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No. 4645 PP 2644/12/2008 (020369)

November 24, 2008

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Apec consensus
Illegal deposit charge
to raise spending
We must restore confidence
IMA: Asia-Pacific Economic packages are China, which
Cooperation (Apec) leaders implemented a package worth US$750
Four directors of two companies were
charged with illegal deposit-taking
in our economies. They have agreed to Malaysia’s call
for member economies to coordinate
billion, but credit from the proposed
US$600 billion package by the United
amounting to more than RM37 million cannot be complacent; they their fiscal stimulus packages to raise States is slow in coming.
in Kota Baru yesterday. They were from
Business Time Dina Sdn Bhd (above) and must resort to expansionary spending in efforts to haul the global
economy out of the crippling recession.
For Bretton Woods institutions such
as the International Monetary Fund and
Pan Phoenix Dina Sdn Bhd. A patron of both
firms was also charged. Report page 2.
means to save the world.” “Apec leaders decided that the
fiscal stimulus in the form of an
the World Bank, Najib said they must
play the role of providing the liquidity
expansionary budget is necessary via short-term capital to certain
to save the world from sliding into countries facing balance of payments
recession,” Deputy Prime Minister problem.
Datuk Seri Najib Abdul Razak told Najib said these agencies needed to
Malaysian journalists after the first day ascertain the amount of injection which
of the two-day leaders’ summit in the was needed to stimulate economic
Peruvian capital. activity in countries grappling with the
Najib, who is finance minister, said recession.
Asia-Pacific economies must raise To this end, he said, leaders now
liquidity and lending to consumers to saw the need for a new global financial
boost trade and investment. architecture or Bretton Woods II, which
“We must restore confidence in our meant the IMF and World Bank would
economies,” he said. have to transform themselves given the
Najib said that economies, both dynamics in the global economy.
Apec and non-Apec, must get their act The whole IMF thinking was not
together to prevent the global economy valid any more, he said.
from slipping into recession. In a statement issued after the first
“They cannot be complacent; they day of deliberations, Apec leaders
must resort to expansionary means to said they would support export credit
save the world.” agencies, international financial
He said each country must embark institutions and private banks to ensure
on a fiscal stimulus in a co-ordinated that adequate finance was available to
fashion and ascertain the amount of business, including small and medium-
injection that was required. sized enterprises.
At the moment, what has been “This will keep trade and
decided is that the fiscal stimulus must investment flowing in the region,” the
be calculated on a global basis. leaders representing the 21-member
This is the first time that Apec economies said in the statement.
leaders dedicated the entire first day Najib said that the leaders also
of the two-day summit, hosted by agreed that this was not the time for
Peruvian President Alan Garcia at the economies to resort to protectionism,
Defence Ministry Convention Centre, to but the better option was to embrace a
discussing the global economic crisis. more open economy that will support

Among countries which have expansionary policies (photo on page

instituted comprehensive stimulus 2). – Bernama

Countdown to probe on astronaut

KUCHING: A probe will start tomorrow the ministry had received letters of “If we don’t receive many com- allegedly charged RM8,000 per hour
into claims that the country’s first man complaint since the allegation surfaced plaints, we can conclude the investi- for giving talks from 150 corporations
in space, Datuk Dr Sheikh Muszaphar but declined to divulge details. gation very fast but if there are many since his return from the International
Shukor Sheikh Mustapha, has amassed “We urge the public not to come it may take a little bit longer but our Space Station in October last year. His
RM1.2 million from payments for talks with only letters of complaint but target is to complete (the probe) by duties included giving talks at schools
he gave on his experience in space. also to substantiate their complaints early December,” he said when asked and universities to inspire students to
Deputy Science, Technology and with solid evidence such as receipts about the time-frame for the inquiry. pursue space studies.
Innovation Minister Fadillah Yusof as proof of payment, invoices and all Fadillah said the scope of the In response to the adverse reports,
said that the investigation would be written attachments or correspond- investigation would be, among other Dr Sheikh Muszaphar, an orthopaedic
conducted by a committee to be set ence related to any event attended by things, to determine if the astronaut surgeon, has been quoted as saying he
up after the deadline for receiving all him (Dr Sheikh Muszaphar),” he said. charged for his appearance or talks had accepted contributions when he
reports and complaints from the public Failure to furnish solid evidence and to recommend appropriate action spoke at events. However, he denied
ended today. would leave the ministry with no to be taken by the ministry. allegations that he had received up Datuk Dr Sheikh
Speaking after launching a fam- choice but to regard the complaints as Sheikh Muszaphar, who was on to RM8,000 an hour for the lectures. Muszaphar
ily day yesterday, he confirmed that mere allegations, he said. one-year contract with the ministry, – Bernama