Thứ Tư, 13 tháng 8, 2014

Red glow sighted in sky over north-eastern Singapore, but no fire found so far

SINGAPORE – A red glow was seen over the sky from the north-eastern and eastern parts of Singapore on Wednesday night.


The Singapore Civil Defence Force (SCDF) said it has received calls of reported sightings of fire but has not found any.


Homemaker Rae Moller, 56, told The Straits Times that she saw a red glow which lit up the night sky from her home at Joo Chiat Road at about 10pm.


Other users on social networking platform Twitter also uploaded pictures, with reports that the same glow could be seen from areas such as Sengkang, Bedok, Sembawang and Kallang.


When contacted, the SCDF said that it received four calls of reported sightings of fire between 9pm and 10pm.


It dispatched fire engines to four locations – Sentul Crescent, Yishun Avenue 9, Yishun Avenue 11 and Marine Crescent – but did not find any fire.



Red glow sighted in sky over north-eastern Singapore, but no fire found so far

Las Vegas Is Getting Another Facelift

No city in America reinvents itself more often than Las Vegas,

and after a few quiet years on The Strip, the skyline is about to

change again.


James Packer, an Australian billionaire and chairman of

Crown Resorts, recently bought the land that once held the New

Frontier casino, located north of the Fashion Show Mall. The

34.6-acre property will house the latest megaresort in Las Vegas

and is located just south of an 87-acre property recently bought

by Genting Group, which is building the $4 billion Resorts

World Las Vegas.



The former New Frontier Hotel, which will be the site of The

Strip’s newest megaresort. Photo source: KyleLV via
Wikimedia


.


These two properties are being developed while resorts on the

Las Vegas Strip continue to struggle financially, and when

completed they will add capacity to an area that will arguably be

oversupplied for the next decade. But reasons for these moves can

be found if you dig deep enough behind the headlines.



The changing face of Las Vegas



First, let’s cover exactly what we know about what Packer and

Genting Group want to build.


Genting Group is building an Asian-themed resort on the site

that once held the Stardust hotel and casino, a property
Boyd Gaming


tore down to build the $4 billion resort Echelon Place. Those

plans were abandoned when the economy went into free fall in

2008, and the partially constructed resort was sold to Genting

Group for $350 million. Genting intends to build on the existing

foundation and construct a resort that some estimate could cost

as much as $7 billion to complete.



The abandoned Echelon Palace site, which will soon become

Resorts World Las Vegas. Photo source: Bobak Ha’Eri via
Wikimedia


.


Genting’s plan is to construct the resort in three phases with

Phase 1 including 3,000 hotel rooms, 3,500 slot machines and

table games, and 30 food and beverage locations. Construction of

the first phase is planned to be complete in 2017.


Packer’s plans are in a much earlier phase: Construction is

expected to begin next year, with completion targeted for 2018.

While a smaller footprint for the site means a smaller scale than

Resorts World Las Vegas should be expected, the budget will still

be in the billions.



Why Las Vegas and why now?



The Las Vegas Strip isn’t exactly a booming market right now. The

region still hasn’t reached gaming levels seen in 2007, and

supply had already been added to the market in recent years

by CityCenter and Cosmopolitan, among other smaller hotel

resorts.


But Las Vegas’ gaming revenue is recovering from recession

lows more quickly than other regions in the U.S., particularly

Atlantic City, New Jersey. The chart below shows that Atlantic

City continues to see gaming revenue fall in the face of

increased regional competition; meanwhile, Las Vegas is on the

road to recovery.



Source: Las Vegas Gaming Commission and New Jersey Division of

Gaming Enforcement.


Another attraction to Las Vegas is the fairly open market for

gaming operators, unlike booming Asian gaming markets such as

Macau, Singapore, and The Philippines. These Asian markets are

restricted to a small number of players who had to win

competitive bids to enter the market while the number of gaming

companies in Las Vegas isn’t as restricted. As long as Packer and

Genting Group pass a stringent regulatory compliance check they

can enter the market.


It isn’t that they’ve ignored the Asian market. In fact,

Genting has one of two licenses and casinos in Singapore and

Packer’s Crown Resorts is a partner in
Melco Crown


, which is one of six concessionaires in Macau. Singapore

isn’t expanding beyond two casinos any time soon while Macau’s

buildout of the Cotai region is under way, including a resort

from Melco Crown. Beyond the resorts they already have operating

or under construction in Asia, there just aren’t many attractive

opportunities to expand in Asia, so they looked to Las Vegas. It

may be a risky move, but it’s one they felt was needed to build a

presence in one of the world’s best-known gaming markets.



Can the new generation of Las Vegas megaresorts

succeed?



The challenge now is building a resort that can be profitable,

which is harder than it seems. The Cosmopolitan — the newest

megaresort on The Strip — has reported annual losses of about

$100 million per year since opening in 2010, and CityCenter just

reported a $2.1 million operating loss for the

second quarter.


What Packer and Genting have going for them in Las Vegas is

location. I recently highlighted that north Strip residents

Wynn


and Encore Las Vegas make up the most profitable resort on The

Strip


, while neighbors The Venetian and Palazzo Las Vegas are also

doing well targeting upscale customers.


You can see below that EBITDA — a proxy for cash flow — of

$331 million from CityCenter over the past year doesn’t exactly

show a solid return on the $8.7 billion investment. But resorts

on the north side of The Strip have fared better and show that

decent returns are available.


Property


Construction Cost


EBITDA (
TTM


)


Wynn and Encore Las Vegas


$5 billion


$501.4 million


Venetian and Palazzo Las Vegas


$3.3 billion


$321.1 million


CityCenter


$8.7 billion


$331 million


Source: Company earnings releases. TTM = trailing 12

months.


As Genting Group and James Packer build Las Vegas’ newest

megaresorts, they’ll be betting that this city as a whole can

continue to grow and that the north side of The Strip can attract

more traffic. It’s a risky move, but I wouldn’t bet against these

two as they are the latest to reshape the skyline of Las

Vegas.




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The article
Las Vegas Is Getting Another Facelift


originally appeared on Fool.com.



Travis Hoium


 manages an account that owns shares of Wynn Resorts,

Limited. The Motley Fool has no position in any of the stocks

mentioned. Try any of our Foolish newsletter services
free for 30 days


. We Fools may not all hold the same opinions, but we all believe

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.




Las Vegas Is Getting Another Facelift

3 Enticements US Cities Could Copy From Hong Kong to Encourage ...

For 20 years Hong Kong has been ranked as the #1 place in the world to do business by the Heritage Foundation. Last year the United States came in at #12, dropping out of the top 10.


A year ago I moved myself and my family to Hong Kong to open an office in Asia for my firm. Since then I’ve had the opportunity to experience firsthand the process of doing business in this city of 7 million inhabitants. While Hong Kong isn’t perfect, a few key features make the place stand out. American cities could learn a thing or two if they want to attract more entrepreneurs. Here are three suggestions:


Related: 5 Lessons From Silicon Valley for Developing Business Hubs


1. Make it easier to do business. 


I incorporated my company in Hong Kong for about $200, without ever having previously stepped foot in the locale and without a visa. Once I was on the ground in Hong Kong I was able to set up a bank account in less than an hour — again, without a visa or any sort of identification other than my passport.


At first glance doing business in California looks even less expensive, with a stated price of $100 for business incorporation, but a look at the fine print reveals this notice: “S corporations that are corporations or LLCs under civil law corporations must pay the annual $800 minimum franchise tax.”


Several years ago when I registered my business in California in order to set up a sales office, I was required to pay this $800 annual fee. Years after shuttering that office (open only five months), I learned that the state government had never closed my account and wanted several years’ worth of the $800 fee, plus penalties and interest. I haven’t considered opening an office in California since, despite it being my home state.


Once I was on the ground in Hong Kong I was able to set up a bank account in less than an hour — again, without a visa or any identification other than my passport.  


Receiving a visa to live and do business in Hong Kong took a few months but was a relatively simple process.  


Hong Kong consistently ranks second in the world, just behind Singapore, when it comes to ease of doing business, according tothe World Bank’s annual Doing Business report. The United States comes in at a respectable fourth place, but in the area of “starting a business,” it is rated as # 20, while Hong Kong took fifth place.


Utah State Representative Jacob Anderegg recently supported legislation to thoroughly ease business-licensing regulations. Cities in Arizona’s West Valley area have been working to streamline building-permit wait times.


Related: What City Topped the Chart for Helping Small Businesses Succeed?


2. Lower taxes.


There is no capital-gains tax in Hong Kong. In the United States the tax rate is 15 percent or greater. Hong Kong’s top marginal personal income tax rate is 17 percent while U.S. rates can be as high as 39.6 percent.


Entrepreneurs pay a high price for doing business in the United States, and as the Internet makes it ever easier for entrepreneurs to do business anywhere, American cities and states will need to compete harder to attract the business owners who can keep their economies vibrant. Letting business owners keep more of what they produce sends a clear welcome message.


Related: Tech Firms Seeking Talent Spring for Spacious, Luxe Quarters


3. Offer a great standard of living.


Hong Kong has a reputation of being one of the most expensive cities in the world, but that’s only for those opting to live in its expensive quarters.


I live a 10-minute walk from a nice beach in a quiet resort town, a mere 35-minute ferry ride from the city’s center. It costs me less for housing than what I paid for it in relatively low-cost Salt Lake City. The ample transportation options mean I don’t need to own a car, which lends a significant boost to my wallet.


Hong Kong has relatively low crime rates, and many of its inhabitants enjoy a long life expectancy. Plus, city is well structured for walking instead of driving. Without even trying, I receive a decent workout every day traveling to meetings around the city or riding a bike from my home to the grocery store.


Americans might consider shedding zoning regulations that separate housing areas from commercial spaces, making car ownership an absolute necessity. They should study other aspects of Hong Kong’s policies that have resulted in its being such a healthful and safe place to live.


It’s never been as easy for entrepreneurs to live anywhere they want and do business on their own terms. It’s up to the U.S. officials — at the city, state, and federal levels — to compete for the talented individuals who are creating the jobs of tomorrow. Taking a closer look at Hong Kong would be well worth the effort.


I’m curious to learn what other U.S. states or municipalities are doing to ease regulations and streamline government processes to encourage entrepreneurs to do business. 


RelatedFrom Recreational Apparel to Weed, Here Are Our Best Cities for Niche Industries



3 Enticements US Cities Could Copy From Hong Kong to Encourage ...

Olympian Dad To Youth Olympian Daughter: Have Fun







Courtney Mykkanen competes in a high school swim meet on March 28, 2013.


Just before Courtney Mykkanen headed to Los Angeles International Airport on Monday for her memorable trip to China for the 2014 Youth Olympic Games, her dad, John Mykkanen, had a last-minute piece of advice: “Have fun.”


Dad knows a little something about that. He won a silver medal in the men’s 400-meter freestyle at the Los Angeles 1984 Olympic Games, when he was the youngest member of the U.S. Olympic Swimming Team at age 17.


Courtney, also a swimmer, made her U.S. Olympic Team Trials debut at age 14 in 2012 in the 200-meter backstroke. She is one of eight swimmers on the 92-member U.S. team who will compete in the Nanjing 2014 Youth Olympic Games, beginning Aug. 16 (Saturday).


“I’m just really excited to go out there, do my best and have fun and just represent the U.S.,” she said.


Courtney Mykkanen, a senior-to-be at Foothill High School in Tustin, California, is among several YOG athletes with family connections to past Olympic Games. The list also includes foil fencer Sabrina Massialas, the daughter of three-time Olympian and current national coach Greg Massialas, and long jumper Rhesa Foster, the daughter of two-time Jamaican Olympian Robert Foster.


John Mykkanen is now a doctor of chiropractic medicine in Tustin, which is located in Orange County in Southern California. Courtney’s mom, Joanna, is a swimming coach at Irvine Novaquatics, the swimming club where Courtney trains. Her younger sister and brother are also swimmers.


“As a dad, I can’t even describe how proud I am,” John said. “I’m so lucky that the sport I love my daughter loves. That doesn’t happen often, so I’m so fortunate. … Actually, all three of my kids love swimming, and they’re good at it. I’m thrilled.”


“It (swimming) is a big part of our lives, but it’s also just one part of our lives,” Joanna Mykkanen said. “We don’t get obsessed with it or anything. We enjoy it. We have life outside swimming, too.”


For Courtney, the trip to the airport Monday morning was the same as any teenager being driven by a mom. Enjoy yourself. Make sure that you stay with your group. Be safe. Follow the rules.


“It’s exciting, it’s thrilling,” Joanna said. “But I’m going to miss her. It’s crazy.”


Courtney already competes on both the senior and junior levels for USA Swimming, including at last week’s Phillips 66 National Championships held in Irvine, California. But this will be the first time she’ll get a chance to compete alongside athletes from other sports in a major international event.


“I want to try to meet a lot of new people, so hopefully I’ll get the chance,” she said.


The Games in China are just the second Youth Olympic Games for summer sports; the event made its debut in 2010 in Singapore. Back in 1984, when John was a teenager aiming for an Olympic berth, there was no such event for international youth.


“It’s a great opportunity for these younger swimmers to get a taste of it, get them thinking and get them ready for the next step,” he said.


And, he said, the point is to have fun. Get some enjoyment out of it.


“No. 1 rule, have fun,” he said. “That’s the last thing I said to her today. Have fun. In terms of athletics, I just want her to improve and enjoy it.


“I’m not cracking the whip over her. I had my 15 minutes of fame. I want her to get out of it whatever she wants to get out of it. I will support her either way, however she wants to do it.”


Courtney will share the experience with some familiar faces. Jeri Mashburn, a coach at Irvine Novaquatics, is also coach of the U.S. Youth Olympic swimming squad. Other U.S. swimmers include Hannah Moore, Meghan Small and Clara Smiddy on the women’s team, and Patrick Conaton, Patrick Mulcare, P.J. Ransford and Justin Wright on the men’s team.


Mykkanen, who competed in both the senior and junior national championships and was a finalist in the backstroke events at the U.S. Open, began swimming at age 7 at Blue Buoy Swim School in Tustin. She soon moved on to Irvine Novaquatics. Her travels have been so extensive that she watched the London 2012 Olympic Games from a hotel room while on a swimming club travel trip.


“Just watching her grow in this sport has been amazing and to see her build her confidence and to realize what she’s capable of doing has just been wonderful to watch,” Joanna said.


Through it all, Courtney has developed a close bond with her dad. They talk often of the Los Angeles 1984 Olympic Games.


“He’ll tell me a lot of things that he experienced and how it’s changed,” Courtney said of her conversations with her dad. “He’ll give me stories like, ’Oh, back, in my day.’ He’ll just tell me about the Olympics and the opening ceremonies and stuff.


“It sounds really cool and I just want to do it myself.”


John is anxiously awaiting that special day.


“She’s a great student, she’s a great kid, she’s a great worker,” he said. “It’s just going to be fun to watch to see how her career, how her swimming blossoms over the years.”


Story courtesy Red Line Editorial, Inc. Paul D. Bowker is a freelance contributor for TeamUSA.org.



Olympian Dad To Youth Olympian Daughter: Have Fun

Malaysia booms as Najib beats growth goal luring new investment


While Prime Minister Datuk Seri Najib Razak’s government has already attained some goals since launching the economic programme in 2010, others are more far-reaching. — Reuters picSINGAPORE, Aug 13 — Chua Ma Yu, a Malaysian billionaire who made his fortune in the stock market, had big ambitions in 2008, when his CMY Capital Sdn. agreed with partners to build the 48-story St. Regis Kuala Lumpur.



The country’s first six-star hotel would feature 208 rooms and 160 apartments with housekeepers, butler service and a chef— in-residence. Two years later, the tycoon was still struggling with paperwork to start construction, Bloomberg Markets magazine will report in its September issue.



Chua met with Datuk Seri Idris Jala, the man in charge of Prime Minister Datuk Seri Najib Razak’s plan to lift Malaysia into the ranks of Asia’s wealthiest nations. Jala says he saw the St. Regis as a way to spark spending in tourism, one of 12 areas Najib, 61, was targeting for growth with tax incentives and expedited reviews. Jala helped streamline the paperwork, and Chua, 61, got approvals two weeks later. The government went on to create a one-stop centre to handle development applications.



“Investment is a precursor to economic growth,” says Jala, 55, who heads the government’s Performance Management and Delivery Unit, or Pemandu, which oversees Najib’s economic transformation programme. “If there is no investment, there are no new jobs and no growth.”



Growth targets



While Najib’s government has already attained some goals since launching the economic programme in 2010, others are more far-reaching.



In the first quarter of 2014, gross domestic product increased 6.2 per cent, surpassing the average of 6 per cent annual growth Najib wants to register through 2020. Per capita gross national income rose to US$10,060 (RM32,134) last year, crossing the US$10,000 threshold for the first time.



That’s still a long way from US$12,746, the latest World Bank definition of high income, and the US$15,000 the prime minister wants to achieve by 2020.



Najib’s plan involves diversifying Southeast Asia’s third— largest economy beyond oil and gas. He wants to foster skilled workers with improved education and increase investment to US$444 billion in the 12 areas his economic plan focuses on to add 3.3 million jobs by his self-imposed 2020 deadline. So far, RM219.3 billion has poured in, 84 per cent from private companies.



‘High-quality economy’



“I want to see Malaysia emerge not just with a high-income economy, but a high-quality economy,” he said at the Invest Malaysia 2014 conference in Kuala Lumpur on June 9.



The country is heading in the right direction, says Frederico Gil Sander, World Bank senior country economist for Malaysia.



The nation moved to No. 6 in the organization’s “Doing Business 2014” report on business-friendly nations, up from No. 12 in 2013 and No. 25 in 2007. The index, measuring 189 countries, covers everything from starting a company to dealing with permits.



“With the new economic model, there is now a road map for needed reform,” Gil Sander says.



Malaysia’s improving outlook is helping investors overcome perceptions that the country can be a difficult place to find talent, says Zainal Amanshah, CEO of InvestKL, a government agency created to lure global companies.



InvestKL has induced 38 multinational firms to set up regional headquarters around Kuala Lumpur — more than a third of his goal of 100 by 2020. International Business Machines Corp, the world’s biggest computer services company, announced a plan to invest RM1 billion in 2011 in a technology centre outside the capital. IBM debated whether it would find the right workers and transportation.



No shortcomings



“The shortcomings are no longer in play,” says Paul Moung, managing director of IBM Malaysia, who is satisfied with the decision.



Kuala Lumpur embodies Malaysia’s new confidence. Pedestrians stroll along refurbished walkways. Traffic zigzags around excavation for Malaysia’s first mass-rapid-transit system, the MRT, whose inaugural line is set to begin operations in July 2017. Cranes dot the horizon, and crews bathed by floodlights work until midnight. Dozens of skyscrapers are joining the 88-story Petronas Twin Towers, the world’s tallest buildings when they opened in 1999.



“The St. Regis will help put Kuala Lumpur on the travel map and create a new benchmark in the international luxury hospitality industry,” says Chua’s daughter, Carmen Chua, chief executive officer of One IFC Sdn., the property’s developer.



Shoe closet



The 31-year-old graduate of the London School of Economics and Political Science, who speaks English with a plummy British accent, shows visitors a model apartment, pointing out the walk— in shoe closet and stainless steel appliances.



Looming in the St. Regis sales gallery is a massive bronze horse by Fernando Botero. At 3.5 tons, it’s the biggest piece the Colombian artist has ever created and it eventually will move by crane to the St. Regis lobby. Art comes naturally to Carmen, who is curator of her father’s collection of Andy Warhol originals and other modern masterpieces.



Najib wants to increase tourism, health care and other services to 65 per cent of GDP by 2020 from 55.2 per cent in 2013. Melaka-based Kotra Pharma (M) Sdn. is investing RM60 million for a plant to produce infusion products. The government predicts the project will create 99 jobs and add RM35.2 million to gross national income.



Najib wants to lessen Malaysia’s dependence on oil and gas — even as state-owned Petroliam Nasional Bhd. is expanding amid a five-year, RM300 billion capital-spending effort. Petronas, as the company is known, has awarded contracts to Petrofac Ltd and others to develop marginal fields.



Oil revenue



In 2013, it opened a liquefied natural gas importing and regasification terminal in Melaka with the capacity for 3.8 million metric tons a year. And it plans to invest US$27 billion on a refinery and petrochemical development complex in the southern state of Johor.



The government expects oil and gas to make up 28.9 per cent of total revenue this year, down from 39.7 per cent in 2008 — a sign that even as Petronas grows, Malaysia is developing other industries.



One man who personifies Malaysia’s newfound entrepreneurial verve is Andrew Lee. He created a massive indoor model of Kuala Lumpur with its skyscrapers and proposed MRT system.



The 50-year-old founder of ARCH Collection Sdn. shows off rare maps and the future cityscape in his Kuala Lumpur City Gallery. Outside the 116-year-old brick building, tourists pose in front of Lee’s I Love KL structure.



The capital’s new transit system will help ease travel times that can exceed an hour by car for the 10-kilometre crosstown journey.



‘Game changer’



“We’re using this project as a game changer to show to the nation what can be done if you put your heart and mind to it,” says Azhar Abdul Hamid, CEO of MRT Corp, which is building the transit system.



Enticed by initial public offerings and rising corporate earnings, investors are piling into Malaysian stocks. The FTSE Bursa Malaysia KLCI Index, anchored by financial firms Malayan Banking Bhd. and Public Bank Bhd., hit an all-time high in early July.



One prominent Najib sceptic is his most-storied predecessor, Tun Dr Mahathir Mohamad, who was prime minister from 1981 to 2003. During his tenure, he laid out a 30-year economic plan known as Vision 2020.



‘So-called transformation’



“I find difficulty in understanding the purpose of this so-called transformation because we have been transforming all the while,” says Mahathir, 89, referring to Najib’s proposal in his shrine-like office adorned with carvings and photos of him with world leaders.



Mahathir claims credit for changing Malaysia to an industrial country from an agricultural one. He wooed chipmaker Intel Corp and other electronics firms, improved roads and started building the Petronas towers and the Kuala Lumpur International Airport.



Then the Asian financial crisis erupted in 1997. The ringgit plunged 53 per cent, and the benchmark stock index tumbled 52 per cent that year. While South Korea raised interest rates and opened capital markets to overseas investments, Mahathir imposed currency controls to keep foreign investors from fleeing. That worked for a while. GDP rebounded to 6.1 per cent in 1999 after contracting 7.4 per cent in 1998. Then growth began to slow.



Mahathir was a strong supporter of the nation’s policy of affirmative action for the majority Malays and other indigenous peoples, with quotas and subsidies in schooling and government jobs.



Najib’s rise



Singapore lured skilled workers looking for better opportunities, South Korea embraced advanced manufacturing, and some investors moved money abroad. Growth fell to 4.6 per cent in the decade that ended in 2010 from 7.2 per cent in the 1990s.



Prime Minister Tun Abdullah Ahmad Badawi, who spoke of easing the preferential policy, resigned in 2009 after his ruling coalition won 2008 elections by the slimmest majority since Malaysia’s independence from Britain in 1957.



Najib, then deputy prime minister, took over and went on to win a second term in May 2013. When he came to power in 2009, he began considering how to boost competitiveness, Pemandu’s Jala says.



Cabinet ministers held five retreats that year. They locked themselves in a conference room, switched off phones and debated. They agreed to tackle Malaysia’s fiscal deficit, which had widened to 6.6 per cent in 2009 from a surplus following the Asian financial crisis.



Improving education



“We didn’t like where Malaysia stood,” Jala says.



Malaysia narrowed the deficit to 3.9 per cent of GDP in 2013, in part by cutting fuel and sugar subsidies. It wants to further trim the gap to 3.5 per cent this year and 3 per cent in 2015, heading toward a balanced budget by 2020.



To attain Najib’s agenda, Malaysia must improve the quality of education, Gil Sander says.



Among 65 countries in the 2012 Programme for International Student Assessment, Malaysia ranked 52 in math, 53 in science and 59 in reading.



In 2012, Najib’s government started phasing in the teaching of math and science in Bahasa Malaysia, the language of the ethnic majority. Mahathir calls the move a mistake.



“Science is renewed every day almost, and you can’t get that in Bahasa,” he says.



The country has been more successful at revamping the oil industry and infrastructure, Gil Sander says.



‘Low-hanging fruits’



“In education, there are no low-hanging fruits; it’s tough reform,” he says. “The biggest challenge to sustainability of Malaysia’s economy beyond 2020 is raising the quality of education to developed-country levels.”



Perceptions about the government’s confusion in handling the March disappearance of Malaysian Airline System Bhd. Flight 370 have added to the need for change.



In mid-July, the airline faced a second tragedy, the loss of Flight 17. The jet was carrying 283 passengers and 15 crew when it was downed over Ukraine, killing all on board.



With two disasters in four months, the airline needs to take tough steps to overhaul its business, Najib said in a statement on August 8. Malaysia’s sovereign wealth fund, Khazanah Nasional Bhd., which owns 69.4 per cent of the airline company, offered RM1.38 billion to take the carrier private. It plans to delist the stock in an attempt to restore confidence in the debt-ridden airline. Details of the plan will be announced by the end of August, Najib said.



‘Complete overhaul’



“We believe our national carrier must be renewed,” Najib said. “Only through a complete overhaul of the company can we deliver a genuinely strong and sustainable national carrier.”



Jala was one of the few non-Malay, non-Muslim heads of a government-linked company when he served as Malaysia Airlines’ CEO from December 2005 to August 2009. He devised a way to track profits and losses for each of the carrier’s 110,000 flights during his tenure, Jala says.



Today, he keeps tabs on dozens of Najib’s economy— transforming initiatives in his Pemandu office with traffic— light system of green, yellow and red markers to show progress. In 2013, retail revenue exceeded the target, while solid-waste management was mired in red.



Jala says his job is to define the steps and keep the overhaul on track.



“A lot of people told me directly, ‘You guys are never going to do this,’” he says, using the MRT project as an example of an initiative that has overcome scepticism. “It’s now really happening.”



CMY Capital’s Chua, who’s known by his honorific title Tan Sri Chua, says he’s seen progress, too. Since he got his Jala— expedited approvals, Chua’s St. Regis is adding its silvery profile to Kuala Lumpur’s skyline and will open in November 2015.



“A lot of bottlenecks have been removed,” Chua says. “People find it easier to invest.” — Bloomberg



Malaysia booms as Najib beats growth goal luring new investment

Six ways to stay fit on the road

Keeping fit when you travel doesn’t get any easier when you’re trying to contend with too little sleep due to jetlag or extended working hours. Photo: NYT


David Flynn



Business travel and fitness do not go together.


Trust me on this. I’m pretty much a full-time business traveller and a very part-time ‘trying to get fit’ guy.


It’s not just that those trips get in the way of your home routine, but so many aspects of business travel are by nature anti-fitness.


Spending hours sitting in a plane? Tempting spreads at airport lounges and hotel breakfasts, plus those working lunches and dinners? They’re the easiest way to pile on the kilos.


Keeping fit when you travel doesn’t get any easier when you’re trying to contend with too little sleep due to jetlag or extended working hours.


I find that time is the biggest challenge when I’m travelling. My usual working day is at least 8am to 6pm, but being on the road can easily add a few hours either side.


And no matter how handy it is to have a hotel gym just one short elevator ride away, when you’re getting by with barely five hours’ sleep there’s really no time left over.


Even so, the basics of ‘eat less and move more’ remain the best guidepost for business travellers who want to stay in shape.


Here are six strategies I’m using – or trying to use – to stay fit on the road.


Inflight meals


This is easy enough: most airlines offer at least one healthy dish as a main meal. You can also order a ‘special meal’ in advance rather than rely on the usual “beef or chicken?” choice.


I tend to rely on airport lounges for a more substantial meal and then eat light during the flight. There’s much more variety, especially if you have access to a good first class lounge, and it’s all fresh.


This strategy also works well on long flights with stopovers.


On a recent British Airways flight from London to Sydney via Singapore, for example, it made more sense to skip the ‘breakfast’ served as we approached Singapore and enjoy a freshly- prepared dish of barramundi and cous cous at the Qantas Singapore Lounge before continuing on to Sydney.


Hotel breakfasts


Few meals on your business trip are as geared towards temptation as the morning buffet in a five-star hotel.


Ironically, however, the choice offered by a good breakfast spread works in your favour – provided you didn’t leave your discipline in the room. Scrambled eggs, soggy bacon and Danish pastries don’t put themselves on your plate.


Most hotels can whip up a healthy omelette made to order, with sides of fresh fruit, yoghurt and orange juice … even a piece of wholemeal toast, if you’re not avoiding the morning carbs.


Business lunches and dinners


A business lunch or dinner doesn’t have to mean copious food and booze.


Even if the menu doesn’t seem diet-friendly, be mindful of portion sizes and ask the waiter about leaving off any rich sauces which might otherwise smother your meal.


Add a large salad and a plate of steamed vegies for the table and you’re set.


As for alcohol, it depends on how seriously you’re watching those calories.


I rarely drink at home, but when I travel I’d rather not live like a monk. I limit myself to two standard drinks a day and choose which meals they’ll be served with.


Hotel gyms


Fitness-oriented colleagues tell me that hotels are finally getting serious about their gyms and going beyond the clapped-out bikes and a multi-purpose ‘home gym’ machine.


The best hotel gyms can now match up to slick fitness studios with cross-trainers, ample free weights plus machines and, in some cases, a personal trainer on call.


Just be sure that gym access is included in your room rate, as some US hotels charge extra for using the gym.


Hit the pool


If swimming’s your thing, there are few better ways to stay in shape than a daily swim at the hotel pool.


In fact, a dozen laps can be a perfect way to counter the lethargy of jetlag when you arrive at the hotel. It gets you moving and fires up those feel-good endorphins, which give you that much-needed energy boost, and also spurs your appetite.


Follow the swim with some protein and greens and your body will be in fine form to take you through the rest of the day.


Go for a run or walk


There’s no reason to stay within the confines of the hotel.


A morning amble lets you see the local sights in a healthy way, and many hotels now provide a runner’s map with suggested routes for pounding the pavement.


Want to mix things up a bit more? Search the web to see if the city has any regular morning or evening running meets where you can mingle with locals on a guided group run.


What are your top tips for staying fit on business tips?


David Flynn is a business travel expert and editor of Australian Business Traveller.



Six ways to stay fit on the road

Cosco"s Dalian yard wins deals worth over US$470 million

COSCO Corporation (Singapore) said on Wednesday that its Dalian yard has secured contracts worth more than US$470 million to build four subsea supply vessels.


The contracts, which exclude owner-furnished equipment from Maersk Supply Service, a part of A.P. Moller-Maersk Group, comes with options for two more vessels.


The vessels are scheduled for delivery in the fourth quarter of 2016 and first-half 2017, respectively


Cosco (Dalian) Shipyard Co Ltd is a subsidiary of the company’s 51 per cent owned unit, Cosco Shipyard Group Co Ltd.



Cosco"s Dalian yard wins deals worth over US$470 million