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Thursday, 25 July 2013

Politically mixed education Malaysia

I REFER to the editorial “We can’t move forward with suspicious minds” (Sunday Star, July 21- appended below) and feel that our political masters must take heed of the issues raised for they can become a racial time bomb.

It is sad that after 56 years of independence, we are caught in Elvis Presley’s Suspicious Minds.

This has a lot to do with the education system and politics of the day.

Righteous, progressive and open-minded citizens are the result of a balanced education system where they are given all the opportunities to develop themselves and to understand others.

The knowledge society from such a system can stand the test of time against typecasting, stereotyping and any form of suspicious minds.

The GE13 results is indicative of what lies ahead. The popular vote reflects that all is not well on the ground.

For example, the proliferation of international schools using English as a medium of instruction shows that parents with money prefer not to send their children to national schools.

English as a universal language cannot be denied as the best vehicle to bridge racial polarisation and reduce any “suspicious minds”.

English language citizens have a greater tendency to read books, any kind of books, thereby opening up their minds to prejudices.

Another factor that contributes to “suspicious minds” is the heavy dose of politicking along racial lines.

Every issue that crops up is seen from a racial perspective. It gets worse by the day, going by the media coverage.

We have not reached the stage where we can proudly call ourselves Malaysians.

Ironically, we are becoming less Malaysian by the day if we care to analyse the situation carefully.

This was even pointed out by former Prime Minister Tun Dr Mahathir Mohamad.

Has our education system failed? What happenned to the various initiatives like “Rukunegara”, “Rukun Tetangga” and “1Malaysia”.

Are we only Malaysians when we conquer Mount Everest or win the Thomas Cup?

After the euphoria is over, we withdraw into our own shell and return to our selfish ways.

Maybe, instead of learning from the Japanese or Koreans, why not learn from the Americans on how their “melting pot” is able to make a Korean, Japanese, Iranian, Mexican, Polish, German and others feel proud they are American first and foremost.

Maybe the American education system has the answer that we have been searching for. Still, we have to accept the fact that where inter-ethnic relations is concerned, a little bit of racial bias does exist.

It is the degree of biasness that is of concern to everyone.

In this respect, the various community leaders must show the way forward.

HASSAN TALIB Gombak, Selangor

We can’t move forward with suspicious minds

SUSPICIOUS minds. That seems to be the state of thinking in our country in these disquieting times. Any action, any utterance is quickly judged on whether it’s racial, religious and even gender “unfriendly”.

Granted, in a multiracial society, there is the expectation that people should know how to speak and behave so as not to cause offence.

But we know in reality, there is a tendency to typecast or stereotype ourselves and people from other communities. This is an age-old mindset but for the most part, it’s harmless. And if anything, it was and still is fodder for jokes and teasing.

In the past, we took it in our stride and rarely let off-colour jokes and remarks get to us. But of late, no thanks to social media and the Internet, any action or remark spreads like wildfire and gets mangled, misinterpreted and embellished along the way.

There seems to be a wilful desire to think the worst of “others”. It doesn’t matter the source: it can be the Government trying to introduce a compulsory subject in private colleges, or people from one community trying to scale Everest, or high scorers not getting places in their chosen courses, or two foolish young people trying to be funny in their tasteless and ill-conceived joke.

The reaction to all of the above is there is a hidden agenda, an ulterior motive to all such actions. Because of the suspicion, it leads to the desire to hit back, to accuse, to hurt, to mock or even to punish beyond the actual “crime”.

More worrisome is the almost- automatic way to look for racial and religious undertones in just about everything, which inevitably leads to people thinking along the lines of Us Against Them.

Sadly, there is a strong belief that the results of the general election on May 5 has worsened race relations. The hearts of the people have hardened against each other.

One group feels betrayed by another, that there is no sense of gratitude for or appreciation of what has been done for them nor the generous accommodation of their demands.

The other group’s response is that they have been pushed to the wall and the decades of accepting what they perceive to be biased policies and implementation has gone unacknow­ledged and finally, enough is enough.

Interestingly enough, the lyrics of Elvis Presley’s song Suspicious Minds encapsulates this Malaysian dilemma: “We’re caught in a trap, we can’t walk out ... Why can’t you see what you’re doing to me when you don’t believe a word I say? We can’t go on together with suspicious minds, and we can’t build our dreams on suspicious minds.”

When Malaysia celebrated its 50th year of Merdeka, The Economist commented about the “increasingly separate lives that Malay, Chinese and Indian Malaysians are leading”.

The British magazine added: “More so than at independence, it is lamented, the different races learn in separate schools, eat separately, work separately and socialise separately. Some are asking: is there really such a thing as a Malaysian?”

That was six years ago. How do we answer that now?
-
- The Star Says

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Wednesday, 24 July 2013

Malaysia's property market still growing strongly


Malaysia's property market still has much room to grow and will benefit from the high property prices in Singapore, said founder and principal trainer of Singapore-based School of Infinite Potential, Kenny Tan (pix).

"Malaysia('s property market) still has much growth. The market here is exciting and there is a lot of potential and resources. Malaysia can become a really solid country with its hardworking people," he told SunBiz in an interview.

Tan, who is also ERA Realty Network Pte Ltd group division director and a practising real estate agent, said property prices in Singapore have driven buyers to Malaysia due to its closeness in terms of proximity and culture.

"A lot of Singaporeans buy their second home or investment properties here. There is a lot of interest here, especially in Iskandar Malaysia (Johor). There is a lot of interest from Singaporeans, but we always advise them to do research prior to investing," he said.

Tan said while Singapore's property market has gone through a few rounds of corrections, property prices in Kuala Lumpur have been constantly rising since 2004.

Although the issues in Europe and the US have resulted in expatriates pulling out and weakening the rental market, there has been a good influx of foreign interest from South Korea and Japan.

"There is still a lot of opportunities for real estate agents in this segment," he added.

Meanwhile, the cooling measures introduced by the Singapore government has also helped attract interest to Malaysia, with Malaysian property developers taking the opportunity to ramp up their marketing efforts in Singapore.

However, there is still strong demand in Singapore's properties despite the cooling measures, especially from Chinese investors, said Tan.

"(It's just that Singaporean) investors are now taking their time to buy instead of rushing in and chasing prices. There are still transactions (in Singapore properties)," he added.

On property buying trends in Malaysia, Tan said it is moving towards online buying, selling and marketing.

"Technology provides convenience and productivity, one can search for properties online at any time and anywhere. This is already happening in Singapore and we foresee that happening in Kuala Lumpur over the next two to three years.

"There is an evident trend that Malaysia is moving towards that direction with the various online forums and property portals," he said.

Tan said going online means buyers can do research before viewing properties or meeting up with agents, saving time and money. At the same time, real estate agents know the calls they get are more likely to be hot leads rather than cold calls.

"However, there is still a segment of buyers who still use newspapers to search for properties. For example, the older generation and those who are less internet-savvy.

"In Singapore, buyers who want to buy landed properties do not search online. There is still a certain type of buyer who like traditional media thus it is important to have both (mediums)," he added.

 By Eva Yeong  sunbiz@thesundaily.com

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Tuesday, 23 July 2013

Worries over systemic risks of shadow banking and mid-tier banks


Analysts have been warning on the risks of China’s “shadow banking” system – a sector estimated to have as much as RM4.15tril in assets. 

RAMADAN is always a good time for reflection.

This year, I’ve been researching a new TV documentary series, Ceritalah Indonesia, that I’m hoping to shoot by September.

I want to tell the story of how Indonesia, having endured the Asian Financial Crisis in 1997/1998, ousted President Suharto and then launched into the tumultuous “Reformasi Era” before finding some degree of stability under President Susilo Bambang Yudhoyono.

As a result, I’ve been going over recent history – including the roots of the crisis itself.

Now even though I’m not an economist, it’s been a very interesting journey, especially reading about the various bank failures that sparked off and then deepened the crisis.

Back then, banks seemed to be falling like dominoes: Thailand’s Finance One collapsed spectacularly.

This was followed only a few months later by Bank Indonesia’s surprise decision to close sixteen banks.

As the momentum gathered in intensity, one of Japan’s most important brokerage houses – Sanyo Securities was also shuttered.

Just over a decade later, a similar sequence of events was to take place in Europe and North America as Northern Rock, Iceland’s Landsbanki (better known by its British brand-name Icesave) and Lehman Brothers also failed, leaving in their wake a massive dislocation across the developed world.

Now, as I reflect on the events of 1998 and 2008, I can’t help but sense a similar trend emerging to our north – in China.

Indeed, the next global economic crisis could very well start there. Why?

Well, have you visited the many ghostly, almost totally-empty high-rise communities that have sprung up across the Middle Kingdom?

I can still recall wandering through vast and deserted business quarters in Dalian, Tianjin and Beijing.

At the time, everyone told me that China was different ... well that’s what they said about Thailand, Iceland and Spain.

But now after years of over-building: roads, bridges and railway lines, expanding capacity to the highest degree, people are beginning to question China’s growth model.

For many months now, analysts have been warning on the risks of China’s “shadow banking” system – a sector which some estimate to have as much as US$1.3tril (RM4.15tril) in assets.

“Shadow banking”– is simply non-bank lending and borrowing. Investing in hedge funds, venture capital and private equity are all forms of “shadow banking”.

There’s nothing wrong with this: shadow banking often helps individuals or businesses that would otherwise not qualify for conventional bank loans or get credit.

Also, some shadow banking wealth management products offer lucrative returns.

Shadow banking thrived in China with the liquidity that flooded the market in 2008, when its government pumped in a US$586bil (RM1,828bil) stimulus package in response to the subprime crisis.

All this excess liquidity has, however, causing a housing bubble and also saved a number of underperforming Chinese state-owned enterprises from having to reform.

At the same time, Chinese policymakers were debating long-standing calls for them to cool down their economy – a fateful decision as we will see later.

As the astute Henny Sender wrote in the Financial Times on July 11, the investment products which form the backbone of Chinese “shadow banking” have the potential to create yet another subprime crisis.

Why? Well, many of China’s hedge funds are shorting the shares of China’s weaker banks. Does that sound familiar?

According to Sender: “… second-tier banks listed in Hong Kong or in mainland China, including China Merchants, China Minsheng Banking and tiny Huaxia, are vulnerable” as they “… have less ability to absorb losses and more of their balance sheets are tied up with shadow-like activities.”

Minsheng, founded in 1996, is China’s ninth-largest bank by assets and the only private bank amongst its top 10 commercial lenders.

It also, according to JP Morgan, has the fastest growth in inter-bank assets and the highest weighting of interbank liabilities to total interest bearing liabilities.

As mentioned, China’s government was initially determined to “cool” its economy.

The People’s Bank of China (PBOC) hence refused to intervene when the Shanghai interbank offered rate (“Shibor”, China’s LIBOR) spiked to an all-time high, to almost 14% from 3% previously.

This led to fears that the sudden “credit crunch” would leave banks like Minsheng at risk of default, the very thing that caused the collapse of Western banks like Lehman in 2008 due to a sudden lack of liquidity.

Indeed, in late June worried investors sent Minsheng’s shares down by 16.7%, wiping out US$6bil (RM18.7bil) of its market value.

Talk of a crisis forced the PBOC to promise to end the credit crunch.

Still, worries over China’s shadow banking system persist.

As Fitch Ratings has stressed, systemic risk over China’s mid-tier banks is rising due to their credit exposure and weakness in absorbing losses.

It remains to be seen whether banks like Minsheng will indeed become China’s Lehman.

But this much is clear: those who ignore history are doomed to repeat it.

Ceritalah  By KARIM RASLAN

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Monday, 22 July 2013

Property investments: good Infrastructure a way to huge profits and success

Buy property with good connectivity, investors advised - The road to huge profits
 
Packed room: Lee giving his talk on ‘Infrastructure goes a long way when picking the best property’ during The Star Property Fair 2013 at G Hotel, Penang.   http://www.zeon.com.my/index.html





PROPERTY investors should look out for the connectivity of road infrastructure when it comes to securing ideal property, said Zeon Properties chief executive officer Leon Lee in Penang.

He said infrastructure such as transportation hubs and bridges were vital elements that ensured property prices in their surrounding areas would soar.

Citing an example, Lee said the completion of a bridge connecting Shenzhen, China, and the New Territories of Hong Kong, had seen property prices in the surrounding areas escalating by about 155% over a period of 10 years.

He singled out another example in the form of the Malaysia-Singapore second link connecting Tanjung Kupang, Johor and Tuas in Singapore.

“In 2002, the property price in New Territories of Hong Kong was about HKD$29,522 (RM12,154) per sq m.

“It shot up to HKD$75,416 (RM31,049) in 2013, which took only about 10 years.

“My logic is simple, just watch out for those infrastructure. If there is connectivity or the distance between one place and another is shortened, property prices in that area will surely shoot up,” he told the participants during his talk titled ‘Infrastructure Goes a Long Way When Picking the Best Property’ at G Hotel on Saturday.

On a local perspective, Lee said the prices of property in Batu Maung had increased significantly as the second Penang bridge is scheduled to open to traffic soon.

“In 2007, a terrace house in Batu Maung was worth about RM700,000. But now, a similar unit is priced at RM1.4mil. This is evident to my point earlier,” he said.

He added that Penangites should take notice of the recent announcement by the state government, including the 6.5km undersea tunnel project linking Gurney Drive and Bagan Ajam.

The projects also comprise a 4.6km bypass linking Air Itam to Tun Dr Lim Chong Eu Expressway, 12km Tanjung Bungah-Teluk Bahang paired road and a 4.2km stretch between Gurney Drive and Tun Dr Lim Chong Eu Expressway, bypassing the city centre.

“Chances are high that property prices will boom in the surrounding areas,” Lee said.

The talk was sponsored by Hong Leong Bank.

 Penang Property Fair a huge success

Upwards: Potential buyers looking at the MRCB project during the final day of the Property Fair at Gurney Plaza in Penang.

GEORGE TOWN: The Star Property Fair 2013 concluded with Penang and Kuala Lumpur-based developers locking in some RM227.6mil from the sales of residential and commercial properties showcased in G Hotel and Gurney Plaza.

Seven of the property development companies exclusively marketed by Zeon Properties Sdn Bhd generated RM136mil in sales over the past four days from Thursday.

Masmeyer Holdings Sdn Bhd generated RM50mil in sales from some 50 units of its Marinox condominium in Tanjung Tokong.

Zeon chief executive officer Leon Lee said Singapore-based UOA Group and Magna Putih respectively sold about RM25mil and RM20mil worth of property in Kuala Lumpur and Penang.

“UOA sold about 25 units of its Scenaria@North Kiara Hills condominium project in Mont Kiara while Magna Putih sold 20 units of its Mansion One serviced suites in Jalan Sultan Ahmad Shah, Penang.

“Other developers such as Mayland Universal Sdn Bhd (RM15mil), Mammoth Empire Holdings Sdn Bhd (RM10mil), Malaysian Resources Corp Bhd (RM15mil), and Venn Properties Sdn Bhd (RM6mil) registered RM46mil in sales,” he said.

Lee said the achievement was higher than anticipated in view of the increasing difficulty for buyers to obtain bank financing nowadays, adding that partial payments were received for the sales.

“Among the projects that attracted much attention and enquiries included Venn Signature, a gated terraced project by Venn Properties in Jalan Raja Uda, Butterworth.

“Penang investors were also attracted to the Scenaria@North Kiara Hills by UOA Group, as the units are priced competitively,” he said.

UEM Sunrise Berhad, SP Setia Bhd, Bukit Kiara Properties Sdn Bhd, TPPT Sdn Bhd, and Lone Pine Group achieved RM68.6mil in sales during the event which ended yesterday.

SP Setia sales and marketing manager Susie Loh said they secured RM18.6mil in sales despite many people not being able to make up their mind on the spot.

 Visitors having a look at a property model at the SP Setia Berhad Group booth during the fair in Gurney Plaza.
Visitors having a look at a property model at the SP Setia Berhad Group booth during the fair in Gurney Plaza

“But we are hopeful of converting a large number office reservations into sales. Many wanted to check out our project sites before signing.”

UEM sales and marketing senior manager Shamsul Bahari Aini said they managed to hit RM20mil.

“We sold about 15 units and this is one of our best results in The Star Property Fair.

“In fact, I believe we can even surpass our target as there are at least five buyers who looked really interested in our projects,” he said.

BHL Waterfront Sdn Bhd and Bandar Utama Development Sdn Bhd secured RM20mil and RM3mil in sales respectively.

The Star advertising sales and business development manager (north) Simone Liong said about 40,000 people visited the fair.

The official event partner is Zeon Properties and Hong Leong Bank is the sponsor.

By DAVID TAN and TAN SIN CHOW newsdesk@thestar.com.my/Asia News Network

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Sunday, 21 July 2013

Malaysia's public universities: study hard and be let down again: top scorer, no offer; low point for high achievers!



It’s a perennial problem – more top scorers than places at public universities for medicine, dentistry and pharmacy. The cheapest route to these degrees is fraught with uncertainties and heartache.

IT costs the government about RM70,000 a year to train a medical student at a public university. That works out to RM350,000 for a five-year course.

But a student who gains a place at one of the dozen public institutions offering medicine forks out less than RM20,000 in total tuition fees; the rest is subsidised by the Government.

Does it not then make sense for any brilliant student whose family cannot afford the RM350,000 to RM1mil for a private or foreign degree to spend two years doing Form Six and sitting for the STPM?

Everyone knows that the STPM or Malaysian Higher School Certificate is seriously tough, more difficult to excel in than the internally examined Matriculation offered mainly at matriculation colleges where 90% of the students are bumiputra.

That is why every student who slogs away and scores the maximum CGPA of 4.0 feels “cheated” of the cheapest route to a medical degree when they fail to secure a place at a public university.

This applies to other critical courses like dentistry, pharmacy and certain branches of engineering too. When even those with a CGPA (Cumulative Grade Point Average) of 4.0 don’t make the grade for medicine, they will be “dumbed down” to take up their second and third choices of the critical courses; and in the process, raise the cut-off point for these courses.

The spillover effect will be felt by those with lower CGPA scores who had hedged their bets by applying for dentistry and pharmacy.

This translates to more applicants crying foul because they didn’t get their course of choice despite having almost perfect scores.

There is also a perceived lack of transparency in the information made available for “strategic” application on the part of STPM students.

For one, while STPM results are made public, matriculation results are not. (Last year, there were 83,000 Form Six and 26,000 matriculation students.)

As an STPM candidate, you don’t know where you stand against the others competing for the limited places. In 2004, for example, when “Medic blues” (same issue of top scorers not getting into medicine) made headlines, there were 527 STPM students with CGPA 4.0 but more than double (1,247) with the same grade via matriculation.

For STPM students who may take up to five subjects, their CGPA scores are calculated based on the best four subjects, including General Studies.

The results of students from both “streams” are merged into a master list for allocation of places in universities.

Perfect score students failing to get their preferred course – this year, some were offered nothing – is a perennial problem.

But it is more acute in a year when the STPM yields better results while the number of places remain static. A total of 442 who sat the exam last year scored 4.0 compared with 300 the year before.

Last week, Higher Education Department director-general Prof Datuk Dr Morshidi Sirat said in a statement that 41,573 of STPM, matriculation and Asasi (Centre for Foundation Studies) students were successful in gaining admission to 20 public institutions of higher learning.

According to UPU, the coordinating body for intake into public universities, on its Facebook page, there are more than 2,500 (including the 442 from STPM) applicants with a CGPA of 4.0, most of whom applied for competitive courses like medicine, dentistry and pharmacy.

But the number of places allocated for the three courses in all public universities is just 1,078 or less than half the number of perfect top scorers! Imagine the competition, what more for the 699 medical places. It’s 699, 119 and 260 respectively.

If this is an annual predicament, can’t more places be opened up at public and private institutions?

In terms of physical infrastructure, it is possible, although the intake is strictly guided by criteria set by the Malaysian Medical Council. Student-lecturer ratio must match the facilities provided.

But the problem lies in academic staffing and the limited places for clinical training at teaching hospitals.

If public universities are bursting at the seams, the same may not be the case at private universities.

If the Government subsidises a student’s tuition fees at a private university like it does in public universities, more places can definitely be made available.

What the country needs is “good financial modelling”, says Taylor’s University vice-chancellor and president Prof Datuk Dr Hassan Said.

Private institutions too would like to have top scorers enrolled in their medical courses and raise the competition among their students, making it a win-win situation.

Should supply meet demand?

That is a question the Health Ministry has to grapple with. Are there more students who want to be doctors than the country needs?

Currently, doctor-patient ratio in Malaysia is 1:800. We are expected to achieve the 1:600 ratio recommended by the World Health Organisation (WHO) by 2015.

With the 3,500 doctors (via public and private institutions) that the country is producing annually, the Health Ministry expects to hit doctor patient ratio of 1:400 by 2020, which will exceed WHO’s recommendation.

Doctor wannabes should bear in mind that getting a job may not be as easy in future although the country still lacks specialists.

For medicine, scoring 4.0 may be the main hurdle but it is only the first hurdle. Participation in co-curricular activities also contributes 10% to the total points for entry into public universities.

Universities today want some say on who should join their most competitive course and put candidates through aptitude tests and interviews.

While there are calls for universities to do away with the “subjective” interviews, those in the medical faculties feel strongly that this is the most effective way to gain a snapshot of a candidate. Does he really want to be a doctor or is there parental pressure?

In private institutions like Monash University Sunway campus, an applicant has to go through four “mini” interviews – 10 minutes each with four interviewers separately.

Its head of the Jeffrey Cheah School of Medicines and Health Sciences Prof Datuk Dr Anuar Zaini Md Zain shares that the interviews are designed to be as objective and reliable as possible.

He says they are looking for the ability to communicate, empathise, work in a team, and have real expectations of the job.

“You need to be able to communicate and listen or you won’t be able to know your patient’s problem. In fact, the biggest complaint against doctors is that they don’t talk and can’t communicate.

“English proficiency is really important as teaching is mainly in that language, whether in clinical years or post-graduate training anywhere in the world,” says the former medical dean of Universiti Malaya.

Basically, interviews are not designed to fail an applicant but to help weed out the wrong candidates and reduce the attrition rate among medical students.

While it is costly for universities to conduct interviews for every applicant, it will be even costlier for them – and society in the long run – to train the wrong person. 

Common Sen-se By Leanne Go
> Twelve years ago, I wrote a comment on the problem of top STPM scorers not getting their course of choice and titled it “Study hard, come out on top and be let down”. Looks like little has changed. Feedback is welcome at leanne@thestar.com.m

 Top scorers appeal cases after not being offered any courses

KUALA LUMPUR: They are among the brightest students in the country and yet were deemed not good enough for local public universities.

Eight students who scored cumulative grade point average of 4.0 were not offered any courses at the public universities despite successfully submitting their forms to enter the universities.

They are among the 108 appeal cases that MCA has received from students who sat for the STPM and matriculation programme since the issue was highlighted last week. Of the total, 55 have 4.0 CGPA.

MCA education bureau chairman Datuk Dr Wee Ka Siong said he could not accept the Education Ministry’s excuse that technical error was among the reasons why many top scorers either failed to obtain places at public universities or did not get courses of their choice.

“They obtained 4.0 CGPA. Don’t tell me they do not know how to fill a form.

“I cannot accept this silly explanation. It is grossly unfair to the students,” he said after meeting 22 students and their families at Wisma MCA yesterday.

Low point for top scorers Dejected lot: MCA education bureau chairman Datuk Dr Wee Ka Siong looking at the top scorers’ results. — AZLINA ABDULLAH / The Star
Dejected lot: MCA education bureau chairman Datuk Dr Wee Ka Siong looking at the top scorers’ results. — AZLINA ABDULLAH / The Star
His remarks at the press conference were greeted by applause from those present.

Further substantiating his point over the issue of technical error, Dr Wee pointed out that 16 of the 22 students were called for an interview with Universiti Sains Malay­sia.

“If it was a technical error, how could USM call them for an interview?” he asked.

He said the party would seek the help of Prime Minister Datuk Seri Najib Tun Razak and Education Minister Tan Sri Muhyiddin Yassin to resolve the issue.

Najib, in a tweet, said he knew some were disappointed at not getting places in universities.

“But don’t give up. (I) will discuss at Cabinet this week how best to help these students,” he said.

MIC national youth council member G. Kalaicelvan said the MIC received many complaints of top Indian students not getting courses of their choice.

“Most want to do medicine and their STPM results meet the requirement but somehow they do not get a place in the public universities,” said Kalaicelvan.

He said many Indian students end up disappointed after the STPM results are out every year.
“It’s a never-ending problem,” he said.

- The Star/Asia News Network

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