Abdullah sworn in as Malaysia PM

Abdullah sworn in as Malaysia PM

Abdullah refused to resign saying he had the backing of coalition leaders [Reuters] ANOTHER SCARY NEWS: I WONDER MALAYSIA WILL TAKE HOW LONG TO STABLE YOUR ECONOMIC. Abdullah Ahmad Badawi, the Malaysian prime minister, has been sworn in for a second five-year term, rejecting calls to resign after the ruling coalition's worst-ever election performance. "I pledge to carry out my duties honestly and with all my abilities," he said, reading out the oath on Monday as he was sworn in by Malaysia's king. "I pledge to protect and uphold the constitution." The Barisan Nasional (BN) coalition, which has ruled Malaysia since the country gained independence half a century ago, retained a simple majority in Saturday's polls, but suffered unprecedented losses to a loose opposition coalition. The loss of seats also broke the BN's hold on two-thirds of the parliamentary majority which enabled to amend the constitution without debate. On Monday, Malaysian stocks dived six per cent to a seven-month low with the ringgit also falling as the market reacted to the political uncertainty following the coalition's heaviest election losses in 50 years. 'No pressure' Seats won verus previous election 2008 2004 Barisan Nasional 140 198 Umno 79 109 MCA 15 31 MIC 3 9 Gerakan 2 10 Others 41 39 Opposition 82 20 PAS 23 7 DAP 28 12 Keadilan 31 1 Earlier Abdullah had said he did not have to step down because he still had strong support from BN party leaders. "I will not resign because there is no pressure," he was quoted as saying by national news agency, Bernama, on Sunday. Abdullah, president of the United Malays National Organisation (Umno), is expected to meet his party leaders in a special session later on Monday. Umno is the main coalition partner in the BN stable of 14 ethnic-based component parties. The coalition also lost a number of senior leaders and cabinet ministers to the opposition Democratic Action Party (DAP), Islam-based PAS and Keadilan, which has close ties to former deputy prime minister, Anwar Ibrahim. Aside from parliamentary losses, the BN lost control in five of Malaysia's 13 states including Penang, Abdullah's home state, and Kedah, the home state of his predecessor, Mahathir Mohamad, who was prime minister for 22 years. Penang, which was ruled by Gerakan, the fourth biggest coalition partner, for nearly 40 years, fell to the DAP, while Perak, Kedah and Selangor are now under opposition rule. Backlash "A weak government in a multiracial country will find great difficulty in running the country" Mahathir Mohamad, former PM Among the major upsets was the defeat of S Samy Vellu, president of the Malaysian Indian Congress (MIC), in the Sungai Siput constituency which he has held since 1974. Samy Vellu, the longest-serving cabinet minister, reportedly made a hasty retreat as the final results were announced, saying only "Goodbye" to reporters. His defeat, and the slashing of the MIC's parliamentary presence from nine to three seats, was seen as part of a backlash by ethnic Indian voters following recent high-profile protests against alleged racial discrimination. Popular bloggers, Jeff Ooi and Tony Pua, who contested in the elections for the first time won seats in parliament, posting big margins against more senior BN candidates. Both men stood as candidates for the DAP. Mahathir, who stood down in 2003 in favour of Abdullah, urged his successor to quit [Reuters] In 2004, Abdullah, widely known to supporters as "Pak Lah", led the BN to a record win, scoring nearly 64 per cent of the popular vote and just over 90 per cent of seats in parliament. Calling on his successor to stand down following Saturday's vote, Mahathir, said Abdullah should take 100 per cent responsibility for the coalition's disastrous election showing. The former prime minister said he had "apparently made the wrong choice" in choosing Abdullah to succeed him, accusing his successor for destroying the BN. "It's shocking," Mahathir said on Sunday. In depth Video Setback for ruling coalition Q&A Malaysia polls Timeline 1998-2008 "We have now a very weak government, and a weak government in a multiracial country will find great difficulty in running the country." Mahathir, who stood down in 2003, has been increasingly critical of Abdullah in recent years, accusing him of turning a blind eye to corruption, nepotism, and weak leadership. BN leaders however sought to show a united stance, expressing their full support for Abdullah to continue leading the coalition and country. "The prime minister has a full mandate. He will appoint a new cabinet," Ahmad Zahid Hamidi, the deputy information minister, told The Associated Press. "There is no one person to blame for what happened. We all are taking the collective responsibility."

Malaysian Stocks Fall Most in Decade on Abdullah's Poll Losses

I was so SHOCK again when i check online Malaysia KLSE market and found that our index already -130 points by 3pm. Please read this news below:

March 10 (Bloomberg) -- Malaysian stocks fell the most in a decade after the ruling coalition's worst election result in fifty years put Prime Minister Abdullah Ahmad Badawi's position in doubt and raised questions about his spending program.

Trading on the Kuala Lumpur stock exchange was halted for an hour after the Kuala Lumpur Composite Index tumbled by the 10 percent limit as opposition parties took control of almost half the states contested in March 8 elections.

Malaysian Resources Corp. and UEM World Bhd. -- among companies building roads and bridges -- led declines on concern the government's 200 billion-ringgit ($63 billion) spending plan may be held up. State banks including Bumiputra-Commerce Holdings Bhd. sank amid demands for Abdullah to quit.

``An element of leadership uncertainty is scaring investors as Malaysia has been perceived as politically stable for so long,'' said Jason Lee, who helps oversee $1.4 billion at JMF Asset Management in Kuala Lumpur. ``The risk is that projects will be delayed as there'll be more scrutiny from the opposition.''

The ruling National Front coalition, which has been in office since Malaysia gained independence in 1957, lost the power to change the constitution unopposed when it was denied a two-thirds majority for the first time since 1969. The coalition has won 140 of 222 parliamentary seats, while the opposition clinched 82, according to the latest data from the Election Commission. Abdullah said yesterday he won't resign because he has the support of his party's leaders, according to the state-owned Bernama news agency.

Election Result - a big SHOCK

I really get a big shock about the election result. Opposition manage to control 5 states : Selangor, Perak, Kedah, Penang and Kelantan. For Kelantan i felt nothing since all the while PAS already stable in Kelantan.

On Saturday, my boss called me around 2.30am told me that Selangor and Penang, opposition already won the states. He told me get well prepared to face the fact and ask me to call up all the 'Datuk Datuk' check either our projects which was on going, project going to start or just submitted for tendering affected or not. i think i also cannot do anything about this.

Actually we already know that Opposition will win the Penang state but unexpected that none of the BN won the state sit. So that means anything will going to be happen in Penang in future, goverment cannot control unless the project funding from the federal. I try to imagine what will be happpen to Penang in future, but actually cannot imagine. I hope DAP will develop Penang better in future as per their promised in the speech since now a days different from old timer. Now DAP people more educated and technical and hopefully can manage the state well.

Election Day

Today is our Malaysia Election Day.

So sorry to my Malaysia that i didn't go back to my hometown to vote. i was so sick, maybe due to my pressure from my workload. I think already 3 weeks i didn't sleep well. The earlier i slept was about 2am everyday. A lot of works need to do and complete before my project finish. I need to get prepare for the final account. At the same time my new project (submarine pipeline from Teluk Batik near Sitiawan to Pulau Pangkor) just started. A lot of paperworks need to be done like survey alignment, ISO procedure, Project Quality Plan, Execution Plan and so on.

I also brought a lot of can food and instant mee as my mum advised me last a few days. She said she scare after Election result came you, any parties might making trouble and curfew the area. So better be prepare for the curfew. I hope this curfew wouldn't be happen in my place but i still worried because next 2 units of my house is opposition branches. I scare they might make trouble. Hope God will bless Malaysia for the peaceful.
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