Wake up and live: Hiking can build confidence, health, endurance, stamina and fitness!

Shereen Teng clambering up rocks at Gunung Rinjani.

It took death and sickness to make one girl change her life... and start hiking.

Shereen Teng? That petite girl … a hiker? You must be kidding. This was the reaction of anyone who knew me well back then.

I was a couch potato-cum-workaholic who was glued to the TV during my free time. After work, I rushed home to watch my favourite Korean actor in action – Lee Min Ho. During peak periods, I spent hours in the office working like there was no tomorrow.

But in 2011, my life took a 360 degree turn and I transformed from a typical “girlish” lady into an outdoor person.

Let me reminisce what inspired me to transform my lifestyle back then. I had just joined a new company and firstly, there was shocking news about a lady there. After being diagnosed with cancer, she passed away three months later, leaving behind her two little children.

Secondly, during the first week on my new job, I worked until the wee morning hours even though I had very high fever. To keep my temperature down, the doctor jabbed me with painkillers. I was eventually hospitalised for one night due to an extreme allergic reaction (my whole body was swollen).

Teng (seated in orange) with her team mates at the top of Gunung Rinjani, Lombok, Indonesia. Photos: SHEREEN TENG

These two events woke me up. I didn’t want to die as a person with a meaningless life. And so I decided it was time to make a difference in my life and all those around me.

Being a Facebook addict, I browsed through many groups and found Boots n Fins, which organises activities such as hiking and scuba diving.

I decided to try hiking. Who knows, maybe I would enjoy it.

I signed up for a hike to Gunung Datuk, Negri Sembilan. There were carpooling arrangements, and I braced myself to meet a couple of strangers – YY Wong and Tamil Selvam – in front of Subang Parade. People thought I was crazy because I might end up being kidnapped!

But I had to take my chances. Being my inaugural hike, I was not prepared with the proper gear. Instead, I was just clad in a shirt, long pants and sports shoes. After an hour of driving, we reached the place. It was a very bright sunny day, perfect weather for hiking.

The initial part of the hike past a river was reasonably easy. Then, we had to ascent a very steep trail. My heart sank and I thought, “Why in the world did I sign up for this? Why torture myself?”

I hardly exercised back then and I worried if my legs could handle it. But step by step, I pulled myself uphill, stopping many times to catch my breath. Along the way, I met a girl called San San and her friends. It was strangely conforting to see that they were also exhausted.

After hiking for about three hours, I reached the top. The view was breathtakingly beautiful and I immediately fell in love with the place!

At the top of Gunung Kutu, near Kuala Kubu Baru, Selangor.

Then we had to descend and my leg muscles started to cramp. Oh no! We had to hike a long way back to reach the trailhead. I used all my strength and slowly pulled myself together. After hiking for an hour, I almost wanted to give up, but I had no choice – no one was going to carry me down.

San San and the other girls, kept on encouraging me and shouted, “Jia You! Jia You!” in Mandarin, which means “Do your best!”. Yet, I was exhausted and could hardly feel my legs. I felt as if I was crippled, sitting in a wheelchair.

Slowly, I kept on going, even though my legs felt like lead. After an hour more of sheer torture, I finally reached the bottom.

For a week after the hike, I could hardly walk. Yet it was the most memorable hiking experience ever. And it led me to many more adventures. Hiking has strengthened me physically and mentally. I have joined other groups such as the KL Hiking and Trail Running group.

I can hardly believe it … but I have made a difference in my life. I am overjoyed that I have succeeded in climbing many mountains, including Rinjani (Indonesia) and Annapurna Base Camp in Nepal. My journey in hiking will never cease. I am glad to say that I am no longer a couch potato!

If I can do it, I am sure everyone can too. Carpe Diem! Seize the day!

By Shereen Teng The Star/Asia News Network

Building stamina: A hiker goes from hill to Mount Kinabalu

Jason Lim made it to peak of Mount Kinabalu on his second try.

After struggling and sweating buckets, climbing a modest hill, one hiker has since done Kinabalu three times.

“Let’s climb Mount Kinabalu,” said a friend. That’s how it all started for my big climb up there.

Since joining the workforce in 2001, life was mostly about work and then spending the hard-earned money on food, gadgets, holidays, etc.

Exercise decreased and pounds were beginning to build up, no thanks to my job which sometimes involves hours of “yum cha” (tea drinking) business development sessions.

Mount Kinabalu first struck my interest when my colleague showed wonderful pictures taken during her climb to the summit. And in early 2008, when Ben, one of my “yum cha” kaki, suggested a climb to Mount K, I promptly agreed.

This was the beginning of my hiking journey. Prior to that, I had also noticed that my fitness level was at the lowest level since school days. Joining the trip was a way to push myself to be fit again and to prove that I still had what it takes.

Our training brought me to Bukit Tabur, Apek Hill and Batu Caves (all around Kuala Lumpur) as well as Gua Tempurung (Perak). These were places which I would not have thought of going if I had not taken up the challenge.

I still remember our first hike at Apek Hill in Cheras, KL. At the end, I felt like I had just gone through a detox programme, after sweating out what seemed like litres of toxins from my body. Though it was really tiring, I felt completely “refreshed” and knew that there was a lot more to be done.

Jason Lim (centre) with his friends on a training climb up Bukit Tabur, near Kuala Lumpur. Photos: Jason Lim

Among all the places I’ve climbed, I would say Bukit Tabur has probably the most wonderful scenery. It’s also challenging enough to build your endurance and stamina.

We had about six months to prepare for our big climb. For anyone planning to conquer Mount K, I would say it’s good to train up your stamina consistently. However, my training regime was not very consistent – I paid for this later.

Our climb was on Aug 30 and 31, 2008 (Merdeka Day) and the seven of us rented a van to send us to Kinabalu Park from Kota Kinabalu (KK) city before sunrise.

The climb started in a joyous and excited mood, but close to the third kilometre of the trail, accident struck. The trail was wet and slippery from an earlier downpour and Ben accidentally slipped, fracturing his ankle. The team were shocked and sad for him as he was the one who had pulled the group together for this trip and made all the arrangements. He had to be escorted back to Kinabalu Park by our guide, and eventually transferred to KK for hospital admission.

Our spirits were a bit down but we continued our journey and eventually the last of us reached (the halfway point of) Laban Rata around 4pm.

Rain started to pour midway and we had to put on raincoat for the last half of the hike.

The journey to the peak started around 2:30am the next day. Of the six of us, only four completed it. One of us suffered from altitude sickness not long after starting the climb, while the other one who didn’t make it was myself. I gave up about 500 metres away from the peak.

But having made it that far, I was still very proud of my achievement, though there were some regrets till this day for not completing it. At that time, somehow I just didn’t feel like I had the stamina. Now you know why I say consistent training is important.

Drenched with rain at Laban Rata, halfway to the Mount Kinabalu.

We continued our regular hiking sessions after his recovery, and less than two years later, I went back to Mount K again with Ben and different group members. Better prepared and trained this time, I eventually made it to the peak this round. However Ben didn’t due to altitude sickness.

But the most important part of it was, both of us had tried our best. And along the way, we built a friendship that we treasure. Thanks Ben for bring me back to fitness!

The climbs up Mount K have definitely brought back the “exercise mode” back to me. I started running, cycling and hitting the gym more from then on.

As for my health, I have managed to prevent my blood pressure level from going up further, and my stamina has also improved so much. I did a third Mount K climb in 2012 and the time taken to reach Laban Rata was 25% less than the first climb.

I have come so far since my first training session at Apek Hill where I was struggling to just keep up with the other regular climbers who were mostly uncles and aunties!

By Jason Lim The Star/Asia News Network

Related post:

The life force to Koreans: hiking the fabulous Korea's moutains ..

Mountain culture and customs are hot-wired into the lives of each Korean. What better way to get under their skin than to hike together with them? SOUTH Korea lies along a peninsula that is hugely mountainous, with a spinal ...

Remembering the legacy of Bandung, Sandakan death and Hiroshima bombing

THIS year marks the 60th anniversary of the historic Bandung Conference and the 70th Anniversary of the end of the Second World War.

A copy of the final “atomic bomb” leaflet, I think? I don’t read Japanese, but this was attached to the above memo. If you do read Japanese, I’d love a translation. Please ignore my thumb in the corner — it’s hard to photograph documents that are bound like these ones were.  http://blog.nuclearsecrecy.com/2013/04/26/a-day-too-late/

In order to commemorate the past, a series of conferences and events have been held, the most recent being the Afro-Asian Conference hosted by Indonesia President Jokowi this week. The first Bandung Conference was called by the first Indonesia President Sukarno in April 1955 among newly independent Asian and African nations, beginning what was later known as the Non-Aligned Movement against colonialism. Twenty-nine countries participated, representing 1.5 billion people or just over half of the world’s population. It was the first time that leaders of these countries met to discuss their future after the end of colonialism.

The conference was historic because it was attended not only by Indian Prime Minister Jawaharlal Nehru, but also Egyptian President Gamal Nasser, Chinese Premier Zhou Enlai, Muhammad Ali Jinnah of Pakistan, U Nu of Burma, Nkrumah of Ghana and Tito of Yugoslavia, all giants not only in their countries, but makers of history in the 20th century.

The United States did not attend because it was not sure whether it sided with the European colonial powers or its new role as an ex-colony liberating the world.

The Bandung Conference was a conference of hope that the newly independent nations would build themselves into a zone of peace, prosperity and stability. On the whole, despite some failures, they succeeded. By 2013, these countries together have a GDP of US$21.2 trillion or 28.1% of world GDP, significantly improved compared with their share of less than one-fifth of world GDP in 1955.

Aug 6, 2015 will also mark the 70th anniversary of the horrific atomic bombing of Hiroshima, which led to the end of World War Two on the Pacific side.

Lest we forget, World War Two was a horrific period, since the world lost between 50 million and 80 million people or 3% of world population. Japan lost 2-3 million during that war, but the rest of Asia suffered estimated losses of up to 10 times that number.

Even though memories are fading, there is still a generation who remembered the hardships and atrocies of war, from personal experience of family being killed, bombed or flight as refugees. Even a remote country like Australia could not escape that war. Australian soldiers fought heroically in Kokoda Trail to repell the Japanese invasion of Papua New Guinea in 1942. If not stopped, Australia could have fallen to Japanese hands, changing the course of history.

But the 625 Australian deaths defending the Kokoda Trail paled in comparison to the Sandakan Death March, in which 2,345 Australian prisoners of war died marching from their prisoner of war camp in Sandakan across primitive jungle in Sabah. Only six Australians survived those marches in early 1945, only because they escaped. One in 12 of every Australian who perished in the war died in that death march.

My impressions of this incident are indelible, growing up in Sandakan and following the trail across Sabah on a road built by the Australians to commemorate their dead. It fascinated me that man could be that cruel to other human beings to send them across the virgin jungle without food to certain death.

On June 9, 2014, when Japanese Prime Minister Shintaro Abe addressed the Australian parliament, he did mention Kokoda and Sandakan. In it, he did not offer an apology, but he did sent his “most sincere condolences towards the many souls who lost their lives.” This was very Japanese English, because one gives condolences to the living, not the dead.


In the Afro-Asian Conference this week in Bandung, he rephrased his words as follows, “Japan, with feelings of deep remorse over the past war, made a pledge to remain a nation always adhering to those very principles (of Bandung) throughout, no matter what the circumstances.”

We note that he is already shifting the official Japanese view on the war from his predecessors Murayama and Koizumi, who offered “deep remorse and heartfelt apology,” in their statements about the war in the 1995 and 2005 anniversaries respectively.

I always thought that the difference between remorse and shame is one that differentiates Western and Asian values. A remorse is a feeling of regret that something has happened but there is no sense of guilt. Shame is a feeling you have injured someone else and you feel guity about it, and you want to make amends.

There is a sharp difference between the German and Japanese attitudes. Seventy years after the war, the German courts are going to try the 93-year old “bookkeeper of Auschwitz”, whereas the Japanese are still revising their history books on what really happened.

What makes Abe’s “deep remorse” poignant is that he is a leader of a faction that wants to re-arm Japan by changing its constitution and he regularly visited or sent ritual offerings to the Yasukuni shrine, which contains the shrines for 14 class A war criminals. Even the Japanese emperor has not visited Yasukuni after these enshrinements.

Most Asians like myself have great respect for Japan, but feel uneasy that the Japanese are beginning to whitewash their role in the war. The Yasukuni shrine has an accompanying museum that seems to suggest not only that the Nanking massacre did not occur, but that US actions to deny Japan energy resources pushed it into war. But these do not explain why Japan invaded China in 1937.

On the commemoration of the 70th anniversary of the end of the Pacific War, will the US leader express an apology or remorse for bombing Nagasaki or Hiroshima? If the Japanese want to understand how the rest of Asia feels about its actions during World War Two, just changing the history book will not solve the deep sense of injustice that war brought to the region. Could those who died or suffered during that period appeal to the rule of law that Abe-san so proudly proclaim today?

All of us want to move on, but not through denying the past. As the philosopher Santayana said, those who cannot remember the past are condemned to repeat it.

Think Asian by Andrew Sheng

President of Fung Global Institute
http://ineteconomics.org/people/andrew-sheng

Sheng is Malaysian Chinese. He grew up in British North Borneo (today Sabah, Malaysia). He left Malaysia in 1965 to attend the University of Bristol in England, where he studied economics.
Datuk Seri Panglima Andrew Sheng (born 1946) is a Distinguished Fellow of Fung Global Institute, a Hong Kong based global think tank. He started his career as an accountant. He served as Chairman of the Hong Kong Securities and Futures Commission (SFC) before his replacement by Martin Wheatley in 2005.
 
THE AUTHOR IS CHIEF ADVISOR TO THE CHINA BANKING REGULATORY COMMISSION, A MEMBER OF THE BOARD OF MALAYSIA'S KAZANAH NASIONAL BHD AND A MEMBER OF THE INTERNATIONAL ADVISORY PANEL TO THE AUSTRALIAN TREASURY'S FINANCIAL SYSTEM INQUIRY

Related posts:

The Bandung Spirit: strengthering Asian African economic cooperation & legal consultation

Chinese President Xi Jinping has delivered a speech, with the aim of carrying on the Bandung Spirit and promoting the common development ... 

Why not abolishing wars, seeking peace in the 70 years after WW2 & inception of the UN?

Why should an organisation devoted to saving “succeeding generations from the scourge of war” make it its business to authorise war? 

Why not abolishing wars, seeking peace in the 70 years after WW2 & inception of the UN?

Why should an organisation devoted to saving “succeeding generations from the scourge of war” make it its business to authorise war?

In the 70 years since the inception of the UN, the world has unfortunately witnessed many theaters of conflict. 

SEVENTY years ago, the Charter of the United Nations solemnly proclaimed that the people of the UN were determined to “save succeeding generations from the scourge of war” and to “establish conditions under which justice … can be maintained”.

Peaceful resolution of disputes was the over-arching ideal of the Charter. However, the Charter permitted two exceptions under which recourse to war was permissible:

> Under Article 51, a nation can defend its sovereignty against an armed attack.

> Collective use of force can be undertaken under Chapter VII of the Charter under a resolution of the UN Security Council.

In the euphoria of the establishment of the UN, these two provisions were regarded as just and fair exceptions to the prohibition on the use of force.

But with the tragic misuse of UN authorised interventions in Afghanistan, Libya and Syria, one is made to wonder why an organisation devoted to saving “succeeding generations from the scourge of war” and securing peace and justice should make it its business to authorise the revolting actions that necessarily flow from war. It is therefore timely to demand that the provision relating to collective use of force under Chapter VII be reviewed or repealed.

Spiralling wars: In the 70 years since the inception of the UN, the world has unfortunately witnessed many theatres of conflict. In a nuclear age, the savagery of war has become even worse. The grounds on which war can be waged have expanded.

Anticipatory self-defence: Some powerful nations like the US and Israel have interpreted the Charter to read into it the right of pre-emptory attack or anticipatory self-defence.

Humanitarian intervention: A new ground of “humanitarian war” without the authority of the UN has been established extra-legally by the American-European Union Alliance.

Regime change: Wars for the purpose of regime change were and are being waged in Afghanistan, Iraq, Libya, Syria and Yemen.

Proxy wars: Many rich and powerful states are fomenting civil wars and supporting armed mercenary forces for the purpose of subverting the sovereignty of other states. Tragic examples are Yemen, Libya, Syria and Ukraine.

Privatising torture: Since the 90s, wars, incarceration in overseas prisons and torture have been privatised. This is a wicked way of avoiding accountability under national laws.

Terrorism: Unspeakable horrors are being committed by terrorist groups like the IS. However, it must be stated that all terrorism, whether by private groups or state actors, is an abomination. On the pretext of combating terrorism, many states are committing atrocities both within their territory and abroad.

Targeted killings: Extra-judicial assassinations of the officials of other states or national liberation movements are being carried out by drone attacks, special-forces units or covert operations.

Humans as guinea pigs: Some nations are developing, deploying and testing their new weapon systems in countries that they invade or occupy – countries like Afghanistan, Iraq and Gaza whose population has become a guinea pig for testing deadly weapons.

Threat of missile attacks: Threats of missile and nuclear attacks have become standard language of foreign policy. This is a violation of international law.

Selective sanctions: In the name of human rights, sanctions are being enforced but in a very selective way by the Security Council and by individual nations against their opponents. This is despite overwhelming proof that sanctions hurt innocent civilians and cause untold misery and deprivation to the weakest members of society.

The ICC: The International Criminal Court has gone into operation. But nations like the US and Israel refuse to join it. The UN Security Council and the ICC have brought to book a few war criminals. Sadly, the work of the ICC shows a terrible ethnic bias against Africa. Mass murderers from the USA, EU and Israel remain immune.

Cold War reignited: The Cold War has become reignited and with it new theatres of conflict as in Ukraine are causing massive loss of life.

Merchants of death: The arms trade continues unabated and ignites and fuels regional wars and retards the search for political solutions to international disputes. All arms traders are merchants of death but enjoy a prestige and wealth unknown to many other professions.

Western exceptionalism: Western unilaterism is a sad reality of geopolitics today. In the last decade itself, there were full scale invasions of Afghanistan and Iraq on trumped up charges plus bombing of Pakistan, Yemen, Somalia, Libya and Syria. In Yemen, Libya and Syria, western proxies are in the forefront of the so called civil war.

US drones blow up “enemy combatants” in many parts of the world with sickening regularity. Despite its professed belief in democracy, Washington has a sorry record of collaborating with right-wing military officers to overthrow elected leaders who do not do Washington’s bidding. The latest victims are Morsi in Egypt in 2013 and Yanukovych in Ukraine in 2014.

On July 3, 1988 the United States shot down an Iranian Airbus killing 290 passengers. The Western world expressed only muted regret.

Genocide in Palestine: US and European complicity with Israel in the 67-year old genocide of the Palestinians is an undeniable fact. As I write, Israel continues to butcher children, women and civilians in Gaza.

Srebrenica: Dutch complicity in the massacres in Srebrenica is well documented.

Structural violence: Add to these military atrocities, the structural violence and oppressive economic systems of the West. There is a desire to consolidate an uncompromising version of corporatism that seeks total economic hegemony over Asia and Africa.

Environment: An environmental catastrophe is awaiting the world unless we take adequate measures to control the threat. Needless to say that part of the ecocide is contributed by the use and misuse of weapons of mass destruction.

In sum, it is a pretty grim situation in the world today. What can be done to bring about a more peaceful and just world? There are obviously no simple solutions. A comprehensive, holistic approach is badly needed.

Reflecting On The Law by Shad Saleem Faruqi

Shad Faruqi, Emeritus Professor of Law at UiTM, is a passionate student and teacher of the law. He can be reached at prof.shad.saleem.faruqi@gmail.com. The views expressed here are entirely his own.

Related posts:

Possibility of Third World War as Ukrainian Crisis Deepens!

16 Sep 2014

As possibility of third world war exists, China needs to be prepared. US vs Russia. As the Ukrainian crisis deepens, international observers have become more and more concerned about a direct military clash between the US ...

West should end its hypocrisy on anti-terror war! 

22 Jan 2015

The decade-old wars in Iraq and Afghanistan have cost the lives of hundreds of thousands of civilians, but the mainstream media outlets in the US have largely ignored the tragedies and focused on the loss of their own troops.

Malaysia is a Secular state or an Islamic country?...  

Malaysia a transit point for terrorists or a terro...

Bandung Spirit: a short walk but with giant steps !

(From L) Chinese First Lady Peng Liyuan, China’s President Xi Jinping, Indonesia’s President Joko Widodo, his wife Iriana Widodo, Malaysia’s Prime Minister Najib Razak, his wife Rosmah Mansur, Mufidhah, wife of Indonesian Vice President Jusuf Kalla, Jusuf Kalla and Cambodian Prime Minister Hun Sen walk down the street with other Asian and African leaders during ceremonies marking the 60th anniversary of the Asian-African Conference in Bandung on western Java island on April 24, 2015. Bandung was the site of the landmark 1955 Asian African Conference, credited with galvanising momentum towards the creation of the Non-Aligned Movement. - AFP

Bandung 2015 is a chance to build on the cooperation among developing countries launched by Bandung 1955.

LAST Friday, I took a 10-minute walk from an old hotel to ano­­ther old building, a confe­rence hall. About 300 others were on the same walk on the warm and sunny day.

It didn’t seem anything remarkable or newsworthy. But this was no ordinary walk. Sixty years ago, on this same date, a small but powerful group of men and women took the same walk and then launched a movement that snowballed into a united anti-colonial and post–colonial battle.

We had come to commemorate and celebrate the anniversary of the Bandung conference of Asian and African leaders, all of whom had just won Independence or were on the verge of doing so.

The same grand Savoy Homann hotel was where the leaders had stayed, and they had taken the historic short walk on the Asia Africa Road to the Merdeka Building.

Bandung April 24, 1955, saw giants like Sukarno of Indonesia, the host, Zhou Enlai of China, Jawaharlal Nehru of India, President Gamal Ab­­del Nasser of Egypt, U Nu of Bur­ma and some leaders of Africa, coming together to discuss the need for newly independent countries to unite and fight for common interests.

They adopted the Bandung principles, that included respect for national sovereignty and self-determination, equality of all nations and abstention from use of force or exerting pressure on countries.

Bandung 1955 was the first ever meeting of the developing countries, who pledged to help other countries still under colonialism to complete their independence struggle, and to cooperate to develop their poor economies.

That Bandung spirit led to the formation of the Non-Aligned Movement in 1961, and indirectly also led to the Group of 77 in 1964, the two major umbrella organisations of the developing countries.

Last Friday, political leaders from over 40 countries, led by Indonesian President Joko Widodo, and officials from international organisations walked from Savoy Hotel to Merdeka Building and took part in a brief but meaningful commemoration ceremony.

Among the leaders present were the presidents of China, Zimbabwe and Myanmar, and the prime ministers of Malaysia, Nepal and Egypt.

We were told the Merdeka Building had not changed, and the chairs were the same as the ones used 60 years ago.

Widodo invoked the memory of the leadership and spirit of the giants of old, who had pioneered their nations’ independence and forged unity among the newly independent countries.

In a two-day Asian African summit conference in Jakarta preceding the Bandung ceremony, even more leaders were present to discuss the theme, South-South Cooperation for Peace and Prosperity.

President Widodo made a strong speech highlighting the continuing power inequalities and injustices in the world, in which developing countries were still struggling to get their rightful fair share in decision-making in world affairs.

Global injustice is obvious, when wealthy nations think they can change the world with their might, when the United Nations is powerless, when force is used without the mandate of the UN and powerful countries ignore the existence of the UN, he said.

Injustice exists when rich countries refuse to recognise the shifts in world economic power and only re­­­­­­­cognise the World Bank, In­ter­national Monetary Fund and the Asian Development Bank, he added.

“The fate of the global economy cannot be left to these three organisations, we need to build a new world order that is open to new countries. A new and fair global system is needed.”

Widodo also stressed that as the Bandung spirit demanded indepen­dence for countries, we are still indebted to the people of Palestine. “We have to struggle with them to give birth to an independent state of Palestine.”

The plight and struggle of Palesti­nians became a major issue at the Summit. It was obvious that the con­­tinuing occupation of Palestine lands and their unfulfilled fight for an independent state was a big piece of “unfinished business” of the Asian African Bandung conference.

A special declaration in support of Palestine was adopted by the conference. Two other documents adopted were the Bandung Message and the new Asia-Africa Strategic Partnership, which details the actions that are to be taken to promote more cooperation in economic, health, food security, education and other areas.

President Xi Jinping of China pledged to provide places for 100,000 students and officials in Asia and Africa for education and training in his country over five years.

He put forward several principles, including to seek common ground and be open to one another’s views, expand South-South cooperation, and the closing of the North-South gap. He also mentioned the new Chinese initiatives of setting up the Asian Infrastructure Investment bank as well as a new fund to finance the activities of the Economic Silk Road and the Maritime Silk Road.

These initiatives by China were a reminder that with the growing wealth of China and some other emerging economies, there is now a real possibility for the developing countries to help one another in financing their own development.

A new trend in South-South ga­­therings is that criticism of the ways of the West in dominating the South is now combined with announcements of how the developing countries are organising various ways to rely more on one another, including creating new institutions.

In a speech representing the South Centre, I mentioned that we support the call by the Indonesian president to establish a new world order where the developing countries have an equal say and enjoy their fair share of the benefits.

In this new and more equitable world order, the developing countries will be able to contribute to the solutions to the multiple crises of global finance and economy, food security, unfulfilled social development, energy and climate change.

The developed countries will change their unsustainable patterns of production and consumption, and assist the developing countries through financial resources and technology transfer to embark on new sustainable development pathways.

South-South cooperation, based on solidarity and mutual benefits, will play an increasingly important role. There is much to be done politically and concretely in this area.

Bandung 1955 was a landmark event that launched many good developments for the newly independent countries.

Bandung 2015 could also prove to be a landmark event that catalyses further breakthroughs in South-South cooperation which, together with our better performance in multilateral relations, will implement the building of the new world order that our first generation of leaders were dreaming of.

As the Jakarta and Bandung events came to a close, Indonesian officials indicated that they will be undertaking follow-up actions after the Summit. It is important that concrete programmes are formulated, so that the good-intentioned declarations do not remain only on paper but spark new shoots of South-South cooperation.

Global Trends by Martin Khor

Martin Khor is executive director of the South Centre, a research centre of 51 developing countries, based in Geneva. You can e-mail him at director@southcentre.org. The views expressed here are entirely his own.

Related posts:

The Bandung Spirit: strengthering Asian African economic cooperation & legal consultation

Chinese President Xi Jinping has delivered a speech, with the aim of carrying on the Bandung Spirit and promoting the common development ... 

 

Regional issues today developed from the past to predict the future, the winds of change in Asia

To appreciate how issues today had developed from the past is also to understand how they are likely to develop in the future.   "Si...

 

The AIIB groundswell; Asian development to the fore

Washington's Lobbying Efforts Against China's 'World Bank' Fail As Italy, France Welcomed Aboard. The cheese really does...

The global centre of gravity shifting to Asia

“Danny Quah of the London School of Economics has calculated the world’s economic centre of gravity and reckons that, thanks to Asia’s ris...

 

Building the 21st Century Maritime Silk Road 

The ancient maritime Silk Road was developed under political and economic backgrounds and was the result of cooperative efforts from ancestors of both the East and West. China's proposal to build a 21st Century Maritime ...

Rightways Technologies: China's revival of 600-year-old ...

According to an article in the Asia Weekly of China Daily, an English-language newspaper, the proposed 21st century Maritime Silk Road (MSR) begins in Quanzhou in Fujian province, moves on to Guangzhou in Guangdong ...

 

The Bandung Spirit: strengthering Asian African economic cooperation & legal consultation

Chinese President Xi Jinping has delivered a speech, with the aim of carrying on the Bandung Spirit and promoting the common development of the two vibrant continents.

Chinese president delivers speech at Asian-African Summit

Chinese President Xi Jinping delivers a speech at the Asian-African Summit 2015, where he joins leaders and representatives from around 100 countries and international organizations.

http://english.cntv.cn/2015/04/23/VIDE1429731957004413.shtml

Opening ceremony: Li giving a speech at the Asian-African Legal Consultative Organisation (AALCO) in Beijing. — AFP

Asian-African Legal Consultative Organisation was born at a historic moment, but struggles to deal with the present day issues.

LAST week, the Asian-African Legal Consultative Organisation (AALCO) held its annual session in the Chinese capital of Beijing.

Here’s a bit of the organisation’s background – with a focus on international law and legal matters of common concern, AALCO is the legacy of the Bandung Conference.

That historic conference in 1955, also known as the Asia-Africa Conference, led to the establishment of the Non-Aligned Movement during the Cold War.

Chinese President Xi Jinping, his wife Peng Liyuan, Indonesian Joko Widodo and his wife Iriana take part in a highly symbolic stroll with other Asian and African leaders to commemorate the historic 1955 Bandung Conference in Bandung, Indonesia, April 24, 2015. (Xinhua/Li Xueren)

More than 30 world leaders, including Prime Minister Datuk Seri Najib Tun Razak and Chinese President Xi Jinping, gathered in Indonesia this week for the 60th anniversary celebrations of the Bandung Conference.

Malaysia is one of the 47 member states of AALCO that has its headquarters in New Delhi, and the current AALCO secretary-general, Prof Dr Rahmat Mohamad, is a Malaysian.

“AALCO is not a political union. That is why it is not popular and people do not know of its existence,” said Dr Rahmat.

“We are a legal consultative body comprising legal experts from the Asian and African countries.”

AALCO deals with issues that affect the legal rights of its member states and highlights their views to the International Law Commission (ILC) and the Sixth Committee of the United Nations General Assembly.

It has also established permanent observer missions to the United Nations and set up regional arbitrary centres, one of which is in Kuala Lumpur.

Dr Rahmat, who was the deputy vice-chancellor of Universiti Teknologi Mara, won the election to the post in 2008. He is now serving his second four-year term.

“The regions of Asia and Africa have different political beliefs, culture and systems. But at the end of the day, we get the common concern and bring it to the attention of the ILC and UN,” he said.

“It was the vision of leaders like (Indonesia’s first president) Sukarno and (India’s first prime minister) Jawaharlal Nehru that newly independent countries must have their voices heard in international forums like the United Nations.

“When you have a body like AALCO, the other side will know what our concerns are.”

Using the Rome Statute of the International Criminal Court (ICC) as an example. Dr Rahmat said many Asian countries are not state parties to the treaty, but that does not mean that they are against the idea.

“It is good but a lot of issues have to be clarified and resolved first,” he said.

“The Penal Code in Malaysia, for instance, only has definition of crime, but not crime against humanity. How do you apply that in our system? We are not used to it, our judges and prosecutors are not used to it.”

The Rome Statute, which has been acceded to by 123 countries, established the ICC to investigate and prosecute four core international crimes, namely genocide, crime against humanity, war crimes and crime of aggression.

“There are issues that need to be resolved domestically first,” Dr Rahmat said.

“However, the politics of it are causing apprehension. My job is to continue to disseminate legal knowledge to make people aware.”

During the 54th annual session of AALCO here last week, delegates from the member states explored issues such as the deportation of Palestinians, the work of the United Nations Commission on International Trade Law (Investment Treaties), international law in cyberspace, environment and sustainable development, violent extremism and terrorism, and law of the sea.

As broad and complex as these topics may seem, Dr Rahmat said the works of AALCO are closely related to the people.

“We do not live in a vacuum. International law is part of every individual’s life,” he said.

“In addition to what is happening within our own country, we must also pay attention to matters in the world.”

Chinese Premier Li Keqiang, who officiated at the annual session, proposed a China-AALCO exchange and research programme on international law.

He said the initiative, to be funded by China, would help develop AALCO and promote co-operation in international rule of law.

In his speech, Li said Asia and Africa have a combined GDP of US$29 trillion (RM105 trillion), accounting for 37.5% of the global total. It is a 47-fold increase compared to that of 1970.

He also proposed the Asian and African countries to, among others, deepen exchanges and co-operation on international legal system, and work together to meet global non-traditional security challenges.

The session also commemorated the 60th anniversary of the Bandung Conference. Representatives who spoke during the event agreed that the Bandung Spirit of peaceful co-existence and solidarity is still very much relevant in today’s world.


 Check-in China by Tho Xin Yi

The views expressed are entirely the writer’s own.

Entrepreneur Liew Kee Sin from SP Setia to Eco World, passing the baton to the right person

Liew and his son Tian Xiong (left) at the interview. The biggest shareholder of Eco World Development Group is Tian Xiong, who at 22 in 2013 became the major shareholder of the company.

Entrepreneur who drives the smaller Eco World group is still a much talked-about figure in corporate world

AT 57 years of age, Tan Sri Liew Kee Sin can easily count himself to be one of the most talked about personality in Malaysia’s corporate circle – by the Government, the private sector and property investors.

Amidst the unravelling of events over the past four years, including his exit from SP Setia Bhd, Liew continues to be among the corporate figures today that enjoy the adulation of some and the wrath of others.

Since leaving SP Setia a year ago, Liew has been furiously on the ball, trying to “regain” what he has lost. He has kept a fast and furious pace, though buffeted on every front by unabating current.

Although he has previously overcome challenges thrown at him, the pressure this time is different, in severity and magnitude. It’s a pressure cooker in Eco World Development Group Bhd (EWB), he admits.

“The momentum is on-going. It forces me to be the face of Eco World,” he says.

The positive side to all these is that he has about 300 out of a staff count of 800 who joined him from his previous company. This round of rebuilding includes his son, Tian Xiong, 24. That may also account for him being more driven than before.

While he has made a success of the 4,000 acres in S P Setia’s flagship development in Shah Alam years ago, today’s climate of high house prices and stagnant wages mean his team would have to work doubly hard. So far, however, most of his projects in the Klang Valley and Johor seem to enjoy take-up rates of 80% and above.

His latest launch in Batu Kawan, Penang, has prices hovering in the RM700,000-RM800,000 bracket.

Credited with making something out of 4,000 acres in Shah Alam, Liew is trying to do the same in Semenyih, Selangor, and Batu Kawan, Penang, on a smaller scale. Liew says his objective is to set a new benchmark in terms of concepts, ideas and designs for branding purposes.

Next month, he will be launching 1,130 units in London City Island with a gross development value (GDV) of £617mil, at a time when house prices are frothy, with wages stagnant. The May 7 elections is another dampener. The Employees Provident Fund (EPF) has just sold a building at a profit and may be selling another.

The weakening ringgit works for and against him. For local investors, a property abroad is a good hedge against exposure to any possible future weakening of the ringgit. The downside is that the pool of buyers shrink with the weaker ringgit.

However, the target market for the London City Island project goes to Hong Kong, Singapore and London.

Even as he is keeping his finger on sales, other challenges faces Liew and the Eco World group.

Eye on SPAC

In October last year, Liew and his team proposed to list Eco World International Bhd (EWI) as a SPAC (special-purpose acquisition company). But the Securities Commission has yet to approve the application.

While awaiting the SC’s nod for the the proposed SPAC, in January, he and his right hand man Datuk Voon Tin Yow in their personal capacity, via a private vehicle, entered into a joint venture with UK-based Ballymore on a 75:25 basis to develop three projects in London – with the first slated to kick off next month.

The plan was to inject the three properties into EWI, which will be the vehicle for the proposed SPAC. Shareholders of EWB would not be left out as they would be offered up to a 30% stake in EWI.


It was a neat plan – at least on paper.

But the snag is that a SPAC is a blank cheque listing. It is supposed to list without pre-identified and ready assets, which is an issue when it comes to EWI. This is despite Liew’s plan to inject the private purchases “at cost plus holding costs” – meaning Liew and Voon do not profit from the asset injection.

“But this goes against the spirit of SPAC guidelines as set by the SC. A SPAC is a blank cheque listing ... a cash box looking for assets,” says a merchant banker.

“To go global, we must react quickly to market conditions, better design concepts and learn. We have the skill set,” he says. He learned a lot managing and marketing Battersea. No matter how challenging a project, “you gotta break it down to smaller bits”.

Nevertheless, Liew hopes to see some development with respect to the SPAC application within the next month or so.

Keeping EWB and EWI on separate lanes will help him to manage the gearing of both companies and reduce dilution for shareholders of EWB that includes his son, who is the major shareholder.

Liew says he also does not want to park the London assets under EWB because they are too big for its balance sheet.

Although his stake has diluted from 35.05% in 2013 to 13.52% on March 27, 2015, he is still the major shareholder.

Visionary though he may be, time was on his side when Liew built his previous “priced possession”, which is S P Setia. He built S P Setia over the years at a more even pace while the momentum and task he faces today with regards to the Eco World Group has been nothing short but blistering.

Within two years, the company has accumulated 5,396 acres with a GDV of about RM55bil. Debts was up at RM1.15bil as at Jan 31, 2015, from RM215mil in September 30, 2014. (Sept 2013: RM52mil). EWB completed a rights issue raising RM800mil and will undertake a placement. At the end of the corporate exercise, EWB’s gearing will be less than 0.6 times and it will be sitting on a pile of cash that will be used for working capital to develop the massive land bank here.

Liew says he received a lot of offers to work with landowners.

“People ask, why so aggressive? It’s because of the brand. We want to charge ahead in Malaysia. We are using up about 800 acres a year.”

Dealt a good hand

Although Liew has been dealt a good hand in his working life, he may be losing another priced project, all within two years.

As he goes about tying up loose ends on the Battersea chairmanship, a legacy from S P Setia days, and finishing the restructuring in EWB by the end of this month, questions about conflicts of interest have surfaced.

The Battersea Power Station is a 40:40:20 project with S P Setia and Sime Darby holding equal share and EPF remaining 20%.

“When I resigned from S P Setia in April 2014, the Battersea board suggested I wait till September 2015. At that time, there was no Eco World Ballymore (Holding Co Ltd, a developer of the three projects) yet.”

The private vehicle belonging to Liew and Voon – Eco World Investment – has a 75% stake in EcoWorld-Ballymore while UK-based Ballymore Group owning the rest.

At about June of last year, he declared to the board of Battersea of his interest to go into property development in Britain. He was told to wait.

Six months later in January this year, Liew and Voon went public with their 75% stake in the UK-Malaysia joint venture. At that point, he felt “obligated to resign” but was told to wait.

“We have three projects which may seem to be competing with Battersea Power Station although in terms of price point, they are priced differently.”

The latest Battersea Phase 3A units are priced at £1,700 per sq ft while the EcoWorld-Ballymore units are being sold at about £1,000 per sq ft. About 90% of the EcoWorld Ballymore units will be less than £1mil.

Ironically, a vexing issue confronting Liew these days is his chairmanship of Battersea. The roots of the situation he is caught in today can be traced to his entrepreneurship that created Malaysia’s biggest property company that he lost control to Permodalan Nasional Bhd – after a protracted corporate exercise which started in 2011.

Liew, however, is still capable and motivated to use his set of skills to further create value for himself and those around him. But the dichotomy is between duty and interest.

“I do not want to offend anyone anymore. But I (also) feel duty bound,” says Liew.

The Battersea project, which is Liew’s brainchild when he was in S P Setia, has several key milestones in the next one year.

Phase one of the project will be handed over to buyers next year. Work on Malaysian Square – the pride and joy of Malaysia – has just started. Work on London’s underground Northern Line extension, which connects to Battersea, begins this year. These milestones will help the investment to appreciate.

The British authorities are concerned about the reconstruction of the four white chimneys and the restoration of the power station brickwork. So Battersea has quite a bit of important obligations to meet in the next one year and it cannot afford any slip-ups.

“I am under a lot of pressure ... Morally, I should resign. But when I buy (my land in London), I also declare (to the board). I am duty bound to declare on the grounds of good governance. At the same time, I am also duty-bound as chairman because this year is crucial for the Battersea.

“I am trying to get out of this (situation) because I want to reduce the areas of conflict between myself, the Government and everybody else. I have lost S P Setia and I should gentlemanly give up (Battersea),” says Liew.

Time will only provide an answer.

With London mayor Boris Johnson ending his term in 2016 – and considering Liew has a good working relationship with him – there are are more than several reasons for shareholders of Battersea to continue to retain him for another year as chairman. Before works such as the construction of the underground station and reconstruction of white chimneys take off, there is a lot of interaction with the London authorities, something that is not easy to cultivate.

Interest versus duty

Whatever the outcome of his Battersea chairmanship, there are at least two broad contentious issues here. His fiduciary responsibility and duty of care is one. Liew has taken that duty seriously and returned value for that which was entrusted to him. The second issue is his skill set. Life has obviously given Liew a good card, despite his losses.

Now, the question that arises is if he should wait if opportunities come, complete all ties with Battersea and S P Setia before embarking on new ventures that may not come knocking every day?

Every day, directors are offered various opportunities which conflict with their fiduciary duty. Often times, the fiduciary duty of directors, parallel to trustees, can be onerous. But the law is the law.

Yet, in many ways, Liew’s situation is parallel to a 1978 case of Queesland Mines Ltd v Hudson. The company Queensland Mines was an iron ore mining company that established as a joint venture between A Ltd and F Ltd. Hudson was the managing director of A Ltd and had negotiated with the Tasmanian government for mining licences.

Just before the licences were issued, Hudson’s joint-venture partner ran into financial difficulties and was unable to proceed with the venture.

Hudson resigned, taking the licences with him, and formed his own company. At considerable risk and expense, Hudson exploited the licences and earned profits. Queensland later filed a suit against Hudson for what it claimed was abusing his position to divert opportunties for himself.

However, the courts ruled that although the opportunity to make profits came to Hudson through his position at Queensland Mines and was something that the board was made aware of, Hudson was not in a position of conflict.

The position Hudson was prior to 1978 is the predicament Liew faces today. In both these cases, the contention boils down to timing and turn of events.

If one were to consider the big picture and balance out the events surrounding Liew in the last four years, should he not be allowed to exploit the resources due to him because of his skills and expertise? Or should he be shackled by time and ties, despite having added value to those he has been entrusted with? That would be unfair to Liew.

The legacy issue – passing the baton to the right person

AT the spanking new Eco World International Centre in the Gardens office block in Kuala Lumpur recently, a photo session was in progress. There was a light-hearted camaraderie in the air.

Tan Sri Liew Kee Sin and his top management were present, all of them in their white Nehru-collared shirt with green trimmings.

The photo session was as much symbolic as telling. It was as if to say: “These are the people I will need to grow Eco World Development Group Bhd (EWB).”



With a staff strength of about 800, about 300 of them were from Liew’s previous company S P Setia Bhd. Despite the market conditions working against the property sector and crushing issues confronting him, Liew was his usual warm, confident self.

A lot of this has to do with the people around him. Liew was named chairman in March and his right-hand man Datuk Voon Tin Yow, previously from S P Setia, joined the group officially as executive director.

A notable addition was newbie Liew Tian Xiong, 24, bright-eyed and smiling. He first surfaced in 2013 and has been seen as a proxy of his father. The presence of that young man has changed the landscape for Liew.

Passing the baton

It is a legacy issue. As one considers the property sector, a number of the country’s developers have in one way or another paved their sons and daughters to join Dad.

There is Datuk N.K. Tong, 47, group managing director of Bukit Kiara Properties Sdn Bhd who joined Datuk Alan Tong, who is known as Condo King for his work in Sunrise Bhd’s Mont’Kiara.

It was the elder Tong who saw the potential of the area, then Segambut and bought 100 acres there. Over the years, Mont’Kiara has progressed to become a thriving suburb and is currently considered as “an aspirational location” among the young.

Ken Holdings Bhd group managing director Sam Tan, 35, joined his father Datuk Kenny Tan. That was 2004, and he was 24.

Over at the Sunway group, Sarena Cheah, 40, the daughter of Sunway Bhd founder Tan Sri Dr Jeffrey Cheah and anointed successor, will assume full control of the group’s key property unit effective May 1. She may well have been the youngest to join Dad, when she was just 20, in 1995. She started out in the corporate finance and group internal audit divisions.

Passing the baton cannot be done overnight. There is a lot of planning to do. There is also the task of moulding and nurturing the right person for the job and looking over the shoulder of the young person to ensure they are constantly on the straight and narrow. If there are more than one, then there is the selection process of who will take up the position of annointed successor.

After the painful lesson of having lost S P Setia, Liew would clearly circumspect legacy and stewardship issues.

Which takes this story to next level.

Who is working for who?

The years of passing the baton may be painful, for both parties. This explains why the years of preparation are so crucial before the final moment of actually handing over the reins. In each of the three cases – N.K., Sam and Sarena – the children joined Dad and allowed themselves to be moulded.

Which takes us to the next question.

Is Tian Xiong working for Dad, or is Dad working for Tian Xiong?

Every parent wants the best for their children and Liew is no exception.

By joining the company now, Tian Xiong will have “the history” of the company. But will he be able to take on turbulent times?

He ponders: “It’s a pressure cooker here.”

If the staff do not accept him, he will never be the “real boss”, says Liew.

Of late, Liew has been keeping the young man closely by his side.

The rationale, says Liew is that, whatever Tian Xiong had learned in EWB in the last two years, he would take years to learn outside. So he better learn fast and learn now.

Stewardship

It is not just passing the baton. It is stewardship.

Says Tian Xiong after Liew steps out of the room: “Every night, from 9 to 10pm, he would nag me about how I dress, my tie, what time I get into office, how long I took for lunch and what I did after lunch. And other larger office and market issues.

“He also told me that I have to earn it, that it is not going to drop on me, that I have other siblings,” says Tian Xiong.

On whether he was pressured into returning to Malaysia from Melbourne where he graduated in 2012 with a Bachelor of Commerce from the University of Melbourne, Australia, he says he returned on his own free will.

The young man first surfaced in 2013 as a buyer for a little known company Focal Aims Holdings Bhd. His emergence “caused a tsunami” because during that period, there was many questions as to Liew’s move.

Tian Xiong started out in corporate finance department for the first two years and is currently in corporate marketing.

By Thean Lee Cheng The Star/Asia News Network

Related news:

• Too good to pass up 

• Malaysia's Battersea success attracts interest   
• Eco World among CIMB Research’s top picks

• Eco World’s SPAC plan gets Maybank’s thumbs-up 
•  Eco World names Liew chairman 

• Eco World investing in RM1.87bil SPAC, eyes venture outside M'sia
• Eco World to launch two townships with combined value of RM5bil
 

Related posts:

S P Setia's head honcho Liew resigns, looking forward mentoring in Eco World.

S P Setia's head honcho Liew resigns, looking forward to mentoring in Eco World. Ten months after S P Setia Bhd unveiled its succession plan, head honcho Tan Sri Liew Kee Sin has announced his intention to resign as president and chief executive officer. Also quitting the ... Liew would leave the property giant on April 30 while Teow would stay on until July 31. Liew and Teow would continue to be involved in the Battersea Power Station project in London until ..

.

SP Setia Boss Liew is Malaysian Ernst & Young Entrepreneur of the year 2011    

Tan Sri Liew Kee Sin, President Executive officer of SP Setia Berhad, with the Malaysian Ernst & Young Entrepreneur of the Year 2011 award yesterday at the J W Marriot Hotel in Kuala Lumpur. Liew stands out for his ...

IJM's outlook downgraded to negative, debt notes reaffirmed by MARC

MARC: IJM Corp outlook downgraded to negative

KUALA LUMPUR: Malaysian Rating Corp (MARC) has affirmed its AA- rating on IJM Corp Bhd’s RM1 billion debt notes but downgraded its outlook to negative from stable.

The ratings agency said decline in palm price to current low levels of RM2,200 per tonne and the weak near-term outlook of the sector would likely drag IJM’s plantation division’s earnings.

MARC also noted that the slowdown in the property sector has seen demand moderating at several of IJM’s projects.

MARC said IJM's RM1 billion debt notes involved the commercial paper/medium-term notes programme (CP/MTN).The outstanding notes under the programme comprise RM300 million CPs and RM250 million MTNs.

“IJM's borrowings have steadily increased, standing at RM6.3 billion as at end-December 2014,” MARC said, adding at the holding company level, the borrowings amounted to RM1.3 billion.

The rating agency highlighted IJM’s funding of infrastructure projects and capital requirements for its oil palm plantings in Indonesia could further pressurise its credit profile.

On the other hand, MARC observes that IJM’s orderbook for construction division has improved to about RM7.2 billion as at end-financial year 2015. “The improved prospects for the construction division may provide some buffer against weaker performance in the other divisions,” it said.

Going forward, MARC may raise the group's outlook to stable if it is able to show financial resilience in restoring cash flow protection measures.- New Straits Times

IJM’s debt notes rating reaffirmed, MARC also revises the company's long-term rating to negative from stable 

PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has affirmed its AA- rating on IJM Corp Bhd’s RM1bil debt notes.

In a statement yesterday, MARC said it had also revised IJM Corp’s long-term rating to negative from stable, due to the challenging outlook for the company’s core business.

“The negative outlook incorporates the challenging prospects for IJM group’s core businesses, namely, the palm oil and property development sectors, from which the group generated a combined 45.3% and 60.6% revenue and pre-tax profit for fiscal 2014,” said the rating house.

MARC added that the sharp decline in palm oil prices from last year and the weak near-term outlook for the sector would drag the group’s plantation division earnings.

“The sharp decline in palm oil prices since April 2014 from RM2,800 per tonne to about RM2,200 per tonne currently and the weak near-term outlook for the sector would further weigh on the group’s plantation division earnings.”

The rating agency also said the slowdown in the property sector had seen demand moderating for several of IJM’s property development projects.

“Against this backdrop, MARC observes that group borrowings have steadily increased, standing at RM6.3bil as at end-December 2014. At the holding company level, its borrowings stood at RM1.3bil as at end-December 2014,” it said.

Meanwhile, MARC said the RM1bil debt notes involve the commercial paper/medium-term notes programme (CP/MTN). The outstanding notes under the programme comprise RM300mil CPs and RM250mil MTNs.

It said the funding for the group’s infrastructure projects and capital requirements could add further pressure on its credit profile.

MARC noted, however, that the group’s orderbook for its construction division had improved to about RM7.2bil as at end-financial year 2015.

“The improved prospects for the construction division may provide some buffer against the weaker performance of the other divisions,” it said.

Going forward, the rating agency said it may revise the group’s outlook to stable, if the group was able to show financial resilience in restoring cashflow protection measures, reflecting the credit strength.

“The long-term rating, however, could be lowered should key financial metrics deteriorate due to weakening performance of key business segments and/or additional increase in borrowings,” it said.

Separately, BIMB Securities Research said it was optimistic on the related-party transaction involving the transfer of The Light Waterfront development in Penang from Jelutong Development Sdn Bhd to Aura Hebat Sdn Bhd (AHSB). Both companies are subsidiaries of IJM Corp.

“We are positive on the development, as it will provide an avenue for prodigious development on the land.

“No significant impact to our 2015 and 2016 earnings forecast, as construction will start later in the year,” said the research house.

AHSB will acquire The Light Waterfront development from Jelutong Development, an 80%-owned subsidiary of IJM Properties Sdn Bhd, for RM402.8mil, subject to, among others, the receipt of documents of title to the property from the relevant Penang authorities..

Sources: The Star/Asia News Network

FireEye threats of cyber espionage loom with the coming 26th Asean Summit in Malaysia

Photo by hfuchs/Relaxnews.

PETALING JAYA: Regional government and military officials, businessmen and journalists involved with the coming 26th Asean Summit in Kuala Lumpur could be among the targets of a recently discovered cyber espionage group, claims an Internet security firm.

 

https://www.fireeye.com/

FireEye, which exposed the presence of the APT30 group of hackers snooping on governments and businesses, including those in South-East Asia, said some of its previous attacks had been launched before key Asean meetings.

“Based on previous experience, I believe that this group and possibly others will try to use that meeting (26th Asean Summit) as part of their ruse to potentially target businesses and governments in the region,” said Bryce Boland, FireEye’s chief technology officer for Asia Pacific in a telephone interview here yesterday.

In its report, FireEye, which is based in the United States, said APT30 had a distinct interest in organisations and governments associated with Asean.

The group had released a malware in the run-up to the 18th Asean Summit in Jakarta in 2011 and the Asean-India commemorative Summit in 2012.

One of the domain names it used to command its malware was aseanm.com

AFP had reported that the APT30 group was “most likely sponsored by China” and that there was no immediate reaction from the Chinese government, which had always denied allegations of cyber espionage.

The two-day Asean Summit from April 26 is expected to discuss various issues, including maritime disputes between China and Brunei, Malaysia, Vietnam and the Philippines in the South China Sea, and the formation of a single market and production base in the region.

“The hackers are after intelligence and information, primarily about political changes, political positions, especially over disputed territories, border disputes and trade negotiations,” said Boland.

“We have also seen that when they target journalists, they are specifically looking for information in relation to understanding concerns about the legitimacy of the PRC (People’s Republic of China),” he said.

The group has also attacked businesses to steal information on deals, manufacturing plans and intellectual property such as schematic diagrams.

According to the FireEye report, Malaysia is one of seven countries with targets hit by the group, which has operated largely undetected for the past 10 years.

Others are Thailand, Vietnam, South Korea, Saudi Arabia, India and the United States.

Boland said the group mostly attacked their targets via spear phishing emails with attachments that appeared to be from a known contact but were in reality sent by the hackers.

The attachment, which can be in the form of a document with an Asean-related title, will contain a customised malware that is activated the moment that it is opened.

It allows the attacker to gain control of the victim’s computer and retrieve information from it.

Boland advised computer users not to open suspicious e-mails.

“Businesses and governments should ensure that their IT infrastructure not only protects them from attacks but can detect the extent of damage done in the event of a successful hack.”

By Razak Ahmad The Star/Asia News Network


Related:

 FireEye: Cyber Security & Malware Protection