Saturday, February 25, 2012

Comment on Felda listing in Bursa Malaysia

The decision to list Felda Global Ventures Holding (FGVH) is nothing more than an exercise to gain as much profits for those who are the biggest stakeholders in FGVH, a loss-making overseas investment unit that has been run by Prime Minister Najib Razak’s inner circle of financial advisers.

Indeed, Najib has gone to great lengths to justify the need to list FGVH, and paramount to his argument is that this is a means to put more money into the pockets of the Felda settlers. Najib is right in saying more money will fill the pockets of the Felda settlers but as usual, he is NOT telling the whole truth and by far!.
Money will fill the pockets of the settlers, upon the initial listing but in the long run will the settlers be enjoying the bounty as they have been since Felda’s inception decades ago.

Bailout for loss-making Felda Global?

But FGVH subsidiaries such as FELDA Iffco Sdn Bhd, FELDA Global Technologies, FELDA Global Ventures Middle East and FELDA Global Ventures Arabia are reported to have chalked up accumulated losses of around RM500 million up to last year.

The main body as a whole is still profitable. Indeed, FELDA Holdings has a workforce of some 19,000 employees, with a labour force of 46,795 workers at 300 estates, 70 palm oil mills, seven refineries, four kernel-crushing plants, 13 rubber factories, manufacturing plants and several logistic and bulking installations spread throughout Malaysia and several locations overseas.

But critics contend that the proposed listing, which will see loss-making FGVH assume control of the FELDA Investment Co-operative (KPF), will short-change smallholders and saddle FELDA with up to RM1.5 billion in yearly deficit. Thus, the cash-cow Felda Holdings will see itself drawn into debt from the onset and thus affecting every small-holding settler they have under their umbrella.

The whole idea of ‘parking’ a profitable company under the control of one that has proven itself as a poor performer in business, is illogical and makes for bad business sense. Yet this is the plan mooted by the Najib’s establishment. It is as many analysts have warned – a possible exercise to bailout FGVH, which has long been managed by Najib’s inner circle of advisers.

Only the tail-end of the real story told

What Najib and Mahathir used as justification for the listing is the tail end of the story. Once up on the Bursa Malaysia board, new investors will buy up additional share offerings and this will pump in more money into Felda. The money will trickle down to the small share-holders and premium from the share sale can also be used to pay dividends – the wind-fall that Najib and Mahathir allude to.

But the bigger question is, how much shares will the Felda settlers have to hand over in order to create the new offerings for new investors? And who will the new investors be? This is important as essentially, the Felda settlers are handing over their rights over Felda in return for a quick buck. In the long run, the fate of the Felda settlers will be determined by those who hold a controlling stake in listed Felda.

And this the truth that both Najib and Mahathir is holding back from the Felda settlers and Malaysians.
The Najib government says that the move will result in a RM5.9 billion lump sum payment to settlers but the National FELDA Settlers’ Children’s Association (ANAK) has insisted it will not be in cash but in the form of shares in FGVH. This is something to beware of. Settlers may well find themselves stuck with pieces of paper that nobody wants to buy.

Last week, a group of settlers, representing KPF, won a temporary court order blocking the transfer of shares from their co-operative to FGVH, a crucial step in Putrajaya’s plans to list the plantation firm.

Another get-rich-quick scheme for Umno leaders

Both Najib and Felda chairman Isa Abdul Samad are adamant that the listings will go ahead as scheduled. The plan is now to have a special purpose vehicle (SPV) set up to ensure that profits from the listing of FGVH are channeled directly to the settlers; of course, it is any-one’s guess as to who will helm this SPV, but the SPV will take over the role of the KPF. And if Isa’s controversial and unpopular appointment as Felda chief is any measure to go by, settlers can expect the SPV head to also be a Najib ‘yes-man’.

As far as the mechanism goes, Felda, which is 100% owned by the government, will have to buy over KPF’s equity in Felda Holdings Bhd giving them a controlling stake in FHB. When this happens, there will be nothing to stop the transfer of shares from FHB to FGVH and eventually the listing exercise of FGVH.
Indeed, this is a ‘get rich scheme’ that can only benefit those who have the capability to buy the share offerings from FGVH. The IPO effectively takes control from the settlers and serves it to the highest bidder.

“The settlers themselves cannot afford to buy shares and expand the company. So listing is one way to inject more capital and investment. At the end, the settlers will be given the same level of dividend. So, there is nothing to lose,” Mahathir told reporters after launching the Malaysia OSV Owners’ Association (OSV Malaysia) here.

But at what cost to the settlers? Did Mahathir even once considered this? Did Mahathir even once asked himself why the Felda settlers till now have no money to buy shares and expand their company? Who then is Mahathir to say if the IPO is good of bad!

Offering settlers sweets and then selling the sugar factory

In an interview, Tengku Razaleigh Hamzah pointed out that once the listing took place, land belonging to the FELDA settlers will go on the open market. Once exposed to the open market, Razaleigh warned that “anyone” could buy up shares at any amount if they could afford it, and that this could result in settlers losing their lands if shareholders were to sell their shares.

“If the price goes up, and if the shareholders want to profit, of course they will sell (to other people) … it would be stupid not to take advantage of a profit (making) situation. The land that was previously owned will be lost because other people have owned shares and now have rights to the land. That is dangerous,” said Ku Li, a Kelantan prince and the Umno MP for Gua Musang.

This is Najib’s idea of enriching the small-holding settlers of Felda. After promising to give the settlers sweets, he turns around and offers the sugar factory to the highest bidder.

The question that really begs an answer, is why the sudden, urgent need to list Felda? Does this mean that the reports of the Malaysian government running out of cash are true? Or is there another back-to-back deal to siphon out the profits from the IPO to another Umno money-making scheme? Until more whistle blowers come forward, your guess is as good as ours.


                                                  KOMEN YAB DATUK SERI NAJIB







Tuesday, February 21, 2012

Zionis VS Yahudi: Isu di Malaysia

Kita perlu bezakan antara orang Yahudi dan Zionis. Yahudi adalah kepercayaan atau agama. Keturunan Yahudi sekarang terbahagi kepada tiga kelompok iaitu bangsa Sephardim di Sepanyol, Oriental Jews di Arab dan Ethiopia,dan Ashkenazim di Eropah.

Kemunculan tiga kelompok ini hasil dari perpindahan pada abad 17SM. Karl Marx, Hitler dan Albert Pike adalah keturunan Ashkenazim. Karl Max terkenal dengan fahaman Komunis yang berpendapat agama adalah candu kepada masyarakat dan perlu disebarkan kepada Goyyim (manusia selain Yahudi).

Manakala Zionis pula merupakan gerakan yang dipelopori Moses Hess yang menubuhkan sebuah negara haram, ISRAEL. Orang-orang Yahudi mula berpindah ke Palestine bermula pada tahun 1897 lagi.

Zionis merupakan gerakan politik orang Yahudi yang menyokong penubuhan semula ‘tanah yang dijanjikan’ untuk bangsa Yahudi di Palestin pada abad ke-19 di mana ketika itu dikuasai oleh Kerajaan Turki Uthmaniyah.

Perlu diingatkan bahawa bukan semua Yahudi itu adalah Zionis di mana ada juga penganut Yahudi sendiri yang menbangkang kekejaman Rejim Zionis. Ini kerana,Rejim Zionis bersifat sekular,tidak berpegang pada matlamat asal dan bertentangan dengan melakukan kezaliman.

Di Amerika,telah wujud gerakan baru yang berfahaman kanan iaitu New Conservative. Bekas Presiden Amerika Syarikat George Bush Jr. merupakan pengikut untuk gerakan ini dan sangat agresif terhadap Palestin. (BACA ARTIKEL SAYA BERKAITAN NEOCON)


Kita tahu yang ekonomi dunia sekarang dipegang oleh syarikat-syarikat milik orang Yahudi yang berpusat di Amerika Syarikat. Kalau dengan mereka pun kita tidak berniaga, alamatnya habislah perniagaan antarabangsa dan ekonomi kita.  Perlu diingatkan Intel milik Yahudi, Facebook milik Yahudi, DELL milik Yahudi, McDonald milik Yahudi, KFC & LOREAL, Starbucks, Nestle, AMD milik Yahudi dan bermacam-macam lagi produk milik syarikat Yahudi. Macam mana pulak dengan pekerja-pekerja Muslim di syarikat-syarikat milik Yahudi di Malaysia?

Kita juga melihat antara senarai rakan dagang dengan Amerika ialah negara-negara Islam seperti Turki, Arab Saudi, Qatar, Indonesia, Brunei, Pakistan dan lain-lain. Ini menunjukkan hubungan perdagangan masih berlaku antara negara Islam dengan Amerika Syarikat.

Isunya perlu jelas. Kita tidak pernah sesekali megiktiraf negara haram Israel dan kekejaman mereka terhadap rakyat Palestin. Kita tidak mengiktiraf Israel serta regim zionis bukan bermaksud kita memusuhi orang Yahudi di seluruh dunia.

Adakah berurus-niaga dengan Yahudi dibenarkan dalam Islam? Saya katakan berdasarkan sirah Nabi Muhammad pernah berdagang dan berurusan-beli dengan Yahudi. Nabi Muhammad SAW sendiri pernah berurusan dan membuat transaksi jual beli dan cagaran (al-Rahn) dengan seorang Yahudi. ‘A’ishah RA berkata:

“Sesungguhnya Nabi SAW membeli makanan daripada seorang Yahudi dengan pembayaran secara bertangguh dan mencagarkan baju besi baginda.” [HR al-Bukhariy, hadith no. 2326]

Anwar mahu menjaga keselamatan Israel?
Keselamatan dari apa? Sudah tentu keselamatan dari penentang-penentang Yahudi Zionis dan asetnya.
Dari siapa penentangan ini? Sudah tentu dari orang Muslim Hizbullah dan Hamas serta orang Muslim lain.

Anwar terang terangan mahu menjaga keselamatan negara Israel dan ini bermakna dia menghina perjuangan Intifada yang di gerakkan oleh rakyat-rakyat Palestin yang selama ini saudara-saudara mereka disembelih oleh Zionis Israel.

Siapa yang mahu menjaga keselamatan negara Israel? Jawabnya Anwar Ibrahim, Ketua Pembangkang Malaysia.

Perkara pokok, Anwar mahu menjaga keselamatan negara Israel dari ancaman rakyat Palestin serta orang Islam yang sedar akan kekejaman zionis.


Adakah masalah method dan kepimpinan menimpa PAS?

PAS, like any other political party all over the world is founded on a political ideology, in its case the Islamic theocratic ideology. The raison d’ĂȘtre (reason or justification for existence) for the founding of PAS is the promotion, advancement and establishment of an Islamic theocratic society. Without this mandate, PAS has no legitimate purpose to continue its existence. The problem is not the PAS Islamic agenda, but the stupidity of its leaders, who are not too intelligent, let alone intellectual. They are going about promoting their PAS Islamic ideology the wrong way, by stressing and emphasizing on petty irrelevant matters of non substance such as protesting against concerts by foreign artistes, moral policing of personal behavior, banning of Valentine celebration, objection to even healthy entertainment joints like cinemas, enforcing dress code on the women folks, and going on witch-hunting at Christian churches for so-called apostates, etc.



Monday, February 20, 2012

Perfect information

Only God knows perfect information.

Classical is wrong when they underline the assumption that there is perfect information in the market.

Even though there is information in the market, it does not mean everything will be revealed by the companies. Therefore, we are actually having imperfect information in the market. 
 Due to this problem, what should we do?

That's why, we need to understand the real causes of economy crisis and effects. Financial institution, stock trading and bond create uncertainty in the market as they are framed by the interest rate and some sort of speculation activities. This is due to profit maximization orientation.

In micro perspective, the concept of triple bottom line need to be emphasized. Economics (profit), social and environment must be considered during the development and production process.

The problem is people have their own self-interest. Having self-interest doesn't mean it is bad totally. It needs to be liaised with the objective of shariah. Self-interest or group interest? Utilitarianism or universal principle?

Israel serang Iran sekadar ulangan retorik?

Siri serangan bom yang dilihat menjadikan diplomat rejim Zionis di Thailand, India dan Georgia sebagai sasaran minggu lalu, meningkatkan lagi ketegangan Iran dengan kuasa besar Amerika Syarikat (AS) dan sekutu utamanya, Israel.

Rejim haram Zionis menuduh Iran menjadi dalang kepada ejen-ejen yang menyerang wakil-wakilnya tetapi Teheran berkeras menafikan pembabitannya.

Nampaknya benarlah ramalan penganalisis selama ini bahawa kuasa Barat akan memberi fokus terhadap Iran pula selepas memporak-porandakan Iraq, Afghanistan dan Libya selain kini sedang secara halus menggoncang Syria saban hari.

Barat memang menghadapi penyakit histeria yang tebal terhadap Iran. Namun dengan persekitaran di Asia Barat yang telah berubah terutamanya dengan Kebangkitan Arab (Arab Spring), ia menjadikan benua Arab bukan lagi sebuah entiti yang digeruni sangat oleh AS.

Sebaliknya, histeria anti-Iran yang dihidapi AS dan kuasa Barat yang lain, kelihatan boleh keluar daripada kepompong retorik, menjadi suatu konfrontasi sebenar.

Ada pandangan mendakwa retorik yang bersimpang-siur antara AS, Israel dan Barat dengan Iran bukan sesuatu yang baru. Amaran demi amaran disebut oleh pentadbiran silih berganti di Washington, ancaman perang oleh Israel, tindakan sekatan ekonomi Eropah dan pembunuhan saintis nuklear Iran, yang kemudiannya merebak kepada serangan balas terhadap diplomat Israel, telah membawa awan kelabu kepada ketenangan global.

Sehingga hari ini, Iran telah 'dihukum' dengan empat bentuk sekatan oleh Pertubuhan Bangsa-Bangsa Bersatu (PBB) dan juga tindakan unilateral AS bersama Kesatuan Eropah berhubung isu pembinaan nuklearnya.

Spekulasi bertiup kencang sejak seminggu dua ini bahawa Israel bersedia melancarkan serangan ke atas loji nuklear Iran tetapi rejim Zionis menafikan kerajaan pimpinan Benjamin Netanyahu sudah mencapai sebarang keputusan mengenainya. Bermakna memang ada pelan untuk menyerang.

Dalam hiruk-pikuk semua ini, fakta yang nyata ialah Iran tidak memiliki senjata nuklear, sebagaimana diakui oleh beberapa pegawai kanan perisikan dan tentera AS sendiri.

Setiausaha Pertahanan AS, Leon Panetta bertanya dan menjawab sendiri persoalan Iran: ''Apakah mereka cuba membina senjata nuklear? Tidak.'' Pengarah Perisikan Kebangsaan (NIE) AS, James R. Clapper, Jr. mengaku bahawa AS sendiri tidak tahu 'jika Iran akhirnya memutuskan untuk membina senjata nuklear'.
Laporan NIE pada 2011 menyatakan secara jelas bahawa tiada bukti baru untuk mencabar rumusan 2007 iaitu Iran masih tidak memiliki program senjata nuklear yang sedang berjalan.


Akhbar The Independent melaporkan, hampir keseluruhan pegawai kanan tentera dan keselamatan Israel bimbang mengenai serangan melulu terhadap Iran dan risau mengenai kemungkinan kesan-kesan akibatnya.
Apa yang diungkapkan oleh Israel dan Presiden Barack Obama terutamanya, ialah 'kebimbangan' semata-mata bahawa loji nuklear Iran itu 'akan' diguna untuk membina bom nuklear. Ini ditambah lagi dengan pengumuman Teheran pada Rabu lalu bahawa ia telah memasang 3,000 centrifuge bagi meningkatkan keupayaan mengayakan uraniumnya.

Maka itu, AS merasakan adalah perlu baginya sebagai polis dunia untuk melakukan 'langkah pencegahan' agar Iran tidak berjaya berbuat demikian.

Anehnya, AS tidak mahu menerima, apalagi percaya dengan jawapan Iran bahawa loji tersebut tidak bertujuan untuk membina senjata seumpamanya. Sejauh mana benar atau tidak jawapan Iran ini, akan diketahui bila pasukan pemeriksa Agensi Tenaga Atom Antarabangsa (IAEA) iaitu badan pemantau PBB Bersatu melawat loji-loji yang disyaki di Iran, minggu ini.

Masalahnya, seluruh dunia tahu satu-satunya rejim di Asia Barat yang benar-benar membina dan memiliki senjata nuklear adalah Israel.

Tidak pula ada sesiapa mahu melakukan ketidakwajaran serupa kepada Israel, seperti yang dikenakan terhadap Iran. IAEA juga patut terbang ke Tel Aviv selepas Iran, jika ia peduli pun apa makna kredibiliti di mata masyarakat dunia berhubung isu pembinaan dan pemilikan senjata nuklear.


                                           VIDEO : Inside Story - Will Israel attack Iran?



Thursday, February 16, 2012


Neo bermakna baru, manakala Con adalah singkatan dari perkataan Conservative. NeoCon bermakna fahaman Konservatif Baru. Dari segi idealogi NeoCon ini berhaluan kanan. Mereka menyokong dasar ekonomi kapitalis: pasaran bebas, penswastaan dan menolak negara berkebajikan. Mereka tidak mahu kerajaan campur tangan dalam urusan ekonomi. Fahaman NeoCon ini melihat kuasa imperialis Amerika Syarikat sebagai sebagai kuasa mutlak dunia sesudah runtuhnya empayar USSR (Union of Soviet Socialist Republic) pada bulan Disember 1991. Agama tidak penting bagi NeoCon. Justeru bukan semua NeoCon beragama Yahudi tetapi semua NeoCon adalah Zionis. NeoCon adalah pakatan intim antara Yahudi Zionis dan Christian Zionis. Nabi mereka ialah Irving Kristol, seorang pemikir Yahudi dan inteletual kanan. Rukun iman NeoCon ialah memastikan kesejahteraan Israel.