Latest news with #Dass
The Star
8 hours ago
- Business
- The Star
Oil output increase a potential bane
PETALING JAYA: Corporate Malaysia's fiscal position may come under pressure if the Organisation of the Petroleum Exporting Countries and its allies (Opec+) decide to further open the taps to boost oil output. Although Opec+ has agreed for now to keep its output policy unchanged, analysts opined that another production increase of 411,000 barrels per day in July is likely, matching the additional output in May and June. If the increase in oil output further gains momentum this year, it could put a strain on Malaysia's oil and gas (O&G) export earnings as the country is a net exporter of O&G, which could in turn impact its fiscal position and fiscal consolidation initiatives. The lower oil prices coupled with US tariffs and global recessionary risks are seen as hurdles in Malaysia's fiscal consolidation landscape. The government's oil price assumption for Budget 2025, announced last October, was set at US$75 to US$80 per barrel. As at press time, the international benchmark Brent crude was down by 0.35% to US$61.88 per barrel. Fiscal consolidation refers to government policies aimed at reducing deficits and debt accumulation. It involves measures to balance government revenue with expenditure, minimising deficits, controlling public debt, and promoting sustainable economic growth. Economist Anthony Dass told StarBiz that an increase in oil supply by Opec+ can add downward pressure on global crude oil prices. He said Malaysia, as a net exporter, would experience a direct impact from a loss of revenue. 'While the exact scale of the Opec+ increase is still under discussion, potentially around 411,000 barrels per day in July, with more unwinding of cuts by November, any significant addition to supply, especially if it outstrips demand growth, will negatively impact Malaysia's O&G export earnings. 'Looking at the petroleum-related revenue, for every US$10 per barrel drop in oil prices, it is estimated to reduce federal revenue by RM2bil to RM3bil. 'Should global recession drag Brent crude down to US$65 to US$70 per barrel versus (the) US$80 to US$85 baseline, there would be a drop in petroleum-related revenue,' said Dass, who is the senior economic adviser at KSI Strategic Institute for Asia Pacific and a member of the SME Association of Malaysia's National Council. The government aims to reduce its fiscal deficit from 5% of gross domestic product (GDP) in 2023 to 4.3% in 2024 and 3.8% in 2025. Dass is projecting Brent crude to hover at US$60 to US$65 per barrel this year. HSBC Asean economist Yun Liu said the current oil price is lower than the government's oil price assumption of US$75 to US$80 per barrel as announced in Budget 2025 last October. She said this may raise questions on energy-related revenue. 'But there are still a lot of moving parts of the fiscal consolidation plan. For example, we are still waiting for clarity on the sales and service tax (SST) expansion plan. 'It has reportedly been delayed for a month, so eyes are on any concrete plans to implement it. The other elephant in the room is the RON95 subsidy rationalisation. 'When and how it will be implemented will impact this year's fiscal plan,' Liu said. HSBC chief economist for Australia, New Zealand and global commodities Paul Bloxham said he expects the oil price to be on a downward trajectory, with a forecast average of US$68.50 a barrel in 2025 and US$65 a barrel in 2026. That said, he said he sees the upcoming Opec+ meetings as a downside risk to these forecasts, with a high chance that another accelerated supply hike will be announced for July. 'A key driving force for these decisions is expected to be lack of compliance with current quotas by some of the smaller Opec+ producing countries. 'The Opec+ members have also been encouraged by recent announced cuts to capital expenditure by US shale producers, and are expected to continue to aim to gain market share by putting downward pressure on prices. 'There are limited upside risks to the demand for oil, with the key challenge being the global economic slowdown that is underway due to the trade policy shock. 'The upside risks are mostly related to possible supply shocks. These include potential disruption to supply from Venezuela and Libya, and risks of a rebound in supply from Iran, given the risk that an Iran-US nuclear deal does not arrive,' Bloxham noted. Juwai IQI global chief economist Shan Saeed said with Opec+ increasing output, global oil prices might face downward pressure in the short run and recover sooner than expected. He said Malaysia relies significantly on O&G earnings for its fiscal plans and can move smartly to generate revenues from other sources. Increasing the GDP size is a proven strategy to enhance the revenue base and consolidate the fiscal position to bolster the balance sheet of the government, he said. 'We expect Brent crude oil prices to move into two phases in the short and long run. In the short run, we expect the price to be around US$64 to US$67 per barrel. 'However, in the long run it is expected to trade at US$77 to US$83 a barrel based on a few factors. 'They include geopolitical risks, US dollar debasement, supply disruption from shale gas myth, and Opec+ production cuts,' Shan noted. US dollar debasement means the depreciation of the dollar due to the Federal Reserve (Fed) cutting interest rates. Shan anticipates the Fed will start cutting rates from July of this year onwards. He said the greenback has already depreciated 8% year-to-date, and foresees it to further depreciate upon the Fed cutting rates. Malaysia, according to Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid, has been recording trade deficits in crude oil for the past three years. Last year, he said the trade deficits stood at RM37.1bil on the back of total exports and imports of RM26.1bil and RM63.2bil respectively. 'On that note, the contribution from O&G-related revenue to the government is going to be increasingly challenging. Not to mention that Petroliam Nasional Bhd may also need to allocate more capital expenditure for developing the renewable energy space and its overseas investments. 'In a nutshell, the government's revenue stream is expected to be more challenging, leading to more discussion to have other revenue streams to ensure the sustainability of the government finances,' he said, adding that he is projecting on the average for Brent crude to be at US$67 to US$68 per barrel for 2025. Mohd Afzanizam said on the whole the government has done well in managing its fiscal position. The first quarter of financial year 2025 (1Q25) fiscal deficits have been narrowed to 4.5% of GDP from 5.7% in the same period last year, he said. The upward revision in the service tax from 6% to 8% on March 1, 2024, has led to a 30.3% growth in SST collection in 1Q25 and the diesel subsidies rationalisation on June 10, 2024, has resulted in the decline of subsidies and social assistance expenditure from RM16bil in 1Q24 to RM12.9bil in 1Q25, he said. 'I suppose the fiscal consolidation momentum needs to be maintained and the communication will always need to be improved in general in order to get the total buy-in from the masses. 'It's also about the mechanism where it should be easily implemented where the general public can see the positive outcome almost immediately,' he said. OCBC Asean economist Jonathan Ng said the bank has revised its 2025 oil price forecasts downward, with West Texas Intermediate and Brent crude projected to average US$63 per barrel and US$67 per barrel respectively – about US$13 per barrel lower than the average oil prices in 2024. He said the reasons for the downward revision are predicated on slowing global economic growth amid uncertainties in global trade policies and higher-than-expected oil supplies from Opec+ countries. As to the positive growth drivers for the oil market this year in the current environment, Ng said an escalation in geopolitical tensions in Eastern Europe (for example, the Russia-Ukraine war) and the Middle East could lead to the implementation of further sanctions on the Russian and Iranian energy sectors. As a result, he said the supply disruptions are likely to support higher oil prices in the short-term, given the reconfiguration of trade flows. To strengthen the government's fiscal position in the short term Dass said, among others, there is a need to accelerate targeted cash aid for vulnerable groups and micro, small, and medium enterprises, fast-track high-multiplier development projects (especially in digital, green, and transport), and improve targeting of fuel subsidies to reduce fiscal leakage. Over the medium term, he said the government needs to continue fiscal base broadening: e-invoicing and subsidy rationalisation, maintain fiscal discipline to avoid rating downgrades (currently A–/A3 with stable outlook), and reaffirm fiscal consolidation roadmap and medium-term fiscal framework. To boost Malaysia's revenue and have a better grip on its fiscal consolidation, HSBC's Liu said the country should consider raising the tax coffers. 'Its tax receipts amounted to around 12% of GDP, lower than those of peers, so there's still the potential to raise the tax coffers. 'In the absence of a reintroduction of the goods and services tax, the tax tweaks and measures are necessary to boost fiscal coffers,' she said.
Perth Now
4 days ago
- Health
- Perth Now
Aussies killed in horror India bus crash
Two members of a family from Melbourne have been killed in a bus crash while in India, with another child left in a coma. Dass Santiago, his wife Sandra Edward and daughters Angela and Natasha embarked on a trip to India two weeks ago, before the tragic accident on May 21. Six people, including 45-year-old Dass, 5-year-old Natasha, Dass's brother and sister-in-law and other relatives, died from their injuries after their van crashed with a bus on a highway en route to Tamilnadu in southern India. Sandra is currently recovering in hospital after suffering life-threatening injuries Their eldest daughter Angela remains in a coma after undergoing two brain surgeries. An Aussie father and daughter have died after a bus crash kills 6 in India. YouTube Credit: Supplied The family from Clyde North in Melbourne were visiting Dass's ailing mother and also commemorating Dass's older brother, who had died in Sydney the year before. Friends of the family are appealing for help to bring back Sandra and Angela from the government hospital, where they say medical assistance is 'limited'. Philomena Peters, a family friend, told 7News the news was 'absolutely devastating and shattering'. Another family friend, Leon Vieyra said they were 'such a beautiful family'. 'A very generous family … they took a small pilgrim trip to Velankanni which is a very sacred place,' he said 'We need better medical facilities to cope with this magnitude that they're going through.' An Aussie father and daughter have died after a bus crash kills 6 in India. The wife and other daughter are in hospital and are desperate to come back to Australia for medical recovery. L-R Dass his wife Sandra Edward, daughters Tash and Angie. GoFundMe Credit: Supplied An Aussie father and daughter have died after a bus crash kills 6 in India. YouTube Credit: Supplied The GoFundMe has been created by Sandra, who said in the post description that her 'heart is ripped to shreds'. 'I saw my husband die in front of me. That image is burned into my mind, a cruel, relentless torment,' the fundraiser description reads. 'Barely surviving the crash myself with multiple fractures and life-threatening injuries, I clung to the hope that my children were safe. 'Then, the most devastating news imaginable: my youngest daughter, my sweet Tash, who was turning six next month, succumbed to her injuries. How can I ever comprehend that I will never hold my little angel again?'. Ms Edward says that she is appealing for public kindness and humanity amid the ordeal. 'I need help to bury my beloved Dass and my precious Tash,' the description continues. 'And most urgently, I need help to medically evacuate Angie and myself back to Australia. We desperately need the specialised medical care that can give us a chance at recovery and at rebuilding shattered lives. The fundraiser has currently raised $102,670 since being created last week. The Department of Foreign Affairs and Trade was contacted for a comment. 'The Department of Foreign Affairs and Trade is providing consular assistance to an Australian family in India,' the spokesperson said. 'We send our deepest condolences to the family at this difficult time. Owing to our privacy obligations we are unable to provide further comment.'
New Straits Times
5 days ago
- Business
- New Straits Times
AEC's digital economy to hit US$1 trillion by 2030: strategic plan unveiled
KUALA LUMPUR: The impact of enhancing the digital economy via the Asean Economic Community (AEC) Strategic Plan 2026-2030 will be immense because the region's digital economy is projected to reach US$1 trillion by 2030, an economist said. KSI Strategic Institute for Asia Pacific economic advisor Dr Anthony Dass said this will be a key priority, and the newly binding Digital Economy Framework Agreement (DEFA) plays a significant role in increasing regional economic integration. "The digital economy contributes by facilitating cross-border trade, promoting innovation, enhancing connectivity and attracting investments into the region. A robust digital infrastructure fosters innovation, leading to new digital services, platforms, and business models that drive economic growth. "DEFA aims to address cross-border challenges and tackle issues like online fraud and misinformation, ensuring a safer and more trustworthy digital environment. Digitalisation will also streamline business processes, enhance productivity, and reduce operational costs across various sectors," he told Bernama. Nevertheless, Dass said significant differences in development levels, regulatory capacity, infrastructure, and digital skills across Asean member states pose challenges to the effective implementation and widespread benefits of DEFA. "Ensuring data free flow with trust while balancing data protection and national sovereignty is also a complex task," he said. Increase Asean economic resilience The potential of the AEC Strategic Plan to enhance regional economic integration is significant, given the lessons learned from the AEC Blueprint 2025, with its 97 per cent implementation rate. "The new plan is designed to be more dynamic and adaptable, moving beyond a 'business-as-usual' approach. By focusing on action-oriented, sustainable, dynamic, adaptable, agile, and inclusive strategies, the plan aims to create a more integrated and cohesive economy. "The emphasis on sustained growth and competitiveness, and the commitment to deeper integration through digitalisation, innovation, and sustainability, suggest a strong foundation for future progress," he said. He said the plan's effectiveness and potential impact will largely depend on the political will and implementation, and its adaptability to global shifts. Dass said its outline of six strategic goals, 44 objectives, and 192 strategic measures demonstrates a comprehensive and detailed approach to advancing regional growth. "While the plan is robust on paper, consistent political will and effective implementation across all member states are paramount. Past experiences show that disparities in development levels and regulatory capacities can hinder progress. "The current global economic landscape is characterised by rapid technological advancements, supply chain disruptions, and evolving trade dynamics. The plan's emphasis on 'agile and forward-looking strategies' suggests an awareness of this, but its actual ability to adapt to unforeseen challenges will be critical," he said. While the upgraded Asean Trade in Goods Agreement (ATIGA) is crucial for reducing trade barriers, he said the plan's effectiveness hinges on its ability to tackle persistent non-tariff barriers, particularly in critical services like finance and banking. "Additionally, the plan's development involved extensive engagement with various stakeholders. Continued engagement with governments, the private sector, civil society, and regional organisations will be vital for its successful implementation and to ensure that the benefits are widely distributed," said Dass. Shorter timeframe The AEC Strategic Plan, with its shorter timeframe of between 2026 and 2030, presents both opportunities and challenges. It allows the plan to quickly adapt to evolving global and regional dynamics. Hence, more responsive to emerging challenges and opportunities. "A five-year horizon can lead to concentrated efforts and a greater sense of urgency in achieving targets. Shorter cycles would allow for more frequent reviews and adjustments, ensuring the plan remains relevant and impactful," Dass said. Nevertheless, it is "highly ambitious" trying to achieve significant structural reforms and deep integration within a shorter period, given the diverse development levels among member states, he said. "Some initiatives, particularly those related to capacity building or institutional strengthening, may require a longer period to show their full impact. Maintaining consistent coordination and momentum across 10 diverse economies within a compressed timeline can be demanding. "Therefore, the effectiveness will ultimately depend on whether the shorter timeframe is utilised to foster greater dynamism and responsiveness, or if it leads to an overburdened agenda that struggles with comprehensive implementation," he said Strengthening MSME Participation The AEC Strategic Plan recognises Asean MSMEs as engines of growth and aims to strengthen their participation via various initiatives such as capacity building and digital readiness, access to finance and export markets and many more. "The plan likely includes measures to improve MSMEs' access to financing and connect them with regional and global export markets, overcoming existing limitations. "Addressing structural differences, inconsistent policies, and the absence of harmonised cross-border regulations that currently constrain MSME growth is crucial," he said, adding that financial assistance and awareness programmes are needed. The plan also focuses on promoting inclusivity among MSMEs to empower youth and women entrepreneurs, ensuring that the benefits of integration are shared widely. "Asean MSMEs will benefit from this plan because it increases competitiveness, expands market access, and promotes greater resilience, by displaying a diversification of markets and stronger support networks to help the MSMEs," said Dass. Measuring the progress Dass said Asean measures the progress of its strategic plans via a combination of mechanisms, drawing lessons from previous blueprints like the AEC Blueprint 2025, which include key performance indicators (KPIs). "The bloc assesses progress, its overall effectiveness, identifies challenges, and draws lessons from it at the end of a plan's cycle," he said. Asean will also conduct council meetings and other ministerial meetings to serve as platforms to review progress, discuss implementation issues, and provide guidance, he said. "These mechanisms ensure accountability, identify bottlenecks, and enable necessary adjustments to achieve its economic integration goals," he added. The leaders of the 10-member grouping recently adopted the AEC Strategic Plan to elevate the bloc's position as the world's fourth-largest economy. The plan will move to the implementation phase with each AEC sector developing its sectoral plans, translating strategic objectives into concrete actions, timelines and performance indicators. Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the plan is a comprehensive roadmap that will be part of the overall Asean Community Vision 2045 (ACV 2045).
Glasgow Times
16-05-2025
- Glasgow Times
Clydebank social care worker struck off after stealing £5k from client
Margaret Dass has been removed from the Scottish Social Services Council (SSSC) on May 15 after being convicted of a series of offences over a five-month period. Between January 7 and May 27, 2021, Dass stole a bank card belonging to a service user and took it to the ATM at the Usave Store, Dumbarton and the ATM at Royal Bank of Scotland, Dumbarton and other locations. There she used a PIN on the cash machines and stole around £5,470. On May 18 2021, Dass visited the Royal Bank of Scotland on Sylvania Way with the debit card from the service user and "induced" the banking employee into accepting the use of the card and obtaining £1,000 from it. She was convicted of the crimes in Dumbarton Sheriff Court on August 20, 2024. In a report from the Ms Dass hearing, the SSSC reviewed her fitness to work following the conviction. READ NEXT: Couple kept kids in dirty flat covered in animal waste and insects READ NEXT: Shamed English teacher groomed pupil at Glasgow school The SSSC said social service workers are people who are "trusted" and expected to act with "honesty and integrity". It goes on to say that carrying out her actions "abused the trust and confidence" placed in her as a worker and that she "took advantage" of access to a vulnerable service user's belongings, which caused harm to them. SSSC members say the risk of repetition of this incident was high, and there was a need to protect users from the behaviour Ms Dass showed. The report finished with: "Your conduct also gives rise to concerns about your personal and professional values and therefore is more difficult to remediate. "Your conduct has a significant impact on the public interest, as the reputation of the profession could be damaged by your actions." Ms Dass has failed to show regret or insight into her behaviour, according to the SSC, and her actions were premeditated and intentional. Ms Dass has been removed from the SSSC Fitness to Practice, from May 15, 2025.
The Hindu
26-04-2025
- Politics
- The Hindu
Fear in Pak. refugee camps as MHA visa deadline draws near
Fear and anxiety have gripped the camps housing Pakistani Hindu refugees in the Capital as their visas are set to expire on Sunday, in accordance with the Union Ministry of Home Affairs' (MHA) order following the terror attack in Jammu and Kashmir's Pahalgam. The order exempts those with diplomatic, official, and long-term visas (LTVs). Many Pakistani refugees who possess LTVs and whose applications for citizenship under the Citizenship (Amendment) Act, 2019 are still under consideration said their future in India is uncertain. Hari Dass, a Pakistani Hindu refugee staying in a camp near Signature Bridge in east Delhi, said a police officer had on Friday asked him to prepare a list of all the refugees at the camp. 'I was asked to make a list of refugees with their name, age, parents' name, passport and visa details, and the date of exit from Pakistan,' he said. A total of 932 Pakistani Hindus live in the camp, and no one has received Indian citizenship yet, added Mr. Dass. In another camp, near Majnu Ka Tilla in north Delhi, Dharamveer Solanki, a Pakistani Hindu refugee, said the police had given him a similar task. 'In our camp, 181 people have received Indian citizenship. But documents of 81 refugees are under verification. I was asked to prepare a list of all the refugees,' he said. Mr. Solanki added that some of his relatives in Pakistan recently received Indian visas and were planning to join him, but they now remain stranded at the Attari-Wagah border.
