PTPTN Needs RM5 Billion A Year

The National Higher Education Fund Corporation (PTPTN) requires RM5 billion a year to ensure those qualified to pursue higher education are not deprived of the opportunity, Higher Education Minister Datuk Seri Mohamed Khaled Nordin said.

He said the amount was required following an increase in the number of students pursuing higher education.

"At the moment, the allocation is RM3 billion but the ministry foresees that the amount will no longer be enough by 2013," he told reporters after opening the "Real Undergraduate Conference" here Saturday.

He said the amount was also needed as the loan repayment by students was made in instalments and not in lump sum.

"Now the ministry is studying how to make the PTPTN sustainable... to ensure loans are given only those who really need them," he said.

He added that well-to-do parents should take the responsibility to finance their children's education and not rely on the government alone.

"The government has provided the infrastructure and other facilities. Those who are rich should be able to finance their children's education," he said.

RM470 Milliom To Achieve Target Of 50% Internet Penetration

The federal government has allocated RM470 million to Sarawak under the Universal Service Provision (USP) programme to narrow down the national digital gap in the next five years.

Information Communication and Culture Minister Datuk Seri Utama Dr Rais Yatim said with the allocation, he was confident the internet penetration rate for households at the national level could be raised to 50 per cent at the end of the year from only 31.4 per cent currently.

"The ministry, through the Malaysian Communications and Multimedia Commission (MCMC), is convinced that the internet penetration rate can be raised with the development of more facilities such as the Broadband Centre (PJL) in rural areas especially in Sabah and Sarawak," he told reporters after opening the PJL Lundu and Malaysian Internet Central Exchange, Sarawak MyIX, here Thursday.

He said that under the USP programme, the MACC would create two internet centres for the handicapped (OKU), provide an additional six Broadband Centres besides setting up another 37 broadband libraries in Sarawak.

The MCMC would build another 203 telecommunication towers in Sarawak in stages, beginning in the first quarter of this year at the latest, in efforts to widen cellular coverage throughout the country.

Meanwhile, Rais said the ministry was making a study on efforts to develop the culture of acquiring information technology facilities such as the computer among the people.

He said the ministry was gathering information to ensure that the people at the lower level could also afford to buy quality computers in line with current needs.

"We are now monitoring several suitable products that the people can afford to buy as cheaply as RM900 per unit of quality computer," he said.

On the MyIX, he said the development of the Malaysian internet central exchange would help to ease the problem of congestion in internet services currently.

Amway To Increase Prices Of Selected Health Food Supplements

Amway (Malaysia) Holdings Bhd plans to increase the prices of selected health food supplement products by a weighted average of 4.4 per cent from March this year.

Executive director Paul Yee, in stating this, said the prices of other products would remain unchanged.

"Although the prices will increase, we will make sure that the products have good value and are still affordable for people," he told reporters after the launch of Amway's RM100 million new headquarters here on Friday.

He said the price increase was necessary mainly due to the rising cost of raw materials.

Among the company's popular brands of vitamin, mineral and dietary supplements is Nutrilite.

The multinational direct selling company's core line of products is divided into five categories under nutrions and wellness, skincare and cosmetics, personal care, house care, and home technology and home ware.

Skincare and cosmetics, which include health food supplement products, contributed more than 50 per cent to the company's revenue last year.

Yee said that Amway planned to introduce seven new products and make improvements in some of its existing products this year.

"We will continue to grow this year and hopefully it can be better than last year," he said, adding that the new headquarters would help the company to meet the needs of a growing distributor force and business.

The company has a core distributor force of 195,000 people.

With a total built-up area of 202,500 square feet, the new building features the Digital Picking System, an advanced technology that is able to cater for more than 6,000 orders a day, up from 2,000 orders at the previous office.

China's GDP Expands By 8.7 Pct In 2009

China's grosss domestic product (GDP) grew by 8.7 per cent in 2009 from a year earlier to reach 33.54 trillion yuan, according to data released by the National Bureau of Statistics (NBS) here on Thursday.

NBS commisioner, Ma Jiantang, said in terms of growth by quarters, it was up 6.2 per cent for the first quarter, second quarter (7.9 per cent), third quarter(9.1 per cent) and fourth quarter (10.7per cent).

"In terms of growth by sectors, the primary industry rose by 4.2 per cent to 3.54 trillion yuan; secondary industry 15.69 trillion yuan ( 9.5 per cent); and, the tertiary industry 14.29 trillion yuan ( 8.9 per cent)," he told a media briefing here.

He said agricultural production continued to achieve steady growth which marked the six consecutive years of increase.

"In 2009, grain output rose to 530.82 million tonnes, an increase of 0.4 per cent over the previous year," he said.

Ma said industrial production rose quarter-by-quarter with heavy industry up 11.5 per cent and the light industry up 9.7 per cent.

He said investment continued to record fast growth.

"Total investment in fixed assets increased by 30.1 per cent year-on-year to 22.48 trillion yuan," he said.

He said the positive data did not meant that China was free from worries and challenges.

"My first worry is how to bring the price increase under control while promoting economic growth.

"Everybody is concerned about the price increases of real estate in some cities," he said.

Bank Negara Likely To Raise Interest Rates

Bank Negara Malaysia is likely to raise interest rates by 50 basis points in the second half of this year and another 100 basis points in 2011, according to Deutsche Bank Group.

"It is simply because inflation is returning to normal. It is coming back at two per cent in Malaysia," said the group's managing director and head of global markets research, Asia Pacific, Dr Michael Spencer.

"Given the concerns that in some parts that Asia's asset bubbles are potentially building up, I think it is reasonable for central banks to raise rates," he said at a media briefing on Malaysia's economic outlook here Wednesday.

However, Spencer said that real interest rates are likely be lower at the end of 2010 than what they are currently.

"We also expect the US Federal Reserve to raise interest rates by 100 basis points in the third quarter," he said.

Spencer said that most Asian central banks are expected to start raising interest rates well before the US Federal Reserve and European Central Bank, which is also likely to start raising rates in third quarter.

"Our forecast of about 90 basis points of rate hike on average this year contrast with expectation of a 1.6 per cent increase in inflation between December 2009 and December 2010," he said.

According to Spencer, India, China and the Philippines will the first in the region to raise interest rates.

He said a spike in oil price inflation is likely to be over by mid-year and a return to more normal food price increases should bring the Asian inflation rate up to 3.6 per cent this year from 1.2 per cent in 2009.

Spencer said with the average inflation rate since 2004 at 3.7 per cent, the return of inflation should not be a major concern.

He expects the ringgit to strengthen against the US dollar on support from the inflow of capital into the country, saying that it is set to rise to 3.2 against the greenback in the next 12 months.

At midday Wednesday, the ringgit was traded at 3.351 against the US dollar.

On economic growth, Spencer said Malaysia is expected to register a 5.5 per cent growth this year, driven by domestic consumption.

"The biggest swing will be the contribution of domestic consumption," he said.

Private consumption is likely to be at 3.3 per cent this year and 4.0 per cent in 2011, Spencer said, adding that it was at 1.0 per cent last year.

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Genting Singapore casino ready to open

Genting Singapore Plc is ready to start operating Singapore’s first legal casino as soon as the city state’s government issues its gaming licence, the company said today.

Genting Singapore’s stock added as much as 4 per cent this morning on speculation gambling may begin at the company’s Resorts World Sentosa complex as soon as February’s Chinese New Year holiday.

“We are ready,” Robin Goh, a spokesman for Resorts World, said. “We can open the casino as soon as we have the licence.”

Four hotels and 10 restaurants within the US$4.5 billion Sentosa island complex will begin accepting guests from January 20. A Universal Studios theme park in the complex is also waiting for a licence to operate, and will open as soon as that is issued, Goh said.

A second casino resort, the Marina Bay Sands, being built by Las Vegas Sands Corp, will open later after encountering construction delays. Singapore announced in April 2005 it was overturning a ban on casinos that had been in place since independence. Resorts World and Marina Bay are the only two casino developments approved so far.

“We believe they, Resorts World, will get their gaming licence before Chinese New Year,” Aaron Fischer, a gaming analyst at CLSA Asia Pacific Markets in Hong Kong, said in a telephone interview. “We expect gaming revenues to be bigger. There is a huge gaming market in Southeast Asia.”

In a report published last month, CLSA Asia Pacific Markets said it estimates Resorts World’s gaming revenue to rise from US$2.5 billion this year to US$3.8 billion by 2013. The Singapore casino market will generate US$3 billion in revenue this year, growing to US$6 billion in 2013, CLSA said in the report.

Genting Singapore gained 3.2 per cent to S$1.29 as of 2:30 pm in Singapore. The stock climbed 200 per cent in the past year, compared with a 67 per cent gain for the benchmark Straits Times Index. -- Bloomberg

Government To Review Minimum Wage For Private Sector

The government will review the minimum wage implementation mechanism for the private sector to minimise the dependence on foreign workers, Human Resources Minister Datuk Dr S. Subramaniam said.

The move was in line with the government's objective to achieve a high-income economic model which would enable workers to earn a reasonable amount of salary and help them overcome poverty.

"The salary in a lot of sectors, including the manufacturing sector, is still very low.

"We don't know whether this is the one driving the locals away from these sectors," he told reporters after delivering his New Year 2010 message to the ministry's staff here.

He added that the ministry would discuss the matter further with the related agencies.

Meanwhile, Subramaniam said the study on the salary scheme for hotel workers and security guards had been completed and would be announced soon.

A study had also been carried out on the salary scheme in the electronics and textile sectors and would take six to eight months before a decision could be made.

Meanwhile, asked on the nearly 40,000 Indian citizens who went "missing" in Malaysia after their tourist visas expired, Subramaniam said stern action should be taken against those who employed them.

"If we do this, and show them that the government is serious about this, then the message might reach to them and people will feel more apprehensive about hiring illegal immigrants.

"Once these illegal immigrants are not able to find jobs in this country, they will leave," he said.

He said it was not easy for the government to go around identifying each and every person who overstayed.

EPF Contributors Told Not To Be Deceived By Withdrawal Syndicates

The Employees Provident Fund (EPF) on Wednesday warned its members and other individuals from getting involved in fraudulent activities involving EPF funds.

Contributors should instead deal directly with EPF staff without being charged anything for the service.

EPF's general manager for public relations Nik Affendi Jaafar said the fund was wholly committed to eradicating fraudulent withdrawals which deplete retirement savings and go against the vey core of EPF's objectives.

He issued a stern warning to members and other individuals not to be involved in any irregular activities related to withdrawals and added that the EPF had systems and processes to detect any cases of cheating and attempts to make fraudulent withdrawals.

"The processes not only detect very early on attempts to cheat but also provide guidelines to EPF officers to identify unscrupulous fraudulent attempts by just checking application forms and supporting documents forwarded," he said.

He said under the EPF Act 1991, contributors who committed fraudulent withdrawal, or attempted fraudulent withdrawal, are liable to a maximum jail sentence of three years or a RM100,000 fine or both.

Nik Affendi said 96 court summons had been filed against EPF members from January to December 2009 for their involvement in making fraudulent EPF withdrawals under housing, incapacitation, education and pensionable employees.

"During the same period, 35 EPF members were found guilty by the courts for fraudulent withdrawals while 61 cases were still pending in the courts," he said.

He called upon EPF contributors to report any instances of fraud by contacting the EPF Fraud Hotline at 03-2616 2121 03-2616 2121 during working hours from Monday to Friday.

Malaysia's 4th Quarter GDP Growth Positive

PUTRAJAYA, Jan 12 (Bernama) -- Early indications show that Malaysia will announce positive gross domestic product (GDP) growth for the fourth quarter of 2009, Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said.

"How positive, I am not sure yet. Certainly it will be positive," he told reporters after the signing of a memorandum of understanding between the government and Oxford Business Group on "The Report: Malaysia 2010" here on Tuesday.

He also said the Economic Planning Unit that he is in charge of, was confident that the country would achieve more than five percent GDP growth for this year.

The government has projected a contraction of 3.0 per cent in GDP for 2009 after the first, second and third quarters showed negative growth of 6.2 per cent, 3.9 per cent and 1.2 per cent respectively.

Nor Mohamed said some of the positive indications included the clear trend of resumption of recruitment in the manufacturing sector and better corporate earnings.

"There is also very strong evidence that there is higher demand for electronic chips recently from the rapid expansion of the automotive industry in China and India.

"Advances in demand for a new generation of telecommunication devices were also seen," he said.

Besides that, Nor Mohamed said, the rising demand and short-term supply constraints had put an upward pressure on oil, rubber and palm oil.

"We are the winner on that sense as we are the largest producer," he said.

Passenger car sales had also picked up, rising to 40,569 in November last year from 36,254 in the same month a year before.

Loan application on a yearly basis had improved by 37.5 per cent in October last year while loan approval increased by 25 per cent.

Accordingly, Nor Mohamed said, the economic recovery was also expected to be faster this year.

"The multiplier from the RM67 stimulus packages will start cascading down this year," he said.

"Many evidences show 2010 is going to be a good year. Early days yet but the indication is quiet positive."

Whether the current strong stock market performance could be sustained, Nor Mohamed said: "Based on corporate earnings reports, the stock market seems to be in a sustainable phase and confident mood.

"The stock market reflects the underlying confidence that the investing public has on the government's proactive economic measures.

"As the domestic economic front is going to be positive, the stock market should do well," he added.

The market capitalisation of listed companies on Bursa Malaysia breached the RM1 trillion mark on Jan 5. Its all-time high was RM1.1 trillion, recorded in the early part of 2007 before the start of the global financial crisis.

Asked whether the reported attack on churches would affect investor sentiment, Nor Mohamed said: "Most investors who know us will realise that we are a united and tolerant country.

"I don’t think this should have too much negative long-term effect."

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Malaysian Businesses Most Optimistic This Year, Says Survey

Business owners in Malaysia are the most optimistic this year compared to the years before, according to Grant Thornton International Business Report (IBR) survey.

In a statement, SJ Grant Thornton said businesses in Malaysia and the Asia-Pacific were positive that an upturn in the global economy has taken place and expected more positive signs in the second half of 2010.

Its managing partner, Datuk N.K. Jasani, said in Malaysia, business owners were positive on expecting increased revenue, followed by investment in plant and machinery and profitability.

"This suggests that during the recession, businesses have become leaner and more cost-effective. This may enable them to lower prices while still securing increased revenues and crucially, profits.

"As the global economy emerges from recession, we are likely to see many businesses reaping the rewards of recession induced efficiencies to lead the way in the upturn," he said.

The IBR survey covers over 7,400 medium to large enterprises (MLEs) across 36 economies.

Now in its 18th year, it also highlights a group of ten economies where businesses are more optimistic about the outlook for their economies than International Monetary Fund forecasts might suggest.

The survey showed that optimism among MLEs around the world has bounced back to give the Grant Thornton global optimism/pessimism index for 2010 an optimism balance of 24 per cent compared to its lowest ever score of -16 per cent this time last year.

Malaysia scored 49 per cent.

It said businesses in Chile, India, Australia, Vietnam and Brazil were the most optimistic in the world, all scoring over 70 per cent.

"Close behind are South Africa, China, Singapore, Canada and Hong Kong at 60 per cent or higher.

"At the other end of the scale, many euro zone countries were pessimistic about the future," it said.

Italy, Denmark, Finland and France scored nine per cent or lower with Greece (-23 per cent) and Ireland (-42 per cent), it said.

"Spain (-56 per cent) and Japan (-72 per cent) kept their places as the most pessimistic economies in the world, although even here the figures were slightly up on last year," it said.

Jasani said the survey suggested that businesses in the giant emerging markets of China, India and Brazil were confident they could help pull the rest of the world back into growth and businesses in many other economies were equally optimistic that they not only survived this recession but well-placed to help drive the upturn.

"Strong stimulus measures implemented by our government have helped the economy but consumer spending eased and investment and trade slumped.

"Activity is now picking up as exports in the country revive, underpinning strengthening manufacturing. Growth prospects for 2010 look promising.

"MLEs contribute 81 per cent of global gross domestic product and the global business community should be encouraged by the results of this survey," he said.