The Star Online: Business

Bumi Armada’s net profit lower
Bluechips drag local bourse lower
How do we practise the spirit of giving?

Posted: 20 Nov 2011 06:27 PM PST

Published: Monday November 21, 2011 MYT 10:28:00 AM

PETALING JAYA: Oilfield services provider Bumi Armada's third quarter net profit was 7.49% lower at RM92.57 million compared to a year ago on revenue which jumped 22.80% to RM403.92 million.

The company's executive director cum chief executive officer Hassan Basma said in a press release that activity increased across all business segments.

on a year-to-date basis even though net profit was 1% lower compared to the same period a year ago mainly due to listing expenses.

He added that the third quarter was marked by commencement of production of the Vietnamese floating production storage and offloading (FPSO) vessel, Armada TGT 1, two major FPSO contracts and improved average utilisation rates for the group's offshore service vessels from 83% to 93%.

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Bluechips drag local bourse lower

Posted: 20 Nov 2011 05:46 PM PST

KUALA LUMPUR: Shares of bluechips came under pressure in early Monday morning trade dragging the local bourse's benchmark FBM KLCI lower at the open as markets in the region fell on news that US lawmakers may fail to meet a deadline to cut US$1.2 trillion in spending over 10 years.

Their first deadline would be today following which automatic across-the-board cuts would be incurred.

Analysts expect currrency markets to be volatile today. The ringgit was weaker against the US dollar at 3.176 and 4.292 versus the euro. Spot gold in electronic trade was US$10.03 lower at US$1,713.90 per ounce while Nymex crude oil dropped 34 cents to US$97.33 per barrel.

The FBM KLCI was down four fifths of a percent to 1,442.59 half-hour into trading with financial and plantation stocks leading the losses.

Singapore's Straits Times Index fell nearly 1% to 2,703.65 after reporting that the economy grew 6.1% in the third quarter from a year ago.

Hong Kong's Hang Seng Index tumbled 1.50% to 18,213.72, Tokyo's Nikkei 225 was a fifth of a percent lower at 8,358.25, Shanghai's A share index was marginally higher and Seoul's Kospi Index shed 1.29% to 1,815.46.

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How do we practise the spirit of giving?

Posted: 20 Nov 2011 05:18 PM PST

A FRIEND'S house was broken into recently. Fortunately, she was not in at the time and there was not much that the burglars found worthwhile to take away.

But in looking through the ransacked house, she came across a dress she had kept for a very special occasion.

And she was surprised that the moths had got to it even though she had carefully packed it away in her closet.

It reminded her that many of the treasures we lay up here on earth can indeed be destroyed by moth and rust even if the thieves do not get to them first.

All of us struggle with the things we have and whether they fall under the category of needs or wants.

I am quite sure my DVD collection and my recently purchased iPad2 hover dangerously in the "want" segment even if I tell myself that my overall needs in life are basic and simple.

The problem with accumulating things is that we never know where they end up eventually.

Like my friend who found her dress eaten up by moths, I wonder how many of us have shoes where the leather is so stiff that they are of no use even if they are given away.

Some years back, when a dear friend was setting up an orphanage, we appealed for donations in cash and kind.

I was driving a van at the time so I volunteered to pick up all the stuff which people generously wanted to give away.

But the bulk of what was being given to us ended up in the rubbish dump instead. From clothes to furniture to electrical accessories, they were simply discarded items that the owners no longer wanted.

If we want to give, should we not give away things that are in good condition and still usable?

These days, we see recycling bins around our neighbourhoods and I am quite sure many treat these facilities as rubbish dumps.

The problem of having to get rid of things will not be so severe if we do not have so many things accumulated in the first place.

So how do we practise the spirit of real giving?

A report released by UBS-Insead has revealed that Asia's wealthy engage in philanthropy primarily to ensure the continuity of core family values and to create a lasting legacy in areas such as health and education.

However, among younger and second-generation philanthropists, a "giving while living" approach is also evident, characterised both by increased support for the arts and the environment and a global mindset.

Whether we are super rich or just ordinary wage earners, I believe the concept of giving while living is a good one.

As another dear friend puts it, "Don't send me flowers when I can no longer smell them."

The true spirit of giving is not about the amount but what moves the heart to let go, be it our possessions, our talent or our time.

So isn't it time we look at what we have accumulated all these years and see if they can be passed on to make a difference even in a single life? But please make sure they are good stuff and still in excellent working condition.

Deputy executive editor Soo Ewe Jin is amused that a group of 140 millionaires in the United States calling themselves "Patriotic Millionaires for Fiscal Strength" appeared before Congress last week asking to be taxed more for the sake of the nation.

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Kredit: www.thestar.com.my

Ahad, 20 November 2011