Jumaat, 21 Mac 2014

The Star Online: Metro: Sunday Metro

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The Star Online: Metro: Sunday Metro

Australia widens MH370 search area as hunt ramps up
Indonesian marines as bombers anger S’pore
PUB’s Newater wins UN award for outreach

Australia widens MH370 search area as hunt ramps up

Posted: 21 Mar 2014 04:17 PM PDT

PERTH, Australia: Australian rescue officials broadened the search area for missing Malaysian flight MH370 Saturday and boosted the number of spotter planes looking for it in the Indian Ocean, with weather conditions favourable.

The Australian Maritime Safety Authority (AMSA) is coordinating the hunt in the vast southern search corridor for the jet that vanished on March 8, focusing for a third day on an area of wild and remote sea 2,500 kilometres southwest of Perth.

On Friday five planes criss-crossed 23,000-square kilometres (8,800-square miles) without any sightings of wreckage, and the search area has now been widened.

"AMSA has tasked three RAAF P3 Orion aircraft, a New Zealand P3 RAAF Orion aircraft and two ultra long range commercial jets to search a 36,000-square kilometre area about 2,500 kilometres southwest of Perth today," it said.

The commercial jets and one of the Orions left Perth at 2200 GMT for the four-hour flight to the zone of interest, with the others following later.

The distance from Australia's west coast allows the planes only about two hours of actual search time before they must turn around with enough fuel to get back to Perth.

Planes from China and Japan are also expected to join the multinational air and sea hunt in coming days.

AMSA said two merchant ships were now in the area and Australian naval vessel HMAS Success, which is capable of picking up any wreckage, was due on the scene Saturday afternoon.

With 153 of 239 people on board the missing plane coming from China, Chinese authorities said at least seven Chinese ships were also steaming to the southern Indian Ocean, although it could be days before they arrive.

There have been no sightings of interest since Australia announced on Thursday that grainy satellite photos taken on March 16 had picked up two indistinct floating objects.

Australian Deputy Prime Minister Warren Truss cautioned that any possible debris may have sunk.
"Something that was floating on the sea that long ago may no longer be floating. It may have slipped to the bottom," he said.

Poor weather initially hampered the search but forecasters said conditions appeared good for Saturday
"The area will have pretty much light surface winds, generally less than about 10 knots. We're not expecting any significant weather," Bureau of Meteorology forecaster Luke Huntington said. "Visibility should be greatly improved."

On Friday, the planes flew low under cloud cover rather than rely on radar, and the same procedure is expected to be followed Saturday.

"We replanned the search to be visual, so aircraft flying relatively low, with very highly skilled observers looking out of the windows," said AMSA official John Young of Friday's search.- AFP

Indonesian marines as bombers anger S’pore

Posted: 21 Mar 2014 09:00 AM PDT

A fresh diplomatic row has erupted between Singapore and Indonesia over a 1965 bombing in the city-state, after the Indonesian navy dressed two marines as the perpetrators at a defence exhibition.

Singapore is "concerned and disappointed" after the two men appeared at the event in Jakarta this week dressed as Indonesian marines Usman Haji Mohamed Ali and Harun Said, who were executed for the bombing, the foreign ministry said in a statement on Thursday.

Three people were killed and 33 others injured in the bombing of MacDonald House, downtown Singapore, in March 1965.

The attack was part of efforts by then Indonesian president Sukarno to stage an armed confrontation against the newly formed federation of Malaysia, which included Singapore. The two marines had been ordered to infiltrate Singapore and carry out the attack.

Navy spokesman Untung Suropati described the two marines as "heroes" who should serve as role models for young Indonesians.

"Usman and Harun are our heroes, and it was an international expo with a young generation of the military and students visiting," he said in Jakarta.

"We need to show them we have great heroes in the hope that they can be role models for them."

Singapore said a delegation from its armed forces had pulled out of the Jakarta International Defence Dialogue exhibition on Wednesday after learning of the stunt, while diplomats from its embassy in Jakarta have spoken with officials there "to express disappointment".

The two marines had been stationed at the navy's stall at the JIDD dressed in vintage uniforms and purple berets, with "Usman" and "Harun" on their name tags.

Indonesia had already outraged Singapore last month by naming a newly refurbished navy frigate Usman Harun in honour of the marines. — AFP

PUB’s Newater wins UN award for outreach

Posted: 21 Mar 2014 09:00 AM PDT

Singapore's reclaimed water, Newater, has won a best-practices award from the United Nations for the outreach and public education surrounding it, said national water agency PUB.

PUB chief executive Chew Men Leong received the "Water for Life" United Nations Water (UN-Water) Best Practices 2014 award in the participatory, communication, awareness-raising and education practices category, during a special ceremony held in commemoration of World Water Day 2014 in Tokyo, Japan yesterday.

Newater was one of nine nominations in that category.

The other category is for best water management practices, for which 25 nominations were received from around the world.

The annual UN-Water awards recognise practices that ensure the long-term sustainable management of water resources.

Newater, introduced into reservoirs here in 2003, is ultra-pure reclaimed water produced from treated used water using advanced membrane technologies.

Singapore's current Newater production capacity can meet up to 30% of its daily water needs. — The Straits Times / Asia News Network

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The Star eCentral: Movie Buzz

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The Star eCentral: Movie Buzz

'Jurassic World' casts Omar Sy

Posted: 21 Mar 2014 08:05 PM PDT

Omar Sy, the French star who turned heads with his work as a sympathetic caretaker in The Intouchables, has landed a role in Jurassic World.

He joins a cast that includes Chris Pratt, Bryce Dallas Howard, Vincent D'Onofrio and BD Wong. Sy shared the news with fans in English and French on Twitter, but did not divulge what part he will play in the when dinosaurs attack sequel.

It's a prominent gig for Sy and another chance for the actor to cross over to English language films. He has also lined up roles in next summer's X-Men: Days of Future Past and the James Franco thriller Good People.

Jurassic World hits theatres on June 12, 2015. Colin Trevorrow (Safety Not Guaranteed) directs. – Reuters

Ryan Gosling attached to Busby Berkeley biopic

Posted: 20 Mar 2014 11:00 PM PDT

The American star will produce a film on the life of the legendary director and choreographer credited with inventing the modern musical film during Hollywood's golden age.

On the heels of How to Catch a Monster, due for release this fall, Ryan Gosling could be gearing up to direct his second feature.

At the very least, Gosling will produce this biopic, which will depict the fabulous career and troubled personal life of Busby Berkeley. He may also direct or star in the biopic, according to the Hollywood Reporter.

Born into an artistic Los Angeles family in 1895, Berkeley rose to fame in the 1930s through his elaborate choreographies staged for Broadway musicals. After Warner Bros convinced him to bring his talents to the silver screen, he became known for his signature directing style, characterized by long traveling shots and bird's-eye shots of dance troupes forming elaborate geometric patterns.

The life of the choreographer and director, a known perfectionist, has all the makings of a compelling biopic. Berkeley was married six times and was an alcoholic, and his addiction led to the downfall of his career. After causing the death of two people in a car accident, the choreographer was accused of second-degree murder before ultimately being acquitted.

The biopic will be based on the book Buzz: The Life and Art of Busby Berkeley by Jeffrey Spivak, which Warner Bros has just optioned. Gosling is attached to produce the adaptation alongside Drive producer Marc Platt. The project does not yet have a screenwriter. – AFP Relaxnews

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The Star eCentral: Movie Reviews

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The Star eCentral: Movie Reviews

'Jurassic World' casts Omar Sy
Ryan Gosling attached to Busby Berkeley biopic
'Mokissu': Down with dengue

'Jurassic World' casts Omar Sy

Posted: 21 Mar 2014 08:05 PM PDT

Omar Sy, the French star who turned heads with his work as a sympathetic caretaker in The Intouchables, has landed a role in Jurassic World.

Jurassic World hits theatres on June 12, 2015. Colin Trevorrow (Safety Not Guaranteed) directs. – Reuters

Ryan Gosling attached to Busby Berkeley biopic

Posted: 20 Mar 2014 11:00 PM PDT

The American star will produce a film on the life of the legendary director and choreographer credited with inventing the modern musical film during Hollywood's golden age.

On the heels of How to Catch a Monster, due for release this fall, Ryan Gosling could be gearing up to direct his second feature.

'Mokissu': Down with dengue

Posted: 19 Mar 2014 09:00 AM PDT

Mokissu is a light-hearted movie with an important message about a deadly disease.

WITH the dengue problem currently setting off alarm bells in Malaysia, dengue prevention movie Mokissu is indeed timely.

The made-in-Malaysia campus comedy is supported by Malaysia's Health Ministry, which recently launched a Combating Dengue Campaign to spread awareness and educate students about the deadly menace.

Pronounced "Mo-Kiss-U" (a play on "mosquito"), the Chinese language film is produced by Pelangi Publishing Group, a prominent publisher of educational materials and teaching aids that is currently venturing into movie production and home video releases. It is scripted and directed by photojournalist-turned-filmmaker Tai Min Hwee, who is known for other campus comedies like White Ants, Wonder Of Little Fatty, Orphan Wonderland, and Lost In The Jungle.

"I've been making campus comedies for a few years and wanted to inject a more impactful message in my new project," Tai recounted during a recent press conference. "I recalled how one of my cast members caught dengue virus, so I decided to add in dengue prevention elements to show viewers how to protect themselves from dengue. And then I weaved in other elements of romance and comedy for light-hearted and entertaining story."

Tai has been conducting roadshows in several states to promote the movie with Mokissu main cast members as well as health officers from the Health Ministry.

The movie stars newcomers like Yumi Wong, Danny Koo, Toh Chai Chung, Lillian Wenwen who play ordinary students in a school where dengue unexpectedly breaks out.

Wong clarified that Mokissu was actually her first film, and that Ah Beng: Mission Impossible, which opened in cinemas earlier this year, was actually her second one. Playing a spoilt girl who wanted her father to get her a smartphone for her birthday, Wong said she felt it was quite a challenge to play someone quite unlike herself.

"In the movie, I had to throw a tantrum and be rude to my father. I felt really bad every time I said my lines, so I would apologise after each take! I never ask (my parents) for things that way – if I want anything for myself, I would earn my own money and buy it myself. My father disapproves of that sort of unbecoming behaviour," shared Wong.

Wong, who started started her career as a model, said her posture posed a problem initially. "People kept pointing out to me that my back was too straight, and that I should be more relaxed in order to play a student. So, I had to constantly remind myself and change my habits."

Wearing dentures to play a schoolboy with buck teeth, Koo was happy to make his film debut with such a unusual-looking character, though his company was initially not too keen on a role that "ruined" his looks. "Being an actor means having the opportunity to portray all sorts of different characters anyway, so I decided to take the leap. It was initially a real challenge to say my lines as the dentures would often fall out and make everyone on the set laugh uncontrollably!"

Koo, who hosts children's programmes on Astro's Xiao Tai Yang (CH 325), also shared his experience with a friend who came down with dengue.

"I've heard about the symptoms, such as fever and chills, the itchy skin rash, the muscle and joint pain, the headaches and backaches. It was quite terrible to be suffering from dengue," said Koo of the mosquito-borne viral infection.

Mokissu also features a cameo by the director's famous sister, Taiwan-based singer-songwriter Penny Tai, who plays a secondary school teacher. Penny also sang the movie soundtrack How I Miss You, while her multi-talented brother wrote another two songs in the movie: one titled Ye Chang Meng Duo sung by Koo and the other titled Ru Guo You Yi Tian which Tai recorded by himself.

Mokissu buzzes into cinemas nationwide on March 20

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The Star Online: World Updates

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The Star Online: World Updates

Venezuela says street protests have caused $10 billion in damage
U.S. expresses concern on Sri Lanka's arrest of rights activists
North Korea fires 30 short-range rockets -Yonhap

Venezuela says street protests have caused $10 billion in damage

Posted: 21 Mar 2014 09:00 PM PDT

CARACAS (Reuters) - Venezuela's president said on Friday that street protests for the past month have caused at least $10 billion in damage, accusing hardline foes of carrying out terrorist acts to sabotage public assets.

President Nicolas Maduro did not say how the government arrived at that figure from the clashes between demonstrators barricading roads, pro-government radicals and security forces that have killed at least 31 people.

"The minority who want a coup have done so much damage to the country ... they burnt a public university where hundreds of young people studied," he said in a nationally televised speech.

"This isn't protest. It's vandalism. It's terrorism."

Maduro was referring to a military college affiliated with the Venezuelan armed forces that authorities say was torched by demonstrators in the western city of San Cristobal, near the border with Colombia.

San Cristobal has been harder hit by the violence than anywhere else since the protests began early last month. On Wednesday, intelligence agents arrested the city's opposition mayor and accused him of "civil rebellion."

The Supreme Court has ordered the mayors of several opposition-run municipalities to dismantle street barricades set up by protesters that have become flashpoints for clashes.

One opposition mayor from central Carabobo state was jailed for 10 months for failing to comply with a similar order.

The protesters say they want political change and an end to high inflation, shortages of basic foods such as milk and flour, and one of the highest rates of violent crime in the world.

Supporters of both camps plan to march in the capital Caracas on Saturday in the latest of daily rallies around the polarized country.

The protesters are demanding Maduro resign, while he says "fascists" want a coup like the one 12 years ago that briefly ousted his predecessor, the late Hugo Chavez.

(Reporting by Daniel Wallis and Deisy Buitrago; Editing by Lisa Shumaker)

U.S. expresses concern on Sri Lanka's arrest of rights activists

Posted: 21 Mar 2014 06:10 PM PDT

WASHINGTON (Reuters) - The United States expressed concern on Friday about the Sri Lankan government's arrest of two human rights activists this week and about an overall "deteriorating human rights situation" in the island nation.

Ruki Fernando, a human rights adviser, and Praveen Mahesahn, a pastor and director of a rights group, were arrested, Sri Lanka's military said on Monday, under an anti-terrorism law that was used to crush Tamil Tiger rebels during the final phase of a quarter-century long war.

U.S. State Department spokeswoman Jen Psaki said it was "encouraging" that the two have since been released but added that they continue to face harassment by Sri Lankan security forces.

Their arrest came amid international pressure on Sri Lanka to address allegations that tens of thousands of civilians were killed by the army in the final weeks of the war in 2009. Many more people are still missing.

"It is disturbing that the government of Sri Lanka has taken punitive measures against its own brave citizens who have devoted their careers and lives to investigating alleged human rights abuses by both sides during Sri Lanka's long and brutal civil conflict," Psaki said in a statement.

"These detentions and the continued harassment of those who support the quest for reconciliation and accountability send a chilling effect across Sri Lanka's vibrant civil society, and undermine Sri Lanka's proud democratic traditions," Psaki added.

Residents living in the former northern war zone where the two men were arrested said the pair had been gathering information on the circumstances surrounding the earlier arrest of an ethnic Tamil woman who had protested about the fate of her missing rebel son.

Psaki said the United States is "concerned by intensifying pressure on Sri Lankan civil society and human rights activists" and "especially concerned" by the detention of Fernando and Mahesahn.

She also cited reports that additional rights groups were being targeted for investigation by security forces.

The United States has called for a resolution at the U.N. Human Rights Council to investigate "past abuses and to examine more recent attacks on journalists, human rights defenders and religious minorities."

Psaki said, "We are undertaking this action due to our support for the Sri Lankan people and strong concerns about the deteriorating human rights situation in Sri Lanka."

North Korea fires 30 short-range rockets -Yonhap

Posted: 21 Mar 2014 06:00 PM PDT

SEOUL (Reuters) - North Korea fired 30 short-range rockets into the sea off the east of the Korean peninsula early on Saturday, South Korea's Yonhap news agency reported, citing the Joint Chiefs of Staff in South Korea.

The rockets, which are believed to be old Soviet-developed FROG rockets that North Korea has had since the 1960s, flew for 60 km (37 miles) before crashing into the sea, Yonhap said.

Six days ago, North Korea had fired 25 short-range rockets into the sea off its east coast.

South Korea believes the short-range rocket launches conducted by North Korea this month are an "armed protest" against the South Korean-U.S. military drills that are currently taking place.

The North has denounced the joint military exercises as a preparation for war while Seoul and Washington have said the annual drills are defensive in nature.

Early last year, North Korea conducted its third nuclear weapons test, having successfully launched a long-range rocket in 2012 that critics say was aimed at proving technology for an intercontinental ballistic missile.

Both of those are banned under U.N. sanctions.

(Reporting by Narae Kim; Editing by Mohammad Zargham)

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The Star Online: Business

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The Star Online: Business

Is TM a wireless giant in the making?
Global forex market
Market set to grow as investors look for alternative products

Is TM a wireless giant in the making?

Posted: 21 Mar 2014 09:00 AM PDT

The ongoing speculation that Telekom Malaysia Bhd (TM) will be involved in a merger and acquisition (M&A) deal with Packet One Networks (M) Sdn Bhd (P1) gives rise to an interesting proposition - could a new wireless giant be created?

While details on the actual deal structure are scant for now, insiders point to one end result if it goes through: TM and P1 will collaborate to target the wireless broadband market and that TM, which has the much larger balance sheet, will eventually assume control over the new entity.

Spectrum wise, there is a fit between what the two companies would bring to the joint venture.

Spectrum basically refers to a range of radio frequencies. The bandwidth of a radio signal is the difference between the upper and lower frequencies of the signal. A spectrum belongs to a specific operator. Only that particular telco can operate in that space. Also to be noted is that lower frequency bands have a wider range of coverage but have smaller capacity in terms of the amount of data or voice signals that can be carried. On the flip side, higher frequency bands have capacities to carry 4G type services but have a lower range of coverage.

PI currently owns valuable swathes of spectrum in the 2.3GHz and 2.6GHz bands whereas TM has some spectrum in the much lower bands, namely 450MHz and 850MHz. (See table). Notes an analyst: "A collaboration could create a very powerful player given the combined low and high-frequency bands they have that can provide for superior coverage and capacity. Of course it is left to be seen if they can successfully derive the synergies".

Another analyst says: "We view the move as positive to TM since this gives it the opportunity to complement its fixed broadband services with a wireless platform."

Notably, TM would also gain access to P1's existing customer base of more than half a million customers. P1 also has valuable infrastructure that will be of use – it owns over 2,000 base stations that have a coverage breadth of half the Malaysian population. Industry experts say it would take a few years for TM to build up such capacity or infrastructure.

Another advantage of having P1, is that TM would have a faster time to market for their wireless broadband offering. TM has already displayed its intention to venture into this segment of the market. The strategy makes sense, considering that the telco giant should see a slowing down of its fixed broadband business.

TM's main thrust for the last few years has been the rollout of the high speed broadband or HSBB network. So far, TM has about 650,000 UniFi subscribers and has earned the bulk of its income from fixed broadband business.

However, PublicInvest Research noted that TM's UniFi subscription growth has slowed substantially in the recent two quarters. In addition, it says TM's management remained tight-lipped on the high speed broadband 2 (HSBB 2) project except saying that TM is still in discussion with the government but expects the negotiation to end soon.

HSBB 2 is the second phase of its fixed broadband business but details of this project are yet to be revealed. The first phase of HSBB was a public private partnership between the government and TM. It isn't clear if TM will be involved in HSBB2 in a similar way, although analysts expect the same structure to be struck between the government and TM.

MIDF Research says TM stands to benefit from the government-driven HSBB2 project because TM is already the major provider of HSBB. The research house says that any upcoming newsflow on HSBB phase 2 is expected to benefit TM further.

AmResearch notes that the initial year of HSBB2 will see a capex increase and that TM's guidance has not factored in HSBB 2 project yet.

AmResearch also says that given that initial costs will kick in before any incremental revenue is generated, TM's earnings could see downward pressure initially, before turning around strongly in the following year as economies of scale kicks in. The research houses also points out that "TM is refreshing technology for its rural services from the current CDMA technology to LTE. The group attains the 850MHz spectrum band to offer these services, which gives it an advantage of lower roll-out cost given the better propagation qualities of lower spectrum bands."

Adds AmResearch: "At this juncture, there is no clarity on whether TM is going to offer LTE in a big way, such as turning into a full-fledged mobile service provider. Management indicated that there is no regulatory constraint in how it utilises its 850MHz spectrum band."

So it wasn't surprising when last May, TM issued a request for proposal for LTE deployment. According to its briefing documents, TM had said it was seeking network providers to build an "end-to-end network and IT solution with some integration to existing TM infrastructure for the deployment of LTE".

The document also revealed the timeline for the deployment of the 4G services.

The first commercial service is expected to be rolled out by Feb 12, 2014, with the end of rollout slated for Oct 15, 2014. TM's plans then were to use its 800MHz spectrum as its LTE frequency band.

In addition, TM had stated it intended to have 100,000 users on its 4G network by 2014 and more than one million by 2017. It isn't clear how an M&A deal with P1 would change TM's strategic plans for penetrating the wireless broadband market now. But an analyst does not think that TM's move into wireless broadband with P1 would become its key revenue growth driver.

"It is still considered a small business for now, compared with TM's HSBB. Furthermore, TM would need to pump in capex into expanding the network," he said.

Interestingly, TM's share price has risen by some 10.6% since late Jan, closing at RM5.84 on Friday. At that price, TM offers investors a dividend yield of 4.47%, based on Bloomberg data.

Notably, the telecom giant announced hitting the RM10bil mark in revenue for the financial year ended Dec 31, 2013. It posted RM10.63bil in revenue and achieved RM1.36bil in normalised net profit for the period. TM and 15 global telcos recently inked an agreement to build a 20,000km undersea cable Internet link to transmitting 4,800 high-definition movies every second. Prior to that, TM sealed an agreement with Etisalat for fixed line and wireless services in the Middle East. The collaboration will enable TM to leverage on Etisalat's SmartHub facility at Fujairah Cable Landing Station to deliver its content, Internetwork Packet Exchange, Internet Exchange and high speed data services for its customers in the region.

PublicInvest Research says while TM is expected to benefit from continued strong demad for data, it remained concerned on increasing competition and potential substitution for both fixed-line voice and data from faster and higher-quality mobile Internet services from 4G-LTE roll-out.

When asked about its potential M&A with P1 and its mobile wireless broadband strategies, TM says it "does not comment on matters of speculation."

"Any such discussions with any party are part and parcel of our ordinary course of business. The company will make the necessary announcements if and when an agreement materialises from any such discussion," it adds.

TM had in the past said it was not ruling out the possibility of collaborating with industry players to offer mobile broadband.

Global forex market

Posted: 21 Mar 2014 09:00 AM PDT

AS widely expected, the US Federal Open Market Committee (FOMC) decided to taper the size of its monthly asset purchases by another US$10bil. The committee announced that it will now purchase US$55bil in assets each month – US$25bil in mortgage-backed securities (down from US$30bil) and US$30bil in Treasury debt (down from US$35bil) beginning in April.

The committee revamped its forward guidance on interest rates, moving towards more qualitative than quantitative language with the new guidance paragraph dropping the 6.5% unemployment rate threshold. But the FOMC made it clear that the policy itself has not changed. Most on the committee do not expect to begin hiking rates from the current 0% to 0.25% target range until 2015 or even 2016.

News of the third tapering and traders' interpretation of a more timely return to a rate hike regime for the Fed translated into the US dollar index's biggest single-day rally in six months and the technical moves were more significant where the monetary policy differences were starkest among the majors.

The Euro levitated by the European Central Bank's balance sheet reduction and widening interest rates differential – reversed from a multi-year high that was locked at a high of 1.3967 at the early part of the month to a low of 1.3818 at time of writing as market participants turned cautious entering into any strong positions in response to Janet Yellen's statements.

The Japanese Yen also ended the week on the depreciation bias from 101.63 on Monday to latest 102.30 in response to drop in Nikkei 225 and to Kuroda's commentary whereby he said much of the yen's excesses were reduced last year and that gave rise to the growing reticent to boost qualitative easing in Japan sooner than expected.

With the third tapering in place, we saw some loudest protest coming out again from emerging market currencies. In response, the MSCI Emerging Market ETF dropped 2% on heavy volume with Indonesian rupiah falling most, 1.16% against the US dollar, followed by Philippines Peso 0.89% and South Korean won 0.82%.

The feel-good of Jokowi effect on Indonesian markets turned out to be short-lived event and the equity markets fell 3.1%. Meanwhile, Philippines peso fell as the overseas remittances grew 5.9% in January – slowest gains since September and rising inflationary pressures. South Korean won eased as rise in South Korean bond yields was limited compared to US rates and as foreigners sold on KOSPI amid weak housing markets and subdued wage growth.

Malaysian Ringgit down 0.56% against the US dollar for the review period from a low of 3.2783 on Monday to latest 3.2969, attempting to test resistance of 3.3012 of the 50-day moving average. The 1-month non-deliverable forward rallied past 3.3000 along with higher Chinese yuan fixing that rose from 6.1321 to latest 6.1460, which was a relatively sharp increase in the aftermath of widening trading band of Chinese currency last week.

UST market

US Treasuries sold off across the curve after Crimea's vote to join Russia passed without major incident. Following the outcome of the FOMC meeting, the curve became steep in the belly and long end of the curve. At the time of writing, the 2, 5 and 10-year yields were 8-17 basis points (bps) higher to settle at 0.42%, 1.70% and 2.77%, respectively.

M'sian bond market

Local govvies saw heavy trading after the announcement of the reopening 10-year Government Investment Issues. The amount of RM2.5bil was smaller than market expectation and this sparked strong buying momentum especially on the 10-year Malaysian Government Securities (MGS) which garnered RM1.9bil worth of trades during the week. However, the buying momentum was short-lived following the FOMC's more hawkish outlook leading to the strengthening of the US dollar.

As of Thursday's close, MGS yields on 3, 5, 7, 10, 15, 20 and 30-year MGS stood at a respective 3.38%, 3.56%, 3.91%, 4.08%, 4.47%, 4.59% and 4.87%. The week saw RM12.1bil worth of trades with a daily average trading volume of RM3bil compared to last week's daily average volume of RM1.7bil.

Moving to the local private debt securities market, buying interest was seen in the belly to long-end of GG bonds. Total trading volume was at RM1.8bil for the week, averaging at RM519mil daily as compared to last week's average of RM458mil. Approximately 67% of the trading volume was contributed by the GG/AAA segment and 33% by the AA segment.

In the GG/AAA segment, demand was seen for Khazanah bonds maturing 2018-2024 which saw yields eased 3-8 bps with a collective trading volume of RM105mil. Long-end DanaInfra bonds maturing 2028-2033 also saw some buying interest with RM160mil worth of trades reported done, yields came down 3 bps. Other notable trade includes GovCo '02/18 garnered RM360mil worth of trades to close at 3.94%.

Ringgit IRS market

Ringgit interest rate swap (IRS) rates ended the week 1-3 bps higher following higher inflation expectation by the local central bank and the more hawkish FOMC statement. KLIBOR is also expected to be fixed higher over time. In the AA-segment, secondary trades were spread out across industries in small volume. BGSM bonds maturing 2017-2023 traded within previous range with collective trading volume of RM95mil.

For enquiries, contact: fx-research@ambankgroup.com or bond-research@ambankgroup.com

Market set to grow as investors look for alternative products

Posted: 21 Mar 2014 09:00 AM PDT

THE exchange traded fund (ETF) scene in Malaysia has been relatively quiet while other countries in the region have grown far above and beyond.

But as investors look for more alternative products to invest in amid the rebound in the global economy, the local ETF market could start to gain more traction in the coming years.

ETFs are investment funds traded on the stock exchange. Only yesterday, the total number of ETFs on Bursa Malaysia had been bumped up to six with the listing of MyETF MSCI Malaysia Islamic Dividend (MyETF-MMID) by i-VCAP Management Sdn Bhd.

MyETF-MMID made its debut at RM1.015, a premium to its net asset value of RM1.0033 and the initial issue price of RM1 per unit. It closed at RM1 at 5pm yesterday with 451,000 total units traded.

The open-ended fund with an approved fund size of 500 million units, tracks the MSCI Malaysia IMI Islamic High Dividend Yield 10/40 Index, which comprises Malaysia's syariah-compliant dividend yielding stocks listed on Bursa.

Prior to that, the last time there was an ETF listing on Bursa was four years ago when CIMB Bank Bhd launched CIMB FTSE Asean 40 Malaysia, and CIMB FTSE China 25.

Apart from the two ETFs launched by CIMB, the other ETFs on Bursa are ABF Malaysia Bond Index Fund, FTSE Bursa Malaysia KLCI and i-VCAP's flagship fund, MyETF-DJIM25.

Comparatively, Singapore has 96 ETFs on its exchange and Thailand has 16 ETFs. Meanwhile, the Philippine Stock Exchange had its first ETF listing in December last year.

The global ETF market is currently valued at some US$2.4 trillion and continues to grow. Malaysia's contribution currently stands at a mere RM1bil, hence there is huge room for growth, says i-VCAP chief executive officer Mahdzir Othman.

"Investor education has to be continuously undertaken by the manager like us. The level of awareness is not there yet, and although it is improving it can do better. Given that ETFs have grown extensively globally, we don't want to be left behind," he says.

iVCAP is an investment management services firm that strictly deals with shariah-compliant assets. Set up in 2007, the unit of government-mandated fund Valuecap Sdn Bhd, i-VCAP also provides services for wholesale funds and private mandates.

He opines that the local ETF market will grow gradually. Although still in a nascent stage, he says investor interest in the product is increasing. "The question now is to translate the awareness into trading of these ETFs. We need to see a bit more liquidity in the market for ETFs to get more attention and interest coming from investors," he says.

Mahdzir told StarBizWeek that the company aims to launch more ETFs in the near future. This could be ETFs that are geographical-based, either regional or country specific, as well as ETFs with sector-specific stocks as its underlying asset.

"We feel for the market to move further, we need more depth and more variety for investors," he says. For every new ETF to be rolled out, i-VCAP is looking at a fund size of between RM20mil and RM50mil.

"When the awareness of the products start to kick in, we will probably launch ETFs to the tune of RM100mil in size," he adds.

Although many liken ETFs to unit trust funds, the striking difference among the two is that the former is listed and traded intraday on a stock exchange, much like stocks, while traditional unit trust funds are not listed.

"It behaves like a unit trust but it can be traded like a stock," Mahdzir says.

The main aim of ETFs is to track the performance of an index, as well as provide investors with access to a variety of markets and asset classes.

The advantage of investing in ETFs is that it is tax efficient, as well as liquid and transparent, among others.

Because ETFs are passively managed as it has a pre-determined strategy in tracking an index, it enables the product to have low management fees compared to traditional unit trust funds which are actively managed.

Bursa chief executive officer Datuk Tajuddin Atan adds: "The recently launched MyETF-MMID for example charges a management fee of only 0.4% per annum."

To promote the ETF industry in Malaysia, the local bourse is encouraging potential ETF issuers as well as raising awareness among the investment community.

"The exchange is in regular dialogues with potential ETF issuers, both local and foreign, to have more ETFs listed on the exchange," Tajuddin says in an e-mail reply.

This is with the aim to encourage more issuers to come on board, and to create an environment ripe for growth of the ETF market.

Bursa also conducts market engagements with dealer representatives and remisiers to provide more in-depth knowledge on the various products it offers.

It has held workshops in Kuala Lumpur and Kuching, which saw more than 100 participants in attendance.

The upcoming workshop in Penang already has about 200 participants registered.

He says the demand for different types of investment products depends very much on investors' objectives, the investment time horizon as well as the investors' risk appetite.

"By nature, ETFs are a mid to long term investment vehicle. If these meet with investors' objectives, then ETFs is an appropriate choice," Tajuddin says.

Meanwhile, Mahdzir says i-VCAP's strength lies in its shareholder, Valuecap, which in turn is owned by Khazanah Nasional Bhd, Kumpulan Wang Persaraan and Permodalan Nasional Bhd. "They don't interfere with our operations but we have a strong shareholder backing," he says.

i-VCAP's flagship fund, myETF-DJIM25 which is the first shariah ETF in Asia and the largest of its kind in the world to date, has a net asset value of RM304.2mil.

Mahdzir is looking at having a growth of some 20% to 30% for the fund.

He also expects to see i-VCAP's assets under management growing to RM1bil by the end of this year, from the current RM576.7mil.

Kredit: www.thestar.com.my

The Star Online: Nation

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The Star Online: Nation

Missing MH370: 'Debris should be within area image was taken'
Missing MH370: Unprecedented level of cooperation
Doctor: Quite a number of them unable to focus on their routine

Missing MH370: 'Debris should be within area image was taken'

Posted: 20 Mar 2014 09:00 AM PDT

PETALING JAYA: Images of possible debris from the missing MH370 plane that was captured on Sunday could not have moved far from where they were originally taken, said former Malaysian Maritime Search and Rescue department chief Datuk Kapt Jaffar Lamri.

He explained that floating objects tend not to move much in the sea.

"If it's floating, it shouldn't be that far from the spot.

"It should be within the area where the image was taken," he said.

Australian Prime Minister Tony Abbott (pic) said that two objects possibly linked to the missing plane had been sighted on satellite in the remote southern Indian Ocean.

Abbott said the "new and credible information" had come to light nearly two weeks after the plane disappeared en route from Kuala Lumpur to Beijing with 239 passengers and crew on board.

"Searching for the wreckage would be a different story and could take years," said Kapt Jaffar.

"The object would have sunk by now and finding it would be a totally different story," he said.

"At least finding the debris is a start," he added.

Missing MH370: Unprecedented level of cooperation

Posted: 20 Mar 2014 09:00 AM PDT

Twenty-six countries are involved in the search for Flight MH370, and it is times like these that we are reminded of who our real friends are.

IF there's a silver lining to the anguish and uncertainty which surrounds the disappearance of Flight MH370, it is that we are reminded of who our friends are.

Mystery of MH370

While the public focus may have been on the daily press briefings, work went on behind the scenes, putting our diplomacy to the test.

With 26 countries providing assets, data and intelligence, the level and type of civilian and military cooperation in this national and international tragedy was unprecedented.

"Some countries sent assets from the beginning, without Malaysian officials even picking up the phone or making diplomatic contact," noted former army field commander Lt Jen (Rtd) Datuk Seri Zaini Mohd Said, speaking as an observer.

A Prime Minister's Office (PMO) official said British Prime Minister David Cameron called Prime Minister Datuk Seri Najib Tun Razak on his own initiative, to say the missing crew and passengers were in their thoughts and prayers and to ask if there was any help Britain could give.

Najib was making calls until around 10pm each day, contacting heads of state and heads of government in Australia, Bangladesh, China, India, Kazakhstan, Kyrgyzstan, Myanmar, New Zealand, Thailand, Turkmenistan, Uzbekistan and Vietnam.

In some cases, he had to speak through interpreters.

"It shows his concern about the crisis and that he has done everything he could, at the highest level," said the PMO Official.

The Prime Minister asked for help detecting whether the plane had entered their territories.

"If the plane had been detected he asked their help to inform us and if it hadn't, to let us know also so that we can narrow the search."

Although Malaysia was asking for both civilian and military information, and from countries with different ideologies, the PMO Official said there were no obstacles to gaining their cooperation.

"They all gave their support and sympathies and prayers. Some prime ministers and presidents also took the opportunity to invite him to visit when times are better."

Wisma Putra was in the picture from the start, notifying the affected foreign missions on developments and the search and rescue (SAR) operation.

Both Wisma Putra and the Malaysian embassy in Beijing were involved in the operation and Wisma Putra coordinated diplomatic clearance for the assets used.

Looking back on the early stages, Datuk Seri Zaini pointed out that the first three or four days of any crisis "are always spent trying to get a grip on things. If this had happened to any other country, about 80% of them would have had the same problems that we are having."

And he estimates that despite the massive difficulties, Malaysia managed quite well.

"It was a very challenging scenario," he said, "and Malaysia was working with countries which also had issues."

The processes needed for the search were not straightforward, he explained.

"You can't just fly through without permission, for example."

Sharing military intelligence was key to resolving the mystery of the missing MH370 and Malaysia took the lead in that.

"Malaysia has actually put aside national security, national interest to get to where we are today," Acting Minister of Trans- port Datuk Seri Hishammuddin Hussein stressed.

Coordinating the responses of 26 countries was a daunting task, but they all gave their utmost cooperation.

The joint international effort saw China, for example, making arrangements with Australia to send an aircraft to the southern corridor covering Indonesia to the southern part of the Indian ocean.

The PMO official sees that as a good gesture on China's part.

"We are all working together," he said, "and that's a good sign for the region."

Doctor: Quite a number of them unable to focus on their routine

Posted: 20 Mar 2014 09:00 AM PDT

PUTRAJAYA: Physical signs of stress are showing among many of the family members of the passengers and crew of the missing Malaysia Airlines Flight MH370.

Mystery of MH370

According to Health Ministry psychiatric department head Dr Toh Chin Lee, quite a number of them suffered loss of appetite and sleep and were unable to focus on their routine.

"We had patients with breathing problems, the cause of which we later discovered was not respiratory issues but stress.

"One patient had to be sent to Putrajaya Hospital when she started hyperventilating, but luckily she had a full recovery the next day," said Dr Toh.

Dr Toh is part of the team of psychiatrists, counsellors, nurses and paramedics stationed round-the-clock at The Everly Putrajaya hotel to help the family members through this difficult period.

Many psychiatrists in the team, including Dr Toh, have experience working in a crisis, the last such situation being the Lahad Datu intrusion last year.

Counsellors from agencies like the Public Service Department, Welfare Department and Counsellors Council are the "frontliners" who deal with family members for early intervention while the psychiatrists handle more serious cases that may require medication and professional treatment.

"Some patients just need psychiatric treatment by the doctors here, but others might also require medication, which we provide as and when necessary.

"Our advantage is that we arrived early to seek out the families, but the disadvantage at this point is that there are still uncertainties beyond anyone's control," he added.

The static clinic in the hotel has a solitary makeshift bed, next to a table with plastic cases of medication, which Dr Toh said was enough to treat basic emergency cases.

Any patient who requires further medical attention will be referred immediately to the Putrajaya, Serdang, Selayang, Klang or Kuala Lumpur Hospital.

Dr Toh said the psychiatrists and counsellors had arranged for "sharing sessions" among the families so they could open up more.

"It is good for the families to be staying together here as everyone here has a loved one on the flight. As they interact, they can become a mutual support group.

"However, it is also good for them to perhaps go back to their homes for support from their own extended family members and friends, as this will help them build strength to weather this tough time," he added.

Counsellors dealing directly with the families said that many of them stayed in their rooms and only came out for meals and briefings.

Kredit: www.thestar.com.my

The Star Online: Entertainment: Movies

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The Star Online: Entertainment: Movies

Ryan Gosling attached to Busby Berkeley biopic

Posted: 20 Mar 2014 11:00 PM PDT

The American star will produce a film on the life of the legendary director and choreographer credited with inventing the modern musical film during Hollywood's golden age.

On the heels of How to Catch a Monster, due for release this fall, Ryan Gosling could be gearing up to direct his second feature.

Kredit: www.thestar.com.my

The Star Online: Metro: Central

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Better weather to aid Malaysia plane search

Posted: 20 Mar 2014 04:18 PM PDT

SYDNEY: Improving weather conditions should help the search for missing Malaysia Airlines flight MH370 on Friday, forecasters said, as Australian Prime Minister Tony Abbott vowed everything "humanly possible" was being done to find the aircraft.

Grainy satellite imagery taken on Sunday detected a pair of floating objects in the southern Indian Ocean which Malaysia and Australia called a credible lead in the drawn-out hunt for the jet that vanished on March 8 with 239 passengers and crew on board.

But four planes from Australia, New Zealand and the United States that flew over a 23,000-square kilometre (8,800 square mile) area of the vast ocean some 2,500 kilometres southwest of Perth on Thursday saw nothing of significance, hampered by low cloud.

"The weather conditions were such that we were unable to see for very much of the flight," Royal Australian Air Force Flight Lieutenant Chris Birrer told reporters of his crew's sortie.

But conditions are improving, Australia's Bureau of Meteorology told AFP.

"Showers associated with the passage of a cold front on Thursday, which saw low cloud and drizzle affect visibility, are easing," the bureau said.

"Winds are currently 15-20 knots, with swell 2 to 2.5 metres, and also easing. Overall conditions are expected to slowly improve today for the search operations in the area."

The Australian Maritime Safety Authority (AMSA), which Malaysia tasked with heading the southern Indian Ocean search, said the four planes would leave again Friday on further missions to try and find the two objects, one as large as 24 metres (79 feet) in size.

Military jets dispatched

"Today's search will utilise four military aircraft, including two RAAF Orions, tasked by the Australian Maritime Safety Authority to search a 23,000-kilometre area, about 2,500 kilometres south-west of Perth," AMSA said in a statement Friday.

A Norwegian merchant ship is currently in the search area and AMSA said another merchant ship was expected Friday evening, but Australia's HMAS Success, which is capable of retrieving any wreckage, was still some days away.

New Zealand Air Commodore Mike Yardley, commenting to TV3 on the sortie flown by the New Zealand P3 Orion on Thursday, warned that "there's a lot of debris out there in the ocean".

"Our crews picked up debris out there that was not part of the aircraft," he said.

"Our radar will pick up containers that have fallen off container vessels as well, and last night our radar system was picking up marine life - whales and dolphins."

Abbott, who first announced the potential breakthrough to parliament on Thursday, again cautioned that they were looking in "a remarkably isolated location in very deep and inaccessible ocean".

"Nevertheless, we are throwing all the resources we can at it," he said late Thursday after arriving in Papua New Guinea for a visit.

"We will do everything we humanly can to try to get to the bottom of this.

"We don't know what that satellite saw until we can get a much better, much closer, look at it. But this is the first tangible breakthrough in what up until now has been an utterly baffling mystery." - AFP

Maid charged with socialite’s murder

Posted: 20 Mar 2014 09:00 AM PDT

An Indonesian domestic worker was charged in court with the murder of socialite and philanthropist Nancy Gan Wan Geok.

Dewi Sukowati, 23, is alleged to have caused the death of her 69-year-old employer at her bungalow in Bukit Timah on Wednesday.

The mother of two was found in the swimming pool of her home. She had suffered head injuries. The prosecution successfully applied for Dewi to be remanded at Changi Women's Prison for psychiatric assessment. She will be back in court on April 10. — The Straits Times / Asia News Network

Kredit: www.thestar.com.my

The Star Online: Lifestyle: Arts & Fashion

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The spiritual pulse of 'Meeting With Bodhisattva'

Posted: 20 Mar 2014 09:00 AM PDT

Meeting With Bodhisattva was spellbinding in a Zen way.

BLENDING many art forms may or may not work but when done organically, the results can be extraordinary.

This was evident in Taiwanese art group U-Theatre of Taiwan's Meeting With Bodhisattva show held at the Putra Indoor Stadium in Bukit Jalil, Kuala Lumpur, last Sunday.

Under the artistic direction of Liu Ruo-Yu and music director Huang Chih-Chun, the one-night performance packed up the venue. It debuted in Taipei, Taiwan, in 2002 and has since, travelled around the world, garnering rave reviews.

Through an enlightening whirlwind of athletic drumming, martial arts, Buddhist chanting, meditation and dance, Meeting With Bodhisattva tells the story of one man's chance encounter with a deity (Bodhisattva or the god of wisdom in Tibetan Buddhism), whose only way to wisdom is through letting go.

When Bodhisattva descends earth after seeing the multitude of man's foolishness, he transforms himself into a warrior (Huang) and enters people's dreams.

In his journey into the unknown, the warrior is forced to face his fear, questioning everything and accepting anything that happens to him.

The drummers' technical precision was excellent.

The programme notes read, "Because he holds a sword, the warrior sees his own cowardliness; but, it's also precisely because he holds a sword that he finds the courage to face life."

The story is told in six scenes, beginning with thunderous drumming by the troupe as the holy figure majestically makes his way down. Dressed in white robes like monks, the cast of 39 were aesthetically pleasing to the eye.

The Taiwanese company lives and trains together in the rugged landscape of Laochuan Mountain, thus, the almost uncanny synchronicity showed. The drummers displayed impeccable precision, slicing through the air with long sticks. Their mantra is silent yet clear – rid the mind of impurity, relinquish the dualism that divides thought and act, and become one with the drum.

As the man's journey continued, the turmoil of his world was illustrated by the ever-increasing speed of the drumbeats and frenetic martial arts cum dance routines. The series of barrel turns and leaps were all done with a sense of tranquillity – in fact, too calm at times that the audience, too, went into a state of meditation.

As Liu stated in an earlier interview, "It is our belief that, through meditation, one is able to reflect and maintain an inner calmness amidst this kaleidoscopic world; furthermore, the same tranquillity can interact with any given audience to crystallise moments of living the present."

Known for his mastery in synthesising these two disciplines into a new form of performing arts, Huang's unconventional training regime has both elevated the disposition of the troupe and laid down a solid foundation for a contemporary artistic expression.

The show was Huang's homecoming journey after over two decades of drumming around five continents. At 49, he was simply spectacular.

In one scene, his almost 10-mnute, roaring drumming solo was so powerful, hand breaking and left us, breathless.

At the end, once he finds his path to spirituality, the warrior lays down his sword, with clarity of body and mind.

With his newfound inner peace, he starts to spin, not in the dervish manner, but calmly. Other dancers follow and it ends when they collapse onto the floor, renouncing worldly emotions and irritations. It was rather anti-climatic but the positive energy floated in the air long afterwards.

Meeting With Bodhisattva had all the elements to captivate the audience but to truly appreciate Liu and Huang's work, one had to read the synopsis or be lost.

The only drawback was that since the stage was far off from the audience, the performers appeared tiny and one couldn't make out their facial expressions. A concert big LED screen would have helped.

Kredit: www.thestar.com.my

The Star Online: Lifestyle: Health

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Ha-ha, you can't fool the brain

Posted: 20 Mar 2014 10:10 PM PDT

It knows the difference between real and fake laughter.

With March 20 declared International Happiness Day – a day to celebrate the importance of happiness in our lives and the world, it's an occasion to pose the question, "Can we tell people are truly happy just from their laugh?"

In a small study, Dr. Carolyn McGettigan, a Department of Psychology professor at the Royal Holloway, University of London, found that the brain responds differently to fake and real laughter. Her work examined brain responses of 58 participants who listened to people laugh as they watched funny YouTube videos, which resulted in real laughter. The participants also listened to forced laughter from the same people. The participants weren't informed the study was about laughter perception, and "demonstrated different neurological responses when they heard false laughter".

The study suggests our brains know the difference between real and fake laughter, and attempt to "work out" what makes the fake laughter just that.

"As we celebrate International Day of Happiness today, it's fascinating to consider the way our brain is able to detect genuine happiness in other people," said Dr. McGettigan. "Our brains are very sensitive to the social and emotional significance of laughter.

"During our study, when participants heard a laugh that was posed, they activated regions of the brain associated with mentalising in an attempt to understand the other person's emotional and mental state.

"Indeed, some of the participants engaged parts of the brain that control movements and detect sensation. These individuals were more accurate at telling which of the laughs were posed, and which were real. This suggests that as listeners, 'trying out' how a laugh would feel if we produced it ourselves might be a useful mechanism for understanding its meaning."

Previous research cited in the current study investigated how the brain perceives humor, with "the right frontal cortex, the medial ventral prefrontal cortex, the right and left posterior (middle and inferior) temporal regions and possibly the cerebellum" appearing to be involved to "varying degrees".

Meanwhile laughter's ability to release endorphins has also been investigated for being able to alleviate pain; that study, published in 2011 in Royal Society B, also found a distinction between genuine and forced laughter, with genuine laughter in a social context having a noticeable effect.

The research out of Royal Holloway, University of London was published in the journal Cerebral Cortex. – AFP Relaxnews

Kredit: www.thestar.com.my

Jumaat, 21 Mac 2014