Morning Brief

With 10% tax on imported low-value goods, GST and global minimum tax of 15 percent on MNC, we find out what these new taxes mean for us and for the government coffers with Senthuran Elalingam, Indirect Tax Partner, DeloitteSee omnystudio.com/listener for privacy information.

The Foreign Ministers of Asean are meeting in Phnom Penh which was also attended by key officials from the US, China, Russia and Japan. With hot button topics of Nancy Pelosi's visit to Taiwan, Myanmar and the South China Sea on the agenda, what are the expected outcomes? Izzah Ibrahim, Analyst, at the Foreign Policy and Security Studies Programme of ISIS Malaysia gives us her observations.Image credit: REUTERS/Soe Zeya TunSee omnystudio.com/listener for privacy information.

Recent statistics from the Women, Family and Community Development Ministry have revealed that in 2021 alone, 752 senior citizens were abandoned at hospitals by their family members. With Malaysia soon to become an ageing population by 2030, what should the Senior Citizens Act, currently being drafted, include to ensure both the protection of the elderly and the empowerment of their caregivers. Hawati Abdul Hamid, a Researcher at Khazanah Research Institute breaks down the issue for us.See omnystudio.com/listener for privacy information.

Malaysia has already lost more than 15% of her beaches with things set to become worse. In the peninsula alone, more than 30 beaches have experienced critical erosion of over 4 metres a year and the National Coastal Erosion Study 2015 revealed that many of these beaches could be lost in the next 10 years or so. Associate Professor Dr Effi Helmy Ariffin, Deputy Director at Universiti Malaysia Terengganu's Institute of Oceanography and Environment (INOS) talks to us about the impact of coastal erosion and if enough is being done to address it.See omnystudio.com/listener for privacy information.

In the region, central banks have also raised rates but what does this mean for Asean banks? Will the economic slowdown eat into earnings? Thilan Wickramasinghe, Head of Research Singapore at Maybank Investment Banking Group tell us the important answer especially since banks are a barometer of an economy.See omnystudio.com/listener for privacy information.

US Speaker of the House, Nancy Pelosi continues her whirlwind tour of Asia, moving onto South Korea and Japan. However the trip has been overshadowed by her visit to Taiwan which was the worst kept secret of her itinerary. We speak to William Pesek, columnist at Nikkei Asia as to what is her agenda.See omnystudio.com/listener for privacy information.

The Control of Tobacco Products and Smoking Bill 2022 has now been referred to the Parliamentary Special Select Committee to be finetuned despite some concessions made before it was tabled for second reading at the Dewan Rakyat this week. It is now expected to come up again at the next sitting. Bandar Kuching MP Dr Kelvin Yii is a member of this PSSC and he explains the intricacies of formulating a bill to meet every stakeholders' demands.See omnystudio.com/listener for privacy information.

Malaysia has agreed in principle to implement a global minimum tax of 15% on multinational companies. Currently, Malaysia's standard corporate income tax rate is 24%, with some MNCs granted tax exemptions and enjoy preferential rates of zero to 10% according to various concession. Dr Geoffrey Williams, Economist at Malaysia University of Science and Technology, talks about how this may impact foreign direct investment into the country.See omnystudio.com/listener for privacy information.

With the Home Ministry officially launching the Sahabat Kita Demi Negara programme, we ask James Chai, Visiting Fellow, ISEAS – Yusof Ishak Institute whether this programme wanting youths to be its eyes and ears for KDN has more sinister intentionsImage credit: ShutterstockSee omnystudio.com/listener for privacy information.

A few days ago for the first time since the start of the Russian invasion, a ship carrying Ukrainian grain finally left the port of Odesa. Will this lead to lower prices? Priyanka Kishore, head of India and Southeast Asia economics at Oxford Economics tell us her views.See omnystudio.com/listener for privacy information.

To get a temperature check on the property market and even what to buy, Chan Ai Cheng, President, Malaysian Institute of Estate Agents helps us give a perspective on how the demand supply dynamics are evolving for the property marketSee omnystudio.com/listener for privacy information.

The US House Speaker Nancy Pelosi is on a trip to Asia Pacific which includes Singapore, Malaysia, South Korea and Japan but with no mention of Taiwan officially. What is the implication to China- US relations if she does indeed visit Taiwan? Dr Adrian Ang, Research Fellow Coordinator of United States Programme, S S. Rajaratnam School of International Studies tells us.See omnystudio.com/listener for privacy information.

Following the surprise power outage which for some areas lasted more than 2 hours in the middle of the day we speak to Shukreen Ma, Head Group Corporate Communications, Tenaga Nasional Berhad and what transpired and how can we avoid this situation from repeating itselfSee omnystudio.com/listener for privacy information.

With the Control of Tobacco Product and Smoking Bill tabled for the second and third reading in parliament yesterday, we speak to Dr Helmy Haja Mydin, Consultant Respiratory Physician and Technical Advisor to Ministry of Health. about the lasting and impactful GEG will have on health legacy for Malaysia but understand the loopholes on the enforcement power issues in the bill itselfSee omnystudio.com/listener for privacy information.

With the poultry industry being a victim of government’s several policy u-turns and conflicting messages, we ask Ong Kian Ming how should the government assist local chicken farmers in the short and long termSee omnystudio.com/listener for privacy information.

Its a tale of two halves for the tech sector with names like Amazon and Apple reporting better than expected numbers while chip makers, Intel and Qualcomm disappointing the street. Daniel Ives, Managing Director of Wedbush Securities helps us make sense of the results and who will be winners in 2022 despite the economic slowdown.See omnystudio.com/listener for privacy information.

With Prime Minister Datuk Seri Ismail Sabri confirming that UMNO has decided not to extend the memorandum of understanding (MoU) with Pakatan Harapan, is GE15 upon us? Dr Oh Ei Sun, Senior Fellow, Singapore Institute of International Affairs gives his perspectiveSee omnystudio.com/listener for privacy information.

Yesterday, the Dewan Rakyat passed the Anti-Party Hopping Bill with a two-thirds majority, bringing to fruition a long-sought after political reform in the wake of the Sheraton Move. How much impact will this have on voter confidence as we head into GE15? We get reactions from Danesh Prakash Chacko of Tindak Malaysia.Image Credit: Lens Hitam/Shutterstock.comSee omnystudio.com/listener for privacy information.

Myanmar's military government which overthrew the elected civilian government in a coup d'état on Feb 1, 2021, remains in power today and is doing all it can to quash opposition. This includes executing 4 democracy activists recently. What does Asean have to say about all this clear violations of human rights? Thomas Daniel, a Senior Fellow at ISIS Malaysia talks to us about the intricacies of navigating regional democracy. Image Credit: R. Bociaga / Shutterstock.comSee omnystudio.com/listener for privacy information.

The annual Federal Budget gets a lot of attention from the public and stakeholders, but the same scrutiny isn't paid to state budgets. We speak to Alissa Rode of IDEAS to discuss the importance of state budget transparency and how the state governments stack up against each other.See omnystudio.com/listener for privacy information.

This month, Bank Negara Malaysia raised the overnight policy rate this month by 25 basis points to 2.25% as part of efforts to manage inflation.  We speak to Assistant Governor Fraziali Ismail about the calculations that go into an OPR adjustment and how BNM sees inflation trending in Malaysia.See omnystudio.com/listener for privacy information.

The Dewan Rakyat passed the Independent Police Commission (IPCC) bill this week, to the disappointment of civil society groups for a much stronger body to address police misconduct in the form of the Independent Police Complaints and Misconduct Commission (IPCMC). Human rights expert Dato' Sri M. Ramachelvam explains why the IPCC is flawed, and also reacts to the extension of section 4(5) of the Security Offences (Special Measures) Act 2012 (SOSMA), which allows detention for up to 28-days.Image Credit: ShutterstockSee omnystudio.com/listener for privacy information.

The US Fed raised interest rates by 0.75% for the second consecutive time,in an effort to tamp down on skyrocketing inflation. In response markets rallied, but is it still sustainable. We ask Grant Bowers, Senior Vice President and Portfolio Manager at Franklin Templeton.See omnystudio.com/listener for privacy information.

The combination of a series of geopolitical and economic shocks, including the war in Ukraine, the flare-up of Covid cases in China and the consequent supply chain disruptions has sent inflation skyrocketing. The Fed is leading the charge of global central banks tightening monetary policy to bring inflation under control. How much will these factors continue to weigh down the economic outlook for the remainder of the year? We discuss the outlook with Selena Ling the Chief Economist of OCBC Bank.See omnystudio.com/listener for privacy information.

The government plans to review the management of GLC-owned shopping malls to ensure more Bumi-traders in the tenancy mix. But with the retail industry being one of the most dynamic and competitive businesses, could quotas of this nature do more harm than good? We discuss policy measures to encourage Bumiputera entrepreneurship with Ahmad Yazid Othman of the Malay Economic Action Council (MTEM).See omnystudio.com/listener for privacy information.

The prerogative to call for elections in Malaysia lies with the Prime Minister. However would it be better if there was a fixed term parliament. Wong Chin Huat, Political Scientist at Sunway University tells us the merits of such a system.See omnystudio.com/listener for privacy information.

We get some answers from Dr Khoo Yoong Khean, scientific officer at the Centre for Outbreak Preparedness in Duke-NUS Medical School following the World Health Organization declaration of monkeypox as a public health emergency of international concern.Image credit: Poetra.RH / Shutterstock.comSee omnystudio.com/listener for privacy information.

With the the Biden administration is pushing for a 52 billion US dollar bill to subsidise its domestic semiconductor manufacturers and its friend-shoring policy, we ask Datuk Seri Wong Siew Hai, President, Malaysia Semiconductor Industry Association how this will impact Malaysia's semiconductor industrySee omnystudio.com/listener for privacy information.

Tasik Chini is at risk of losing its World Biosphere Reserve status under UNESCO, following a preliminary report by the review committee. UNESCO has requested Malaysia to submit a detailed plan to rehabilitate the site by September. We speak to Datuk Seri Dr Mushrifah Idris, former Research Centre Director of the Tasik Chini Research Centre at UKM on what measures are needed to retain the status.See omnystudio.com/listener for privacy information.

Zaidel Baharuddin, Vice President, MUDA explains what effective policy measures they would put in place to address youth unemployment and their struggles to keep up with increasing cost of livingSee omnystudio.com/listener for privacy information.

After Undi 18 and automatic voter registration being made law in Malaysia, should we follow the path set by Singapore and Australia to implement compulsory voting. We discuss if this is the right way forward and what could be the impediments to this?See omnystudio.com/listener for privacy information.

The dust is far from settled in China’s property sector, after the collapse of property giant Evergrande last year. In the latest turn of events, large numbers of homebuyers in China are withholding mortgage payments for homes that property developers have yet to complete. With China’s economy seeing a marked slowdown stemming from Beijing’s Zero-Covid policy amid an ongoing outbreak of cases, what are the implications of a property sector meltdown, which makes up some 25% of China’s GDP? Economist Gary Ng breaks down the issue.Image Credit: Fabio Nodari / Shutterstock.comSee omnystudio.com/listener for privacy information.

With Malaysia remaining in Tier Three in the US State Department’s annual Trafficking in Persons Report 2022, we ask migrant rights activist Adrian Pereira why we continue to rank at the bottom on this issueImage Credit: ShutterstockSee omnystudio.com/listener for privacy information.

The next British Prime Minister is now down to the Former Chancellor of the Exchequer Rishi Sunak and Foreign Secretary Liz Truss. They have until September 5th to woo 180,000 Conservative party members. So far, the race to succeed Boris Johnson and to take over the legacy he leaves behind is neck and neck. Patrick Diamond, Associate Professor of Public Policy, Queen Mary University of London, analyses what each candidate has to offer.See omnystudio.com/listener for privacy information.

Last week, the country was shocked by the surprise seizure of two Petronas subsidiaries in Azerbaijan by the purported heirs of the Sulu Sultanate. This was after a French arbitration court ruled in March that Malaysia has to pay the purported heirs at least 62 billion ringgit. Roger Chin, President of the Sabah Law Society helps us unlock the history of this case and what steps the Malaysian government should take.See omnystudio.com/listener for privacy information.

A recent report by the Malaysian Insight highlights the many bureaucratic challenges that F&B players face, particularly the lack of clarity in procuring operating licences and the yards of red tape involved. We get an industry perspective from Jeremy Lim of the Persatuan Pemilik Restoran dan Bistro on the business-friendly policies needed for the F&B sector to stay resilient.See omnystudio.com/listener for privacy information.

Sri Lanka has fallen into a deep and unprecedented economic crisis that has sparked huge protests and seen its president quit after fleeing the country. This scenario could be replicated elsewhere, with the IMF warning that other countries could be at risk of similar troubles due to high debt levels and limited policy space. Prof. Hans Genberg, Professor of Economics at Asia School of Business tells us which countries are at risk and what are the solutions.See omnystudio.com/listener for privacy information.

After decades of advocacy, the Dewan Rakyat yesterday passed the anti-sexual harassment bill through a voice vote.  It most notably establishes a tribunal that will consider any complaints of sexual harassment in a closed-door hearing, with any award by the tribunal deemed to be a court-order; non-compliance could result in a criminal penalty. Does this law go far enough to protect all Malaysians from sexual harassment? We get reactions from Yu Ren Chung of the Women's Aid Organisation.See omnystudio.com/listener for privacy information.

The Malaysian fintech industry has boomed in the wake of the Covid-19 pandemic, with products like e-wallets, remittance apps and cryptocurrency trading platforms gaining traction across society. The Malaysian Fintech Report 2022 published this week by Fintech News Malaysia highlights progress in the financial tech sector over the past year. Chief Editor Vincent Fong goes through some of the main developments.See omnystudio.com/listener for privacy information.

European countries are facing some of the most sweltering temperatures on record, as severe heatwaves affect the UK, France, Portugal, Spain and Greece. This phenomena isn’t unique to Europe - India and Northern Australia went through extreme heatwaves in March, while Japan had the worst heatwave in 150 years last month. Sustainability specialist Dr. Renard Siew explains the links to climate change and why governments need to take stronger action to combat risks.See omnystudio.com/listener for privacy information.

This week, Parliament passed important reforms to the National Forestry Act, that would make it more difficult for state governments to degazette permanent forest reserves without scrutiny. In addition, the amendments also increase penalties for illegal forest activity. However, given that forests and land matters come under state jurisdiction, how effective can federal amendments be in conserving green spaces? Meenakshi Raman, President of Sahabat Alam Malaysia weighs in.Image Credit: Shutterstock.comSee omnystudio.com/listener for privacy information.

Following Putrajaya's announcement sweeping measures to reduce costs and with Minister for Economic Affairs Dato’ Mustapa Mohamed saying that the government would postpone or not continue any project that has yet to commence, we ask Sri Murniati Yusuf from IDEAS what are the implications of this cost-cutting exercise for all stakeholders.Image Credit: zesphiete / Shutterstock.comSee omnystudio.com/listener for privacy information.

Sri Lanka could see its GDP contract by more than 6% this year amid the current political and economic instability, which is also hamstringing key discussions on financial relief with IMF and bilateral creditors. Years of economic mismanagement and poor policy planning have created an untenable situation in the country, with Sri Lankans struggling to source basic needs such as fuel, food and medicines and inflation running beyond 50%. We discuss much-needed economic reforms for Sri Lanka to make its way out of crisis with economist Anushka Wijesinha.Image Credit: Shutterstock.comSee omnystudio.com/listener for privacy information.

With the government agreeing to defer implementing the condition that at least 80% of the workforce in manufacturing companies must be Malaysians, before they are allowed to employ foreign workers by two years, we ask Dr Niaz Asadullah if this reprieve is much needed.See omnystudio.com/listener for privacy information.

Azrul Mohd Khalib from the Galen Centre for Health & Social Policy shares with us on the implications over the launch of a framework for the registration of prescription drugs containing cannabidiol or CBD and plans to enact legislation for a tobacco generational endgameSee omnystudio.com/listener for privacy information.

Can the factions within PKR bury the hatchet and stage a comeback for GE15? Dr James Chin, Professor of Asian Studies, University of Tasmania shares why the recent 16th PKR National Congress was a missed opportunity for PKR to articulate its vision and strategy for GE15See omnystudio.com/listener for privacy information.

Oil prices have been volatile in the last few weeks. Wayne Tan, Oil Analyst at Bloomberg NEF tells us what are the factors behind these price swings and where it is heading.See omnystudio.com/listener for privacy information.

All eyes are on US President Joe Biden's trip to Saudi Arabia, which is taking place two years after the president declared the country a pariah state. Biden has justified his visit as an exercise in realism, but some may see it as the leader having to eat humble pie, amid record US gasoline prices and global tensions arising from the war in Ukraine. We ask Middle East expert Dr. James Dorsey on the expected outcomes of the visit.Image Credit: EPA-EFESee omnystudio.com/listener for privacy information.

Indonesia has (again) temporarily stopped sending its citizens to work in Malaysia. Jakarta claims there had been a breach of the MoU signed between both countries back in April. Malaysia's Home Minister Dato' Seri Hamzah Zainuddin's reaction - there are 15 other countries to source from. Khor Yu Leng, Political Economist, Segi Enam Advisors talks to us about the implications of this latest freeze might be on Malaysia's already stretched workforce.See omnystudio.com/listener for privacy information.

Despite the gloomy horizon for the US economy, Finance Minister Tengku Dato’ Sri Zafrul Aziz is optimistic that Malaysia can weather through the storm and that GDP forecasts of growth between 5.3 to 6.3% remain on track.How well-positioned is the Malaysian economy to manoeuvre the global headwinds and can we emerge unscathed? Business commentator Pankaj C. Kumar weighs in.See omnystudio.com/listener for privacy information.