Categories
Economics WDYT

[2383] Do you support the merger?

Do you support the possible RHB-CIMB/Maybank merger?

  • Yes (15%, 6 Votes)
  • No (73%, 30 Votes)
  • Undecided (12%, 5 Votes)

Total Voters: 41

Loading ... Loading ...

Background: Rivals CIMB and Maybank are racing against each other to merge (takeover?) with RHB. It is a high-stake game. The winner will have a significantly increased regional profile.

At the same time, a current shareholder of RHB, Abu Dhabi Commercial Bank (ADCB) is selling its stake to its sister’s company Aabar Investments. Both the ADCB and Aabar Investments are owned by the government of Abu Dhabi.

Something fishy is going on with that sale, especially when such transaction is being done knowing that CIMB and Maybank are in competition to merge with RHB. Maybe the government Abu Dhabi is artificially pushing the value of RHB up. It is bad sport but they cannot really be blamed for that.

Reacting to that, the Bank Negara has told RHB that the transaction price between ADCB and Aabar should not affect the prices to be offered by CIMB and Maybank. A truly “what the hell” moment from the Bank Negara. If the transaction between ADCB and Aabar is fishy, the Bank Negara’s involvement is a complete dung.

Initially, I was neutral with the merger, despite knowing that a successful transaction between RHB and CIMB or Maybank would create a giant government-linked company.

With the Bank Negara’s latest position, I am moving towards the opposition camp. I am waiting for somebody to have the balls to flick to the bird to CIMB, Maybank, Khazanah Nasional, Permodalan Nasional Berhad, the Bank Negara and the government of Malaysia.

Oh, you should really try to form your own opinion before voting.  Sorry for about trying to affect your opinion. Naughty me (but hey, this is a libertarian blog. The default opinion is likely to be obvious).

Categories
Personal

[2382] A random burst of Maize and Blue

[youtube]k_j711iJI_s[/youtube]

Let’s Go Blue!

Categories
Politics & government

[2381] UMNO is turning into the old PAS

If one had opined that PAS was more of a centrist than UMNO 10 years ago, nobody would have believed it. It would have been an outrageous opinion. Yet today, it is no longer so foreign a prospect.

The recently concluded PAS internal election is the latest evidence of the party’s march to the centre. That election saw both the promotion of the so-called professional group to the leadership of the party and the adoption of a more realistic stance with regards to the Islamic state agenda.

The participation of PAS within Pakatan Rakyat has a lot to do with the reconfiguration of the party towards the political centre. While the criticism of ideological difference against the coalition as a whole remains valid, the alliance itself is the great engine that is pulling all of its members to a middle ground. That middle ground is proving to be the Malaysian centre.

This is should be contrasted with trends within Barisan Nasional, or really, just UMNO.

Regardless of the sincerity of the accusation, UMNO and its allies insist that PAS is committing a political betrayal. They claim PAS is abandoning the Islamic state ideal and ejecting the ulama from party leadership. Rather than acknowledging the developments as simply a move to the centre, they are more comfortable accusing PAS of kowtowing to DAP.

Betrayal or not, as with any move to the centre, those on the fringes will have less hold on the party. That will fuel some discontent.

UMNO-owned Malay daily Utusan Malaysia wants UMNO to appease the fringes. Assistant chief editor of Utusan Malaysia Zaini Hassan has gone as far as suggesting that UMNO should have its own ulama wing, perhaps thinking that particular man oeuvre could outflank PAS.

He forgets that times have changed.

In the past, the Islamization race between UMNO and PAS always ended up with PAS being the loser. PAS did not budge even as UMNO encroached on the traditional domain of the former. That allowed UMNO to win centrist votes and gain some voters who could have voted for PAS.

That little trick might not work again after the latest PAS election.

With PAS slowly nudging towards the centre and UMNO to the opposite direction, the Islamization game has only one participant, and that is UMNO. With enough momentum powering both sides, UMNO might find itself taking the relatively more extreme position compared to PAS. This means UMNO is at risk of becoming the loser this time around.

If both parties stay on their course, UMNO will turn into the conservative party that PAS was. Meanwhile, PAS the centrist should be very happy with that.

Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved

First published in The Malaysian Insider on June 14 2011.

Categories
Photography

[2380] North Sydney Olympic Swimming Pool

Categories
Liberty

[2379] The spread of libertarianism in Malaysia

I just had a conversation with Delphine Alles, a PhD student at Sciences Po today. She is researching about libertarianism in Southeast Asia. I thought it was an interesting conversation because it forced me to straighten up my own thoughts on the history of libertarian movement in Malaysia.

One question: how did it happen? How did libertarianism spread in Malaysia?

I struggled with that. Here is my opinion nonetheless.

The spread of libertarianism — the free market kind obviously — is a recent phenomenon in Malaysia. I thought it seeped into Malaysian consciousness through Malaysian graduates from the US and UK universities. I admit that there might have been individual libertarians much, much earlier from other sources but as far as popular discourse is concerned, it is a recent phenomenon.

That is primarily thanks to the Institute for Democracy and Economic Affairs. IDEAS despite being a small grouping of libertarians has certainly punched above its weight. What made IDEAS a revolutionary force was that before them, libertarianism was confined almost exclusively to the blogoshere. Today, libertarian ideas are everywhere. Switch on the TV and there is a good chance you will see a libertarian speaking. Ditto for popular printed and electronic newspapers.

Did any tradition underpin the spread? Was a particular school of thought responsible for the spread?

I think not. If Malaysian libertarianism was spread by any particular tradition, then it was only through those engaged in popular discourse. Their understanding of libertarianism may be traced to certain traditions, but I think it is such a hodge-podge collectively that in the end, it is hard to see which tradition prevails. So, it is easier to say that it is due to these individuals. In some ways, these libertarians are the first generation libertarians in Malaysia.

Libertarianism has been popularly spread through issues. To put it another way, popular libertarianism in Malaysia is issue-based libertarianism. Delphine reframed it as pragmatic libertarianism. I have trouble with the term pragmatic because it alludes to cafeteria libertarians (ersatz libertarians to put it politely). Yet in a limited sense within local context, it is pragmatic libertarianism.

When I said issue-based, I meant libertarianism in the popular sphere. In the media, it is very rare if at all there is a case where libertarianism is written or explained explicitly by citing big names like Mises, Hayek, Rothbard and Friedman, or done axiomatically in the way Nozick did in Anarchy, State and Utopia.

Rather, it is the application of the first principles that made the spread of libertarianism possible. When issues arise, libertarian solution is offered. For instance, in the case of fuel subsidy, the virtue of free market is put forward. In case of religious conflict, freedom of conscience is offered as justification for a more liberal treatment of the issue. In education where the quality of public education is hotly debated, private initiatives are suggested as the solution to improve education outcome.

Because of this, popular libertarianism tend to be deficient compared to pure libertarianism. Questions that do not arise frequently in Malaysian society do not get answered. Malaysian libertarians in the popular arena are silent when it comes to right to arms for instance. Or a libertarian foreign policy.

Delphine asked about self-determination, i.e. what would local libertarians think about Pattani, Mindanao and the likes. A proper libertarian would have strong position on the matter but popular libertarianism gives it a shrug because it is not a concern to Malaysians, never mind a local libertarian consensus is likely hard to achieve, making a summary impossible. Whatever it is, the shrug leaves the general public unaware of the systematic view of libertarianism, which at the individual libertarian level is possibly well-argued.

In fact, it can only be well-argued and understood in intimate sessions, like in small discussion groups and such. Any full-blown discussion about libertarian in the public sphere would quickly bore laypersons, who are more interested in issues, not first principles.

The deficiency is not a problem by itself because popular libertarianism is meant for public consumption. It is meant to increase public aware of the libertarian alternatives. What is satisfying about this is when some strangers speak of an issue, he or she uses libertarian argument without realizing that argument is a libertarian implication.

That of course may create ersatz libertarians, but for a philosophy that began with a penny in its pocket here in Malaysia, it is a start.

Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved Mohd Hafiz Noor Shams. Some rights reserved

p/s — there were some self-proclaimed classical liberals earlier but I think I have come to discount them because I distrust them from one reason or another. I have concluded that they are liberal only in superlative sense. In a conservative society like Malaysia, it does not take much to be a liberal superlatively.