Make public TPPA cost, says Jomo

http://www.thestar.com.my/business/business-news/2016/01/12/jomo-make-public-tppa-cost/

KUALA LUMPUR: A former senior United Nations official and economist Jomo Kwame Sundaram said that while there are benefits to signing the Trans Pacific Partnership Agreement (TPPA), the cost of such an agreement must also be made known to the public.

He said at the 2016 TPPA Forum organised by the Malaysian Economic Association that gains from signing the TPPA in terms of economic growth were only “very modest” because Malaysia was already an open economy.

“These were also based on very questionable assumptions. Having more trade does not mean more economic growth. You have to note that having more trade may mean you export more but the country will also import more. So the (net) trade gains are very modest and the economic growth (accrued) is very very low,” Jomo said.

“However, there are huge risks involved because this is not just a trade agreement but more of a partnership agreement and most of the other requirements of the TPPA will introduce many constraints on the ability of Malaysia and others to catch up and accelerate growth and to develop the economy,” he said.

He said while there were various models to stimulate the outcome of the TPPA on the country, there was no disagreement among the different models that the increased trade benefit in terms of economic growth were only very modest.

“There will be increased trade but the benefits in terms of economic growth will only be realised only after 10 years and some countries may not even benefit in terms of growth,” Jomo said.

Jomo also said that there will be some impact on local companies that will face challenges because there will be fewer constraints on international companies.

However, the chief negotiator from the Ministry of International Trade and Industry Datuk J Jayasiri said that there will be gains for small and medium enterprises (SMEs) if they have enough capacity.

“SME Corp is helping in the upgrade of local SME’s capabilities while Matrade is promoting SMEs extensively to capitalise on the opportunities overseas,” Jayasiri said.

Jomo said that there should be an objective discussion on the matter noting that the gains were being described in such as way that the benefits were being presented without talking about the cost.

“We need to go into any deal with our eyes wide open and to be fully aware of the risks and cost as well as the potential benefits and the likelihood of achieving those benefits. So we have a slightly one-sided picture of what we do get from the TPPA,” he said.

“For people to say that we can pull out of this TPPA after six months of being in it is very deceptive. That is not the way the world works and is a very naive assumption. Say if somebody here doesn’t swim we cannot throw him into the deep end of the pool and say he will learn how to swim,” he added.

On another matter, Jayasiri said that Malaysia will be able to maintain export duties that will be imposed from the TPPA.

“For us in the Ministry, we feel that any market opening measures mean that exporters will have opportunities to go into new markets. If markets are closed it will be difficult for exporters to go into those countries,” Jayasiri said.

“Say if we are out of the TPPA, and our competitors are in the TPPA then it means our exporters will be at a disadvantage so it means we have to be in the TPPA to enjoy the preferential treatment through this,” he added.

By Daniel Tan The Star/Asia News Network

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How to allocate your money wisely: lessons from my father

WE will soon be celebrating Chinese New Year and most Chinese families would be busy making preparations for the same.

This is one of the yearly events that I look forward to. Apart from family bonding and catching up on latest family updates, these get-togethers often times allow us to reflect on our past.

When I reminisce about my childhood days, I fondly remembered the life of my late father which has had a big influence on my life.

At the age of 16, my father embarked on a long boat journey to Malaysia with barely anything in his pockets. This was during China’s economic depression. Due to hard work and frugality, he managed to save, starting with owning one taxi to two and the next thing you knew, he owned a bus company, the Kuala Selangor Omnibus Co.

How did he do it? What was his secret?

Unfortunately, my father did not manage to share with me his secrets of success. Nonetheless, I observed that for every dollar he earned, he only spent 30 cents. He was very frugal in his spending even though he had to feed a family of 15.

I recalled accompanying him to Kuala Lumpur on one of his business trips 70 years ago. Back then, the road from Klang to Kuala Lumpur was windy and hilly. To reduce fuel consumption, he would switch off his car engine and let the car slide down the road when the car was at the peak of the slope.

Today, it is not safe to do such a thing due to the increased number of cars on the road. Yet, to my surprise, cars like Mercedes and BMW have incorporated similar feature in their latest models. The point here is there are many creative ways to be frugal and my father would think of his own ways to save.

In the olden days, there were not many entertainment and luxury items up for grab. Being a bus company owner, my father would cycle between home and his workplace every day. My father could easily afford a brand new car, but he chose a second-hand Fiat because to him, a car was a luxury item.

I respected my father for his diligence in practising delayed gratification in his life which allowed him to finance 7 of his 8 sons overseas for tertiary education. He was able to resist the temptation for immediate reward in order to receive a more enduring reward later. I am grateful that I am one of the beneficiaries.

In my memory, I can’t recall my father borrowing money from the banks or friends. Basically, he had no liabilities. Of course, there were also no credit card, personal loan and fancy easy payment or installment plans to go with the purchase of luxury items which would eventually make the items even more expensive, compared to the original/initial price. Now that I think about it, if everyone was like him, many banks would be out of business.

Other than investing in his bus company, he would not invest his money elsewhere except in real estate. When he passed away, he left 4 plots of land in Klang and his company had 34 buses. Being a businessman, he was supportive of his children doing their own business and investing in real estate. Maybe, that was how I got myself involved in real estate and started my first architectural firm and later, a property development company in 1968.

In summary, what I learnt from my father was, money can be allocated for the following usage:

> Expenditure/spending
> Savings
> Investment

Be frugal and practise delayed gratification when it comes to expenditure/spending. Make saving a lifestyle as we may need the funds for rainy days. More importantly, make some investments which can come in many forms and combination. Commodities, properties, shares, trust funds and bonds are the main types of investment available. Bear in mind, investment is also a form of long-term savings. Hence, investing wisely will help you grow your wealth.

Nowadays, most parents invest early in order to fund their children’s higher education. I believe that one of my father’s biggest investment in life was sending his children overseas for further education. Though he has only completed his primary school in China, my father together with my late mother had the foresight to decide that all their eight boys would have to be educated in English.

Except for my eldest brother who stopped at the secondary level to work so he can help my father and the family financially, all the other seven sons were educated in English and eventually led a successful life and career.

By the way, do you know that there are investments which won’t cost you any money? One of them is spending quality time with your family and children. Take this festive season to spend time with them as part of your future investment instead of overindulging on things that may eat into your savings and investment.

For those celebrating, here’s wishing you a prosperous and harmonious Chinese New Year in advance. Gong Xi Fa Cai.

Datuk Alan Tong was the world president of FIABCI International for 2005/2006 and Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also group chairman of Bukit Kiara Properties. For feedback, email feedback@fiabci-asiapacific.com.


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Connected by mountains and waters

Relations between Asean and China are already strong, but expect them to draw even closer as they mark the 25th anniversary of dialogue relations.

THERE is a narrative in China that illustrates the interdependence of trade between Asean countries and China.

The little story, told in a programme produced by the state television broadcaster, goes like this: 36g of palm oil from Indonesia are needed to deep-fry three packets of instant noodles that would be consumed by Chinese customers.

The bio waste generated from producing the palm oil, meanwhile, can power 200 five-watt energy-saving light bulbs in Singapore for an hour.

To China, Asean is its “close neighbour connected by mountains and waters”. Collectively, the 10 nations in Asean are China’s third largest trading partner, while China is Asean’s largest trading partner.

In 2014, the two-way trade reached US$480bil (RM2 trillion) and investment was valued at US$130bil (RM558bil), with both sides aspiring to elevate the figures to US$1 trillion (RM4.3 trillion) and US$150bil (RM644bil) respectively by 2020.

To help realise this goal, China and Asean sealed a deal during the Asean summit in Kuala Lumpur to upgrade their Free Trade Area in November.

The geographical proximity makes Asean countries the first participants of China’s 21st century Maritime Silk Road (MSR), an initiative to foster connectivity and collaboration with countries along the route.

One of the flagship aspects of Belt and Road is railway connectivity. Last year, China embarked on rail projects with three Asean countries as part of Beijing’s ambition to connect China and Asean in order to facilitate the movements of goods and people.

In October, China won the bidding for the first high-speed rail (HSR) project in South-East Asia – the Jakarta-Bandung HSR in Indonesia.

A ground-breaking ceremony for the joint Lao-Chinese railway was held in December, followed by another ceremony to launch the Thai-Chinese railway project for two medium-speed lines.

Cooperation between ports is another key area of the MSR.

Malaysia, which is China’s largest trading partner in Asean, forged a port alliance with China during Chinese Premier Li Keqiang’s official visit to Malaysia in November.

China-Asean Business Council executive president Xu Ningning said Port Klang, which is the world’s 13th busiest port, can become an important locale for Chinese to “go out”, referring to China’s policy that encourages its enterprises to invest overseas.

“Malaysian investment in China is still higher than Chinese investment in Malaysia at the moment. I’d suggest Malaysia step up its promotional activities on investment opportunities to attract Chinese enterprises to Malaysia,” he commented on the sidelines of a China-Asean forum on the MSR in Beijing recently.

Former minister counsellor (economic affairs) in the Malaysian Embassy in China Datuk Ong Chong Yi pointed out that the two-way trade between Malaysia and China, which has reached US$ 102bil in 2014, accounted for one-fifth of the China-Asean trade.

Ong, who had just assumed the role as the CEO of China-Malaysia Qinzhou Industrial Park (Guangxi) Development Co Ltd, said once the Trans-Pacific Partnership deal and other multilateral or bilateral trade agreements are put in place, Malaysia would be an ideal destination to help China to enter other markets.

To provide capital support and drive infrastructure projects, China has set up the US$40bil (RM171.6bil) Silk Road Fund and a US$10bil (RM42.9bil) China-Asean Investment Cooperation Fund (CAF).

CAF CEO Li Wen said the fund, which focuses on investment opportunities in infrastructure, energy and natural resources in Asean, has invested in 10 projects in eight countries since its establishment five years ago.

Silk Road Fund Co Ltd managing director Luo Yang said the fund is interested in collaborating with Asean countries under the framework of connectivity.

A discussion of China-Asean relations will surely involve the South China Sea territorial row, which sees China and four Asean neighbours – Malaysia, Brunei, Vietnam and the Philippines – laying overlapping claims on the busy passageway.

While China has carried out extensive construction on the Spratly Islands (which it calls Nansha), it said it preferred direct consultation with other claimants to tackle the problem, and rejected the Philippines’ move to file claims with the International Tribunal for the Law of the Sea over the dispute.

“The dispute is only temporary. As long as China and countries along the MSR have enough goodwill, political wisdom and sincerity, it will be solved through friendly negotiation,” Bai Tian, the deputy director of Chinese Foreign Ministry’s Asian Affairs Department, said.

He added: “South China Sea will be a sea of peaceful cooperation and prosperity.”

It is important to note that despite the territorial disagreement, all parties are still engaging each other actively in economic cooperation. For example, Malaysia, Vietnam, Brunei and the Philippines have all joined the China-led Asian Infrastructure Investment Bank (AIIB) as founding members.

 

The Beijing-based multilateral lender aims to help Asia build roads, power grids and other essential infrastructure. It will hold the first meetings of its board and executive council on Jan. 16-18, 2016. The AIIB counts 57 founding members.

This year, China and Asean will mark the 25th anniversary of the establishment of dialogue relations.

A series of commemorative activities, including a summit, is expected to be held to mark the milestone and draw the region and China closer to each other.

By Tho Xin Yi Check-in China

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You hooked online video games, Internet and sinking ?

IT is 10pm and you know exactly where your children are. They are at home with you, and the last time you looked, they were on their computers engrossed in some game or another.

But does that mean they are fine?

As highlighted by The Star’s front-page story yesterday, that may not be so.

Governments, mental health practitioners, schools, NGOs and parents in many parts of the world – particularly in Asia – are worried about how many young people are hooked on video games and the Internet.

And when the two technologies merge to yield online gaming, we have a greater risk of passion turning into obsession.

Therefore, we should not be surprised by cases of gamers behaving badly when prevented from playing.

On Saturday, for example, two men fought at a cybercafe in Taman Bukit Serdang, Selangor, after one of them had refused to let the other use a computer.

The violence continued at a nearby restaurant, with others joining in, leading to both men being slashed with a parang. The police have since remanded two of the brawlers until tomorrow.

It is possible that this incident was more about uncontrollable egos and temper than it was about an uncontrollable urge to play computer games, but it does tell us that we ought to take a closer look at how our kids are affected by online gaming.

We need to acknowledge that there is a problem here that needs to be addressed systematically and holistically.

South Korea, which has extensive Internet connectivity, has long recognized that.
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Inside the South Korean Rehab Clinic that Treats Gaming ...
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Its National Information Society Agency has been conducting an annual survey on Internet addiction since 2004 and runs programmes that provide preventive education, counselling and expert training.

Singapore’s National Addictions Management Service provides outpatient treatment for gaming/internet addiction, describing it as “the extreme use of computer and video games that interferes with daily life”. Gaming addiction in China had attracted so much attention that the authorities have set up military-style rehabilitation centres for young people.

And if some of us believe that our kids are merely going through a “phase” when they spend hours playing online games, it is useful to note that the American Psychiatric Association has identified Internet Gaming Disorder as a condition that requires further research.

“This reflects the scientific literature showing that persistent and recurrent use of Internet games, and a preoccupation with them, can result in clinically significant impairment or distress,” says the association.

Essentially, the association is saying there should be more clinical research and experience before it is ready to classify Internet Gaming Disorder as a formal mental disorder.

As it is, many Malaysian parents can share stories about how their children are so into playing online games that they miss meals, lack sleep, skip schoolwork, lie and steal, and ignore friends and family.

Such a troubling pattern does not have to be officially recognised as an illness to be treated as a problem.

It is time that the Government, schools, parents and the community work together to figure out how we can ensure that a hobby does not become a dangerous addiction.

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Parents seek help for addicted kids

Experts: Too much gaming has more serious effects than most people realise

For many Malaysians, it is no longer just a game.

Desperate parents trying to get their children to kick their addiction to computer games have started to seek professional help for them.

At least two psychiatrists interviewed by The Star confirmed that the issue is becoming a growing problem among children and young adults in Malaysia.

University Malaya Centre for Addiction Science deputy director Assoc Prof Dr Muhammad Muhsin Ahmad Zahari said he had seen five patients, aged 14 to 26, for possible games addiction last year.

He revealed that the small number did not indicate the seriousness of the issue as many gamers were unaware of the problem they were having and thus did not seek treatment.

“It is potentially a growing problem and there is a need to create more awareness on this.

“Otherwise, it can become an illness when these gamers come in late for treatment,” he said yesterday.

Dr Muhammad Muhsin said a comprehensive database should be compiled so that medical experts could set up a plan to manage the problem.

He said the problem was indicative of a disorder if gamers start to behave compulsively when playing or tend to get into a fight over it.

“It can be an addiction if it affects their relationships with other people and disrupts their normal routine,” he added.

In one case, a 14-year-old boy went into a rage when his parents cut off the Internet subscription. He smashed the television set and the PC, Dr Muhammad Muhsin said.

“If gamers feel that they have used a lot of time or money to play the games, have difficulty resisting it and get upset easily, they should start seeking professional help.

“The reasons may be due to the person’s poor attachment to their parents, lack of parental supervision and peer pressure,” he said.

“They could be using the Internet to overcome their mood disturbances too.”

Hospital Penang consultant child and adolescent psychiatrist Dr Lai Fong Hwa said with improved Internet access and faster communication, more younger people were playing video games.

“There may be a concern that their social life may be affected and they will have problems developing social skills,” said Dr Lai.

Scuffles a common sight at cyber cafes, say gamers
 

  Blurred reality: experts say games addiction could affect the development of children’s social skills.

PETALING JAYA: With titles like World of Warcraft, Heroes of the Storm and Left 4 Dead, it is no surprise that video gamers are hooked for good.

However, these fans are adamant that they do not become aggressive despite the brutal nature of the game.

They said that last Saturday’s attack at a cyber cafe in Selangor, where a man slashed someone for hogging the computer, was an isolated case.

At that time, the victim was playing Dota (Defence of The Ancients), which involves two teams pitted against each other with the goal of destroying their opponent’s base.

“It’s irrational to fight or even stab someone over something like that,” said marketing executive Ivan Yong, 25, who is an avid computer gamer.

But he admitted that there were many short-tempered players and that scuffles were not uncommon among players at cyber cafes.

“Personally, I think gamers get violent when they invest too much time in their games. And they lose it when a teammate or opponent spoils it for them,” said Yong, who admitted to being less level-headed during his younger days.

A fellow gamer, who wished to be known only as Hammi, agreed with Yong.

“Yes, gamers tend to get violent sometimes. Sometimes they may not realise what they have done at that time,” said Hammi, 26.

“As a fellow gamer, I think it’s important to differentiate between reality and playing games,” she added.

Student Kae Jun, 17, conceded that many of them were addicted to the games.

“Some people play games so often that it is part of their routine. If they don’t get to play, they will get frustrated,” he said.

Businessman Joe Chee, 27, and student Min Jie, 18, who are both regular cyber cafe goers, said outbursts were common there.

“Some gamers tend to be violent and toxic. They let their emotions get the better of them,” said Chee.

“They would even curse their opponent’s family. Then a fight would break out,” Min said.

Both noted that cyber cafes that enforce a “no noise” policy tend to be less hostile.

“Those loud players have no consideration for others with their endless screaming. You see different types of people at a cyber cafe,” said Min.

All the gamers interviewed agreed that players should not let their love of the game get the better of them.

“It’s important to realise that every time you get upset, it drains your emotional energy.

“Losing your cool makes you tired,” said Chee.

Duo in cyber cafe brawl remanded for four days

PETALING JAYA: The two men who slashed a youth after fighting over a computer console at a cyber cafe have been remanded until Thursday.

According to Serdang OCPD Asst Comm Razimi Ahmad, the duo allegedly slashed a man in the neck with a parang for not letting one of them use the computer console.

During the incident at a cyber cafe in Taman Bukit Serdang at about 10pm on Saturday, the suspect got into an argument with an employee at the cyber cafe who was reportedly hogging a computer he wanted to play on.

They had a war of words and the suspect, who is in his 40s, left the place.

The suspect returned to the cyber cafe at about 11.30pm with a friend carrying a badminton racquet bag which contained a parang and a plank.

In a fit of rage, the two men attacked the employee with the parang and plank.

The cafe management managed to break up the scuffle and told the men to take their dispute outside before shuttering the place.

The trio reportedly continued their fight at a nearby restaurant, where police said the victim was slashed in the neck.

Witnesses claimed that about four friends of the victim came to his aid and slashed the suspect with his own parang before subduing his accomplice with the plank.

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Penang construction industry in 2016 to stay flat

It is expected to generate RM6.8bil in jobs in 2015

GEORGE TOWN: Penang’s construction industry is expected to stay flat this year with a value of about RM6.8bil, which is almost the same in 2014.

“The RM6.8bil mark is one of the highest in the history of the construction industry in Penang.

“Due to the economic slowdown, it will be difficult to surpass this figure,” said Penang Master Builders and Building Materials Dealers Association president Datuk Lim Kai Seng.

Lim said the bulk of the projects were hotel and mixed development schemes.

PMBBMDA president Datuk Lim Kai Seng: ‘Due to the economic slowdown, it will be difficult to surpass this figure (RM6.8bil).’

“For the first six months of this year, the value of jobs given out reached RM2.68bil for 171 contracts.

“Of that total, some 153 are from the private sector while the remainder are government contracts,” he added.

The value of contracts from the private sector is around RM2.47bil, while government contracts total RM214mil.

The business contracts generated in 2014 was revised to RM6.8bil from RM4.8bil announced previously, after taking into consideration projects tendered out in late 2014.

Lim said that the association was confident that there were at least over RM4bil contracts given out in Penang in the second half of 2015.

These contracts, he said, were for mainly new hotels and mixed integrated developments.

Some of the big projects are from IJM Land Bhd with a gross development value (GDV) of RM486mil, Eco World Development Group Bhd (GDV: RM600mil), Mah Sing Group Bhd (GDV: RM1.005bil), Sunway Bhd (GDV: RM150mil), Ivory Properties Group Bhd (GDV: RM1.156bil) and Ideal Property Group (GDV: RM1.8bil).

Lim pointed out that the construction cost for the projects would come up to about 40% or about RM2bil of the total RM5bil GDV.

“The renovation will cost about 30% or RM600mil of the RM2bil spending for construction works.

“We can expect spending of over RM800mil for construction and renovation works annually for the next three years from these projects alone,” he added.

Lim said the new shopping malls being planned now would also generate about RM3.5bil worth of jobs for the local construction industry over the next five years.

“This means that there will be about RM800mil to RM1bil worth of construction jobs given out in Penang per annum starting from next year,” he said.

These shopping malls include Penang Times Square Phase 3 which will have a net lettable area (NLA) of 230,000 sq ft, City Mall Bayan City (300,000 sq ft), Southbay Plaza (424,000 sq ft), Penang World City (1 million sq ft), Sunshine Tower (2 million sq ft), The Light Waterfront Mall (1 million sq ft), Mall@Southbay City (750,000 sq ft), The Designer Village (400,000 sq ft), Ikea & Ikano Power Centre (NLA not available), and a mall project by Belleview Goup (1.5 million sq ft).

By David Tan The Star

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right-waystan.blogspot.com

US will benefit by accepting China's rise

Trade volume between China and the US hit $441.6 billion in the first three quarters of the year, surpassing the $438.1 billion in trade between Canada and the US. [Photo/IC]

In the past year, the growing pressure on US President Barack Obama's foreign policy due to the unfolding US presidential race cast a shadow on US-China ties despite some achievements.

The international situation and diplomatic practices in the passing year, to a large extent, confirm this contention. Some impartial American scholars agree to it because of the global issues the US faces, and wonder why the US has gone all out looking for "adversaries" in every corner of the world. Also, a number of such scholars believe that whether China and the US can avoid a confrontation largely depends on whether the US can rethink its "dominant power" status.

The world is undergoing profound changes, and that includes China's rise. The changes, however, have made some people in the US nervous, according to some American scholars. The US has got accustomed to being the world's most powerful country. But the fact is, the US' power has been declining. And these people attribute the development to the weakening US leadership and argue that a strong leadership will help restore Washington's unchallenged position in the world.

Needless to say the presumption is unrealistic. A sagacious analysis of the situation, however, can help the US rethink its real position in the world. Regrettably, US decision-makers have failed to read the vicissitudes of the times and still want to maintain world peace under Washington's leadership and change other countries by forcing them to adopt the US model of "democracy".

The world today is different from what the US imagines it to be. Countries, including the powerful ones, will prosper if they follow the general world trend and falter if they go against the tide. The trend suggests the developing world as a whole will continue to rise because emerging countries now contribute more than 50 percent to world economic growth. Even some Westerners admit that no major world issue can be resolved without the participation of big countries such as China, India and Brazil.

Despite all this, there is hardly a country that doesn't want to maintain and develop good ties with the US. The BRICS countries expect smooth cooperation with the US. Russia may be determined to rid Syria of terrorists, but it has still made it clear that it wants cooperation with the US. China's willingness to cooperate with the US is also beyond doubt. But the problem is, the US has not made appropriate changes in its stance and often takes actions without paying attention to other countries' interests.

Because of China's consistent efforts, Beijing and Washington have made notable achievements in economic, military and cultural fields, and these hard-won achievements should be cherished by both sides. But by being unnecessarily worried that China will challenge its hegemonic status, the US has been making moves to contain China on various fronts. Apt examples are the US' tough and even provocative stance and actions on the South China Sea issue.

The ever-increasing interdependence of China and the US should have led to better bilateral ties. And with many US allies, including Britain, Canada and Australia, showing greater interest in cooperating with China, one wonders why the US cannot do the same when it comes to its relationship with China.

By Wang Yusheng (China Daily)

The author is executive director of the Strategy Study Center, China Foundation for International Studies.

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China Establishes PLA Army General Command, Creates Rocket Force, Strategic Support Force - nuclear strategy to remain consistent

At the inauguration ceremony for the three military forces, President Xi Jinping conferred military flags to the commanders and political commissars of each force.

The commander of the PLA Army is Li Zuocheng, who was previously commander of the Chengdu Military Region. The Rocket Force is headed by Wei Fenghe, previously commander of the Second Artillery Corps, while the Strategic Support Force chief is lieutenant general Gao Jin, former president of the PLA Academy of Military Sciences and chief of staff of the Second Artillery Corps.