Reblog: Borneo Heights

BORNEO HEIGHTS
JAN04
2012 LEAVE A COMMENT WRITTEN BY CHEDET

1. Most Malaysians know Cameron Highlands and Genting Highlands. Their principle attraction is the coolness of the climate. They also know of Mount Kinabalu not so much because of its coolness but being, at 13,000 feet, the highest mountain in Malaysia.
2. Not many know of Borneo Heights, one of the most beautiful hill resorts in Malaysia. Situated only one hour slow drive from Kuching International Airport, the heights have retained much of its original tropical rain forest.

3. It is literally at the border between Sarawak and Kalimantan, Indonesia; literally because the border is a cliff which plunges 600 meter (2000 feet) from the southern boundary of the resort, to Indonesia Kalimantan. You cannot miss the border. One step over the rope marker you would be in Indonesia sans visa. The drop would not be pleasant.


4. The view from the top of the cliff is breathtaking. From the foot of the cliff, the thick tropical forest of Kalimantan spread to the distant mountains some 20 – 30 miles away (my guess – could be much more).
5. There appears to be no human habitation. But I was told the Indonesian Dayak shifting cultivators live there, though their long houses cannot be seen. I know of no other place where one can view a huge green tropical forest seemingly untouched by human habitation. Kalimantan is bigger than Sabah and Sarawak put together but it is very sparsely populated.

6. The resort has an eighteen hole golf-course laid out beautifully between thick forest. But more interesting to me are the beautiful temperate climate flowers which grow well there. They come in all shapes and colours. But deep purple seem to be the dominant colour.

7. I have a house there but have not been using it much. Not knowing where to go for my year end holiday, I decided to go there. I spent three restful, quiet days without air-conditioners.

8. The heights are as cool as ever. I was driven up in a 4WD to the vantage point to look down the cliff at Kalimantan and as usual it took my breath away. Our vantage point is 3,600 feet above sea level.

9. Borneo Heights was developed by Tan Sri Lee Kim Yew, a close friend of mine. Maybe this article will benefit a “crony” but if more tourists, domestic and foreign visit this beautiful part of Malaysia, tourism Malaysia will also benefit. And what we earn from tourism will benefit all Malaysians. It would be selfish of me to avoid writing this bit simply because I am afraid of being accused of cronyism.

Former Indonesian envoy to sit on Wijaya board?

Read more: http://www.btimes.com.my/articles/20120103005213/Article/

Kuala Lumpur: Tan Sri Dai Bachtiar, the former Indonesian ambassador to Malaysia, is expected to be appointed to the board of Wijaya Baru Global Bhd, people familiar with the operations of the company said yesterday. The appointment could take place by as early as Friday, said a person familiar with matter. Dai Bachtiar had also served as chief of the Indonesian National Police from 2001-2005, prior to his appointment as ambassador to Malaysia. He had served as ambassador to Malaysia up to June last year, according to reports from the Jakarta Post. The former police chief's appointment to the board of Wijaya comes just weeks after retired major Anuar Adam took control of the company. Anuar, a low-profile businessman who made his fortune in Pakistan's multi billion construction industry, bought a 32.02 per cent stake in Wijaya from Datuk Tiong King Sing. The exercise did not create a general offer but it effectively gave Anuar control of Wijaya, which is banking on its Indonesian venture to help boost the company's profile and profits. In early December, Wijaya received approval from its shareholders to buy two companies in Indonesia for US$80 million (RM251.8 million). The two companies and#8211; Wealth Gate Pte Ltd and Suffolk Pte Ltd and#8211; have 80,000ha of land in Irian Jaya that have been approved for oil palm plantations and related activities. Wijaya would first be extracting timber from the forested land, valued at US$1,000 (RM3,147) per hectare, before converting the area into oil palm plantations, Anuar had told Business Times previously. Subsequently, Wijaya received a felling licence to cut down the trees in the concession area, upon the entry of Anuar in the company. By late December, it bought both the companies after receiving funding from Exim Bank. "The drawdown of the financing has been made," Wijaya said in a December 23 statement to the stock exchange.

Gold in 2012 - Precious Metals - Resource Investor

Read more: Gold in 2012 - Precious Metals - Resource Investor

We all understand that the future is unknowable. Events yet to come cannot be predicted. Nevertheless, the outlook for 2012 is probably set in stone, and the reason is simple. The financial crisis imperiling the globe for the past several years has not been solved. Until it is, we can expect more of the same – specifically, serial bailouts of governments and banks that, if not already insolvent are bordering on insolvency. It is a distressing prospect.

Perhaps the outlook for the months ahead can be best summarized by the Governor of the Bank of England, Sir Mervyn King. In a recent interview on British television, Sir Mervyn in a rare candid moment made a remarkably bold statement: “This is the most serious financial crisis we’ve seen, at least since the 1930s, if not ever. We’re having to deal with very unusual circumstances.”

It is somewhat odd that Sir Mervyn chose the word “unusual” to describe the present situation. After all, banking crises and defaults on their debts by sovereigns – princes and kings as well as countries – have been a recurring feature of monetary history even before the founding of the Bank of England in 1694. So there is only one reasonable conclusion from his comment. He was obviously referring to the severity of the today’s circumstances, meaning that the depth and long duration of this present crisis have few parallels.

Sir Mervyn went on to add that it is necessary for central bankers “to act calmly to [these circumstances] and to do the right thing.” While his comment reads well, and may even extract a sympathetic response from some people, do his actions confirm his words? More generally, are central bankers doing the “right thing”? For the answer, we only need to look at the price of gold.

Gold is a barometer of the ill winds stirred by monetary problems. It is as reliable as a canary in a coalmine. The rising price of gold flashes for everyone a clear warning signal. And a rising gold price is what we can expect in 2012, for the same reasons that it has been rising for a decade.

First, central bank money printing continues unabated. It is the repeated answer that central bankers offer to address all of today’s financial problems, with the only outcome being the continual erosion of the purchasing power of national currencies – what is usually referred to as inflation.

Second, people everywhere are increasingly worried about the safety of the bank in which they have money deposited. Ever since the collapse of Northern Rock in the UK four years ago, confidence in banks has been diminishing. The failure of Bear Stearns, Lehman Brothers, MF Global in the United States and the near collapse of Dexia, the Belgian-French bank, have only provided more evidence that there is real reason to worry. These failures also illustrate that the problem of insolvent banks is a global phenomenon.

Third, the interest income one can earn on a bank deposit is not sufficient compensation for the counterparty risk being taken. Even worse, the interest income is less than the rate of inflation, with the consequence that bank deposits result in the loss of one’s purchasing power.

I could go on, but these observations made my point. To all of these problems, and indeed, all the problems that plague national currencies, gold provides a safe refuge.

To end as I began, the future is unknowable. Consequently, we do not have solutions for today’s problems; we only have choices. For 5,000 years, gold has been the world’s preferred money. Being tested time and again over the millennia, gold’s proven record continues to make it the preferred choice for a future that is always uncertain.

James Turk is founder and chairman of GoldMoney, which provides a convenient and economical way to buy and sell gold, silver and platinum online using digital gold currency for which he has four US patents.

Mayban Ventures to invest RM1b in next 5 years

Read more: http://www.btimes.com.my/articles/20120102003744/Article/

Malayan Banking Bhd's private equity arm, Mayban Ventures Sdn Bhd, plans to invest RM1 billion in the next five years targeting companies in the traditional sector. The company also plans to be more involved in the region, where it is eyeing several sectors in China and other countries. Acting chief executive officer Andrew T.K.Ho said Mayban Ventures plans to invest in businesses like food and beverage, oil and gas, electronics manufacturing services and outsourcing. "We have plans to invest a total of RM150 million to RM250 million a year for the next five years, and to have a more regional focus by investing in other countries as well," he told Business Times in an interview last week. Ho said the companies which Mayban Ventures had invested in the past were mainly information technology companies but in the coming years, that would not be the focus anymore. "We are also not looking at investing in biotechnology companies because we feel the market is difficult in Malaysia. "Most of the talent in this sectors are mainly based abroad in markets such as the US and Europe," he added. The company is considering investing in healthcare and property businesses in China, while at the same time, looking at other countries. Ho said Mayban Ventures is also keen to invest in companies which are more private equity-focused and have ageing founders who are looking for a good deal to exit the company. "We don't mind becoming co-investors for such companies who want to do a management buy-out or buy-in," he said. He said typically, Maybank Ventures would be in the company for three to five years before exiting, and during its stint in the company, it would not hold any management control. "We need to know what we would get out of the company once we have exited, in terms of returns. And these companies really need to convince us on that bit before we get in," he said, adding that most of the investments were done via venture capital. Ho said usually, the company's internal rate of return for the exits ranges from 15 per cent to 30 per cent. The highest it has ever achieved was a 50 per cent return on an IT company. At present, he said Mayban Ventures' total fund management stood at RM500 million with 100 companies, of which they have divested most of them over the years. "Our funds are fully invested except for the latest Agro fund that has a total fund of RM150 million, where only about 30 per cent to 40 per cent has been invested," he said.

My review on Santubong Resort

My first impression on the place was very nice, very nice indeed. The pool is right in front of the lobby, although, I felt something was amiss but that feeling was quickly brushed away.

Upon arrival, our car stopped in front of the lobby and waited for a bellboy to welcome us... nobody came... Then I asked the receptionist about the bellboy, the answer was "no bellboy". From that moment, I knew already, the service, the food, the room should be right about the same level as the front service. (I was right)

Room - the smell of dust is everywhere. Smells like a house that has been abandoned for 5 years or more!!

Breakfast - the apple juice (I think it was apple juice anyway) is somewhat sour. (dust is also everywhere - we can smell it)

Pool - I think it is just normal pipe water... no additive (no strong smell of chlorine). I guess this should be a good side.

Children's playground - It was still standing!! Good enough for the children I thought... until I see their feet and slippers covered with mud!!

Our block walkway - seems normal... until you look up at the ceiling...

Water in the bathroom - It is supposed to have hot water... okay... it was warm anyway...

Final marks: no bell boy (-5),  Food (-5), Pool (-0), Children's entertainment (-2), Room (-5), Maintenance (-3), Facilities (-4), Serenity (-2), Cleanliness (-5) out of 50 marks = 19 (Fail)

Malaysia expects plantation exports bonanza

Read more: http://www.btimes.com.my/articles/20111229231656/Article/

Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said from January to October, exports had jumped 28 per cent to RM118.2 billion. "That has already exceeded last year's overall figure," he added. Last year's RM113.29 billion achievement was 24 per cent higher than 2009's RM91.16 billion. It also overtook 2008's previous record of RM112.43 billion. Malaysia's plantation commodities comprise palm oil, rubber, timber, cocoa, tobacco and pepper. In the last decade, the sector had been the nation's second largest foreign income earner after manufacturing. Since then, the export value has grown three and a half times. "I think we can hit RM140 billion this year," Dompok told Business Times in an interview. To a certain extent, Dompok said the higher palm oil, rubber and pepper pricing was also fuelled by the weakening of the US dollar against the ringgit. In the first eight months of this year, the US dollar weakened by about three per cent against the ringgit from RM3.05 to RM2.95. The US dollar forms the basis for major index of commodity prices. Hence, Malaysia's plantation commodity exports like palm oil, rubber, timber, cocoa and pepper are quoted in the greenback. The minister said palm oil earnings, which are slated to touch RM80 billion this year, will make up the bulk of the country's plantation commodity's exports. High palm oil prices have been contributing to higher income for oil palm planters. So far, it is averaging at around RM3,100 a tonne. "Although palm oil is our number one revenue contributor, pepper exports seemed to have grown the fastest," Dompok said. In the first 10 months of this year, pepper exports jumped the highest by 42 per cent to RM224.06 million. Timber exports slipped 3.1 per cent to RM16.52 billion, while tobacco products fell 2.6 per cent to RM833.90 million. Rubber tappers have good reason to smile as bulk latex has been trading at good price of more than RM10 a kilogramme in the first fours months of the year. Although it has since settled to around RM6.60 per kg, rubber tappers still feel motivated to tap their trees regularly. "As world crude oil continues to trade at high prices, so will natural rubber because it is a substitute for synthetic rubber in making tyres. "In the first 10 months, our rubber exports expanded by 28 per cent to RM27.34 billion," Dompok said.

JCorp unlikely to accept Malay chamber’s bid for QSR, unit

Read more: http://www.btimes.com.my/articles/20111229231159/Article/

Kuala Lumpur: Johor Corporation Bhd (JCorp) is unlikely to accept a hastily planned competitive bid to buy Kulim (M) Bhd's stake in QSR Brands Bhd and its fast food unit, KFC Holdings Bhd (KFCH). The Malay Chamber of Commerce Malaysia (DPMM) said yesterday it was rounding up "friendly parties" to jointly buy Kulim's interests in QSR Brands Bhd and its unit, KFCH, even after the company had said it was not seeking other bids after accepting the one made by Massive Equity Sdn Bhd (MESB). MESB is a special purpose vehicle and a joint-venture between JCorp and global private equity firm, CVC Capital Partners. It made an offer to take KFCH and its parent, QSR, private for about RM5.2 billion early this month. CVC would eventually hold a 49 per cent stake in both businesses, which operate over 900 KFC outlets and Pizza Hut fast-food outlets in Malaysia, Singapore, Brunei and India. JCorp will hold the rest. DPMM president Syed Ali Alattas told a news conference that the chamber was inviting agencies such as Felda, Tabung Haji and probably Amanah Saham Mara to bid for Kulim's stake in QSR and KFCH, supposedly to keep outsiders out of the lucrative fast food business. However, JCorp had earlier said it will not sell its stake in MESB to "outsiders" and that CVC was roped in because of its expertise in the food business. JCorp, a Johor state investment agency, had also said earlier that the privatisation of QSR and KFCH forms part of a larger plan to reconstruct the debt-laden group into a leaner and more focused entity, with Kulim eventually being able to concentrate on the plantation business. Syed Ali said the chamber has forwarded a letter on its proposal to buy Kulim's shares in QSR to JCorp. He said the letter was also copied to Prime Minister Datuk Seri Najib Razak. At the same time, he said DPMM was writing a letter to Tabung Haji, urging them not to sell their 20 per cent stake in QSR. At the same time, he said DPMM was writing a letter to Tabung Haji, urging them not to sell their 20 per cent stake in QSR. Syed Ali said it would be much cheaper if the chamber and the interested agencies buy Kulim's share in QSR, rather than through such proposed privatisation plan. "We just need to fork out about RM1 billion if we buy Kulim's share in QSR as compared to RM5.2 billion if we were to go through such privatisation plan," he said. Kulim holds a 57 per cent equity interest in QSR, while QSR has about 50 per cent stake in KFCH. JCorp, meanwhile holds a 56 per cent stake in Kulim. "In fact, we are willing to pay extra 10 sen at RM6.90 per share for Kulim's shares," Syed Ali said. He challenged JCorp management to explain how its privatisation plan with CVC would ease its debt, which stands about RM3.6 billion whereas the agency needs to fork out almost RM2.7 billion to buy Kulim's interests in QSR and KFCH shares. "Under the privatisation, they need RM5.2 billion and by holding a 51 per cent stake in MESB, JCorp need to secure almost RM2.7 billion," he said.