Isnin, 31 Oktober 2011

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Gas Malaysia IPO may be priced at RM2.20

Posted: 31 Oct 2011 06:29 PM PDT

MMC Corp, a Malaysian power and ports company, said its Gas Malaysia Bhd unit may sell shares at RM2.20 apiece in an initial public offering.

The total net proceeds to be accrued to MMC is estimated at RM300.9 million, Kuala Lumpur-based MMC said in a statement last night.

MMC's effective stake in Gas Malaysia will be diluted to 30.9 percent from 41.8 percent after the IPO, it said. -- Bloomberg

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Jerneh Asia jumps on Kuok buyout offer

Posted: 31 Oct 2011 06:20 PM PDT

Jerneh Asia Bhd, a Malaysian company which sold its insurance stake, rose to its highest in more than three months in Kuala Lumpur trading after Kuok Brothers Sdn Bhd made a buyout offer at RM1.45 each.

The stock climbed 3.7 percent to RM1.41 at 9:03 a.m. local time, set for its highest close since July 18. -- Bloomberg

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Badminton: Chong Wei needs new game plan

Posted: 31 Oct 2011 05:17 PM PDT

2011/11/01
Ajitpal Singh
ajitpalsingh@nst.com.my


IT is time for Lee Chong Wei to work on new strategies in the wake of his defeats to China's Chen Long in the finals of the Japan and Denmark Opens.

Despite his victory over the World No 2 in Paris, en route to winning the French Open, the 29-year-old must avoid defeat in future events as he cannot afford to be beaten by a second China shuttler, apart from Lin Dan, on a regular basis ahead of next year's London Olympic Games.

BA of Malaysia (BAM) high performance director Datuk James Selvaraj said Chong Wei needs to work on a surprise element in his game to remain superior over Chen Long.


"Chen Long plays like Lin Dan but is more deceptive due to his age and height. And this is dangerous," said James yesterday.

"Chong Wei's inability to beat Lin Dan is more psychological but as for Chen Long, he is losing because this shuttler is playing better."

According to James, China coaches have devised a new strategy for their players to adopt when playing Chong Wei.


"They are telling their players to avoid net plays and also to send the shuttle to the corners against him.

"In my personal view, Chong Wei must add a twist to his game by adding cross court strokes. I need to discuss this with his coach Tey Sue Bock," said the former international.

James was also concerned with Chong Wei's fitness as he noticed that the player was breathing heavily against Chen Long in the final of the Denmark Open.


"He was breathing hard. I believe it is the age factor as Chen Long is younger. Chong Wei needs to work on his fitness.

"He should also limit his participation in tournaments as we need him to be free from injuries for the London Olympics," he said.

Chong Wei has three tournaments -- Hong Kong Open, China Open and Macau Open -- left this year but James would prefer if he withdraws from one event.

"I think it would be too taxing if he plays in all three. I need to bring this up with Chong Wei," he added.

BAM must also check on Koo Kien Keat-Tan Boon Heong's form following their back-to-back early round defeats in Europe.

If the World No 5 continue to play below par, the former All England champions can forget about winning a medal at the Olympic next year.

Sunday's French Open Results (all finals) -- Men's singles: Lee Chong Wei (Mas) be Kenichi Tago (Jpn) 21-16, 21-11; Doubles: Jung Jae Sung-Lee Yong Dae (Kor) bt Cai Yun-Fu Haifeng (Chn) 14-21, 21-15, 21-11; Women's singles: Wang Xin (Chn) bt Li Xuerui (Chn) 21-15, 21-19; Doubles: Wang Xiaoli Wang-Yu Yang (Chn) bt Tian Qing- Zhao Yunlei 26-24, 21-15; Mixed doubles: Joachim Fischer Nielsen-Christinna Pedersen (Den) bt Xu Chen-Ma Jin (Chn) 21-17, 21-14.

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Golf: Lewis to light up Iskandar Johor Open

Posted: 31 Oct 2011 05:11 PM PDT


Tom Lewis won the recent Portugal Masters.

Tom Lewis won the recent Portugal Masters.

HE may not be a household name among golf fans on this side of the world yet but rookie Tom Lewis makes an exciting name to watch at this year's Iskandar Johor Open after his remarkable win at the recent Portugal Masters.

Lewis, 20, chalked up his maiden professional win at the Portugal Masters in only his third professional appearance, equalling the record for fastest professional title win at three and bettering Tiger Woods who won in his fifth and Rory Mcllroy who captured his first title at the 38th time of asking.

"I didn't expect my first win to come this soon at all," said Lewis who birdied five of his last seven holes to take the title by two strokes. "It's very much a relief not to have to go to the Tour School at the end of the year."


With the win, the Englishman secured his European Tour card for the next two years, leapt 455 places on the Official World Golf Rankings to 166th and also jumped to third place on The Ryder Cup points table, as well as entering the all-important top 60 of The Race to Dubai.

"I've not thought about the money -- I was thinking about winning," Lewis said of his incredible week where he had 22 birdies and only one bogey in the last 52 holes.

"I've got a long way to go. I'm nowhere near the player I want to be, so I'll put this win behind me at the end of the year and start fresh next year."


Lewis burst onto the world stage at The Open Championship last July when he shot an opening round 65 to take the lead, becoming the first amateur in more than 40 years to accomplish such a feat. He eventually finished in a tie for 30th and was awarded the Silver Medal for low amateur.

Lewis then played a part in the victorious Britain & Ireland Walker Cup side before joining the professional ranks, producing a top-ten finish in his first event at the Austrian Golf Open and making the cut at the Alfred Dunhill Links Championship.

On the back of such meteoric rise, Lewis may even be worth a few punts to clinch the US$2 million (RM6.2 million) championship when he tees it up at Horizon Hills Golf & Country Club Nov 17-20.


The fifth edition of the Iskandar Johor Open boasts a stellar field -- with multiple major winner, Padraig Harrington, defending his title against big names including eight-time Europeans No 1, Colin Montgomerie. Other big names include Camilo Villegas, Anthony Kim, Henrik Stenson and Thongchai Jaidee.

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FESTIVE SURPRISE

Posted: 30 Oct 2011 09:12 AM PDT


In line with the state government's aim to create a caring community, Juita brought cheer to 100 needy families in conjunction with Deepavali

FIFTH-former Vanisree Sashi Kumar, 18, lives with her grandmother and goes to school in Pasir Gudang.

This teenager loves children and aspires to be a nurse. Aware that her mother, Vimala Kannaiah, 41, works hard to earn a living, Sashi is diligently studying to achieve her ambition, and hopes to make their lives more comfortable someday.


Iswari Rajendran, 19, works at a playschool in Johor Jaya and is taking child-education training courses to improve her skills.

She lives with her mother, Puspalatha Sambasivam, 34, and grandmother, Nagamah Rangasamy, 62, a diabetic who needs to use a wheelchair because of a recent fall.

These women were among 100 low-income families at the Deepavali event organised by Juita, in cooperation with JPMM DUN Permas (the coordinating body for the Permas state constituency), MIC Tebrau and MIC Pasir Gudang on Oct 16.


Single mothers and their children, the underprivileged and handicapped, all supported by Juita, gathered in the Multi-purpose Community Hall in Permas Jaya to receive Deepavali goodwill gifts.

Arriving in wheelchairs, on crutches and, for the blind, with the help of family members, the recipients happily received their gifts from Professor Datin Paduka Dr Jamilah Ariffin, Juita's President and wife of Johor Menteri Besar Datuk Abdul Ghani Othman.

Juita, also known as Badan Amal Tenaga Isteri Wakil-wakil Rakyat Negeri Johor, is an NGO actively involved in community welfare projects for women and children in Johor.


Its members are wives of Johor State Assemblymen, State Executive Office members, members of parliament and Senators, as well as Assemblywomen and female State Executive Council members.

In line with the Johor State Government's aim to create a caring community through holistic development, Juita has implemented 13 welfare projects in Johor initiated by Jamilah since 1995.

Utilising the concept of "smart partnerships," the projects helping needy single mothers and children are the result of cooperation between state departments, NGOs and the private sector.

Jamilah said Juita's 13th project, the Educational Incentive Project, is an on-going effort with the Johor Education Department.

In this project, poor, deserving students of all races in the districts in Johor receive educational incentives.

This year, selections were made from among Standard 5 students who achieved first to seventh positions in their class.

Next year, Standard 6 students achieving first to fifth positions will be rewarded with incentives as Juita continues to challenge students to raise the bar of excellence in their studies.

Juita's 14th project aims to provide aid to the Orang Seletar indigenous people in various villages in Johor.

Jamilah said Juita plans to upgrade community halls, improve jetties, provide skills training and paint homes.

She encouraged corporations and socially responsible individuals to contribute to a RM 1 million trust fund so that the indigenous people would benefit from its dividends.

"I guarantee that the trust is secure," she said,, citing a similar trust fund established for the Sinar Juita Children's Shelter, a home for abused children and abandoned babies.

She said the dividends from the trust fund had helped to pay for the university education of deserving students and for the maintenance of buildings.

In view of the current trend of single parents leaving their children in the care of grandparents to work full-time, Jamilah said Juita's next project will be to teach grandparents how to care for their grandchildren.

With the nation's aging population on the rise, the younger generation will also be taught to take care of the elderly.

She urged those who did not live with their parents to go home and celebrate festivals with their elderly relatives as it meant a great deal to them.

Juita distributed RM200 each to 10 recipients.

Gifts in kind, totalling RM4,000, were presented to each recipient in the form of a beautiful sari for the festive season.

In addition, the MIC Divisions of Tebrau and Pasir Gudang gave away 5kg bags of rice and food hampers consisting of items such as cooking oil, canned food and biscuits.

Also present at the event were Johor MIC chairman Datuk K. S. Balakrishnan, M. Asojan, Johor State Unity, Human Resources, Science, Technology & Innovation chairman M. Asojan, members of parliament, MIC representatives and Juita members.

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Hair salon visit

Posted: 30 Oct 2011 08:10 AM PDT

2011/10/30
By Ahmad Fairuz Othman


DURING his youth, Alias Kanom used to visit a hair salon that belonged to the parents of one of his classmates.

It was the beginning of his fascination with hairdressing, and the impetus for a career that now spans 20 years.

"I used to follow my classmate to her parents' salon after school," said Alias, 41, who owns Zulhandam hair studio at Plaza Seni in Johor Baru.


"Her father would cut the male customers' hair, while her mother did the women.

"This classmate continues to run the family business in my hometown of Sungai Rengit, Pengerang."

After completing school, Alias obtained a certificate for attending a year-long hairdressing course at the now-defunct Youth Skills Centre in Bukit Senyum, Johor Baru.


He was 21 when he began working for a hair salon in Kompleks Tun Abdul Razak in Jalan Wong Ah Fook. He later switched to another salon at the City Square shopping mall.

In 2006, Alias ventured out on his own to open the Zulhandam hair studio. The name is a combination of Arabic and Latin phrases that mean to step out in style.

"I am 100 per cent passionate about what I do, because my customers entrust their heads to me. I must give my best to them."


Though the majority of Alias's customers are men, he provides a separate space for women.

He said the most popular hairstyle for men now was the mohawk, with slope gantung (hanging slope), in which thick hair at the back covers a closely cropped slope. He said women's styles were much more varied.

Zulhandam's rate for a cut for short hair is RM9, while children are charged RM6.

A cut and black hair colouring is RM40, while a cut and other colouring is RM50.

Haircuts for women are priced at RM12 and above, while a haircut and colouring is RM60.

Rebonding is priced at RM100. A wash and cut is priced between RM15 and RM20, while wash only for short hair is RM8.

Zulhandam hair studio is at Lot 79, Level One, Plaza Seni, Jalan Wong Ah Fook, Johor Baru. It is open daily from 11am to 9pm.

Call 017-736 3181 or 013-736 8983, for details.

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Ahad, 30 Oktober 2011

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Construction workers injured in mishap

Posted: 30 Oct 2011 11:03 PM PDT

2011/10/31
By Nadirah H. Rodzi
news@nstp.com.my


SUNGAI BULOH: Three construction workers were seriously injured when parts of a three-storey house in Jalan Love Lane near here collapsed this morning.

Petaling Jaya district police deputy chief Superintendent Meor Hamdan Meor Mohd said police received a distress call at 9.20am.

"At the time of the incident, there were five of them working. We believe that three of them were at the corridor on the third floor. Out of the blue, it collapsed.


"We are investigating if the owner of the house has a valid permit to renovate his premise," he said.

The victims, aged 35, 39 and 50 were rushed to Sungai Buloh Hospital. Another two were rescued unharmed.

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Guard killed during heist

Posted: 30 Oct 2011 10:49 PM PDT

2011/10/31
By Hariz Mohd
news@nstp.com.my

PETALING JAYA: A security guard was shot dead during a heist at the Universiti Malaya Medical Centre here this morning.

The incident unfolded at 10.35am when the 23-year-old security guard and his two colleagues had just collected money from the hospital, when they were set-upon by two robbers.

The robbers astride on a motorcycle fired several shots towards security guards' four-wheel-drive vehicle.


Brickfields district police chief ACP Wan Abdul Bari Wan Abdul Khalid said the victim received two gunshots on his left rib, while his two colleagues were uninjured.

"The robbers fled with an orange gunny sack containing about RM160,000 cash. "The victim was rushed into the medical centre's emergency unit, where he succumbed to his injuries minutes later," he said.

The victim's body was sent to Kuala Lumpur Hospital for post-mortem. The New Straits Times which went to the scene of the crime, saw three bullet holes in the security company's vehicle.


Two bullet holes were found in the front passenger's window, where the victim was seated, and another was found near the window of the left hand side of the passenger's side of the vehicle.

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Golf / CIMB Asia Pacific Classic: Bo strikes gold at Mines

Posted: 30 Oct 2011 05:14 PM PDT

2011/10/31
By Devinder Singh
devinder@nst.com.my


HAVING briefly given up golf, Bo Van Pelt is surely thanking his lucky stars he returned to the game after hitting his biggest payday when he romped to a six-stroke victory in the CIMB Asia Pacific Classic yesterday.

Van Pelt, who held a slender one-shot lead over Jeff Overton after three rounds, had twice before blown 54-hole leads but he never looked like surrendering his advantage this time.

Instead, the American sank seven birdies to return a seven-under 64, his second of the week at the Mines Resort and Golf Club, to claim the top prize of US$1.3 million (RM4 million) with a tournament record 23-under 261 total to eclipse Ben Crane's winning total of 266 last year.


Van Pelt, 36, claimed his second US PGA Tour title with his win but it all nearly did not pan out when he gave up golf 15 years ago while still in college.

"In college (Oklahoma State University), I was not playing very well and I quit the game, gave my clubs away and never thought I'd return to golf.

"I was a sophomore about 20 or 21 at the time and I just didn't have it in my heart anymore. I just didn't want to put in the work and there was nobody going to tell me to practise.


"Even though I loved the guys on my team, I didn't pick up a club for two months. But then I got the itch to play again and my coach welcomed me back with open arms.

"He said it was the best thing I ever did and I have to say he's probably right," said Van Pelt, who turned professional in 1998.

Yesterday, Van Pelt was always a step ahead of Overton with the two Indiana golfers birdieing the third hole before the leader extended his lead to three when he birdied the next hole while his rival dropped a shot.


Overton reduced the gap to two with a birdie on the ninth hole but, after both again birdied the 11th, lost ground with two bogeys on the 12th and 13th with Van Pelt holing a birdie on the latter hole to open a five-shot lead.

Five became six with another birdie on the 14th and Van Pelt matched Overton's birdies on the 15th and 17th to comfortably cruise home to pick up his trophy from Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin.

"I played well and I didn't make any bogeys. I tried to stick to my game plan all week. I had a chance to win a couple of times this year but I didn't come out on top.

"I wanted to do a better job when I was having the lead and I took a lot of satisfaction with the way I played today," said Van Pelt, who was making his tournament debut.

Van Pelt vowed to return next to defend his title, something he has never done after he was unable to defend his maiden win at the 2009 US Bank Championship when the tournament was scrapped.

"It has been great. I didn't come last year and I heard everyone had a great time here. It is hard, having three small kids at home so during the off season I enjoy my time at home.

"Luckily my wife and caddy talked me into coming this year and I wanted to come and do my best. We had a great time," added Van Pelt, who will put his winning prize money into a college fund for his children.

Overton, the halfway leader, was in full praise of Van Pelt after going around in 69 for a 267 total, one shot ahead of Sweden's Fredrik Jacobson (68).

"That was one of the best rounds of golf I've seen. I didn't play a great round, I played a solid round. I kind of had a couple of hiccups. He birdied some holes that I bogeyed and those were huge momentum shifters.

"At the end of the day, the guy played one of the rounds of golf anybody has all year," said Overton, who remains winless on the PGA Tour after finishing runner-up for a fifth time.

Cameron Trigale matched Van Pelt's 64 as he sank nine birdies against two bogeys to surge into a tie for fourth on 269 alongside fellow American Mark Wilson (69) and Colombian Camilo Villegas (66).

SCORES

FINAL ROUND
(US unless stated)

261 Bo Van Pelt 66-64-67-64
267 Jeff Overton 67-62-69-69
268 Fredrik Jacobson (Swe) 65-64-71-68
269 Cameron Tringale 66-68-71-64, Camilo Villegas (Col) 69-66-68-66, Mark Wilson 67-66-67-69
270 John Senden 67-70-68-65, Ryan Palmer 71-65-67-67, Vijay Singh (Fij) 72-64-66-68
271 Jeev Milkha Singh (Ind) 69-69-67-66, Jerry Kelly 69-66-69-67, Jason Dufner 70-67-65-69
272 Brandt Snedeker 71-68-67-66, Robert Allenby (Aus) 63-72-70-67, Stewart Cink 67-66-71-68, Jimmy Walker 66-67-71-68, Chris Kirk 71-65-67-69, Danny Chia (Mas) 71-65-66-70
273 Ricky Barnes 69-71-66-67
274 Kiradech Aphibarnrat (Tha) 70-67-72-65, Jonathan Byrd 69-68-69-68, Ben Crane 69-68-68-69
275 Spencer Levin 70-67-72-66, Tommy Gainey 68-70-70-67, Jhonathan Vegas (Ven) 64-69-72-70
276 Kyle Stanley 68-69-72-67, Thongchai Jaidee (Tha) 68-71-68-69
277 Jbe Kruger (Rsa) 70-70-72-65, Rory Sabbatini (SA) 68-70-73-66, Chinnarat Phadungsil (Tha) 70-66-72-69
278 Stuart Appleby (Aus) 72-67-71-68, Brendon De Jonge (Zim) 68-72-70-68, Scott Stallings 67-72-70-69, Chez Reavie 69-71-67-71
279 David Gleeson (Aus) 73-71-70-65, DA Points 71-68-71-69
280 Carl Pettersson (Swe) 68-67-78-67, Brian Davis (Eng) 71-71-71-67, Lucas Glover 71-70-71-68, Siddikur Rahman (Ban) 68-73-68-71
281 Tetsuji Hirarsuka (Jpn) 70-72-72-67
286 Charley Hoffman 69-73-75-69, Brendan Steele 74-73-70-69
288 Chan Yih-Shin (Tpe) 72-70-74-72
291 Shaaban Hussin (Mas) 72-72-75-72, Angel Cabrera (Arg) 73-73-69-76
293 SSP Chowrasia (Ind) 75-71-74-73
Withdrew Ryan Moore 71-68-79

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Golf / CIMB Asia Pacific Classic: Above par performance

Posted: 30 Oct 2011 05:10 PM PDT

2011/10/31
By Devinder Singh
devinder@nst.com.my


Danny Chia goes for the green in the final round of the CIMB Asia Pacific Classic at the Mines Resort yesterday. — Picture by Yazit Razali

Danny Chia goes for the green in the final round of the CIMB Asia Pacific Classic at the Mines Resort yesterday. — Picture by Yazit Razali

THERE were no fireworks from Danny Chia in the final round yesterday but plenty of determination and grit enabled the Malaysian to finish a respectable joint-13th at the CIMB Asia Pacific Classic.

The 39-year-old Danny settled for a one-under 70 to end the week on 12-under 272 total, 11 shots behind the winner Bo Van Pelt, in a six-way tie for 13th.

It was never Danny's intention to go for the jugular despite starting the day five strokes off the lead, rather to finish the day as well as he could.


Two bogeys on the par-four sixth and ninth holes cancelled out birdies on the third and 10th before gaining another shot on the 17th for his one-under round.

"Whenever I go out, I only start to look at the leaderboard with three or four holes to finish to see where I stand. I did not want to challenge the leader as I wasn't hitting great.

"It was probably one of the wisest moves of my career. I just wanted to play my own game and lots of times I try to play the percentages," said Danny, who went home with US$85,000 (RM260,000) for his four days of work at the Mines Resort and Golf Club.


His performance this week has certainly given him a lift after struggling on this year's 2011 Asian Tour where he ranks 48th on the Order of Merit.

"It's a big confindence booster, I've learnt so much about myself. I told myself it won't be easy out there today (yesterday). It was difficult to score, I accepted that. I had a couple of good days but today I didn't get lucky on the greens.

"I think being patient is the key to doing well this week. Before, I was really aggressive on the tee box in trying to reach the green all the time.


"Here on some holes which I didn't like, I'd tee off on the three-wood and it didn't matter if I had a six-iron to the green as long as I gave myself a look on the greens," added Danny, who was making his debut in the tournament.

Danny also revelled in the atmosphere of the home crowd and handled the pressure well having previously faltered under huge expectations.

"It has been a great week. It's been fantastic playing with PGA Tour players, it's one of my dreams to play with them.

"I felt the whole country behind me and it was not easy to perform to expectations but I felt I did not let them down," added Danny.

While Danny had a tournament to remember, Shaaban Hussin had one to forget although he did avoid repeating his last-placed finish of last year.

Shaaban, however, fell short of his top-20 aim after ending his round with a one-over 72 for a seven-over total of 291 for joint-45th with Argentina's Angel Cabrera.

"I'm disappointed I didn't hit my goal but it is okay because I'm still learning. It would have been nice to finish in the top-20 but I learned a lot playing with PGA Tour players," said Shaaban, who earned US$42,500 for his effort.

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Genting rises, NY casino sees US$800m revenue

Posted: 30 Oct 2011 06:28 PM PDT

Genting Bhd rose to its highest level in almost three months after its Malaysian casino operator said the Resorts World Casino New York is expected to generate US$800 million in revenue next year.

Genting climbed 1.1 percent to RM10.72 at 9:16 a.m. local time in Kuala Lumpur trading, set for its highest close since Aug. 4.

Genting Malaysia added 1.1 percent to RM3.84. -- Bloomberg

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Lynas says slight construction delay

Posted: 30 Oct 2011 06:13 PM PDT

Lynas Corp said first feed of rare earth ore to its Malaysia refinery won't occur until early during the first quarter of next year due to slight construction delays.

The company is waiting to receive a pre-operational licence to then commence shipments from its mine in Western Australia, it said in a regulatory filing. -- Bloomberg

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Sabtu, 29 Oktober 2011

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Student missing after going to school

Posted: 29 Oct 2011 10:02 PM PDT

PADANG SERAI: A Form Two student of Sekolah Menengah Kebangsaan Lunas here, Nur Ainina Adila Muhd Zuki, has been reported missing after going to school last week.

Her father, Muhd Zaki Jahaya, 46, who is Kampung Perenggan Federal Village Development and Security chairman, said Nur Ainina Adila was sent to school, which was about three kilometres away, at about 11.30am on Oct 24 on a motorcycle by a neighbour, Rosnah Ahmad, 46, who was paid to do so.

He said Nur Ainina Adila was found missing when Rosnah went to pick her up after school about 5.30pm the same day.


"Rosnah waited for 30 minutes and then contacted my wife, Hajar Othman, 44, when my daughter still did not appear," he told reporters at his house at Kampung Perenggan, Lunas here today.

Muhd Zuki said he lodged a missing person's report on her daughter, the youngest of four siblings, about 9.45pm the same day after failing to find her.

He urged those with information on her daughter to contact him at 019-5253307 or his wife (019-5033091) or the nearest police station. -- BERNAMA

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Dr M: Continue with Look East policy

Posted: 29 Oct 2011 09:53 PM PDT

LANGKAWI: Former Prime Minister Tun Dr Mahathir Mohamad said Malaysia and other Islamic countries should look to other Eastern countries and not the West as a model for their development.

He said he believed he made the right decision in introducing the "Look East" Policy of emulating work ethics and business techniques from Japan and South Korea during his tenure as the prime minister.

"Right now, there are so many problems with Western countries. The problem in the West is that they have borrowed too much and cannot repay. You cannot have that kind of a country as a model.


"If you see countries like (South) Korea, Japan and China in the East ... China has US$3.2 trillion in reserves. They are swimming in money. Korea can come up with major products better than that produced by companies in the West.

"Japan, as you know, is a country which lost a war ... totally destroyed but as it rebuilt itself, it become the second biggest economy in the world. If you want to copy or learn something, learn from the successful people, not from the failures," he said during a question-and-answer session at the Third Langkawi Islamic Finance & Economics International Conference (LIFE 3), here.

The three-day conference, with the theme "Islamic Banking and Finance: Waqaf, Zakat and Sadakah as Community Empowerment and Strategies for the Economic Transformation of the Ummah", began yesterday.


Dr Mahathir said one could not learn much from the West because it was a total failure.

"So, we should continue to look to the East and not to the West. The West is going bankrupt," he said.

He also said that he was personally against socialism because it would make everyone poor.


"For capitalism, it is the way to prosper the country. If we look around, capitalist countries seem to be so rich, that even workers can drive big cars. But people can become extremely greedy ... wanting more and more money without thinking about the consequences.

"They borrow and borrow until they cannot pay and they are all bankrupt. Greed will cause this. Today, we are seeing failed countries in the developed world. It is because countries like Greece are so indebted ... borrowing more than 200 per cent of their GDP (Gross Domestic Product)," Dr Mahathir added. -- BERNAMA

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