Genting Singapore In Cairo - Some Perspective Please


Genting Singapore said on Tuesday that one of its subsidiaries has been selected as the new operator of a casino in Egypt. The firm said Genting Casinos, an indirect wholly-owned unit of Genting UK, has entered into a casino concession agreement with Misr Hotels. Genting UK has been awarded the casino concession for The Nile Ritz Carlton Hotel in Cairo for an initial period of 10 years. It plans to open the new operation under the brand "Crockfords on the Nile".

The move is part of Genting's strategy to expand its casino resort network. It will also strengthen and develop Genting UK's position in the premium market through its key high-end London casino clubs, Crockfords, Colony and Maxims.

The Nile Hotel, located on the banks of the Nile and in the heart of the Egyptian capital of Cairo, will undergo a major refurbishment. The hotel is considered one of the iconic developments in Cairo which has contributed to the Egyptian travel industry since it first opened in 1958.

Renovation work is expected to be completed in early 2012. Genting said the Casino concession agreement is not expected to have any material impact on its earnings in the current financial year.

My Take: If my readers can remember, in September last year I went to Cairo and had a zen moment with my camel boy. Anyway, yes, I did visit the casino as I was just as surprised as anyone that there were casinos in Cairo.

There are about 25 casinos in Cairo already. Each casino has to be within an "approved hotel", usually only one floor or a section of one floor.

All casinos in Cairo are not open to Egyptians but only to tourists, and naturally those of Islamic faith are prohibited as well. Let me tell you that the actual number of people playing there were very few. You almost can have the table all to yourself, and I am not kidding.

Hence all the casinos have less than 10 tables and less than 20 slot machines. The actual impact of having one at Nile Ritz Carlton Hotel is that it will be glitzy, but let me assure you that at any one time you will find less than 20 people playing and you can probably only put in 20 tables max. Anymore tables will just be a waste.

One of the bigger casinos in Cairo is Inter-Casino at the Ramses Hilton Hotel. It has 18 tables and 42 slots. Another is Casino Royal at Movenpick Jolie Ville Resort (yes, Movenpick) with 16 table games and the biggest number of slot machines at 154. The other big one is Taba Hilton & Casino with 19 table games and 76 slot.

Hence people should not be overly excited with the Cairo project, not when there are already 25 operators, and all catering to tourists. This is like adding two gaming tables at Resorts World, seriously folks. The problem is not with Ritz Carlton or Genting, its the number of tourists that actually visit Cairo, and spread that out to over 25 casinos in the one city - that's the problem.

Yes, being with Nile Ritz Carlton is probably the grandest of the lot, and on the Nile some more. But, do you know how many 5-6 star hotels there are on the Nile already - Four Season Cairo Nile Plaza, Intercontinental City Stars, Sheraton, Sofitel, etc... Its just another one.


p/s photo: Fiona Xie

Asian Equities In 2010 - A Survey Of Views & My Take



Will the Rally Continue or Will a Correction Follow?

  • Citi expects 9-14% increase in Asian equities in 2010, with North Asia (especially Korea and Taiwan) outperforming South Asia. Asset market returns slow as a recovery takes hold, as returns underperform expected earnings increases. Technology and bank earnings are outperforming other sectors. The U.S. dollar and U.S. interest rate normalization pose the greatest risks to Asian market liquidity.

  • DBS expects index returns of at least 16%, based on expected 27% earnings growth for 2010 and 16% for 2011, keeping valuations neutral. The low global interest rate environment, expectations of Asian currency appreciation could push markets further. Sectors benefiting from stronger Chinese consumption should outperform and the energy sector is supported by government investment. DBS is overweight China, Taiwan and Singapore, Neutral on India, Hong Kong and Korea while underweight Malaysia, Indonesia and Thailand. U.S. rate normalization is a risk. Taiwan and Singapore have biggest chance for earnings upgrades as expectations have not yet returned to pre-crisis levels given the depth of the economic correction.

  • Upsides: Better-than-expected earnings reports, relatively healthier macroeconomic fundamentals, aggressive fiscal stimulus spending, capital inflows and ample liquidity will have positive impact. Equities are also attractive for foreign investors relative to debt markets amid increasing bond issuance.

  • Downsides: Foreign Institutional Investors concerned about the U.S. economic recovery and global liquidity might resort to profit-taking. Risk about asset bubbles, tightening measures by central banks and rising valuations might affect both domestic and foreign investors.

  • Analyst Johnna Chau, Citi: "Stocks do well when faced with upward revisions" of earnings. South Korea and Taiwan, and sectors like technology, consumer discretionary and materials remain attractive.

  • Analyst Joanne Goh, DBS: Following the strong rally since March 2009, profit taking may lead to a correction (though not severe) due to worries over high valuations, withdrawal of stimulus measures and asset bubbles. Possible macro policy changes in China might bring some volatility in Hong Kong and China. But export-oriented countries with high industrial and technology exposure (Singapore, Thailand, Korea and Taiwan) will benefit during the course of synchronized global recovery.

  • FT's Lex: In the past, Asia's stock market performance was highly correlated with that of western counterparts. However, Asian equities may plot a more "independent course" backed by less leveraged economy, better capitalized banking sector, huge FX reserves and healthier fiscal position.

  • EIU: Given the region's ultimate reliance on exports to the U.S. and EU, investor sentiment will remain susceptible to economic setbacks in those markets.

  • Background

  • As of end April 2009, market capitalization of Asian Pacific markets (US$10.2 trillion) had exceeded that of European markets (US$9.3 trillion, including Africa and the Middle East) as Asian stock prices soared at a faster pace than the European ones.

  • Banks remain the single largest sector in Asian equity markets. However, financials' share has decreased to 20.1% as of June 2009 from 43% in 1975. In opposite, the share of cyclicals has risen to 38.7% (including basic materials, industrials, oil & gas, and technology) from 18% (industrials) in 1975.

  • 2008 Review: The peak-to-trough decline in Asian equities in 2008 of more than 70% for some markets, surpassed the 60% fall in local currency terms during the 1998 Asian financial crisis. Sustained outflows from offshore Asian funds took the total net redemptions during January-October 2008 to a record high such that all money that had flown in during 2007 flowed out.

  • Market Integration: The correlation between U.S. and Asian markets picked up sharply in H2 2008 (peaking in mid-October 2008). However, average correlations for emerging Asian equity markets are generally higher between the region's markets than with U.S. markets.

  • Government intervention: Amid the global credit crisis and capital outflows in Q4 2008, several countries including Taiwan, Pakistan, Vietnam, Thailand intervened in the stock market by narrowing the trading band, introducing stabilization fund to contain volatility, banning short-selling, and directing government funds to buy shares.

  • 10-year government bond yield as of September 7, 2009: Indonesia: 10.6%, Vietnam: 10.0%, the Philippines: 7.9%, South Korea: 5.4%, Malaysia: 4.2%, Thailand: 3.7%, China: 3.5%, Hong Kong: 2.4%, Singapore: 2.5%, Japan: 1.4%.

  • ADB: Most government bond yield curves in the region have steepened and have shifted upward through early-July in 2009, due to surging liquidity as governments issue new debt to finance fiscal stimulus, expectations of future inflationary pressures from increasing liquidity and improving expectation of economic recovery.

  • Many governments seeking to sell bonds to foreign investors including India, Malaysia, Indonesia, Vietnam, Philippines have been met with a tepid response so far due to global factors (risk aversion in EMs in general, credit crunch, flight to safety to U.S. treasuries) and domestic factors (narrowing interest rate differential with the U.S. due to ongoing policy rate cuts by Asian central banks, slowing growth).

  • Rising government bond issues will pose challenges to companies turning to local markets for refinancing and raising new funds as firms already face tight access to credit in domestic and foreign capital markets.

  • Analyst Michael E. Love, Moody's: In developed economies, such as Japan, Korea, Australia and New Zealand, yields on the benchmark 10-year notes have risen as government's tap debt markets to fund fiscal deficits. In emerging markets, yields have varied from country by country, with government borrowing, monetary easing and capital inflows exerting different effects. In Indonesia, the yield on the 10-year note has trended downward as the stock market has surged and the central bank has given strong hints more rate cuts are forthcoming. In Malaysia, Thailand and India, where central banks have less room to cut rates, yields have trended up.

  • During late 2008 and early 2009, heightened global risk aversion and investor redemption from emerging markets have sparked capital outflows from Asia and hence currency depreciation. Since March 2009, however, all major Asian currencies are on an appreciating path, backed by capital inflows, improving liquidity conditions, the weakening U.S. dollar (USD) and sustainable trade balances. However, appreciation has been contained by central bank intervention, undoing the reduction in global imbalances during the crisis and reducing hopes that Asia will give up its currency policy to rebalance domestic and global growth.

  • The YTD currency performance as of October 13, 2009: The best-performers-> Thailand: 4.23%, India: 4.89%, South Korea: 7.36%, Indonesia: 19.81%, New Zealand: 27.54%, Australia: 28.69%. Currencies showing modest gains-> China: 0.03%, Japan: 1.01%, Taiwan: 1.61%, Malaysia: 1.86%, the Philippines: 2.10%, Singapore: 2.68%. The worst-performers-> Pakistan: -4.94%, Vietnam: -2.07%, Hong Kong: -0.01%.

  • Surging equity inflows: Global risk appetite has led to buoyant FII inflows into the Asian equity markets with YTD net inflows of US$14.4 billion as of June 24, 2009, significantly up from US$10.8 billion in H1 2009 and US$9.6 billion in H2 2008 (EPFR via WSJ). Rising but attractive valuations, faster economic rebound and aggressive fiscal and monetary stimulus policies have supported the rally. But any fading of global risk appetite or correction in global equity markets pose risk to Asian currencies.

  • Revival of global carry trade: Attractive yields and appreciation pressure on currencies offer attractive carry trade opportunities in Asia. This is supported by increasing local and foreign currency bond issues by governments to finance the rising fiscal deficits.

  • Economist Johanna Chau, Citi: Expecting that risk appetites sustain and the U.S. dollar remains weak in the near-term, Asian currencies will continue to appreciate, with "inflation/asset price cycle now moving higher."

  • Easing external balances: Asian export growth is still in negative territory though export drop has been easing since March 2009. Imports are contracting more than exports in some countries, containing risks to the trade balances. In some countries, export recovery might lag the recovery in imports and commodity prices, putting pressure on the trade balances.

  • Improving liquidity conditions: The USD liquidity has improved considerably in most countries compared to late 2008. Countries have access to the bilateral and Chiang Mai currency swap agreements as well as aid from bilateral and multilateral agencies and international groups.

  • FT: The real concern for Asia is weak USD, not a weak Chinese renminbi, as it reduces demand for Asian exports. Commodity exporting countries like Australia and Indonesia and tech exporters like Taiwan and South Korea have actually benefited from a weaker renminbi due to increasing demand from China. Manufacturing-based countries, including Malaysia and the Philippines, competing directly with China are at risk.

  • Analyst Philip Wee, DBS: Asian currencies will continue to appreciate, as the magnitude of capital inflows is greater than the size of central banks' interventions.

  • The central banks might use non-monetary measures to contain currency appreciation. Countries like Taiwan, New Zealand, Japan and South Korea have already implemented or hinted at measures to limit capital inflows and control currency conversion by firms and households.

  • Continued intervention is raising liquidity in Asian economies, leading to asset bubbles and inflationary pressures -- a replay of the 2003-07 cycle. The impossible trinity and inadequate sterilization will challenge the monetary policy as central banks will be forced to tighten liquidity and raise rates despite weak private and export demand.

  • Bloomberg: Raising interest rates to contain inflation will make the currencies even more attractive for carry-trades.

  • EIU: Due to weak exports, Asia will allow only a "modest" appreciation of the currencies especially as Chinese renminbi remains effectively pegged to the U.S. dollar. Allowing currency appreciation will help central banks tighten the monetary policy, reduce export-dependence and hence global imbalances.

  • ADB: East Asian currencies would continue to strengthen over time, but near-term outlook is highly uncertain. This is because global investors do not seem to regain pre-crisis level of the risk appetite and economic indicators in the region are still fragile. Comparing current levels of real effective exchange rates with historical averages of the past 20 years, Taiwan dollar, South Korean won and Malaysian ringgit have the greatest potential for appreciation.

  • My Take (which will be elaborated in my later postings): 2010 will still be good for equities in general, including Asian equities. I still see rates being kept low in developed nations, in particular the US, EU, Japan and UK. I also see USD being in a controlled weakening phase (even though you might hear otherwise whenever Obama, Geithner or the Fed try to calm the markets). That is the crux for 2010, weaker USD, which will underpin upside for US stocks, which in turn will rub off well on other markets. However, 2010 will not see as strong a performance as 2009. I still see 20% on average for Asian markets, i.e. FBM KLCI target of 1,500. Malaysia should be the outperformer in 2010 compared to other Asian markets as pressure will mount on ringgit to appreciate, causing surges of hot money into the markets. That needs to be watched diligently by Bank Negara or else we will have a recurring bubble.



    p/s photos: Ishihara Atsumi

    In Anticipation Of Barry Wain's Book


    Book Review: Malaysian Maverick: Mahathir Mohamad in Turbulent Times by Barry Wain

    Written by John Berthelsen
    Friday, 04 December 2009

    Authored by Barry Wain. Palgrave Macmillan, 363pp. Available through Amazon, US$60.75. Available for Pre-order, to be released Jan 5, 2010.

    In 1984 or 1985, when I was an Asian Wall Street Journal correspondent in Malaysia, an acquaintance called me and said he had seen a US Army 2-1/2 ton truck, known as a "deuce-and-a-half," filled with US military personnel in jungle gear on a back road outside of Kuala Lumpur.

    Since Malaysia and the United States were hardly close friends at that point, I immediately went to the US Embassy in KL and asked what the US soldiers were doing there. I received blank stares. Similar requests to the Malaysian Ministry of Defense brought the same response. After a few days of chasing the story, I concluded that my acquaintance must have been seeing things and dropped it.

    It turns out he wasn’t seeing things after all. In a new book, "Malaysian Maverick: Mahathir Mohamad in Turbulent Times," launched Dec. 4 in Asia, former Asian Wall Street Journal editor Barry Wain solved the mystery. In 1984, during a visit to Washington DC in which Mahathir met President Ronald Reagan, Defense Secretary Caspar Weinberger and others, he secretly launched an innocuous sounding Bilateral Training and Consultation Treaty, which Wain described as a series of working groups for exercises, intelligence sharing, logistical support and general security issues. In the meantime, Mahathir continued display a public antipathy on general principles at the Americans while his jungle was crawling with US troops quietly training for jungle warfare.

    That ability to work both sides of the street was a Mahathir characteristic. In his foreword, Wain, in what is hoped to be a definitive history of the former prime minister’s life and career, writes that "while [Mahathir] has been a public figure in Malaysia for half a century and well known abroad for almost as long, he has presented himself as a bundle of contradictions: a Malay champion who was the Malays’ fiercest critic and an ally of Chinese-Malaysian businessmen; a tireless campaigner against Western economic domination who assiduously courted American and European capitalists; a blunt, combative individual who extolled the virtues of consensual Asian values."

    Wain was granted access to the former premier for a series of exhaustive interviews. It may well be the most definitive picture painted of Mahathir to date, and certainly is even-handed. Wain, now a writer in residence at the Institute of Southeast Asian Studies in Singapore, is by no means a Mahathir sycophant. Advance publicity for the book has dwelt on an assertion by Wain that Mahathir may well have wasted or burned up as much as RM100 billion (US$40 billion at earlier exchange rates when the projects were active) on grandiose projects and the corruption that that the projects engendered as he sought to turn Malaysia into an industrialized state. Although some in Malaysia have said the figure is too high, it seems about accurate, considering such ill-advised projects as a national car, the Proton, which still continues to bleed money and cost vastly more in opportunity costs for Malaysian citizens forced to buy any other make at huge markups behind tariff walls. In addition, while Thailand in particular became a regional center for car manufacture and for spares, Malaysia, handicapped by its national car policy, was left out.

    Almost at the start of the book, Wain encapsulates the former premier so well that it bears repeating here: Mahathir, he writes, "had an all-consuming desire to turn Malaysia into a modern, industrialized nation commanding worldwide respect. Dr Mahathir’s decision to direct the ruling party into business in a major way while the government practiced affirmative action, changed the nature of the party and accelerated the spread of corruption. One manifestation was the eruption of successive financial scandals, massive by any standards, which nevertheless left Dr Mahathir unfazed and unapologetic."

    That pretty much was the story of Malaysia for the 22 years that Mahathir was in charge. There is no evidence that Mahathir himself was ever involved in corruption. Once, as Ferdinand Marcos was losing his grip on the Philippines, Mahathir pointed out to a group of reporters that he was conveyed around in a long black Daimler – the same model as the British ambassador used – that the Istana where he lived was a huge mansion, that he had everything he needed. Why, he asked, was there any need to take money from corruption? Nonetheless, in his drive to foster a Malay entrepreneurial class, he allowed those around him to pillage the national treasury almost at will, which carried over into Umno after he had left office and which blights the country to this day.

    Wain follows intricate trails through much of this, ranging from the attempt, okayed by Mahathir, to attempt to rescue Bumiputra Malaysia Finance in the early 1980s which turned into what at the time was the world’s biggest banking scandal.

    In the final analysis, much as Lee Kuan Yew down the road in Singapore strove to create a nation in his own image and largely succeeded, so did Mahathir. Both nations are flawed – Singapore in its mixture of technological and social prowess and draconian ruthlessness against an independent press or opposition, Malaysia with its iconic twin towers and its other attributes colored by a deepening culture of corruption that has continued well beyond his reign, which ended in 2003. Mahathir must bear the blame for much of this, in particular his destruction of an independent judiciary, as Wain writes, to further his aims.

    Mahathir, as the former premier said in the conversation over his mansion and his car, had everything including, one suspects, a fully-developed sense of injustice. He appears to this day to continue to resent much of the west, particularly the British. Wain writes exhaustively of Mahathir’s deep antagonism over both British elitism during the colonial days and the disdain of his fellow Malays (Mahathir’s parentage is partly Indian Muslim on his father’s side), especially the Malay royalty. That antagonism against the British has been a hallmark of his career – from the time he instituted the "Buy British Last" policy for the Malaysian government as prime minister to the present day.

    Robert Mugabe, in disgrace across much of the world for the way his policies have destroyed what was one of the richest countries in Africa, remains in Mahathir’s good graces. Asked recently why that was, an aide told me Mugabe had driven the British out of Zimbabwe and was continuing to drive out white farmers to this day, although he was replacing them with people who knew nothing of farming. That expropriation of vast tracts of white-owned land might have destroyed Zimbabwe’s agricultural production. But, the aide said, "He got the Brits out."

    For anybody wishing to understand Mahathir and the nation he transformed, Wain’s book is going to be a must – but bring spectacles. The tiny type and gray typeface make it a difficult read.

    And a disclaimer: Wain was once my boss. (From Asia Sentinel)

    Can Tiger Surpass Nicklaus' Record?




    Finally, a good sports topic for all to discuss over lunch and drinks. Many business people love golf. I just love to play bad golf (if you know what I mean). Paul Kedrosky's site has an interesting piece on Tiger's ability to surpass Nicklaus' majors record. That has been a fantastic hypothetical topic, particularly in light of Tiger's shenanigans:

    So, Tiger Woods is going to take an “indefinite” amount of time off from golf. Assuming that sooner rather than later Woods comes back to the sport he has dominated for more than a decade – I’m guessing he is back by this year’s Master’s or U.S. Open -- let’s ask the question he likely cares about most: Will Tiger win more major tournaments in what’s left of his career than his idol Jack Nicklaus did in his?

    To refresh your memory, Tiger, who is about to turn 34 years old, has won 14 major tournaments; Jack Nicklaus won 18 majors in his career. Woods has to win five more, for a total of 19, to beat Nicklaus. Given the pace at which Tiger has won major tournaments in the past that might seem an easy task – there are 4 major tournaments a year, and he can probably be competitive into his early 40s.

    I’m not so sure though. First, Woods is 34. Admittedly, 34 today isn’t what 34 was in 1974 when Jack was Tiger’s age. Players today are stronger, fitter and generally have better self-awareness and knowledge of their swing. And yes, even though Nicklaus won most of his tournaments when he was younger than Tiger is now, Nicklaus did win 6 more majors after turning 34. To that way of thinking, Tiger has an edge on Nicklaus and should squeak through, even if he misses a year here.

    woods-nicklaus

    But I’m not convinced. There are at least four reasons to think Tiger won’t surpass Nicklaus' major wins record:

    1. Tiger is increasingly rusty. He missed most of 2008, and played unevenly through chunks of 2009, even if he was close in the majors. That rustiness will only get worse with age and with this latest layoff. By way of comparison, while Nicklaus had hip and back health issues, he was never away from golf in his prime for long stretches the way Tiger has been in his – and Nicklaus still saw a serious decline in his competitiveness and dominance after hitting his mid-30s.
    2. Tiger is roughed-up. His knee is just one example of how he is not the same player physically he was a few years ago. The modern power game takes an immense toll on a player’s body, making the higher level of fitness a wash, at best, compared to players of prior generations who didn’t subject their spines to such violent and twisting centrifugal forces.
    3. Tiger is less focused. Nicklaus wasn’t the same player after he got married and had kids, and he didn’t have the off-course drama that now accompanies Woods. The same thing will happen to Woods, doubly so as he puts more pressure on himself to win knowing that it is actuarially certain he has had more looks at majors already in his career than he will be offered in future.
    4. Tiger plays a tougher field. The field is bigger, closer to parity, and more global now than it was in Nicklaus’ era. There are simply too many wonderful players, most of them younger than Tiger, many who hit it further than he does, and are coming on strong.

    So, I don’t think Woods will do it. He may win a few more majors – he is sufficiently talented that he can win on desire, despite a messed-up mind and a faltering body – but I don’t believe he will ever again be the dominant player he once was. Through mistakes, frailties (both physical and emotional), and more than a little bad luck, I think it’s highly unlikely Woods will win enough majors to pass Jack Nicklaus’ record of 18.

    Another way to compare players is to look at major tournaments won per year by Nicklaus and Woods before and after turning 34 (to pick Woods’ imminent age). Before turning 34 Woods won a major at the record rate of 1.1/yr; the pre-34 Nicklaus won at the rate of 0.9/yr, which is equally impressive. But after turning 34 Nicklaus’ success rate tumbled to 0.5/yr. Assuming something similar happens to Woods, which is probable as he ages, winning another 5 majors could take ten years or more, making him 44 before he passed Nicklaus. I don’t see it.

    My Take: Tiger will easily surpass the 18 or 19 majors because, dollar for dollar, Tiger's playing at a time when pro golfers are so much better than say during Nicklaus' time. His 14 majors were won over a stretch where there are so many brilliant players. It is very difficult to dominate a game like golf, it is much easier to dominate a game like badminton, squash or even tennis, because when you are a little bit better than the rest, you will dominate .. you only have to beat one opponent each round for 5 or six rounds, then you win the major. In golf, you have to be a lot better because 50 other players are playing at the same time, an you have to outperform all 50 by the end of 4 days. Relatively speaking, if you can win one or two majors in your lifetime, you are extremely good already. Tiger has already won 14, possibly against much tougher competition than Nicklaus ever did faced.

    Can the current personal problems kill his game? Probably not because his will to win is so strong. His desire to perform may be attributable to his testosterone level, which unfortunately also equates to his high libido (sex drive). Hence unlike John Daly's vices (drinking problem) which are self-destructive, Tiger's problems stems from his natural hormonal make up. Maybe now, he can channel all his testosterone to just playing winning golf.

    You may drive longer than Tiger, but everybody knows its the critical short game that puts you ahead of the pack. You see him on the greens, he stalks the greens, he stares the whole thing down, he blocks out everything and is intensely focused. C'mon, who's your daddy, you little hole in the ground!!!

    The one danger I can see is the "intensity" of his drives, which may bring about more muscle wear and tear. That's the only thing that can hobble Tiger. I may not agree with his personal lifestyle choices but he is still the best golfer we have ever seen.


    p/s photos: Manish Kelkar

    This Week At NBT!


    No Black Tie
    Live Vicariously

    Irene Soliano
    Amanda Imani


    Does Malaysia have a music scene? If you have to ask, then we''ll have to make front-row reservations for you at No Black Tie this week. For at No Black Tie, we pride ourselves in bringing a diverse range of musicians to our stage and giving them tip-top acoustics, in ensuring that the resulting musical experience is a priceless, unforgettable one.

    Just this week we have both aspiring and veteran musicians take the stage. Come and be awed by the sheer talent and preservation of our up-and-coming musicians like Amanda Imani and DieHard. Between Amanda's soulful repertoire and DieHard's eagerness to entertain, we promise two nights of pleasure.


    Then there are The Solianos, Rozz and Jamie Wilson — all musicians deeply rooted in the legacy of many of the world's music royalty. Come and live vicariously through these music powerhouses. Catch a glimpse of life on the road with musicians like The Eagles and Steely Dan with Jamie Wilson. Feel the invigorating heat of Broadway's stage lights with Rozz and discover Alfonso Soliano's legacy between the notes of The Solianos' performance.

    If music is what feelings sound like, then we invite you to indulge in your emotions with your favourite tipple at No Black Tie. For reservations, please call 03- 2142-3737 after 5 pm.

    Cheers,
    No Black Tie


    DECEMBER 14/MONDAY
    9.30pm rm30
    AMANDA IMANI is tipped to be the next sensation at the tender age of 18. Blessed with a melodious yet husky voice — and coupled with her warm persona and versatility be it on the piano or guitar — her performances are impactful. A believer that her songs are the vehicle in which she shares life experiences, hopes and imagination, her music breathes life into cultures and engages the spirit of humanity. Come, drink in her talent, and be awed.

    DECEMBER 15/TUESDAY
    9.30pm rm30
    THE SOLIANOS: Irene Soliano (v), Tristano (p), Valentino (b), Rizal Soliano.
    It has been said that a family that eats together stays together. For the Solianos whose primary bond is music, playing together is also a reminder of the gift that runs in the family and of the musical lineage that traces back to their late father Alfonso Soliano, who is widely regarded as the grandfather of Malaysian jazz. The Solianos’ brand of music is sure to capture the imagination of all jazz lovers.


    DECEMBER 16/WEDNESDAY
    9.30pm rm30
    Bruce Willis' movies aside, DIEHARD is a portmanteau for Deo (guitar) and Hardy Arbi (vocals). Like music lovers everywhere, Deo and Hardy are guys with day jobs. Instead of relegating their insatiable passion for music to the dark recesses of their private lives, Deo and Hardy have took to the stage. Hardy, 35 is a trainer by profession, has passion for singing since young but is finally brave enough to give it a shot. While Deo, 20, is an aspiring musicians pursuing a Diploma of Business for the Music Industry at the International College of Music. Fusing the sweet pickings of the guitar and robust vocals, DIEHARD promises a night of ballads, RnB, jazz groove and perhaps a little funk.

    DECEMBER 18/FRIDAY
    10.30pm rm40
    If you're looking to share the evening with a musician who's lived the life of the musician on the road, then meet JAMIE WILSON. Born in Australia Jamie studied classical guitar as a child and made his first formal appearance at the age of 16 at the Sydney Opera House. By his merit alone, Jamie was invited to the prestigious G.I.T. Musicians Institute in Hollywood, California before he went on to play with the famous ‘China Club’ alongside music legends, Joe Walsh ( The Eagles), Jeff Baxter (Steely Dan and Doobie Brothers), Tim Bogart (Jeff Beck Group) and Clarence Clemens (Bruce Springsteen’s E Street Band). Returning to Australia he joined rock legend Jimmy Barnes on his national tour, followed by tours with Australia’s music royalty, guitar maestro Tommy Emmanuel, Ian Moss, Richard Clapton and many others culminating in sharing the stage with American legend and Grammy winner Steve Miller.

    DECEMBER 19/SATURDAY
    10.30pm rm40
    Boy, can ROZZ sing. A performer that defies anything generic, Rozz's stage appearances are often vigorous and engaging. Trained as a classical vocalist by Anne Ridgeworth from the early age of 4, Rozz has since dedicated himself to the study of music and theatre. His education and career as a performance artist eventually landed him at the epicenter of the actors' domain: New York City, where he was featured in various on and off-Broadway productions. Come and experience Rozz's spectacular show.

    Address

    17, Jalan Mesui
    Off Jalan Nagasari
    50200 Kuala Lumpur

    Map

    No Black Tie map

    Increasing Free Float For Tenaga Nasional - Not Quite Sufficient



    Khazanah sold 703 million ringgit ($207 million) of shares in Malaysian power utility Tenaga Nasional, part of a government push to trim stakes in state-linked companies to boost liquidity.

    Malaysia’s state investment arm sold 86.75 million shares, or a 2 percent stake, at 8.10 ringgit each, Maybank Investment Bank Bhd., which managed the placement, said in a statement. That’s a 3.6 percent discount to the Dec. 10 closing price.

    Khazanah, which owns stakes in some of the biggest Malaysian companies, has cut holdings in firms including PLUS Expressway and Malaysia Airports Holdings Bhd. as Prime Minister Najib Razak prodded state-linked investment agencies to partially divest to increase the number of shares available in the open market, and lure more investors.

    A source with direct knowledge of the share placement said the shares were sold to local institutional funds and the Employees Provident Fund (EPF), the largest pension fund in the country, has taken up 50 million shares in the placement.

    Question #1: If you want to increase free float, why place out to local funds only. Its not local funds that are complaining about the free float but rather the foreign funds.

    Question #2: EPF gets 50m shares of the placement. That may count as free float but I doubt very much EPF is a short term holder of Tenaga shares. If the presumed improved liquidity is to be evident, wouldn't it be more relevant to break it up into smaller parcels and to more foreign funds?

    Question #3: If EPF holds for 5-10 years, how is that improving the effective real free float?

    Malaysia is studying a request by national power utility Tenaga to raise the price of electricity, a local newspaper reported on Thursday. New electricity tariffs may take effect from January if it is approved by the cabinet, Energy Minister Peter Chin was quoted by the Star newspaper as saying. Chin said his ministry will study the issue first before submitting to the cabinet for approval.

    "The electricity tariff is reviewed every six months due to fuel price adjustments but whether there will be a new tariff or not will depend on the cabinet," he said.

    The cabinet reviewed proposals for 4.9 percent electricity price hike in July this year and turned down the plan, fearing that it would an unpopular move.

    Question #4: Khazanah and the government seem to be not entirely aware why foreign funds are shying away from Tenaga. Free float is but one MINOR issue. It is very difficult to justify buying Tenaga because there is no transparent tariff formula. To international fund managers, when considering a power utility, tariff hikes and the ability to pass on jumps in cost needs to be clear. It affects the net margins predictability. Just look at the past experience cited above by the government. Each time Tenaga will have to literally "beg" the government for the tariff hike, even when the price of oil/coal has surged significantly. Plus there is absolutely no guarantee. How do you expect international funds to properly assessed the prospects of holding Tenaga? There must be a transparent tariff formula, taking into account all related cost in producing, generating and distributing electricity. There must be a fixed interval for tariff reviews , e.g. twice a year or annually.

    Question #5: I can fully appreciate that there are burdens on the consumers, and there are the political considerations as well. If you wish to take into account these two factors, then for goodness sake, do not list it, take it as fully government owned. When you decide to list Tenaga, a utility company, earnings are supposed to be relatively highly predictable, not a guessing game. That my friend, is the main obstacle why international funds are frowning on owning Tenaga. Increasing the free float does not address the problem here. Increasing the free float for most of the rest of GLCs is by large a very good development, but it falls flat here.



    p/s photo: Yuriko Shiratori

    Crouching Tiger, Hidden Swedish Meatball



    I was in New York when the Tiger story broke, at first most people thought that it was a genuine accident and the media was making too much fuss over it. It was unbelievable how many channels were covering the news ~ hypothesis ~ pure gossip ~ speculation ~ridiculous claims ... and what was stunning was all of that generally turned out to be very close to the truth. OMG, even WSJ has it as a front page story.

    Tiger Woods is a phenom as a golfer. It seems no one can touch him. When I was playing poker in Sydney Star City, we all got to talking about Tiger Woods making an appearance in Melbourne for a big golf competition. Funnily two of them paid A$650 for a 4 day package to go to the course, mainly to see Tiger play... and one of them was the croupier! The prize money for the winner of that tournament was around A$1m I think ... Tiger was reportedly paid A$3m as an appearance fee. Many may choke with that kind of fee just for appearing, but organisers do make that sum back easily with the added crowd wanting to see him play, the additional media coverage and enthusiasm from sponsors and advertisers.

    Most people respect Tiger as easily the best golfer ... ever. Try as you may the trash media has never found much dirt in his personal life. Many thought he just played golf, went home, hit balls as practice for another few hours, go to the gym, does not drink ... where does he get the time to do any philandering? Well, I guess when you really want to, you find the time.

    Tiger's will to win may be attributable to a high level of testosterone, somebody should check his level, probably higher than normal. But higher testosterone = higher libido and sex drive = recipe for shenanigans.

    As in any newsworthy event that captures the imagination, lewd, silly, disrespectful jokes would spring up like daisies on a pile of manure. Enjoy .... (btw, Tiger, you are still OK in my books ... you at least showed me you are just a guy, fallible and human after all ... after all you didn't fucked with me, go and manage your private affairs and learn to be better and more responsible, cheers.. kop khun kaap). Btw, the wife's name is Elin.


    • The police asked Tiger's wife how many times she hit him. "I can't remember," Elin said, "just put me down for a 5."
    • PING has a new set of irons called Elins. They're clubs you can beat Tiger with.
    • What does Tiger Woods have in common with a baby seal? They've both been clubbed by a Norwegian. (Of course, Elin is actually Swedish. But poetic license is allowed in jokes.)

    There are jokes about the affair rumors:

    • Did you hear Tiger changed his name to Cheetah?
    • Tiger's other women aren't misstresses. They're provisionals.
    • Did you hear Nike's new motto? Just do me.

    And jokes about Tiger's car crash started surfacing within minutes of the initial reports of the accident, including these:

    • Tiger crashed into a fire hydrant and a tree. He couldn't decide between a wood and an iron.
    • What's the difference between a car and a golf ball? Tiger can drive a golf ball 400 yards.
    • Tiger Woods is so rich that he owns lots of expensive cars. Now he has a hole-in-one.
    • Tiger has a new movie coming out. It's called Crouching Tiger, Hidden Hydrant.

    • Stephen Colbert: "Tiger always gives 110 percent. That is why he gave 100 percent to his wife and still had 10 percent left over for his alleged mistress."
    • Conan O'Brien: "One of the women who claims she slept with Tiger Woods says they never talked about golf while having sex. However, contractually Tiger was obligated to talk about Nike, Gatorade and American Express."
    How do you tell Tiger Woods ball's from the other golfer's ... HIS HAS TEETH MARKS ON THEM,,,,,,,

    What is the difference between tiger woods and santa? Answer: Santa only has three Ho's!

    Tiger Woods was leaving the house, his wife asked him where are you going,,, He said,,,,, I wont be long honey,,,, I'm only going to do 3 holes today,,,,,

    Once you have white, you never go black.