Homes are cracking !

PENGERANG: Dozens of residents who were relocated due to the development of the Refinery and Petrochemical Integrated Development (Rapid) expressed disappointment over the poor workmanship of their new homes in Taman Bayu Damai.

They are upset that their houses, which are less than a year old, have already started cracking, with some wide enough for fingers to go through.

They blamed this on soil movement.

“The foundation for many of the houses have started to slip, causing huge holes to appear below our single-storey bungalow,” said retiree Lukiman Sastaro.

The 67-year-old, who moved from Sg Kapal, said his house was among the worst hit.

“I got over RM300,000 in compensation and used RM105,000 to buy this house. The rest went into renovations,” he said, adding that he was now having sleepless nights.

“Even my driveway sank by several centimetres,” said Lukiman.

Another resident, Sia Pek Im, 61, said she was worried about the safety of her two grandchildren after huge cracks appeared in her kitchen.

“But I have nowhere else to go,” she said.

Another, Hamidon Ahmad, said he, too, suspected that there was soil movement and that the developer had not carried out proper mitigation works before building the houses.

“I decided to carry out repair works on my own as I am worried for my family’s safety,” said the 56-year-old.

“Even my relatives’ home next door is affected. The relevant agencies should check if the houses have met the safety criteria before the Certificate of Fitness is issued,” he said, adding that the site used to be a swamp.

Kota Tinggi district officer Mohd Noorazam Osman confirmed that it was a geological problem due to earth movement.

“We are working with the state Economic Planning Unit (Upen), which is in charge of the project to remedy this,” he said.

“Residents’ safety is our main concern and houses that are badly damaged will be demolished,” he said, adding that it was up to Upen to decide what action should be taken against the developer or contractor.

State Upen director A. Rahim Nin said the Johor government had appointed a private contractor under the design-and-build concept for the 631 houses in the area.

“So far, 555 units have been given to residents who were relocated from Kg Sungai Kapal, Kampung Langkah Baik and Kampung Teluk Empang,” he said.

“We have directed the contractor to repair the defects – as based on our agreement with them. The defect liability period is two years,” he said, adding that 67% of the complaints had been addressed so far.

By Nelson Benjamin The Star/Asia News Network

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Startups rising from failure - part 9

“Failure is simply the opportunity to begin again- this time more intelligently.” — Henry Ford

Startups can learn much when they do not succeed

Success stories have always been a source of great encouragement for struggling entrepreneurs. It seems easy enough to romanticise accomplishments.

After all, there seems to be no shortage of stories on budding entrepreneurs who worked hard to develop great products that were later acquired for hefty price tags.

Perseverance pays: Grove says he learnt the value of persistence when the bursting of the dotcom bubble drastically altered the company’s fortunes in 1999.

In reality, the path of entrepreneurship involves plenty of speed bumps, potholes and dead ends.

Entrepreneurs who have made it often recount how they lacked time for anything other than work, how they had to fumble through everything on their own and how some of their ventures failed before they became successful.

Additionally, entrepreneurs are making a big bet by putting their money into something that has no promise of returns on top of not having a secure income for what can be extended periods.

But serial entrepreneurs persevere through their failures.

Patrick Grove, co-founder and chief executive officer of Catcha Group, understands the importance of picking up the pieces and persisting after a failed attempt.

Grove established Catcha Group, which holds a portfolio of online assets, in 1999 and had plans to list the group on the Singapore Exchange the following year.

But shortly before the exercise, the Nasdaq crashed and brought the end of the dotcom bubble.

Subsequently, Grove and his partners were saddled with debts of US$1.5mil (RM5.2mil).

Teetering on the brink of bankruptcy, he slashed his headcount, diversified the business and persisted.

Grove refers to that period as “the school of hard knocks.”

But in the end, Catcha got its groove back and Grove went on to list four online companies.

“I learnt the value of persistence… because we were humbled early on, we don’t forget that,” Grove said in an interview with an Australian publication, adding that it is alright if entrepreneurs fumble.

MyTeksi technical head Aaron Gill is likewise no stranger to failure. Before joining the Malaysian startup that has grown regionally, Gill had three failed ventures under his belt.

His ventures had started off with ideas good enough to obtain government pre-seed funding from the Multimedia Development Corp and Cradle Fund. But the companies did not survive.

However, Gill says that his failed attempts taught him a lot about running a company and managing a team.

Additionally, he learnt the importance of being focused when running a business and the need for structure in the face of expansion.

Grove and Gill are only two of many more entrepreneurs who have encountered hardships before finding that one successful startup. The road taken by entrepreneurs is often long, winding and certainly stressful.

But fear of failure shouldn’t stop entrepreneurs from taking risks. There are rewards to be reaped from thinking outside the box and pushing boundaries.

The lessons learned from failures can be brutal. But taken the right way, these lessons can bring you one step closer to success.

Entrepreneurs describe themselves as people who hop from one failed business to another until they hit a jackpot. To them, failure is a part of their experiences.

■ This is the ninth article in a 10-part tie-up between Metrobiz and the Malaysian Global Innovation & Creative Centre (MaGIC) to explore startup ecosystems.

By Joy Lee The Star/Asia News Network

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Malaysian obsession for titles, world's highest holders!

Change mindset of obsession for titles

I REFER to the letter “Just one too many Datuks around” (The Star, Dec 6 :see beloww) by Pola Singh.

It is utterly amusing that Malaysians are so obsessed with titles, especially the politicians and business community.

It is said Malaysia has one of the world’s highest rates of royal title holders estimated to run into tens of thousands.

Our former Prime Minister Datuk Seri Dr Mahathir Mohamad had warned about title glut. When you have too many Datuks then the value of the title will drop.

“If you produce a million Ferrari cars. Nobody will care about buying a Ferrari,” Dr Mahathir had said.

In Britain, which has double the population of Malaysia, fewer than 100 will be knighted by the Queen every year.

In comparision about 300-400 new Datuk titles are conferred in Malaysia.

Currently, there are 15 different avenues where a person can be conferred a Datukship within Malaysia – from the Yang di-Pertuan Agong and the 14 states including the Federal Territory of Kuala Lumpur.

I have a few friends who have done nothing for the rakyat yet have been bestowed with “Datuk” and‘Tan Sri” titles.

It is embarrassing how one could carry these titles without any contributions to society or with personal achievements to show.

This group is highly egocentric and self-serving. Great personalities do not fall for this kind of cheap publicity.

US president Barack Obama, former South Africa President Nelson Mandela, newly crowned Indonesian President Jokowi, Chinese President Xie Jinping do not carry any titles.

Big achievers like Steve Jobs, Mark Zuckerberg, Larry Page, Oprah Winfrey and Bill Gates hardly have any titles to their name; yet have contributed immensely to mankind.

Malaysians must change the mindset of title obsession and instead contribute positively to our beloved nation, participate in NGO activities and do something good for fellow human beings who are living hand to mouth.

To some, titles purportedly help slice through red tape and gain easy access to those in power.

However, when these Datuks or Tan Sris leave Malaysian shores, often they don’t get any recognition.

I wish to relate an incident during an international function in a foreign country attended by the host country’s Prime Minister.

This particular Tan Sri was trying to push his weight to get a front seat through his assistants but was refused by security officials.

He was sent to the back of the hall. In Malaysia it could have been a different story.

Malaysians must understand that recognition and reputation comes with your noble work for community, contribution to the society, high moral standards, and integrity.

We must stop this obsession of seeking titles.

Source: FR Subang Jaya The Star/Asia News Network

Just one too many Datuks around

THERE is a joke going around that “if you throw a stone into a VIP crowd in the country, not only will it hit a Datuk but it will rebound off him and hit another Datuk”. And if you were to do the same to an ordinary group of Malaysians, then at least half of those hit will be Datuks!

Many believe that there are just too many Datuks around. I agree.

On a number of occasions, I have been put in a rather embarrassing situation when I entered a room and called out to my ex-classmate who is a Datuk. Unfortunately, the one I was referring to was not paying attention but I got cold hard stares from two other Datuks I was not familiar with.

On another occasion in a room full of VVIPs, I said something unpleasant (with a particular Datuk in mind) but I got immediate response from two other Datuks thinking that I was referring to them. How can we enlighten Datuks that there are also others in the room with the same title and that they cannot infer that they are the only ones with the title?

I have asked around whether I could address a Datuk using his or her maiden name? I have been told politely time and again that this is indeed a sensitive issue; the majority of the Datuks would feel slighted if we do not address them by their title. It means a lot to them. It makes them feel important.

And please don’t forget the Datins. They too want their share of the limelight. The look on their faces tells all if you were to address them by their name.

I know of a secretary who was severely reprimanded by her boss when she printed his new calling card with the new title “Tan Sri”.

Her superior was angry that she left out his previous Datuk title in the card. Since the Tan Sri title is a higher award, she assumed that the Datuk title need not be used anymore.

Then there are those Datuks who have recently been conferred “Tan Sri” titles and strongly resent if one were to absent-mindedly call them “Datuk”.

Yes, there are also the humble ones who tell you that they prefer to be called by their names but they are a minority.

Perhaps the Association of Datuks can take the lead and persuade its members to encourage the public to refer them by their name and not their title. This will be a good start.

But until then, please do not take any chances. If in doubt, address the VVIPs as Tan Sri first. And give the Datins and Puan Sris the due respect please.

By POLA SINGH Kuala Lumpur The Star/Asia News Network Dec 6, 201

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Many Malaysians are too obsessed with politics & race instead of expanding economic cake

Sharing the same destiny

"Reading political blogs and getting into frenzy over race issues in social media seem to be the preoccupation of many Malaysians, when we all should be working together to achieve our economic growth target".

 "There's no point talking about how the economic cake should be cut when it is getting a smaller and needs to be expanded".

I AM worried about the economy of Malaysia as we head towards 2015, and I am sure many Malaysians also share my concerns over the uncertainties in the coming months.

All the assurances and figures given by our leaders, we are sorry to say, are no longer convincing as they don’t seem to connect with market sentiments and the realities on the ground.

If we only listen to all the glowing official reports, everything is supposed to be all hunky dory. In short, there’s nothing to worry about as the economy is on course and Malaysia is doing everything right.

Rhetoric by politicians and certain individuals, which smacks of racism and political bullying, are not going to help the economy. It can only worsen race relations in Malaysia and make investors think twice about us.

And if you listen to the palaver of some politicians, it sounds as if there are more pressing issues than the state of our economy to worry about. The impression given seems to be that the mundane issues of the economy should be left to the economists, businessmen and academics.

These are the delegates who see threats and ghosts from fellow Malaysians when there are none, but they are not able to see the huge economic challenges staring them in their faces.

Even if they are not business owners or part of Corporate Malaysia, they should be concerned about how these challenges will affect the ordinary people, including their livelihood.

This is the time when companies have to worry about paying the salaries of their staff, meeting targets, ensuring a clean sheet for the quarterly reports and planning for the next year.

The weak market sentiments and growing inflationary rates, coupled with the already tight wallets of many consumers, are hitting the lives of ordinary people hard. And even politicians too.

When companies don’t do so well, they have to cut down on operating expenses, reduce bonuses – possibly even increments – and do away with certain perks and privileges.

According to CIMB Research, the third-quarter results fell below consensus estimates, which was another reason for the weak overall stock market performance.

Based on the 117 listed companies the research house tracks, the percentage of stocks that missed expectations increased from 30% as at end August 2014 to 36% in the latest quarter.

Kenanga Research, meanwhile, said that during the third quarter, it “saw the highest number of companies under our coverage delivering below expectations results, or 40% of the stocks.”

These samplings provide a fair picture of the general performance of most companies listed on our stock exchange.

And it is, of course, not just the public companies but the private ones too that have to deal with these economic challenges.

In short, ordinary Malaysians have to brace themselves for a tougher year. Other economies like China and Singapore have also predicted lower single-digit growth for next year.

When the going gets tough, we will realise that many of us are living beyond our means, and the accumulated household debt will become problematic.

These are the substantial matters that we should all be talking about, not just at political meetings but also together as a nation.

We should all focus on expanding the economic pie and giving good suggestions on how to overcome these challenges.

It’s absurd to still talk about vernacular schools or sulk over the voting patterns of the Chinese voters in the last two general elections.

We are at a crucial juncture where the price of oil is sliding downwards and the ringgit is getting weaker. These are two factors that will have an impact on our Budget, which may even need to be revised.

The falling oil prices, which shows Malaysia’s exposure to external factors, pushed the ringgit to its lowest level since February 2010 against the US dollar on Thursday.

These grassroots-level politicians should be worried about the price of commodities, especially palm oil, as it would have a deep impact on the rural smallholders whom they claim to champion.

They should be asking our leaders if these would affect our vision to become a high-income developed nation by 2020, which is only just five years from now!

One does not need a degree in economics to know that our heavy reliance on the export of oil, palm oil and rubber for the country’s revenue means the decline in global prices for these commodities will hit us hard.

We are talking about the effects on our half-a-million rubber tappers and smallholders who are already struggling with the daily cost of living, as media reports predict over a 60% drop in earnings since early this year.

Felda Global Ventures Holdings Bhd reported its first quarterly loss of RM12mil for the quarter ending September, with its stock price taking a beating after the announcement.

Worse, the company only achieved 53% of the market consensus full year profit.

Just over the last one month, foreign investors have reportedly taken out over US$3bil (RM10.4bil) from the country.

Among us Malaysians, there seems to be an extreme obsession with politics, and there seems to be no real concern with business and economics.

Reading political blogs and getting into a frenzy over race issues in social media seem to be the preoccupation of many, when we all should be working together to achieve our growth target.

There’s no point talking about how the economic cake should be cut when it is getting smaller and needs to be expanded.

Some of us are remarkably arrogant and think that we are better than our neighbours because they are the ones who supply us with maids and construction workers.

This kind of thinking will be our downfall as these countries, with their bigger markets, quickly put their act together.

The depreciation of the ringgit, while making our exports more attractive in price, will also mean costlier food bills as we are a net importer of food.

All this may sound gloomy and even seem out of place as the year comes to a close and when most of us have to clear our leave and spend time with our families during the holiday season.

But the point to politicians who still live in a world of their own is that they should worry about the economy and how ordinary people live. After all, the reason they are in politics is to seek power and helm the government, which has to be responsible for many of these issues.

American civil rights leader Martin Luther King Jr once said: “We may have all come on different ships but we are in the same boat now.”

Some of us may still want to argue over this saying but make no mistake about it – as Malaysians, we share the same destiny.

The views expressed are entirely the writer's own

On The Beat by Wong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.

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SoftBank invests $250M (RM860mil) in GrabTaxi, an Internet company founded in Malaysia

SoftBank Invests $250M In GrabTaxi, Uber’s Archrival In Southeast Asia

Not content with leading a $627 million mega-round for Snapdeal and a $210 million raise for Ola as part of a $10 billion commitment to startups in India, Japanese telecom giant SoftBank has now turned its attention to Southeast Asia and sunk $250 million into GrabTaxi, Uber’s major rival in the region.

Neither party has confirmed what the deal values GrabTaxi at, but the company’s valuation is likely to exceed the $1 billion mark. The duo did confirm that SoftBank has become GrabTaxi’s largest investor.

The round is the highest raise for a startup in Southeast Asia to date — Rocket Internet companies aside — and it is GrabTaxi’s fourth funding activity this calendar year, taking it past $320 million in capital from investors. GrabTaxi’s previous $65 million round closed in October and was led by Tiger Global — which also invested in Uber rival Ola — while GGV Capital led a $15 million raise in May. Its $10 million-plus Series A was announced in April.

GrabTaxi was founded in Malaysia in 2012, has over 500 staff and is live in 17 cities across six countries in Southeast Asia: Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia. Its core offering is a service that connects registered taxis with would-be passengers via its app — thus working with the existing industry rather than against it — but it also offers an Uber-like private car service and is trialling motorbike taxis in Vietnam.

Uber is present in each of GrabTaxi’s markets, offering its standard Uber Black service in all and its cheaper UberX service in most. Hailo is present in Singapore, while Rocket Internet-backed Easy Taxi is a minority player in a handful of countries in Southeast Asia.

Uber doesn’t break out user numbers, but GrabTaxi — which says it is leading the taxi app space in Southeast Asia — claims 500,000 monthly active users from 2.5 million app downloads. It says there are 60,000 drivers on its network, and that three bookings are made per second on average across its platform — which is an 800 percent increase over the past year.

Back in May, GrabTaxi claimed 1.2 million downloads and 250,000 monthly users.

 

Collecting War Chests

This Series D round comes at a fascinating time. Uber raised $1.2 billion earlier this year and is tipped to be closing in on another billion-dollar round again soon at a rumored $40 billion valuation. GrabTaxi, it seems, is building its own war chest, and bringing on a formidable ally in SoftBank, at just the right moment.

GrabTaxi didn’t explicitly reveal how it will invest the money from SoftBank, but CEO and co-founder Anthony Tan told TechCrunch in an interview that it will go towards fortifying its efforts in existing markets and continuing its expansion across Southeast Asia.

There are no plans to move outside of the region, which has a cumulative population of around 600 million, he said.

“We’re going to be staying regional. [We want to] grow very fast and focus on expanding in this region, whilst staying very very focused,” Tan commented, speaking after the Bloomberg ASEAN Business Summit in Bangkok, Thailand.

“We’ll also be hiring. We want the right kind of people, people who love people and believe in our mission,” he added.

Related to that, Tan said GrabTaxi is open to potential acquisitions, but he stressed that in any possible deal, the focus would be on finding the right cultural blend.

GrabTaxi has been focused on providing a pure-play transportation service to date. Uber, however, has experimented with a range of alternative services across the world. While he didn’t explicitly advocate that GrabTaxi will follow suit, Tan did admit that the company’s new funding intake gives it “the resources” to potentially explore new areas of business in the future.

 

Price Battles

Harvard graduate Tan admitted that the price battles between rival services in Southeast Asia necessitate significant funding just to compete, although he said GrabTaxi still maintains the “heart of a startup” — such as working hard, traveling via economy class and low-cost carriers where possible — and generally being thrifty.

While Uber has raised boat loads of money for its operations, the company is engaged in every continent on the planet. That’s something that could mean GrabTaxi is actually better capitalized, which Cheryl Goh, GrabTaxi’s VP of marketing, hinted.

“Our strong focus in this region means that each of [the] six GrabTaxi markets stands to receive a significant portion of funding compared to larger players that have to stretch their funding much further,” Goh said in a statement without explicitly mentioning the ‘U’ word.

While SoftBank provided the entire round for GrabTaxi, TechCrunch understands that the startup had multiple alternative offers on the table. That certainly bodes well for the future, since GrabTaxi’s track record and the ongoing battle will almost certainly require further rounds of funding in the not-too-distant future.

Uber, GrabTaxi and others have come under pressure from the governments of Vietnam and Thailand this past week, and numerous other regulators in the past. Tan didn’t provide specific comment on either of those incidents, but he did reveal that GrabTaxi has set up a dedicated government liaison team that works directly with authorities across Southeast Asia to help smooth out issues and communications.

Southeast Asia’s startup scene continues to heat up. Just last week Carousell raised $6 million and PocketMath bagged $10 million. But this investment from SoftBank is sure to put the region on the map, particularly coming right after Rocket Internet’s Amazon rival Lazada raised $250 million led by Singapore’s Temasek Holdings.

 

Making a Difference

When I put it to Tan that many founders will want to know how he’s been so successful in Southeast Asia, he points to his faith in God and his company’s mission to make a difference.

“There are a lot of well-run startups in Southeast Asia. We hope that the values we’ve been pushing for — helping drivers make more money, women feel safer and more — and changing the current ecosystem and how we treat each other makes a difference,” he explained.

With SoftBank and its renowned founder Masayoshi Son on his side, Tan’s company is closing out the year in a very different position to how it began 2014. Then it was an outsider that was full of ambition and plans but lacking resources. Now it has gathered steam in multiple markets and pulled in the financial muscle to potentially battle Uber, one of the world’s most talked-about companies, blow for blow.

Certainly, 2015 is gearing up to host a fascinating battle between these two, particularly now that SoftBank has stepped into the ring.

Source: techcrunch.com by Jon Russell

Japanese group invests RM860mil in Internet company founded in Malaysia

KUALA LUMPUR: GrabTaxi Holdings Pte Ltd, whose roots can be traced back to Malaysia, received a major boost in its challenge to keep up with the market share fight in the taxi booking mobile application market with a US$250mil (RM864mil) investment from Japan’s Softbank Corp.

The investment, which was made through SoftBank Internet and Media, Inc (SIMI), is the largest for GrabTaxi, which is known as MyTeksi in Malaysia.

It is also among the largest, if not the largest, Internet company in South-East Asia.

The company that provides the mobile taxi booking application was founded by Anthony Tan and Hooi Ling Tan, both Harvard Business School graduates, in 2011, according to a statement from the company.

Anthony is the grandson of Tan Sri Tan Yuet Foh, the co-founder of the Tan Chong group of companies.

MyTeksi currently serves 17 cities across six countries in South-East Asia, including Malaysia, the Philippines, Thailand, Singapore, Vietnam and Indonesia.

Through the strategic investment and partnership with MyTeksi, the SoftBank group aims to further build its presence in South-East Asia and maximise synergies with its network of Internet companies around the world.

Nikesh Arora, the vice-chairman of SoftBank Corp and chief executive officer of SIMI, said in a statement that in two years MyTeksi had become the dominant player in South-East Asia’s taxi booking mobile app industry, which is a testament to Anthony’s outstanding leadership.

“We look forward to working with his team and supporting MyTeksi’s further expansion in the region,” he said.

SIMI will become the largest investor in GrabTaxi, Anthony told Bloomberg in an interview in Bangkok yesterday, without providing stake details.

GrabTaxi has raised about US$340mil (RM1.18bil) in the last 14 months, it said in a statement. GrabTaxi’s funding comes as rival Uber is said to be close to raising a round of financing that would give it a valuation of as much as US$40bil (RM138bil).

Ride-hailing apps on smartphones are gaining popularity across the world by providing transportation alternatives, with the investment by SoftBank adding to the 1,300 made by the Tokyo-based technology company. “We will do whatever it takes to ensure that we maintain our leadership in an ethical and moral way,” Anthony was quoted by Bloomberg. “It’s a fight for market share. We’re many, many times bigger than our closest competitors and we intend to grow that fast.” GrabTaxi counts Singapore’s Temasek Holdings Pte Ltd and Alibaba Group Holding Ltd backer GGV Capital among its investors.

There were now 500,000 active users who used the app at least once a month, up six-fold from a year earlier, GrabTaxi said. It received about three taxi bookings every second across the region, the company said.

SoftBank, founded by Masayoshi Son in 1981, controls wireless carriers in Japan and the United States, as well as owning the largest stake in Alibaba Group Holding.

In October, the unit of SoftBank said it would lead an investment of US$210mil (RM726mil) in ANI Technologies Pvt, which offers a taxi booking service called Ola Cabs in India.

Uber has been attempting to gain a foothold in the region despite multiple regulatory tangles and already fierce competition.

Within South-East Asia, Uber is said to operate in the same six markets as GrabTaxi, after entering Singapore last year. It does not release operational statistics.

Malaysian and Indonesian authorities have said Uber services that utilise private vehicles are illegal, while Thai authorities last week indicated that they are also banning the service.

Other major taxi apps in South-East Asia include Indonesia’s Blue Bird, regional player EasyTaxi, backed by German start-up incubator Rocket Internet, as well as London-based Hailo, which operates in Singapore.

Taxi-hailing apps have become popular in South-East Asia, especially Singapore, one of the most expensive places in the world to own a private car.

Finding a cab during peak hours and during frequent tropical downpours can be difficult in the city-state, which last month said it planned to start regulating third-party taxi booking services for the first time.

Heavy traffic in cities such as Manila and Jakarta also makes finding taxis tough.

Those troubles are benefiting apps such as GrabTaxi. The apps are seen as revolutionising the taxi industry, which has long been plagued by inefficient cartels and price-gouging drivers.

Source: The Star/Asia News Network

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