Spurred by private sector, Malaysia economy grows 6.4% in Q4, 5.6% for 2012 vs 5.1% in 2011

KUALA LUMPUR: Malaysia's economy recorded a spectacular performance in the last quarter of 2012, growing 6.4%.

This is the highest quarterly growth since two and a half years ago and was buoyed by robust manufacturing and construction sectors.

It supported the overall economic growth for 2012 that expanded to 5.6% compared to 5.1% in 2011.

Economists polled by Reuters had forecast that the growth of the fourth quarter would accelerate to 5.5% from 5.2% in the previous three-month period, and forecast a full-year growth at 5.3%.

All sectors registered positive growth with the services, manufacturing and construction sectors continuing to be the key drivers in the supply side.

Many experts believed that the Economic Transformation Programme, with its multi-billion projects, had to a great extent supported the growth in the construction sector that carried spill-over effects onto other sectors.

Bank Negara Malaysia said total investment remained robust and was the main driver of growth during the quarter.

“The growth of private consumption continued to remain strong although the pace of increase moderated.

“The growth during the quarter also benefited from a significantly lower negative contribution from net exports.

“On the supply side, most economic sectors recorded improvements in growth during the quarter,” it said in a statement yesterday.

The main drivers of the economy in the fourth quarter included domestic demand that continued to expand by 7.5%.

Private sector investment advanced by 20.2% supported by capital spending in the domestic-oriented manufacturing and consumer-related services sub-sectors, namely telecommunications, real estate and aviation and the on-going implementation of projects in the oil and gas sector.

Investment was also supported by capacity expansion in the primary-related manufacturing cluster and capital spending in new growth areas such as medical and communications equipment.

Public investment expanded by 11.1%, driven by capital spending by public enterprises in the transportation, utilities, oil and gas and communications sectors.

Bank Negara said the headline inflation rate, as measured by the annual change in the Consumer Price Index, continued to moderate to 1.3% in the fourth quarter.

Going forward, Bank Negara said there were emerging signs of improvements in the global economy where the latest economic indicators also suggested further stabilisation in growth performance in Asia. - The Star/Asia News Network

Robert Kuok is still top among 40 richest Malaysians

Robert Kuok, the Hong Kong-based Malaysian tycoon, is still the richest man in Malaysia with a wealth of RM46.1 billion, up 0.88 per cent from last year’s RM45.7 billion, followed by businessman Ananda Krishnan and Public Bank’s Tan Sri Teh Hong Piow.

Ananda, in second position since 2004, suffered the biggest wealth decline, falling by 23.5 per cent from last year, with his assets held via Usaha Tegas Sdn Bhd worth RM32.90 billion as at the tabulation date of January 18, 2013.

Teh, kept his place for the third year running with assets worth RM13.73 billion, business magazine Malaysian Business said in its February 16 issue.

It said that the combined wealth of Malaysia’s 40 richest individuals rose slightly this year despite the volatile and choppy capital markets.

They were collectively worth RM194.86 billion as at January 18, a slight increase of 0.86 per cent compared to RM193.2 billion a year ago.

When Malaysian Business first started counting the wealth of Malaysia’s 40 richest individuals in 2002, their combined assets stood at RM41.7 billion and Kuok came out on top.

The magazine said that fourth on the list is Tan Sri Quek Leng Chan, who jumped from sixth position last year, replacing Tan Sri Lee Shin Cheng of IOI Group, who slid to sixth.

Quek’s wealth, through his flagship Hong Leong Group and Guoco Group, is valued at RM11.09 billion this year.

Tan Sri Syed Mokhtar Albukhary keeps his fifth position this year with a wealth level of RM10.60 billion, up from RM9.53 billion last year.

Lee slips from fourth position in 2012 to sixth with assets of RM10.56 billion.

Genting Group’s chief, Tan Sri Lim Kok Thay, and his mother, Puan Sri Lee Kim Hua, maintain their seventh and eighth positions respectively. Lim’s wealth rose 7.06 per cent to RM8.12 billion while Lee Kim Hua’s increased 9.82 per cent to RM7.23 billion.

Tan Sri Tiong Hiew King, through his vehicle Rimbunan Hijau Sdn Bhd, is at ninth place this year with assets worth RM6.35 billion, a slight fall of 1.01 per cent from that of last year.

Rounding up the Top 10 list is Singapore-based property tycoon Ong Beng Seng, via Hotel Properties Ltd, with a wealth level of RM4.02 billion, a decline of 18.36 per cent from last year.

Malaysian Business said that one interesting fact was that since 2002, 81 tycoons have joined the 40 Richest Malaysians list and of that, 15 have managed to remain on the list continuously.

Overall, the steady increase of these tycoons’ wealth can be attributed to share market performance and price inflation, given that their wealth is largely based on their shareholdings.

It is also reflective of the performance of their companies and Malaysia’s positive economic growth over the past 12 years.

As for this year, there were 31 billionaires — one more than last year — and 23 of the 40 in the list saw their assets increasing from last year. Of these, 14 registered growth of more than 10 per cent.

There were three newcomers to the list. Datuk Desmond Lim of Pavilion REIT made his debut at number 15, with a wealth worth RM1.869 billion. The other two, Datuk Tan Heng Chew of Tan Chong Motors Holding and Tan Sri Kua Sian Kooi of KSK Group, returned at number 37 and 40 respectively.

The full list of the 40 tycoons and details of their wealth appear in the magazine. It also presents a list of the 10 richest tycoons on the ACE Market.

As in previous years, the wealth of the Top 40 was assessed based on the value of their stake in listed companies as at January 18. — Bernama

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Who is Nick Zenophon, biased, unwelcome,stupid and impractical?

Biased and unwelcome

Australian senator Nick Xenophon has been accused of tarnishing Malaysia’s image by questioning our electoral process and smearing the palm oil industry.

http://video.heraldsun.com.au/2335953528/Xenophon-awaits-deportation

A LOT of heat is being generated both here and in Australia following the Govern-ment’s decision to deport independent Australian senator Nick Xenophon who arrived at the LCCT in Sepang on Saturday.

He was detained as an undesirable person and deported on the first available flight back the next day.

There is considerable support as well as condemnation for Xenophon’s deportation, with many individuals and NGOs questioning his independence and accusing him of coming here to interfere in our election system.

Those who condemn the deportation say it is authoritarian and reflects the Government’s paranoia of foreign observers.

Just who is Xenophon and what is the Australian’s relationship with Malaysia?

The outspoken senator is a personal friend of Opposition Leader Datuk Seri Anwar Ibrahim and one of his many sympathisers in Australia.

He often speaks up on various Malaysian issues and has travelled here several times, the last in April, at Anwar’s invitation to ostensibly study the polling system.

But his critics charged that he is heavily involved in supporting the Opposition and had even participated in the Bersih 3.0 rally in April last year that ended in violence.

Xenophon’s latest trip here was as part of a four-member Australian delegation after the Australian government rejected Anwar’s request for independent observers for the upcoming general election.

Xenophon was deported, said our immigration authorities, because he had tarnished the image of the country. He had been classified as a “prohibited immigrant”.

The fact is immigration had blacklisted Xenophon because he had attended the Bersih protest last year and for allegedly making “baseless” allegations about Malaysia.

“He can’t pretend to be an independent observer as he is very biased,” said political analyst Dr Chandra Muzaffar.

“It does not make sense trying to be an independent observer when he is not. He is a very partial observer and was ready to denounce our electoral process,” Dr Chandra said.

Xenophon had given a press conference in Parliament last year in which he lambasted the Government’s “electoral shortcomings”.

Among the issues he raised was the short campaign period.

He also vocally objected to the fact that rural constituencies had a smaller number of voters compared with urban ones which had many more.

He compared Malaysia’s electoral system, which he faulted, with other countries including Australia’s which he painted favourably.

But it is through his virulent anti-palm oil campaign that Xenophon first came to the attention of our Government.

As Australia’s Green Party senator, Xenophon strongly supported and promoted legislation requiring labelling of palm oil in food products.

Labelling has threatened big plantations and thousands of smallholders equally.

Xenophon promoted the “Truth in Labelling – Palm Oil Bill” which was proposed by environmental NGOs and supported by Xenophon because oil palm plantations, it was said, contributed to deforestation and threatened the orang utan.

The palm oil industry earned the country RM80bil in 2012 and provided hundreds of thousands of Malaysians employment and income.

But Xenophon couldn’t care less.

Eventually the Bill was defeated by an extensive information campaign mounted by Malaysia.

Lately, Xenophon has emerged again on the Malaysian political landscape as a human rights advocate who is concerned with our election laws and practices.

He has allied himself with Anwar and with the Opposition who now decry the fact that he had been deported rather unceremoniously by an exasperated government that at one time had tolerated him and allowed Xenophon free access.

The reality is that many of these battles are actually trade wars waged in various shapes and forms and which are heavily financed by our economic rivals.

The economic stakes are indeed high.

In his own Australia, Xenophon is viewed as a maverick and attention grabber who is into self-promotion.

Australian commentator Greg Sheridan, writing in The Australian, has this to say about Xenophon – he only campaigns for one side of Malaysian politics, the Opposition.

Sheridan also wrote it was “stupid and impractical” for Australia to send election monitors, citing Vietnam and Cambodia, and Malaysia “on any measure is one of the most democratic and freewheeling nations in South-East Asia”.

Indeed, Xenophon has come here on a number of occasions, taken advantage of our openness and had even engaged in grandstanding – not just in Parliament but also on the streets.

He has lost our goodwill and made himself persona non grata.

COMMENT By BARADAN KUPPUSAMY, The Star/Asia News Network

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