Malaysia’s Mahathir Mohamad to be sworn in as prime minister after historic poll win

Agencies
May 10, 2018

Kuala Lampur, May 10: Mahathir Mohamad, who pulled off a stunning general election win, will not be sworn in as the new prime minister of Malaysia on Thursday, a spokesman for the King’s palace said, but gave no reason for the change in schedule.

Mahathir had said shortly after declaring victory that the King would sign his letter of appointment as prime minister of Malaysia’s constitutional monarchy during a ceremony at the royal palace in the capital, Kuala Lumpur on Thursday. But palace authorities said there would be no such event and a spokesman for Mahathir, the 92-yer-old veteran former prime minister, said he had not heard from the palace and had no plan to go there.

Mahathir’s opposition alliance won the simple majority it required to form a new government in Wednesday’s polls, a stunning result that will end six decades of rule by a coalition he once led.

Malaysians celebrated Mahathir’s unexpected victory over Prime Minister Najib Razak, whose popularity had plunged over rising living costs and in the wake of a multi-billion-dollar graft scandal at 1Malaysia Development Berhad (1MDB).

Mahathir led the Southeast Asian nation for 22 years and his unexpected return to the prime ministership ends the previously unbroken rule of Barisan Nasional (BN), the coalition that had governed Malaysia since independence from Britain in 1957. “We are not seeking revenge … what we want is to restore the rule of law,” Mahathir said of Najib’s scandal-plagued rule.

Mahathir appeared jubilant and sprightly at a news conference claiming victory overnight. Najib began an address to media in the late morning. A member of his cabinet said they would accept the will of the people.

The stunning election outcome was expected to ruffle financial markets that were expecting a comfortable win for Najib and the BN. Malaysia’s currency weakened in offshore trading on Thursday, with the ringgit one-month non-deliverable forward falling 1.7 pct. The U.S.-traded iShares MSCI Malaysia ETF fell 6 percent.

The national stock market was closed on Thursday and Friday after Mahathir declared a public holiday, but the ringgit currency weakened in offshore trading.

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Mahathir’s alliance, which counts on urban votes and support from the minority ethnic Chinese and Indian communities, had hoped the veteran Malay leader would win over voters usually loyal to BN. That strategy appeared to have paid off.

Official results showed that Mahathir’s Pakatan Harapan (Alliance of Hope) won 113 of parliament’s 222 seats, clinching the simple majority required to rule. Najib’s BN coalition only managed 79 seats.

Mahathir has promised to reverse a goods and services tax (GST) introduced by Najib during his first 100 days in power and review foreign investments.

Global ratings agency Moody’s said some of his campaign promises, including the GST and a reintroduction of fuel subsidies, could be credit negative for Malaysia’s sovereign debt rating.

Mahathir was once Najib’s mentor but they clashed after differences over the 1MDB graft scandal, in which billions of dollars were allegedly siphoned off to foreign countries.

The scandal is being investigated by at least six countries, although Malaysia’s attorney general cleared Najib of any wrongdoing.

Mahathir vowed to investigate the scandal if elected and to bring the funds back to Malaysia. Asked on Thursday if Najib would be prosecuted, Mahathir said: “If anybody breaks the law, and that includes a journalist, they will be brought before the court.”

Mahathir must now manage a fractious alliance of four parties and make way for jailed opposition leader Anwar Ibrahim to become the next prime minister, another former protege with whom he split acrimoniously before reuniting to topple Najib. “I have to manage presidents of four different parties. It’s going to be a headache,” Mahathir told reporters.

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News Network
January 8,2020

Dubai, Jan 8: Iranian state television said on Wednesday that at least 80 "American terrorists" were killed in attacks involving 15 missiles Tehran launched on US targets in Iraq, adding that none of the missiles were intercepted.

State TV, citing a senior Revolutionary Guards source, also said Iran had 100 other targets in the region in its sights if Washington took any retaliatory measures. It also said US helicopters and military equipment were "severely damaged".

Iran launched missile attacks on US-led forces in Iraq in the early hours of Wednesday in retaliation for the US drone strike on an Iranian commander whose killing has raised fears of a wider war in the Middle East.

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News Network
January 12,2020

Patna, Jan 12: Prashant Kishor, national vice-president of the Janata Dal (United), a key ally of the BJP-led NDA, has thanked Congress general secretary Priyanka Gandhi and former AICC chief Rahul Gandhi for their support in opposing CAA (Citizenship Amendment Act) and NRC (National Register of Citizens).

Perceived as one of the closest associates of Bihar Chief Minister Nitish Kumar, who is also the party’s national president, PK (as Prashant is fondly called) also assured the two top Congress leaders that the contentious legislation would not be implemented in Bihar where JD (U) is ruling the State with the support of the BJP.

“I join my voice with all to thank #Congress leadership for their formal and unequivocal rejection of #CAA_NRC. Both @rahulgandhi and @priyankagandhi deserve special thanks for their efforts on this count….also would like to reassure to all – CAA/NRC won’t be implemented in Bihar,” tweeted PK on Sunday.

The development assumes significance as a day back, the Congress Working Committee (CWC) meeting, chaired by Sonia Gandhi, had strongly opposed CAA/NRC/NPR as it was aimed at “sinister design of the present regime to divide Indian people into religious lines.”

The latest tweet by PK is also being seen as a rebuff to the BJP, which again recently reiterated that “the BJP should project its own chief ministerial candidate during the 2020 Bihar Assembly elections.”

The JD (U) had taken umbrage over such provocative statements by BJP leaders and asked the saffron camp to rein in its ‘loudmouths’ as BJP chief Amit Shah had already made it clear that the next Assembly polls in Bihar would be fought under the leadership of Nitish.

Of late, PK has been quite vocal about his opposition to the Centre’s policies, particularly the contentious issues of NRC and CAA. Besides, he even dubbed senior BJP leader Sushil Modi as the man who became Bihar’s Deputy Chief Minister due to ‘circumstances’ as the BJP was decisively decimated during the 2015 Assembly elections.

Nitish never reprimanded PK for his jibe against Modi, thereby giving rise to speculations whether Bihar was again heading for a political churning ahead of Assembly polls slated for October this year.

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News Network
April 12,2020

Apr 12: India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.

The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 per cent to 2.8 per cent this year, the World Bank said in its South Asia Economic Focus report, well down from the 6.3 per cent it projected six months ago.

India's economy, the region's biggest, is expected to grow 1.5 per cent to 2.8 per cent in the fiscal year that started on April 1. The World Bank has estimated it will grow 4.8 per cent to 5 per cent in the fiscal year that ended on March 31.

"The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis," the World Bank report said.

Other than India, the World Bank forecast that Sri Lanka, Nepal, Bhutan and Bangladesh will also see sharp falls in economic growth.

Three other countries - Pakistan, Afghanistan and the Maldives - are expected to fall into recession, the World Bank said in the report, which was based on country-level data available as of April 7.

Measures taken to counter the coronavirus have disrupted supply chains across South Asia, which has recorded more than 13,000 cases so far - still lower than many parts of the world.

India's lockdown of 1.3 billion people has also left millions out of work, disrupted big and small businesses and forced an exodus of migrant workers from the cities to their homes in villages.

In the event of prolonged and broad national lockdowns, the report warned of a worst-case scenario in which the entire region would experience an economic contraction this year.

To minimize short-term economic pain, the Bank called for countries in the region to announce more fiscal and monetary steps to support unemployed migrant workers, as well as debt relief for businesses and individuals.

India has so far unveiled a $23 billion economic plan to offer direct cash transfers to millions of poor people hit by its lockdown. In neighbouring Pakistan, the government has announced a $6 billion plan to support the economy.

"The priority for all South Asian governments is to contain the virus spread and protect their people, especially the poorest who face considerable worse health and economic outcomes," said senior World Bank official Hartwig Schafer.

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