Tuesday, May 28

Tag: politics

Finance, Politics

The U.S. budget deficit increases by 23%, surpassing $2 trillion due to rising expenses in Social Security and healthcare

In fiscal year 2023, the U.S. government has reported a substantial budget deficit of $1.695 trillion, marking a significant 23% increase from the previous year. This deficit growth is attributed to a drop in revenues and a surge in expenses related to Social Security, Medicare, and interest payments on federal debt. The Treasury Department's announcement reveals that this deficit is the largest since the pandemic-fueled $2.78 trillion gap in 2021. It signals a return to rising deficits after two consecutive years of decline during President Joe Biden's initial two years in office. The emergence of this budget deficit coincides with President Biden's request to Congress for $100 billion in new foreign aid and security spending. This request includes $60 billion allocated to supp...
Thailand is considering a US$27 billion land bridge project to cross the Malacca Strait
Politics

Thailand is considering a US$27 billion land bridge project to cross the Malacca Strait

Prime Minister Srettha Thavisin stated on Tuesday that Thailand is considering a sizable land bridge project in the country's south that would help increase growth and international trade and be projected to cost one trillion baht (US$27.44 billion or RM130.15 billion). According to a government research, the project would start with bidding in 2025 and end with 280,000 jobs in the southern provinces of Ranong and Chumpon. The state planning office also predicted that the project would boost economic growth to 5.5% yearly. The GDP of Thailand is expected to expand by 2.8% this year and 4.4% the next year. In Beijing for the Belt and Road Forum, he told reporters, "It will be an important connector for logistics for transporting goods between India, the Middle East, and Africa." ...
1MDB documentary is coming to Malaysia on October 19
Politics

1MDB documentary is coming to Malaysia on October 19

Man On The Run, a new documentary about the 1Malaysia Development Bhd (1MDB) state fund crisis, will premiere in Malaysian theatres on October 19. The film, which was directed by Cassius Michael Kim, tells the story of fugitive businessman Jho Taek Low's (also known as Jho Low) scheme to steal money from 1MDB to support his opulent lifestyle and throws light on his friendship with former prime minister Datuk Seri Najib Razak. Jho Low is accused of using money stolen from the Malaysian sovereign wealth fund to support a jet set lifestyle that included buying a superyacht and paying for Leonardo DiCaprio's The Wolf of Wall Street movie. Low, who is still on the run, is wanted by Interpol. He was also given a 10-year prison term in absentia for money laundering by a Kuwaiti cour...
Thailand and Malaysia establish joint task forces
News, Politics

Thailand and Malaysia establish joint task forces

According to Datuk Seri Anwar Ibrahim, significant task forces have been established between Malaysia and Thailand to strengthen their collaboration in a number of industries. They will be in charge of overseeing topics relating to tourism, trade, investments, border security, and food security. The Malaysian Prime Minister said he was delighted with the practical solutions reached by both parties to solve those challenges, describing Thailand as one of the country's most important near neighbours. “I am pleased that you have given a very pragmatic and business-like decisions, which is rare in our normal bilateral relations between our countries,” said Anwar during a joint press conference with his Thai counterpart Srettha Thavisin following a bilateral meeting at the Perdana...
Roger Ng has landed in Malaysia
News, Politics

Roger Ng has landed in Malaysia

Former Goldman Sachs banker Roger Ng has arrived in Malaysia to assist with the investigations into the 1Malaysia Development Berhad (1MDB) scandal. Tan Sri Razarudin Husain, the Inspector-General of Police, verified that Ng landed in Malaysia at around midnight. He has already landed in Malaysia and is being held by the authorities. When reached on Sunday, he responded, "However, I cannot divulge more details on the matter for security reasons." The restoration of any assets connected to the case is the government's first priority, according to Home Minister Datuk Seri Saifuddin Nasution Ismail, who stated that Ng will arrive in Malaysia on Sunday. Ng was given permission to attend his trial in the United States, where he had been found guilty but had not yet begun his...
Thai PM to visit Malaysia this week to deepen cooperation between two countries
Politics

Thai PM to visit Malaysia this week to deepen cooperation between two countries

Thailand’s Prime Minister, Srettha Thavisin will undertake an official visit to Malaysia this week to discuss ways to expand cooperation between the two countries. Malaysia is the third leg of a five-day trip from October 8 to 12 for Srettha, who assumed office last month. In a statement, the Foreign Ministry said Srettha will make the official visit to the Hong Kong Special Administrative Region (HKSAR) and three Asean countries, including Malaysia, to push forward a wide range of mutually beneficial cooperation, particularly in areas that will contribute to economic development and the well-being of the Thai people. “On October 11, Srettha is scheduled to meet his counterpart Datuk Seri Anwar Ibrahim, to discuss ways to expand cooperation between Thailand and Malaysia, incl...
Does first-past-the-post still work for Malaysian politics?
Opinion, Politics

Does first-past-the-post still work for Malaysian politics?

Malaysia Day — hundreds of people gathered in downtown Kuala Lumpur to protest against a controversial ‘discharge not amounting to acquittal’ recently granted to Deputy Prime Minister Ahmad Zahid Hamidi. Originally facing 47 charges of corruption, criminal breach of trust and money laundering, Zahid is an embarrassment to Prime Minister Anwar Ibrahim who positions himself as an anti-corruption champion. Zahid’s discharge, applied for by the prime minister-controlled Attorney General’s Chamber, raised questions. Among these are how far Anwar — who denied his personal involvement in Zahid’s case — would go in compromising the reformist and multiculturalist platform of his coalition, Alliance of Hope (Pakatan Harapan, PH), to keep his post-election coalition government afloat until De...
Sultan of Johor says he’s ready for national duties
News, Politics

Sultan of Johor says he’s ready for national duties

The Sultan of Johor has expressed his readiness to fulfil his national duties for the country and people. Sultan Ibrahim Almarhum Sultan Iskandar, next in line to be the Yang di-Pertuan Agong, conveyed his willingness to shoulder the responsibility. “It is not a promotion. It is a responsibility I am prepared to undertake on behalf of my brother Rulers,” he explained during an exclusive interview with a Bernama team led by its chairman Datuk Seri Wong Chun Wai at His Majesty's private residence, here, recently. His Majesty emphasised that his top priority would always be the welfare of the people. “The rakyat (people) will always come first,” he said. Sultan Ibrahim declined to elaborate, saying it would be best to wait for the meeting of the Conference of Rulers to be ...