UK’s Dreadful Debt, Saves Economy

Chancellor Addresses UK’s Dreadful Debt, Saves Economy

By STEPHEN POPE

Image via Wikipedia

The Chancellor of the Exchequer, George Osborne announced yesterday in the Comprehensive Spending Review (CSR), that the UK had a structural budget deficit of at £109Bn. The largest in Europe. Debt interest payments this year would amount to £43Bn.Therefore radical action to tackle the gap in the public finances was unavoidable. On this point the Chancellor is absolutely correct.

The opposition and Trade Unions can undertake as much posturing as they choose. However, without the measures taken in June. Just one month after the election. The process of steering public finances toward a sustainable path long term interest rates (the yield on gilts) would have been delayed . Gilt yields would certainly have been higher than now.

Why is it that opposition and unions fail to make a connection between debt levels, sovereign ratings, sovereign debt yields and the level of Base Rates? From the rate the Bank of England has to set, so the nation’s medium term economic fortunes will evolve.

Without the June judgments debt interest payments would also have been higher, so further increasing the deficit. This would have delayed the date when the ratio of debt to GDP stabilised.

This dismal scenario would have had wreaked carnage on private sector activity and also the longer term supply performance of the overall economy. In passing the first test of his nerve; one has to respect that the Chancellor has gone further in terms of welfare reform – Mr Osborne has maintained the downward pressure on gilt yields.

This will act as a non fiscally expansive stimulus to private sector activity. There will be no crowding out!
Still acolytes of Keynes still want their hero to see his name in the spotlight. This is, however, no time for a simplistic Y= C + I + G … model to be trotted out again.

Theory has to yield to empirical evidence. Evidence borne in the environment of economic dynamics, not dogmatic comparative statics. The data shows that periods in which the structural budget deficits have increased are generally associated with economic weakness and vice versa.

This is because in the real world increased government spending “crowds out” private sector activity. One only has to consider the UK case in the 1983-87 period, when the public finances moved into surplus whilst the economy enjoyed an extended period of above trend economic growth. The reverse case in seen in Sweden in the mid 1970’d when fiscal spending was hampering the economy despite the export success of ABBA!

This is no frivolous statement for one just has to question what happened to the Japanese economic miracle? Were it just a question of spending tax payers money Japan would have experienced an extended boom over the last 10-15 years. That was not the case. We all know about the dreadful and ongoing “lost decade”.

What is crucial for the UK and indeed any modern western market economy lies with where is the money supply. The Bank of England Governor, Dr. Mervyn King recognises this. On the road in the West Midlands he told his that there is “too little money in the economy”. Take that as an unsubtle hint that more QE in the UK is on the way. This is likely to be marked at the MPC in November.

Implications for Financial Markets
UK financial markets were little moved by the Chancellor’s statement yesterday. Be not surprised as the plan was well signaled. The macro message was barely changed from the June Budget. Yield to maturity on 10 year Gilts was unchanged at 3.00%. The 25 point rise in the FTSE 100 index to 5728 had more to do with the strong Wall Street opening than any of the detailed cuts in departmental budgets unveiled by the Chancellor.

Of course there is delight that there was no back-tracking in the CSR on the need for large cuts in planned expenditure or a shift in the emphasis from spending restraint to tax increases.

With the economic recovery likely to derive considerable support from sustained low long term interest rates and further asset purchases by the Bank of England I continue to expect equities to make solid gains over the rest of 2010 and throughout 2011.

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Getting monthly dividend payments from REITs

What is REITS and how to get monthly dividend payments from it

Personal Investing - By Ooi Kok Hwa

A LOT of investors, especially senior citizens, are hoping to get consistent and regular dividend payments from stocks.

In this article, we will look into constructing an investment portfolio, which consists of real estate investment trusts (REITs), to get monthly dividend payments.

A REIT is a real estate company that pool investor funds to purchase a portfolio of properties. Normally, it has two unique characteristics: investment in income-producing properties, with almost all of its profits distributed to investors as dividends.

From the table, based on the latest stock price (as at Oct 18) and on assumption that the same dividend payments will be paid over the next 12-month period, almost all REITs will provide about 7%-8% dividend yields. Based on our observations, most of the REITs will try to pay higher dividends over the years. Hence, if the overall economy continues to recover, some REITs may pay even higher dividends for the coming few years.

Due to them only listing at the middle of this year, we have excluded CMMT and Sunreit.

As mentioned earlier, a lot of retirees would like to invest in investment assets that can provide a consistent and regular dividend income. Therefore, we think that REITs can provide a good alternative to the retirees. 
From the table, except for Arreit, Atrium, Axreit and Hektar, all other REITs will make dividend payments twice per year. Most of them will pay their dividends in the month of February and August. Hence, if an investor would like to receive his dividends other than the above two months, he may need to diversify their REITs into holding many types of REITs.

Based on the list of REITs in the table, we can see that, except for the month of January and April, dividend payments were being made at different months throughout the year, thus investors can receive a stream of dividend income by buying into different types of REITs.

Investors can build a REIT portfolio consisting of a few REITs which make dividend payments at different months of the year. The following is just one of selection options available for consideration.

Based on the current price dated on Oct 18, assuming that the same dividends will be paid in the next 12 months, a portfolio with AMfirst, Arreit, Atrium and Hektar can generate a dividend yield of more than 8% (see table). Besides, by buying with equal amount into these four REITs, investors can get dividend payments for almost every month, except for the month of January, April, July and October.

Nevertheless, investors need to understand that the above selections are solely based on the assumption that these REITs will reward investors with the same dividends and pay during the same month as shown in the table above.

We also understand that apart from the above four REITs, some other REITs may reward investors with even higher dividend payments.

OoiKokHwa is an investment adviser and managing partner of MRR Consulting. 

Prostate Cancer Symptoms, Treatment & PSA Tests; Couples counseling improves sexual intimacy after prostate treatment

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Prostate Cancer Symptoms and Treatment

By LiveScience Staff

Prostate cancer is diagnosed in about 20 percent of men. It may be more prevalent, however, because some men never know they have it and die of other causes before the slow-growing cancer becomes a problem. 

Prostate cancer is the most common type of cancer found in American men, after skin cancer, according to the American Cancer Society. And prostate cancer is the second leading cause of cancer death in men, after lung cancer.

Only men have a prostate gland, which is just below the bladder, in front of the rectum. It is about the size of a walnut.

The prostate grows from birth to adulthood. But in some men, it keeps growing. This can lead to an enlarged prostate, a non-cancerous condition called benign prostatic hyperplasia (BPH).  This can cause problems passing urine.

In some cases, certain cells in the prostate become cancerous and continue multiplying.

Scientists don't know what causes prostate cancer, officially called prostate adenocarcinoma. Risk factors include smoking, age and family history.  A diet high in red meat also plays a role, studies suggest. Black men are more likely to get prostate cancer than others.

Experts don't agree on whether all men should be routinely tested for prostate cancer. One test involves the doctor putting a gloved finger in the rectum to feel for bumps or hard spots on the prostate. A blood test, called PSA (prostate-specific antigen) looks for signs of the disease in the blood.

"These tests are not perfect, though," states the American Cancer Society. "Uncertain or false test results could cause confusion and worry." And, the society notes, surgery is sometimes performed or radiation therapy conducted even when a doctor is not sure how fast the cancer might spread. Importantly, prostate cancer grows slowly, according to the American Cancer Society. In fact autopsies suggest that as many as 90 percent of men over age 80 have prostate cancer, most never knowing it and dying of something else.

"If you are older than age 70, you may opt for expectant management (also called watchful waiting) if your prostate cancer is growing slowly," according to the Mayo Clinic.

Early and accurate diagnosis of prostate can, however, improve odds of survival, studies show.

The American Cancer Society suggests the decision about whether to test should reside with patient and doctor after a discussion about the cancer and its risks. The talk should take place at age 50 for men who are at average risk, at age 45 for men at high risk of getting prostate cancer (African American men and men who have a father, brother, or son found to have prostate cancer before age 65), and at age 40 for men with several family members who had prostate cancer at an early age.

• Enlarged Prostate: Surgery Better Than Drug Therapy
• 5 Questionable Health Screening Tests
• Top 10 Worst Hereditary Conditions

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Prostate Cancer: PSA Test (Part 2)

A breast cancer cell seen through an electron microscope. CREDIT: The National Cancer Institute. View full size image

This is the second part of a three-part series on the PSA test for prostate cancer.
 
Cancer of the prostate is one of the most common types of cancer among American men. More than 6 in 10 cases of prostate cancer cases occur in men 65 and older. Treatment for prostate cancer works best when the disease is found early.

Prostate-specific antigen (PSA) is a protein produced by the cells of the prostate gland. The PSA test measures the level of this protein in the blood. It can be detected at a low level in the blood of all adult men.

A fundamental problem with the PSA test is that, while elevated levels can indicate the presence of cancer, they can also be caused by other problems such as benign enlargement of the prostate that comes with age, infection, inflammation and seemingly trivial events such as ejaculation and a bowel movement.

Another major problem with the PSA test is defining what is “abnormal.” Older men usually have higher PSA measurements than younger men. African-Americans normally have slightly higher values than whites.

PSA test results are usually reported as nanograms of PSA per milliliter (ng/mL) of blood. In the past, most doctors considered PSA values below 4.0 ng/mL as normal. However, recent research found prostate cancer in men with PSA levels below 4.0 ng/mL

Some researchers have suggested lowering the PSA cutoff levels. For example, a number of studies have used cutoff levels of 2.5 or 3.0 ng/mL instead of  4.0 ng/mL.

Many doctors are now using the following ranges with some variation: 0 to 2.5 ng/mL is low, 2.6 to 10 ng/mL is slightly to moderately elevated, 10 to 19.9 ng/mL is moderately elevated, and 20 ng/mL or more is significantly elevated.

Because age is an important factor in increasing PSA levels, some doctors use age-adjusted PSA levels to determine when diagnostic tests are needed. When age-adjusted PSA levels are used, a different PSA level is defined as normal for each 10-year age group.

Doctors who use age-adjusted levels usually suggest that men younger than age 50 should have a PSA level below 2.4 ng/mL, while a PSA level up to 6.5 ng/mL would be considered normal for men in their 70s. Doctors do not agree about the accuracy and usefulness of age-adjusted PSA levels.

But there’s even more to make you nuts when you’re evaluating your PSA.

PSA is either free or attached to a protein molecule. If you have a benign prostate condition, there is more free PSA. Cancer produces more of the attached form. A free PSA test that indicates prostate cancer can lead to more testing, such as a biopsy.

PSA velocity is the change in PSA levels over time. A sharp rise in the PSA level may indicate a fast-growing cancer.

The relationship of the PSA level to prostate size is PSA density. An elevated PSA in a man with a very large prostate is not as alarming as a high PSA reading in someone with a small prostate.

Another problem with PSA are false test results.

If you have an elevated PSA but no cancer, you get what is called a false positive. This type of result can lead to medical procedures, anxiety, health risks and expense. Most men with an elevated PSA don’t have cancer.

When you have prostate cancer and your PSA test comes back in the normal range, you get a false negative. It’s important to understand that most prostate cancers are slow-growing; they can be around for many years before they cause symptoms.

Prostate Cancer: PSA Test (Part 3)

[This is the final part of a three-part series on the PSA test for prostate cancer.]

Cancer of the prostate is one of the most common types of cancer among American men. More than 6 in 10 cases of prostate cancer cases occur in men 65 and older. Treatment for prostate cancer works best when the disease is found early.

Prostate-specific antigen (PSA) is a protein produced by the cells of the prostate gland. The PSA test measures the level of this protein in the blood. It can be detected at a low level in the blood of all adult men.

A fundamental problem with the PSA test is that, while elevated levels can indicate the presence of cancer, they can also be caused by other problems such as benign enlargement of the prostate that comes with age, infection, inflammation and seemingly trivial events such as ejaculation and a bowel movement.

PSA test results are horribly confusing and often terrifying. In the first parts of this series, we discussed the sources of much of the confusion. In this column, we’ll address the primary question about PSA: Does it save lives?

The answer is: We don’t know. What’s worse is that we don’t know if PSA screening outweighs the risks of follow-up diagnostic tests and cancer treatments.

For example, prostate surgery can cause incontinence and erectile dysfunction. Even a  prostate biopsy has risks because it can cause bleeding and infection.

The PSA test can detect small tumors. However, finding a small tumor does not necessarily reduce a man’s chance of dying from prostate cancer. PSA testing may identify very slow-growing tumors that are unlikely to threaten a man’s life. Also, PSA testing may not help a man with a fast-growing or aggressive cancer that has already spread to other parts of his body before being detected.

So, what should a man do to protect himself from prostate cancer?

Some doctors encourage annual screenings for men older than age 50; others recommend against routine screening. However, most doctors and medical organizations agree that men should learn all they can about prostate cancer, so they can reach informed decisions.

My personal history with PSA tests is illustrative of many of the problems men face with this type of screening. I hope that sharing it will help.

I’m 69 years old. I’ve been having physical exams almost every year since I hit my 50s. These physicals included a PSA blood test and a digital rectal exam (DRE).  Until recently, all tests produced normal results.

My PSA was always around 1.5. Most doctors want your PSA to be under 4. (The numbers stand for nanograms of PSA per milliliter of blood.) And, my DREs found no irregularities, just some benign enlargement.

About three years ago, my family physician gave me a DRE and found nothing, but my PSA test came in at 2.97. My doctor told me to see a urologist for a follow-up exam because my PSA, while under 4, had increased.

The urologist did another DRE and ordered another PSA test. The test came in at 2.96. The urologist said that he thought 2.96 was my new PSA and that I should not worry about it.

Two years later, my PSA was still 2.96. Then, this year, it came in at 4.1.  My family physician sent me to a urologist.

Before I went to the urologist, I did some research and learned that something as seemingly insignificant as a bowel movement could affect a PSA test. I told the urologist that I recalled going to the bathroom just before having blood drawn. He thought that this BM could have affected the test.

Another DRE. Okay. Another blood test. The PSA was 3.3. The urologist said no biopsy was required. The increase from 2.96 to 3.3 was not a cause for concern.

What now? I’m tempted to forget about PSA tests, but I’ll probably have another in a year.

• Prostate Cancer: PSA Test (Part I)
• Prostate Cancer: PSA Test (Part 2) 
• 5 Questionable Health Screening Tests 

The Healthy Geezer column publishes each Monday on LiveScience. If you would like to ask a question, please write fred@healthygeezer.com. © 2010 by Fred Cicetti.

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Couples counseling improves sexual intimacy after prostate treatment

September 25, 2011

Enlarge

This is Leslie Schover, Ph.D, a professor in MD Anderson's Department of Behavioral Science. Credit: Image courtesy of MD Anderson 

VIDEO: Hope for Restored Sexual Function for Prostate Cancer Patients and their Partners
VIDEO: Sexual Counseling for Couples after Prostate Cancer Treatment
PODCAST: Listen to expert Leslie Schover discuss results of face-to-face and internet-based counseling.

Prostate cancer survivors and their partners experience improved sexual satisfaction and function after couples counseling, according to research at The University of Texas MD Anderson Cancer Center. The article, published in the September issue of Cancer, a journal of the American Cancer Society, revealed both Internet-based sexual counseling and traditional sex therapy are equally effective in improving sexual outcomes. Couples on a waiting list for counseling did not improve.

Men experienced a marked improvement in their sexual function for up to one year, and women who started out with a sexual problem improved significantly with counseling.

"We know that one of the crucial factors in a man's having a good sexual outcome after treatment is a partner who also wants their sex life to get better," said Leslie Schover, Ph.D, a professor in MD Anderson's Department of Behavioral Science, lead investigator on the study and author of the paper, "A Randomized Trial of Internet-Based Versus Traditional Sexual Counseling for Couples After Localized Prostate Cancer Treatment." "Women's issues such as ill health, post-menopausal vaginal dryness and lack of desire for sex can be a major barrier in achieving satisfactory sexual outcomes."

Leslie Schover explains the significance of results in randomized trial incorporating couples counseling for prostate cancer patients and their partners. Credit: Video courtesy of MD Anderson

CAREss (Counseling About Regaining Erections and Sexual Satisfaction) randomized 115 heterosexual prostate cancer survivors who were experiencing erectile dysfunction and their partners into three groups: a wait list group that received delayed counseling, a face-to-face counseling group, and a group that received an Internet-based sexual counseling program.

After three months, the wait-list couples were randomized into either the face-to face or the Internet-based counseling group. A second Internet-based group of 71 couples was added to boost the numbers and allow researchers to analyze the relationship between extent of website use and outcomes.

Couples were assessed before and after the three-month wait-list period, again after counseling, and also at six and 12-month follow-ups. In addition to web-based education and exercises, participants in the Internet-based group received feedback from their counselor through email.

Treating the Body and the Mind

Many prostate cancer survivors are as concerned about loss of desire and lack of satisfying orgasms as they are about erectile dysfunction. Men in this study improved on most dimensions of sexual function. From baseline to one year, men improved significantly in erectile function, but also in orgasmic function, intercourse satisfaction and overall sexual satisfaction. Sexual desire remained stable.

Leslie Schover discusses results of face-to-face and internet-based counseling. Credit: MD Anderson

Some patients and/or partners are too anxious about sexual issues to seek help from a therapist face-to-face. An internet-based program that offers online tools and surveys, as well as interaction with the therapist by email, gives them a less threatening option. "Not only do men often use the internet to search for information on sex, but prostate cancer patients consider the web a valuable resource for information on the impact of treatment on sex," said Schover.

Another advantage of web-based counseling for couples is the potentially lower cost. While many insurance companies cover medical treatment of erection problems after prostate cancer, the cost of sex therapy is often not reimbursed. Already burdened with co-payments for their cancer treatment, many couples cannot afford additional costs associated with mental health care.

The Penang Second Bridge

Car toll for Penang Bridge 2 set at RM7

By ANDREA FILMER andrea@thestar.com.my Sunday March 11, 2012 

GEORGE TOWN: Car toll for the Second Penang Bridge has been set at RM7, said Jambatan Kedua Sdn Bhd managing director Datuk Dr Ismail Mohamed Taib.

“Tolls will match those of the first Penang Bridge. We want it to be lower, but if we are lower, the first bridge management will complain and sue for compensation.

“The first Penang Bridge was supposed to increase (the car toll) to over RM9, so we were ready to follow them.

Ahead of time: The 292nd and final pier of the Second Penang Bridge was cast yesterday, marking the end of foundation works. The Bridge, which is scheduled for completion in September 2013, may be finished two months ahead of schedule. Car toll has been set at RM7. — LIM BENG TATT / The Star

 

“However, now they have confirmed that they are staying at RM7, so we will also charge the same,” he said after witnessing Treasury secretary-general Tan Sri Dr Wan Abdul Aziz Wan Abdullah cast the second bridge's 292nd and final pier marking the end of foundation works.

Asked how long the RM7 toll would remain, he said at least until 2038.

It was first announced in June 2010 that car toll for the first Penang bridge would be hiked from RM7 to RM9.40 in 2013.

A record: Upon completion, the Second Penang Bridge will be 24km long — 10.5km longer than the first bridge — which will make it the longest bridge in South-East Asia. 

In November last year, it was reported that the concession period for the Penang bridge had been extended to Dec 31, 2038 in exchange for a freeze on toll hikes.

On the progress of the Second Penang Bridge, Dr Ismail said works were 73% completed with some 3.5% ahead of schedule.

If all proceeded well, he added, the bridge could be completed two months ahead of the September 2013 target.

Upon completion, the Second Penang Bridge will be 24km long 10.5km longer than the first bridge which will make it the longest bridge in South-East Asia.

Work on the second Penang bridge is ahead of schedule

By Andrea Filmer, The Star October 18, 2011

GEORGE TOWN: Construction of the second Penang bridge is running ahead of schedule.

As such, the bridge is expected to be completed two months before November 2013.

“Some of the packages are ahead of schedule while some are behind, but on average the bridge is 65% complete,” said Works Minister Datuk Seri Shaziman Abu Mansor.

He described this as a good “buffer” for the contractor ahead of the monsoon season.

The second Penang bridge taking shape, as seen from the island side of the project. The bridge is expected to be ready two months ahead of the November 2013 completion date. - CHIN CHENG YEANG / The Star

The construction of the RM4.5bil second Penang Bridge is expected to be completed by September 2013.

“There are many factors when it comes to projects of this size and this one is being conducted in the middle of the sea.

“If conditions are favourable, construction may finish two months early,” Shaziman said during a visit to the bridge's Pier 90 where work on the superstructure is currently in progress.

He added that construction was targeted to reach 70% by the end of the year with the overall cost of the bridge unchanged at RM4.5bil.

Shaziman expressed disappointment that there was no industrial trainee working on the second Penang bridge this year.

“I have asked the implementing agency to get in touch with universities that have engineering schools to send their students to this project.

“Last year, we had more than 50 university students doing their practical training here,” said Shaziman, adding that he would get in touch with the Higher Education Ministry on the matter.

He said the experience of working on sizable projects like the second Penang bridge was invaluable for students.

“We want the local workforce to benefit as much as possible from this project,” he said, urging companies involved in the construction to hire more local skilled workers.

Location Map of the Second Penang Bridge

The map below provides an idea of the location of the Second Penang Bridge and the interchanges that have been planned for it. The information may be modified as the construction progresses.

View Second Penang Bridge in a larger map

 

Progress Report: 2012 January 17

Over 65% of the Second Penang Bridge has been completed. View Second Penang Bridge Work in Progress 2012
 

Progress Report: 2011 April 9

Construction of 2nd Penang Bridge in progress (9 April 2011)
© Timothy Tye using this photo

 9 April 2011 Update
It is now exactly one year since I began this page on the progress of the Second Penang Bridge. Piers for the roadway are now visible in the South Channel although only one small section of the roadway has been placed. The following photo essay provides a glimpse of the progress so far.


Piers of Second Penang Bridge (9 April 2011)
© Timothy Tye using this photo


Construction work on Second Penang Bridge (9 April 2011)
© Timothy Tye using this photo


The Second Bridge is in the horizon, literally (9 April 2011)
© Timothy Tye using this photo


Second Penang Bridge marker (9 April 2011)
© Timothy Tye using this photo

Concessionaire: Second bridge will be completed by November 2013

By JOSEPHINE JALLEH josephine@thestar.com.my Photos by WAN MOHIZAN WAN HUSSEIN


THE second Penang Bridge is 47.55% completed as of March, 2011

Looming in the horizon: A view of the work in progress on the second bridge linking Batu Kawan and Batu Maung in Penang

 

The project is however 2.85% behind the 50.4% scheduled progress.

State Public Works, Utilities and Transportation Committee chairman Lim Hock Seng said concession holder Jambatan Kedua Sdn Bhd (JKSB) had assured the state government that it would catch up with the scheduled completion of the 24km bridge slated for November 2013.

Workers building a scaffolding for the bridge

 

Construction works on the bridge started in late November 2008.

Lim also said over 700 workers were working round the clock at the United Engineers Malaysia (UEM) segmental box girder plant in Batu Kawan to produce 8,092 units of segmental box girders for the bridge.

“They have already moulded 987 units. A total of 28 units are already fixed on-site out in the sea with 14 of them on each side of the bridge.

Completed segmental box girders stored at the plant in Batu Kawan

 

“Besides that, piling works are 84% completed while the building of pile caps and columns are 55% and 45% completed respectively,” he said during a visit to the plant yesterday.

Lim added that the two toll plaza buildings, to be located in Batu Kawan, were still on the design board.

Latest update: (from right) Anuar briefing the visitors including assemblyman Abdul Malik Abul Kassim and Lim at the segmental box girder plant in Batu Kawan

 

“We will also implement a green concept for the package to be environmental friendly,” he added.
Buildcast Sdn Bhd (a wholly-owned subsidiary of UEM Builders Bhd) production manager Anuar Abdul said there were 22 moulds and three factories at the segment casting plant.

“Between 12 and 14 pieces of segmental box girders are produced in a day and the process is a tedious one,” he said.

The RM4.5bil second bridge project comprises three main packages — construction of the sub-structure by CHEC Construction Sdn Bhd (the local arm of China Harbour Engineering Co Ltd), casting of the segmental box girder by UEM Builders Bhd, and construction of the Batu Kawan and Batu Maung exit and entry points and trumpet interchange by Cergas Murni, IJM Construction and HRA Teguh.

The bridge, which will link Batu Kawan in Seberang Prai to Batu Maung on Penang island, is poised to be the longest bridge in the country and Southeast Asia.

Main Contractor: China Harbour Engineering Company Ltd. (CHEC):

Design, Construction and Completion of The Second Penang Bridge

The Second Penang Bridge is a project under the cooperative framework between China and Malaysia, and it is the largest civil work in Malaysia for the past 20 years. The project includes main navigation span, deck, navigation lights, decorative lights on main spans, foundation and sub-structure works for approach spans. The part over the sea for the Second Penang Bridge is 16.370km. The dual-pylon cable-stayed structure of 3 spans is adopted for the main navigation spans.

Duration:Nov. 8th, 2008-May 7th, 2012

Employer: JAMBATAN KEDUA SDN.BHD.

Videos for The Second Penang Bridges

LGE on Second Penang Bridge 3 min - 21 Oct 2008 Uploaded by dapvideo youtube.com

second penang bridge 7 min - 14 Jul 2007 video.google.com

 Second Penang bridge on course

Sunday August 29, 2010 By CHRISTINA CHIN starmag@thestar.com.my

The sound of piling work on the new Penang bridge can be music to the ears, given its promise of smoother traffic. 

WITH the Raya exodus poised to begin over the next few days, those headed for Penang are wont to sigh at the thought of traffic snarls in and around the island.

There was a time when crossing from Butterworth to George Town (and vice versa) entailed hours of sweating in the car, waiting for slow-mo ferries to transport vehicles across the narrow straits.

The 13.5km Penang Bridge, which opened to traffic in September 1985, brought welcome relief as it enabled traffic to zoom straight into Gelugor from Seberang Perai.

But over the years, traffic has built up again, especially with the latter area seeing a spate of growth recently. And come festive season, it’s back to the gridlock as hordes rush to balik kampung.

An artist’s impression of the new 24km link, which mirrors the existing Penang bridge in design. 

 

Well, Penangites and visitors to the Pearl of the Orient will have to be patient for a few more years, as the Second Penang Bridge is scheduled to roll out only in 2013. With the new link, island-bound traffic will be able to flow from Batu Kawan in Seberang Perai, to Batu Maung on the other end.

The update from Penang Public Works, Utilities and Transportation Committee chairman Lim Hock Seng is that more than 50% of piling work on the 24km second bridge has been completed. Casting of the segmental box girdle is in full swing and contracts for the land road developments have been awarded.

Overall, more than 25% of the mega project is done. It’s now time to go into full swing to make sure that the bridge is ready by September 2013, Lim says.

“Yes, the first Penang Bridge was expanded, but by 2012, traffic will again exceed its capacity. Now, we have 64,000 vehicles using the bridge daily – and that’s just one way. We’re expecting 80,000 vehicles in two years.

“We need the second bridge to divert at least 25% of the traffic from the first bridge. By the time the signages are ready and the tests and trial runs conducted, it will probably only be open to traffic early 2014.”

Lim admits that the state government does not have any power to ensure that the project is delivered on time, but he thinks the companies responsible will not risk having to pay liquidated damages which could amount to “tens of thousands (of ringgit) per day” to the federal government for any delay.

“The state gvernment can only monitor the cost and progress closely. Any delay will cause the cost to balloon from its estimated RM4.5bil.” Ultimately, it will be Penangites and other motorists who will have to bear the increase in the cost, through higher tolls, he says.

A UEM staff briefing Lim Guan Eng (right) at the Batu Kawan casting yard, during an inspection by the Penang Chief Minister last year.

 

In June, Prime Minister Datuk Seri Najib Tun Razak said in Parliament that come 2013, the toll rate for the second bridge would be RM1.90 for motorcycles; RM9.40 for cars, taxis and two-axle vans (except MPVs); RM16.20 for two-axle lorries, which include pick-ups and MPVs, and RM33.60 for vans, buses and six-wheeled lorries.

Currently, the toll for cars plying the Penang Bridge is RM7.

The second bridge project comprises three main packages: construction of the sub-structure by CHEC
Construction Sdn Bhd (the local arm of China Harbour Engineering Co Ltd); casting of the segmental box girdle by UEM Builders Bhd; and construction of the Batu Kawan and Batu Maung exit and entry points and trumpet interchange by Cergas Murni, IJM Construction and HRA Teguh.

Package one includes piling and the building of pile caps, columns and the navigation span.

Lim says as of April this year, over 13% of this package has been completed “but CHEC will have to play catch up now because of delays caused when the company had to amend its pile caps and columns design to ensure that they can withstand an earthquake measuring 8.0 on the Richter scale.

“Although big vessels will not be allowed to pass under the bridge, they must take into account the possibility of shipping accidents,” he says, adding that dredging work is almost done. Dredging is necessary to enable barges and machinery to access the site as the waters are too shallow.

Heavy machinery in operation at the bridge site at Seberang Perai.

 

The most difficult part of CHEC’s work is putting on the piling caps, he observes.

UEM has started casting more than 8,000 segmental box girdles and almost 20% of package two has been completed, as of April too.

As for package three, the contractors have their hands full with preliminary work, including setting up offices in Penang, mobilising their machinery and conducting land surveys.

Contracts for the construction of the toll plazas have yet to be awarded and the state has called on all the main contractors involved to engage Penang-based sub-contractors and to source for materials locally.

The second bridge, which will have a lifespan of 120 years, mirrors the first in design. Initially, there were plans for two viewing platforms, complete with restaurants, but that was scrapped due to a lack of funds. The platforms would have added another RM600mil to the costs.

A common scene as motorists head towards Penang island during festive periods. The new link is expected to reduce traffic on the existing bridge by about 25%.

 

The cost factor has also put the brakes on additional lanes to meet increasing traffic volume, down the road.
“Just like the first bridge, additional piling must be done if we want to expand the second bridge,” Lim says.

The first bridge has been widened from two to three lanes each way (except for the centrespan). The third lane opened in August last year.

To accommodate future expansion, additional piling should be done from the start. However, the cost of putting in place piling that allows for such expansion is equivalent to building one-and-a-half bridges, he estimates.

In an even more ideal scenario, the foundation piling of the Second Penang Bridge should accommodate a Light Rail Transit (LRT).

“In 10 to 30 years, an LRT could prove very important, especially if we can successfully promote the park and ride system of using public transportation. No doubt the investment will be great but it is very necessary,” says Datuk Dr Teng Hock Nan, former State Local Government and Traffic Committee chairman.

Dr Teng notes that Penang’s economy has been booming since the 90s, thanks to its electronics industry.
“We were transforming from a low-capital, high-labour economy to one that was low in human resource but high in capital investment. There was a need for better infrastructure and amenities such as power and water supply. Flooding problems and traffic jams had to be solved.

“Connectivity between the island and mainland was a big concern because in case anything were to happen on the existing bridge, it would be disastrous for the MNCs, especially with new industrial parks in Juru and Bukit Minyak coming up,” he explains.

It was decided that a second bridge would be that vital link, besides being “a lifeline for the state’s economy”. When completed, the bridge will “instil confidence in multi-national companies to expand their existing operations in the state, and attract new private investments,” Dr Teng says.

Initially, a Japanese company proposed a link between Tanjung Tokong on the island and Bagan on the mainland. It was rejected, for several reasons.

“The Japanese proposal was for an underwater tunnel and a bridge link, but they wanted to handle everything themselves, from the design and contractors to the material supplies. Furthermore, the sites of the link were already developed; we didn’t think the tunnel-bridge could add any value to these locations,” he adds.

So the planners looked south to Batu Maung, a relatively underdeveloped enclave compared to the rest of the island. Across the straits, Batu Kawan looked ideal to draw development to the south of Seberang Prai.

The proposal for the new bridge was approved by the federal government in 2004 and construction finally commenced on in November 2008, after months of delay caused by land acquisition issues.

Other grouses have surfaced since. In June this year, some 80 inshore fishermen in Kampung Changkat voiced unhappiness that mid-sea dredging by contractors at the second bridge construction site had affected marine life in the area.

They claimed that their catch had dropped drastically in the last 10 years, after the Pulau Burung sanitary landfill opened nearby. The situation has worsened since the bridge project started, they added.

The fishermen said they could hardly make RM10 per catch daily compared to nearly RM200 per catch daily previously.

A Fisheries Development Authority of Malaysia (LKIM) report states that piling, dredging and landfill works, environment pollution and the movement of ships and boats in the area have all contributed to the dwindling catch.

State Agriculture, Rural Development and Flood Mitigation Committee chairman Law Choo Kiang says the state government meets periodically with the fishermen’s association, LKIM and Fisheries Department to gather the information on this issue.

“Jambatan Kedua Sdn Bhd (JKSB) has also been instructed to complete a Fishery Impact Assessment and to follow every guideline set by the various technical departments including the Department of Environment, Land Office and LKIM and others.”

However, Law adds that dwindling catch is also a problem worldwide and cites climate change, water and sea pollution and lack of awareness of environmental protection as some of the factors behind that.

He “welcomes” federal government assistance to help with the ex-gratia payment proposed by LKIM and the Fisheries Department for fishermen and aquaculture owners affected by the second bridge. “We would like the federal government and JKSB to deal with this urgently.

“LKIM and the Fisheries Department have taken steps to alleviate the situation by placing artificial corals at Kendi Island and Gedung Island at a cost of RM400,000. Muka Head will be next,” he says.

Second Penang bridge 24% completed

Saturday April 24, 2010 By DAVID TAN davidtan@thestar.com.my

GEORGE TOWN: The construction of the RM4.3bil second Penang bridge is now 24% completed compared with about 7% in October last year.

A Jambatan Kedua Sdn Bhd (JKSB) spokesman said the 24% completion covered the works done for both package one and two of the bridge.

Package one involves a RM2.2bil contract work on the main span, substructures and foundation, which is expected to be completed in May 2012.

Meanwhile, package two is a RM1.55bil contract for the construction of the superstructure, scheduled for completion in 2013.

The final package involves RM350mil of land portion works, both on the island and mainland.

The JKSB spokesman said a contract agreement signing ceremony would be held in Kuala Lumpur on Monday between JKSB and CHEC Construction (M) Sdn Bhd, and UEM Builders Bhd.

It is learnt that JKSB managing director Datuk Prof Ismail Mohd Taib would sign the deal on behalf of JKSB.

JKSB is a special-purpose vehicle (SPV) formed by the Government to supervise and fast track the second Penang bridge project.

It is also a concessionaire appointed to oversee the construction, management and operations of the second bridge.

Last October, in a visit to the bridge site, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said the bridge completion had to be delayed by a year to 2013 due to re-designing works.

The 17km bridge will link Batu Kawan to Batu Maung on Penang island and will be the longest in the region when completed.

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Facebook's Surprise

How its self-serve advertising system is bringing in unexpectedly big bucks by targeting consumers like never before. 

By Debra Aho Williamson

Tuesday, October 19, 2010

Next time you sign in to Facebook, take a look at those three or four little ads on the right side of most of the pages. Do they mean something to you?

SOCIAL NETWORK AD SPENDING WORLDWIDE: eMarketer estimates of revenue from 2009 to 2011 expressed in billions of dollars (including year-over-year percentage gain). Facebook's U.S. and international ad sales is the biggest driver of growth. Credit: eMarketer

One might be for a wedding photographer, another from a political candidate, another for a company offering to publish your book, or trying to sell you sleeping supplements.

Chances are that at least one or two will be targeted to the activities and interests you post on Facebook, or the city you live in, your gender, or even your relationship status. These little ads are typically purchased through Facebook's "self service" system, which enables small- and big-time advertisers to create an ad in minutes to lure specific demographic groups with a few lines of text and a graphic or photo.

Rather suddenly, these little come-ons have turned into the leading source of Facebook's revenue. My estimates, as an analyst at eMarketer, the New York-based market research firm, show that self-service ads account for at least half of Facebook's total ad revenue, projected to be $1.3 billion this year. That's way more business than anyone could have expected, given that there are no upfront charges to placing these ads and that Facebook only earns revenue when viewers click on them or when a certain threshold of impressions is reached.

Of course, Facebook isn't the first Internet company to make a bundle with these kind of ads. By design, it's similar to buying paid search advertising through Google's AdWords or AdSense programs, which combined to bring in north of $20 billion in revenue last year. But marketers are using the Facebook ads in a completely different way---not to target what your search terms are or what you are currently doing on the Web but to target exactly who you are based on the information you've disclosed to your Facebook friends.

Facebook's self-serve ad platform certainly raises privacy concerns, given the ongoing scrutiny of how its customer data is used. Facebook already finds itself in hot water due to recent reports about personal profile data being disclosed by some of the most popular third-party games and applications.

For advertisers, the sense of intimacy is precisely the allure. "Everyone [on Facebook] is volunteering their information," says Hussein Fazal, CEO of AdParlor, a startup that manages Facebook advertising campaigns for social-application developers. "They're saying, 'Here's my actual age; here's my actual gender; here are my actual interests.' To have the ability to advertise and target to these users who have voluntarily given accurate information is very powerful."

Tim Kendall, director of monetization at the Palo Alto, California social network company, puts it this way: "It's a people-targeting ad system, and that just doesn't really exist anywhere else."

It's hard to believe that the social-media advertising revolution, at least thus far, is the work of ads that shout "Have new shoes delivered to you every month!" or "Having trouble sleeping?" But what Facebook has built points directly toward the way much advertising will be bought in the coming years--without any human intervention.

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The system launched in 2007 and started building slowly. But this year, tens of thousands of advertisers are on board, from local bakeries and state tourism offices to online game developers and major consumer brand marketers.

"The advertisers who have found success and continue to have sustainable success [on Facebook] think about us fundamentally differently than paid search," says Facebook's Kendall. "When people try us, they need to think about [the fact] that we generate demand, as opposed to fulfilling it."

Advertisers begin by opening an account, identifying their goals, and determining which target audiences they want to see their ad. Then they create the ad and use an auction-based system to set a maximum bid--the highest amount they are willing to pay either each time someone clicks on the ad or each time the ad is displayed 1,000 times. Facebook's reporting tool lets advertisers track clicks, impressions, and the demographics of people clicking on the ads, among other metrics.

The key difference between these ads and the dozens of other ways to place advertising online is the precision of the targeting. While other systems might guess on the basis of past behavior or inferred connections, Facebook knows.

The second key difference: social context. Facebook has found, through research done with Nielsen, that ads that mention friends (such as "John Doe likes Toyota") perform better. People are more likely to notice them, remember them, and plan to buy the advertised product.

For example, appliance marketer Subzero/Wolf Appliance delivered ads to the Facebook friends of consumers who had already connected to the brand's Facebook page. The ads, which led new visitors to that page, resulted in a 500 percent increase in the number of people who volunteered to connect to it by "liking" the brand. As of September, more than 113,000 people had done so.

Among the biggest buyers of Facebook's self-serve ads are social-game companies such as Zynga Inc., which typically floods the social network with promotions when they launch a new game. A midsize to large game developer will spend an average of $500,000 on Facebook advertising during launch month alone, says AdParlor's Fazal.

Facebook still has a way to go before truly perfecting its self-service ad system. Sometimes, for instance, married people will see ads for dating services. Even Kendall admits that the targeting could be more accurate. "I think that has improved drastically over time, but it's not an easy problem and it's something that we're still trying to get right," he says.

Still, these are relatively early days for social-media advertising, and Facebook's rapid ad-revenue growth attests that its model is certainly working well enough for some companies. The $1.3 billion estimate for ad sales this year is up from an estimated $665 million in 2009. (Facebook also has an additional, but much smaller, revenue stream from commissions on credits spent on social games.)

So far, advertisers can use the self-serve system only to buy ads that appear on Facebook. But as the social-media giant expands its footprint across the Web and into the mobile realm, third-party publishers and businesses will have more ways to link with Facebook, and I believe the ad platform will expand beyond Facebook's walls as well--just as Google's AdSense program has.

Meanwhile, the process of planning and buying the advertising is becoming almost completely automated. Algorithms allow buyers to create, test, and launch thousands of iterations of Facebook campaigns on the fly, changing their targeting choices to see what works best. As more marketers get comfortable with using technology to optimize their advertising, the model will spread to other forms of media, says Joe Mele, managing director for media and marketing at the digital agency Razorfish. "Soon," he says, "we're going to start seeing remnant [ad] inventory on television and other media being automated, instead of people taking orders."

Debra Aho Williamson is a senior analyst covering social-media marketing at eMarketer (www.emarketer.com). 

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