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Join us at USM Penang for Global Entrepreneurship Week 2009 - Northern Corridor (19nov09) - FREE!

World's largest movement on entrepreneurship is back, and Malaysia is in with over 400 activities in a single week ~ 10% of global activities, numbering 4,000+ and counting. BizMalaysia.com supports regional initiatives, and the highlights go to Penang, with YB Dato' Mukhriz Tun Mahathir to officiate the Week there for Northern Corridor on 19 NOV 2009 at Dewan Budaya, Universiti Sains Malaysia - Minden.

JOIN US THERE: Reserve your seat TODAY!

Events


(limited seats available - free two seats for each organization, but no limits to students/educational institutions).

For coverage around world, refer http://live.gew2009.com

Global Entrepreneurship Week kicks off!

In New Zealand ... as the sun rose on November 16 in New Zealand, aspiring entrepreneurs met at two sunrise Speednetwork the Globe events. One was held in Wellington, featuring Mayor Kerry Prendergast and the other at New Plymouth District Council, led by Mayor Peter Tennet. After a hearty breakfast, the whistle blew to kick off a series of quick-fire, one-on-one discussions. In New Plymouth, the question posed was: "What difference can entrepreneurship make to Taranaki?" And in Wellington, over 100 people discussed the question: "What should replace the no. 8 icon so often used to describe innovation in New Zealand?" Those participating ranged from young students to established entrepreneurs, offering a variety of backgrounds to engage for the discussion.

In Barbados ... an event at Barbados Youth Business Trust will feature its Breakfast Panel Discussion on Challenges and Successes faced by female entrepreneurs. The panel will be moderated by Dr. Jeannine Comma, Principal of the Cave Hill School of Business. Tara Lemmey, CEO of LENS Ventures, will be the keynote speaker, via satellite.

In Iceland ... ministers, mayors and party chairs were on hand for an elastic wristband event. Minister of Industry Katrín Júlíusdóttir was the first of many who will place the elastic bands on their wrists and then execute something that they’ve been meaning to do for a long time. Afterwards, they will pass it on to someone else. Track the progress online.

In Jordan ... a gala dinner to develop an action plan about how to position Jordan as the Silicon Valley of the region heralded the beginning of Global Entrepreneurship Week in Jordan on Sunday evening. The event, titled “Kickoff Reception: Growing an Entrepreneurial Ecosystem in Jordan” was held at Le Royal Hotel in Amman and featured international and Jordanian speakers and business leaders. It is the first of many events scheduled to take place in Jordan this week focusing on entrepreneurs at all stages of growth and featuring leading entrepreneurs from around the world, the region and the Kingdom.

In Jakarta ... a string of events around the capital are scheduled for the Week, including a discussion with the Creative Movement, whose members are the finalists of the British Council’s International Young Creative Entrepreneur competition. On Wednesday, Reggy Hasibuan, the co-founder of Anomali youth empowerment center in Malang, East Java, will make a presentation of his project to turn Malang into an eco-city.

For more live news from around the world go to our Global News Room now!

For regional events throughout Malaysia, including in Sabah & Sarawak, refer http://gewmalaysia.com/event.php


Another new Era of e-Commerce in Malaysia, powered by Paypal (in RMs!)


Yesterday marked an exciting day for over ten million internet-using Malaysians all these years deprived of own currency, having been forced to use foreign currencies like US$, Euro or Singaporean Dollar when making online transactions using world's most popular international micro payment systems - Paypal: NOW pay using Ringgit Malaysia (RM) -- for Malaysian users only!

We haven't seen official announcement from Paypal, but here's one of official referral notication email mentioning MYR instead of the usual USD starting yesterday, Oct 17:

---------- Start message ----------
From: service@intl.paypal.com
Date: Sat, Oct 17, 2009 at 2:35 PM
Subject: PayPal Merchant Referral Bonus
To: "..." <...@1oasis.net>


Hello ... [(Company #)],


Thank you for referring Jack ... to PayPal. Because Jack ... just signed up for a Premier or Business PayPal account, you are now eligible to receive a Merchant Referral Bonus.

Here's how it works:

As soon as Jack ... has used PayPal to receive a total of 800.00 MYR in payments, you will receive your initial bonus of 5.00 MYR, which will be deposited directly into your PayPal account.

In addition, once you've received your initial bonus, you will receive a residual payout based on the total amount of Jack ...'s PayPal payments for 12 months after Jack ...'s initial PayPal account creation.

PayPal encourages you to assist the new merchant get started with their account so you can get your money faster!

Thanks,

PayPal


Merchant Referral Bonus Program

With regards to referring others to Paypal, the minimum transaction for referral bonus has been increased slightly from USD200 to RM800 ~ USD237 based on currency exchange of 1USD = RM3.37, BUT the bonus payout has also been increased from a mere 1USD to RM5 ~ US1.50 (a 50% increase!)


Withdraw Cash to Malaysian Banks

If withdrawal to VISA (credit or debit) account announced not too long ago brought joy to Malaysians, the bigger joy for Malaysian Paypal users, along with users in Vietnam, Argentina and Brazil, is that they can soon also withdraw money to bank accounts.

As of today, here's the long list of 24 currencies supported by Paypal, seven of which are of Asian countries, showing PayPal, Inc's interest to enter the fast-growing Asia Market (no Chinese RMB though!):-
  1. Canadian Dollars
  2. Euros
  3. British Pounds
  4. U.S. Dollars
  5. Yen
  6. Australian Dollars
  7. New Zealand Dollars
  8. Swiss Francs
  9. Hong Kong Dollars
  10. Singapore Dollars
  11. Swedish Kroner
  12. Danish Kroner
  13. Polish Zloty
  14. Norwegian Kroner
  15. Hungarian Forints
  16. Czech Koruny
  17. Israeli Shekels
  18. Mexican Pesos
  19. Brazilian Real (only for Brazilian users)
  20. Malaysian Ringgits (only for Malaysian users)
  21. Philippine Pesos
  22. Taiwan New Dollars
  23. Thai Baht
Looking forward to save some cash by possibly avoiding international exchange fees (as much as 2% or more of transfer amount)...

The fees for withdrawal are as follows, where users can save as much $5 / RM20 by withdrawing straight to bank account instead via VISA card:-

The minimum withdrawal amount is RM40 or US$10. However, a check on Sunday, 18 OCT 2009 at the website shows that withdrawal option for banks other than US-based ones is not yet enabled:


Neither does an option to add funds from banks other than US-based ones:


The New Fees (in RM)

The new fixed minimum fee is RM2 which is a bit higher compared to US$0.30, but quite a standard for interbank transfer in Malaysia, via ATM or online banking (maybank2u, cimbclicks etc.)


Merchants that can generate transactions exceeding RM400,000 on a single month can enjoy minimum transaction rate of 2.4% (or 2.9% for international transfer) + RM2 - quite competitive compared to having own merchant account at a local bank.

Bank Negara Malaysia at its Best ;)

By the way, the surge of Paypal use in Malaysia has noticebly attracted attention by Bank Negara Malaysia known for its stringent enforcements to protect local banks and its Ringgit Malaysia currency:

Amendment to the User Agreement and underlying policies

Beginning 14 October 2009, the PayPal User Agreement, Payments policy and buyer protection policy will be modified to include several new currencies as holding currencies and add additional withdrawal countries and the related fees and charges have been modified to include these new currencies. New currencies include: Philipino Peso, Taiwanese Dollar, Thai Baht, Malaysian Ringgit, Argentinean Peso, and Brazilian Reais. Bank account withdrawal countries being added include Vietnam, Malaysia, Argentina, and Brasil. Several of these currencies are restricted currencies and not all PayPal features will be available with regards to a restricted currency and not all customers will have access to restricted currencies.

In addition, for Malaysian resident customers, PayPal has made specific modifications to the User Agreement as required by Bank Negara Malaysia regarding your rights as consumers in Malaysia accessing the PayPal services.

The governing law section of the User Agreement applicable to Malaysian residents has been modified as follows:

“For Malaysian residents who register for the PayPal service with a Malaysian address, this Agreement is governed by and interpreted under the laws of Malaysia as such laws are applied to agreements entered into and to be performed entirely within Malaysia.”

In addition, PayPal is required as a designated payment instrument under Malaysian law to provide the following useful information to Malaysians:

Malaysian customers of PayPal can contact BNMLINK and BNMTELELINK for information, inquiries or redress in the areas of conventional and Islamic banking, insurance and takaful, advisory services for small and medium enterprises, foreign exchange administration and other matters under Bank Negara Malaysia’s jurisdiction.

The contact details for BNMTELELINK are:

BNMTELELINK
Jabatan Komunikasi Korporat
Bank Negara Malaysia
P.O.Box 10922
50929 Kuala Lumpur


Read an opinion about the above at Reezluv.com published on 15 OCT 2009.


No Bahasa Melayu, official language of Malaysia

By the way, although Indonesian Rupiah is still not supported by Paypal, Paypal Malaysia offers only two language options - English and Bahasa Indonesia, presumably to cater Indonesian students and workers in Malaysia to send money back to home country or to other countries - we'd definitely look forward from a Bahasa Melayu option soon, my dear Paypal!:


Don't have a Paypal account? Open one today, it's FREE! And join the e-commerce bandwagon....

Author has been an avid fan and user of PayPal since it was first introduced as X.com (founded by a physicist turned philantrophic & green entrepreneur and space-enthusiast Elon Musk) back in 1999, more than ten years ago. He is a proud owner of PayPal Business Debit MasterCard.

For Malaysian technopreneurs, think BIG: If a simple Paypal can finance Musk an electric car manufacturing company and a reusable spacecraft company, how far can your next innovations in technology bring you. Join Global Entrepreneurship Week 2009 today - Register at http://gewmalaysia.com and unleash your ideas!


1 Malaysia

Semangat menuju sambutan kemerdekaan Malaysia ke-53 (52 tahun sejak kemerdekaan Persekutuan Tanah Melayu pada tahun 1957)...

video

(video asal boleh diturunmuat dari laman Radio Television Malaysia - RTM)

Hating the campaign or not, apparently the term "1malaysia" has gone maintstream into various social networks including the two with highest growth: twitter and facebook with respect to the website sanction by Prime Minister Dato' Seri Najib bin Tun Razak at 1malaysia.com.my, so the campaign will live on for years to come...

Read more at Wikipedia entries in the following languages (both of which desperately need more editorial contributions):

Coming 31st of August 2009, Happy Merdeka, Malaysia!

Laman web pakej rangsangan ekonomi

KEMENTERIAN Kewangan melancarkan laman web pakej rangsangan ekonomi membolehkan orang ramai mendapat maklumat terbaru mengenai kedua-dua pakej rangsangan yang diumumkan, baru-baru ini.


Laman web di www.rangsanganekonomi.treasury.gov.my itu menyediakan pecahan peruntukan kementerian dan butiran lanjut mengenai setiap negeri.

“Laman web itu memperincikan pengagihan dan ke mana wang disalurkan untuk pakej pertama dan kedua serta pelaksanaan projek,” kata ketua pegawai eksekutif, unit pengurusan projek kementerian, Datuk Mohamad Othman Zainal Azim, pada majlis pelancaran di Putrajaya, semalam.

Menurutnya, laman web itu turut menawarkan pecahan peruntukan berdasarkan kepada teras dan inisiatif strategik serta menyediakan wadah bagi mendapatkan maklum balas dari orang ramai.

Perdana Menteri, Datuk Seri Najib Tun Razak, dalam mesej ringkasnya di laman web itu berkata, “Rakyat Malaysia akan tahu dan boleh mengikuti pelaksanaan pelbagai inisiatif dan program yang dibentuk bagi menangani isu ekonomi yang tercetus akibat kelembapan kewangan global.”

Menurut Mohamad Othman, laman web itu akan dikemas kini setiap minggu dan pertanyaan orang ramai akan dijawab.

Setakat ini, RM5.59 bilion diagih dan 23,543 projek bernilai RM1.75 bilion sedia untuk dilaksanakan. - Bernama

New, Slimmer Government Cabinet for (ONE) Malaysia

Ucapan Dato' Seri Mohd Najib bin Tun Abdul Razak, Perdana Menteri Malaysia ke-6 Mengenai Pembentukan Kabinet Baru

Bismillahirrahmanirrahim

Assalamualaikum Warahmatullahi Wabarakatuh dan salam sejahtera

KERAJAAN BARU, SATU MALAYSIA

Najib bersama dengan Muhyiddin mengumumkan barisan kabinet yang baru di Putrajaya, hari ini

Terlebih dahulu saya mengucapkan rasa syukur dan sukacita kerana dapat bersama saudara dan saudari pada petang yang bersejarah ini bagi mengumumkan keputusan pembentukan kabinet baru.

KABINET BARU, KEUTAMAAN BARU

Mutakhir ini, saya telah banyak bertukar-tukar pendapat dengan pelbagai lapisan masyarakat dan rakyat di pelbagai kedudukan untuk mendengar keluh kesah, pandangan serta kehendak mereka yang mendambakan pembaharuan juga perubahan. Mesej yang jelas, adalah mereka inginkan sebuah kerajaan yang responsif terhadap keperluan rakyat hari ini, dalam masa yang sama bersiapsiaga menumpah khidmat kepada generasi mendatang.

Alhamdulillah, saya berasa gembira kerana telah memilih 28 orang pemimpin bagi membentuk kabinet baru. Mereka telah menyatakan semangat dan kesungguhan untuk berbakti. Justeru, saya yakin kesemua mereka berkongsi iltizam yang padu bagi memacu negara ke arah kecemerlangan. Inilah saf dan pasukan yang kita harapkan menjadi cerminan kekuatan serta wajah kemajmukan Malaysia melalui Barisan Nasional, yang mewakili semua rakyat dari setiap penjuru dan pelosok….Satu Malaysia.

Selanjutnya, apa yang paling mustahak berkaitan Kabinet baru ini adalah prinsip-prinsip dikongsi bersama yang akan dipamerkan melalui:

I. Nilai integriti dan piawai / standard yang tinggi untuk mengekalkan kepercayaan rakyat.

II. Bakat dan kebolehan yang sangat diperlukan dalam menempuh saat-saat yang amat mencabar kontemporari ini.

III. Ketaatsetiaan dan kepatuhan kepada parti, kerajaan terutamanya kepada tanah air.

IV. Kebersungguhan dan bersemangat tinggi demi membina sebuah negara yang berdaya saing menempuh abad baru.

Sehubungan yang demikian, kita akan terus berusaha membina sebuah kerajaan untuk semua rakyat. Kerajaan yang akan berbakti untuk memenuhi keperluan rakyat dengan jalan:

I. Memperbaharui ekonomi negara untuk menangani kesan kemelesetan ekonomi global serta mencipta penyelesaian apabila mendepani cabaran perubahan struktur yang akhirnya berupaya menonjolkan potensi sebenar kita.

II. Membangunkan sebuah masyarakat yang bersatu padu dan diperkukuhkan atas dasar kepercayaan serta sikap saling hormat menghormati.

III. Membasmi kemiskinan dan meningkatkan pendapatan sebenar untuk semua.

IV. Memperkasakan sistem pendidikan nasional.

V. Melibatkan setiap rakyat Malaysia dalam proses politik negara dan melebarkan wacana nasional.

PENDEKATAN BARU DALAM PENTADBIRAN KERAJAAN

Sesungguhnya, Kabinet baru ini bukan sahaja merupakan satu pasukan baru dengan wajah baru, malah ia sebenarnya satu penyusunan semula peranan dan portfolio. Kabinet ini turut menjadi tanda kepada satu pendekatan baru pentadbiran kerajaan yang lebih telus, bertanggungjawab serta berfokus mendahulukan rakyat.

Untuk maksud tersebut, saya akan memulakan usaha ini dengan memperkenalkan satu paradigma yang akan memacu prestasi dan pencapaian. Kita akan menggunakan pendekatan Petunjuk Prestasi Utama (Key Performance Indicators) secara menyeluruh. Petunjuk tersebut akan menekankan impak, bukannya ‘input’; hasil, bukannya ‘output’ dan akan memastikan penyampaian perkhidmatan awam yang berbaloi (value for money). Petunjuk tersebut akan mencerminkan keutamaan strategik negara dan akan dipantau oleh sebuah unit baru yang akan dipimpin oleh seorang Menteri di Jabatan Perdana Menteri.

Bagi merealisasikan hal ini, saya mahukan agar para Menteri serta pegawai-pegawai kanan Perkhidmatan Awam dipertanggungjawabkan terhadap pencapaian masing-masing bersandarkan petunjuk prestasi tersebut. Manakala setiap Timbalan Menteri berjumlah 40 orang semuanya akan diberi ruang tugas yang khusus. Saya akan mengarahkan setiap Menteri untuk menyediakan KPI yang jelas merangkumi perincian tanggungjawab berkaitan tugas mereka serta timbalan masing-masing dalam masa 30 hari dari sekarang. Inilah hasrat besar saya meletakkan matlamat sedemikian supaya kabinet baru ini benar-benar menggalas tanggungjawab seperti yang diamanahkan oleh rakyat.

Dengan dibantu oleh Menteri yang berkaitan, saya akan memantau pengurusan petunjuk prestasi agar ia berjalan dengan lancar. Seterusnya untuk makluman semua, saya akan terlibat secara peribadi dan langsung untuk mengkaji prestasi semua Menteri pada setiap 6 bulan. Makanya, bilamana prestasi didapati tidak memenuhi piawai, saya dan Menteri berkenaan serta penjawat awam yang berkaitan akan merungkaikan sebarang halangan yang menyekat prestasi mereka itu. Sememangnya pun inilah pendekatan saya sejak dulu lagi dalam mencapai transformasi melalui kepimpinan yang berasaskan prestasi.

Apa yang paling mustahak ialah saya mahu memastikan agar struktur kerajaan akan memenuhi keperluan rakyat sebaik mungkin. Ia juga sebagai sebuah kerajaan yang diperkemaskini khusus bagi memastikan penyampaian khidmat awam yang lebih berkesan seiring dengan tuntutan zaman baru serba mencabar ini.

Oleh itu, saya telah memutuskan untuk mengurangkan bilangan kementerian dalam Kabinet baru ini. Dua kementerian telah dibubarkan dan fungsi mereka diserap oleh kementerian lain yang sedia ada.

Sebuah kementerian yang dinamakan Kementerian Tenaga, Teknologi Hijau dan Air telah ditubuhkan dengan mandat memajukan konsep pembangunan mapan serta pengamalan teknologi hijau.

Saya juga telah melantik seorang Menteri yang bertanggungjawab bagi perpaduan di Jabatan Perdana Menteri sekaligus turut bertanggungjawab bagi pengurusan prestasi. Portfolio baru ini akan mengamalkan pendekatan yang kreatif ke arah pembentukan perpaduan nasional bersesuaian dengan konsep Satu Malaysia, Rakyat Didahulukan, Prestasi Diutamakan.

Di atas segalanya, pemulihan ekonomi serta pembinaan kemakmuran jangka panjang menjadi keutamaan tertinggi bagi kerajaan baru ini. Oleh itu saya akan menerajui usaha mulia ini demi memperbaharui ekonomi negara dengan bantuan sebuah pasukan yang terbukti berpengalaman untuk bekerja demi Malaysia.

Usaha pembaharuan ekonomi ini akan melibatkan penubuhan sebuah Majlis Penasihat Ekonomi yang akan melaporkan terus kepada saya. Majlis ini akan memberikan khidmat nasihat pakar yang bersifat bebas dan objektif mengharungi suasana ekonomi yang cukup mencabar dan berusaha membina asas sebuah ekonomi berpaksikan inovasi. Jawatan kepada Pengerusi Majlis Penasihat Ekonomi ini adalah bertaraf Menteri.

Selain itu, bagi memastikan agar aset terpenting negara iaitu modal insan terus dimanfaatkan sebaiknya, Timbalan Perdana Menteri diamanahkan memimpin sebuah pasukan yang akan menumpukan usaha ke arah menggilap potensi dan menyerlahkan bakat yang ada di negara kita.

Saya amat yakin dan percaya bahawa usaha pembaharuan negara perlu bermula dengan pembaharuan kerajaan; sebuah Jemaah Menteri yang baru, dengan tanggungjawab yang baru serta struktur yang baru.

Pesanan saya kepada Jemaah Menteri yang baru dilantik; beringatlah bahawa rakyat mengharapkan agar kita bekerja tanpa jemu, sentiasa mendengar rintihan mereka dan terus bekerja tanpa henti demi komitmen kita terhadap Satu Malaysia. Begitulah juga bahawa kita telah diberi penghormatan untuk berkhidmat kepada rakyat dan negara, lantas kita seharusnya menerima penghormatan tersebut dengan penuh rasa rendah diri dan dedikasi.

Kepada para pegawai perkhidmatan awam Malaysia yang cemerlang, nyatanya khidmat saudara/saudari sangat dihargai dan amat penting bagi kemakmuran jangka panjang negara. Kerajaan baru ini akan meletakkan keperluan yang bertuntutan tinggi dan penuh komitmen terhadap jawatan yang disandang. Lantaran kami meminta saudara dan saudari semua bersama kami; melengkapi komitmen kami untuk bekerja dan berganding mencurahkan sepenuh tenaga kepada rakyat.

Kepada rakyat Malaysia, terimalah cabaran saya…terutamanya golongan muda..untuk bersama-sama memadu tenaga ke arah pembaharuan negara.

Kita harus memahami bahawa era kerajaan yang bertindak mengawal secara keterlaluan dan mengamalkan sikap ‘kerajaan lebih mengetahui’ (government knows best) sudah berlalu. Kita akan hanya mampu mencapai cita-cita untuk Malaysia apabila kerajaan serta rakyat bersama-sama bersatu tenaga membina sebuah negara yang aman makmur.

Hakikatnya, kita masih berhadapan dengan banyak halangan. Akan tetapi saya sentiasa percaya bahawa tiada masalah yang wujud di negara ini yang tidak dapat ditangani dengan kehebatan, keupayaan, kemahiran dan bakat yang dimiliki oleh rakyat kita.

Oleh itu, marilah bersama kami. Marilah bersama pasukan bersemangat ini. Bersama kita terokai perjalanan hebat untuk memperbaharui negara tercinta ini hingga menjadi kisah pencapaian yang membanggakan buat kita suatu hari nanti. Insya-Allah.

Wabillahi Taufiq Walhidayah Wassalamualaikum Warahmatullahi Wabarakatuh. Sekian terima kasih.


THE FULL LIST AS PUBLISHED BY THE STAR: Najib names 28-member Cabinet (Update 6):

NEW CABINET LINE-UP:

Prime Minister and Finance Minister 1: Datuk Seri Najib Tun Razak

Deputy PM and Education Minister: Tan Sri Muhyiddin Yassin

Ministers in Prime Minister’s Department
Unity and Performance Management: Tan Sri Dr Koh Tsu Koon
Law and Parliament: Datuk Seri Mohamed Nazri Aziz
Religious Affairs: Brig. Gen. (Rtd) Datuk Jamil Khir Baharum
Economic Planning Unit: Tan Sri Nor Mohamed Yakcop

Deputies: Datuk Liew Vui Keong, Senator Datuk Dr Mashitah Ibrahim, Datuk SK Devamany, Ahmad Maslan, Senator T. Murugiah

Finance
Datuk Seri Najib Tun Razak
Finance Minister II: Datuk Ahmad Husni Hanadzlah
Deputies: Datuk Chor Chee Heung, Datuk Dr Awang Adek Hussein

Education
Tan Sri Muhyiddin Yassin
Deputies: Datuk Wee Ka Siong, Datuk Puad Zarkashi

Transport
Datuk Seri Ong Tee Keat
Deputies: Datuk Abdul Rahim Bakri, Datuk Robert Lau

Home
Datuk Seri Hishammuddin Hussein
Deputies: Datuk Wira Abu Seman Yusop, Jelaing Mersat

Information, Culture, Arts and Communications
Datuk Seri Dr Rais Yatim
Deputies: Datuk Joseph Salang Gandum, Senator Heng Seai Kie

Energy, Green Technology & Water
Datuk Peter Chin Fah Kui
Deputy: Noriah Kasnon

Plantation Industries and Commodities
Tan Sri Bernard Dompok
Deputy: Datuk Hamzah Zainuddin

Rural and Regional Development
Datuk Seri Shafie Apdal
Deputies: Datuk Hassan Malek, Datuk Joseph Entulu

Higher Education
Datuk Seri Khaled Nordin
Deputies: Dr Hou Kok Chung, Saifuddin Abdullah

International Trade and Industry
Datuk Mustapa Mohamed
Deputies: Datuk Muhkriz Mahathir, Datuk Jacob Dungau

Science, Technology and Innovation
Datuk Dr Maximus Ongkili
Deputy: Fadillah Yusof

Natural Resources and Environment
Datuk Douglas Uggah Embas
Deputy: Tan Sri Joseph Kurup

Tourism
Datuk Seri Dr Ng Yen Yen
Deputy: Datuk Seri Sulaiman Abdul Rahman Abdul Taib

Agriculture and Agro-based Industries
Datuk Noh Omar
Deputies: Johari Baharum, Rohani Abdul Karim

Defence
Datuk Seri Dr Ahmad Zahid Hamidi
Deputy: Datuk Dr Abdul Latif

Works
Datuk Shaziman Abu Mansor
Deputy: Datuk Yong Khoon Seng

Health
Datuk Seri Liow Tiong Lai
Deputy: Datuk Rosnah Rashid Shilin

Youth and Sports
Datuk Ahmad Shabery Cheek
Deputies: Datuk Razali Ibrahim, Wee Jeck Seng

Human Resources
Datuk Dr S. Subramaniam
Deputy: Datuk Maznah Mazlan

Domestic Trade and Consumer Affairs
Datuk Seri Ismail Sabri
Deputy: Datuk Tan Lian Hoe

Housing and Local Government
Datuk Kong Cho Ha
Deputy: Lajim Ukin

Women, Family and Community Development
Datuk Seri Shahrizat Abdul Jalil
Deputy: Datin Paduka Chew Mei Fun

Foreign Affairs
Datuk Anifah Aman
Deputies: Datuk Lee Chee Leong, Senator A. Kohilan Pillai

Federal Territories
Datuk Raja Nong Chik Zainal Abidin
Deputy: Datuk M. Saravanan


Malaysian Supplementary Supply Bill 2009 a.k.a. RM60B Economic Stimulus Package 2009-2010 (tabled on Tuesday, 10 MAR 2009)

Note that this RM60-Billion ~ US$16.24 dollars fund allocation, IN ADDITION to the RM7 billion plan unveilled last November 2008, is the BIGGEST EVER at about 9% of the current GDP - "implementation of such a large stimulus package is unprecedented in the nation's history." (Najib Razak, 10 MAR 2009)

SPEECH BY

YAB DATO’ SRI MOHD. NAJIB TUN ABDUL RAZAK
DEPUTY PRIME MINISTER AND
MINISTER OF FINANCE

IN INTRODUCING
THE SUPPLEMENTARY SUPPLY (2009) BILL 2009


IN THE DEWAN RAKYAT
10 MARCH 2009



Mr. Speaker Sir,

I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for
additional expenditure for the service of the year 2009 and to appropriate that sum for
certain purposes for that year” to be read a second time.

2. This Additional Operating Allocation for the year 2009 is tabled in accordance with
Article 100 and 101 of the Federal Constitution, for the approval of expenses not provided for
or not fully provided for in 2009 Budget, which was approved by this august House.

3. The impact of the current global economic crisis, which originated from the sub-prime
financial turmoil in the United States (US) in mid-2007, has since widened and deepened.
After almost two years into the global financial crisis, we are yet to see signs of stability in the
financial sector or recovery in the advanced economies. In fact, more than half the major
world economies, in particular the US, the euro area and Japan, are in recession and
experiencing the worst economic contraction since the Great Depression of the 1930s.

4. Although developed countries have announced large economic stimulus packages
exceeding USD3 trillion, including substantial amounts to bail out their financial institutions
and large corporations, these measures have yet to restore consumer and investor
confidence. The latest statistics indicate that the unemployment rate in the US is at 8.1%, the
highest since 1983.

5. These negative developments have already impacted our economy in the fourth
quarter of 2008. Exports and industrial output have deteriorated and investments declined.
Consumer sentiment has also been adversely affected. As a result, Gross Domestic Product
(GDP) growth was significantly lower at 0.1%, compared with an average of 6.3% in the first
9 months of the year. The decline was mainly due to the contraction in export value of 13.4%.
The fall in exports has adversely affected economic growth, particularly the manufacturing
sector, which contracted 8.8%.

Read more below, as available for download and/or print:







  • What your say? How can this RM60-Billion economic stimulus plan affect you, your neighbors, your areas or your state too?

  • How can it be improved, or made more efficient?

From YAB Dato' Seri Mohd Najib bin Razak:
Moments ago, I had just tabled the Second Stimulus Package, otherwise known as the Mini-Budget, at Parliament. For the benefit of my fellow Malaysians, I have included here a summary of the package in the Learn section.

For many of you who have shared your thoughts and suggestions, thank you once again. Some of them have indeed been incorporated or included as a hybrid from your original ideas. Once again, I must ask everyone, as One Malaysia, to set aside our differences and work together in the same direction. Our collective effort and hard work will be pivotal in overcoming this economic hurdle and shaping a stronger nation.

The summary from 1malaysia.com.my:

Mini Budget

March 10, 2009

• The Mini Budget of RM60 billion, the biggest ever stimulus package unveiled by the government, accounting for 9 per cent of the GNP will be implemented over two years – 2009 and 2010.
• Of the total:

1. RM15 billion is fiscal injection,
2. RM25 billion guaranteed fund
3. RM10 billion equity
4. RM7 billion PFI and Off-budget
5. RM3 billion in tax incentives
• This is in addition to the RM7 billion first stimulus package announced on Nov 4, 2008 and the RM206 billion budgeted for 2009.
• The Mini Budget or the second stimulus package has been necessitated by the worsening of the global economy. The IMF has revised its forecast for the world economy downwards from 2.2 per cent to 0.5 per cent for 2009.
• Many countries are already in recession. The US is forecast to register negative 1.6 per cent growth this year; UK negative 2.8 per cent; Japan negative 2.6 per cent.
• South Korea, Taiwan and Singapore are already in recession and the forecast for this year is negative – South Korea (-4 per cent), Taiwan (-4 per cent) and Singapore (-4.9 per cent). Singapore’s Minister Mentor Lee Kuan Yew is reported that the island state’s economy could record a -10 per cent.
• India and China, will see their growth moderate to 6.7 per cent and 5.1 per cent respectively – positive growth but considerably slower.
• Malaysia’s growth in 2009 will be between -1 per cent to positive 1 per cent. This is down from the 3.5 per cent forecast earlier which is not sustainable due to the deteriorating global economy.
• Four factors contribute to the slower growth:
1.Malaysia’s open and trade dependent economy affected by the decline in global demand. In January, for example, exports fell 27.8 per cent.(Malaysia highly trade dependent trade as ration to GDP to the tune of 200 per cent)
2.Commodity prices declined sharply especially oil and gas and palm oil.
3.Foreign Drect investment (FDI) flows expected to decline by almost 50 per cent – RM26 billion in 2009 against RM51 billion in 2008, and
4.Fall in the stock market which has a negative impact on the services sector and adversely affects consumer and investor sentiments.
• With the increased stimulus package, the budget deficit will rise to 7.6 per cent in 2009, an increase from 4.8 per cent. It is still lower than the high of 16 per cent recorded in 1982. High liquidity in the domestic market will help finance the deficit and it will not crowd out the private sector.

• Four main budget strategies:
1.Reduce unemployment and increase job opportunities (RM2 billion allocation from the RM60 billion)
2.Reduce the rakyat’s burden and impact on the vulnerable (RM10 billion)
3.Assist the private sector (RM29 billion), and
4.Build capacity for future growth (RM19 billion)
• Implementing the strategies:-
-163,000 training and job opportunities in both public and private sector. Training programmes to be implemented by government agencies, the private sector including GLCs and private training institutions.
-Eight different training programmes have been identified.
-Tax exempt for companies that employ workers who have been retrenched including those whose services were terminated via VSS
-Government to recruit 63,000 employees and contract workers
-Opportunities for higher education with financial assistance
-Reducing dependence on foreign labour

• Reducing the rakyat’s burden and impact on the vulnerable:
-Government committed to eradicating hard core poverty by 2010.
-Government subsidy totals RM34.1 billion or 22 per cent of operating expenditure in 2008. Of this RM18.1 billion is oil subsidy, RM6 billion in the form of assistance for students, the vulnerable and poor, RM3 billion in food subsidy and RM7 billion other forms of assistance.
-Government allocated RM674 million in subsidy to check price increase of essential food items, e.g. bread, sugar and flour and another RM480 million to prevent a hike in toll rates.
-Without government subsidy sugar price would be higher by 47 sen a kilo; flour 60 sen a kilo higher and bread 26 sen higher for a 400 gramme loaf.
-Government set aside RM27.9 billion in 2009 for various subsidies.
-Assist house buyers with tax relief on interest payment
-Improving public infrastructure
-Enhancing and improving education facilities, including the national, Chinese, Tamil and mission schools
-Micro credit facilities for fishermen and farmers
-RM5 billion savings bond (syariah based) with 5 per cent return a year, payable every quarter. Minimum investment of RM5,000 and maximum of RM50,000.

• Assisting private sector in facing the crisis:
-RM5 billion fund for working capital guaranteed by government
-Fund to assist companies to restructure and promote green technology
-Easier access to capital market – SC to reduce time-to-market and assist companies to raise funds more efficiently and cost effectively. SC to introduce six different measures for this purpose.
-Reducing cost of doing business
-Attracting High Net Worth individuals and professionals
-Support for the automotive and aviation industries and boost for tourism industry.

• Building capacity for future growth:
-RM5 billion restructuring fund – Government guarantee for those companies who embark to increase their productivity, high value added and application of green technology. Maximum loan of RM50 million over 10 years.
-Additional RM10 billion available to Khazanah for investments over two years in domestic industries with high impact and to generate new employment
-Off budget projects valued at RM5 billion identified including LCCT at KLIA, Penang Airport expansion, High Speed broadband and covered walkway in golden triangle.
-PFI: The government to assist private sector and provide the “tipping point” for private sector initiative.
-Liberalising services sector to attract more investments, expertise and strengthen competitiveness of the sector which currently accounts for 55 per cent of GNP and has potential to increase contribution to 70 per cent as in developed nations.
-FIC to adopt more liberal approach to attract more foreign investments. Government working on new guidelines for FIC.
-Strengthen and stress on “value for money” in government procurement. ePerolehan to be encouraged to enhance transparency in management of government procurement

• Conclusion:
-Comprehensive strategies and measures in the package
-Cannot rely on orthodox policies. Government committed to innovative policies to deal with global crisis.
-Malaysia’s banking and financial sector is strong and not affected by the global financial crisis and therefore able to support and finance the stimulus package.
-Lessons learnt from the 1997-1998 crisis strengthened the corporate sector which is in a better and stronger position to face the crisis.
-It will be a deep and prolonged global recession. All must join forces – including those across the aisle and the private sector – to put the nation on a stronger economic footing.

Read more from dozens of media sources, as of 7pm, about three hours after the bill was tabled:

Malaysia unveils $16.3 bln budget boost as economy sags
Forbes, NY - 32 minutes ago
By Razak Ahmad and Liau Y-Sing KUALA LUMPUR, March 10 (Reuters) - Malaysia on Tuesday unveiled new spending worth 60 billion ringgit ($16.27 billion) over ...
Malaysia Announces US$16.2 Bln Second Stimulus Package
RTT News, NY - 46 minutes ago
(RTTNews) - Tuesday, the Malaysian government announced a second stimulus package worth 60 billion ringgit or US$16.2 billion. ...
Govt stimulus package at RM60b
The Edge Daily, Malaysia - 57 minutes ago
KUALA LUMPUR: The government has proposed RM60 billion stimulus package to be implemented in 2009 and 2010 which will account for almost 9% of GDP. ...
HIGHLIGHTS-Malaysia unveils 60 bln rgt stimulus plan
Alibaba News Channel, NEW YORK - 59 minutes ago
KUALA LUMPUR, March 10 - Following are the highlights of the 60 billion ringgit ($16.27 billion) economic stimulus announced by Deputy Prime Minister Najib ...
Malaysia announces $16.2 bln stimulus package
People's Daily Online, China - 59 minutes ago
Malaysia announced on Tuesday a 60 billion ringgit (about 16.2 billion US dollars) stimulus package in an attempt to fight against looming economic ...
RM60-Billion Stimulus Package To Face Economic Downturn
Bernama, Malaysia - 1 hour ago
KUALA LUMPUR, March 10 (Bernama) -- The government today unveiled its second economic stimulus package totalling RM60 billion, comprising initiatives and ...
Relief for rakyat and SMEs
The Malaysian Insider, Malaysia - 1 hour ago
By Shannon Teoh KUALA LUMPUR, March 10 - Deputy Prime Minister Datuk Seri Najib Razak said that growth in the country will be slashed to between minus one ...
Package To Boost Private Sector Activities
Bernama, Malaysia - 1 hour ago
KUALA LUMPUR, March 10 (Bernama) -- The government's second economic stimulus package worth RM60 billion includes a wide array of measures to assist the ...
Malaysia Unveils $16.2 Billion Economic Stimulus
Sin Chew Jit Poh, Malaysia - 1 hour ago
Malaysia's Finance Minister Najib Razak announces the new plan for economy at the parliament in Kuala Lumpur, Tuesday, 10 March 2009. ...
Malaysia Unveils $16.14 Billion Stimulus Plan
Wall Street Journal - 1 hour ago
By LEE-FUN CHEW KUALA LUMPUR, Malaysia -- Malaysia's government Tuesday unveiled a bigger-than-expected 60 billion ringgit ($16.14 billion) stimulus plan to ...
FlashGovt stimulus package at RM60b
The Edge Daily, Malaysia - 1 hour ago
KUALA LUMPUR: Government will implement a stimulus package totalling RM60 billion over the next years, Deputy Prime Minister Datuk Seri Najib Razak said. ...
Malaysia Unveils Second Stimulus Plan as It Predicts Recession
Bloomberg - 2 hours ago
By Soraya Permatasari and Ranjeetha Pakiam March 10 (Bloomberg) -- Malaysia’s government announced an additional 60 billion ringgit ($16.3 billion) in ...
Malaysia announces 16.2 billion dollar stimulus package
AFP - 2 hours ago
KUALA LUMPUR (AFP) — Malaysia on Tuesday unveiled a stimulus package worth 16.2 billion dollars but warned the export-driven economy could still shrink by ...
FACTBOX-Asian palm producers revive biofuels on price slump
Alibaba News Channel, NEW YORK - 2 hours ago
KUALA LUMPUR, March 10 - Worried that palm oil prices could slide further amid strict European environment regulations for biofuel imports, top producers ...
FACTBOX-Industry analysts call the palm oil market
Alibaba News Channel, NEW YORK - 2 hours ago
KUALA LUMPUR, March 10 - Planters, traders and consumers in the palm oil industry are gathering in Kuala Lumpur for Bursa Malaysia's annual palm oil ...
Malaysia unveils $16.2 bln economic stimulus plan
Jakarta Post, Indonesia - 2 hours ago
AP , Kuala Lumpur | Tue, 03/10/2009 3:43 PM | Business Malaysia's government has unveiled plans to inject a massive 60 billion ringgit ($16.2 billion) to ...
2nd stimulus package: Various incentives for retrenched workers
New Straits Times, Malaysia - 2 hours ago
Employers who hire retrenched workers will enjoy double tax deduction on the amount of remuneration paid, said Finance minister Datuk Seri Najib Razak. ...
(Adds spending announcement details)
guardian.co.uk, UK - 2 hours ago
KUALA LUMPUR, March 10 (Reuters) - Malaysia on Tuesday unveiled new government spending worth 60 billion Malaysian ringgit ($16.27 billion) over two years ...
Malaysia Plans 60 Billion-Ringgit Stimulus Plan Over Two Years
Bloomberg - 2 hours ago
By Ranjeetha Pakiam and Soraya Permatasari March 10 (Bloomberg) -- Malaysia’s government will implement a 60 billion-ringgit ($16.3 billion) stimulus ...
Malaysia unveils $16.2 billion economic stimulus plan
International Herald Tribune, France - 3 hours ago
AP KUALA LUMPUR, Malaysia: Malaysia's government unveiled a massive 60 billion ringgit ($16.2 billion) economic stimulus package, but acknowledged the ...
RM60 billion stimulus for next two years
The Malaysian Insider, Malaysia - 3 hours ago
By Shannon Teoh and Lee Wei Lian KUALA LUMPUR, March 10 - Deputy Prime Minister Datuk Seri Najib Razak announced today a RM60 billion stimulus package as he ...
RM60bil for stimulus package (updated)
Malaysia Star, Malaysia - 3 hours ago
KUALA LUMPUR: Deputy Prime Minister Datuk Seri Najib Tun Razak tabled an RM60bil “mini budget” (see below) as part of the second economic stimulus package ...
Malaysia's future PM to spend heavily as growth sours
Alibaba News Channel, NEW YORK - 4 hours ago
KUALA LUMPUR, March 10 - Malaysia's prime minister in waiting is set to unveil billions of dollars in extra spending on Tuesday to steer the country through ...
CPO hits RM2,001 per tonne at midday
Malaysia Star, Malaysia - 5 hours ago
PETALING JAYA: Crude palm oil (CPO) hit RM2,001 per tonne at midday Tuesday ahead of the Malaysian Palm Oil Board’s monthly release of figures including ...
Question On Size Of Mini Budget To Be Answered This Afternoon
Bernama, Malaysia - 5 hours ago
KUALA LUMPUR, March 10 (Bernama) -- The question as to the size of the second stimulus package or the mini budget will be answered this afternoon when it is ...
Malaysian Ringgit Surges To 11-day High Against Dollar
RTT News, NY - 5 hours ago
(RTTNews) - In Asian deals on Tuesday, the Malaysian ringgit jumped to an 11-day high against the dollar on speculation a second public spending program to ...
Malaysia to unveil multi-billion-dollar stimulus package
Channel News Asia, Singapore - 5 hours ago
KUALA LUMPUR - Malaysia's government is to unveil a multi-billion-dollar stimulus package Tuesday as it attempts to arrest the export-driven economy's slide ...
Malaysian Government to spend billions
Thaindian.com, Thailand - 6 hours ago
The Malaysian government announced that it will be spending billions of dollars to help due to the bad economy status and seeks to set our a new spending ...
Mini-Budget By Najib Tuesday Afternoon
Sin Chew Jit Poh, Malaysia - 7 hours ago
KUALA LUMPUR: Deputy prime minister cum finance minister Datuk Seri Najib Tun Razak will table the mini-Budget at Dewan Rakyat at 4.00 pm Tuesday. ...
Malaysia plans big spending to aid ailing economy
Forbes, NY - 9 hours ago
KUALA LUMPUR, March 10 (Reuters) - Malaysia's deputy premier looks set to spend heavily when he announces a new package later on Tuesday designed to help ...

Malaysia to spend billions more in new budget - source
Reuters India, India - 10 hours ago
KUALA LUMPUR, March 10 (Reuters) - Malaysia's government is to announce it will spend billions of dollars to help prop up the economy when it sets out new ...
Can RM50 billion ward off recession? Maybe not
The Malaysian Insider, Malaysia - 11 hours ago
KUALA LUMPUR, March 10 – The Malaysian government is set to announce its largest ever stimulus package of more than RM50 billion this afternoon. ...
Malaysia-Market factors to watch March 10
Reuters India, India - 11 hours ago
KUALA LUMPUR, March 10 (Reuters) - Following is a list of events in Malaysia and the region, as well as news stories and press reports which may influence ...
Parallels between Razak and Najib
New Straits Times, Malaysia - 11 hours ago
TOWARDS the end of one of his meetings with editors a few weeks ago, Datuk Seri Najib Razak was casually asked how he felt about his impending ascension to ...
The inherent risks of price prognosis
Hindu Business Line, India - 17 hours ago
Mumbai, March 9 It is that time of the year when major players in the global vegetable oil market congregate in Kuala Lumpur for the palm oil price outlook ...
Malaysians' hopes pinned on 2nd stimulus package
The Edge Daily, Malaysia - 22 hours ago
Prime Minister and Finance Minister Datuk Seri Najib Razak will unveil a mini-budget in Parliament March 10 aimed at stemming the tide of closure of ...
Malaysia Plans Second Stimulus Package to Fight Slump
Bloomberg - Mar 9, 2009
By Stephanie Phang March 9 (Bloomberg) -- Malaysia may unveil tax cuts, public spending and other measures totaling more than 30 billion ringgit ($8 ...
PREVIEW-Malaysia's PM in waiting readies key budget
Reuters - Mar 8, 2009
By David Chance KUALA LUMPUR, March 9 (Reuters) - Faced with the worst economic conditions since the 1998 Asian financial crisis and mounting political woes ...
Malaysia to unveil new economic stimulus plan
Channel News Asia, Singapore - Mar 7, 2009
KUALA LUMPUR: Malaysia will this week unveil a second stimulus plan worth up to US$9.4 billion in a bid to prevent its export-driven economy sliding into ...


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Worth to note that on earlier on 5 MAR 2009, Forbes published a comment from AmResearch in response to an AP article "Malaysia plans $2.7 billion economic stimulus" as follows:

AmResearch in a recent report estimated the government needs at least 40 billion ringgit ($11 billion) in increased spending, or five percent of gross domestic product, to prevent the economy from contracting this year.

It said the manufacturing slump would continue until September.

AmResearch urged the government to consider making 2008 a tax-free year to ease the public's burden and give cash or introduce a cash-bonus system for middle and low-income workers, families with school-going children, and farmers.

Clearly, the tabled amount for RM60-billion or 9% of GDP is already about 50% more than suggested by AmResearch. The call for a tax-free 2008 and cash bonuses would be nice though.

Bahasa Malaysia version is also available at ICT Penang: Pakej Rangsangan Ekonomi Malaysia 2009-2010.

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