Tuesday, November 29, 2011
Mother India:Rocky's Bru's Indian Brew
Euro in danger, Europe races for debt solution
One proposal gaining prominence would have countries cede some control over their budgets to a central European authority. In a measure of how rapidly the peril has grown, that idea would have been unthinkable even three months ago.
World stock markets, glimpsing hope that Europe might finally be shocked into stronger action, staged a big rally. The Dow Jones industrial average in New York rose almost 300 points. In France, stocks rose 5 percent, the most in a month.
More relevant to the crisis, borrowing costs for European nations stabilized. They had risen alarmingly in recent weeks - in Greece, then in Italy and Spain, then across the continent, including in Germany, the strongest economy in Europe.Read more.
Monday, November 28, 2011
Lim Kit Siang For Prime Minister, Anwar Deputy ?
Thursday, November 24, 2011
Altsom:Malaysian Insider The Master Embellisher

It is the second French company in as many years to be fined for bribing government officials in Malaysia, after telco firm Alcatel-Lucent paid RM435 million to resolve US criminal and civil probes in December 2010.
The four-year probe centred on payments made by Alstom Network Schweiz AG to middlemen — termed “commercial agents” by the company — in return for securing government contracts to build power stations in 15 countries since the 1990s.
The Financial Times reported today that the Swiss Office of the Attorney-General said it had not found criminal wrongdoing by the French company and a Swiss affiliate, which, “as far as can be ascertained” did not know about the bribes.
“But it accused Alstom of ‘failing to meet the standards for an international group employing over 75,000 people’, sanctioning the group for ‘corporate negligence’,” the international business daily said.
The Washington Post also reported Alstom as saying it was satisfied with the outcome of the case as it concluded “the absence of any system or so called slush funds used for bribery of civil servants.”
“In two out of these three cases, Alstom itself would appear to be a victim of the actions of some of its employees, who would have benefited from kickbacks. In the third one, Alstom was simply a subcontractor of a consortium,” the company said, according to Reuters.
Alstom was awarded a RM2.8 billion contract by Tenaga Nasional earlier this year to provide key power generation equipment to Southeast Asia’s first 1,000-megawatt (MW) supercritical coal-fired power plant Manjung, Malaysia.
It also won turnkey contracts in 1994 and 2000 to build four power plants including the 1,300MW Lumut and the 670MW Kuala Langat plants and deals in 2003 and 2004 to install environmental control systems for the Tanjung Bin and Jimah coal-fired power plants.
Alstom was also appointed by Tenaga to supply two 125MW hydro power turbines, a generator and ancillaries for the 250MW Hulu Terengganu hydro power plant in 2010.
Alstom says it is “the largest original equipment manufacturer in Malaysia” having supplied key equipment for nearly 7.5 gigawatt (GW) of the country’s installed power generation capacity.
The ruling will have significant repercussions for a concurrent criminal investigation by Britain’s Serious Fraud Office. Brazil is also investigating some of the company’s contracts.
The Swiss authority also looked at alleged wrongdoing by Alstom in 12 other countries but did not find compelling evidence.
In July, a former Alcatel employee was charged in the Kuala Lumpur Sessions Court with giving a RM25,000 bribe to a Telekom Malaysia (TM) officer, in a case linked to the French company’s admission last year that it had bribed government officials to win a US$85 million (RM255 million) contract.The Swiss Office of the Attorney General said Tuesday it closed a probe into Alstom SA, and ordered a unit to pay 38.5 million Swiss francs ($42.2 million)
lstom Network Schweiz AG, a unit of the French power engineering and train company, was fined CHF2.5 million for negligence in implementing proper controls to prevent bribery by company officials in Latvia, Tunisia and Malaysia, and it was ordered to pay an additional CHF36 million for profits connected to the negligence. Dow Jones Newswires reported on the story, and there’s more here, here, here and here.
The Swiss attorney general said in a statement that during a broader investigation of Alstom, eventually focused on 15 countries, it found that the company “had implemented a compliance policy that was suitable in principle, but that it had not enforced it with the necessary persistence.”
A summary judgement issued by the attorney general’s office said the group “failed to meet the standards” of an entity employing 75,000 people around the globe. Alstom’s compliance department was understaffed, it said, and “filled with employees with too little experience and/or training in compliance issues.”
That lack of experienced compliance personnel, according to the Swiss attorney general’s office, enabled the corruption to happen without the knowledge of the French parent.
“The investigation showed that consultants engaged by Alstom on the basis of consultancy agreements in the mentioned three countries had forwarded a considerable part of their success fees to foreign decision makers and thereby had influenced the latter in favor of Alstom,” the statement said.
Alstom said in its own statement that the use of consultants for tenders is both legal and customary so long as their relationship “correspond[s] to actual services and [does] not contribute to illicit activities led by these partners.”
The company is not going to appeal the finding, it said. Further, it burnished itself in the wake of the announcement, saying the company did not engage in systemic corruption.
“Alstom notes with satisfaction that, after thorough investigations, the Office of Attorney General has concluded the absence of any system or so called slush funds used for bribery of civil servants to illegally obtain contracts,” it said in the statement.
The company is under investigation for alleged bribery by the U.S. Justice Department, as well as by authorities in several other countries, including the U.K.Read more.
From Washington Post/Bloomberg
BERN, Switzerland — A subsidiary of French engineering company Alstom SA has been ordered to pay 39 million Swiss francs ($42.7 million) in fines and compensation to end a long-running corruption case in Switzerland, prosecutors said Tuesday.
The four-year probe centered on payments made by Alstom Network Schweiz AG to middlemen — termed “commercial agents” by the company — in return for securing government contracts to build power stations in 15 countries since the 1990s.Read more.
From Reuters
By Dominique Vidalon
PARIS, Nov 22 (Reuters) - Swiss authorities have fined French power and engineering group Alstom 38.5 million Swiss francs ($42 million) for corporate negligence, after a global bribery probe.
Alstom said on Tuesday it was fined 2.5 million francs for negligence in three cases involving company officials in Latvia, Malaysia and Tunisia. It must also pay around 36 million francs, corresponding to estimated profit related to the cases.
"In two out of these three cases, Alstom itself would appear to be a victim of the actions of some of its employees, who would have benefited from kickbacks, 'enriching themselves at the expense of the company'," Alstom said.Read more.
From Swissinfo
The Swiss subsidiary of French transport and engineering company Alstom has been found guilty of corporate negligence following a lengthy corruption inquiry.
The Swiss Federal Prosecutor’s Office said on Tuesday Alstom Network Schweiz AG had been fined SFr2.5 million ($2.74 million) and ordered to pay SFr36.4 million in compensation relating to three cases where it had failed to prevent the bribery of foreign officials in Latvia, Tunisia and Malaysia.
The punishment comes after investigations into the company’s actions in 15 countries were reopened in 2008. The investigation concluded that Alstom had failed to enforce a compliance policy with the “necessary persistence”.
“Therefore, acts of bribery in Latvia, Tunisia and Malaysia were not prevented,” the prosecutor’s office said in a statement.
“The investigation showed that consultants engaged by Alstom… had forwarded a considerable part of their success fees to foreign decision makers [in the countries concerned] and thereby had influenced the latter in favour of Alstom.”
The prosecutor’s office said that after “considerable investigative efforts” it had detected some breaches of internal compliance methods, but no additional acts of bribery in the other 12 countries.
It dismissed proceedings against parent company Alstom SA in relation to the Latvian, Tunisian and Malaysian cases after imposing costs of SFr1 million.
In a statement, Alstom said it was satisfied that the Swiss prosecutor’s office had not found evidence “of any system or so-called slush funds used for bribery of civil servants to illegally obtain contracts”.
The company said that in two of the three cases were it was found to be at fault, it was a “victim of the actions of some of its employees”, while in the third, Alstom was “simply a subcontractor of a consortium”.Read more
Wednesday, November 23, 2011
My Life as a White Supremacist
Now they were outside the federal courthouse in downtown Salt Lake City; Dan, 33, had no idea why. A grizzled man in a Stetson hat smoking a Toscanelli cigar introduced himself as Jesse Trentadue, attorney at law, and led them into his office across the street. There, Matthews divulged the secret he had harbored for two decades: while his family thought he was hiding from the law, palling around with white supremacists and other antigovernment activists, he was working as an informant for the FBI, posing as an extremist to infiltrate more than 20 groups in an effort to thwart terrorist attacks. “[Dan’s] eyes got bigger and bigger,” the lawyer recalls. For Dan, the revelation brought sanity to a childhood of mystery and frustration. Finally, he says, “it all made sense.”
It is rare for an informant to unmask himself, especially one who has found his way into the violent world of heavily armed bigots. But Matthews had developed a fatal lung condition and a drastically weakened heart, and he wanted his family to know his true identity before it was too late. “I ain’t gonna be around for more than a couple of years longer,” he says. “So I figure whatever’s gonna happen is gonna happen.”
Matthews’s story, which Newsweek verified through hundreds of FBI documents and several dozen interviews, including conversations with current and former FBI officials, offers a rare glimpse into the murky world of domestic intelligence, and the bureau’s struggles to combat right-wing extremism.
No one can forget how Timothy McVeigh set off a bomb in front of a federal building in Oklahoma City in April 19, 1995, killing 168 people including 19 children under the age of 6. FBI efforts to avert another outrage have taken on increased importance in recent years, as fears of Islamic terrorism, a sour economy, expanded federal powers under the Patriot Act, and the nation’s first black president have swelled the ranks of extremist groups. Since President Obama’s election, the number of right-wing extremist groups—a term that covers a broad array of dissidents ranging from white supremacists to antigovernment militias—has mushroomed from 149 to 824, according to the Southern Poverty Law Center, the Alabama-based civil-rights group.Read more.
Tuesday, November 22, 2011
Kuala Lumpur:Urban Sprawl And Crawl
Sunday, November 20, 2011
Giving Islam A Bad Name
Saturday, November 19, 2011
Aquino vs. Arroyo: It's personal
Both camps – the Arroyos and President Benigno S. Aquino III – have only themselves to blame.
Arroyo, bearing a Supreme Court order to allow her to leave to seek medical treatment for a reputed rare bone disease, arrived with her husband Jose Miguel Arroyo to board a flight to Singapore. However, immigration authorities stopped them on orders from Aquino and the Justice Department.
That sets up a confrontation with the Supreme Court, the majority of which she had appointed, issued the order allowing her to seek treatment in any of five countries that do not have extradition treaties with Manila.
Legally, there is nothing that would and should bar the besieged former president from leaving the country in the absence of a proper court order. In fact, Aquino’s Justice Secretary, Leila de Lima said that authorities can’t arrest the Arroyos because no charges have been filed against them. There is an executive order, ironically issued by the former president herself, however, that places a person under a watch list and whose flight outside the country may be stopped by immigration officials. It is an executive edict that is now being questioned before the highest court of the land by the Arroyos.
The Aquino government believes it has a case against the former president and is morally obliged to perform its duty of preventing a potential fugitive from justice from leaving the country. As it now appears, the Aquino government is taking the risk of being cited in direct contempt by the Supreme Court for what the current president believes is his moral obligation.
Longtime personal feud
The NAIA standoff however is not just mere legal and political issues between two of the country’s powerful political clans, it also has personal undertones to it.
During several attempts to impeach President Gloria Macapagal Arroyo when she was still the president, the Aquinos – at least the Cojuangco side of the president’s family – were among the leaders of the movement that sought her resignation. President Noynoy Aquino’s late mother Corazon, also a former president, went to great lengths to apologize to former President Joseph Estrada for joining the protest movement that led to his ouster. Corazon Aquino played a major role in the installation of Arroyo as president of the republic in the aftermath of Estrada’s impeachment.
Ironically, it is Corazon Aquino, and to some extent her son, who also were among the first to drop Arroyo as an ally and call for her resignation due to corruption and widespread electoral fraud in 2004. It is a falling out that left Arroyo enraged. Under her watch, the vast Hacienda Luisita property of the Cojuangcos was declared subject to the coverage of the land reform program.
Aquino in turn has not got over the fact that the Arroyos pulled all the plugs during the 2010 presidential elections in which the current president won convincingly on an anti-corruption platform.
Both the former and current presidents share the same place in the history of Philippine politics. They are the only presidents whose parents also served as presidents of this oldest republic in Southeast Asia. They practically share the same origin, having roots in central Luzon. Their parents were stalwarts of the Liberal Party, one of the oldest political parties of the country. They are also among the old rich families in the Philippines. Read more.
Wednesday, November 16, 2011
Home Is Hell For DSK
Two months after returning to France, and six months after the former International Monetary Fund chief was first accused of sexually assaulting a hotel maid in Manhattan, salacious new tattle has made life miserable for the man who not long ago thought he would be France’s president. Ensnared in a tentacular prostitution scandal—the so-called Carlton affair, which pundits believe has killed his last distant hope for a return to public life—Strauss-Kahn is floundering as he fights to clear his name. On Monday, he and his wife, the former TV journalist and art heiress Anne Sinclair, added a media lawyer to their legal team and issued a broad threat to sue over gossipmongers’ “most detestable voyeurism” after rumors swirled through the weekend suggesting the couple might divorce. But DSK’s real foe is bigger than idle curiosity. Instead, the battle is against no less than his compatriots’ hunger for a grand collective catharsis.
The headlines are pitiful. “DSK, an Isolated Man,” read the front page of the popular French daily Le Parisien on Monday over a photo of Strauss-Kahn alone in a parking lot, with tousled white hair, open shirt, lazy eye, and grizzled beard. “DSK ‘Sick’: ‘A Broken Man’ on the Verge of Divorce,” declared France-Soir, another daily. The articles linger on the plight of DSK, stuck in his luxury apartment on the posh Place des Vosges. They cite anonymous friends who say he plays a bit of chess, escapes into math equations, cannot bear to watch TV, bites his nails down to the bleeding quick. “He used to take two days to answer a text message, now he responds within the minute,” an anonymous relation told the Journal du Dimanche. Hardly anyone visits anymore, the reports declare, and DSK rarely goes out, fearing the “frequent” insults from strangers. “DSK suddenly seems no more than a lonely old man,” Le Figarochimed in this weekend, in a piece singled out for legal action by the couple’s lawyers on Tuesday, titled “Anne Sinclair’s Profound Distress,” which suggested divorce was possible for the couple, married 20 years this month, after the latest embarrassing developments in the Carlton affair.Read more.
Tuesday, November 15, 2011
Doggoned MP Bung Mokhtar, MAS Is Not Worth Crying For
Can he interpret a "Balance Sheet" or read and make sense of "P&L" account statement, or understand what "PE" ratio is, or what is meant when a company is "highly geared" ? Has he any idea what is quick ratio/acid test or what are the negative aspects of "LBO" and what "insider trading" are?
Just because some smart sounding alecs and clueless opposition leaders and equally clueless bloggers criticised the share swap between the two companies, politically motivated and out of envy rather than concerned for financial probity.
Envy, because that Indian(Sri Lankan, if you wish, a good Ceylonese friend of mine refused to be called Indian, preferring to be called Jaffnese, which he thinks is more exotic) wiz-kid can do what they can't even dream of, let alone doing it.
Bung Mokhtar's grandstanding here.
Business is not run on emotion or sentiment, it's fuelled by money, the more the merrier.
When it was wholly owned by the government the accounts were never published publicly, so we have no way to gauge its performance then, keeping the people in the dark and it was taxpayer's money that kept it going.
We only come to know the state of its health and the incompetence of its management after it went public. The government should wash its hand off this sick baby, either privatise the airline or close it down and let free enterprise takes over the airline business in this country.
While other airlines reduced fares to get bigger business volume, MAS is only interested in maintaining its "haute couture" image, which it can hardly afford.The only way it can survive is to sack half the workforce. Tony Fernandez and the new board should do just that.
I booked for my family of 4 adults and 2 children lowest fare of no less a premier and much superior airline than MAS on exactly the same dates.The difference is shocking.
MAS fares are an airline death wish.
All the other airlines fares are pretty close, which means, they understand competition, while MAS is still sitting on its laurel waiting for Santa Claus to save the airline.
He should repeat what he said outside Parliament.