Malaysian PM Najib Razak announces dissolution of parliament for tough election

Agencies
April 6, 2018

Kuala Lumpur, Apr 6: Malaysian Prime Minister Najib Razak Friday announced the dissolution of parliament for a general election that will pose one of the sternest-ever tests for his ruling coalition, due to a massive financial scandal and a challenge from former leader Mahathir Mohamad.

After laying out the Barisan Nasional coalition's recent achievements in a 25-minute speech on state television, Najib announced that parliament would be dissolved Saturday to pave the way for the hotly-anticipated poll.

"We have delivered and we will continue to deliver," he said. "I seek your mandate for Barisan Nasional to rule for another five years."

Following the dissolution, the election commission will announce the date for the polls in the coming days.

The coalition has been in power since independence from Britain in 1957 but its support has been dropping in recent years. A scandal surrounding sovereign wealth fund 1MDB that captured global headlines has added to its problems.

Billions of dollars were allegedly looted from the fund in an audacious campaign of fraud and money-laundering which is being investigated in several countries, and it is claimed that large sums ended up the personal bank accounts of Najib.

The leader and the fund deny any wrongdoing.

Najib's United Malays National Organisation (UMNO), the main coalition party, has clung on to power by pushing policies that favour the Muslim Malay majority. It was already struggling after losing the popular vote in the 2013 election for the first time in history.

Voters had become increasingly disillusioned over recurring graft scandals, divisive racial politics in the country which is home to substantial ethnic Chinese and Indian minorities, and the rising cost of living.

Despite the problems, the 64-year-leader is tipped to win another five-year term at the head of the coalition after weathering the 1MDB scandal, sacking critics inside government and launching a crackdown that has seen opponents arrested.

Najib has also been helped by an improving economic picture in recent times, and has been seeking to ensure victory by announcing generous handouts to low-income groups, civil servants and farmers.

His government stoked further criticism last week by pushing a controversial redrawing of the electoral map through parliament which critics say will tilt the poll in Najib's favour. MPs also passed a law banning "fake news" that could see offenders jailed, which some fear could be used to crack down on dissent.

Mahathir upends race

Victory is however less certain due to the comeback of Mahathir, 92, who has turned on his former protege Najib over the 1MDB scandal.

In a stunning political volte-face, he was named the prime ministerial candidate in the opposition coalition Pact of Hope, which is filled with parties he crushed during his 22 years in power.

Mahathir has long championed the Malay cause and the opposition hopes he can win over Muslim voters disillusioned with BN, to add to their support base of urban voters and ethnic minorities, particularly the Chinese.

The ex-leader's political rebirth has raised eyebrows, however, particularly his reconciliation with former nemesis Anwar, a key leader in the opposition.

Anwar was heir apparent to Mahathir until the premier sacked him in 1998 over political differences, and he was then jailed on charges of sodomy and abuse of power. He was jailed again in 2015 on charges his supporters say are trumped up.

While 1MDB has captured global headlines, key issues in the Malay heartland in the country of 32 million people are rising living costs and the economy.

The government lost a vital two-thirds parliamentary majority, needed to amend the constitution, in the 222-seat parliament at the 2008 election and is hoping to win it back. Some 14.9 million people are registered to vote.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
April 16,2020

Islamabad, Apr 16: The number of coronavirus cases in Pakistan topped 6000 while the death toll due to the virus has reached 117, Dawn reported citing official data on Wednesday.

Over 1,446 people have recovered in the country from the deadly virus that has killed over 1.3 lakh people worldwide.

The total number of cases in the country has reached 6297 with Punjab being the worst affected province with 3,016 cases. Meanwhile, Sindh has 1,688 cases of the deadly virus.

Khyber Pakhtunkhwa has reported 47 new cases of the coronavirus, taking the provincial total to 912. Most of the new cases are of Tableeghi Jamaat members who have travel history.

Balochistan has reported four new cases of COVID-19, taking the provincial total to 281 according to provincial government spokesperson Liaquat Shahwani.

On Tuesday, Prime Minister Imran Khan had announced the extension of the nationwide lockdown with relaxation to some sectors.

Addressing the media in Islamabad on Tuesday, Khan said, "We made the hard decision of imposing lockdown in the country which was very well implemented due to cooperation of the people."

The countrywide lockdown was imposed last month in a bid to stem the spread of coronavirus. Later, a two-week extension was announced in the restrictions until April 14.

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News Network
February 6,2020

Washington, Feb 6: The US has expressed concern over the current situation of religious freedom in India and raised the issue with Indian officials, a senior State Department official has said.

The remarks came in the wake of widespread protests held across India against the Citizenship Amendment Act (CAA).

The senior State Department official, on condition of anonymity, said that he has met with officials in India about what is taking place in the nation and expressed concern.

"We are concerned about what's taking place in India. I have met with the Indian foreign minister. I've met with the Indian ambassador (to express my concern)," the official, who was recently in India, told reporters on Wednesday.

The US has also "expressed desire first to try to help and work through some of these issues", the official said as Secretary of State Mike Pompeo launched a 27-nation International Religious Freedom Alliance.

"To me, the initial step we try to do in most places is say what can we do to be of help you work through an issue to where there's not religious persecution. That's the first step, is just saying can we work with you on this," the official said.

India maintains that the Indian Constitution guarantees fundamental rights to all its citizens, including its minority communities.

It is widely acknowledged that India is a vibrant democracy where the Constitution provides protection of religious freedom, and where democratic governance and rule of law further promote and protect fundamental rights, a senior official of the Ministry of External Affairs has said.

According to the CAA, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014 following religious persecution there will get Indian citizenship.

The Indian government has been emphasising that the new law will not deny any citizenship rights, but has been brought to protect the oppressed minorities of neighbouring countries and give them citizenship.

Defending the CAA, Prime Minister Narendra Modi last month said that the law is not about taking away citizenship, it is about giving citizenship.

"We must all know that any person of any religion from any country of the world who believes in India and its Constitution can apply for Indian citizenship through due process. There's no problem in that," he said.

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