EVENING 5:  Ekonomi Madani to restructure Malaysia’s economy - video Dailymotion

The Edge TV

In today’s edition of Evening 5 — Datuk Seri Anwar Ibrahim unveils Ekonomi Madani, aimed at restructuring Malaysia’s economy and providing a better quality of life for Malaysians. Meanwhile, ex-BNM governor Tan Sri Zeti Akhtar Aziz testifies that the AG’s Chambers decided against charging 1MDB despite “damning evidence”.

Transcript

00:00 [Music]

00:04 Prime Minister Dato' Sri Anwar Ibrahim has unveiled Ekonomi Madani,

00:08 a framework aimed at raising Malaysia's standing by restructuring its economy

00:13 to make it a leader in the Southeast Asian region

00:16 and ultimately raise the standard of living for Malaysians.

00:19 There are seven targets that need to be achieved within 10 years under this framework,

00:24 including cutting the fiscal deficit to 3% or lower

00:28 and placing Malaysia among the top 30 biggest economies

00:31 and the top 12 in the Global Competitiveness Index.

00:35 Other key outcomes include the increase in the percentage of labour income

00:39 to 45% of the total amount of income

00:42 and women's participation rate in the workforce to 60%.

00:46 Anwar also hopes to boost Malaysia's economic expansion to 6%.

00:51 He announced some initiatives to help Putrajaya achieve its targets,

00:55 including an additional RM1 billion investments by the government and government-linked funds

01:01 to support local start-ups and encourage technopreneurs

01:04 and an allocation of RM5 billion to provide financing guarantees

01:08 of up to 120% of property value for first-time buyers of homes worth up to RM300,000.

01:16 The government will also allow the trading of smaller share lots and fractional shares

01:21 in an effort to revive Malaysia's capital market.

01:23 Ex-Bank Negara Governor Tan Sri Dr Zaty Akhtar Aziz testified today

01:33 that the Attorney General's Chambers or AGC had decided against pressing charges against 1MDB

01:40 despite damning evidence of wrongdoing.

01:42 Speaking at the 1MDB Tenor trial, she said the AGC under Tan Sri Appandi Ali

01:47 disregarded the recommendation of a multi-agency task force set up to investigate the fund

01:53 to initiate criminal prosecution and charge 1MDB and its senior officers.

01:58 This was for furnishing false information to BNM in 1MDB's application

02:03 for permission to make payments outside Malaysia.

02:06 Zaty said the Central Bank had written to the AGC to reconsider its no further action decision

02:12 but received no reply.

02:14 At the time, she said BNM had no knowledge of the fact the funds that were meant for investment

02:19 by 1MDB had been remitted into accounts that were unrelated to 1MDB's investment declaration.

02:26 She added that she was unaware of the transactions undertaken in Datuk Srinajit Razak's MBank

02:31 accounts and that MBank, which like other lenders, are duty-bound to report suspicious

02:37 transactions to the Central Bank, had failed to do so when it came to the then Prime Minister.

02:42 She also said she was never informed by then MBank Group MD Chia Peh Kuang

02:47 that Najib would be receiving donations in his account and stressed that neither she

02:52 nor any of her family members had benefited from 1MDB monies.

02:56 MBSB has received the go-ahead from its shareholders to buy MIDF from PNB for

03:07 RM1.01 billion in a deal that will be satisfied via the issuance of RM1.05 billion shares

03:14 at RM96.52 per share. Following the proposed acquisition, which is expected to be completed

03:21 in August this year, MIDF will become a wholly-owned subsidiary of MBSB, and PNB will emerge

03:27 as a substantial shareholder of MBSB with an equity stake of 12.78%. The EPF's shareholdings

03:35 in MBSB will be trimmed from 65.87% to 57.45%. During an EGM held today, MBSB Group Chief

03:44 Executive Officer Rafe Hanif said the merger will expand MBSB's banking spectrum. He hailed

03:50 it as the beginning of a new and enlarged banking group that will cater for longer customer segments

03:56 that will cut across three main business verticals - consumer banking, commercial banking and corporate banking.

04:04 Nestlé Malaysia saw its net profit grow 6.6% to RM180.91 million in the second quarter of FY2023,

04:18 mainly thanks to higher sales and its continuous focus on internal efficiencies amidst the pressure

04:24 on commodity prices. Quarterly revenue rose 6.8% to RM1.75 billion on the back of stronger

04:31 domestic sales driven by robust consumer demand. The group declared an interim dividend of

04:37 70 cent per share. For the first half of FY2023, Nestlé Malaysia's earnings rose by 0.8% to RM378.06

04:46 million and revenue by 7.8% to RM3.59 billion. Commenting on its prospects, Nestlé Malaysia's

04:54 CEO Juan Aranos acknowledged multiple factors of uncertainty remain, especially those derived

05:00 from a weakened ringgit and the ongoing volatility in commodity and energy markets.

05:05 He said the group remains confident in its ability to deliver another year of solid sales growth,

05:11 improved cash flow performance and resilient profitability and shareholder return.

05:16 Port operator Westport Holdings booked a 20% increase in second quarter FY2023 earnings,

05:28 due mainly to the reduction in fuel cost. Net profit came in at RM194.76 million.

05:35 Top line rose by some 6% to RM542.64 million, driven by an increase in container revenue.

05:43 Westport declared a first interim dividend of 8.19 cent per share. For the six months ended

05:49 June 30, net profit increased 20.5% to RM378.5 million, on the back of revenue of RM1.06 billion.

05:59 On its prospects, Westport said, "Intra-Asia provides the baseline growth, which is tempered

06:05 with caution as unfavourable inflation, interest rates and consumer confidence could adversely

06:10 affect economic momentum in developed economies." It said its container throughput volume in the

06:16 current year could likely be in the single-digit growth range compared to the previous year.

EVENING 5: Ekonomi Madani to restructure Malaysia’s economy

Category

Transcript

Recommended