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Sunday, June 7, 2015

Trees and plants can feel stress, need time to recharge like humans




KEPONG: Trees feel stress and need rest the same way humans do, and the Forest Research Institute of Malaysia (FRIM) is playing doctor to keep them healthy.

FRIM director-general Datuk Dr Abdul Latif Mohmod said trees in the cities were the worst affected.

“It causes them to fall sick, making them susceptible to attacks from fungi and pests,” he said at the institute’s open day and World Environment Day yesterday.

He said a tree that looked healthy on the outside could be hollow inside, making it hard to diagnose its problem with the naked eye.

Dr Latif said FRIM used sonar technology as an “X-ray” machine to diagnose such trees.

Research officer Ahmad Aza­ruddin Mohd Noor demonstrated the use of the device called the Picus Sonic Tomography.

“The device generates a 3D image of a tree’s insides, effectively identifying decay and cavities in the trunk,” said Ahmad Azaruddin, a certified arborist (professional in cultivating, managing and the study of trees) who has helped local councils manage trees.

“A tree that has become 30% hollow can fall in the event of a thunderstorm. If that happens, it can be very dangerous,” he said.

To prevent this, his team would usually prune it to preserve its structural integrity.

He said the team would do its best to preserve a tree due to its benefits to the urban ecosystem.

“We will be forced to cut it down only if the damage is too severe,” he said, adding that less than 20% of trees faced such a problem.

“In the cities, it only happens to trees that are more than 100 years old or those with roots that have been damaged.

“In the forests, the usual culprits are termites,” he said.

Dr Latif said as trees feel stress, FRIM closes its canopy walkway on Mondays and Fridays to let them rest.

“Our canopy walkway can accommodate 200 visitors a day. We don’t want to give the trees too much stress,” he said.

He also said Malaysians should be proud of FRIM’s man-made tropical forest as it was the world’s largest and oldest.

The forest covers seven arboreta (repositories of living plants) and a botanic garden.

He said it was originally an abandoned mining land and that the Forestry Department, which owned less than a hectare of it, planted its first tree there in 1923.

“Today, it spans 544.3ha and houses 73 out of 92 critically endangered plants in Malaysia,” he said, adding that more than 1.3 million people visited FRIM last year.

Dr Latif said FRIM prided itself as a community-friendly institute that facilitated learning and embraced outstanding universal values.

“Because of this, we are working towards being gazetted as a Unesco World Heritage site by 2020.”

By Adrian Chan The Star/Asia News Network

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FRIM to upgrade signs soon

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Forget chocs, better to plant a tree instead

One to call their own: Residents and families posing with a tree they just planted for the programme. The particular tree will remain as part of each family’s responsibility and heritage in USJ Heights, inherited by future generations.

Saturday, June 6, 2015

South Korea declares war on MERS

A family of tourists wearing face masks stand on a street in the popular Myeongdong shopping area in Seoul, on June 4, 2015 (AFP Photo/Ed Jones) 

Seoul (AFP) - South Korea reported on Friday a fourth death from Middle East Respiratory Syndrome (MERS), as an infected doctor fuelled fears of a fresh surge in cases and prompted Seoul's mayor to declare "war" on the virus.

Five new cases overnight took the number of infected people to 41 in what has become the largest MERS outbreak outside Saudi Arabia, with close to 2,000 people in quarantine or under observation.

The latest fatality was a 76-year-old male patient who died Thursday after testing positive for the virus on May 21.

Criticised for its lack of transparency in addressing the health scare, the Health Ministry finally confirmed the name of the hospital where the first patient to be diagnosed with MERS was treated.

The ministry said anyone who had visited the hospital in Pyeongtaek, about 65 kilometres (40 miles) south of Seoul, between May 15-29 should report to a clinic for screening.

The government had initially declined to name any hospitals treating cases of MERS, for which there is no vaccine or cure, arguing it could cause them unfair commercial losses.

- Infected doctor fuels fears -


Of particular concern was the positive test of a doctor at a major Seoul hospital who was understood to have taken part in public meetings attended by up to 1,500 people while infectious.

Seoul Mayor Park Won-Soon criticised the government for not sharing information about the doctor's movements, and said his administration would take the lead in ensuring public safety.

"From now on, Seoul city is embarking on a war against MERS. We will take swift and stern measures... to protect the lives and safety of our citizens," Park told reporters Friday.

Health Minister Moon Hyong-Pyo apologised for the public anxiety caused by the outbreak, but rejected Park's criticisms, saying the mayor was encouraging "mistrust and misunderstanding".

The government had been handling the doctor's case carefully to avoid public panic, Moon added.

More than 1,000 schools, from kindergartens to colleges, have temporarily shut down across the country, while the government's MERS hotline has been taking thousands of calls a day.


According to the World Health Organisation (WHO) MERS has now infected 1,179 people globally, with 442 deaths. More than 20 countries have been affected, with most cases in Saudi Arabia.

The virus is considered a deadlier but less infectious cousin of Severe Acute Respiratory Syndrome (SARS), which killed hundreds of people when it appeared in Asia in 2003.

- Possible mutation? -

The WHO has said it expects more infections in South Korea, while stressing there was currently "no evidence of sustained transmission in the community".

A health ministry statement said a WHO team would visit next week, citing concerns that the virus has been showing a "slightly different" pattern from the one detected in Middle East.

"We have yet to determine whether there has been any mutation," said Choi Bo-Yul, the head of a civilian task force set up to help with the outbreak.

Among the recent infections was an Korean Air Force chief master sergeant, who represented the first MERS case among members of the military.

The airman is serving at the air base in Osan, south of Seoul, which also hosts the US 51st Fighter Wing.
In a message to base personnel, the fighter unit's chief medical officer, Colonel Krystal Murphy, said around 100 people who had been in contact with the infected man had been asked to remain at home.

"We recommend everyone exercise caution and use good hygiene practices to prevent any further spread," Myers said.

A large number of public events have been cancelled and organisers of the World Student Games in the southwestern city of Gwangju next month admitted they were "very anxious."

"No country has cancelled so far, but obviously we're keeping a close eye on what is a worrying situation and hope it will come under control soon," an official with the Universiade's organising committee told AFP.

Thursday, June 4, 2015

Malaysia's 1MDB's questionable accounts


Summary raises  questions over spending. It shows where money went but fails to debunk critics.

In acquiring assets of RM13.7 bil, it incurred RM5.4 bil in cost of financing working capital and foreign exchange cost  between 2010 & 2014 - Accountant.

PETALING JAYA: Controversial 1Malaysia Development Bhd (1MDB) has given a brief summary of how it has incurred a RM41.8bil debt bill in a space of five years.

While the explanation showed where the money raised has gone to, it did not debunk criticism on why a sum of RM15.4bil raised locally and some of it guaranteed by the Government, are placed with funds outside the country for purposes of investments and as security deposit for loans.

It also reveals a staggering RM4.5bil that 1MDB has incurred in financing and capital cost and RM900mil in foreign exchange cost, which accountants describe as a sizeable amount that needs to be explained further.

1MDB president and group executive director Arul Kanda Kandasamy said the clarification on the use of its RM42bil debt was necessary to address allegations that RM27bil was “lost” or “missing”.

“In recent weeks, there has been much speculation about the use of RM42bil of debt raised by 1MDB, and more specifically that RM27bil of the debt proceeds are allegedly “lost” or “missing”.

“We provide a summary of what the RM42bil debt has been used for, information that is fully disclosed in 1MDB’s audited and publicly available accounts from March 31, 2010 to March 31, 2014.


“We trust this clarification will help to clear any confusion on this matter,” he said in a statement.

One of the strongest critics of 1MDB is former Prime Minister Tun Dr Mahathir Mohamad who has said that he could not account for some RM27bil of the RM42bil in debts carried by 1MDB.

In the summary, 1MDB for the first time revealed how much it has placed as investments with foreign funds and amounts deposited as security with Middle East funds for guarantees on loans.

The funds for investments are placed with Brazen Sky that has received RM6.1bil and GIL Funds that is holding RM5.1bil.

A sum of RM4.2bil has been placed with Aabar Investments Deposits as security for a US$3.5bil(RM12.9bil) bond issued by 1MDB in 2012. The bonds were issued when 1MDB acquired power plants from T. Ananda Krishnan’s Tanjong Group and the Genting Group in 2012.

The purchase of the power plants was the biggest item in 1MDB’s shopping list. However, the power plants came with a debt of RM6bil, which means 1MDB incurred a cash outlay of only RM12bil to buy the assets, although it lists RM18bil in its summary.

The next biggest item in the Finance Ministry-sponsored fund is a sum of RM1.7bil it paid to acquire three parcels of land – the Tun Razak Exchange and Bandar Malaysia in Kuala Lumpur and 234 acres (94.6ha) in Air Itam, Penang.

1MDB refuted allegations that the three parcels of land cost RM2.1bil, pointing out that the amount incurred was RM1.7bil.

The fund said it paid RM200mil for the TRX land and RM400mil for 495 acres (200ha) in Sungai Besi that is now known as Bandar Malaysia.

Both parcels of land are among the last pieces of large developments left in the city and had been the target of several prominent groups before it was given to 1MDB without any competitive tender.

Since 2011, 1MDB has re-valued the 72-acre (29ha) TRX development and the Bandar Malaysia parcel several times to reflect its soaring valuations.

The two developments now carry a combine value of RM4.3bil.

However, an accountant said the cost of financing and working capital incurred by 1MDB to acquire the assets and run its operations at RM4.5bil was on the high side.

“It raised debts to acquire power plants and three parcels of land. The other amounts raised were largely placed with fund managers as investments or as security deposits. Investments placed with fund managers should give returns and not incur financing cost.

“Similarly, the deposits should also give returns and not incur financing cost,” said the accountant.

The accountant pointed out that stripping out the investments placed with the funds outside Malaysia and the debt of RM6bil inherited when acquiring the power plants, the actual cash outlay 1MDB incurred in acquiring the power plants and three parcels of land was RM13.7bil.

“In acquiring assets of RM13.7bil, it incurred RM5.4bil in cost of financing, working capital and foreign exchange cost between 2010 and 2014.

“That needs further explanation. Without a breakdown in how much was the finance cost and working capital it is difficult to say whether the funds were well utilised,” said the accountant.

By M. Shanmugam The Star/Asia News Network

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Regulators act on complaints: MIA to name and shame errant professionals

We have a due process to investigate any complaints made against any of our members,” MIA chief executive officer Ho Foong Moi (inset pic) told StarBiz.

PETALING JAYA: The auditors who signed off on the controversial 1Malaysia Development Bhd (1MDB) accounts will be investigated by the Malaysian Institute of Accountants (MIA).

Confirming this to StarBiz, MIA chief executive officer Ho Foong Moi said this was following complaints made by an Opposition Member of Parliament (MP).

DAP’s Petaling Jaya Utara MP Tony Pua had made two complaints to MIA, one in March and another in May.

“We have a due process to investigate any complaints made against any of our members,” Ho said.

MIA would not say when it aimed to complete the investigation. Ho said the deadline would depend on many factors as the case was complex.

“It also depends on whether we can obtain the relevant documents as well as prompt responses from the relevant parties,” she said.

On how impartial the probe would be, given that several council members of the MIA also work for three firms or the Accountant General’s office – who are involved with 1MDB – Ho said that any conflicted party would not be involved in the MIA investigation.

Three of the Big Four accounting firms were at one time or another working for 1MDB. The three are Ernst & Young, KPMG and Deloitte. The Accountant General’s Department is an authority under the Finance Ministry and advises the minister on who to appoint to the MIA council. Nine out of the MIA’s 29 council members work for the three firms or the Accountant General’s office.

The RM42bil debt chalked up by 1MDB has been the interest of many, but this is the first time the MIA is stepping in.

There have been previous calls for it to check on the auditors. The chairman of the Public Accounts Committee, which is holding an inquest into 1MDB, said he had found some accounting issues.

Datuk Nur Jazlan Mohamed said a few major accounting principles seemed to have been stretched to achieve the unqualified opinion in 1MDB’s 2014 accounts.

He called for regulators like the MIA and the Audit Oversight Board to step up and enforce the law. But the board has made it clear that it has control only over auditors of public listed companies.

The MIA, on the other hand, is a regulator for the accountants in Malaysia. The body has the power to investigate and punish members. It can even bar members from practising. But Ho stressed that the body can investigate only individuals, and not firms.

When the misconduct is less serious, the MIA can reprimand or fine the member. The MIA can also suspend a member for up to three years.

Move to name and shame errant auditors

PETALING JAYA: The regulator of audit firms in Malaysia has raised the issue of firms not fixing problems it had raised during inspections.

To put pressure on such firms, the Audit Oversight Board (AOB) will to make its inspection report public.

“We are concerned that audit firms may have started to be complacent with the deficiencies and issues raised in our inspection reports and have not given the required attention to the effectiveness of their remediation plans as indicated earlier to the board,” said executive chairman Nik Mohd Hasyudeen Yusoff in the AOB annual report 2014.

He noted that while firms have been enhancing their quality control, the board had found little actual improvement.

Last year, the board set stricter conditions for registration. It refused an application for recognition by a foreign audit firm because that firm failed to meet the board’s standards.

Also, the board acted against another firm for failing to meet critical measures on independence.

The board said new and revised standards next year would be a possible game changer to raise the quality of auditing and financial reporting in the country.

It was referring to the rules from the International Auditing and Assurance Standards Board that take effect on Dec 15, 2016.

Nik said these new standards would require auditors to put in key audit matter disclosures in their reports.

This would make the reports tailored to the clients rather than the mostly standard terms and boilerplates.

The board expects this to give more insights “of the risks surrounding a particular reporting entity and some of this may have market impact”.

The annual report said there was no major change in the number of registered and recognised audit firms and individual auditors.

Six major audit firms and four others audited 957 public-interest entities (PIE), covering 98.6% of the market capitalisation of public listed companies in Malaysia in 2014.

Last year, the AOB acted against a firm and two individual auditors.

It was the first time it had barred a firm from accepting any PIE as a client for 12 months. The firm also had to pay a penalty of RM30,000. In the past, the penalties were limited to a reprimand and the highest fine was RM10,000.

Regulator AOB expects and has mechanism to ensure audit firms strictly adhere to the laws

PETALING JAYA: The Audit Oversight Board (AOB), which has taken enforcement actions against two individual auditors and an audit firm last year, expects audit firms to adhere strictly to the laws.

“AOB has in place a robust enforcement mechanism with sufficient safeguards to ensure that fairness and justice will prevail,” it said.

From April 2010 to December 2013, eight auditors were sanctioned for failure to comply with the recognised auditing standards in the performance of their audit of the financial statements of public-interest entities (PIE) and failure to comply with the ethical and professional standards of the Malaysian Institute of Accountants by-laws.

In 2014, action was taken against two auditors and one audit firm.

AOB has prohibited Wong Weng Foo & Co from accepting PIE clients for 12 months. The audit firm was also imposed a penalty of RM30,000.

The AOB has also rapped two registered auditors, Lim Kok Beng of Ong Boon Bah & Co and Chan Kee Hwa of Khoo Wong & Chan, for non-compliance.

They were reprimanded for not complying with the International Standards on Auditing while auditing the financial statements of public interest entities.

In addition to the reprimand, a penalty of RM10,000 was imposed on Lim

Salaries of audit firm employees higher than fees



PETALING JAYA: For the first time in two years, growth in employee costs has outstripped audit fees among Malaysian firms.

While the growth in audit fees has dipped by a quarter from 12% to 9% in the past year, the growth in staff cost has remained constant for the past two years.

There has been higher headcounts in the past year, which rose by 6.6%, according to the Securities Commission’s Audit Oversight Board’s (AOB) annual report 2014. “Based on three years of analysis of the top 10 audit firms, salary costs continue to increase at a higher rate compared with the growth in the audit fees, which is a challenge for audit firms,” the board said.

Staff turnover was also another concern.

While the overall turnover has stabilised at about a quarter of the staff each year, the non-executives were leaving at a higher rate.

“This is a concern as turnover at this level may indicate the lack of attractiveness of audit as a career among younger accountants, which could be detrimental in the long term,” it said.

The report is compiled from 10 top audit firms, which collectively audited 957 public-interest entities (PIEs) covering 98.6% of the market capitalisation of public-listed companies in Malaysia.

The number of registered audit firms had decreased from 83 in 2010 to 52 last year.

The number of registered auditors has remained stable for the past five years. The number of registered auditors rose to 304 individuals in 2014 from 302 in 2013.

The annual report, AOB’s fifth, was released yesterday. AOB also questioned audit deficiencies for major firms. AOB inspects accounting firms regularly to promote and develop an effective audit oversight framework and promote confidence in the quality and reliability of audited financial statements in Malaysia.

Sources: The Star/Asia News Network

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Tuesday, June 2, 2015

China committed to upholding peace, stability in S. China Sea island-building, rejects US criticism to isolate China in Asia

Admiral Sun Jianguo, deputy chief of staff of China's People's Liberation Army (PLA) addresses the fourth plenary session of the Shangri-La Dialogue in Singapore, May 31, 2015. Sun Jianguo elaborated on China's foreign and defense policies. (Xinhua/Bao Xuelin)

http://english.cntv.cn/2015/06/01/VIDE1433110801945569.shtml
China must insist on island-building

During the just-concluded Shangri-La Dialogue, military representatives from China and the US did not engage in the bitter brawling predicted by the media. Both sides have reaffirmed their own stance. US Defense Secretary Ashton Carter asked all claimants, especially China, to cease island-building in the South China Sea, and by cautiously skirting around the question of how the US will respond if China continues its construction activities, Carter didn't issue further threats against China.

But the US is still able to launch more provocations in this region, perhaps by sending surveillance planes and warships to the periphery of 12 nautical miles from China-controlled islands.

No matter how disturbing the US can be, China must not stop its construction, which is in line with China's sovereign integrity. If Beijing backs off due to Washington's threats and some Western countries' protests, this will create a horrific precedent, which will embolden US-led forces to set tougher positions against China. China should try its best to inject prosperity into the South China Sea, promoting regional economic development and enhancing its disaster resistance ability. Only in this way will the ongoing quarrels calm down.

If China can play its cards right, these expanded islands will not only prevent the South China Sea situation from becoming intensified, but initiate a new constructive thinking for regional development. China's construction activities will offer an opportunity to break the vicious circle that has been haunting the South China Sea for decades.

These expanded islands will allow China to acquire more initiative to carry out its South China Sea policies. For now, it is China that values regional peace more than any other state, because the stability of the South China Sea is a prerequisite for China to make use of this important period of strategic opportunities.

As of now, military confrontation is still the last choice for all stakeholders in the South China Sea. However, different desires and expectations have caused the complexity in the South China Sea issues. When China can set a firm foothold in the area, it will bring along more elements that can drive peace and stability.

China needs to make broad plans including countermeasures against more US intrusions. Beijing should be fully prepared, both mentally and physically, for possible military conflicts with the US. China needs to clearly express its unwillingness as well as fearlessness to fight. The more prepared China can be, the lower the possibility of military conflict.

This round of contest in the South China Sea is more like a strategic dialogue, through which China and the US can come up with a set of models and principles under which they can show mutual respect around China's offshore areas.

If China insists on its island construction, publicizes its peaceful purposes, and avoids making these expanded islands a focal point of Sino-US military competition, we believe it will be eventually accepted by the widest number of parties concerned. - Global Times

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