Politics in Malaysia has always been noisily adversarial, as was shown when the country’s parliament met for the first time this year on Monday, after a state of emergency was declared in January. MPs talked over each other, the speaker of the lower house received a verbal battering from the opposition, and some observers described the session as ending in chaos when the government refused to allow a full debate on its Covid-19 recovery plan.
While politicians rarely agree on anything, one thing that did unite them earlier this month was a Bloomberg opinion piece. Titled “Malaysia is staggering down the road to failed statehood”, the outrage at the slur on national dignity was felt across the spectrum. It wasn’t just the government fighting back, led by Finance Minister Tengku Zafrul Aziz, who wrote a rebuttal that was widely published, including in The Straits Times in neighbouring Singapore.
The sting was perceived by government critics as well, including one analyst who, referring to Bloomberg’s American origins and headquarters, messaged me her irritation: “Did anybody in the West come to the failed state conclusion when the US was in the throes of the pandemic?”
Tengku Zafrul pointed to the signs of Malaysia’s good standing. In June, the ratings agencies Moody’s and Standard and Poor’s had retained Malaysia’s ratings as A3 and A- respectively. “Such ratings are not typical of a ‘failed state’,” he wrote. The vaccination programme has been revved up (close to half a million people per day are getting the jab now) with the country doing “five to 10 times more testing than our neighbours”, he said, going on to praise the “outstanding” volunteers who have been helping out at medical centres.
In the US-based Index of Fragile States, Malaysia is listed in the one-third of least fragile – or most stable – countries. Tengku Zafrul was justified in countering that the Bloomberg writer had ignored Malaysia’s “strong medium-term growth prospects, resilient capital markets, deep liquidity and capital buffers of the financial sector and other traits of our well-diversified economy that has weathered past crises and remains poised to do so with this current one".
It is perfectly true that the country has been very badly hit by the pandemic, but Tengku Zafrul was also right to say that “impacted businesses, struggling households and a government working under imperfect political conditions” made up a scenario hardly unique to Malaysia.
Another of the many who reacted to the insult was Dr Hazmi Rusli of Universiti Sains Islam Malaysia. He pointed out that it has been reported that “about 700,000 UK citizens were driven into poverty due to the pandemic” in 2020. “Based on this data, is it fair to conclude that the UK is a failed state?”
Others managed to find some humour in the brouhaha. Referencing a veteran opposition leader who has been making doomsday predictions about Malaysia – including that it was becoming a "failed state" – for as long as anyone can remember, one online commenter wrote: “Oh please tell me Lim Kit Siang is the owner of Bloomberg now.”
What prompted this strange – and offensive – judgement on the country’s health appears to have been that Malaysians who are in dire need of food and money have taken to waving white flags outside their homes. This, the writer thought, was “a shorthand for discontent at the atrophying state and troubled economy”.
It is tragic that many Malaysians have lost jobs and income through the pandemic. It is also the case that the government’s response has been mixed. But few developing countries have the wherewithal or capacity to provide for absolutely everyone in the face of such an unexpected catastrophe. The truly uplifting side to all this is the way that so many Malaysians have been coming forward to help.
Civil society figures such as Dr Hartini Zainudin, the country’s leading child activist, have leveraged their contacts so that those who can afford to send money can buy meals for families who are going hungry. A major web portal, Free Malaysia Today, has a tab for “the White Flag campaign”, which lists individuals and organisations around the country who are providing assistance.
In my own neighbourhood in Kuala Lumpur, many cafes have signs indicating times of the day when they will give out free food. Ordinary people are buying sacks of rice, bottles of oil and other essentials that those in hardship can collect from petrol stations. This is a Malaysia to be proud of and a society that is showing resilience and a sense of community in exceedingly trying times.
After the despair of lockdown, a glimmer of hope is now on the horizon
This all seemed to escape Bloomberg’s columnist, who also bizarrely characterised key infrastructure projects of the last century, such as Kuala Lumpur International Airport and the Petronas Twin Towers, as “boondoggles” that “suggested waste”. Being married to a Malaysian, I may be biased, but the sparkling and spacious international airport is far superior to Singapore’s Changi in my opinion, while the population takes deserved pride in how the stunning Twin Towers have become world-renowned.
The reality is that while many structural weaknesses have been near impossible to address politically for decades, Malaysia has and continues to do well. Like many governments around the world, the current administration has bungled some aspects of the pandemic and performed quite well in others. If Prime Minister Muhyiddin Yassin’s target of immunising the whole population by October is reached, that will be a real achievement.
Opposition politicians have been invited to join the government’s new National Recovery Council, which also includes corporate titans such as AirAsia Group chief executive Tony Fernandes and independent figures whose voices will not be silenced, such as Dr Hartini. After the desolations and despair of lockdown, endured particularly harshly by lower socio-economic groups, a glimmer of hope is now on the horizon.
That cautious optimism is justified above all by the actions of a citizenry that has displayed solidarity and compassion under the severest of strains. Malaysia a failed state? Not if its magnificent people have anything to do with it.
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
UAE currency: the story behind the money in your pockets
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The years Ramadan fell in May
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
The%20specs
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
CONFIRMED%20LINE-UP
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Pros%20and%20cons%20of%20BNPL
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