Saturday, June 27, 2009

Jerry Parker Is the Most Successful of the Turtle Traders

Jerry Parker Is the Most Successful of the Turtle Traders

(December 03, 2008)


R. Jerry Parker (click above to show magazine cover)

Jerry Parker has made the most money as a Turtle. His achievement as the best and most profitable student of Richard Dennis is unquestioned. Some "others" might call themselves the most successful Turtle, but Jerry Parker's track record proves them incorrect.

His company is Chesapeake Capital:

Jerry Parker founded Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. Chesapeake provides investment and portfolio management services to both private and institutional investors worldwide. Mr. Parker began his portfolio management career in 1983 when he was accepted into the Turtle Program, a select investment training program developed by a successful Chicago portfolio manager. When the program ended in 1988, after almost five years of trading proprietary capital, Mr. Parker decided to continue his professional money management career by forming Chesapeake. Chesapeake?s specialized investment approach offers investors the potential to participate in, and profit from, price trends not typically available through traditional portfolio strategies. Chesapeake?s investment portfolios are not biased toward long or short positions and, therefore, can profit in both rising and falling market environments. Chesapeake actively monitors, and has the potential to invest in, over 90 markets worldwide. These can range from tangible assets, such as coffee, crude oil and gold to global financial instruments, such as German government bonds, U.S. stock indices and global currencies.

More on Jerry Parker.

NOTE: If you want to learn about trend following trading in general there is one definitive text: the bestselling classic "Trend Following: How Great Traders Make Millions in Up or Down Markets" by Michael Covel. If you want to learn about the most famous group of trained trend following traders, the Turtles and their teacher Richard Dennis, "The Complete TurtleTrader" by Michael Covel is the only complete biography (with all of the Turtle rules) available. If you want to learn trend following techniques and systems through advanced home study and or seminars click here.

Friday, June 26, 2009

‘Sultan was right not to dissolve Perak assembly’

‘Sultan was right not to dissolve Perak assembly’

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PUTRAJAYA, Fri:

Sultan Azlan Shah was right in not dissolving the Perak State Legislative Assembly in February because it was barely one year old, Court of Appeal Judge Datuk Md Raus Sharif said.

In his 49-page judgement dated June 2 released today, justice Raus said that in order for a dissolution of the assembly to take effect under Article 36(2) of the Perak State Constitution as requested by the then Menteri Besar Datuk Seri Mohammad Nizar Jamaluddin, the assembly must be in the conclusion of the five-year term when a general election is contemplated.

"It was well-known fact that the general election had been held barely one year ago," he said, adding that Nizar had applied the wrong provision when requesting for the dissolution of the assembly.

He said Article 36 of the Perak Constitution was only a general provision empowering the Sultan to prorogue or dissolve the assembly after the conclusion of the five-year term.

Nizar should have instead requested for dissolution of the assembly under Article 16(6) which states that if the menteri besar loses the confidence of the majority of the members of the assembly, then, unless at his request of the Sultan, dissolves the assembly, he shall tender the resignation of the Executive Council.
Raus also said that the question of Perak having two menteri besar did not arise because Article 16(6) demands that once the menteri besar was made to know that he had lost the confidence of the majority of the members of the assembly, he should take the honourable way out by tendering his resignation.

"If the menteri besar refuses or does not tender his resignation and the resignation of the Executive Council, as had happened in this case, the fact remains that the Executive Council is dissolved (which include the menteri besar) on account of the menteri besar losing the confidence of the majority of the members of the legislative assembly," he said.

Therefore, it was unnecessary for the Sultan to remove Nizar and the other members of the Executive Council, he said.

He said Datuk Seri Dr Zambry Abdul Kadir’s appointment as the menteri besar to succeed Nizar was made according to the Perak Constitution and established democratic practice and convention.

"The Sultan of Perak in exercise of his royal prerogative under Article 16(2) of the Perak State Constitution is at liberty to appoint another menteri besar to replace Nizar," he said.

Raus said the Sultan, however, must appoint someone who has the command and the confidence of the majority of the members of the assembly and in this case, there was no doubt that Zambry had the majority support of 31 members out of 59 members of the assembly.

"The circumstances in the present case clearly shows that on Feb 5, Nizar no longer had the confidence of the majority of members of the assembly. There were signed letters from 31 members pledging support to Barisan Nasional which were presented to the Sultan," he said.

He also said Article 16(6) does not express mandatory requirement that there must be a motion of no confidence passed by the assembly against a menteri besar before he ceases to command the confidence of the majority of the members.

"The fact that a menteri besar ceases to command the confidence of the majority of the members of the assembly can be established by other means. It cannot solely be confined to the vote taken in the assembly," he said.

Meanwhile, justice Ahmad Maarop who presided over the case with with Raus and Datuk Zainun Ali said Nizar must tender his resignation once he lost the confidence of the majority of the members of the assembly and when Sultan refused his request to dissolve the assembly.

"His refusal to tender his resignation and the resignation of the Executive Council was not merely a breach of convention and undemocratic but more importantly, it contravened the clear mandatory constitutional command under Article 16(6) of the Perak Constitution and therefore unconstitutional.

"Thus, since he had ceased to command the confidence of the majority of the members of the assembly, it is implicit that on his refusal to tender the resignation, the Executive Council is thereby dissolved and the office of the menteri besar vacated." Ahmad said he was also of the view that the Sultan’s power to dismiss the menteri besar was implicit in the event the menteri besar refuses to resign although he has ceased to command the confidence of the majority and the Sultan withholds his request to dissolve the assembly. "In my judgment, the situation confronting His Royal Highness in the state of Perak was one such situation, and His Royal Highness had, in that critical situation rightly exercised his constitutional powers provided under the State Constitution, which exercise was without any doubt, solely for the best interest of the people of Perak," he said.

Datuk Zainun Ali’s judgement is expected to be released on Monday.

The three Court of Appeal judges had on May 22 ruled that Zambry was the legitimate menteri besar of Perak, reversing an earlier High Court decision in Nizar’s favour.

The Federal Court is to hear Nizar''s application for leave to appeal on July 9 and 10.

Nizar, 52, was appointed Perak menteri besar on March 17 last year after the DAP-Parti Keadilan Rakyat-Pas alliance won 31 seats in the state assembly in 12th general election.

Less than a year later, they lost three members who declared themselves independent and lent support for Barisan Nasional that then had 28 seats in the assembly after a representative who had jumped ship earlier made an about turn.

Sultan Azlan Shah then asked Nizar to step down and swore in Zambry after finding that Barisan Nasional had the majority in the state assembly.

Following this, Nizar initiated the legal action to seek a declaration he is the rightful menteri besar and an injunction to bar Zambry from discharging his duties. - BERNAMA

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PUTRAJAYA, Fri:

Sultan Azlan Shah was right in not dissolving the Perak State Legislative Assembly in February because it was barely one year old, Court of Appeal Judge Datuk Md Raus Sharif said.

In his 49-page judgement dated June 2 released today, justice Raus said that in order for a dissolution of the assembly to take effect under Article 36(2) of the Perak State Constitution as requested by the then Menteri Besar Datuk Seri Mohammad Nizar Jamaluddin, the assembly must be in the conclusion of the five-year term when a general election is contemplated.

"It was well-known fact that the general election had been held barely one year ago," he said, adding that Nizar had applied the wrong provision when requesting for the dissolution of the assembly.

He said Article 36 of the Perak Constitution was only a general provision empowering the Sultan to prorogue or dissolve the assembly after the conclusion of the five-year term.

Nizar should have instead requested for dissolution of the assembly under Article 16(6) which states that if the menteri besar loses the confidence of the majority of the members of the assembly, then, unless at his request of the Sultan, dissolves the assembly, he shall tender the resignation of the Executive Council.
Raus also said that the question of Perak having two menteri besar did not arise because Article 16(6) demands that once the menteri besar was made to know that he had lost the confidence of the majority of the members of the assembly, he should take the honourable way out by tendering his resignation.

"If the menteri besar refuses or does not tender his resignation and the resignation of the Executive Council, as had happened in this case, the fact remains that the Executive Council is dissolved (which include the menteri besar) on account of the menteri besar losing the confidence of the majority of the members of the legislative assembly," he said.

Therefore, it was unnecessary for the Sultan to remove Nizar and the other members of the Executive Council, he said.

He said Datuk Seri Dr Zambry Abdul Kadir’s appointment as the menteri besar to succeed Nizar was made according to the Perak Constitution and established democratic practice and convention.

"The Sultan of Perak in exercise of his royal prerogative under Article 16(2) of the Perak State Constitution is at liberty to appoint another menteri besar to replace Nizar," he said.

Raus said the Sultan, however, must appoint someone who has the command and the confidence of the majority of the members of the assembly and in this case, there was no doubt that Zambry had the majority support of 31 members out of 59 members of the assembly.

"The circumstances in the present case clearly shows that on Feb 5, Nizar no longer had the confidence of the majority of members of the assembly. There were signed letters from 31 members pledging support to Barisan Nasional which were presented to the Sultan," he said.

He also said Article 16(6) does not express mandatory requirement that there must be a motion of no confidence passed by the assembly against a menteri besar before he ceases to command the confidence of the majority of the members.

"The fact that a menteri besar ceases to command the confidence of the majority of the members of the assembly can be established by other means. It cannot solely be confined to the vote taken in the assembly," he said.

Meanwhile, justice Ahmad Maarop who presided over the case with with Raus and Datuk Zainun Ali said Nizar must tender his resignation once he lost the confidence of the majority of the members of the assembly and when Sultan refused his request to dissolve the assembly.

"His refusal to tender his resignation and the resignation of the Executive Council was not merely a breach of convention and undemocratic but more importantly, it contravened the clear mandatory constitutional command under Article 16(6) of the Perak Constitution and therefore unconstitutional.

"Thus, since he had ceased to command the confidence of the majority of the members of the assembly, it is implicit that on his refusal to tender the resignation, the Executive Council is thereby dissolved and the office of the menteri besar vacated." Ahmad said he was also of the view that the Sultan’s power to dismiss the menteri besar was implicit in the event the menteri besar refuses to resign although he has ceased to command the confidence of the majority and the Sultan withholds his request to dissolve the assembly. "In my judgment, the situation confronting His Royal Highness in the state of Perak was one such situation, and His Royal Highness had, in that critical situation rightly exercised his constitutional powers provided under the State Constitution, which exercise was without any doubt, solely for the best interest of the people of Perak," he said.

Datuk Zainun Ali’s judgement is expected to be released on Monday.

The three Court of Appeal judges had on May 22 ruled that Zambry was the legitimate menteri besar of Perak, reversing an earlier High Court decision in Nizar’s favour.

The Federal Court is to hear Nizar''s application for leave to appeal on July 9 and 10.

Nizar, 52, was appointed Perak menteri besar on March 17 last year after the DAP-Parti Keadilan Rakyat-Pas alliance won 31 seats in the state assembly in 12th general election.

Less than a year later, they lost three members who declared themselves independent and lent support for Barisan Nasional that then had 28 seats in the assembly after a representative who had jumped ship earlier made an about turn.

Sultan Azlan Shah then asked Nizar to step down and swore in Zambry after finding that Barisan Nasional had the majority in the state assembly.

Following this, Nizar initiated the legal action to seek a declaration he is the rightful menteri besar and an injunction to bar Zambry from discharging his duties. - BERNAMA

Singapore military picks first Malay general

Singapore military picks first Malay general

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SINGAPORE, Fri:

The Singapore Armed Forces (SAF) will create history on July 1 when it appoints a Malay general.

Colonel Ishak Ismail, 46, a senior Malay officer who has served for 28 years in SAF, is being promoted to Brigadier General, local media reported today.

He was one of the five SAF colonels (the other four non-Malays) who received their appointment letters as Brigadier Generals and a First Admiral during a function at the Defence Ministry yesterday.

Singapore has been criticised by various parties especially the Malay leaders and communities in and outside the island republic including Malaysia for seemingly practising a policy of not giving Malay SAF personnel opportunities to rise to the highest ranks due to concern over their loyalty.

Col Ishak who is SAF Sixth Division Commander since August last year, is among 464 SAF full time and National Service officers promoted this year.
"If this promotion is seen as something that can inspire others, it will also indirectly motivate them to work hard and achieve excellence every time," he was quoted by Berita Harian Singapura as saying.

Member of Parliament Zaqy Mohamad was quoted by Today newspaper as saying that Col Ishak’s achievement was a milestone for the Malay community in Singapore.

"It’s been talked about that you don’t see Malays serving in the upper echelons of the SAF. Now you’'ve got one, so it dispels some talk," said Zaqy who added that Col Ishak’s promotion would pave the way for more capable candidates in time.

"I hope it’s not seen as a token appointment," he said.

Jackson lived like king

Jackson lived like king but died awash in debt

King of Pop dies before comeback bid could burnish ailing finances, career

  • On Friday June 26, 2009, 12:35 am EDT

LOS ANGELES (AP) -- Michael Jackson the singer was also Michael Jackson the billion-dollar business.

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Yet after selling more than 61 million albums in the U.S. and having a decade-long attraction open at Disney theme parks, the "King of Pop" died Thursday at age 50 reportedly awash in about $400 million in debt, on the cusp of a final comeback after well over a decade of scandal.

The moonwalking pop star drove the growth of music videos, vaulting cable channel MTV into the popular mainstream after its launch in 1981. His 1982 hit "Thriller," still the second best-selling U.S. album of all time, spawned a John Landis-directed music video that MTV played every hour on the hour.

"The ratings were three or four times what they were normally every time the video came on," said Judy McGrath, the chairman and CEO of Viacom Inc.'s MTV Networks. "He was inextricably tied to the so-called MTV generation."

Five years later, "Bad" sold 22 million copies. In 1991, he signed a $65 million recording deal with Sony.

Jackson was so popular that The Walt Disney Co. hitched its wagon to his star in 1986, opening a 3-D movie at its parks called "Captain EO," executive produced by George Lucas and directed by Francis Ford Coppola. The last attraction in Paris closed 12 years later.

One of Jackson's shrewdest deals at the height of his fame in 1985 was the $47.5 million acquisition of ATV Music, which owned the copyright to songs written by the Beatles' John Lennon and Paul McCartney. The catalog provided Jackson a steady stream of income and the ability to afford a lavish lifestyle.

He bought the sprawling Neverland ranch in 1988 for $14.6 million, a fantasy-like 2,500-acre property nestled in the hills of Santa Barbara County's wine country.

But the bombshell hit in 1993 when he was accused of molesting a 13-year-old boy.

"That kind of represents the beginning of the walk down a tragic path, financially, emotionally, spiritually, psychologically, legally," said Michael Levine, his publicist at the time.

He settled with the boy's family, but other accounts of his alleged pedophilia began to emerge.

When he ran into further financial problems, he agreed to a deal with Sony in 1995 to merge ATV with Sony's library of songs and sold Sony music publishing rights for $95 million. Then in 2001, he used his half of the ATV assets as collateral to secure $200 million in loans from Bank of America.

As his financial problems continued, Jackson began to borrow large sums of money, according to a 2002 lawsuit by Union Finance & Investment Corp. that sought $12 million in unpaid fees and expenses.

In 2003, Jackson was arrested on charges that he molested another 13-year-old boy. The 2005 trial, which ultimately ended in an acquittal, brought to light more details of Jackson's strained finances.

One forensic accountant testified that the singer had an "ongoing cash crisis" and was spending $20 million to $30 million more per year than he earned.

In March of last year, the singer faced foreclosure on Neverland. He also repeatedly failed to make mortgage payments on a house in Los Angeles that had been used for years by his family.

In addition, Jackson was forced to defend himself against a slew of lawsuits in recent years, including a $7 million claim from Sheik Abdulla bin Hamad Al Khalifa, the second son of the king of Bahrain.

Memorabilia auctions were frequently announced but became the subject of legal wrangling and were often canceled.

Time and again, however, Jackson found a way to wring cash out of high-value assets, borrowing tens of millions at a time or leaning on wealthy friends for advice, if not for money.

Al Khalifa, 33, took Jackson under his wing after his acquittal, moving him to the small Gulf estate and showering him with money.

In his lawsuit, Al Khalifa claimed he gave Jackson millions of dollars to help shore up his finances, cut an album, write an autobiography and subsidize his lifestyle -- including more than $300,000 for a "motivational guru." The lawsuit was settled last year for an undisclosed amount. Neither the album nor book was ever produced.

Another wealthy benefactor came to Jackson's aid last year as he faced the prospect of losing Neverland in a public auction.

Billionaire Thomas Barrack, chairman and CEO of Los Angeles-based real estate investment firm Colony Capital LLC, agreed to bail out the singer and set up a joint venture with Jackson that took ownership of the vast estate.

Barrack was unavailable for comment Thursday, but referred to the singer in a statement as a "gentle, talented and compassionate man."

A final piece of the financial jigsaw puzzle fell into place in March, when billionaire Philip Anschutz' concert promotion company AEG Live announced it would promote 50 shows in London's O2 arena. Tickets sold out, and the first show of the "This is It" tour was set for July 8.

Jackson, who has won 13 Grammys, hadn't toured since 1997. His last studio album, "Invincible," was released in 2001.

But the opening date was later postponed to July 13 and some shows moved back to March 2010, fueling speculation that Jackson was suffering from health ailments that could curtail his comeback bid.

His death, caused by cardiac arrest according to his brother Jermaine, raised the question whether an insurer would refund money to ticketholders. AEG Live did not immediately respond to requests for comment.

Jackson was practicing for the concert in Los Angeles at the Staples Center with Kenny Ortega, a choreographer and director of the "High School Musical" movies, who has worked on previous Jackson videos like "Dangerous" in 1993.

"We had a 25-year friendship. This is all too much to comprehend," Ortega said in a statement. "This was the world's greatest performer and the world will miss him."

Thursday, June 25, 2009

DEATH OF MICHAEL JACKSON

Michael Mikaeel Jackson is now dead.

May Allah SWT blesses his soul.

Alfatihah. Ameen.

MICHAEL "MIKAEEL' JACKSON KEMBALI KE RAHMATULLAH

Sangat sedih bila menerima berita kematian Allahyarham Michael Jackson. Saya rasa tahun lepas beliau memeluk agama Islam dan mengambil nama Mikaeel.
Semoga Allah SWT mencucuri rahmat keatas roh Allahyarham Mikaeel.
Alfathihah, Ameen.

Monday, June 22, 2009

Malaysian capital market seeing some signs of life

Malaysian capital market seeing some signs of life

By YAP LENG KUEN


CEOs: Firms in bond market more for refinancing

PETALING JAYA: The capital market is seeing some signs of life although new money is yet to enter in a big way.

“Corporates are coming back to the bond market more for refinancing and not so much for new financing,” said Lee Kok Kwan, deputy CEO and group treasurer of CIMB group.

“The market for the raising of new money seems more vibrant in Hong Kong, Singapore and South Korea,” said RHB Investment Bank managing director Chay Wai Leong.

Corporate funding for mergers and acquisitions as well as business expansion was still lagging while there is some project financing for toll roads and public transportation, for which funds are provided under the Government’s second stimulus package. Other funding purposes are for working capital, trade financing and plant refurbishment.

Within the equity market, there is more interest from corporates to raise funds especially via private placements and rights. “This is due to pent-up demand from the corporates which had deferred plans to raise funds in view of the depressed market prices and overall soft sentiment,” said AmBank group relationship banking and regional business managing director Pushpa Rajadurai.

However, she noted that funding via initial public offerings (IPOs) had shrunk from their highs in the 2002-2005 period when about 70 IPOs with an average value of RM6.8bil were launched yearly.

Last year, only 21 IPOs with a total value of RM1.2bil were launched, representing a drop of 80% in the value of funds raised.

Year to date, there is only one IPO, Samchem Holdings Bhd.

There is still a lack of large IPO and primary share placement deals, said Chay, adding that the SunCity and CapitaLand real estate investment trusts could be the next big listings to look forward to possibly around year-end.

Even within the bond market, banks are shoring up funds to boost their Tier 1 and 2 capital, however, for senior debt (debt that takes priority for repayment in the event of liquidation) funding, it is mostly in the negotiable instrument of deposit (NID) market, Lee observed.

(NIDs are mostly used by banks for lending and borrowing between themselves and sometimes by fund managers as well as very sophisticated corporates).

The action is concentrated mainly on high grade government and quasi government-related bond issues. According to Chay, RHB is eyeing potential deals in high grade bonds.

“We have observed a return of top tier issuers in exploring fund raising exercises in the last quarter. “These issuers were attracted by the low interest rate environment and continuing liquidity for high quality credits, especially issuers rated AA and above,’’ said Maybank-IB head of debt markets, John Chong.

There are also proposals from firms in property, construction and infrastructure for issuance of bonds with a potential for better credit rating based on guarantees provided by the Government’s financial guarantee institution (FGI) Danajamin Nasional Bhd.

“The introduction of Danajamin as an FGI is expected to spur further issuances in the capital market,’’ said Chong. Even before the full launch of Danajamin, Maybank-IB has received many requests and queries from various corporates to explore the possibility of issuing FGI-wrapped corporate bonds.

“In fact, lead managers are keen to work with Danajamin to enable some of the smaller companies to obtain a credit wrapping,” Lee said.

Corporates still prefer the debt over the equity markets although risk appetite seems to have returned, to some extent, to the equity markets, said Lee. In equities, they experience more dilution whereas for debt, they pay a long-term fixed rate and only have the pricing and access issues to deal with.

Moreover, just because some large rights issues were over-subscribed did not mean that all equity issues would succeed at this point, said Pushpa. “We continue to see existing shareholders lending support to funds raised in such exercises.’’

In view of the long-term appeal of bonds, it was even more imperative for regulators to get the retail market going for high grade bonds, said Lee, noting that they had been recently making enquiries in this area.

In the absence of the corporate bond alternative for single-A rated corporates, direct bank lending remains the current viable option even though the cost of funds might be higher, said Chong.

“The bank loan market has always been an important source for corporates to raise funds and even in times of economic weakness observed in the last one to two years since the subprime crisis emerged, the direct lending and syndication market has been resilient,”’ said Chong. The direct bank loan sector is expected to play an even larger role in times when the overall capital market is in a recovery mode.

According to Pushpa, corporates that were well-positioned to borrow would stay in the loan market in view of the current low interest environment, while banks were still extending loans to those that showed the right balance of risk and return.


For latest Bursa Malaysia indices, charts and other information click here

Ida Nerina not assaulted, says manager

Ida Nerina not assaulted, says manager


PETALING JAYA: Actress Ida Nerina’s manager has denied reports that she fell down the stairs in her home because she was assaulted.

“Those allegations are absolutely untrue because she slipped and fell while rushing up the stairs and injured her spine,” Fizar Harun said.

She said this when contacted by mStar, the Malay online news portal of The Star, yesterday morning.

Reports said that Ida’s fall on Sunday at a condominium in Persiaran Syed Putra resulted in spinal injuries which could cause her to be paralysed.

The Akademi Fantasia Season Seven (AF7) instructor was reportedly taken to the Pantai Medical Centre for emergency treatment and later referred to the University Malaya Medical Centre (UMMC).

Fizar denied that Ida may be paralysed from the incident.

“It’s not accurate because there is no doctor’s report yet. She is all right after surgery,” she said.

Ida underwent surgery on Sunday night at the UMMC and was reported to be awake and in stable condition.

Fizar said that Ida would be taking a break from her career until she has fully recovered and would be withdrawing from taking part in the play, The Good Body.

Also, she will not be judging the BMW Shorties short-film competition.

A statement released by producers Meggie Teoh and Angie Teoh yesterday said that Ida’s roles in the play would now be played by her five co-stars – Joanna Bessey, Samantha Schubert, Joanne Kam Poh Poh, Bella Rahim and Anrie Too.

Written by Eve Ensler, The Good Body is a poignant and hilarious look at the secret lives of women who have to deal with Botox, bulimia, breast implants and stomach tucks.

Somali Islamists order teenagers' hands, legs amputated

Somali Islamists order teenagers' hands, legs amputated

MOGADISHU (Reuters) - Somali's al Shabaab insurgents sentenced four teenagers on Monday to each have a hand and a leg amputated as punishment for robbery in a show of power by the hardline Islamists in a Mogadishu stronghold.

It would be the first such double amputation carried out by the rebels, who follow strict sharia law in the parts of south Somalia that they control.

An Al-Shabaab fighter waves a flag during a patrol in outskirts of Mogadishu, June 22, 2009. (REUTERS/Omar Faruk)

Al Shabaab -- whose ranks are swelled by foreign jihadists and is seen by Western security services as a proxy for al Qaeda in Somalia -- has carried out executions, floggings and single-limb amputations before, mainly in south Kismayu port.

It is battling the government of President Sheikh Sharif Ahmed for control of Mogadishu, and is also fighting a government-allied moderate Islamist militia in the provinces.

"Today, the Islamic court sentences these four men who carried out robberies to have their opposite hand and leg amputated," said Sheikh Abdul Haq, judge of the sharia court in the al Shabaab-held Suqa Holaha area of the Somali capital.

"They robbed mobile phones and people's belongings."

The judge did not say when the sentence would be carried out at the hearing, attended by hundreds of residents. Shackled and silent, the teenagers were led away into custody.

Al Shabaab's strict practices have shocked many Somalis, who are traditionally moderate Muslims, though residents give the insurgents credit for restoring order to regions they control.

RESCUE SOMALI PEOPLE

In the latest cycle in 18 years of violence in Somalia, a two-and-a-half year Islamist insurgency has killed more than 18,000 civilians, uprooted 1 million people, allowed piracy to flourish offshore, and spread security fears round the region.

Somalia's government, which controls little more than a few blocks of Mogadishu, declared a state of emergency at the weekend and appealed for foreign intervention, including from Somalia's neighbours.

But international powers are reluctant to do more than beef up an existing 4,300-man African Union (AU) peacekeeping force. Though lauded by Somalis for setting up a much-needed hospital at their base, the AU has been unable to stem the violence and its patrols have become a target for the insurgents.

A minister, the Mogadishu police chief, and one legislator were all killed last week.

"The Somali government decided to save the country from terrorists invading the country and imposed a state of emergency," Ahmed told reporters at the hilltop presidential palace in Mogadishu on Monday.

"We are asking the world community to rescue Somali people ... We have been trying to solve everything with talks but we realised that they (the rebels) don't want peace but violence."

Experts say several hundred foreign fighters are in Somalia.

"These are foreign fighters who have fought at least five wars -- in Afghanistan, Iraq and elsewhere -- who now want to take over Somalia as their own safe haven for their terrorist activities," Somali prime minister, Omar Abdirashid Ali Sharmarke, told reporters in Nairobi.

"We are dealing with a threat that can engulf the whole region. We are calling on multilateral institutions and bilateral governments like Kenya to salvage the country."

Security alerts, and rumours among expatriates, of a planned attack in Nairobi have been rife and the Kenyan government has put its security services on alert.

Copyright © 2008 Reuters

Sunday, June 21, 2009

TRADING DISCIPLINE

This Is Not a Business of Buying Low and Selling High; it is, however, a business of buying high and selling higher. Strength tends to beget strength, and weakness, weakness.

TIPS TO TRADE

Never, Ever, Ever, Under Any Circumstance, Add to a Losing Position… not ever, not never! Adding to losing positions is trading’s carcinogen; it is trading’s driving while intoxicated. It will lead to ruin. Count on it!

Monday, June 1, 2009

MODEL FOR DAYTRADING

DAYTRADING

CIFUTURES - EMA9SMA9 - 1HR

CPOFUTURES - EMA8SMA8 - 1HR

CICASH - EMA7SMA7 - 1HR

OVERNIGHT

CIFUTURES - EMA4SMA6 AND EMA5SMA9

IOI - EMA7SMA25

ROSLI BIN HUSSIN