Monday, May 22nd, 2017

 

Wall Street opens higher as oil prices, defence stocks rise

NEW YORK, May 22 — Wall Street gained in early trading today, helped by higher oil prices and as defense stocks rose after a US$110 billion (RM473.5 billion) arms deal between the United States and Saudi Arabia. Oil prices were up about 0.6…


Malaysia e-fund transfers almost quadrupled from 2011 to 2016

KUALA LUMPUR, May 22 — Malaysia’s Interbank GIRO (IBG) and Instant Transfer (IBFT) grew almost four-fold to 257 million transactions in 2016 from 66 million in 2011. Bank Negara Malaysia (BNM) Governor Datuk Seri Muhammad Ibrahim said the…


[HOT] Bank Negara’s MyClear merges with MEPS to form PayNet

KUALA LUMPUR, May 22 — Bank Negara Malaysia’s (BNM) wholly-owned unit, Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), has merged with Malaysian Electronic Payment System (MEPS) to form Payments Network Malaysia Sdn Bhd (PayNet)….


Ringgit closes higher on positive outlook

KUALA LUMPUR, May 22 — The ringgit closed higher against the US dollar today on the back of positive micro economic factors versus the gloomy macro geo-political climate, said dealers.  At 6 pm, the local unit was quoted at 4.3030/3060 against…


Bursa closes higher on oil gains

KUALA LUMPUR, May 22 — Bursa Malaysia ended slightly higher today in cautious trading mode, supported by gains in crude oil prices and buying in blue chip stocks led by Petronas-related companies and Genting Malaysia, dealers said. The…


‘I think of myself as a fool and seek to learn wherever I can’

THIS week we get thoughts and views from private equity investment house Goldis Bhd chief investment officer Colin Ng

How has your life experience made you the leader you are today?
Some people only see problems to every solution. I prefer to see solutions to every problem. Say what you mean and mean what you say. I think a true leader must be able to lead by example.

What traits do you look for in your talent or how do you decide who is right for a job?
Ability to work independently, ability to find solutions and an internal drive to grow and learn. The more a person chooses to learn, the more opportunities for career growth I would entrust upon him or her.

How do you think the industry you are in will evolve in the future?
– Property sector has evolved and continue to evolve with many new concepts and innovative products coming to the market

– Private equity / new investments deal flows in Malaysia is pretty limited and for the most part, I find these deals to be quite lacklustre. I hope that new ideas and new businesses can sprout from Malaysia, that could be a game changer globally

– World moves at terabyte speeds now, and one must keep abreast of evolving trends and technologies. Having said that, new trends can also become obsolete just as quickly.

What advice can you offer those looking to start their career/own business?
I do come across a lot of young people that wish to start their own businesses or have started their own businesses. My advice is to get some experience under your belt before embarking on some new ideas. Only with some experience, can you have the solid foundation to build a new business.

We all know about the industrial revolution, are we in for a technological revolution? Your thoughts.
We have been in a tech revolution since the second world war. And in the past two decades, we have seen the power of the world wide web and the global collective intelligence available in the palm of our hands.

When Tun Mahathir first launched the Multimedia Super Corridor, Malaysia was abuzz with “convergence”. Data, voice, video in one device. We hold that now in the palm of our hands every day.

How has mentorship made a difference in your professional life?
Family mentorship has been integral in my entire life. Work/life ethics was drilled into me since I was young by my family. In my professional life, a few mentors have played a significant role in shaping who I am. Namely the achievements of Datuk Tan Chin Nam (of IGB Corp Bhd) and my chairman Tan Lei Cheng.

From Chin Nam, I learnt never to assume. From Lei Cheng, I learnt to think a step ahead, always.

What do you want to accomplish in the next five years?
Any achievement is driven on teamwork and a collective intelligence to move ahead. We hope to achieve ground breaking new ideas for the various sectors that the group of companies invests in.

Best piece of advice you ever got on your career.
Probably from my mom. When she told me “sometimes you need to work twice as hard to be recognised for half as much. Always try to work smarter”.

Most admired business leader? Why?
Warren Buffet for his quiet humility and his amazing ability to invest in trends.

How do you stay abreast of issues affecting your industry?
I stay abreast by observing trends in properties overseas when I travel, newspapers, websites, social media, industry publications. It's frustrating that sometimes we see trends in property sector overseas, but the approving authorities in Malaysia is behind time. Hence it makes it difficult for us to roll out new concepts, as improving the by laws can be time consuming and quite a nightmare to navigate.

If you could have an hour with any thought leader in the world, who would it be and why?
Dalai Lama. Whilst I am a Christian, I do respect what the Dalai Lama has stood for over the years. Quiet humility and steadfastness in standing up for what he believes against a super power. Preaching love, tolerance and peace, transcends race, religion, political alignments. “Before we were Christians, Buddhists, Muslims, Jews, we were human. The funny thing is that we still are… we have just forgotten it”

What has been the biggest challenge you have faced ? and what did you learn from it?
I embrace challenges. I rarely seem them as obstacles, but as opportunities to learn and grow.

What was the most outlandish business proposal you have ever heard of?
Building an island bridge to Indonesia

What man made innovation confounds you? Why?
Puma Punku in Bolivia. To this day, science cannot explain the site and the precision engineering that even today, science cannot replicate. Underwater cities, that is set to re-write the history of man. 10,000 year old civilisations that are submerged under hundreds of feet of water. Who built them, what happened to them.

Malaysia's greatest brand.
AirAsia. A global brand, established on a vision. Gone against the government's norms and controls and established itself as a profitable global brand.

A must-read for every business owner/manager is ..
Marketing and strategies formulation. Before there are sales, there needs to be the fundamentals of marketing

How do you expect policies on climate change to impact businesses in the future?
Goldis built the first green certified building in Malaysia, before there were Malaysian standards. GTower was the catalyst for the Malaysian property industry to gravitate towards more sustainable buildings.

Climate change issues impact on all aspects of our lives and businesses and public-private partnership is essential in addressing issues related to climate change. It is not a luxury, but a real threat to the existence of humanity on this earth in the near future. For effective policies to be enacted, there has to be consensus from all stakeholders, namely government, industries & consumers.

What are the top three factors you would attribute to your success?
I think of myself as a fool and seek to learn wherever I can. Only a real fool will think they know everything.

God gave us two ears and one mouth, therefore, listen twice as much as you speak. Difficult roads, often lead to beautiful destinations, so persevere in what you do and do it well.

Tell us a joke.
Middle age is when work is a lot less fun and fun a lot more work.


Asia ministers in push for China-led free trade pact

HANOI, May 22 — Asian trade ministers met today to hammer out the terms of a massive China-led pact that has taken centre stage as Washington pulls away from regional free trade deals in favour of bilateral agreements. The 16-nation Regional…


Founder of China’s LeEco steps down amid cash crunch

HONG KONG, May 22 — The founder of LeEco, a Chinese Netflix-to-Tesla-like conglomerate, has stepped down as the CEO of the group’s main listed unit, as the company begins to streamline and cut debt after rapid expansion led to a cash crunch….


Bank Negara international reserves at US$97.3b as of May 15

KUALA LUMPUR, May 22 — The international reserves of Bank Negara Malaysia (BNM) amounted to US$97.3 billion (equivalent to RM430.5 billion) as at May 15, 2017 compared to US$96.1 billion (equivalent to RM425.2 billion) registered as at April 28,…


RBS tries for last-minute settlement before investor court case, sources claim

LONDON, May 22 — Royal Bank of Scotland (RBS) has tried to reach a last-minute settlement with a group of investors who allege that the lender misled them over a 2008 capital increase, according to two people close to the matter. A successful…