Ganesh Sahathevan

It has been widely reported that AirAsia achieved an after tax profit of RM 9.4 million in the quarter ended 30 June 2008 (See for example http://business.smh.com.au/business/budget-carrier-spreads-wings-in-turbulent-skies-20080907-4biz.html). This figure does not however include losses suffered by AirAsia's associated companies in Thailand and Indonesia. Once these losses,(which are disclosed in AirAsia's recent announcement to the Bursamalaysia as "unrecognised losses") are taken into account ,Loss before tax to rises from RM 46.901 million to RM 80.80100, and Loss after tax from a PROFIT of RM 9.417 million to a loss RM 24.483 million. In the quater ended 30 June 2008, the two associates, Thai AirAsia and Indonesia AirAsia suffered losses of RM 21.7 and Rm 12.2 million respectively. Losses for the period to date, which coincides with the end of AirAsia's financial year, were RM 63.5 and RM 87.4 million respectively. Consequently profit before tax for the 20...

Readers will see from the articles below that Ahmad Ismail appears to be both an Anwar and Badawi loyalist. Might be stirring tensions in Penang so as to bring to a conclusion a shared, or common agenda? As reported in The Edge Financial Daily , 10 September 2008: Wanita Gerakan has urged Prime Minister Datuk Seri Abdullah Ahmad Badawi to sack Bukit Bendera Umno division chief Datuk Ahmad Ismail and detain him under the Internal Security Act (ISA). The result of non-action by the prime minister could lead to Wanita Gerakan urging the party’s leadership to leave the ruling Barisan Nasional (BN) coalition, Wanita Gerakan chief Datuk Tan Lian Hoe told reporters at Gerakan’s headquarters in Cheras here yesterday. “We are very angry at the irresponsible act of Datuk Ahmad Ismail, who tore the portrait of Gerakan acting president Tan Sri Dr Koh Tsu Koon in front of the media yesterday afternoon in Penang,” she said. Showing a portrait of Abdullah, Tan questioned: “How would Umno members fee...

Four Corners reveals a landmark new study, backed by 10 years of scientific research, which challenges the long held economic wisdom that growth and exports are the pathways to prosperity. Its key message: Australia undervalues its resources. The foods and other products that Australians consume and export are all part of the envied lifestyle � but are heavily subsidised by the environment. Each year this arid country effectively exports more water than is used in its cities and its towns - without getting paid for it. Meanwhile rivers and creeks are choking. When a grain shipment is sent overseas, no one pays for the wear and tear on fragile topsoils, let alone their repair. Foran argues that not only exports, but also the service economy gobbles up physical assets and must be costed.(http://www.abc.net.au/4corners/archives/2002b_Tuesday5November2002.htm) For full story and transcript-see http://www.abc.net.au/4corners/stories/s718523.htm

The Garnaut Report on Climate Change puts an economist in charge of determining matters best left to climatologist. Be that as it may, this may be a good time to determine the quality and consequences of Ross Garnaut's earlier policy work , the consequences of which Australians are only now beginning to slowly appreciate. I am of course referring here to his "Australia and the North East Asian Ascendancy", a work which was within his area of competency. His work was central to the Hawke government economic reforms of the eighties, which opened Australia to overseas competition and dismantled the protectionist measures around many Australian industries. (http://www.abc.net.au/pm/content/2008/s2295098.htm) Having said that his previous work was within his area of competency, the question to ask is; how competent was he in producing that work?. Many argue that he has been responsible for directing the attention and resources of Australian businesses to the growing North Asia...

The publicity shy Daim Zainuddin, the former finance minister of Malaysia, owns 84.4% of the London AIM listed ICB Financial Group AG ( see AIM announcement at http://www.icbank-gh.com/upload/1211875219_Microsoft%20Word%20-%20080527%20ICB%20announcement%20-%20change%20of%20shareholder%20interests.pdf) The company has a market capitalisation of STG 198.9 million ; or MYR 1.27705 Billion ( See http://investing.thisismoney.co.uk/companyresearch/225737/ICB_Financial/company_prices.html and use currency converter at http://coinmill.com/GBP_MYR.html#GBP=198.09) Hence, Daim is worth at least MYR 1.0778302 Billion, or for the purposes of the Forbes rankings, USD 330 million. That sum would rank him, (had Forbes given him due respect), the 16th richest person in Malaysia, just ahead of Vinod Shekar. (http://www.forbes.com/lists/2008/84/biz_malaysiarichest08_Malaysias-Richest_Rank.html)

The Malaysian Minister "for the time being charged with the responsibility for matters relating to the supply of electricity", may already have the powers to compel The Pencil of God, his YTL, and the other Independent Power Producers to renegotiate and value downwards their power purchase agreements with Tenaga Nasional. The IPPs and Tenaga are all regulated by the Minister pursuant to the provisions of the ELECTRICITY SUPPLY ACT 1990 . The Act contains the following broad provisions: 4. The(Energy) Commission shall carry out such functions and duties as follows: (c) to promote competition in the generation and supply of electricity to, inter alia, ensure the optimum supply of electricity at reasonable prices; (d) to promote the interests of consumers of electricity supplied by licensees in respect of— (i) the prices to be charged and the other conditions of electricity supply; (ii) the continuity of electricity supply; and (iii) the quality of the electricity supply servic...

An update to my posting at http://sahathevan.blogspot.com/2007/07/bank-negaras-reserves-at-levels-which.html Now , almost a year later, as of 15 May 2008: Malaysia's reserves of Gold ,Foreign Exchange and Other Reserves including SDR equals RM 399,919,106,509 The proportion of this amount financed by deposits from financial institutions now totals RM 284,175,898,063 , or 71.06%, compared to 67.4% as at 29 June 2007. As explained before: It was a similar asset-liability position that left Malaysia and the Ringgit vulnerable to speculative attacks in 1997. As then finance minister, " Dr" Anwar Ibrahim was responsible for financing Malaysia's foreign reserves almost entirely out of statutory deposits -- placed at no interest by financial institutions -- at the Central Bank. (for full story by Sahathevan see http://findarticles.com/p/articles/mi_m0BJT/is_24_6/ai_55143627 ) To illustrate: At 30 June 1997 , Gold and Foreign Exchange and Other Reserves including SDR totalled...