Google, are you aware of the Legal Suit by Malaysia?

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Aug 17 2007
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Slightly more than 12 hours a go, FinanceTwitter blogged that the investors should Get Ready for Asian Black Fridayas the U.S.’s Countrywide Financial Corp decision to borrowed $11.5 billion from a group of 40 banks would be used as the scape-goat by investors to further punish the stock markets. And looking at the steep plunges in Malaysia stock market today which is giving away 60 points as at 2:45pm trading hour now, it sure is a sight to watch.

Of course in this type of scenario, no researchers in their right mind will tell you to jump into the market simply because they (the elite researchers themselves) are equally stunned by this phenomenal crisis. However you can hear some weak voices especially from the bourse operator urging investors to bargain-hunt, a word often used by people who really do not have the guts to buy the stocks using their own money. So you should just take this call with a pinch of salt and forget their urges.

After days looking at the reddish board of stock prices, you should be able to stabilize and recover from the trauma of shock by the current 2-digits of composite index plunge by now. If it’s true that Malaysia had attracted tons of hot money before the current external crisis erupts, then it’s justifiable to say the foreign funds are pulling out from this region to save their own mess back in U.S. If it’s not true (assuming the Bursa Malaysia had created a fictitious story on it) then you can only assume the government is selling. Either way, the bear rules the market pulse as of now. So you have no reason to jump into the market unless you’ve tons of cash and you wish to try your theory of scooping the bottom.

Since today is the Black Friday, it’s too boring to monitor the stocks movement since you know you can’t profit from it by short-sell the Malaysian market. So let’s take a rest and look elsewhere. What’s the top story that attracts the surfers today? It has to be the latest news of the student to face the law despite apology accepted which ranked highest in views in TheStar. What could be a small matter has indeed blown out of proportion which not only attracted local news media but also international news provider such as Yahoo on the Youtube rapper. Barely a month into the exposure, the video has doubled its viewership from half a million to current one-million-viewers. The student even made his name into Wikipedia and interviewed by Taiwan’s news broadcaster.

The rapper who is currently studying in Taiwan could not be recalled from the Taiwan university as it was (the video) conducted in foreign land and since the student is neither on government scholarship nor both countries have andy extradition treaty, the government has chosen to target his family in Muar to apologize for their son’s “wrongdoing”. Days after the student apologized, Minister in the Prime Minister’s Department Nazri Abdul Aziz said the Cabinet was not in the position to forgive Wee and could be charging the student under Sedition Act, the weapon often used to muzzle critics.

The Minister also said that he wanted action to be taken against Google Inc.’s YouTube and other bloggers who allowed sensitive material which went against the laws of Malaysia to be published. So, finally the government has decided to pull its’ resources to fight the giant search engine Google and this should be seen as a healthy and interesting fight between the government and the super-rich Google. FinanceTwitter is not sure if Google has been alerted of this latest development, what FinanceTwitter knows is as long as there’s a word or statement of legal charges against Google, the case will be passed to the internal Google’s Legal Department. Could Google’s shares suffer as a result of this suit? I doubt so.

At the same time, there’re opinions that the student with his video could not have come at the right time for the government to divert the public attention from the current social-economy problems which were echoed equally by Raja Muda of Perak Raja Dr Nazrin Shah’s call for good governance in the country and former premier Mahathir who blames rising crime ‘rot’ under govt. By the way, Jeff Ooi had blogged on the translation of the song into Malay language.

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