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New Straits Times
4 hours ago
- Business
- New Straits Times
PM: We're cutting debt gradually to keep investors' trust [WATCH]
PUTRAJAYA: The government is committed to gradually reducing the national debt while safeguarding economic growth and maintaining investor confidence, said Prime Minister Anwar Ibrahim. In his address at the Finance Ministry's monthly assembly, Anwar said efforts had been ongoing to reduce the fiscal deficit from 5.5 per cent in 2022 to a projected 3.8 per cent this year. "Some people ask why we must reduce it so sharply — why not just channel more to the people? "But if we don't, we lose trust from investors, and trust is critical. Leadership and economic stewardship require making policies we genuinely believe in. "With trust comes the ability to solve wider issues — from revenue generation and job creation, to overall economic development," he said. Anwar, who is also the finance minister, rejected claims that the government's focus on reducing debt came at the expense of the people's welfare, saying it was part of a long‑term strategy that required prudent and measured management. He said the total national debt had decreased from RM100 billion in 2022 to RM90 billion in 2023, RM85 billion in 2024, and was expected to drop to RM80 billion this year. "Since we came into office in 2022, we have reduced the debt by RM20 billion," he said. Anwar added that resolving the national debt could not be done hastily, and required patience and a gradual approach. "It's like when a son inherits a company after his father's death and finds RM50,000 in debts. He can't wipe it out in a year — it has to be resolved step by step," he said. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan announced the government's commitment to reducing the fiscal deficit to 3.8 per cent in 2025, in line with its long‑term goal of bringing it down gradually and consistently — from 5.5 per cent in 2022, to five per cent in 2023, and 4.1 per cent last year. He said this approach would also slow the rise in total debt by reducing new borrowings each year — from nearly RM100 billion in 2022, to RM92.6 billion in 2023, and roughly RM77 billion last year.
Daily Express
7 hours ago
- Daily Express
Pakistani man held with RM93,000 worth of untaxed cigarettes
Published on: Friday, June 20, 2025 Published on: Fri, Jun 20, 2025 Text Size: The detained suspect and the seized items. BEAUFORT: A Pakistani man was arrested for allegedly possessing over 23,000 sticks of various cigarette brands suspected to be untaxed, worth more than RM90,000 in Kampung Bingkul here, Info X reported. The 38-year-old suspect was stopped around 6.30pm in a Toyota Vios by officers from the Marine Police Force (PPM) Labuan Operations Base. Advertisement Sabah Region Four PPM Commander ACP Nazri Ibrahim said the operation followed intelligence gathered by the Marine Intelligence Unit under Op Taring Landai Khas Kontraban. The vehicle was found parked suspiciously behind a sundry shop in Kampung Bingkul, where officers moved in once the driver exited the car. A search uncovered the untaxed cigarettes hidden inside the vehicle, and both the contraband and the vehicle were seized, with the case now under investigation under Section 135 of the Customs Act 1967. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
12 hours ago
- Business
- New Straits Times
PM: We're cutting debt gradually to keep investors' trust
PUTRAJAYA: The government is committed to gradually reducing the national debt while safeguarding economic growth and maintaining investor confidence, said Prime Minister Anwar Ibrahim. In his address at the Finance Ministry's monthly assembly, Anwar said efforts had been ongoing to reduce the fiscal deficit from 5.5 per cent in 2022 to a projected 3.8 per cent this year. "Some people ask why we must reduce it so sharply — why not just channel more to the people? "But if we don't, we lose trust from investors, and trust is critical. Leadership and economic stewardship require making policies we genuinely believe in. "With trust comes the ability to solve wider issues — from revenue generation and job creation, to overall economic development," he said. Anwar, who is also the finance minister, rejected claims that the government's focus on reducing debt came at the expense of the people's welfare, saying it was part of a long‑term strategy that required prudent and measured management. He said the total national debt had decreased from RM100 billion in 2022 to RM90 billion in 2023, RM85 billion in 2024, and was expected to drop to RM80 billion this year. "Since we came into office in 2022, we have reduced the debt by RM20 billion," he said. Anwar added that resolving the national debt could not be done hastily, and required patience and a gradual approach. "It's like when a son inherits a company after his father's death and finds RM50,000 in debts. He can't wipe it out in a year — it has to be resolved step by step," he said. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan announced the government's commitment to reducing the fiscal deficit to 3.8 per cent in 2025, in line with its long‑term goal of bringing it down gradually and consistently — from 5.5 per cent in 2022, to five per cent in 2023, and 4.1 per cent last year. He said this approach would also slow the rise in total debt by reducing new borrowings each year — from nearly RM100 billion in 2022, to RM92.6 billion in 2023, and roughly RM77 billion last year.
Sinar Daily
2 days ago
- Business
- Sinar Daily
Federal court orders Public Bank to pay RM90 million in damages to NFCorp, four others
Public Bank to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled 18 Jun 2025 01:46pm Photo by Bernama PUTRAJAYA - The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages. "Public Bank is to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled,' said Justice Hasnah. In delivering the court's decision, she said the appellants had presented financial reports and audited accounts through an expert witness, which were not challenged by Public Bank. Justice Hasnah said the Court of Appeal erred when it decided that the appellants had failed to prove damages, resulting in an award of only RM10,000 in nominal damages. On May 26, the panel overturned the Court of Appeal earlier decision which had granted nominal damages to NFCorp, Mohamad Salleh and three subsidiaries - National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd, and Real Food Company Sdn Bhd. Mohamad Salleh is the husband of former Women, Family and Community Development Minister and Wanita Umno chief Tan Sri Shahrizat Abdul Jalil. Also on May 26, the Federal Court upheld the decision of the Court of Appeal, which found Public Bank liable for breach of confidentiality. The court ordered Public Bank to pay RM300,000 in legal costs. The court adjourned until today to decide on the amount of damages. NFCorp and four others filed the RM560 million suit against the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court in 2023 reversed the decision after allowing their (NFCorp and four others) appeals. However, the Court of Appeal held that since NFCorp and the four others succeeded in proving liability but failed to prove damages, the court decided to award a sum of RM10,000 in nominal damages. In the suit, NFCorp and four others claimed that the bank breached confidentiality by allowing details of banking transactions to be revealed by the then PKR vice-president Rafizi Ramli. They also claimed their business reputation and credibility suffered irreparable loss and damage as a result of the breach under the Banking and Financial Institutions Act. After the court proceedings, Mohamad Salleh expressed gratitude, saying his family endured hardship for 13 years due to the case. In today's proceeding, Lawyer Tan Sri Muhammad Shafee Abdullah represented NFCorp and the four others, while Public Bank was represented by lawyer Chan Kok Keong. - BERNAMA More Like This
![News@9: Today's top headlines - June 18, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FId_obj61450654_1750251675.jpg&w=3840&q=100)
New Straits Times
2 days ago
- Business
- New Straits Times
News@9: Today's top headlines - June 18, 2025 [WATCH]
Here are today's biggest stories. Facing charges The Malaysian Anti-Corruption Commission is expected to charge three individuals in connection with the Op Adun investigation. The Federal Court has allowed Datuk Seri Najib Razak's application to attend the court hearing of his judicial review challenging the existence of his house arrest order. Public Bank liable Public Bank Bhd has been ordered to pay RM90 million in damages to National Feedlot Corporation over a breach of contract in the protection of confidential information. Win-win deal Malaysia is pushing for a mutually beneficial outcome in ongoing tariff talks with the United States, ahead of a looming July 8 deadline. That's it for News@9.
