Malaysia must focus on growth not austerity, says AirAsia boss - Business News

KUALA LUMPUR: Malaysia's economy is currently in a good position so the government should focus on growth and not austerity, said AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes.He said the government must focus on increasing its efficiency and productivity in order to grow jobs and be a driving force in ASEAN.“Focus on those industries that can bring income quick, and technology and ideas that can bring big growth (for the country),” he added in his latest post on Twitter.Fernandes said having economic growth would enable the government to handle its debt.He also believes the ringgit will strengthen to about 3.80 against the US dollar soon.Bank Negara Malaysia had announced that the Federal government debt totalled RM686.8 billion as at end-2017, equivalent to 50.8 per cent of the gross domestic product.Subsequently, Finance Minister Lim Guan Eng said the Federal government debt and liabilities amounted to RM1.08 trillion as at Dec 31, 2017.This included the RM686.8 billion in Federal government debt and RM199.1 billion of government guarantees to pay on behalf of entities, which were unable to service their debt, he said.He said the government was also committed to RM201.4 billion in lease payments for rental, maintenance and other charges for public-private partnership projects such as the construction of schools, hostels, roads, police stations and hospitals.Earlier in the Dewan Rakyat, Prime Minister Tun Dr Mahathir Mohamad said the government was considering securing a loan facility from Japan to reduce the 'high cost of money' as the interest rate on debt taken by the previous administration was too high at six per cent.He said the value of the Japanese yen was cheaper than the ringgit with one yen equalling 1 US cent, while RM1 was worth 25 US cents, and repaying Malaysia's debt in the Japanese yen meant the country would not be burdened with a high interest rate of more than six per cent.

Source:The Star

July 23, 2018 09:11 UTC


Sime Darby upbeat on MVV project - Business News

SHAH ALAM: Developer Sime Darby Property Bhd is optimistic about the prospects of its Malaysian Vision Valley (MVV) development despite the fact that the Kuala Lumpur High-Speed Rail (HSR) project has been scrapped.Sime Darby Property township COO Datuk Wan Hashimi Albakri said the developer has engaged the new government about MVV, who are also optimistic.“The project will be a game-changer and is set to be a boost to Negeri Sembilan and the Malaysian economy,” he said earlier today following a signing ceremony with the United Nations Children’s Fund (UNICEF).The HSR has been scrapped by the new Pakatan Harapan government as it was deemed to not be financially viable.Under the proposed project, the Seremban and Muar HSR stations were supposed to be located within the MVV.Hashimi said Sime Darby is in talks with developers to participate in MVV.The development will span 379,000 acres, and is focused on a variety of industries, including healthcare, education and tourism. It is located in Negri Sembilan, bordering Selangor.Meanwhile, Sime Darby Property has signed a memorandum of understanding (MoU) with UNICEF to build Malaysia’s first inclusive playground at the developer’s City of Elmina project.Sime Darby Property has set aside an initial budget of RM1mil to build the inclusive playground.Scheduled for completion in the first half of 2018, the inclusive playground in City of Elmina will enable children with and without disabilities to play together as equals, creating opportunities for inter-generational interaction within families and social cohesion of the wider community.Sime Darby Property is Malaysia’s largest property developer in terms of landbank with 20,743 acres of remaining developable land as at Dec 31, 2017.

Source:The Star

July 23, 2018 08:03 UTC


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