SINGAPORE (July 9): Some of my so-called friends have been giving me a hard time over the last couple of months for not voting at Malaysia’s general election on May 9. The way they see it, by doing nothing to help boot out Barisan Nasional (BN) and elect Pakatan Harapan (PH), I have let down my more civic-minded countrymen who helped create a new and better Malaysia.
(July 5): A US$33 billionv($45.1 billion) selloff in Malaysian stocks since Mahathir Mohamad’s election has got Nikko Asset Management on the hunt for bargains.
Some of the nation’s banks, consumer and healthcare stocks have now fallen to attractive levels, according to Kenneth Tang, a fund manager at the US$220 billion Japanese investor.
SINGAPORE (July 2): Malaysia has finally announced more names of the Cabinet members after Pakatan Harapan (PH) won the 14th general election on May 9.
The Cabinet members – 13 ministers and 23 deputy ministers – were sworn in before the before the Yang di-Pertuan Agong Sultan Muhammad V earlier today.
This brings the total number of ministers to 26, with 13 ministers earlier appointed and sworn in on May 21.
SINGAPORE (June 27): History was made in Malaysia on May 9 when the opposition caolition, Pakatan Harapan (PH), won the 14th general election for the very first time, ending the six-decade rule of Barisan Nasional (BN).
Tun Dr Mahathir, Malaysia’s prime minister from 1981 to 2003 with BN, represented PH in this election and is now serving his second term as prime minister once again. He is also the world’s oldest elected leader.
SINGAPORE (May 25): Malaysia’s decision to zero-rate the Goods and Services Tax from June 1 is widely expected to provide a small boost to consumer sentiment. Last year, GST revenue was RM44.3 billion ($15 billion) — equal to 3.3% of Malaysia’s GDP.
The government is expected to bring back a Sales and Services Tax, which was abolished to make way for the unpopular GST. But the SST generated less revenue — equal to 1.6% of GDP before it was replaced.
(May 24): Troubles at Malaysia’s state investment company 1MDB deepened as its officials told the government the fund is insolvent and unable to repay debts that could amount to almost US$7 billion ($9.40 billion) over the next five years.
KUALA LUMPUR (May 24): Finance Minister Lim Guan Eng has slammed scandal-ridden 1Malaysia Development Bhd’s (1MDB) president and chief executive officer Arul Kanda Kandasamy for being “utterly dishonest and untrustworthy”, and instructed the ministry’s legal advisers to review his position in 1MDB.
The strong statement came after Guan Eng had a meeting with Arul Kanda yesterday, together with former 1MDB chief financial officer (CFO) Azmi Tahir and former general counsel Ivan Chen.
SINGAPORE (May 21): Malaysia’s new government has pledged to review all the mega projects that the previous government undertook. Cancellations or delays could affect both the Singapore economy and local companies.
SINGAPORE (May 21): Steven Sim, a member of Malaysia’s Democratic Action Party (DAP), recalls a meeting he organised some time ago in the Malaysian state of Penang for Lim Guan Eng and a group of Singaporean businessmen. “By the end of the chat, the Singaporeans said [Lim] reminded them of Lee Kuan Yew,” Sim tells The Edge Singapore. Lim, 58, is the leader of DAP and served as Chief Minister of Penang from 2008 to 2018, during which time the state’s economy grew steadily while the state government’s financial position improved significantly.
SINGAPORE (May 21): On May 15, Malaysia’s national audit department announced that a formerly classified report on 1Malaysia Development Bhd had been reclassified as an open document. The audit department commenced its audit of 1MDB on March 10, 2015 using available financial statements from FY2010 ended March 31 to FY2014. The audit department says it was unable to obtain management accounts for FY2015, as well as bank statements from foreign financial institutions.
