- PM Anwar Ibrahim prefers statesmanship > to popularity
- Another furniture store âburnâ down in flames
- Is China a reliable partner?
IN Malaysia
Khazanah Megatrendsâ Snippets
During the annual Khazanah Megatrends Forum 2024, PM Anwar Ibrahim told the audience that we cannot please everyone and that achieving âgreatâ statesmanship will come at the cost of electoral support. The âgreatâ statesmanship PM Anwar referring to is the subsidy rationalisation plan initiated by Putrajaya, which include the removal of the blanket subsidy on diesel, with the aim of reducing the annual subsidy bill amounting to RM81 bil.
During the same event, Khazanah Nasional MD Amirul Feisal Wan Zahir on the other hand reminded government-linked investment companies (GLIC), and government-owned entities that they have a responsibility to âcrowd inâ private investors and other stakeholders into developing Malaysiaâs economy. Any experts worth their salt will say that GLICs always receive criticism of âcrowding outâ the market, which argues that rising public sector investment drives down or even eliminates private sector investors. Putrajaya is trying to right the wrong with the establishment of the National Fund of Funds, which will be receiving seed funding of RM1 bil.
Source: https://theedgemalaysia.com/node/729225
Buck up people, more taxes incoming for next year
According to a report on Utusan Malaysia, Putrajaya is expected to roll out FIVE new taxes in Budget 2025, which are – 1) unhealthy food tax; 2) carbon pricing tax; 3) inheritance tax; 4) high-value goods tax (HVGT) and 5) artificial intelligence (AI) tax. God bless our wallet next year and God bless companies that increase the salaries of their employees.
OCBC Senior ASEAN economist Lavanya Venkateswaran said that the countryâs tax revenue collections will increase by 6.0% – 6.5% in 2025, thanks to changes in nominal gross domestic product (GDP) growth, Brent oil prices, and non-revenue tax collections. Despite this, Venkateswaran stated the projected tax revenue growth by 2025 will not be enough to ensure that a fiscal deficit of 3.5% is achieved, in line with the Medium-Term Fiscal Framework. To achieve the fiscal target, an 8.0% – 9.0% tax revenue growth is preferable.Â
Malaysiaâs fiscal deficit (public spending minus public revenue) is at its peak in 2021, at 6.4%, due to higher pandemic spending. A fiscal deficit is normally funded by borrowings, so the lesser the deficit, the lesser the country borrows money to fund its spending. So, the next time you are paying more for your carâs fuel, remember that you are investing in a lighter debt burden future for your kids.
Shorts
- Sports Minister Hannah Yeoh is pissed that states are not willing to cover some of the cost for the Le Tour de Langkawi (LTdL) event, even though most states asked their respective negeri to be included in the race route. For this yearâs edition, the riders race through a number of states including Sarawak, Johor, Melaka, Negri Sembilan, Selangor, KL, Pahang, Perak, Penang, Kedah and Perlis. The National Sports Council (NSC) disclosed that to organise LTdL 2024 which cost about RM20 mil, the Youth and Sports Ministry allocated RM12 mil while the remaining money was raised from sponsors including Petronas, Tourism Malaysia, Bubbles O2, Bintulu Port and Motoshoot.
- Johor will change its weekend holidays to Saturday and Sunday, starting next year, overturning its decision in 2014 to opt for the Friday – Saturday weekends. At the moment, only Terengganu, Kelantan and Kedah still observe the latter as their weekends. So, Kedahans, what say you? Personally, I will stick to the current regime so that I can enjoy shopping at IKEA Batu Kawan while Penangites are still working at the time.
- It is the season again as a two-storey furniture factory in Petaling Jaya has been engulfed in a fire during the weekends (emphasize the two keywords – fire and furniture). The Selangor Fire and Rescue Department Operations Centre said it took 44 personnel and 14 fire engines to contain the fire. After the fire was extinguished, 90% of the 20,000-square-foot premises were destroyed. The cause of the fire is still under investigation. Hopefully, the burned site will not turn into a 30-floor condominium tower after this.
Around the S.E.A.
Laos hosting ASEAN leaders
Laos just inaugurated the ASEAN Investment Forum (AIF) 2024 which aimed to promote ASEAN as a prime investment destination. During AIF 2024, the ASEAN Regional Investment Action Plan (2025-2030) was launched, outlining a strategic blueprint to guide ASEAN in attracting investments, promoting sustainable development, and further integrating ASEAN as a single investment destination. Today, Laos will also be hosting the 44th ASEAN Summit before passing the baton of ASEAN chairmanship to Malaysia on October 11 this year.
Source: https://theedgemalaysia.com/node/729294
Under Malaysia’s future chairmanship, ASEAN is looking to be more China-friendly, leading the former to support the latterâs Belt and Road Initiative. At the moment, China is looking to complete the ârail-lisationâ (I do not want to put railing as apparently, it has multiple meanings) from China to Singapore with the opening of RM25 bil Laos-China high-speed rail and the imminent high-speed rail from Kuala Lumpur to Singapore. Is China a reliable âkawanâ for ASEAN? One may want to ask the Philippines about this.
Source: https://theedgemalaysia.com/node/729168
Thailand is looking to bring F1 to Bangkok
Thailandâs Tourism and Sports Minister, Sorawong Thienthong stated that the country is looking to host a Formula One (F1) race in the streets of Bangkok soon, with strong political backing from Thai PM Paetongtarn Shinawatra herself. The plan to host the F1 race in the âLand of Smilesâ is not new, with the plan mooted as early as 2015. Sorawong stated that hosting an F1 race could generate more than THB12 bil (USD359.42 mil) in economic benefits. As a benchmark, the cost of organising the 2022 Singapore F1 Grand Prix is about USD107.48 mil. So, apparently, on paper, the economic benefit is there. But, Thailand may need to ask Malaysia why Kuala Lumpur decided not to host F1 races since 2018 (hint: rising hosting fees and declining ticket sales).
For your EYES only
Malaysia really knows how to have fun.
Koleksi papan tanda di Standard Chartered KL Marathon 2024 đ #klscm pic.twitter.com/PfXTjuauN2
â Farah Sam (@yesfarahyes) October 6, 2024
