Latest news with #economicrevitalisation
Malay Mail
05-07-2025
- Business
- Malay Mail
ECRL project hits 85pc milestone, Chief Secretary to Govt orders tight monitoring to avoid delays to 2027 launch
KUALA LUMPUR, July 5 — Malaysia Rail Link Sdn Bhd (MRL) has been instructed to closely monitor the implementation of the East Coast Rail Link (ECRL) project, which has now reached 85 per cent progress. This was conveyed by Chief Secretary to the Government (KSN) Tan Sri Shamsul Azri Abu Bakar during the 32nd MRL Board of Directors meeting, held in conjunction with its retreat, which began yesterday in Melaka. He said MRL was also tasked with ensuring that no disruptions, such as rail encroachments by irresponsible parties, occur, as these could affect the project's schedule and delay the commencement of operations, which is targeted for early 2027. 'I am confident that this ECRL project will become a landmark of national pride and a catalyst for economic revitalisation along its alignment and surrounding areas, directly benefiting the people and the nation. 'This is in line with the 'Kesejahteraan' (prosperity) element in the MADANI principle, which can only be realised through a whole-of-government and whole-of-nation approach via federal-state-private sector synergy,' he said in a Facebook post today. In another post, Shamsul Azri said the MRL retreat was important to focus on the direction and operational targets of the ECRL train journey. 'Many things are being planned by the MRL in collaboration with various parties to ensure an efficient rail operating ecosystem, as well as offering job opportunities to local children. 'In addition, this project will open up opportunities for business activities, spur economic growth and provide better connectivity between the West Coast and East Coast of Peninsular Malaysia,' he said. — Bernama
Malay Mail
05-06-2025
- Business
- Malay Mail
Trump's ‘Big Beautiful Bill': False reforms with systemic repercussions across the world — Phar Kim Beng
JUNE 5 — In the theater of American politics, which is becoming ever more bizarre, few spectacles rival the audacity of President Donald Trump's latest legislative endeavor: the so-called 'One Big Beautiful Bill.' This ambitious package, championed by the White House, promises sweeping tax cuts and increased spending, all under the guise of economic revitalisation. True to form, President Donald Trump once again is peddling something big and bold despite the fact that the net effects are actually bad for the United States if not the whole world. How? Beneath its gilded veneer lies a fiscal mirage that threatens to exacerbate the very issues it purports to resolve. The Congressional Budget Office (CBO) projects that this bill would add a staggering US$2.4 trillion (RM10.18 trillion) to the national debt over the next decade. The US is already wobbling with a national debt of US$36 trillion. As of 2024, according to the research of Professor Niall Ferguson, for the first time ever, the revenue of the US government can no longer generate enough income streams to pay off the interest cost of the national debt. Any country that faced this problem in the past, be it Spain, Netherlands and the British Empire — in the heydays of colonialism even — has had to surrender its conquest. Trump, rather than making 'America Great Again', is toying with the idea of making America grossly over leveraged. Global and strategic economic imbalance would take on an added urgency and total realignment, some of which could include great and proxy wars. Asean being a regional organisation at the crossroads of great power rivalries in all its maritime routes cannot avert itself from these problems. At any rate, the key provisions of Trump's tax cuts include making the 2017 tax cuts, eliminating taxes on tips and overtime, and significantly increasing defense and immigration enforcement spending. While the administration touts these measures as catalysts for growth, many economists remain skeptical, warning that such unchecked borrowing could lead to higher interest rates and reduced private investment. Notably, Elon Musk, once a proponent of governmental efficiency, has emerged as a vocal critic. Labeling the bill a 'disgusting abomination,' Musk cautions against the unsustainable debt burden it imposes. His concerns are echoed by fiscal conservatives within the Republican Party, who fear that the bill's expansive scope undermines long-standing principles of fiscal responsibility. Moreover, the bill's social implications are profound. The CBO estimates that approximately 10.9 million individuals could lose health insurance coverage due to proposed cuts to Medicaid and the introduction of stringent work requirements. Such measures disproportionately affect vulnerable populations, raising ethical questions about the administration's commitment to social welfare. In essence, the 'One Big Beautiful Bill' epitomises a policy approach that prioritises short-term political gains over long-term fiscal stability and social equity. As the Senate deliberates its fate, lawmakers must weigh the bill's alluring promises against its potential to deepen economic disparities and inflate the national debt. The path to genuine reform lies not in grandiose legislation but in measured, inclusive policymaking that addresses the nation's challenges without mortgaging its future. 'Making America Great Again,' (MAGA) seems to be bent on making America grab anything at will, in order to ingratiate itself to the grouchy and ghastly behavior of Trump. Little wonder some of the member states of the Gulf Cooperation Council (GCC), a week after meeting Trump, have had to consider the importance of meeting the key leaders of Asean, in turn, China. Even President Emmanuel Macron of France has had to fly to Vietnam, Indonesia and Singapore to entrench the interest of France in Southeast Asia. One should keep in mind that France is a Development Partner of Asean and a self declared Indo Pacific power. National leaders are not necessarily challenging Trump head on. But they are exploring different strategies and tactics of realigning themselves to a new order. One where the Global North and Global South can work together granted that the US has seemingly adopted more and more policies that no longer make any common sense, despite the pledge of Trump to return the world to one that is defined by it during his inauguration in January 2025. * Phar Kim Beng is a professor of Asean Studies, International Islamic University Malaysia. * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Jordan Times
14-05-2025
- Business
- Jordan Times
JFDZ announces resolution of 11 stalled dead sea projects, unveils new development strategy
The Jordan Free and Development Zones Group on Wednesday has successfully resolved a long-standing backlog of 'stalled' investments in the Dead Sea Development Zone (JT file) AMMAN — The Jordan Free and Development Zones Group (JFDZ) on Wednesday has successfully resolved a long-standing backlog of "stalled" investments in the Dead Sea Development Zone, signalling a "new" chapter for the region's growth and revitalisation. JFDZ Chairman Sakher Ajlouni, announced that all 11 "troubled" investment agreements, some of which had been inactive since 2011, have now been legally and amicably settled. The move is part of broader efforts to reset the investment landscape and prepare the area for high-impact development opportunities. The resolution process involved a case-by-case review of contracts, offering flexibility to some investors while mutually terminating others, all without financial losses to the state. Ajlouni emphasised that the aim was not just to close a chapter, but to clear the path for future projects aligned with national development goals, the Jordan News Agency, Petra, reported. As part of this reset, the Group is currently updating the region's "master" development plan, originally drafted in 2011. The new version is being shaped by recent market research, shifting investor priorities and the Kingdom's economic modernisation agenda. The updated blueprint is designed to encourage strategic, sustainable investment while making better use of available land and resources. Ajlouni stressed that the new plan will provide clear guidance for investors and stakeholders, striking a balance between economic growth and environmental preservation. Final approval is expected in the near future. Director General of the Development Zones Mohammad Al Wakid, added that the total value of the resolved projects was around JD58 million. These included lease-to-own and development contracts, two of which have now resumed work on-site. He explained that the delays were primarily due to weak financial planning by investors and mismanagement of contracts issues that persisted despite "generous" government support, including payment flexibility and exemption from penalties. Five major tourism projects are under construction in the area, with some already open and others nearing completion. These initiatives are part of a broader action plan to reposition the Dead Sea as a "prime" destination for both investment and tourism. Wakid concluded by noting that although the state lost valuable time due to previous project failures, the region is now poised for a "fresh" wave of development. With past obstacles removed, the "focus" shifts to attracting capable investors and transforming the Dead Sea into a "model" of sustainable growth.
