Latest news with #EconomicAffairs
Hans India
3 days ago
- Business
- Hans India
Pezeshkian to propose Ali Madanizadeh as Economy and Finance Minister
Iranian President Masoud Pezeshkian is set to propose economics professor Ali Madanizadeh for the post of Minister of Economic Affairs and Finance to the parliament, reports said. If Madanizadeh manages to secure the vote of confidence from the Majlis, he would replace Abdolnasser Hemmati, who was impeached on March 2, Iran's Mehr News Agency reported Hemmati, a former Central Bank Governor, was accused by a large section of the conservative-majority Majlis of not remedying the country's dire inflation situation and the Iranian rial's rapid fall in value. Almost two-thirds of the Majlis members present during the impeachment vote backed the motion to remove him in just around six months at the helm in the sanctions-hit country. Following his removal, Rahmatullah Akrami was the caretaker Economy Minister, but President Pezeshkian has not proposed him for the key post. Madanizadeh is a professor of economics at Sharif University of Technology. During his school years, he won a gold medal in the Iranian Mathematics Olympiad and a bronze medal in the International Mathematics Olympiad. He completed his postgraduate studies at Sharif, Stanford, and Chicago universities, as per Iranian media.
BusinessToday
24-05-2025
- Business
- BusinessToday
Anwar's Cabinet Crossroads: Who Will Fill Power Seats?
Following a bruising leadership council election, Prime Minister Anwar Ibrahim's party is now more divided than at any point since its founding in 2003. The recent polls saw the incumbent deputy president and Economic Minister, Rafizi Ramli, defeated by Nurul Izzah, who secured 9,803 votes. Tensions within the party were palpable throughout the campaign, with members clearly split between the two camps. During PKR's national congress, party president Datuk Seri Anwar Ibrahim acknowledged his limited engagement with party affairs and pledged to dedicate one day each week to focus on internal matters. However, his challenges are far from over. As Malaysia braces for a more turbulent economic landscape in the second half of 2025, Anwar now stands at a critical crossroads—one that may well define his leadership and shape the future of the unity government. Two critical ministerial vacancies are now on the table: the Economic Affairs portfolio, vacated following Rafizi Ramli's defeat in the recent PKR party elections, and the International Trade and Industry Ministry, soon to be vacated with Senator Tengku Datuk Seri Zafrul Tengku Abdul Aziz's term expiring in December. Both are influential seats at the economic helm of the country, and their replacements cannot afford to be merely political appointments—they must be strategic moves that restore market confidence and steer the country through uncertain economic waters. Anwar's Dilemma: Loyalty vs Capability The Economic Ministry, historically tasked with shaping Malaysia's medium- and long-term economic policies, is central to Anwar's 'Malaysia Madani' economic reform agenda. With Rafizi Ramli no longer holding the party deputy presidency—a position widely seen as a mandate for national leadership—his future in cabinet hangs in limbo. Rafizi had earlier pledged to step down should he lose the party vote, and all signs now point to his exit after his open statement of heading off to 'living a private life'. This leaves Anwar with full discretion to appoint a successor from within PKR, yet therein lies the conundrum: PKR's current leadership bench, based on the recent central leadership council lineup, lacks a clear economic heavyweight. The party, known more for its grassroots activism and social policy agenda, does not boast deep bench strength in fiscal or trade expertise. One name that naturally surfaces is Nurul Izzah Anwar—Anwar's daughter and the newly-elected Deputy President of PKR after defeating Rafizi. While she is a reformist with public appeal and integrity credentials, her political strengths lie in governance and social policy rather than hard economic or trade negotiations. Her appointment to such a demanding portfolio may be seen as politically risky, both in terms of perception and experience The Technocrat Option Anwar, a seasoned political strategist, may thus be forced to look beyond the traditional party structure for solutions. Drawing in external technocrats or respected economists—akin to how Zafrul was brought in during the pandemic era—could provide the expertise needed while also signalling seriousness to markets and foreign investors. Names like Khazanah alumni or current economic advisors may be floated in closed-door discussions. Such an approach, while potentially controversial among the party's grassroots, would demonstrate that national economic resilience takes precedence over internal party calculus. Trade Ministry in Zahid's Court Meanwhile, the Trade and Investment Ministry—which has gained renewed importance amidst global trade fragmentation, US-China decoupling, and Malaysia's aggressive FDI targets—is under Barisan Nasional's (BN) quota. As BN president, Datuk Seri Dr Ahmad Zahid Hamidi holds the prerogative to nominate a successor once Zafrul steps down. Zahid has a deeper bench to work with. Former ministers like Datuk Seri Johari Ghani, who brings financial sector insight, and MCA's Datuk Seri Wee Ka Siong, known for his administrative acumen, are both viable candidates. Their experience could bring much-needed weight to a portfolio central to Malaysia's position in regional supply chains and global investment flows. Additionally, there is a broader pool within UMNO and BN's technocratic circles, offering Zahid flexibility to appoint someone with both political loyalty and technocratic fluency. Why Timing Matters With Malaysia entering the mid-year period, widely viewed by economists as critical for recalibrating its fiscal and trade policies, timing is crucial. The government must soon decide on subsidy rationalisation, deliver major investment wins under the National Investment Aspirations (NIA), and prepare for a global economic climate that is anything but predictable. A mini-cabinet reshuffle, long speculated, now appears not just likely, but necessary. With local and foreign observers watching Malaysia's post-pandemic recovery trajectory closely, the Prime Minister must act decisively—and wisely. The Stakes Ahead For Anwar, the impending cabinet decisions present a unique opportunity to strengthen his administration's reform credentials and deliver on the economic stability promised during the coalition government's formation. Appointing competent, credible figures to helm the economic and trade ministries would not only reassure investors and markets but also bolster public confidence. Ultimately, this is about more than cabinet seats—it is about charting Malaysia's course through complex economic terrain and ensuring that the government remains not just politically intact, but economically forward-looking. As the second half of 2025 approaches, the ball is in Anwar's court. How he plays it may very well shape his legacy. Related
Business Recorder
24-05-2025
- Business
- Business Recorder
Sub-committee formed to examine PSDP
ISLAMABAD: Public Sector Development Programme (PSDP) 2025–26 meeting, chaired by Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq gave top priority to sectors including energy, transport, water, agriculture, technology, infrastructure, and strategic initiatives under CPEC Phase 2.0 for next fiscal year. Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq chaired a meeting of the Committee on the Public Sector Development Programme (PSDP) 2025–26. The meeting was attended by the Ministers for Planning, Economic Affairs, and Food Security; Advisor to the Prime Minister, Dr Tauqeer Shah; SAPMs on Political Affairs and IPC, Secretary Planning and other senior officials from the concerned departments. The Planning Commission provided a detailed briefing on the status of ongoing PSDP projects, proposed priorities for the next fiscal year, and challenges facing implementation. The meeting stressed the importance of Public-Private Partnerships (PPPs) amid fiscal constraints, and a sub-committee was formed to examine the PSDP in detail and present actionable recommendations. The DPM/FM emphasized that PSDP priorities must deliver tangible socio-economic benefits, particularly job creation, poverty reduction, and regional equity, aligned with the PM's URAAN Pakistan vision for inclusive, innovation-led growth. Priority sectors identified included; energy, transport, water, agriculture, technology, infrastructure, and strategic initiatives under CPEC Phase 2.0, with a focus on empowering underserved regions and boosting national productivity. Copyright Business Recorder, 2025
Zawya
22-05-2025
- Business
- Zawya
Kuwait's mortgage law in final stages: Minister
A planned mortgage law in Kuwait has advanced to final stages and will save the state a massive amount of funds, a Kuwaiti Minister has said. Minister of Economic Affairs and Investment Noura Al-Fassam said there is a need to issue that law after the accumulation of housing applications to more than 100,000. She told a local mortgage seminar this week that in the absence of the mortgage law, applications could increase the cost on the state to 29 billion Kuwaiti dinars ($95 billion) after five years. 'The mortgage law is now in its final stages…there are consultations among decision-makers and experts in this respect,' she said in comments published on Thursday by the Arabic language daily Alanba. 'The government's target now is to direct the budget to priority projects, covering infrastructure, renewable energy and other feasible projects…citizens will be able to get the help of the banking sector through the new law to obtain appropriate financing through flexible conditions and long-term periods without imposing additional burdens on them,' she said. Earlier this month, Kuwait-headquartered NBK said in a report that the housing finance law is nearing approval and will result in much stronger residential investment over time. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Business Wire
19-05-2025
- Entertainment
- Business Wire
Soul Beach Music Festival Will Return to St. Maarten Next Week After 30 Years
SIMPSON BAY, St. Maarten--(BUSINESS WIRE)--The St. Maarten Tourism, Economic Affairs, Transport & Telecommunications (TEATT), Port St. Maarten Group and Princess Juliana International Airport are proud to welcome Soul Beach Music Festival back to St. Maarten next week, decades after its inception on the island. The iconic Soul Beach Music Festival is returning to its roots May 21-26, to celebrate its 23rd anniversary with performances by award-winning artists including Charlie Wilson, Muni Long, Cedric the Entertainer and more. Soul Beach Music Festival originated in St. Maarten as Sinbad Soul Music Festival in 1995 - as an HBO special - before relocating to Miami and then Aruba. Since then, the festival has evolved into a multi-day experience, bringing together residents and visitors for a vibrant celebration of culture and entertainment with iconic artists performances throughout the years, including Mariah Carey, Mary J. Blige, Usher and Earth, Wind & Fire. By returning to its native soil in this full-circle moment, Soul Beach Music Festival's goal is to support the island's local economy by encouraging visitors to explore the wonders of St. Maarten. With venues spread across the island, festival goers will get a taste of St. Maarten's vibrant soul, from its pristine beaches, world-class cuisine, and blend of immersive experiences. Mark Adkins, CEO and executive producer of Soul Beach Festival, said, 'This year is both a nostalgic tribute to our past and an inspiring glimpse into the future for our many newbies, fueled by the energy that is St. Maarten.' 'The return of the Soul Beach Music Festival is a significant milestone for St. Maarten, reinforcing our island's status as a premier destination. What began with about 60% room capacity has now grown to 85–100% occupancy island-wide — a clear sign that we've not only revived the festival, but elevated it. This event boosts economic growth, supports local businesses, and brings together visitors and residents for a safe, vibrant celebration of culture and entertainment. Hosting Soul Beach so many years after its inception right here in St. Maarten is both nostalgic and meaningful — and I am proud to say: mission accomplished,' said Grisha Heyliger-Marten, Minister of Tourism, Economic Affairs, Transport and Telecommunication. Additional sponsors for the festival include Divi Little Bay Beach Resort, Oceans at Divi Little Bay, JW Marriott St. Maarten Beach Resort & Spa, Sonesta Maho Beach Resort Casino & Spa, Sonesta Ocean Point Resort, Simpson Bay Resort Marina & Spa, The Morgan Resort & Spa, Oyster Bay Beach Resort, Jennifer's Vacation Rentals and Hertz. For more information, please visit and follow @SoulBeachMusic. About St. Maarten The charismatic, intercultural Caribbean island nation of St. Maarten welcomes curious visitors inspired to renew their passion for life via nature-immersive, wellness, and experiential travel opportunities. Occupying the southern part of the island it shares with French overseas territory Saint Martin, the beloved, Dutch-owned Caribbean destination offers inspirited travelers one of the region's most diverse menus of intercultural experiences -- a coveted hub where quintessential island vibes meet incomparable Caribbean cosmopolitan flair -- inclusive of the color-laden capital of Philipsburg, serene lagoons, 37 sundry beaches, fascinating salt pans, and beyond. From the snorkeler to the shopper, from the surfer to the foodie, from the thrill seeker to the history enthusiast, in St. Maarten, all lifestyles find their place under the sun. For more information, please visit
