Grappling with AI investments
MALAYSIAN companies are often said to be lagging in digital transformation, which could impact their competitiveness.
The discussion gets more animated if artificial intelligence (AI) is the subject. Companies are encouraged to embrace AI as it is expected to revolutionise every aspect of business, and those that fail to adapt may face significant challenges, even closure.
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The Star
5 hours ago
- The Star
Penang govt to study decision on 5% discount for first-time homebuyers among Indian Muslims, says Sim
GEORGE TOWN: The Penang government will review its decision to offer a 5% discount to first-time homebuyers among the Indian Muslim community for one year before implementing it, says Steven Sim. The Penang DAP chairman said he had discussed the matter with Chief Minister Chow Kon Yeow, adding that the latter agreed the matter to be brought up for review and discussion at the upcoming state executive council meeting. "I take note of the public feedback regarding the 5% discount given to the Indian Muslim community for the purchase of unsold (overhang) property units in Penang," he said in a statement. Sim said it is important for the state government to continue upholding the principles of social justice and to ensure that the right of every Malaysian to own a home is protected. Earlier, state housing committee chairman Datuk Seri S. Sundarajoo said the state government has approved measures to revitalise the property sector. Sundarajoo said the decision was made during the state executive council meeting on Saturday (June 7) and the state planning committee meeting on Tuesday (June 3), following discussions with housing industry stakeholders. He, however, said the discount excludes bumiputra quota units and does not affect existing housing policies. The provision of the discount is based on developers' social responsibility and does not involve financial support or subsidies from the state government. Meanwhile, state MCA secretary Yeoh Chin Kah criticised the state government over the measure, questioning if it introduces a new form of racial quota. He questioned why the Penang government couldn't base its housing policy on economic status rather than race and religion and said that DAP is promoting a "Malaysian Malaysia" while introducing racial policies that divide society.
The Sun
6 hours ago
- The Sun
Potential of single Asean currency
AS global economic uncertainties continue to mount, Southeast Asia stands at a strategic crossroads. The recent surge in trade tensions, particularly those stemming from the US's tariff policies and restrictive trade measures, has reignited discussions across Asean nations about the need for greater financial and monetary integration. One idea, long debated but never realised, has resurfaced with renewed urgency – the adoption of a single Asean currency. The US has increasingly adopted protectionist trade practices, disrupted global supply chains and raised the cost of doing business. The ongoing US–China tariff war, for example, continues to unsettle Asean exporters, particularly in electronics, palm oil and rubber. According to the World Bank, the Southeast Asian region could lose an estimated US$13 billion (RM55 billion) annually due to ripple effects from trade fragmentation and tariff hikes. Currency volatility adds another layer of unpredictability. The Thai baht, Malaysian ringgit and Indonesian rupiah have all experienced significant depreciation against the US dollar over the past year, making imports more expensive and external debt burdens heavier. A single regional currency could act as a buffer, shielding Asean economies from external shocks and speculative currency attacks. The European Union's adoption of the euro has created one of the largest and most stable currency unions in the world, bringing 19 countries under a unified monetary policy. While challenges remain – as seen during the Greek debt crisis – the benefits of the euro in promoting price stability, enhancing trade and reducing transaction costs are undeniable. Eurozone trade within member states rose by over 50% in the first decade of the euro's introduction, according to data from the European Central Bank. Asean already has some groundwork laid. The Chiang Mai Initiative Multi-lateralisation, Asean+3 Macroeconomic Research Office and the Asean Economic Community indicate that economic collaboration is not only feasible but already partially in motion. Intra-Asean trade now accounts for more than 22% of total Asean trade, worth over US$800 billion annually, according to the Asean Statistical Brief. Countries such as Malaysia, Singapore, Vietnam and Thailand are increasingly interlinked in production and consumption. Harmonising currency would eliminate foreign exchange costs, encourage regional investment and boost economic resilience. Moreover, the growing influence of China's yuan and the possible future expansion of BRICS' financial infrastructure present a challenge to Asean central banks, which are still highly reliant on the US dollar. A single Asean currency could strengthen the bloc's bargaining power in global negotiations and reduce overdependence on Western financial systems. Critics rightly point out the challenges, such as differences in inflation rates, fiscal discipline, political structures and financial market maturity. Asean is more diverse economically than the Eurozone, ranging from high-income Singapore to emerging economies like Laos and Myanmar. However, unity does not require uniformity. A staged implementation – beginning with a currency basket peg or a digital Asean currency for intra-bloc trade – could serve as a realistic first step. Digital tools such as QR-code payments and central bank digital currencies, already in use in Thailand, Singapore and Malaysia, can fast-track integration. The post-Covid-19 world is reshaping global economic priorities. With ongoing trade disruptions and geopolitical instability, Asean must ask itself whether continuing with fragmented currencies serves its future. Now is the time for the region to boldly envision a future anchored in monetary unity. A single Asean currency is not just a dream – it could be the key to securing long-term stability, growth and independence in an increasingly uncertain world. Dr Uma Murthy and Dr Paul Anthony Maria Das are lecturers at the School of Accounting and Finance, Taylor's Business School, Faculty of Business and Law, Taylor's University. Comments: letters@
The Star
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- The Star
The good, the bad and the options
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