
Global passenger demand grows 2.6% in June 2025, says IATA
IATA Director General Willie Walsh noted that while demand growth lagged behind the 3.4 per cent expansion in capacity, load factors remained robust at 84.5 per cent globally. 'Load factors dipped slightly by 0.6 percentage points from record highs but are still very strong,' he said.
A regional breakdown revealed mixed performance across international markets. Asia-Pacific airlines led with a 7.2 per cent year-on-year demand increase, though capacity growth slightly outpaced demand at 7.5 per cent. Europe saw a 2.8 per cent rise in demand, while North America experienced a 0.3 per cent decline. Middle Eastern carriers recorded a 0.4 per cent drop in demand, with load factors at 78.7 per cent.
Walsh added that August schedules indicate modest capacity growth of 1.8 per cent, suggesting load factors will remain near historic highs during the northern summer. - Bernama
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The Sun
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- The Sun
Ringgit strengthens vs US dollar amid US rate cut speculation
KUALA LUMPUR: The ringgit extended its gains to open higher against the US dollar today, as investor sentiment on risk assets rebounded amid talk of a possible United States (US) interest rate cut, an economist said. At 8 am, the local note climbed to 4.2260/2395 against the greenback from yesterday's close of 4.2350/2385. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US dollar slipped further as market participants continued to digest last Friday's weak labour market data, which bolstered the odds of a rate cut. 'It appears that emerging market currencies against the US dollar are in a sweet spot, as the Federal Reserve seems poised to cut its policy rate, perhaps at an accelerated pace, to demonstrate to markets that it is on top of the situation. 'The September Federal Open Market Committee (FOMC) meeting is likely to see a 25-basis-point rate cut,' he said. Mohd Afzanizam said the ringgit is expected to linger within a range of RM4.22 to RM4.23 against the US dollar, supported by the prevailing positive sentiment. Meanwhile, the ringgit was mostly higher against other major currencies in early trade. It weakened against the Japanese yen to 2.8795/8889 from 2.8652/8677 on Monday, but strengthened against the British pound to 5.6197/6377 from 5.6296/6342, and edged higher against the euro at 4.8954/9110 from 4.8978/9018. The local unit was also mostly higher versus regional currencies. The ringgit rose against the Singapore dollar to 3.2841/2949 from Monday's close of 3.2878/2908, but slipped against the Thai baht to 13.0747/1229 from 13.0452/0616. It appreciated against the Philippine peso at 7.36/7.39 from 7.38/7.39 yesterday, and firmed against the Indonesian rupiah to 257.6/258.5 from 258.2/258.5. - Bernama


Malay Mail
4 minutes ago
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MyKad or full price: Targeted RON95 subsidy plans to be unveiled by end-Sept, says MoF
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Malay Mail
4 minutes ago
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RMK13 on watch: Execution, discipline, and delivery — Ahmad Faiz Yazid
AUG 5 — The 13th Malaysia Plan (RMK13) outlines ambitious targets for 2026–2030: **4.5–5.5 per cent annual GDP growth and a fiscal deficit under 3 per cent by 2030**. It packages RM430 billion in five-year development expenditure (about RM86 billion per year) to drive these goals. Yet history reminds us that even large plans can stumble. RMK13's success will hinge on rigorous execution and fiscal discipline. We must not let it become another 'shelf document' of slogans and wish lists. Emphasising execution and fiscal discipline A recurring concern is that Malaysia's development blueprints often face a familiar hurdle: the implementation gaps. RMK13 itself warns that its effectiveness 'will depend more on how the money is spent' than the budget size. In other words, pouring cash into projects is not enough; we need strict controls to ensure timely, cost-effective delivery. This starts with reining in the ever-growing operating expenditure (OE) of the government. Under RMK13, operating costs (on wages, subsidies and debt servicing) are projected at a staggering RM1.81 trillion, much larger than the DE budget. If we fail to control these recurring expenses, even well-planned development spending cannot restore fiscal balance. In fact, interest payments alone now consume about 15 sen of every ringgit of revenue. Such non-productive debt servicing crowds out funds for schools, hospitals and infrastructure. Civil servants watch the live broadcast of the 13th Malaysia Plan (RMK13) presentation by Prime Minister Datuk Seri Anwar Ibrahim during a Bernama survey today. — Bernama pic In practical terms, each additional ringgit borrowed for debt repayment is a ringgit not available for growth initiatives. Over time, this undermines Malaysia's fiscal flexibility and risks crowding out investment. To keep the debt path sustainable, RMK13 must target a lower OE share of the budget. Any liberal subsidies or unchecked wage growth would dilute the gains from development projects. Hence, the plan's goals like halving the deficit mandate tough measures on spending. We should insist on annual budget reviews that explicitly map every expenditure line to the plan's targets, ensuring each ringgit advances a strategic outcome. History shows this is not a mere theory. Past auditor-general reports have exposed cost overruns and inefficiencies in state projects, with recent audits revealing irregularities in projects worth over RM48 billion. If RMK13 is to deliver its promise of productivity boosts and better living standards, it must include value-for-money checks on its biggest programs. For example, major infrastructure tenders and government-linked company ventures should be subject to rigorous audits and clear timelines. Transparent scorecards of progress (to be released each year) would keep implementation honest. In practice, this means linking the national budget to the plan's priorities so that voters and legislators can see exactly how policy commitments are funded. Beyond rhetoric: Linking plans to action Another risk is that RMK13 falls into the old ritual of planning without doing. In recent years, Malaysia's Five-Year Plans have become overloaded with frameworks and buzzwords, what critics call 'strategy soup'. Citizens outside the policy circles can barely recall the pillars of RMK12 or its '17 Big Shifts' under the Madani vision. This is not just an academic point: if people and even officials lose sight of the plan's core messages, implementation inevitably suffers. Therefore, RMK13 must break this cycle. It should be treated as a living contract with the nation, not a decorative launch event. The plan's authors (consisting of many government officials) and Cabinet must commit to institutional accountability. A first step would be to publish a frank 'report card' on RMK12, spelling out what policies worked, which fell short, and why. This would not only build trust but also guide better policy design. Going forward, every ministry budget (from 2026 onward) should be tagged against the plan's priorities, effectively making the budget a GPS to track the plan's journey. In other words, spending decisions cannot be made in a vacuum: each ringgit should contribute to specific plan targets (as if raising exports, cutting poverty, improving human capital). The plan's presentation itself should become simpler and more results-focused. Instead of drowning readers in dozens of sub-themes, it is recommended to focus on four or five outcomes that matter most to Malaysians, such as wage growth, affordable energy, efficient public services, digital skills and effective social safety nets. Clear KPIs (key performance indicators) for each outcome would then be set and publicised. For instance, goals like 'full employment by 2030' or 'average household income of RM12,000' should have intermediate milestones and timelines, not be vague ambitions. Other countries serve as proof of concept: South Korea runs a national dashboard tracking every agency's five-year targets, while Indonesia's planning agency links its development plan to real-time implementation updates. Malaysia can do the same. By reporting on progress quarterly or annually, perhaps via a user-friendly online portal, we turn the plan from a static document into an ongoing monitoring process. An empowered existing Economic Planning Unit under the Ministry of Economy or secretariat should be charged with keeping this data updated and public. Critically, citizen engagement must be built into RMK13. The plan should launch with an online platform where any Malaysian can check progress, download data, and even give feedback. Such a portal would help move away from opaque decision-making. If people can see which projects are on schedule and ask questions (or flag issues), political leaders will feel more accountable. Transparency breeds trust: a development plan becomes a genuine social contract with the rakyat, rather than an elite blueprint gathering dust. * Ahmad Faiz Yazid holds a Bachelor of Economics from Universiti Malaya and is currently a Graduate Executive Trainee at Permodalan Nasional Berhad (PNB). ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.