looks destined for the same treatment.

"The party can still produce huge benefits from late leaders like Ho Chi Minh and Giap for a long time to come," said Pham Hong Son, an activist who has spent years in prison for anti-state activity.

"They have lost a living legend but it is not important as they rely not on Giap's life, but his image."

In many ways Giap fits the mould of the perfect communist hero.

A self-taught soldier, he is lauded as a military strategy genius for defeating the French in 1954 at Dien Bien Phu in a battle that ended Paris' colonial rule in Indochina.

The founding father of the Vietnam People's Army later pioneered the ruthless guerilla warfare that was to push the United States from Vietnam.

But despite being a "loyal-to-death" communist, Pham said Giap's outspoken criticism of the party on certain issues gave "implicit support" to the country's dissidents.

The general began to speak out in his 90s, years after he was shunted from politics by enemies resentful of his battlefield success.

Writing open letters and using anniversary events to rail against sensitive issues such as corruption and bauxite mining, Giap "opened a space for others" to criticise the government, London said.

Retired Vietnamese General Nguyen Trong Vinh said Giap was able to raise sensitive issues with the government without fear of repercussions.

Viet Tan, an exile group that Hanoi considers a terrorist organisation, said it was embarrassing for the regime that the general had highlighted corruption and failures of foreign policy.

One popular blogger and outspoken critic of Vietnam's authoritarian leaders said "the last 'real communist' has died", and that it was obvious that it was no longer communist ideology that guided the country. — AFP

Rape victims suffer in silence

Posted:

MALAKPUR (India): Fatima's face turned ashen as she recalled how neighbours armed with sickles and swords stormed her house and dragged her daughter out by the hair during Hindu-Muslim riots in northern India.

"There were six of them. They tied me to a chair and raped my young girl one by one.

"I could do nothing to save her," Fatima said with tears welling up at a relief camp a few hours drive from New Delhi.

The family of seven was left shattered by the attack on the 17-year-old, which came during riots between Hindus and Muslims in and around Uttar Pradesh's Muzaffar-nagar district last month that killed at least 50.

Yet they have chosen not to report the matter to the police.

"If the word spreads that my daughter was gang-raped, tell me who will marry her? She will be branded as dirty and we will be thrown out of our own community," Fatima said at the camp in Malakpur where nearly 10,000 Muslims are sheltering.

Her story is just one among many, indicating that as well as arson and beatings, sexual violence was rampant during the three-day riots, which started on September 7.

But police say they have registered only five sexual violence cases from the riots from 282 criminal cases overall.

"We are investigating each case carefully," Kalpana Saxena, a senior police officer said.

The carnage was triggered by the killing of a Muslim man, allegedly by members of the dominant Jat Hindu family who accused him of sexually harassing their sister.

The Muslims then allegedly killed two Jat boys, leading to violence that fast spiralled out of control.

Local political leaders were accused of encouraging the violence to polarise the state along religious lines ahead of general elections next year.

Naushad Ahmad Khan, a lawyer and activist who owns an ancestral house in Muzaffarnagar's Lank village, said women were reluctant to complain because of the fear of reprisals and a lack of faith in the police and courts.

"Even by most conservative estimates, there must be at least 50 cases of gang rape alone," said Khan, who has filed a public interest case in the Supreme Court, seeking a probe.

The decision to suffer in silence reflects the stigma attached to rape, especially in deeply patriarchal societies in rural India.

It also casts doubt on a narrative that the fatal gang-rape of a 23-year-old student on a bus in New Delhi in December represented a turning point for attitudes towards women.

The bus rape was followed by weeks of street protests, leading to the strengthening of laws and talk of how more women felt encouraged to report sexual crimes.

New York-based Human Rights Watch has called on the government to provide counselling as well as legal and medical aid to victims.

"The Uttar Pradesh government needs to urgently create an environment for victims to come forward and seek justice," said Meenakshi Ganguly, HRW's South Asia director. — AFP

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The Star Online: Lifestyle: Arts & Fashion

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The Star Online: Lifestyle: Arts & Fashion

Mokhtar Dahari musical to kick off soon

Posted:

A musical to light up Datuk Mokhtar Dahari's life on stage.

FOR most Malaysians who grew up watching legendary footballer Datuk Mokhtar Dahari, he was the epitome of all that was good and great about the sport.

Now 22 years after his untimely passing at the age of 37 of muscular dystrophy, the fans – young and old alike – will get a glimpse of the man's life behind the game.

Mokhtar's inspiring story is the subject of an upcoming local musical production. SuperMokh The Musical, to be staged at Istana Budaya in Kuala Lumpur from Nov 6 to 18, boasts a star-studded line-up, including rock star Awie (as the football hero), Maya Karin, Rashidi Ishak, Douglas Lim and Dina Nazir.

It will be co-directed by Hans Isaac and Harith Iskander with Michael Veerapan as musical director.

Co-produced by Tall Order Productions and Jugra Publication, the musical is under the patronage of the Sultan of Selangor Sultan Sharafuddin Idris Shah, who is also one of Mokhtar's biggest fans.

According to Hans, the musical will tell the life of Mokhtar – as a football hero, husband, father and friend – and the trials he faced.

Legendary Malaysian striker Mokhtar Dahari's life story gets retold in a musical.

The famous Malaysian striker Datuk Mokhtar Dahari's life story gets retold in a musical.

"This musical is a big task for me and my team as the late Mokhtar is such a legend in our history of football. I really want to stay true to his character and his life – but at the same time I also want to entertain the audiences," said Hans during the official launch of the musical at Setia City Convention Centre in Setia Alam, Selangor, today.

There will be 19 songs featured in SuperMokh The Musical.

Tickets for Super Mokh The Musical are priced at RM46, RM96, RM106, RM126, RM166, RM206, RM236 and RM306 for night shows. Tickets for matinees (Nov 9, 10, 16 and 17) are priced at RM38, RM78, RM96, RM102, RM134, RM166, RM190 and RM246. Tickets are available from www.ticket2u.biz.

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The Star Online: Metro: South & East

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The Star Online: Metro: South & East

Vietnam battles for General Giap’s legacy
Rape victims suffer in silence
Pineapple tarts land ex-protocol chief in court