Latest news with #SpecialEconomicZone
The Sun
2 hours ago
- Business
- The Sun
Domestic demand will remain key driver of Malaysia's economic growth: Amro
SINGAPORE: Malaysia's economy continues to demonstrate resilience in 2025, underpinned by strong domestic demand, robust investment activity and favourable labour market conditions, despite pressures from global trade tensions and policy uncertainty. Asean+3 Macroeconomic Research Office (Amro) chief economist Dong He stated that if the United States' reciprocal tariffs take effect from Aug 1 at the current rate of 25%, Malaysia's gross domestic product growth could fall from 5.1% in 2024 to 4.2% in 2025, and further to 3.8% in 2026. 'This reflects the direct impact on Malaysia's exports to the US, the indirect effects through intermediate goods sent to other countries destined for the US, and the broader slowdown in global trade growth. Nonetheless, domestic demand will remain the key driver of growth,' he told Bernama. He noted that front-loaded exports had supported economic momentum earlier in the year. At the same time, key sectors such as information and communication technology and manufacturing remain active, bolstered by data centre investments and industrial diversification. However, the outlook for the second half of the year and beyond remains clouded by external headwinds, particularly the outcome of ongoing US trade negotiations. To maintain momentum, He said Malaysia's policy priorities should include sustained diplomatic engagement with the US on trade issues, diversification of export markets, and greater emphasis on the services sector, which is typically less exposed to protectionist measures. He added that accelerating structural reforms remains essential, especially through the implementation of the New Industrial Master Plan 2030 and the National Energy Transition Roadmap. 'Regionally, the Johor-Singapore Special Economic Zone (JS-SEZ) could emerge as a strategic advantage, catalysing cross-border investment and innovation. 'US tariffs could enhance the JS-SEZ's appeal, particularly if Singapore faces much lower tariffs than countries like Vietnam and Mexico,' He said. He added that the strong commitment to collaboration demonstrated by both the Singaporean and Malaysian governments boosts confidence in the zone's prospects, particularly in a volatile global environment shaped by rising protectionism. 'Together, the zone's economic value proposition and political backing can attract foreign investors looking to establish a base in Asean,' He said. He noted that for the JS-SEZ to succeed, several challenges must be tackled, including cross-border movement of people and goods, infrastructure in southern Johor, wage gaps, labour shortages, and policy continuity, among others. 'If successful, the JS-SEZ can serve as a blueprint for future regional integration initiatives. For example, it could inspire similar cross-border economic zones between Thailand and Laos or Vietnam and Cambodia,' he said. – Bernama
New Straits Times
13 hours ago
- Business
- New Straits Times
Malaysia's economy stays resilient in 2025 amid global uncertainty
SINGAPORE: Malaysia's economy continues to demonstrate resilience in 2025, underpinned by strong domestic demand, robust investment activity, and favourable labour market conditions, despite pressures from global trade tensions and policy uncertainty. Asean+3 Macroeconomic Research Office (AMRO) chief economist Dong He stated that if the United States' reciprocal tariffs take effect from August 1 at the current rate of 25 per cent, Malaysia's GDP growth could fall from 5.1 per cent in 2024 to 4.2 per cent in 2025, and further to 3.8 per cent in 2026. "This reflects the direct impact on Malaysia's exports to the US, the indirect effects through intermediate goods sent to other countries destined for the US, and the broader slowdown in global trade growth. Nonetheless, domestic demand will remain the key driver of growth," he told Bernama. He noted that front-loaded exports had supported economic momentum earlier in the year. At the same time, key sectors such as information and communication technology and manufacturing remain active, bolstered by data centre investments and industrial diversification. However, the outlook for the second half of the year and beyond remains clouded by external headwinds, particularly the outcome of ongoing US trade negotiations. To maintain momentum, He said Malaysia's policy priorities should include sustained diplomatic engagement with the US on trade issues, diversification of export markets, and greater emphasis on the services sector, which is typically less exposed to protectionist measures. He added that accelerating structural reforms remains essential, especially through the implementation of the New Industrial Master Plan 2030 and the National Energy Transition Roadmap. "Regionally, the Johor-Singapore Special Economic Zone (JS-SEZ) could emerge as a strategic advantage, catalysing cross-border investment and innovation. "US tariffs could enhance the JS-SEZ's appeal, particularly if Singapore faces much lower tariffs than countries like Vietnam and Mexico," he said. He added that the strong commitment to collaboration demonstrated by both the Singaporean and Malaysian governments boosts confidence in the zone's prospects, particularly in a volatile global environment shaped by rising protectionism. "Together, the zone's economic value proposition and political backing can attract foreign investors looking to establish a base in Asean," he said. He noted that for the JS-SEZ to succeed, several challenges must be tackled, including cross-border movement of people and goods, infrastructure in southern Johor, wage gaps, labour shortages, and policy continuity, among others. "If successful, the JS-SEZ can serve as a blueprint for future regional integration initiatives. For example, it could inspire similar cross-border economic zones between Thailand and Laos or Vietnam and Cambodia," he said.
New Straits Times
2 days ago
- Business
- New Straits Times
Call to regulate property agents who charge commissions to both landlords, tenants
JOHOR BARU: A former Kuala Lumpur-based executive has urged authorities to crack down on property agents in Johor allegedly engaging in unethical practices, including collecting commissions from both landlords and tenants without either party's knowledge. Nina Omar, 46, who moved to Johor Baru with her family after losing her job during the Covid-19 pandemic, said she has dealt with three different rental properties and repeatedly encountered questionable agent conduct. "Some agents 'double dip', taking one month's rental commission from both the house owner and the renter, with neither party knowing the other has already paid," she said. Nina, now living in Forest City, said tenants must insist on transparency. "Always ask for the landlord's contact after committing to a unit," she advised, adding that agents appointed by owners should not be charging tenants. She also urged the Board of Valuers, Appraisers, Estate Agents and Property Managers and other relevant bodies to act against rogue agents who exploit tenants, especially those unfamiliar with the rental landscape in Johor. Nina said during the pandemic, tenants had the upper hand due to weak demand, but things have changed. "With the Johor-Singapore Special Economic Zone (SEZ) gaining traction and Johor's proximity to Singapore, rental prices, especially near the land checkpoints in the state, have climbed significantly," she said. Still, she maintains that renters should never be forced to pay commission if they did not appoint the agent. "I have rented homes in Horizon Hills, Aspira Lakehomes, and now Forest City. Not once have I paid agent commission. That cost should be borne by whoever hires the agent," she said. The mother of five said she had never paid any agent's commission but had paid a one-off RM200 contract renewal fee. She first rented a house in Horizon Hills, which she found on a property agency website, that was owned by a Singaporean landlord. The landlord hired a local realtor. Nina paid the standard two months' deposit, one month's advance rental, and a half-month utility deposit. "A year later, when renewing the contract, the agent asked me to pay him one full month's rent as commission. I declined, I wasn't the one who hired him," Nina said. She added that the agent eventually relented, likely due to the soft rental market at the time. "I was paying below market rate because of the pandemic. He had no leverage to impose extra conditions," she said, adding she demanded the owner's contact details. She then contacted the landlord directly soon after the contract was done. Two years later, Nina moved her family into a townhouse in Aspira Lakehomes, also without paying any agent fee. "The owner had already appointed the agent. My dealings were with the landlord and not the negotiator." She now resides in Forest City, where she said the rental process was transparent and clean. "The agents here are appointed by the China-based developers. We deal only with the management company, not the owners, and pay two months' deposit and one month's rent in advance. That's it," she said. Earlier, the NST reported a Malaysian woman working in Singapore had cried foul after she was charged a second agent's commission simply for renewing her rental near the Customs, Immigration and Quarantine complex here. The NST has reached out to the State Malaysian Institute of Estate Agents (MIEA), which monitors industry best practices and ethical standards. The chairman is expected to respond soon.
The Sun
3 days ago
- Business
- The Sun
Market forces, not mandates, will decide JS-SEZ's future: CME CEO
PETALING JAYA: The long-term success of the Johor–Singapore Special Economic Zone (JS-SEZ) will depend on how well it aligns with real market demand and supports entrepreneurial innovation, according to Centre for Market Education CEO Dr Carmelo Ferlito. While tax incentives and strategic planning play a role, he cautioned that lasting economic development can only be driven by deeper, structural forces. 'Incentives go in the right direction,' Ferlito said, referring to the JS-SEZ's 5% corporate tax rate and 15% personal income tax rate for knowledge workers. 'But ultimately, the economic structure needs to be strong on its own, not just a will-o'-the-wisp.' Jointly developed by Malaysia and Singapore, the SEZ aims to attract high-value investments and create between 20,000 and 100,000 skilled jobs over the next decade. But Ferlito argued that real job creation must come from entrepreneurial experimentation, not government forecasts. 'It's not about the talent base, which Malaysia already has in abundance. It's about what the market needs,' he said. 'Sustainable employment arises as a response to market signals, not planning. What the market demands can't be predicted – it's discovered through bottom-up entrepreneurial activity.' On the fiscal front, while the SEZ offers aggressive tax breaks to attract investment, Ferlito warned against creating an isolated enclave that strays from national tax coherence. 'A tax system needs to be simple and fair to be effective,' he said. 'A special economic zone cannot function in isolation. For long-term sustainability, the broader tax environment must remain consistent nationwide.' He was also critical of government attempts to steer investment into specific sectors, saying such industrial planning risks distorting the economy. 'Yes,' he replied when asked if there's a risk of inefficiency. 'Investments should be driven by market signals, not government wish lists.' Ferlito further warned against artificially inflating wages through subsidies or interventions, noting that true income growth must come from productivity and competition. 'Avoid intervention,' he advised. 'Let productivity lead.' Reflecting on previous initiatives such as Iskandar Malaysia and the Sijori Growth Triangle, Ferlito said the JS-SEZ appears more coherent and better structured, but stressed that success still depends on the broader business environment. 'It does look better designed and more organically structured,' he said. 'But as I've mentioned, an SEZ cannot succeed in isolation. It needs to be supported by ease of doing business across the country.' On the potential role of Singaporean firms in the SEZ –particularly in areas such as research and development, technology transfer and workforce development – Ferlito reiterated his core principle: let the market lead. 'Let the market decide that,' he said. 'Economic order is an emergent order.' As Malaysia seeks to integrate its economy across borders to future-proof its economy, Ferlito's message is clear: it is the market – not mandates – that must determine the path forward.
The Irish Sun
3 days ago
- Politics
- The Irish Sun
Warped Russian state TV parades ‘drone death factory' packed with kamikaze killing machines after Ukraine blitzes Moscow
WARPED Russian state TV has shown off mad Vladimir Putin's "drone death factory" packed with kamikaze killing machines. The propaganda report came conveniently as 12 Russian state TV has shown off mad Vladimir Putin's 'drone death factory' Credit: East2West 12 Explosion of a Geran-2 drone next to a Yak-52 aircraft that was acting as an interceptor Credit: East2West 12 The brag came conveniently as Ukraine successfully blitzed Moscow for a fourth night in a row Credit: East2West 12 The giant death plant makes the Russian version of the Iranian Shahed-136 unmanned plane Credit: East2West The giant death plant makes the Russian version of the Iranian Shahed-136 unmanned plane. This has been frequently used to wreak mayhem in Ukraine. The plant has been shown to Russia's pro-war state media to coincide with a Kremlin threat to imminently send hundreds or even thousands of drones daily into Ukraine. But the warning came as brave Volodymyr Zelensky stepped up assaults since Donald Trump reportedly told him it was read more news Zvezda TV boasted that the plant is apparently the largest of its kind in the world - storing drones known in Russia as Geran-2s. Timur Shagivaleyev, director-general of the Alabuga Special Economic Zone, which Ukraine had repeatedly sought to attack, said: 'At one time there was a plan to produce several thousand Gerans. 'Now we are producing nine times more than the plan. 'We must do everything necessary to ensure that our country, our way of life, wins.' Most read in The US Sun The drone is 'effective and highly accurate," according to the channel, which is desperately attempting to show off war might. It went on to gloat how the drone is also "simple, cheap and therefore mass-produced". Ukraine unleashes hell on Moscow with massive drone blitz as explosions rock capital for fourth night & airspace closed The channel emphasised the apparent "scale of this production," evident through the "huge, bright workshops in which you can get lost" with "hundreds of machines, thousands of workers and wherever you look". Among its workers are teenagers propagandised to support Putin's war who are "educated" - or indoctrinated - at a special drone university. The Russian propaganda channel said: "There are young people, boys and girls, both working here and studying here in the college created by the same people who organised the production of Gerans. "They invite schoolchildren here immediately after the ninth grade, and after college they invite them to the plant. 'Vladimir Putin has noted the experience of Alabuga and even called for its replication.' The plant has its own foundry where the aluminium engine blocks are cast. 'There is a forge, where steel parts are made, there are assembly shops, where Geran engines are assembled,' said the report. They make the two-stroke engines, and other parts for the drones including microelectronics and wiring. 12 The moment of a Ukrainian strike on the Russian-occupied Donetsk region on Saturday Credit: East2West 12 The drone has been frequently used to wreak mayhem in Ukraine Credit: East2West 12 The plant has been shown to Russia's pro-war state media to coincide with a Kremlin threat Credit: East2West 12 The warning came as brave Volodymyr Zelensky stepped up assaults Credit: East2West 12 The pathetic propaganda attempt conveniently came after Ukraine unleashed chaos at Moscow's four airports Credit: East2West The pathetic propaganda attempt conveniently came after Hundreds of passenger planes had to be diverted as waves of flying bombs converged on the Russian capital. Footage showed explosions as Russian air defences attacked incoming unmanned planes in Zelenograd, a district 23 miles northwest of the Kremlin . Russia's defence ministry claimed to have downed 93 Ukrainian drones overnight across nine regions - 19 of them over the Moscow area alone. Authorities were forced to twice close airspace over Moscow, hitting airports Sheremetyevo, Domodedovo, Vnukovo and Zhukovsky. A total of 134 planes were diverted, as confusion and frustration gripped passengers caught up in the escalating fallout of the war. State airline Aeroflot was forced to adjust its schedule, while regional airports in Kaluga, Yaroslavl and Nizhny Novgorod were also thrown into disarray. Frustrated passengers - including tourists on summer vacations - were hit by delays, diverted flights and numerous cancellations in an apparent new tactic by Ukraine to paralyse air travel in Vladimir Putin's capital. Passengers — many travelling for summer vacations — were left bedding down on the airport floor. 'The restrictions are necessary for ensuring the safety of civil aircraft flights,' announced Russia's Federal Air Transport Agency. In Zelenograd, a district on the northwestern edge of Moscow, explosions were heard as air defences intercepted drones. Debris sparked fires that damaged buildings and set vehicles alight, according to local reports. In nearby Golube, residents described powerful blasts that shattered windows and shook homes , While Russian officials claimed success in intercepting the majority of drones, the repeated closures of Moscow's airspace suggest Ukraine is successfully placing pressure on the capital - targeting not just military assets but the daily functioning of civilian infrastructure. Trump's 50-day peace deadline for Vlad THE Kremlin mocked Donald Trump's 50-day peace deadline and may now demand even more Ukrainian territory instead of trying to sign peace. Vladimir Putin will instead keep terrorising Ukrainian civilians during the seven-week period, sources said. The furious US President said he is 'very unhappy' with Russia as he warned of 100 per cent secondary tariffs on Moscow should they continue to blitz Ukraine. Trump said he wants the war to end, but doubled down on his frustration with Putin, saying he's "disappointed" in the Russian leader. But a snarling Putin has always declined and instead ramped up his ground and aerial offensives across Ukraine. He also vowed to send US weapons - compromising of "everything" in their arsenal - to Nato so they can distribute them to Kyiv. 12 The aftermath of a Ukrainian strike on the Russian-occupied Donetsk region on July 19 Credit: east2west 12 The drone is 'effective and highly accurate,' according to the channel, which is desperately attempting to show off war might. Credit: East2West 12 Inside Putin's drone death plant Credit: East2West
