Economy grows at 5.7 pct pace, fastest since 2003

The U.S. economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest in more than six years, as businesses made less-aggressive cuts to inventories and stepped up spending.

The Commerce Department said on Friday its first estimate put fourth-quarter gross domestic product growth at its fastest pace since the third quarter of 2003. The economy expanded at a 2.2 percent annual rate in the third quarter.

Analysts polled by Reuters had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 4.6 percent rate in October-December period.

"Wow, great number. It's very solid and gives us a running start into the second half of the year when we can't rely on government stimulus," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

"That's part of the plan, to get us moving as fast as possible so when life support is removed we'll have a pulse."

U.S. stock index futures extended gains on the data, while Treasury debt prices deepened losses. U.S. dollar rose against the yen.

Getting the economy on a sustainable growth track remains one of the key challenges facing President Barack Obama, who on Wednesday outlined a raft of measures to create jobs and nurture the recovery.

Growth was boosted a sharp slowdown in the pace of inventory liquidation, a factor that could mask the strength of the economic recovery from the longest and deepest downturn since the Great Depression.

But even stripping out inventories, the economy expanded at an annual rate of 2.2 percent, accelerating from the 1.5 percent increase in the third quarter, reflecting relatively strong performance from other segments of the economy.

Business inventories fell only $33.5 billion in fourth quarter after dropping $139.2 billion in the July-September period. The change in inventories alone added 3.39 percentage points to GDP in the last quarter. This was the biggest percentage contribution since the fourth quarter of 1987.

For the whole of 2009, the economy contracted 2.4 percent, the biggest decline since 1946, the first year after the end of World War II.

In the last three months of 2009, consumer spending increased at a 2 percent annual rate, below the 2.8 percent annual pace in the prior quarter when consumption got a boost from the government's "cash for clunkers" program.

In the fourth quarter, consumer spending contributed 1.44 percentage points to GDP.

Consumer spending, which normally accounts for about 70 percent of U.S. economic activity, has been held back by the worst labor market in a quarter century.

Business investment in the fourth quarter grew for the first time since the second quarter of 2008 as the drag from the troubled commercial real estate was offset by robust spending on equipment and software.

The growth of spending on new home construction braked sharply in the fourth quarter to an annual rate of 5.7 percent from an 18.9 percent pace in the third quarter. Home building has received a lift from a popular tax credit for first-time buyers, but recent data have hinted at some weakness starting to creep in.

Export growth outpaced imports, leaving a trade gap that contributed half a percentage point to GDP growth in the last quarter.

Separately, employment costs in the United States rose 0.5 percent in the fourth quarter, Labor Department data showed.

Analysts polled by Reuters had expected the Employment Cost Index to increase 0.4 percent in the three months ending in December 2009, after it inched up an unrevised 0.4 percent in the prior quarter.

Wages and salaries, which make up about 70 percent of compensation, and benefits were both up 0.5 percent, the Labor= Department said.

Also, business activity in New York City expanded in January for the sixth straight month, reaching its highest level in over three years, according to an industry report released on Friday.

The Institute for Supply Management-New York's seasonally adjusted index of current business conditions rose to 72.6 in January from an upwardly revised 64.5 in December, originally reported as 59.7.

It was the group's highest current conditions reading since November 2006.

Perception and Royal Reality in Malaysia

The King is Dead. Long Live the King, so to speak

Iskandar was one of the worst of Malaysia's sultans, a violent, often brutal and impulsive man who seemingly knew no bounds to his behaviour. He was lucky to be a sultan at all.

Asia Sentinel

Malaysia has gone into mourning for the Sultan of Johor, Mahmud Iskandar Almarhum Sultan Ismail, who died Friday at 77. He was buried in an elaborate ceremony on Saturday. In Malaysia's oddball rotating kingship, which allows each of the country's nine sultans to wear the king's hat for five years, Iskandar became Malaysia's Yang Di-Pertuan Agong, or king, in 1984, relinquishing the title in 1989.

Najib Tun Razak, the prime minister, cut short a visit to India to extend his condolences and issue a statement: "On behalf of the government and people. I express sadness and extend condolences to Her Royal Highness Sultanah Zanariah and her children as well as the royal household on the demise of His Royal Highness the Sultan of Johor."

The massive Iskandar development project in Johor across from Singapore was named for him.

Muhyiddin Yassin, the deputy prime minister, said that Iskandar's death "is a big loss to the people of Johor, and also of Malaysia, because of his priceless contributions during his lifetime."

But it is difficult to see just what those priceless contributions were. Despite the encomiums, the Johor sultan embodied just about everything that was ill-starred about Malaysia's system of royalty.

Both The Star, owned by the Malaysian Chinese Association, and the New Straits Times, owned by the United Malays National Organisation, issued respectful obituaries. To most Malaysians, the New Straits Times said, "the Sultan will be remembered for his mercurial ways, as well as his inadvertent role in the constitutional crisis of 1993 which dramatically ended the legal immunity of the country's nine hereditary monarchs."

Iskandar's role was hardly inadvertent but it was certainly mercurial. In fact it was integral to it and it stemmed from his brutal beating, along with members of his staff, of a field hockey coach. And although the end of legal immunity was pushed through 17 years ago, today Malaysian royalty pretty much act any way they want without facing arrest. Several have left huge gambling debts in London casinos to be picked up by Malaysian state governments. Recently there have been incidents reported of fistfights between rival royals in Malaysian night clubs.

In recent months, in fact, UMNO, the country's leading political party, has led a charge to report to the police anyone who dares criticize the royalty. Several critics have been charged with sedition.

Iskandar was one of the worst of Malaysia's sultans, a violent, often brutal and impulsive man who seemingly knew no bounds to his behaviour. He was lucky to be a sultan at all. He was ignominiously dismissed as the Tunku Makhota, or prince regent of Johor, by his father, Sultan Ismail Ibrahim, in 1961 after he reportedly chained two policemen into a dog kennel for a day after they displeased him. He was later reported to have attacked a young couple with Mace after they allegedly offended him. In 1972, he was charged for Macing two men because their car had had overtaken his on the highway.

He regularly patrolled Johor roads with a red light and siren on the top of his Rolls Royce and a shotgun strapped to the dashboard, pulling over speeders and ordering them to perform enjut ketampi, the Malay term for squat jumps, until they fell over. Any driver who inadvertently passed the sultan's car on Johor's roads or obstructed him was subject to exorbitant fines. His staff was petrified by him. Once, at a diplomatic reception for example, he was seen to simply hold out his glass when it was empty and drop it as a terrified servant raced across the room to catch it before it shattered on the marble floor.

In 1971, he got into real trouble by shooting and killing a trespasser whom he took to be a smuggler walking near his private helicopter. He was charged with manslaughter but his father intervened, as the sultan did repeatedly at other times, and granted him a pardon despite his disapproval of his actions. Iskandar's family wasn't much better. His eldest son, Tunku Ibrahim Ismail, shot a man dead in a nightclub but was also pardoned.

There was considerable speculation in Kuala Lumpur that despite the fact that the kingship rotated on a set basis, his fellow sultans would block him because of his behaviour. But they elected him Agong in 1983. Prime Minister Mahathir Mohammad promptly fomented a constitutional crisis by ramrodding through a series of actions in the Dewan Rakyat, or Parliament, that removed the power of the royalty to veto legislation, along with closing other loopholes within the Malaysian constitution.

That didn't slow down the sultan much. In 1987, after he became the Agong, he allegedly clubbed a caddy to death at the Cameron Highlands golf club for laughing when the sultan missed a putt. He also was said to have maimed the caddy's brother, who suffered a mental breakdown from seeing the incident and had to be restrained in a mental hospital.

Although the killing was given wide currency among Kuala Lumpur's political and social circles, Iskandar was never arrested. It remained out of the government-controlled press. It so distressed the retired Tunku Abdul Rahman, the country's first leader after independence, that he publicly condemned the assault without naming Iskandar. The Tunku, however, also pointed out that as a sultan, Iskandar was immune from prosecution.

In 1992, following Iskandar's departure from the kingship, his son, Tunku Abdul Majid Idris, assaulted the goalkeeper of the Perak hockey team after Perak won a match with a penalty stroke. The goalkeeper lodged a police report against the son, who ultimately was convicted and sentenced to a year in prison. The charges were dropped on grounds of immunity. Later the sultan himself was involved in the other field hockey controversy that finally made Malaysia say enough. He called a local coach to his palace over a minor dispute. He and his bodyguards assaulted the coach, who had to seek medical attention for injuries to his face and body. The coach also filed charges. This time, the press reported on both incidents.

Despite the fact that the sultan had won Mahathir's approval by firing Mahathir's nemesis, Tun Salleh Abbas, the highly respected lord president of Malaysia's highest court, which brought an end to the independence of the country's judiciary, the assaults were enough for the prime minister. He led a campaign in the parliament to remove legal immunity from prosecution for the royalty that passed resoundingly.

Iskandar reportedly finally calmed down in later years, and lived a life largely out of the public prints. None of his misdeeds made the Malaysian press after his death. One blog cheerily said he would "always be remembered as Malaysia's unconventional King. He preferred to drive his own car or pilot his own helicopter. He also loved sports, especially golf and was not afraid to lose in a game."

Or a caddy. He was called "a King with the common touch."

http://www.malaysia-today.net/index.php?option=com_content&view=article&id=29820:perception-and-royal-reality-in-malaysia-&catid=21:special-reports&Itemid=100135

柔佛州苏丹依斯干达驾崩

今午传出病重消息的柔佛苏丹依斯干达依斯迈（Sultan Mahmud Iskandar），於晚上7点15分在新山公主专科医院驾崩，享年78岁。

柔佛州务大臣阿都甘尼是今晚11时30分正式做出这项宣布。

王储预料将继位为苏丹

根据《马新社》报道，阿都干尼也宣布，明天下午两点举行葬礼之前，将先行在柔佛王宫举行新苏丹登基仪式。

王储东姑依布拉欣依斯迈（Tunku Ibrahim Ismail，右图右者）预料将继位。

该州王室理事会今午苏丹病危入院后已宣布东姑依布拉欣依斯迈为摄政王。

苏丹依斯干达1932年4月8日在新山司马阳王宫诞生，早年在新山的英文学院（English College，现为苏丹阿布巴卡学院）求学，随后转往澳洲和英国深造，之后曾加入柔佛公务体系。

在父皇苏丹依斯迈驾崩后，苏丹依斯干达在1981年5月11日登基为第四任柔佛苏丹，并且曾1984年至1989年出任第八任国家元首。

殴打教练引发修宪削权

陛下最争议性的事迹，就是在1992年7月30日殴打新山苏丹阿布巴卡学院钩球队教练道格拉斯哥美兹（Douglas Gomez）引发渲染大波，引发时任首相的马哈迪施压皇室修宪，削弱皇权。

在“哥美兹事件”发生后，媒体即大肆报导皇室的不当行为。国会下议院随后也在1992年12月10日召开一项特别会议，并且获得苏丹及两名儿子犯下的至少23宗攻击和误杀案的清单，全体96名国会议员因此一致通过动议要求削弱皇权。

在马哈迪的推动下，国会上下议院接着在1993年1月19日和20日，修宪废除统治者的法律豁免权，禁止他们赦免本身和孩子，以及修改煽动法令允许抨击统治者。

尽管这项修宪案一开始遭到部分苏丹包括苏丹依斯干达的激烈反对，但是他们在马哈迪和国阵政府的施压下最终同意签署。

此外，陛下在1988年司法危机爆发时，也是当时的国家元首。马哈迪当时建议国家元首成立仲裁委员会，来开除公开抨击他的最高法院院長沙列阿巴斯。

http://www.malaysiakini.com/news/122648

GE 4Q profit falls 19 percent, beats Wall Street

GE 4th-qtr net income falls 19 pct on real estate, jet engine drop; beats Wall St. forecasts

General Electric Co.'s fourth-quarter net income fell 19 percent, hurt by lower profits on products like jet engines and continuing troubles in commercial real estate lending.

Still, GE showed some signs of stability in the final months of the year. The drop in profit was smaller than previous quarters because of gains in areas like power plant turbines and oil field equipment. And results surpassed Wall Street forecasts for the conglomerate, which is coming off one of its worst years in its 117-year history.

"We saw some encouraging signs at year-end," GE Chairman and CEO Jeff Immelt said, pointing to improving orders for big equipment.

But some familiar problems that hampered GE in 2009 persisted. Profits for engines used in commercial and military jets fell, along with demand for GE's train locomotives, a likely sign that businesses remain hesitant to buy expensive equipment after a painful recession. Overall revenue fell 10 percent in the quarter to $41 billion.

The big finance unit -- the source of most of GE's problems in 2009 -- squeezed out a modest profit in the fourth quarter. But it was still dogged by problems in its holdings and lending in commercial real estate.

Profits fell 30 percent at NBC Universal, which has struggled with much lower advertising income and other problems. GE is selling its majority stake in the ailing entertainment unit.

For the quarter, GE posted net income of $2.94 billion, or 28 cents per share. That compared with $3.65 billion, or 35 cents, a year earlier. Analysts expected 26 cents per share in earnings.

One of world's largest companies, GE is considered a barometer of the nation's economic health since it is involved in sectors ranging from energy to finance. Homeowners buy GE kitchen appliances, power plants use GE gas turbines and hospitals buy GE MRI machines. Consumers use credit cards backed by GE money and businesses turn to the company for loans to buy expensive equipment.

GE's results for 2009 -- a 37 percent drop in annual earnings -- indicate just how deeply the recession affected the company.

It lost its top credit rating, cut its dividend by 68 percent, and saw its stock retreat to depths not hit since the early 1990s. GE's quarterly profits were down substantially as the recession gouged its industrial businesses and the financial crisis battered its GE Capital lending arm.

In an effort to achieve stability, GE is trying to rely much less on GE Capital's profits, which once made up half of the conglomerate's earnings. GE says that some segments, like consumer credit cards, are in better shape after GE Capital took steps like scaling back on lending and tightening credit.

But GE Capital will remain a sore point for GE in 2010. The company expects that losses from soured loans won't peak until this year. And the unit remains broadly exposed to commercial real estate, a market that is still in decline.

That unit posted a $593 million quarterly loss and lost a whopping $1.5 billion on the year.

GE expects to amass $26 billion in cash by the end of this year, much of it from its deal to sell its majority stake in NBC Universal to cable operator Comcast. GE has said little about how it plans to use that money.

Previous related posts:
http://cathoon.blogspot.com/2010/01/ge-shares-rise-after-jpm-raises-price.html
http://cathoon.blogspot.com/2010/01/ge-transportation-receives-order-for-50.html
http://cathoon.blogspot.com/2009/11/ge-shares-up-analyst-upgrades-citing.html

Public Bank net profit better than market projection

The country’s third largest bank by assets, Public Bank Bhd, saw net profit rise 3.7% to RM678.23mil for the quarter ended Dec 31 compared with a year ago on higher loans and deposits growth. Revenue for the quarter came in at RM2.49bil.

For the financial year ended Dec 31, 2009 (FY09), net profit was down 2.47% to RM2.51bil on revenue of RM9.71bil, which was 7.47% lower than FY08 after taking into consideration a one-off goodwill income of RM200mil in respect of the bancassurance distribution alliance with ING Asia/Pacific Ltd.

Excluding the one-off income, the bank’s underlying operating pre-tax profit improved by 4.5% for FY09 compared with FY08.

According to analysts, the bank’s net profit was above market expectations. The market had projected a net profit of RM2.41bil but net profit for FY09 came in 4.14% higher.

Earnings per share (EPS) for FY09 stood at 73.3 sen with the EPS for the quarter under review at 19.7 sen, representing a quarter-on-quarter uptrend with net return on equity at 26.1%. The bank also declared a second interim cash dividend of 25 sen less 25% tax and a share dividend to be distributed from treasury shares on the basis of one share for every 68 existing shares held.

OSK Research Sdn Bhd analyst Keith Wee said in a report that restraint in future dividend payout and concerns over the need for additional capital and hence more subdued returns on equity growth would likely cap share price performance in the immediate to medium term.

He said the bank’s management had indicated that future dividend payout ratios could be at a more realistic 50% to 55% (versus the 79.3% payout in FY09) due to the lean core equity capital and potential increase in new regulatory requirements under Basel III.

According to chairman Tan Sri Teh Hong Piow, whose note on the financial results was read by managing director Tan Sri Tay Ah Lek at a media briefing yesterday, the bank’s improved profit was attributable to continued strong growth in net interest and financing income, up10.2% to RM4.71bil.

Teh said this was despite the negative impact on net interest margins arising from the reduction in the overnight policy rate on three occasions between November 2008 and February 2009.

He added that loans grew by 14.4% to RM137.6bil supported by domestic loans and advances, which expanded strongly by 16.8% driven mainly by residential property, passenger car and commercial financing to small medium enterprises (SMEs), making up 78% of the loan portfolio as at the end of 2009.

Teh said domestic loan approvals and loan applications for the year advanced 21.9% and 26.3% respectively compared with FY08. “Housing loan approvals were particularly strong, recording an increase of 39.3% in 2009,” he said.

Meanwhile, Tay said there were no immediate plans to acquire any banks despite the current spate of news on mergers and acquisitions in the local banking scene.

“We plan to open new branches in 2010, with two more in Hong Kong, one in Shenzhen, five in Cambodia, two in Vietnam and one in Laos,” he said, adding that overseas operations contributed 7.2% to pre-tax profit last year.

Tay said there were plans to increase overseas contributions to 15% over a three- to five-year period. “Overall, the bank is targeting loans growth and advances of 14% to 15% or RM20bil for 2010 with contributions from residential property, passenger car and SME financing remaining the main sources of growth,” he said.

Tay said net interest margins were expected to remain stable due to a stable interest rate environment, steady demand for loans and ample liquidity in the system. “We expect the overnight policy rate to remain low as inflation is low and there is a need to support the economic recovery,” he said.

Mum seeks justice for son knocked down by envoy’s car

KUALA LUMPUR: Hotel manager Tong Kok Wai, 30, was knocked down by a car in mid-December and on Christmas Day, his newly-wed wife Yenni Young, 31, made the heart-wrenching decision to take him off life support.

The doctors had declared him brain dead. In death, Kok Wai helped others live, with his corneas, kidneys, heart and liver which he donated.

But for his mother Tong Ah Mooi, there is still one unfinished job. The person who knocked down her son fled the scene and has not owned up. And the authorities say there is nothing they can do about it — Kok Wai was knocked down by a car with diplomatic plates.

Kok Wai was hit while crossing the road in Singapore on Dec 15. His friend Bong Hwee Haw, 24, and a Singaporean student Muhd Haris Abu Talib, 18, were also seriously injured in the accident and are still warded at the hospital.

Tong has sought help from MCA Public Services and Complaints Department head Datuk Michael Chong who arranged for the press conference yesterday.

Tong added that witnesses said that the car belonged to the diplomatic corp and was driven by a high-ranking officer from the Romanian Embassy.

The diplomat was believed to have left Singapore three days after the incident.

The diplomat was also said to have lodged a police report claiming his car was stolen when the accident occurred.

Police discovered the car, with a cracked windscreen, some 5km from the scene of the accident in Bukit Panjang.

“When I tell others about my son’s tragic death, the only thing they repeatedly tell me was ‘too bad, he was hit by someone with diplomatic immunity’.

“This is unfair. Justice must be done for my son. The driver can’t just get away after committing a crime,” said the 59-year-old distraught mother.

Kok Wai’s family has been told by the Singaporean Government something is being done but officials have not revealed the detail.

英國：一夜暴富成煩惱英國：一夜暴富成煩惱

（英國）中六合彩頭獎是很多人的夢想，但年紀輕輕就一夜致富又是否好事呢？一度是英國最年輕國家彩票頭獎得主、現年29歲的唐納利（Stuart Donnelly），12年前贏得200萬鎊（約馬幣1078萬令吉）彩金，此後疑因抵受不住暴發壓力，多年來活得不開心，最後更變成隱蔽青年，週四（1 月7日）被發現死於蘇格蘭家中，遺下本於數週後與他結婚的未婚妻。

多年活得不開心‧遺下未婚妻

蘇格蘭警方週四在唐納利位於柯庫布里郡（Kirkcudbrightshire）的豪華別墅中發現他的屍體，死因有待化驗。唐納利正在葡萄牙度假的母親多次致電他不果，於是找親人上門發現兒子暴斃，揭出一夜暴富背後的悲劇。

17歲中彩票買大屋去旅行

唐納利1997年贏得英國國家彩票頭獎，當年只有17歲的他，與其他12名中獎者瓜分2500 萬鎊（約馬幣1億3473萬令吉）獎金，每人獨得200萬鎊，他慶祝時因太年輕，未到合法喝酒年齡，只能以可樂代香檳。唐納利中獎後即捨下他週薪60鎊 （約馬幣323令吉）的藥劑實習生工作，放棄正在修讀的藥劑課程，開始“大花筒”生活。他請朋友到泰國旅行、花約48萬令吉買下大屋給已離婚的母親居住， 並為自己買下豪華別墅，照顧患有小兒麻痺症的父親，又向醫治他患有基因錯亂的弟弟的醫院捐款約7萬8000令吉，至於向叔伯輩贈錢更是等閒。

難忍成傳媒焦點‧遠離家鄉朋友

不過，唐納利的朋友透露，唐納利中獎後，愈見抵受不住一夜致富的壓力，活得並不開心，最後還遷 出家鄉，遠離大部份朋友，“他成為傳媒焦點，不能處理，於是封閉自己”。唐納利的“最好朋友”兼父親丹尼爾（Daniel）亦在他中獎2年後，於泰國度假 時心臟病發死去。此後，唐納利變得孤僻，他在社交網站Bebo上承認自己討厭交際，已成為隱蔽青年，他指自己平日的活動多為“睡覺、看電視、聽音樂、上 網，基本上是所有不用離家的活動”。

足不出戶‧終日上網聽音樂

唐納利2003年受訪時坦言，承受不了成為年輕富豪的壓力，“我很難處理得到的注意，有人甚至 在我家門外露營，這對我及家人構成重大壓力”。唐納利的Bebo網頁亦顯示出他受注意的壓力，數年前有“舊朋友”留言說：“唐納利，你記得我嗎？你仍有獎 金嗎？”唐納利死後，不少網友對給唐納利壓力的人說：“我討厭你們，你們只會在他贏得彩金後才與他做朋友，你們害死他。”

唐納利的朋友透露，唐納利本於數週後與來自泰國的女友結婚，“他有很多值得盼望的事，他本於數週後與泰國女友結婚。他對結婚不是太雀躍，但這是令他女友到蘇格蘭的唯一方法”。

唐納利的英國最年輕彩票頭獎得主地位，於2003年被16歲少女羅傑斯（Callie Rogers）取代。

年輕人一夜暴富‧獎金宜交專人管理

對年輕人來說，一夜間暴富未必是福，因他們可能不懂得處理突如其來的巨變，而備受壓力困擾。除 了唐納利外，英國女孩羅傑斯（Callie Rogers）2003年僅16歲時，贏得190萬鎊（約馬幣1024萬令吉）彩金後，開始揮金如土的生活，6年多過去，她曾沉淪毒海，試過3次自殺，生 活得極不快樂，她坦言：“我寧願從來沒中過獎”。

中巨獎陷毒海‧英少女瀕破產

羅傑斯贏得巨獎後，為自己和家人買了4棟房子，花了30多萬鎊旅行，又買車、買禮物、幫親朋還 債……她還交了一個濫藥男友，年紀輕輕生了2個孩子，並花了許多獎金在毒品上。“我的生活一團糟。除了不快樂，贏得彩票沒有給我帶來任何東西。它毀了我的 生活，它常令我擔心人們只是為了錢才和我接近。我實在太年輕，不懂處理突如其來的巨額金錢。”現在的羅傑斯已幾近破產，她賣掉了房子，搬回與母親同住，同 時打三份工。但她卻坦言很享受捱窮，“在年輕時就獲得一筆巨財，你若非親身經歷，很難想像那種壓力。我寧願從來沒中過獎”。

若你真的中了巨額彩票，應如何處理？法律網站Legal Zoom給了中獎者一些貼士：首先是不要急不及待馬上趕往領獎，應先讓自己冷靜一段時間，免被中獎狂熱興奮感覺衝昏頭腦；其次是別急著辭職，用幾天時間理 性地思考一下，要知道很多人其實並不想真的失去工作；再者，聘請一名優秀的理財顧問幫你管理獎金，以免濫用錢財；最後，甚至要更換手機號碼，只把新號碼給 少數信得過的親朋，防止有些人為錢找上門。

中巨獎變悲劇個案

■英國失業漢伍德（Doug Wood）1996年中了3280萬港元（約馬幣1423萬令吉）彩票，7年後大部份彩金被賭掉或送給他人，他最後猝死家中。

■西班牙人卡爾沃瓦斯在2003年贏得近4771萬令吉，中彩後買大屋、3輛名車，還開了農業機械公司，但生意失敗欠下巨債，去年初自殺身亡。

■英國前保安員羅伯特斯（John Roberts）1998年贏得4330萬港元（約馬幣1878萬令吉），一度擁有40架車，但最終揮霍過度，住所被銀行收回，婚姻破裂，現還欠債2萬鎊（約馬幣10萬7800令吉），要住流動房屋。

■英國16歲少女羅傑斯（Callie Rogers）在2003年贏得1024萬令吉獎金，但7年內揮金如土，用其中一大部份買毒品，並因感情等問題自殺過兩次，如今打3份工維生。

■中國湖南74歲男子黃祝人3年前中了400萬元人民幣（約馬幣197萬令吉）大獎，將300萬（約馬幣148萬令吉）給了女兒，後來他投資侄子的生意失敗，希望女兒還一些給他被拒，兩人打起官司。（香港明報）

GE Transportation Receives Order for 50 Locomotives from Cosan in Brazil

ERIE, Pa. & CONTAGEM, MG, Brazil--(BUSINESS WIRE)--GE Transportation announced today it has signed an agreement with Cosan to deliver 50 new AC44i locomotives for freight transport starting in 2010 through Rumo, Cosan’s subsidiary for logistics operations. Cosan is the leading grower and processor of sugar cane and one of the largest ethanol and sugar producers in the world. Cosan will use the new locomotives to haul sugar from its processing plants to port on the rail infrastructure provided by its partner America Latina Logistica (ALL).

“GE welcomes Cosan as its most recent customer in South America. This order helps validate GE's investment in market-leading AC heavy-haul, diesel-electric locomotive technology and the performance value it provides,” said Lorenzo Simonelli, President and CEO of GE Transportation.

The Model AC44i locomotives are powered by diesel engines supplied by GE Transportation’s manufacturing plant in Grove City, Pennsylvania, USA. The locomotives feature GE’s unique AC individual-axle traction-control technology that enables the Model AC44i to haul heavier loads by significantly reducing slippage on start-ups, inclines and suboptimal track conditions. Model AC44i locomotives also are equipped with dynamic braking in addition to air brakes to provide smoother handling when hauling heavier loads.

"As we expand our logistics network the proven performance of these GE AC-technology locomotives makes them a perfect fit for our requirements,” said Julio Fontana, President of Rumo. Rumo is Cosan’s subsidiary for logistics operations. "These new locomotives will contribute significantly to increase our hauling capacity and our company’s growth."

“The Model AC44i locomotives will be built by GE Transportation South America, GE Transportation’s affiliate facility located in Contagem, Brazil. They are scheduled for delivery starting in 2010,” said Guilherme Segalla de Mello, President and CEO of GE Transportation Latin America. Mello added, “GE Transportation South America has built diesel electric locomotives including AC44, Dash 9 and the C Series in Brazil since 1967, and has produced more than 1,000 locomotives that are operating in more than 15 countries around the world.”

Globalization and International Trade

Approximately 17,000 GE locomotives are in use in more than 50 countries around the world. GE Transportation’s success story serves as a powerful reminder that free trade and open markets worldwide sustain businesses and employment opportunities in North America and beyond.

About GE Transportation

Established more than 100 years ago, GE Transportation, a unit of General Electric Company (NYSE: GE), is a global technology leader and supplier to the railroad, marine, drilling, and mining and wind power industries. GE Transportation provides freight and passenger locomotives, signaling and communications systems, information technology solutions, marine engines, motorized drive systems for mining trucks and drills, high-quality replacement parts and value added services. GE Transportation is headquartered in Erie, Pennsylvania, USA, and employs approximately 10,000 employees worldwide. For more information visit www.getransportation.com.

http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100107006545&newsLang=en

GE shares rise after JPM raises price target

BOSTON (Reuters) - General Electric Co (GE.N) shares rose more than 6 percent on Thursday after J.P. Morgan raised its price target on the stock to $22 from $20, saying investors underappreciate potential earnings recovery at the GE Capital finance unit.

Hot Stocks

JP Morgan analyst Stephen Tusa called GE "our top pick in this (industrial) group" in a note to clients.

"We believe that normalized earnings at (GE Capital) could be significantly better than current expectations," Tusa wrote.

The shares of the largest U.S. conglomerate were up 93 cents at $16.38, their highest since early December.

Over the past year of trading, GE shares have lost some 8 percent of their value, trailing the 17 percent rise of the Dow Jones industrial average .DJI.

There is a GE call warrant listed in KLSE, I surely think it is worth a look. Low premium and high gearing.

華校交流會變“討錢大會”‧林冠英難招架

（檳城）“我要的並不多，區區200萬令吉就夠了！”、“請給我40萬，40萬而已！”、“我學校的擴建工程就快好了，我們等著給發展商錢，請優先考慮我們！”……

檳州政府今日（週四，1月7日）中午和州內的90所華小及10所國民型中學在光大5樓A視聽室進行交流，以瞭解華教發展事務和商討由州政府制度化撥款的580萬令吉分配事項。但，這個交流會最後卻演變成“討錢大會”，讓檳州首席部長林冠英幾乎招架不來。

10學校擴建要求逾千萬

事緣在這100所華校當中，10所會在今年進行擴建工程，單單這10%的學校，就已向州政府開口要求了共1295萬令吉！問題是州政府的撥款僅580萬，根本連一半都不足，更何況還有其他的90所華校？

面對多所學校要求撥款，林冠英在逐一瞭解詳情後，竟意外發現90%的學校還沒向中央申請，就繞過正規管道，轉向檳州政府求助。

“大家應該以中央政府的撥款為主，畢竟教育是屬於聯邦管轄的範疇，州政府的撥款，你們只能把它當成紅利（Bonus）啊！”

林冠英也解釋，檳州政府的資源畢竟有限，加上之前還因土地案賠償了別人4000萬令吉，能夠撥給學校的實在不多。

輪流上台訴“苦衷”

首長不提還好，一提“向中央申請”的說法之後，學校代表立刻輪流上台說出為何不向中央申請，而向檳州政府要求撥款的理由。

“他們要我們集資了80%的建筑經費後，才接受我們的申請。”

“教育局說，必須在建筑完成後，才可以申請撥款。”

“他們要看到建築後，才行！問題是，如果我們有錢，就不必申請撥款啦！”

校方代表不敢見報

各校代表提出的種種“苦衷”，也讓在場的媒體們目瞪口呆，不過，當攝影記者趨前拍照時，校方代表趕緊阻止，且急得幾乎掉淚的表示：“我們是‘冒險’來跟州政府討撥款的，要是照片登出來，會很麻煩的。你們知道的，我們不方便出現在這裡……”

看到學校代表近乎哀求的陳情後，也在場的檳州行政議員王國慧更是一時忍不住，流下眼淚。

林冠英促勿放棄
“要求中央撥款天公地道”

這項交流會總共進行了2個小時，雖然暫時沒有討論出一個撥款分配的定案，卻帶出了國內華校面對申請撥款時的諸多為難。惟，林冠英呼吁各校代表千萬不要放棄，應該繼續向中央申請。

“雖然他們有很多條例，但你們別管這些執行的公務員，照樣去申請，然後再三不五時的追他們，問他們，只要他們覺得‘煩了’，就會給你了！”

“向政府要錢建學校是天公地道的，這些都是人民的錢，你們絕對有這個權利要求撥款。”

當天出席交流會者，尚包括檳州華教事務協調委員會主席章瑛國會議員、委員黃漢偉州行政議員、許海明、丹斯里陳國平等等。

Construction sector expected to outperform in 2010

The CONSTRUCTION sector is poised to continue outperforming and could peak in the second half of this year, said HwangDBS Vickers Research.

It said the sector would peak later this year underpinned by the full rollout of three mega projects — the new low-cost carrier terminal, the Pahang-Selangor water transfer project and the Ampang and Kelana Jaya light rail transit (LRT) line extensions.

In addition, foreign contract flows are expected to buoy the sector, with notable markets in the Middle East (ex-Dubai) and India.

Moreover, the outperformance might spill over into 2011, hinging on factors such as the rollout speed of the new Cheras-Damansara LRT line, earnings deliverance, and the pace of new orderbook wins, the research house said in a report yesterday.

"Wildcards are more questionable projects such as the RM48 billion bridge connecting Indonesia, RM28 billion high speed railway and intermodal freight system, RM7 billion bullet train and third link/mass rapid transit (MRT) to Singapore," it said.

HwangDBS Vickers added that the current transition between major national economic blueprints would further boost the sector, as it drew comparisons from the sector's performance at the onset of the Ninth Malaysia Plan (9MP) in 2006.

The 9MP is drawing to a close this year while the 10th Malaysia Plan (10MP) is expected to be tabled in June.

Back in 2006, the trough-to-peak period for the sector was 32 months versus the current 13 months, and the research house said the sector generally outperformed the stock index during this period.

"Price/earnings multiples of our universe also peaked to 40 times versus the current one-year forward average of 14 times," Hwang-DBS Vickers said.

"With the full year of new leadership paving the way for more aggressive contract flows coupled with the still conducive cost environment, we expect further outperformance."

Furthermore, the research house expects private finance initiatives (PFI), off-budget and public-private partnerships to make up for any shortfalls in 10MP development expenditures, anticipated at RM180 billion.

"We also view positively the foreign participation from China contractors for three key local projects, aiding funding woes, hastening the pace of contract awards as well as spillover effects for our local contractors," it said, adding that a precedent was set with the Pahang-Selangor water transfer project and Seremban to Gemas double-tracking project.

One of its sector big-cap picks is IJM CORPORATION BHD [], due to:

1. i) its modus operandi of bidding for a large pool of contracts giving it the highest probability of orderbook replenishment;
2. ii) strong beneficiary of move to an open tender system; and
3. iii) diversified earnings base.


"We also like MRCB (MALAYSIAN RESOURCES CORP []oration Bhd) given its scarcity premium as a GLC listed contractor and we think its proposed one-for-two rights issue is a precursor to sizeable government land deal.

"Given its success with KL Sentral and strong shareholder backing from the Employees Provident Fund (EPF), we are confident that this will come to fruition," it said.

The research house also picked GAMUDA BHD [] and SUNWAY HOLDINGS BHD [] as big-cap and small-cap options, respectively.

January Indicator: A First Day Rally Is Positive Sign for Stocks

If the stock market holds to a pattern it has followed for most of the past 40 years, 2010 could be a big year for investors.

Since 1973, a big advance on the first trading day of January has been a strong sign stocks will post robust gains for the rest of the year.

On Monday, upbeat news about manufacturing lifted the Dow Jones industrial average 155 points, or 1.5 percent. The Standard & Poor's 500 index rose 17 points, or 1.6 percent.

When the S&P 500 has gained more than 1 percent on the first day of trading, the index has ended the year higher 86 percent of the time, according to Schaeffer's Investment Research.

After a big first day, the average yearly gain in the S&P 500 index has been 14.7 percent. That's important because the index is the yardstick for the overall market and for many investments such as mutual funds.

Still, trying to predict the year based on the first day of trading is dicey.

Over the past 20 years, the S&P 500's first-day move regardless of its size correlated with how the index finished the year just 11 times. Six of those years saw the market advance, while five saw it slide.

And as investors are well aware, there are plenty of potential obstacles that could pull the market back down, including Friday's December employment report from the Labor Department.

Other threats include the struggling real estate market and expectations of rising interest rates.

Analysts agree that the huge gains of 2009—when the S&P 500 index jumped 64.8 percent in nine months to end the year with a gain of 23.5 percent—have almost no chance of being

After such a huge run in 2009, some market watchers believe lingering questions about the economy could trigger a correction, which is generally considered a drop of at least 10 percent.

But for those who believe "as January goes in the stock market, so goes the rest of the year," the first trading day of 2010 is a good omen.

China's manufacturing industry posted the fastest growth in 20 months for December, while a trade group of purchasing executives said demand at U.S. factories was increasing. The Institute for Supply Management's index of manufacturing activity rose to 55.9 from 53.6 in November, a bigger improvement than analysts predicted.

The market may also have rallied Monday based on what's known as the "January effect," the buying spurt that often occurs with the start of a new tax year.

Investors who sold stock before the end of the old year to claim a tax loss reinvest that money when trading begins again.

According to the "Stock Trader's Almanac," a book that tracks market trends, there have been only five times since 1950 when the January effect turned out to be a poor indicator of the rest of the year.

The stock market barreled higher in 2009 in part because the big banks at the heart of the 2008 financial crisis started making money again. But much of their ability to do so was dependent on the Federal Reserve, which helped them out with ultra-low borrowing costs.

Investors are uncertain how banks and the rest of the economy will fare as policymakers begin to withdraw some of those emergency supports from the economy this year.

David Kelly, chief market strategist at J.P. Morgan Funds, is looking first at jobs, not statistics, to determine whether the market can hold and even build on the steep advance of 2009.

"The crucial last checkmark on the clipboard of economic recovery is employment," Kelly said.

If unemployment remains at 10 percent, it will be hard for consumer spending to increase and that's what drives the economy.

"Jobs, from an economic psychology point of view, are kind of the holy grail. A lot of people in America don't believe the economy is recovering," Kelly said.

The next major snapshot of the job market comes Friday, when the Labor Department is scheduled to release its employment figures for December.

It is already the biggest report on investors' calendar each month but this one will set the tone for trading in 2010.

Economists forecast that employers cut 23,000 jobs in December, according to a survey by Thomson Reuters. In November, the number of jobs lost came to 11,000 jobs, far fewer than anticipated.

Kelly said a gain in jobs, when it occurs, could send a jolt through the markets.

"That will deal a body-blow to pessimism," he said.

Beyond the worries about the economy, there is a danger that greed could lead the market astray, as it did when the S&P 500 and the Dow reached their peak in October 2007.

The S&P 500 index is still down by 27.6 percent from its high, while the Dow is still down 25.3 percent.

Jeffrey Frankel, president of Stuart Frankel & Co. in New York, is concerned that everyday investors who missed the strong run in 2009 are now charging into the market.

"People sat around the holiday table and those that had money in cash and those that had money in bonds had to listen to people that had money in funds," Frankel said. "Unfortunately that leads to people kind of following the crowd."