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New Straits Times
7 days ago
- Business
- New Straits Times
Anwar focused on restoring economy despite criticism, says aide
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has been working tirelessly to fix the country's finances, says his Senior Press Secretary Tunku Nashrul Abaidah. In his daily scheduled briefing today, Tunku Nashrul reiterated Anwar's unwavering commitment to repairing Malaysia's financial health, following new revelations that the country suffered a staggering loss of US$18 billion (about RM85 billion) due to the 1MDB scandal. "The figure, recently disclosed by investigative journalists Bradley Hope and Tom Wright in a podcast, far exceeds earlier estimates and highlights the extent of the financial mismanagement inherited by the current administration," he said. He added that this reflected the severe damage left by the previous government. "Since assuming office in late 2022, the prime minister has been relentless in his efforts to rebuild the country's finances for the benefit of the people," said Tunku Nashrul in a statement today. He said that only through sustained fiscal discipline and a gradual economic recovery can the government begin to redirect resources and assistance to the rakyat, particularly in the face of ongoing global economic uncertainties. The prime minister also expressed his appreciation to Malaysians for their continued support and patience during these challenging times. "Despite daily insults, ridicule, and personal attacks on social media by certain quarters, including the Opposition Leader, the prime minister remains focused and undeterred," said Tunku Nashrul. He also reaffirmed the government's commitment to transparency and accountability, adding that Anwar had not hesitated to acknowledge shortcomings, including delays in fulfilling some of his earlier promises. "The prime minister has already issued a public apology for any delays in delivering on his pledges and continues to appeal for the people's understanding as the reform process unfolds," he said.
Borneo Post
21-07-2025
- Business
- Borneo Post
Sabah must prioritize passenger safety at KKIA
Chin KOTA KINABALU (July 21): Despite Sabah's strong tourism growth— three million arrivals in 2024 (exceeding targets) and RM4.88 billion in revenue — passengers at Kota Kinabalu International Airport (KKIA) continue to face unacceptable conditions. However due to AirAsia not using aerobridges forces travelers, including elderly visitors and families, to endure dangerous tarmac walks during frequent thunderstorms, risking slips, falls, and lightning exposure, said Sabah MCA treasurer Dato' Chin Kim Hiung. He said aerobridge fees cost just RM85 per use (less than 25 sen per passenger). Chin urged the Sabah State Government to emulate Sarawak's enforced aerobridge usage, through direct negotiations with AirAsia, federal authorities, and Malaysian Aviation Commission (MAVCOM). 'The use of aerobridge should be enforced at all Sabah airports in the interest of passenger safety and convenience. Sabah's tourists and residents deserve safe, dignified travel. 'The Sabah State Government must act decisively — not with appeals, but with enforceable demands,' Chin added.
New Straits Times
21-07-2025
- Business
- New Straits Times
Why Malaysia's debt isn't the problem but misunderstanding it is
IN Kuala Lumpur, a quiet yet consequential shift is taking place in how Malaysia talks about its national debt. After years of loud warnings and political alarmism - much of it framed in simplistic terms about trillions of ringgit and looming bankruptcy - the government is beginning to reframe the conversation. And it's about time. Recently, Prime Minister Anwar Ibrahim made headlines by pointing out that Malaysia's new annual borrowings are actually on a declining path: RM100 billion in 2022, RM90 billion in 2023, RM85 billion in 2024 and a projected RM80 billion in 2025. To some, this might sound like spin. After all, total debt is still rising. But that misses the point. What the Prime Minister is signaling, without perhaps saying it directly—is that fiscal management is not about avoiding debt; it's about managing it smartly over time, especially in a country that has neither a retirement age, nor an expiry date. Too often, government debt is misunderstood through the lens of personal finance. The average Malaysian is familiar with home loans, car loans, and credit card debt, and when they hear that national debt has crossed RM1.25 trillion, the instinct is to panic. But a country isn't a household. It doesn't die. It doesn't retire. In fact, if managed well, a nation grows more productive and wealthier over time. That's why all modern economies carry debt - not as a sign of recklessness, but as a tool for strategic investment and long-term growth. What's dangerous isn't the size of Malaysia's debt in ringgit - it's how that number is politicised, decontextualised and misread. Remember the political storm a few years ago when critics claimed the country was heading toward bankruptcy at RM686 billion? That narrative has not stood the test of time because it was never grounded in fiscal reality to begin with. What matters more than any absolute number is Malaysia's deb-tto-GDP ratio, a metric that captures not just what is owed, but how well the country can pay it back. The post-pandemic fiscal landscape makes this all the more urgent. Like every nation, Malaysia took on extraordinary debt during the Covid-19 crisis to keep the economy alive and people afloat. Between 2009 and 2019, new borrowings averaged RM44 billion a year. By 2022, that number surged to RM100 billion. The government did what it had to do. Now, as the storm clouds begin to lift, the real work begins, not to slash debt overnight which would stall the recovery but to steer it gradually toward sustainability. This is where the Prime Minister's signal matters. Reducing new borrowings year by year is a prudent strategy, not a gimmick. It's like shifting down gears on a winding mountain road - slow, steady, and controlled. But even smart strategies need clear goals. That's why some economists are calling on Putrajaya to go one step further: announce a formal debt-to-GDP target and a timeline to get there. Better yet, pass the long-awaited Fiscal Responsibility Act to anchor future decisions in law, not just politics. According to Tan Sri Professor Noor Azlan Ghazali, who heads the Malaysian Inclusive Development and Advancement Institute (Minda-UKM), if Malaysia can maintain annual GDP growth of 5.0 per cent while reducing new borrowings by five per cent each year, projections show its debt-to-GDP ratio could fall to 54.6 per cent by 2038. That's a number the rating agencies and foreign investors would take seriously. It also gives Malaysians something to hold their leaders accountable to. After all, without targets, fiscal policy becomes just another "maybe." Noor Azlan explains that there's a broader truth hiding in plain sight here: zero debt is not the goal. In fact, for a developing country trying to climb the technological and green energy ladders, zero debt is a trap. The real question is not whether Malaysia should borrow, but what it borrows for, how it pays it back, and whether it's building a future or just patching holes. What's needed now is a new kind of fiscal literacy, one that treats national debt less like a household budget and more like what it truly is: an economic steering wheel. That means recognising that even cough syrup, if taken all at once, can be toxic. Taken properly, in measured doses and with the right guidance, it heals. So here's the challenge: Can Malaysia manage its debt like a doctor would prescribe medicine carefully, deliberately and with an eye on the long-term prognosis? If it does, it just might turn today's fiscal anxiety into tomorrow's competitive edge. *The writer is an economist, adjunct lecturer at Universiti Teknologi Petronas, international relations analyst and senior consultant with Global Asia Consulting. The views expressed here are his own.
New Straits Times
17-07-2025
- New Straits Times
Cloud nine wedding: Aviation enthusiasts say 'I Do' aboard 747 jumbo jet
FUJAIRAH: High above the clouds, aviation enthusiasts Sam Chui and Fiona Pang turned their dream into reality by tying the knot aboard a Boeing 747-400, transforming a symbol of flight into their wedding venue. The couple transformed their shared passion into an airborne celebration, marking a rare wedding held on a jumbo jet, according to Gulf News. Nearly 100 seats were removed to create an aisle, dance floor and event space inside the iconic aircraft. Pang, a former flight attendant, trained on the Boeing 747 at the start of her aviation journey and the couple chose the aircraft as a symbolic tribute to their love and careers. Chartered via Aquiline International, the only 747-400 passenger operator in the UAE, the 90-minute flight departed Fujairah and cruised over the Gulf of Oman as guests explored the cockpit and upper deck. While the final bill is still being calculated, Chui said that fuel for the jumbo jet alone cost about US$20,000 (RM85,000) per hour, not including airport charges, catering or décor.
New Straits Times
10-07-2025
- Business
- New Straits Times
Scammers use AI-generated video of King in fraud scheme
KUALA LUMPUR: A video using artificial intelligence (AI) to create a hyper-realistic portrayal of Sultan Ibrahim, King of Malaysia, has surfaced on social media to lure people into fraudulent investment schemes. Set against a newsroom backdrop, the video appears convincing, as the host introduces the guest as "Ibrahim Iskandar of Johor". With the opening remark "a real chance to change lives", the guest claims that one can earn up to RM85,000 from an investment of RM1,000. He said that investments through the 'government-approved platform' can be made using a phone, tablet or laptop by predicting market movements to generate a stable income. He said a group of volunteers had earned RM75,000 each in the first month of investing through the platform. "I say this with complete confidence, if you don't make at least RM75,000 in your first month, I will personally refund your RM1,000. "As of today, 100 per cent of participants have made a profit," he said, adding that no special knowledge is required. To sign up, investors only need to visit the website, fill in their details, and a personal consultant would then contact them with further instructions, the guest added. The New Straits Times has reached out to police for comment. MCA's Public Services and Complaints Department head Datuk Seri Michael Chong has warned the public against such tactics, which use deepfake videos featuring prominent figures, including Prime Minister Datuk Seri Anwar Ibrahim, tycoon Tan Sri Robert Kuok, former chief justice Tun Tengku Maimun Tuan Mat, and Capital A Bhd chief executive officer Tan Sri Tony Fernandes, to promote fake investment and get-rich-quick schemes. He said many victims had been convinced to invest after watching fake promotional videos that appeared to show genuine endorsements from these individuals.
