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Tuesday, 3 March 2015

Malaysia's richest four poorer by RM13b

Their net worth hit by challenging economic outlook and slump in oil prices

PETALING JAYA: The country’s top four tycoons in the latest Forbes Malaysia Rich List are “poorer” by a total of US$3.6bil (RM12.9bil) with last year’s challenging economic out­­look shrinking their wealth, ­albeit slightly.

Robert Kuok, 91, who controls a business empire which includes palm oil, shipping, media, hotels and real estate, topped the list for the 10th year in a row with an estimated net worth of US$11.3bil (RM40.5bil) as of February, down US$200mil (RM720mil) from 2013.

In second place was telecommunications tycoon T. Ananda Krishnan whose wealth is valued at US$9.7bil (RM35bil), a drop of US$1.6bil (RM5.7bil) from the previous year, with third spot taken by property mogul and Hong Leong Group chairman Tan Sri Quek Leng Chan with a net worth of US$5.6bil (RM20bil), down US$800mil (RM2.8bil).

Genting Malaysia Bhd chairman and chief executive Tan Sri Lim Kok Thay, who runs casinos in the Bahamas, London, Singapore, Manila and New York besides the home-grown casino in Genting Highlands, claimed fourth place with a net worth of US$5.5bil (RM19.8bil), down US$1bil (RM3.6bil).

“The wealth of some on the list was affected as the local stock market lost steam and the oil price collapse sent the Malaysian ringgit down 10% against the dollar,” according to a statement issued by the business magazine after the release of its latest rankings.

The statement said Ananda’s net worth decreased partly due to a slump in the shares of Bumi Armada Bhd, his offshore oilfield services provider, while Lim’s wealth was affected as China’s economic moderation affected the region’s casino gaming and entertainment sector.

The statement said tycoons with significant investments and ties to the oil sector also suffered a decline in their net worth. SapuraKencana Petroleum Bhd vice-chairman Tan Sri Mokhzani Ma­­­­ha­­thir was knocked out of the billionaire’s list this year as his estimated net worth fell by US$500mil (RM1.8bil) to US$700mil (RM2.5bil).

The main investors in Sapura­Ken­cana – brothers Tan Sri Shahril Shamsuddin and Datuk Shahriman – also saw their fortunes drop to US$860mil (RM3.1bil) from a reported US$1.4bil (RM5bil) the year before. It was not all bad news for some Malaysian tycoons as a weaker ringgit boosted exports.

Tan Sri Lau Cho Kun, who heads Hap Seng Consolidated Bhd, made it to the billionaire ranks with a net worth of US$1.08bil (RM3.8bil) on the back of robust plantation and trading revenues.

Software tycoon Goh Peng Ooi, the founder and executive chairman of Silverlake Group, saw his net worth rise by US$450mil (RM1.6bil) to US$1.55bil (RM5.5bil).

- The Star Asia News Network

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Friday, 27 February 2015

The life force to Koreans: hiking the fabulous Koreas' mountains


Mountain culture and customs are hot-wired into the lives of each Korean. What better way to get under their skin than to hike together with them?

SOUTH Korea lies along a peninsula that is hugely mountainous, with a spinal ridge running for 735 km from the DMZ boundary in the north to the East China Sea down south.

This mountain range has monumental relevance to the people of Korea as it is believed to provide the life force to the nation: its arterial rivers drain seawards, bearing sustenance for the inhabitants living in the lowlands. Many historical events that occurred on these mountains have been documented whilst just as many myths and folklore have been re-told over generations.

For the tourist, hiking the mountains of the Korean peninsula would seem like a natural activity, to immerse in the culture of this dynamic country.

The terrain is not high, the tallest peak being Cheonhwangbong at 1,915m, in Jirisan National Park, at the southern tip of the range. The next highest peak is Daecheongbong, 1,708m in altitude, squatting on Seoraksan National Park diametrically to the north.

The ranges are inter-linked through a series of hiking trails, following the ridge line closely and crisscrossing valleys and rivers. Temples, villages, farms and shelters dot the hills.

Soothing: The scenic mountain ranges of Korea are rich in bio-diversity. The N Seoul Tower is a popular tourist attraction. Go early to avoid the long queues for the cable car.

Such an eco-system has made mountain hiking a national pastime that is likely to overtake taekwando in popularity as a sport. There’s also a whole line of Korean celebrity fashion wear for hikers. Unfortunately, for the tourist, not much promotional information on hiking is available from official tourism literature.

It would take a lifetime to explore the legendary mountains of Korea and we had limited time to spare before our wedding anniversary celebration back in Seoul.

Day trip to Seoraksan

We took a 3-hour bus ride to Sokcho, a tourist town on the north-eastern coast of the Korean peninsula and an entry point into Seoraksan National Park.

The park showcases the Seorak mountain range, and is loved by the locals for its natural beauty and bio-diversity. Hikers come to marvel at the uncanny ruggedness of the “Dinosaur Ridge” and soak up the fables of the mountains’ origins.

There are many trails up picturesque Seoraksan, numerous short ones requiring half-day’s effort and several longer routes that are more than 10km in distance.

A good option for tourists is to hop on the cable car, not far from the Visitor Information Office, and catch a ride up to Gwongeumseong Fortress at a height of about 900 m. This was the option we selected together with a long queue of like-minded tourists. We reached the counter at 10.30am but all tickets were sold out.

Without wasting any more time, we opened the map, picked out what looked like an easy route and headed out to Biseondae Cliff.

It was only 2.3km one-way and took us through a forested area, tracing a path beside a gushing stream. The fresh air and fine drizzle made the pace invigorating.

 Many eateries are found along the trails of the park. Many eateries are found along the trails of the park.

We skirted a pool of crystalline water at the bottom of a huge rock face, which I took to be Biseondae Cliff, and crossed a short bridge whereupon the trail ended abruptly at a locked gate. Beyond laid wilderness that could be experienced only with a permit from the ranger’s office. We clambered up a rocky slope and joined some hikers on a break.

“Where are you from?” queried the ajeossi (middle-aged man). I told him we were from Malaysia, as I shared a chocolate bar with his 10-year old son. I remarked that the scenery here had a mystical and mysterious air.

He nodded, “Ah, as mysterious as the disappearance of your airplane”. I guess he was referring to MH370. We both nodded and sighed. They wished us a good trip and moved on. We stayed a while to admire the view of the distant peaks framed in by the hillside trees. On our way down we stopped by a tea house. Bibimbap downed with a hot bowl of miso soup tasted a lot better here than in the lowlands.

We dozed on the bus back to Seoul. That chilly night in Seoul, we captured our last “high” at the N Seoul Tower, atop Namsan. Standing 236m tall, the tower accords a night scene of the city.

We were feeling pretty tired, but fulfilled. So, I suggested we take the cable car up instead of climbing the stairs. I didn’t hear any objections.

Hiking near Seoul

THE view from Bugaksan might have been more panoramic if not for the faint haze hanging over the “ancient quarters” of Seoul that April morning.

To the south-west, we could just make out the hillock of Inwangsan and the colourful string of hikers inching up its summit trail, while afar north, the rocky peaks of Bukhansan glared in the sun.

Seoul, the 600-year old capital city of South Korea, is encircled by a fortress wall that links four surrounding hills, Bugaksan, Ingwangsan, Namsan and Naksan. Of these, Bugaksan is the tallest at 342m and is located in the neighbourhood of Samcheong-dong, majestically overlooking Cheongwadae (Blue House), the President’s official residence and office.

We had taken the northern route of the fortress wall, entering through Hyehwamun Gate, muddling through a residential area up a steep incline, and, with some orienteering instinct, located the path that followed the ancient stone wall, leading us up a hill of cherry trees.

Due to its proximity with the Blue House, this section of the trail requires foreigners (who are called “aliens” in official documents here) to sign in at Malbawi Station with their passports (or “Alien Registration Card”) and sign-out at Changuimun Station.

Guards are posted at intervals within eye-shot of hikers. One young cadet approached me to view my camera photos and requested some to be deleted. The pictures were mainly landscape shots, mostly bird’s eye views of the city, which didn’t look pretty anyway, back-lit by the morning sun.

It was a quarter past eleven when we arrived at the top of Bugaksan. The guard, more militia than forest ranger, had been monitoring the growing crowd at the plot, and sternly ushered any lingerers to move on. No picnic here, literally, just pictures.

The Koreans are actually a helpful and friendly lot. On the way up we had approached more than a few ajumma (“aunty”) for directions and they were profuse with their assistance; expressive hand gestures and finger pointing, and a continuous barrage of verbal directions, delivered in Korean.

We nodded our gamsa-hamnida (“thank you”) and they gleefully let us off. Still clueless, we were comforted to know that at least we were in hospitable country.

The descent to Changuimun was unexpectedly steep, and the high steps slowed the pace somewhat. Overall, the hike was enjoyable, requiring just three hours, which left us plenty of time to slip back downtown for another helping of sumptuous Korean spicy soup.

By Lee Meng Lai The Star/Asia News Network

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Wednesday, 25 February 2015

More South Koreas opt for tech startups instead of 'chaebols' and beyond Samsung

Incubator: The Yongsan startup incubator centre in Seoul. The government has poured billions into startups, in line with the president’s push to foster a ‘creative economy’ that would move beyond the traditional manufacturing base. — AFP

SEOUL: As an engineering major at Seoul’s Yonsei University, Yoon Ja-young was perfectly poised to follow the secure, lucrative and socially prized career path long-favoured by South Korea’s elite graduates.

But the idea of corporate life in an industrial giant like Samsung, however well-remunerated, simply didn’t appeal so instead Yoon joined the swelling ranks of young Koreans looking to make their mark in the volatile world of tech startups.

In her final year at college, Yoon, now 26, created a Pinterest-style image-sharing app, StyleShare, for fashion-conscious young women.

“I was always into fashion, and there were so many moments that I wanted to grab someone on the street and ask what is that pretty dress or pair of shoes she’s wearing,” Yoon said.

“All the fashion magazines only talked about expensive brand clothes, which didn’t help ordinary people like me,” she said.

The app became a hit and now has more than one million users.

Yoon said her parents initially panicked when it became clear the app was more than a fun hobby and she wasn’t going to get a “real” job. “But they soon became strong supporters,” she said.

Her father, a loyal LG employee for two decades, even offered some of his retirement savings to help kick-start the business.

For her parents’ generation nothing matched the stability and prestige that came with a job in one of the family-run conglomerates, or “chaebols”, that dominate the national economy.

The likes of Samsung, LG and Hyundai remain magnets for many of the country’s brightest graduates. But with the global economy in low gear and the smartphone era opening new doors, an increasing number like Yoon are forsaking a rigid career structure to try tech entrepreneurship.

The number of new “venture firms” – high-risk, largely tech-related enterprises – stood at 30,053 last month, according to the state-run industry tracker Venturein.

That figure was almost double the 15,401 registered in 2009 – a milestone year when the first iPhone went on sale in South Korea and brought the app-making industry with it.

Under President Park Geun-hye, the South Korean government has poured billions of dollars into startups, in line with her push to foster a “creative economy” that would move beyond the country’s traditional manufacturing base.

“There is an astounding amount of money, from both the private and state sectors, flowing around in the market right now,” said Jang Sun-hyang, investment director at Mashup Angels, a Seoul-based startup incubator.

“The word ‘startup’ didn’t even register in the public consciousness in, say, 2011. Now it’s one of the hottest buzzwords among college kids,” Jang said.

According to government data, the pool of private and public investment available to tech startups stood at 2.5 trillion won (RM8.4bil) in 2014, up 62% from a year ago.

South Korea’s hyper-wired populace also offers a fertile ground for tech businesses – most households have broadband access and 80% of people own smartphones.

More than 60% of smartphone users – the highest ratio in the world – use ultra-fast 4G service that allows users to download a feature-length film in a few minutes.

Google is set to open “Campus Seoul” this year to help train budding startup firms and facilitate their expansion, while Samsung and LG are also boosting investment in startups.

As the number of other incubator centres popping up offering office space, business advice and potential investment opportunities rise, the capital is drawing comparisons with US tech haven Palo Alto in Silicon Valley.

But challenges remain. The relatively small domestic market means successful start-ups have to look overseas if they want to keep growing.

Crossing language and cultural barriers can be daunting, even for established firms like Kakao Talk, the South’s top mobile chat app with 48 million global users which has struggled to expand into Southeast Asia.

And the consequences of failure are high in a society where experience counts for little if there is no successful outcome. — AFP

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