By KINIBIZ
The country has faced economic headwinds and political storm clouds all year. The 1MDB scandal is getting global coverage but nowhere near a solution, Prime Minister Najib Abdul Razak’s political noose is tightening, the ringgit is a sick note and the oil price is the new limbo dance.
How low can you go? US$40? US$30? Perhaps even US$20, said Goldman Sachs this week.
Maybe, but it surely cannot go lower than the state of Malaysian football.
Last week, the national team suffered a 10-0 hiding by the United Arab Emirates team in a World Cup qualifier. This week, disgruntled fans took matters into their own hands. In a match against Saudi Arabia, flares were thrown into the pitch. The game was suspended and a similar fate awaits FAM, if Fifa decides to mete out maximum punishment.
As if flashy orange smoke at the Shah Alam stadium wasn’t bad enough, Malaysians now have to contend with the real deal. The smog awakens. From a galaxy far, far away… well, actually it’s mostly from massive forest fires in Sumatra. Malaysia’s annual battle with thick, eye-watering smoke resumes. The haze is back, and with a vengeance.
The haze phenomenon started circa 1997-1998 affecting not just Malaysia, but other countries in the Southeast Asian region. It has caused billions in economic losses, not to mention serious health and environmental implications, yet 18 years later a solution still eludes us.
This week, Indonesian President Jokowi vowed to come down hard on plantation owners carrying out illegal burning and land clearing. A stern warning, but will he walk the talk? Asean’s 600 million people, with a combined US$2.4 trillion GDP, desperately need him to.
It’s been a rough year – cough, sputter – for Malaysia, to say the least.
Like a fighter caught by one sucker punch too many, the country is in a metaphorical daze and – now with the perennial help of raging Sumatran fire and winds – literally too. Will Malaysia pick itself up and shake off its hazy stupor? Time will tell.
This doesn’t mean you shouldn’t have a pleasant weekend! To start with, here’s a selection of our best news, analyses and commentaries this past week for your reading pleasure:
Winning the war for talent: Has Malaysia truly addressed the critical problem of brain drain? Have we managed to lure local talent back from abroad and, more importantly, are we doing enough to keep existing ones from leaving? KINIBIZ examines the issues and interviews TalentCorp.
Five reasons to be less paranoid about China: Many are understandably nervous about the possibility of China’s economy tanking, which may (or may not) lead to a global recession. Our calm and zen-like resident cat doesn’t think that Malaysians should panic just yet. Here are some reasons why.
Was LRT3 PDP award a political decision? Prasarana Malaysia awards the proposed RM9 billion third extension of the Light Rail Transit (LRT3) to an MRCB/George Kent joint venture. A curious win with heavy political undertones? Our resident cat surely thinks so. Find out what raised Tiger’s eyebrows.
Developers hurt by GST, weakening ringgit: Property developers are facing higher costs due to the twin impact of a weakening ringgit and the implementation of the goods and services tax, says the Real Estate and Housing Developers Association (Rehda). Read about the double whammy here.
Is FGV still alright? The plantation giant has seen its share price plummet and group income weaken in recent years, and yet the company is embarking on ill-advised expensive overseas acquisitions. Our resident cat feels that FGV should focus on turning the group around organically. Check it out – the numbers don’t lie.
Lelong positions itself as e-commerce enabler: A fascinating tale of how an accountant quit his job to set up Lelong.com.my, one of Malaysia’s most popular e-commerce sites. Read about Richard Tan’s journey to Internet success and his long, bumpy road to profitability.
Rubber glove sector – shelter amid volatile market: While downward pressure on the ringgit is set to persist, the rubber glove sector is likely to remain attractive against a volatile market environment in months to come. Time to take your gloves off? Our resident (stock) stalker explains why.
Why Russia won’t be helping Opec to cut oil production: Few things have more potential to spook the oil market than the prospect of Russia joining forces with Opec. Despite the market buzz, there are sound economic and technical reasons why this is unlikely to happen. Find out why.
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— by Khairie Hisyam Aliman, News Editor
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