The modern day slacker

It is this type which frustrates the hardworking Malays, who have worked so hard to bust the myth of the lazy Malay, the subsidy-mentality-bumi, and gives them a bad name.

YOU would have known at least two of this type: the young Malay boy in his late 20s to mid-30s who has the potential, but for no reason at all, seems intent on ruining his life, by simply being lackadaisical and complacent. He is the slacker.

It is this type which frustrates the hardworking Malays, who have worked so hard to bust the myth of the lazy Malay, the subsidy-mentality-bumi, and gives them a bad name.

The latter, who come from various economic backgrounds, burn the midnight oil at their corporate jobs. Some take on another as a side income or work at two jobs.

Their partners or spouses are equally as hardworking, but when drawn into conversation about the idle Malay boy, both will throw their hands up in the air.

Talk to non-Malay professionals and they say nonchalantly, “That’s what you get when you hire these Malays.”

A successful bumi businessman told me once that he hires only young non-Malays, because he had been duped too many times by the boys he wanted to help.

These boys, who seem to be mushrooming by the day, are articulate, and do keep abreast of current events. Interestingly, these boys mainly come from working class backgrounds.

They’re not unintelligent. Have a chat with them – they can be so perceptive that you wonder why they are not in politics or a think-tank. And yet, they are in debt, and seem to relish in their financial piccadiloes; when they are offered opportunities, they take and screw them up halfway.

The reasons are unbelievable: I broke up with my girlfriend. I don’t have money. I don’t have the ilham. My friend owes me money. I owe myself money.

However, despite their apparent flaws, they complain about how the world owes them a living. The government should give me a grant. The government owes me a living because I’m Malay and poor.

People don’t like me because I’m not connected. Girls don’t want to date me because I’m poor and directionless.

Granted, some do try. But they look for short cuts.

Some of them become the “shadows” of the bodyguards, the lesser datuks and proxies to the middleman to the PA to the right-hand man of the “Man Himself”, in vain hopes for a small cut.

If they are lucky, they take back RM5,000. They create small enterprises and mark up costs that defy business logic, that in the end they have to close shop.

The opportunities are already there. Yes, our education system is not perfect, but many have come out from it better and richer.

I also do not deny that working or doing business is not easy either. Yet there are many Malaysian success stories.

Blame the NEP if you want, but the truth is, many have also thrived sans it. Some packed up their bags and moved abroad without a degree or connections. The Internet is at your disposal – for all this talk about not having money, a good number of these boys have a working computer. Mac, no less. So work from home.

Work with clients from everywhere! A friend once hired a Nigerian student in Nigeria to create his website. That young boy from the sticks of Nigeria delivered a really swoosh website within a month.

When asked why they are so dismissive of politics and youth activities, they can tell you, “It’s a waste of time. We’re not America. There’s a tradition of activism there, not here. Besides, we’re the grassroots. The government should take care of us and provide us with incentives.”

How can any government do so, and why should it? This is not about opportunities but attitude!
There is already a social and economic imbalance which will worsen.

Many marriages break down, and some of the increasing reasons I hear from my syariah lawyer friends are that these boys are complacent and do not contribute to the marriage financially.

They do not pick up the slack at home by being the housekeeper, and expect the wives to fund two families. Theirs and his.

Some resent their wives’ successes and create problems. Some of them bring their debts into the family equation.

Economically, if more and more of these youths opt to be slackers, the country’s GDP will go down greatly and crumble into a declining and worsening economy.

The divide between the haves and have-nots will widen. The gender imbalance is already there: More young (Malay) women are in tertiary institutions and working very hard.

Quite a number have told me they fear marriage because they do not want to be beholden to a spouse who cannot contribute to a marriage.

At this juncture, this begs another question.

Why are a good number of young and working class Malays complacent? Sometimes, I feel that the foreign workers deserve citizenship because they work and somehow manage to save for their families back home.

They live in the most deplorable living conditions, and some worse than the shacks I have seen in my kampung.

The question should no longer be about whether Malay youths are politically apathetic. The question should be how to make these boys work and be motivated.

It is a study I greatly welcome and would like to do.

A WRITER'S LIFE By DINA ZAMAN

Rude awakening for Kuala Lumpur

Kuala Lumpur ranked way down in Reader’s Digest latest appraisal

PETALING JAYA: Some things do not seem to change in Malaysia and foremost among them are rudeness and inconsiderate behaviour.

Six years ago, Reader's Digest placed Malaysia's rudeness level at 33 out of the 35 countries ranked.
The latest appraisal by the magazine shows Kuala Lumpur almost at the bottom of a list of Least Courteous Cities at number 34 out of 36 major cities in the world.

So impatient: Commuters trying to get into a train even before other passengers have alighted.

 

Police records show that more than 20% of the 1.3 million accidents yearly result from aggressive driving behaviour but inconsiderate and risky conduct on the roads remain the main complaints, according to findings in The Star Online's Facebook page (www.facebook/thestaronline) survey.

Other selfish acts like ignoring signs against smoking, eating and littering, and rushing in to lifts, trains and buses before allowing people to exit are also high on the list.

Poor toilet etiquette, talking loudly on phones even in cinemas, being late for appointments, not saying “thank you” and leaving trolleys in parking lots are the other bad habits that Malaysians continue to practise shamelessly.

Click on image to view bigger image.

 

Academic counsellor Joshua Johnson, 31, said the most common examples of bad drivers were those who did not use indicator lights when switching lanes and tailgating road bullies.

Christopher Oh, 25, a research assistant, said he was peeved by smokers who disregarded no-smoking signs in enclosed areas.

Describing them as rude public hazards, he said: “Smoking in a non-smoking area is thoughtless and irresponsible because second-hand smoke is harmful, especially to non-smokers,” he said.

Kevin Mcintyre, a Scottish expatriate working in Kuala Lumpur, said he missed his stop on the train because people were rushing into it as he was trying to get out.

“It was rude and caused me a great inconvenience,” he said.

A Keretapi Tanah Melayu Berhad spokesman confirmed that such uncaring attitude was common, especially during rush hours.

“Passengers also do not readily offer their seats to pregnant, handicapped or elderly passengers,” he added.

He said that during off-peak periods, there were also male passengers who indiscriminately boarded coaches reserved for women, ate on board, smoked and also littered.

In GEORGE TOWN, Penang Senior Citizens Association president Lawrence Cheah noted that young Malaysians were not as polite as their Singaporean counterparts.

“In Singapore, they willingly give up their seats on public transport,” he said.

He said that despite the higher level of literacy, people seemed to have adopted a less caring attitude.

“In the old days, people were more civic-minded, although they were not as highly educated as today,” he added.

Eden Handicap Service Centre assistant unit head S.K. Lee said it was meaningless to be highly educated if one behaved rudely.

“Parking in lots for the disabled and using public toilets meant for such people is very bad and rude behaviour,” he said.

Reports by YVONNE LIM,QISHIN TARIQ and CHRISTINA CHIN, The Star/Asia News Network

The yuan goes global: Money talks and London is listening to the yuan

The Chinese currency is fast gaining weight worldwide and becoming a key topic of conversation for bankers.

THE fashionable youths in hot pants flocking to high-end department stores in London and bankers in dark suits walking in and out of skyscrapers in the financial district have one thing in common, a growing interest in the Chinese currency.

During the recent holiday to celebrate the Diamond Jubilee of Queen Elizabeth II, Harrods, a department store known for its ties with the British royal family, launched its own Sina Weibo, a popular Chinese social media platform, to attract more Chinese customers. Shoppers can find “the very latest, limited edition and exclusive products”, with Hermes, Chanel and Louis Vuitton among the most popular brands, according to the store’s spokesman.

More than 100 UnionPay payment terminals in the store also help to make Chinese shoppers feel more at home. Through the machines, part of China’s unified bank card network, Chinese visitors can pay for their purchases with the same cards they use at home.

Hear, hear: A man walking past the London Stock Exchange in London. London is now a yuan offshore trading centre, which will help both Chinese and European business people to avoid foreign exchange risks. — China Daily/Asia News Network

 

A few streets from Harrods, a billboard featuring a green jade dragon shaped like the yuan symbol stands outside a bank. The ad reads: “A new global currency is emerging. Be part of it.” The commercial is for HSBC, a bank rooted in the silk and tea trade between China and Britain in the 19th century.

The UnionPay terminals, the jade dragon advertisements and the shops on the streets of London offering exchange services between the British pound and the yuan are the tip of the iceberg in the biggest story in the financial markets today: the internationalisation of the Chinese currency.

As people search for a bright spot amid sluggish economic growth in the West, beset as it is by the European debt crisis, companies, investors and financial institutions are increasingly focused on the yuan. From Beijing to Hong Kong, Tokyo to London, policymakers and businesses are part of the push.

There are several forces driving this move, both at home and abroad. The People’s Bank of China has made several moves this year to liberalise the exchange rate; George Osborne, the UK chancellor of the exchequer, took the initiative to develop London into an offshore trading centre for the yuan earlier this year; and this month, the yuan became convertible with the Japanese yen under an agreement between the Chinese and Japanese governments.

“All of it demonstrates that the Chinese government is pushing forward the internationalisation of the yuan and encouraging the use of yuan offshore. That will help the global economy in many ways,” said Adam Tyrrell, head of European capital markets for Standard Chartered in London.

Greenback to redback

These initiatives will have a profound influence on the development of trade. For instance, China and Europe are each other’s largest trading partners, but, up till now, the bulk of that trade has been settled in the US dollar. If a Chinese company buys pork from a UK company, it does not buy and sell in yuan, the pound or the euro. It settles in dollars.

That paradox is changing. Now the same pork company can open a yuan account at a British bank such as HSBC or Standard Chartered, or a Chinese bank that operates in Europe, such as Bank of China or Industrial and Commercial Bank of China, and can then invoice the goods or settle the deal with its Chinese clients in their national currency.

The advantage of this is clear: Settling in yuan helps both sides to avoid foreign exchange risks and reduces transaction costs. For instance, in 2008, many companies in southeast China had to lay off workers and close factories because they were losing money through currency appreciation.

That situation would have been different if the contracts had been signed in yuan, because the agreements would have a fixed value no matter what the change in the exchange rate.

The initiative can also benefit companies outside the European time zone, given London’s position as the world’s foreign exchange centre. “The beauty of London is not just about London,” said Patrick Law, Hong Kong-based managing director and head of trading for Greater China at Barclays. “If you look at the London time zone, it covers both the northern and southern hemispheres.” And that means it will also help facilitate business between China and Africa and the Middle East.

“Africa is a very interesting market to look into because China and Africa have a lot of business together,” Law said. He added that Barclays, a bank with strength in commodity trading, began to conduct trade between the South African rand and yuan from April.

Uncle Sam to dim sum

The internationalisation of the yuan will also offer a new platform for companies and investors looking for alternative methods of financing.

The “dim sum bond” got its name from delicacies in Chinese cuisine such as spring rolls, shrimp dumplings and steamed buns. The name has been appropriated for fixed income denominated in yuan and was started in Hong Kong when the city became the first offshore centre for yuan trading. The bond has become increasingly popular outside Asia and grew rapidly in Europe last year, according to Standard Chartered’s Tyrrell.

British banks were involved in five dim sum bond deals with European companies and financial institutions last year. It has also been involved in three client deals so far this year, according to Tyrrell: “Over time, as the yuan is used more, more European corporations and financial institutions will be interested in transacting in yuan, either for their China business, when they can remit onshore, or as a way of diversifying their investor base.”

The motivation for getting involved in dim sum bonds is also changing, he said. When the yuan market first developed offshore, a lot of investors were looking for a currency play rather than a bond play. At first, investors were looking to invest in the currency because they thought it was going to appreciate.

“Over time, it is developing into a more mature bond market,” said Tyrrell. “It will tend to be more driven by traditional bond market influences.”

Chances and problems

That’s particularly true this year, because of the fragile state of the global economy. If the investor sentiment is not there, there will be fewer bond issuances, according to Tyrrell. “There is definitely momentum in the yuan. It will not stop. It will grow,” he said.

Given the fact that the yuan is still not fully convertible, there is still a lot of work to be done to encourage people to hold it and conduct business with it, as they do with dollars.

The main issue for London as it attempts to develop into an offshore yuan trading centre revolves around the lack of liquidity. That’s due to both a paucity of knowledge about the yuan market and the limits of infrastructure to facilitate trade flows.

“Without liquidity, we cannot grow the pie and make the market more efficient,” Law said. “Everybody is definitely very interested. The current situation is that people have just started looking into it,” he said. “The involvement is still relatively small, but the amount of interest is actually very high.”

Some observers have suggested that the pool of yuan liquidity in London can grow through a huge variety of sources. For instance, Standard Chartered recently issued yuan-denominated European Commercial Paper to investors in Europe.

“ECP is issued to investors. Then Standard Chartered holds the liquidity in yuan and can use that for trade finance. This will help to increase trade flows with China for European clients,” Tyrrell said.

“As investors become more comfortable holding yuan, it will help build liquidity here.”

By Diao Ying, China Daily/Asia News Network