- Record investments coming into the country.
- 35,000 affordable homes to be built in Penang
- The UK ketinggalan behind Malaysia in terms of IPO numbers
IN Malaysia
How we lost Pulau Batu Puteh?
Although we rarely touch on political stories, but this one is worth the salt as it involves national sovereignty. Pulau Batu Puteh a.k.a Pedra Branca is an outlying island in the Singapore Strait, that has an area of about 8,560 square meters at low tide. Recently, Tun Dr. Mahathir brushed it off as ‘hanya beberapa ketul batu saiz tak sampai setengah meja’. Sure, if sovereignty were measured in square footage, perhaps we should start trading nations on PropertyGuru.
Pulau batu putih saiz tak sampai setengah meja – Tun pic.twitter.com/bqVzZG7W3b
— Pawang S00D🔗 (@f4kr0ls00d) December 6, 2024
The recently declassified Royal Commission of Inquiry (RCI) on Batu Puteh, Middle Rocks and South Ledge found that the decision not to proceed with the revision application on the sovereignty of Batu Puteh at the International Court of Justice (ICJ), and the interpretation of the sovereignty of the South Ledge, was disputable. The RCI also concluded that former PM Tun Dr Mahathir’s action has led Malaysia to lose Batu Puteh permanently, with no avenue for appeal. The RCI chairman, former CJ Md Raus Sharif even recommended that Tun Dr Mahathir should face a criminal investigation. Below are the justifications by the RCI on why Tun Dr Mahathir is the reason why we lost a piece of Malaysia to Singapore –
- Tun Dr Mahathir wrote a letter to then-Solicitor General Engku Nor Faizah Engku Atek, on May 21, 2018, to not proceed with the applications to the International Court of Justice (ICJ). The decision not to proceed was not discussed during the Cabinet meeting, contrary to conventional practices.
Antara surat terbuka yang disiarkan kepada umum untuk menjawab persoalan kenapa @chedetofficial tidak meneruskan dgn tuntutan Batu Putih malah mencadangkan untuk fokus tebus guna lautan sekeliling Middle Rock yg dimiliki Malaysia https://t.co/TdVLo8Olt4 pic.twitter.com/kJj5gQzd9y
— Amar Aziz 🇲🇾🇵🇸🇦🇺 (@amaraziz09) December 7, 2024
2. Tun Dr Mahathir has misled the Cabinet by stating that the act of appealing to the ICJ in regards to Batu Puteh will violate the special agreement signed with Singapore that stated – neither party can appeal the ICJ’s decision that handed Batu Puteh’s sovereignty to Singapore on May 23, 2008. However, according to the RCI, the appeal will not breach the special agreement as it is a ‘continuing process’.
3. Putrajaya’s legal advisor regarding the matter, the legal consultant firm Brendan Plant advised the Government that Malaysia had a plausible case and a credible basis for both the revision and interpretation application despite it being difficult to make. The allegation by Tun Dr Mahathir that the country has a ‘weak’ position to appeal was false.
Mahathir, known for his fierce stance against Singapore, took an unexpected backseat on Pulau Batu Puteh — what changed?
Malaysia brought in record investments into Negaraku
PM Anwar Ibrahim announced that for the first nine months of the year, RM254.7 bil of total approved investments has been recorded, marking a 10.7% increase compared to the same period last year. The investment figure involves 4,753 projects, expected to create a total of 159,347 new job opportunities. China-based ZTE Corporation is among the recent investments that will be coming into the country as the telecom giant is set to invest RM200 mil to set up two innovation centres and introduce the latest 5G technology through collaborations with local operators. Do you know that Malaysia is an important part of ZTE’s global supply chain as 95% of ZTE’s 5G equipment relies on chips sourced from Malaysia?
Although there is double-digit growth in the total approved investments in the country, sadly, according to human resources consulting firm Mercer, salaries in Malaysia for 2025 will only rise by 5%. The expected pay increment in Malaysia is lower than the 6.1% rise in Indonesia but higher than Singapore’s 3.8% rate. At this rate, bila lah kita dapat merasa pakai fashion old money.
Source: https://theedgemalaysia.com/node/737174
News from the North
- Economy Minister Rafizi Ramli told the audience during the 13th Malaysia Plan Engagement Session held in George Town, Penang yesterday that the Penang Mutiara Light Rail Transit (LRT) project is unlikely to be cancelled, even if there is a change in the federal government. Rafizi stated that cancelling the project would require paying compensation to the contractor, so, no Government in their right mind will do that.
- Penang Development Corporation (PDC) is teaming up with property developer SkyWorld Development Bhd to build a whopping 35,000 affordable housing units, with an estimated gross development value of RM13 bil. The newly constructed house will be priced at between RM225,000 and RM420,000. The first phase of the development is scheduled to be launched in 2026, with a projected 15-year development period for the entire development.
- Farm Fresh can catch their breath as FGV Holdings Bhd cancelled the deal with Qatar-based Baladna for Trading and Investment WLL and Touch Group Holdings Sdn Bhd, to develop an RM4.5 bil integrated dairy farm business in Chuping, Perlis. The deal fell through as certain conditions in the shareholders’ agreement of the joint venture were not met, however, no specifics were disclosed.
Around the S.E.A.
The UK is trailing behind its former colony Malaysia and Qatar
The London Stock Exchange, once the premier go-to destination to raise funding, now has been lagging behind its former colonies such as Malaysia and Qatar. In 2024, fundraising from London’s initial public offerings (IPOs) has declined about 9% this year to USD1 bil, a far cry compared to its peak of over USD40 bil in 2006. A lot of companies do not see London as the place to uplift their valuation, but instead, the contrary happens. That is why some companies have started to make the hijrah from London to the Middle East. For example, Middle Eastern oil and gas driller ADES Holding Co. which has been listed in the UK since 2017 have suffered a decay in its valuation by half in 2020, dropping to below USD400 mil in valuation. Subsequently, a consortium backed by the Saudi sovereign wealth fund took it private in 2021 and ADES relisted in Saudi Arabia in 2023 with a current valuation of USD5.5 bil. What happens to ADES epitomize the fall of London as a fundraising house.
For your EYES only
The CTO at MCMC, Shmasul Izhan Abdul Majid has been appointed as the first CEO of the newly launched National Artificial Intelligence Office (NAIO). NAIO will be responsible for developing AI policies and drafting legislation to support its implementation and is given an RM10 mil budget for 2025 to do so. Good luck Sam!
The National AI Office, approved by the Cabinet on 28 Aug 2024, will drive innovation, boost the digital economy, and position the country as a regional AI leader. #NAIO #MyDIGITAL #MYCentre4IR #TheFutureFaster pic.twitter.com/YhFwL3D1W3
— MyDIGITAL (@mydigital_corp) December 5, 2024
