Gamuda announced that it has entered into a sale and purchase agreement to acquire a piece of leasehold land measuring 104.1ha in Kuala Langat for RM392.2m (RM35 psf). The acquisition is expected to be completed by 2Q15.

An extension to Kota Kemuning. The parcel of land is located 2km from Kota Kemuning, an area where Gamuda has managed to successfully develop into a mature township. Given its close proximity, the said land will be developed as an extension to Kota Kemuning, in what we believe will be a mixed township development. We expect Gamuda to leverage on its success with Kota Kemuning to promote this development.

The news that Gamuda is negotiating with SAB on the Kumuning land could be TRUE!

I believe...bursa will down for another 2-3 days......as Petronas Dagang and Gas still trade at PE of more than 20......

should wait until RM1.50.....

i believe ministry of finance has a bigger problem to deal with - 1MDB,... thus no time to save DRB.....furthermore, now DRB is privately owned, no valid reason to save them....

good job! Mr. Chak..

ACTION speak louder than word.....DRB need to send the best CEO to lead PROTON......

Proton need a CEO can deliver car but not speech...

Ho much confident u have in proton?.....Iriz is doing fine...but other models are not doing so well... Furthermore...I heard they are struggling to produce approx 2000 Iriz as compared to 4000 as planned monthly....So, Sales is good but cannot deliver on time....School holiday is coming still no new car to balik Kampung...

agreed...market is going to crash soon...

In view of the controversies surrounding 1MDB, passing the buck to “The Big Four” is simply not good enough. It creates a misleading impression of the role, scope and limitations of external auditors.

Companies involved in the biggest scandals in financial history employed leading audit firms. Enron was audited by Andersen. Our own BBMB was audited by Touche Ross (later swallowed up by Deloitte who happens to be 1MDBs current auditor). Deloitte was the auditor in the Transmile scandal.

Lehman Brothers the golden boy of investment banking that went spectacularly bankrupt in 2008, was audited by Ernst & Young. It is chilling to remember that Lehmans went bust by selling US$50 billion worth of toxic asset to Cayman Islands banks on the understanding that they would be bought back eventually.

What this created was the impression that Lehman’s had US$50 billion more cash than it did and US$50 billion less toxic assets than it held. All this under the nose of Big 4 Ernst & Young.

Auditors are not infallible, if they were, there would be no financial scandals. Audit firms are businesses like any other and operate within the scope of auditing standards which themselves are not infallible.

Sir, I do not dispute that reopening 1MDBs books is “very laborious task”. The decision whether to take on this task should be determined among other things by the entity’s risk profile and I would like to ask whether you factored these considerations into your decision?

1. 1MDB has gone through 3 of the Big 4 firms in the space of 5 years according to reports in The Star, The Edge and the Singapore Business Times.

2. 1MDBs first auditor was Ernst & Young who resigned without signing a single set of accounts (The Star, The Edge).

3. 1MDBs second auditor KPMG resigned late 2013 (i.e., many months after FY March 2013 ended) without signing off the accounts.

4. 1MDBs third auditor Deloitte issued unusually lengthy notes and critical judgments to the FY 2013 accounts. In the industry this can be termed “Cover Your Back”, disclosing as much detailed information as possible in order to protect your reputational risk in the event of future problems.

5. Add to this 1MDBs unusual and inexplicable late filings of annual reports for FY 2013 and FY 2014. Some of 1MDBs subsidiaries have allegedly not filed accounts since FY 2013.

1MDBs former 100% subsidiary SRC International’s accounts have not been filed since March 2012. This subsidiary is now 100% held by the MOF and has borrowings of RM4bn via KWAP bonds guaranteed by the government. The auditor of SRC in FY 2012 was Deloitte International.

As I explained, auditors are not infallible. They cannot 100% evaluate a company’s financial health.

However, they are trained to watch out for “alarm bells” and evaluate fraudulent and other risk factors.

The question is, why did 1MDB's first two auditors extricate themselves from a lucrative and prestigious government account?

With 1MDBs multiple auditors, late filings, missing subsidiary accounts, I find it astounding that your alarm bells as the Auditor-General of Malaysia have not rung at all.

You as the Auditor-General have extensive powers as enshrined in the Audit Act 1957 including the power to “call upon any person for any explanations and information which the Auditor-General may require in order to enable him to discharge his duties”.

I would like to ask, before dismissing the need for the “laborious task”, did you make any enquiries formal or informal to ascertain the claim and discover the reasons why 1MDB had 3 external auditors in 5 years?

Did you communicate with officials at the MOF to find out why 1MDBs ex-subsidiary SRC, now 100% owned by MOF has not filed accounts since FY March 2012?

With borrowings of RM4 billion from pensions fund KWAP guaranteed by the government, surely this company warrants the interest of the Auditor-General’s office.

In addition to the unusual pattern of 1MDB auditors and annual reports, there is publicly available information which also rings alarm bells and enhance the case for investigation.

1. 1MDB's unusual revaluation policy. 1MDB's revaluation surpluses recorded in the accounts are RM826 million (FY2011), RM569 million (2012), RM2.7 billion (2013) and RM896 million (2014).

Therefore, total revaluation in the last 4 years amounts to a colossal RM4.9 billion. If you deduct this amount from 1MDB's current shareholders funds of RM2.4 billion, 1MDB is in a position of negative equity of RM2.5 billion, i.e., the company would be “balance sheet insolvent”.

I will not go into the applicability of MFRS14, but this begs the question why 1MDB adopted an unusual revaluation policy in contrast to most property developers who book in land at cost or book value?

From -* AH Manaf reads The Malaysian Insider

without government financial support, can Proton survive?? If Proton fail, can DRB survive??

DRB raise RM2bn Sukuk for R&D and new model => Government will NOT pay Proton claim of RM1.7bn anymore??..

RM36 Billion equivalent to 9 Petronas Twin tower or 3 Putrajaya development cost...

i believe Proton is too BIG for DRB to keep as subsidiary...

Bf 2008....we think Lehman brother is too big to fail....GM is too big to fail....

Proton is a "black hole"......DRB has to proposed RM2bil Sukuk to "cover" it....

menang....menang.....menang...!!!!

Lotus is a big hole for Proton; Proton is bigger hole for DRB.... The investor should be cautious of the damages/losses may caused by Proton.

Forget about DRB......I was told the top management is not rewarding their staff based on performance....My friend is working in DRB, their KPI is a "joke"...only less than 30% of the criteria is directly link to individual performance......I believe a company with good management team and system can only doing well in a growing competitive business environment....I will rather Invest in those company with best management team such as gloves companies that compete well in global market...I know we don't have many globally competitive counters Bursa.....

I did not say "printing money" is not good solution...I said it is not a long term solution...ie. US cannot "keep" printing money..

星洲网首頁 > 財經 > 即時國際財經
歐洲經濟下行風險加大
2014-10-17 11:57



（比利時‧布魯塞爾17日訊）歐美日金融市場15日大幅下跌，其中歐洲股市經歷了最近幾個月來的最大跌幅。當天，倫敦股市《金融時報》100種股票平均價格指數下跌2.83%，法國巴黎股市CAC40指數下跌3.63%，德國法蘭克福股市DAX指數下跌2.87%。市場人士認為，市場恐慌氣氛濃厚主要源於歐元區近期經濟表現不佳，投資者對歐元區再次陷入衰退擔憂加劇。

近幾個月來，歐洲經濟一系列數據均表現不佳，從去年起持續數月的疲弱復甦再度面臨下行風險。最新數據顯示，9月歐元區經濟景氣指數降至長期均線100以下，創10個月新低。歐元區通脹率長期在低位徘徊，9月份通脹率繼續下滑至0.3%，至5年低位，反映出消費需求不振。同時，對物價下降的擔憂將進一步抑制消費和投資需求，不利於經濟復甦。

對歐元區經濟火車頭德國經濟的擔憂，也加劇了市場恐慌情緒。德國第二季度經濟出人意料下滑0.2%。分析認為，德國第三季度經濟形勢仍不容樂觀，並可能繼續負增長。而連續兩個季度出現負增長，就表明德國經濟進入衰退。

而第二和第三大經濟體法國和意大利經濟也陷入困境，法國二季度經濟出現零增長，法國政府下調了2014年經濟增速，並宣佈無法實現今年的財政減赤目標。意大利二季度經濟重陷衰退，這是2008年以來的第三次衰退。

為提振經濟，歐洲央行、歐盟委員會以及歐盟財長會紛紛制定和出台政策。歐洲央行近期出台一攬子資產購買計劃，包括定向長期再融資操作、直接購買資產支持證券和擔保債券等。歐洲央行行長德拉吉10日在華盛頓表示願意出台更多寬鬆貨幣政策應對低通脹風險。分析人士認為，央行的寬鬆政策短期內難見效果，市場仍需耐心等待。同時，由於部份成員國如法國、意大利結構改革不到位，貨幣刺激政策的作用也受到抑制。

在貨幣政策難見效和成員國普遍採取財政緊縮措施的大背景下，歐盟領導人一致認為，應尋求通過增加投資來拉動經濟增長。但投資的資金從哪裡來，如何通過公共投資帶動私人投資，歐盟領導人並未給出明確答案。

此外，以希臘為代表的重債國再度面臨考驗。歐盟和歐洲央行對希臘的救助計劃將於今年年底到期，歐洲決策者正討論是否繼續對其救助。雖然該國預計今年經濟能夠重回正增長，但當前歐洲經濟整體疲弱對希臘復甦造成不利影響。

歐洲政策研究中心主任丹尼爾‧格羅斯認為，歐盟近期出台的一系列振興經濟政策成效有限，沒有跡象顯示長期低水準需求導致的通縮威脅和接近歷史高位的失業率問題能夠被解決，因此歐洲有可能陷入經濟停滯，類似日本“失去的十年”的危險境遇正在歐洲成為現實。（新華社）（星洲網）

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Murphy's law: Anything that can go wrong will go wrong.... Year 97, when economics told Asean governments, we were experiencing property bubble and our currencies were over valued... Everybody thought don't worry....it wont happen to our economy... Economy Cycle never fail to go on for last few century... Malaysia market has been "bull run" for almost more than 6 years....Look at Bursa history...this is the longest bull run...

spidee: everybody know that current bull run is supported by US printing money....but, US has to "stop" printing... German PM is not supporting the idea that EU should follow US way to recover their economy...because, we know "printing money" is an unsustainable economic problem solving tools...similar to using steroid to save life.... Now,...US is facing bigger issue on "when and how" to stop that will give minimum impact to the world economy.

Good luck for those who are "brave" enough to believe the market will continue "bull run"....

Ebola is still an on-going big issue, Europe economic don't seems to recover in near future.... I don't see why overnight, Malaysia market should increase more than 10 points... Not rational and no economic sense... The key question is can this market sustain until KSL bonus issue take place.

Asia market is still very soft... Japanese market still goes down more than 100 points....Europe market will be most probably going down....Today is Friday....Over the weekend, anything can happen.... I'm not that positive on overall market sentiment...

what is KSL dividend policy?

why keep going down? any updated news?

Proton vendor (components manufacturer) such as EP manufacturing (7773.kl), Delloyd (6505.kl) and etc have publicly announced that their business and prospect are affected by Proton weakening sales.....Under DRB, there are number of subsidiaries are also components manufacturing such as Hicom Diecasting, Hicom Teck See, Hicom Engineering (closed down), PHN Industries, OSI and etc... Thus, if Proton fail.....DRB will continue to suffer....To me, Proton needs a very competent CEO in "Execution but NOT entertainment" to turn it around. An ordinary, average CEO is never good enough for a company that needs major transformation...

Don't forget components (mainly for proton) manufacturing divison is also core business for DRB, If proton fail to turn around, DRB profitability will be badly affected from this division too....Again, Iriz sales may perform well, other models sales are decreasing since the new CEO took over...Someone from DRB told me, they called him "chief entertainment officer" (please verify yourself)... anyway, I only believe in investing in a company with CEO that put emphasis in in R&D, manufacturing operation, quality assurance, customers services, but not spend too much time in "entertaining".......DRB used to has many talents.....but most of them have left, if not mistaken, UMW and MMC CEOs and few others are from DRB...

They have few excellent CEO candidates with outstanding track records , but they will not get the chance.................I guess "we all know why"....

The main problem is the DRB will not get the "best and suitable" CEO for the jobs......If you happen to have friends working in DRB, then you may able to find out from them.....I sold my DRB share ( thinking of long term investment) after chatting with my Proton/DRB friends..

dr_jogho, may NOT have any positive announcement. Since the new CEO took over, the sales are decreasing significantly (not convenient to reveal the figures, you may check with friends in Proton or its dealers)......Iriz may doing well but other models such as Suprima and Preve are not successful...

This is an excellent and extremely creative video production. Thanks for sharing...Hope more Malaysian especially politicians have the opportunity to view this video and realize that they should STOP manipulating racial issues.

very good article....should be translated to English and Malays....so that more Malaysians realize that the economy is controlled by GLC and UMNO related companies NOT Chinese...

Agreed sosfinance, initially i thought Indonesia will not implement such policy. But after talking to my business associates in Indon. they all confidently confirmed that the foreign ownership policy will definitely be implemented...