When Malaysia’s opposition leader Anwar Ibrahim addressed a news conference on Tuesday afternoon, he had an important announcement to make: he had been to see the country’s King, and had provided documents to prove that he had a “convincing” and “formidable” majority in Parliament. Malaysians are now wondering whether their eternal prime minister-in-waiting is finally on the cusp of the top job that has eluded him for over two decades; or whether this was a last throw of the dice by a 73-year-old man who fears he is running out of time.
If anyone expected Mr Anwar to be named prime minister the same day, they were to be disappointed. Malaysia’s constitutional monarch, Sultan Abdullah of Pahang, will consult meticulously with party leaders to see if Mr Anwar’s numbers add up. In February, when the Pakatan Harapan government that won the 2018 election fell, the King interviewed every MP in the 222-seat lower house to check that the man who took over as Prime Minister, Muhyiddin Yassin, had a majority. This time he could decide to see how Parliament votes on the annual budget in November.
Malaysia's King, Sultan Abdullah, hosted Anwar Ibrahim earlier this week. But he will need time to determine whether Anwar can form the next government. AFP
If Mr Muhyiddin loses that vote – and given that he never had more than a very slim majority, it is possible that he will – there could be a general election, which would be hugely unpopular.
This is not least because the third wave of Covid-19 that Malaysia is currently experiencing, which has led to new lockdowns in parts of the country, is generally blamed on politicians returning from the election in the state of Sabah last month. So whether Sultan Abdullah appoints Mr Anwar as prime minister or decides to make him prove that he has a majority in Parliament, we are likely to know the result either way within a few weeks.
If Mr Anwar does succeed, it would be the apex of a tumultuous career. Formerly known as the firebrand leader of a student Islamic group, Mr Anwar was handpicked by Dr Mahathir Mohamad, who led Malaysia from 1981 to 2003 and then 2018 to 2020, and soared up the ranks of the Barisan Nasional coalition that ruled the country from 1957 until the 2018 election. He became deputy prime minister and an heir apparent feted by western leaders who seemed prepared to overlook his links to radical Islamists. But in 1998, Mr Anwar fell out with his mentor and was dismissed and then jailed.
He left Barisan Nasional and later rallied a disparate and shifting opposition alliance to win the popular vote, but not a majority of seats, in the 2013 election. Subsequently jailed again, Mr Anwar was named as the successor to Dr Mahathir (who had also switched to the opposition) if Pakatan Harapan won in 2018. When it did, Mr Anwar received a royal pardon and was re-elected to Parliament, but he was denied the premiership once again when it became clear that Dr Mahathir had no intention of giving way to his former protege. The Pakatan Harapan government collapsed early this year, partly over that issue, when Mr Muhyiddin led a breakaway group into an alliance with MPs from Barisan Nasional and the Islamist party PAS.
Muhyiddin Yassin has been Malaysia's Prime Minister since February, but he is leading a rickety coalition. Reuters
Mr Anwar leads the 91 MPs who remain within Pakatan Harapan. If there were some scepticism when he first announced his plan to take over the government last month, that was because he had made a similar claim – in 2008 – that he could induce Barisan Nasional MPs to join him to change the government. He certainly had many discussions – I was in a house in Kuala Lumpur one evening where he was trying to persuade senior Barisan Nasional politicians to cross over – but in the end nothing came of it. This time Mr Anwar seems extremely confident. And crucially Zahid Hamidi, the president of Barisan Nasional's most important party, the United Malays National Organisation (Umno), said he had been told that “a big chunk of Umno and Barisan Nasional MPs have voiced their support” for Mr Anwar. Far from condemning them for seeking to abandon Mr Muhyiddin's government, which Umno has been propping up, Mr Zahid continued: “I respect the decision made by these MPs.”
It has even been suggested that Najib Tun Razak, the Barisan Nasional’s last prime minister, may have given the nod to his supporters in Umno to help Mr Anwar gain his “formidable” majority. Given that Mr Anwar’s last jailing was under Mr Najib’s administration, and Mr Anwar was part of the coalition that unseated him in 2018, that strikes many as extraordinary. Others see all sorts of contradictions. Isn’t Mr Anwar supposed to be a great liberal reformer, whereas Barisan Nasional is more conservative? Mr Anwar leads a multiracial party; Barisan Nasional, by contrast, is dominated by Umno and has always stressed the upholding of Malay rights and privileges.
But this is to ignore three factors.
Until about two decades ago, Najib Razak, Anwar Ibrahim and Mahathir Mohamad were all on the same team. Reuters
While Anwar Ibrahim may be closer than ever to seizing the prize of office, keeping a hold of it and being able to implement a firm agenda may be harder that he could have possibly expected
Firstly, all the key players – including every MP I have mentioned – either are or were members of Umno, and were all in government together in the 1990s or more recently. They have known one another for decades. Politics may be a blood sport in Malaysia, but individually politicians who are nominally fierce opponents may be on quite friendly terms. The exception to this is Dr Mahathir, who is unyielding in his enmity. And the fact that Dr Mahathir has twice undermined Mr Anwar's bid to become prime minister and ejected Mr Najib and Mr Zahid from office in 2018 gives them something else in common.
Secondly, now more than ever Malaysian politics is personality- rather than policy-driven. If it were the latter, then Mr Muhyiddin might be in a more solid position. He has, after all, been a paternal, reassuring figure whom most Malaysians credited with containing the coronavirus, up until the recent outbreak.
Thirdly, while the last election shattered the dominance of the Barisan Nasional, the change of power in February saw Pakatan Harapan shorn of its majority. As it is, Malaysia has an extraordinary multiplicity of parties. Now the ties that formerly bound them have either gone or are weaker than ever. As Sharaad Kuttan, who co-hosts a nightly current affairs show on the local Astro Awani channel, puts it: "We're not going to go back to the stability of the past." His fear is that Malaysia could enter a period of "constantly negotiating alliances" in which "horse-trading becomes the norm".
If that is the case, then while Mr Anwar may be closer than ever to seizing the prize of office, keeping a hold of it and being able to implement a firm agenda may be harder that he could have possibly expected. The same will go for any prime minister. Malaysians may well be fed up of the political rollercoaster, but they had better brace for a bumpy ride ahead.
Sholto Byrnes is an East Asian affairs columnist for The National
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Qyubic Started: October 2023 Founder: Namrata Raina Based: Dubai Sector: E-commerce Current number of staff: 10 Investment stage: Pre-seed Initial investment: Undisclosed
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Six large-scale objects on show
Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
Frank Lloyd Wright’s 1930s Kaufmann Office
A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
SCORES
Multiply Titans 81-2 in 12.1 overs
(Tony de Zorzi, 34)
bt Auckland Aces 80 all out in 16 overs
(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
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.