Ox signifies tenacity and hard work. We need a lot of both in 2009. On the economic front, there are more bad news. The latest: Intel closing down two of its 13 plants in Penang. More than 2300 workers will be affected. Although there will be no clear cut retrenchment but there will be workers sacrificed.
How many workers can be relocated and accommodated at the other manufacturing hub in Kulim?
Next, Panasonic Corp. said Wednesday it will cut 560 jobs in Asia due to the closure of two plants in the region. The move will affect around 500 workers at the Malaysian electronics parts plant in Malacca.
Several senior executives from a few multinationals have confirmed that a number of Malaysian SMEs supplying to the multinationals are in deep cash crisis. A number of them may close shop or cease operations temporarily after the CNY holiday.
These events suggest a swift action from the government. But our Finance Minister does not think so. He is still calling for more feedback. FM and Deputy Prime Minister Najib Tun Razak, in his blog www.1malaysia.com.my is welcoming Malaysians to tell him what they think the Government should include in the Second Stimulus Package.
By now, the government should already know what to do. Najib would have failed his probation if he still need more feedback from the public when the unemployment numbers are fast adding up.
I have just one thing to tell the government. ACT FAST! ACT DECISIVELY!
There is still too much red tap in the bureaucracy. The first stimulus package of RM7bil was announced last November, and is still being rolled out in stages in the first quarter of this year to alleviate the threat of recession.
The fact is the economy cannot wait for the government to drag its feet. This is the first sign of failure for the newly minted finance minister.
Najib should stay focus on the economy not politics and more campaigns. Leave Pensiangan to someone else. It is meaningless to win the by-election if the economy is going down the drain.