- Penang announced 10 projects to be prioritised under 13MP
- Thailand approved almost USD10 bil projects to catalyse the economy
- Alphabet is spending big to win big in cloud computing
IN Malaysia
Penang announced ten projects will be top of the priority list for the 13th Malaysia Plan
The Penang government has listed 10 priority projects under the Special Application for Development Projects in the First Rolling Plan of the 13th Malaysia Plan (13MP) 2026, with an estimated total cost exceeding RM11 bil. Among the projects are –
- Pan Island Link Project (PIL1);
- Road upgrading projects;
- Pipe installations;
- School construction;
- Development of Penang Fisherman’s Town.
Penang CM Chow Kon Yeow also stated that he has also submitted a letter to PM Anwar Ibrahim to set up the Penang International Financial Centre to strengthen the financial sector in the northern region. Will Kerajaan Madani endorse another special financial zone in the country? It is actually not a bad idea as the North is the hub for semiconductor, medical tourism and cross border trade, of which are heavily reliant with other countries and export-oriented. By having a special financial zone, it will incentivise financial instiutions to set up shops to support the economy of the North. Dah dah lahtu manjakan the South.
In another related news, things are really pacing up in the North as Solarvest Holdings Bhd has bagged a RM401 mil engineering, procurement, construction and commissioning (EPCC) contract for Tenaga Nasional Bhd’s 500MW solar farm in Bukit Selembau, Kedah. The solar farm is the largest project to be dished out under the fifth large-scale solar (LSS5) programme by the Energy Commission (EC). The solar farm project is expected to be completed by mid of 2027.
Apa lagi ni Malaysia Airlines? 2025 is really not their year
- Plane engine catches fire – A Malaysia Airlines Flight MH705 bound for Kuala Lumpur from Manila had to do a u-turn back to Ninoy Aquino International Airport in Manila during last weekend as the engine of the plane caught fire due to a bird strike. Fortunately, all passengers are safe. Strike #1.
- Plane cargo bay on fire – Another Malaysia Airlines Flight MH720 homebound from Jakarta has to initiate emergency protocol after a fire was indicated in the cargo area. The plane that carries a total of 122 souls landed safely in Kuala Lumpur before fire extinguishing agents in the forward cargo area was activated. Strike #2.
Recently, Malaysia Aviation Group (MAG), the parent company of Malaysia Airlines announced that a combination of 25 Boeing 737 MAX will be joining the fleet as part of the airlines’ fleet renewal program. However, Malaysia Airlines has to wait until 2031 for the first unit of the batch to arrive. The new aircrafts will possibly offer luxurious cabin configuration with lie-flat Business Class seats, similar to what is being offered by Singapore Airlines, flydubai and America’s United Airlines. Will the new planes change Malaysia Airlines’s omen and avoid Strike #3?
Around the S.E.A.
Thailand approved USD9.5 bil in projects to improve Bangkok
Thailand has green-lighted the investment applications of four major projects, a combined 200 bil baht, as part of an economic package to jumpstart the country’s lacklustre economic growth. The four projects are –
- 109 bil baht to develop the Orange Line metro transit line that will connect Bangkok’s western and eastern suburbs. The project will be developed by Bangkok Expressway and Metro Pcl;
- Three data centre and cloud services projects which include the 72.7 bil baht project by China’s Beijing Haoyang Cloud Data Technology Co to develop an information technology load of 300 megawatts in the Rayong province.
The Thai Government hopes that this multi-billion project could catalyse higher economic growth to as high as 3.5%, from a measly 2.5% in 2024. It is evident that Thailand is practising the Keynesian economic philosophy, where in order to boost the economy, it needs to be driven by increased aggregate demand, powered by both public and private spending. Keynesian economics is primarily associated with the ideas of John Maynard Keynes, a famous British economist.
Source: https://theedgemalaysia.com/node/748214
Shorts
- Following the huge 7.1% drop in the country’s benchmark index, a multi-year low, combined with an underperforming rupiah against the US Dollar, one would assume that the Finance Minister will be the first to go. However, Indonesia’s Finance Minister Sri Mulyani Indrawati denied the rumours of her resignation and stated that she is here to stay and will not step down. Sri Mulyani revealed that the stock plunge on Tuesday was due to investors’ concerns over the share movement of Indonesia’s state-owned companies, adding the government will ensure transparency in the management of those firms, currently under the supervision of newly set up sovereign wealth fund Danantara Indonesia.
- Grab Holdings Ltd is set to take over its rival GoTo Group in Indonesia, as the former is currently conducting due diligence on the latter. According to Bloomberg News, Grab values GoTo at more than USD7 bil and is looking at an all-stock purchase, if the transaction does materialise. However, Bloomberg stated that the chances of regulators clearing a merger between Grab and GoTo, or a takeover of GoTo by Grab, are slim given the combined entity would effectively have a 60-70% share of the Southeast Asian on-demand services market. This may be viewed by the regulator as potential monopolistic behaviour.
- In the fight to become the king of cloud computing, Alphabet, the parent company of Google is set to acquire Wiz for a whopping USD32 bil, a move to invest in cybersecurity to sharpen its edge in the cloud-computing race against Amazon.com and Microsoft. The all-cash deal will bolster Google’s cloud business with Wiz’s AI-powered cybersecurity solutions that companies use to remove critical risks, helping it compete better in an industry benefiting from the rise of generative AI services like ChatGPT.
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