Latest news with #WanFayhsal
Free Malaysia Today
05-05-2025
- Business
- Free Malaysia Today
Clear fallback plan needed if US tariff talks fail, says Wan Fayhsal
Opposition MP Wan Ahmad Fayhsal Wan Ahmad Kamal said the non-disclosure agreement surrounding the tariff negotiations would make it harder for businesses to plan on how to mitigate risks. PETALING JAYA : An opposition parliamentarian has questioned whether the government has a clear fallback strategy if its negotiations with the US on its tariffs fail. Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal said the country's economy faces serious risks from the 24% tariff rate that the US has imposed on Malaysian imports, which have been put on hold for 90 days for negotiations. Wan Fayhsal said apart from a detailed backup plan in case the discussions with the US reach a dead end, Malaysia also needs a 'trade war readiness plan' and fast-tracked aid for small businesses. Wan Fayhsal claimed that the government's lack of direction regarding the tariffs was hurting investor confidence, pointing to a RM10 billion foreign capital outflow over the past three months and a sharp drop in the KLCI index. 'This is not the time for a business-as-usual attitude. We need a government with a war mentality, not just one that negotiates,' he told FMT. 'The government seems too confident that negotiations with the US will solve everything. But history has shown that it is not easy negotiating with (US president Donald) Trump.' Wan Fayhsal also claimed the government was slow to respond to Trump's tariffs, which were announced on April 2. He said this was despite clear signs since last November that US protectionist policies would return when Trump won another term. He added that the non-disclosure agreements (NDAs) surrounding the tariff negotiations pointed to a lack of transparency, which would make it harder for businesses and the public to plan on how to mitigate risks associated with the tariffs. Earlier today, Prime Minister Anwar Ibrahim said the tariff discussions were subject to an NDA, which he said was in line with international practices when issues are sensitive and of strategic interest. Anwar said tariff policy recommendations that require approval will go through a comprehensive review process, including at the Cabinet level or even in Parliament.
Daily Express
02-05-2025
- Business
- Daily Express
Weaker Petronas undermines Malaysia's geoeconomic strength, says Wan Fayshal
Published on: Friday, May 02, 2025 Published on: Fri, May 02, 2025 By: FMT Reporters Text Size: Petronas, one of the world's leading oil companies, operates in over 50 countries, with major oil, gas and LNG projects across Africa, South America, Canada and the Asia-Pacific. (Reuters pic) PETALING JAYA: While the Petroleum Development Act 1974 (PDA) has provided a solid foundation for generating revenue to support national development, emerging geoeconomic challenges—including Donald Trump's trade war—necessitate its further strengthening, says an opposition leader. Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal said Petronas, as Malaysia's leading geoeconomic institution, requires strong backing to sustain its pivotal role as a long-term global player, over and above its role in contributing to the treasury. 'Petronas doesn't just generate revenue for the country, it has also developed talent, expertise, and strong diplomatic channels for Malaysia to expand abroad. 'It is the only homegrown multinational corporation (MNC) to have grown into a transnational corporation, with operations in more than 50 countries, and is one of the most important sources of revenue for our country,' he told FMT. He said Petronas has also created numerous opportunities for other Malaysian businesses by introducing them to new markets. 'Petronas is not content with just being a local player as they have proven their worth in playing in bigger fields outside, such as Africa and South America. 'Whenever Petronas expands abroad, it also opens doors for our SMEs to penetrate those markets because we have a national champion acting as our 'battering ram', pushing Malaysia's interests aggressively overseas,' he said. Petronas operates in over 50 countries, with major oil, gas and LNG projects across Africa, South America, Canada and the Asia-Pacific, cementing its reputation as one of the world's leading national oil companies. Its extensive network of businesses and continued growth, coupled with a strict adherence to corporate governance requirements, has put it at No.167 on the Global Fortune 500 list, the only Malaysian company to make the cut. Regional significance Wan Fayhsal said the appreciation for Petronas's geoeconomic value extends beyond Malaysia to other Asean nations. 'As a former Petronas staff member, I know that when Indonesia faced the 1998 financial crisis, Petronas was one of the institutions that stepped in to help. 'The country (Indonesia) was hit hard, and Dr Mahathir Mohamad, (the late) Daim Zainuddin, and other Cabinet members (at the time) leveraged Petronas's resources to assist, including through the purchase of food supplies for our Indonesian neighbours,' he said. Wan Fayhsal said this was one example of how Petronas's contributions have gone beyond Malaysia's borders to benefit the wider region. He said the success of Petronas abroad has also enhanced Asean's reputation globally. 'When foreign businesses become familiar with Malaysian companies like Petronas, they are also more likely to engage with (our) Asean counterparts,' he said. Wan Fayhsal said Petronas has set a strong standard and model for Asean companies, demonstrating the region's potential to compete on the global stage. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Free Malaysia Today
01-05-2025
- Business
- Free Malaysia Today
Govt must bite targeted RON95 subsidy bullet, says Wan Fayhsal
Wan Ahmad Fayhsal Wan Ahmad Kamal says the recent 26-week net foreign outflow experienced by Bursa Malaysia was 'not a good indicator of market confidence'. PETALING JAYA : An opposition MP has urged the government to be decisive in implementing key policies, particularly as regards the rationalisation of RON95 petrol subsidies slated for the middle of this year. In an exclusive interview with FMT, Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal said unclear policies risk undermining investor confidence. He said this, in turn, would have an adverse impact on the nation's foreign and domestic direct investments. 'If (rationalising RON95 petrol subsidies) needs to be done because of a shortfall in the nation's revenue, it has to be done properly. No flip-flop announcements. 'If the government wants to do unpopular things, just do it. Bite the bullet. March ahead and rally the people because this way, the rakyat can at least be prepared to face the challenges ahead,' he said. Wan Fayhsal, a Bersatu Supreme Council member, said the foreign outflow of funds experienced by Bursa Malaysia over 26 consecutive weeks between October 2024 and the end of last month was 'not a good indicator of market confidence'. He warned that such trends could have negative repercussions on small and medium enterprises. Wan Fayhsal said the blueprints and policy frameworks introduced under Prime Minister Anwar Ibrahim's leadership were not being effectively communicated to civil servants or the public. 'The execution is not properly done and lacks clarity, and that's why the money (foreign investiment) is not here. When you do not communicate your policy well, investors will hesitate to invest for the long run. 'We are ahead of our neighbouring countries when it comes to manufacturing semiconductors, but this is a historical legacy that was not born under Anwar's government,' he said. The rationalisation of RON95 petrol subsidies, originally planned for 2024, has been postponed to mid-2025, drawing criticism from various quarters over a lack of clarity in its implementation mechanisms. In October last year, economy minister Rafizi Ramli told Bloomberg the government was bracing for a public backlash over its plans to roll back petrol subsidies. Last month, the Petrol Dealers Association of Malaysia called for clarity on various concerns over its implementation, including as to eligibility, the use of MyKad to identify qualifying recipients, and its costs and financial implications. However, Rafizi said in March that the government had yet to determine how eligibility will be determined despite the Cabinet having reviewed four proposals. It was previously reported that the government was in the midst of reworking the existing T15 income classification which would be announced by the first quarter of this year. The T15 classification refers to the top 15% of income earners in Malaysia. 'Deaf ears' Wan Fayhsal claimed the government has also ignored complaints regarding a proposed electricity tariff hike. 'Trade associations complained to the prime minister and urged him not to raise the tariff yet because they are not ready for it, saying its implementation will impact their operations. 'I believe it fell on deaf ears,' he said. In December, Tenaga Nasional Bhd proposed a new tariff schedule with a base rate of 45.62 sen per kilowatt-hour for Peninsular Malaysia, up from the current 39.95 sen/kWh, set to be implemented starting July 1, 2025. In response, the Malaysia Shopping Malls Association warned that a potential increase in electricity tariffs, together with other rising operational costs, would place enormous financial pressure on both operators and consumers. The Malaysian Iron and Steel Industry Federation, Malaysian Plastics Manufacturers Association and the Federation of Malaysian Manufacturers have also objected to the proposal and appealed to the government to reconsider the planned tariff hike.
Malay Mail
01-05-2025
- Business
- Malay Mail
Defend ‘our best player': Wan Fayhsal backs stronger Petroleum Development Act for oil-producing states
KUALA LUMPUR, May 1 — Perikatan Nasional (PN) is ready to support efforts to strengthen the Petroleum Development Act 1974 (PDA) to ensure Petronas continues to serve as a key pillar of Malaysia's development, Opposition MP Wan Ahmad Fayhsal Wan Ahmad Kamal said in an interview with Free Malaysia Today. The Machang MP warned against any move that could weaken the national oil company, calling it a vital asset to the country's economy and international standing. 'If the prime minister requires Petronas to be strengthened in terms of governance and independence, the opposition will support that call to ensure that the PDA remains intact and effective for Petronas to deliver benefits to the rakyat. 'Petronas is a geoeconomic institution. It not only generates cash for the country but also develops talent, builds expertise, and serves as a diplomatic channel for Malaysia to venture abroad. 'Why kill our best player on the team when you can't produce the same kind of player in the next 10 or 20 years? As a politician who thinks about the future of our country, I would defend Petronas to the last mile,' he was quoted as saying in the news portal. The PDA grants Petronas exclusive ownership and control over all upstream and downstream oil and gas activities in the country. Petronas and Sarawak's state-owned Petroleum Sarawak Berhad (Petros) are currently in talks over a new arrangement regarding gas rights in the state. Sarawak claims the right to manage its oil and gas resources, even though the PDA gives Petronas sole authority. Wan Fayhsal acknowledged the concerns of states like Sarawak and Kelantan over oil revenue but said any agreement must not come at Petronas's expense. 'Whatever the issues may be, they must be discussed at the negotiating table. The solution must be a win-win proposal and must not weaken Petronas at any cost. 'If the issue concerns royalties, then we need to find ways for Petronas to increase its revenue and profits so that it can contribute more to states like Sarawak, Sabah, Terengganu and Kelantan,' the Bersatu supreme council member was quoted as saying. He also warned against political interference, citing the example of Indonesia's Pertamina, which suffered from decades of corruption and an US$11.9 billion (roughly RM56.5 billion) scandal involving oil contracts. Wan Fayhsal reaffirmed the opposition's commitment to securing oil royalties for Kelantan, but said alternative forms of compensation should be considered. 'The Kelantan state government has never wavered in its quest to seek justice over the oil royalties that have been denied to the Kelantanese people for years. This demand will continue to be pursued by all Kelantanese politicians, including myself. 'At the same time, we understand that this must be done carefully and not at the expense of Petronas' growth. There are various ways to address this, not just through hard cash. 'For example, if Petronas and the federal government can provide more jobs for Kelantanese in lieu of oil royalties, that could be a potential solution,' he was quoted as saying. He added that dissatisfaction in Sarawak might be eased if the federal government showed more urgency in addressing basic infrastructure needs. 'Maybe (Sarawak) believes that controlling their oil and gas resources would help them solve these problems better than relying on federal projects. 'If the federal government shows sincerity and resolves state-level issues properly, I don't think the state government would be as concerned about fiscal decentralisation.' Sarawak currently receives a 5 per cent royalty from Petronas. Kelantan, however, does not receive direct royalties, as the federal government says oil is extracted beyond its maritime boundary under the Territorial Sea Act 2012. Instead, Kelantan receives annual 'wang ehsan' or goodwill payments from the federal government.
Daily Express
30-04-2025
- Business
- Daily Express
Don't compare Malaysia with ‘real tigers', Zaid tells Wan Fayhsal
Published on: Wednesday, April 30, 2025 Published on: Wed, Apr 30, 2025 By: FMT Reporters Text Size: Former law minister Zaid Ibrahim said Bersatu's Wan Fayhsal Wan Ahmad Kamal should 'stop dreaming' about Malaysia's prospects of being an 'Asian Tiger'. PETALING JAYA: Former law minister Zaid Ibrahim today responded to the claim by a Bersatu man that Malaysia could still achieve 'Asian Tiger' status if led by a visionary prime minister, saying the country could not be compared with 'real tigers' such as China, South Korea, or Singapore. Bersatu Supreme Council member Wan Ahmad Fayhsal Wan Ahmad Kamal had said in an exclusive interview with FMT that such a prime minister should have the 'vision to rally all Malaysians transcending race and religion'. However, Zaid said that Wan Fayhsal should 'stop dreaming'. In a post on X, he said even Prime Minister Anwar Ibrahim, whom he had previously thought to be a visionary, was unwilling to dismantle current policies. 'Stop comparing us with the real tigers. Our politicians and civil service are not the best, and our education and economic policies are archaic. The corrupt and rent seekers are protected. 'We give preferences to selected groups, but they are not to be questioned. 'We are a feudal oligarchy cemented by a religious bureaucracy the Renaissance man himself dared not recalibrate and reform,' he said in what was believed to be a veiled reference to Anwar. The term 'Asian Tigers' was used in the 1980s and 1990s to describe the fast-growing, now high-income economies of Taiwan, South Korea, Singapore and Hong Kong. Malaysia was tipped to be the fifth 'Asian Tiger', but its economic growth was derailed by the 1997 Asian financial crisis. Wan Fayhsal nevertheless said Malaysia checked all the boxes to achieve high-income status, pointing to its strategic location at the heart of Asean, its relative immunity to major natural disasters, and its diverse cultures and traditions. 'All of these 'ingredients' must be 'cooked' by a prime minister with the vision to rally all Malaysians transcending race and religion,' he said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
