Air France redefines luxury with ‘La Premiere’ (VIDEO) |
- Air France redefines luxury with ‘La Premiere’ (VIDEO)
- Budget review is only first step — Lim Sue Goan
- Bloomberg Video: Air France ups the ante with first-class service
- Strict enforcement to get rid of flood — Sin Chew Daily
- Audi’s challenge: Rollout of big SUV to fight Mercedes, BMW
- Nik Aziz still unconscious, son says
| Air France redefines luxury with ‘La Premiere’ (VIDEO) Posted: 20 Jan 2015 05:13 PM PST PARIS, Jan 21 — Air France-KLM had a difficult time last year — with three profit warnings and its worst-strike in 40 years. More job cuts might be on the table. But for now, the French airline is looking on the bright side, showing off its new first-class "La Premiere." Bloomberg's Caroline Connan got on board. — Bloomberg  |
| Budget review is only first step — Lim Sue Goan Posted: 20 Jan 2015 05:12 PM PST
It is generally believed that the international oil prices will only return to the level of US$100 (RM362) per barrel in two or three years' time. As such, without expediting economic transformation and cut down our dependence on oil, even if we are able to sail past the hardship safely this year, what about the next two years? Although the prime minister introduced the economic transformation programme in March 2010, the momentum has been frail. Malaysians have yet to see the new economic model. Instead, we seem to be reverting to the old way of massive infrastructure projects typical during Mahathir's time. The falling ringgit, soaring goods prices and the upcoming GST all conspire together to dampen the consumerism sentiment. Our incomes will never catch up with goods prices and rising debts, and this has dimmed the prospects for high-income status. Consequently the government must identify the right strategies to tackle the issues and lead the country out of the current dilemma. When meeting American investors in November 2009, Najib agreed to expedite the privatisation of government-linked companies (GLCs) and boost the circulation of Malaysian stocks. Also during "Invest Malaysia 2010," the PM said the government would reduce its involvement in commercial activities while privatizing some of the companies under the finance ministry and other government agencies. Unfortunately not all the government's pledges have been fulfilled. The 1MDB under the finance ministry, for instance, has usurped the business opportunities of the private sector. The company owns 15 power generating plants in five countries and holds many valuable strips of land in the country, including the enormous Bandar Malaysia and Tun Razak Exchange (TRX) projects. During Mahathir's time, some private companies signed agreements with the government to sell the generated electricity to TNB. And now, the government is prepared to award the contracts of three power generating plants to 1MDB. Could this explain why TNB has been unable to bring down the electricity tariffs? Set up merely five years ago, 1MDB boasts an unrealistically high asset value in excess of RM51.4bn but with an astronomical debt of RM41.9bn. This reminds us of the hefty debt issues plaguing many mega companies during Mahathir's time such as the Renong Group and Perwaja Steel. In the event the global economy turns bad, how are these companies going to repay their enormous debts given the drastic depreciation of their asset values? The government proposed the bumiputra empowerment policy after the 2013 general elections, but again this contravenes the New Economic Model. Another risk factor is the government's over-involvement in huge commercial projects, resulting in a supply glut that will only catalyze the formation of the property bubble. 1MDB's Tun Razak Exchange (TRX) project will have a total of 28 highrise towers while the Warisan Merdeka project features a 118-storey supertall skyscraper. Meanwhile, the government also plans to team up with KWSP to develop a 3,000-acre plot of land in Sungai Buloh. In addition, the RM43 billion Kampung Baru redevelopment will cover 90 million square feet, triple of KLCC. Such massive commercial, residential and retail space will severely impact the national economy in the event of an economic downturn. In the face of drastically falling oil prices, we cannot count on the Middle Eastern investors to invest heavily in our country. Moreover, commercial towers and real estate are not the key elements of economic transformation. The long abandoned Plaza Rakyat project is yet to be revived while the real estate crisis in oil-rich Dubai remains evident. It is imperative for the government to learn a lesson from these failures and put an emergency brake on indiscreet development, siphoning the resources instead to more productive sectors. Although the government has claimed that Malaysians are enjoying higher incomes now, as many as 105,779 individuals have sought assistance from the Credit Counseling and Debt Management Agency (AKPK) as of October 2014. The upcoming implementation of GST is bound to squeeze some conventional companies out of business and dampen the market further. The government must waste no time in reviving the national economy before the external environment deteriorates and things get more complicated. * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail Online. |
| Bloomberg Video: Air France ups the ante with first-class service Posted: 20 Jan 2015 05:12 PM PST Duration: 01:58, Published 21 Jan 2015 Air France-KLM had a difficult time last year, but for now, the French airline is looking on the bright side, showing off its new first-class 'La Premiere.'. — Bloomberg |
| Strict enforcement to get rid of flood — Sin Chew Daily Posted: 20 Jan 2015 05:04 PM PST
However, no matter how much we praise the relief work, it still cannot substitute for reflection after the disaster. The relief work has now come near the end and it is also time for all to sit down and reflect, carry out a coherent analysis and take effective remedial actions. Reviewing the factors causing the massive floods and the country's natural disaster forecast system, examining our flood prevention measures and reflecting the relief and rescue mechanism are our unavoidable responsibilities after experiencing the tragic disaster. G&P Water & Maritime Sdn Bhd Principal Adviser Chong Sun Fatt said that five factors had triggered the massive flood, including natural and man-made factors. The first natural factor is abnormally long and huge amount of rain over river's upstream catchments in Kelantan and Pahang, while the most important man-made factor is, the land of these upstream catchment areas has been over-exploited, causing a serious soil erosion problem. Chong's analysis is indeed pertinent and can be used as a reference when the government and civil society develop and propose a flood prevention plan for the future. The massive floods have temporarily ended, and what is important now is to find out where the problem lies. What we must do now is to review, remedy, investigate and reflect. It is not terrible to find a problem and taking responsibility is our obligation. Most importantly, we must develop an effective blueprint for flood control. What is terrible is if everyone refuses to face the reality, review, reflect and remedy the situation, but just keeps passing the buck, or even making part of the factors the only factor causing the floods due to political needs, politicising flood problem and relief work and triggering unnecessary war of words. As experts said, damages have been made and regardless of whether it was mainly caused by natural or man-made factors, we should face up to the problems and take each and every factor seriously, finding out all possible ways and means to reduce the occurrence of floods. Natural factors include climate change problem resulted from global warming. In fact, it is also a man-made factor requiring right policies from world governments, as well as a high degree of cooperation from ruling and opposition parties, as well as the civil society. Take the Pahang and Kelantan massive floods for instance, although abnormally heavy rains are the main natural factor, the flood situation would not be as severe without excessive exploitation and development. Therefore, how to develop a more strict environmental policy, carry out a better hydrology study and planning, as well as draw a better land retention programme, should be the important parts that can never be neglected when the government and all related units develop the flood control policy. Only a comprehensive solution and strict enforcement can really solve the problem and effectively prevent the recurrence of massive floods. — Sin Chew Daily * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail Online. |
| Audi’s challenge: Rollout of big SUV to fight Mercedes, BMW Posted: 20 Jan 2015 05:04 PM PST
The top-of-the-line SUV is due to hit the streets before the end of the decade, Audi Chief Executive Officer Rupert Stadler said in an interview at Bloomberg's headquarters in New York. The Ingolstadt, Germany-based brand expects the model to boost sales in markets such as the US and China in its bid to become the world's best-selling maker of luxury cars. The Volkswagen AG unit is "working heavily on this project," said Stadler, who last week at the Detroit auto show unveiled a revamped version of the mid-sized Q7, which is currently the brand's flagship SUV. A bigger model, dubbed the Q8, "would strengthen the brand. I'm convinced we need the car by 2020." The new model would be part of Audi's plans to spend €24 billion (RM100.5b) on technology and production in the next five years. Most of the money will go to increase its lineup to 60 cars from 50. That includes the subcompact Q1 crossover in 2016, which will bring Audi's SUV lineup to at least four. Audi's goal is to dethrone BMW AG as the world's largest premium-car maker by 2020, in a three-way race that also includes Mercedes. BMW's lead over Audi narrowed to 70,619 in 2014 from 79,658 a year ago. Mercedes remained third, trailing by about 160,000 vehicles, but had the fastest growth rate among the three with an increase of 13 per cent. Bentley Bentayga An expanded SUV offering could help Audi gain ground in the US, where it only sells about half as many cars as its two German competitors. Even so, Audi will face even more competition by the time the new upscale SUV hits showrooms. BMW announced plans last year to add its own full-sized SUV, the X7, which could beat Audi's Q8 to showrooms. Meanwhile, Bentley, also a Volkswagen unit, will present the Bentayga later this year, which the British marque boasts will be the world's most luxurious and expensive SUV. Maserati is finalising the Levante, and Jaguar will start selling its first crossover, the mid-sized F-PACE, in 2016. Despite more models vying for buyers, Audi is upbeat on its prospects in the US, where SUVs have continued to gain in popularity and there's space for luxury brands to grow. In the coming years, high-end autos could account for as much as 13 per cent of the US market, up from about 10 per cent now, Stadler said. And after outselling its rivals in other major markets, the brand believes it can repeat that feat in the US "We did it in China, we did in Europe. Why shouldn't it happen in the US at some point?" Stadler said. —Bloomberg |
| Nik Aziz still unconscious, son says Posted: 20 Jan 2015 05:01 PM PST
But Nik Abduh said his father's condition has been stabilised by caregivers at Universiti Sains Malaysia Hospital (HUSM) in Kubang Kerian. "Doctors have done their best and my father is stable but he's unconscious," Nik Abduh said yesterday in a report published by The Star on its website today. "He is on a breathing support machine and I did not talk to him because he was unconscious." The former Kelantan mentri besar was admitted yesterday for unspecified reasons. Fondly known as "Tok Guru", a respectful term for religious teachers, Nik Abdul Aziz has been in and out of hospital in recent years due to health issues. He recently turned 84 on January 10. |
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