Connect with us

Published

on

KUALA LUMPUR – Prime Minister Anwar Ibrahim on Friday unveiled an expanded RM388 billion (S$118 billion) government budget for this year which focused on supporting Malaysias lower-income groups, taxing the wealthy and keeping the national debt in check.

The Pakatan Harapan chief, who is also Finance Minister, is taking advantage of higher government revenue to raise spending, after Malaysias economy performed better than expected last year with economic growth at 8.7 per cent.

Budget 2022 was valued at RM332.1 billion but actual spending, largely due to a record RM80 billion in subsidies resulting from soaring fuel costs, came in at RM395.2 billion. Stripping out the subsidy element expected to be capped at RM64 billion this year, thanks to lower oil prices the governments expenditure this year is set to exceed that of last year.

Some of the expenditure will be channelled towards the lower-income groups in the form of lower personal income taxes, tax incentives for small enterprises and RM8 billion in cash handouts to the poorest 60 per cent.

Datuk Seri Anwar justified the additional spending in the face of global economic uncertainties, warning that despite a strong recovery last year, Malaysias growth has been trending downwards. On a quarter-on-quarter basis, growth was 3.8 per cent, 3.5 per cent, 1.9 per cent and -2.6 per cent across 2022.

As income and wealth is concentrated among the upper classes and wealthy elite, it is appropriate that redistribution is focused on the poor and middle-class, he said.

Fridays Budget was Mr Anwars first since taking office after the general election in November.

Although national polls have already taken place, Budget 2023 is still seen as an election budget because six states are expected to head to the ballot box in July, with about half of Malaysias electorate casting their vote.

The result of this vote will have a huge impact on the stability of Mr Anwars administration, especially if its political partner Umno does not improve on its poor showing in November. The so-called unity government was cobbled together after the election resulted in Malaysias first ever hung Parliament.

So far, government finances appear to be in Mr Anwars favour.

The fiscal deficit was 5.6 per cent of GDP last year, lower than the targeted 6 per cent, thanks to the 8.7 per cent economic growth which exceeded projections of 6.5 to 7 per cent.

A larger economy will also boost government coffers, which means Mr Anwar can still aim to trim the deficit to 5 per cent this year despite his ambitious spending plan and gross domestic product growth expected to moderate to 4.5 per cent this year.

This growth estimate is higher than World Bank and Fitch projections of 4 per cent and Mr Anwar was optimistic that efforts to implement reforms and Budget 2023 measures would see Malaysia surpass his own 4.5 per cent target.

He also added that while revenue estimates of RM291.5 billion for 2023 are lower than the RM294.4 billion collected last year, this is before taking into account additional sources that will be announced in coming weeks. More On This Topic Malaysia to focus on living costs, raising wages as growth slows ahead of looming state polls Malaysian PM Anwar rules out reintroducing GST despite high debt The Premier did not offer more details on these measures but said in his speech that a tax on luxury goods as well as e-cigarettes and vaping would be introduced.

This is on top of a tax hike for 150,000 taxpayers who earn over RM100,000 a year.

He also committed to continue reducing the Budget deficit to 3.2 per cent in 2025, stressing at the start of his speech that his government had inherited debt which is expected to breach RM1.2 trillion this year, or 60 per cent of GDP. Servicing the interest alone would require RM46 billion, or 16 per cent of revenue.

The Premier also focused on corruption and administrative leakages, revealing that RM10 billion in diesel subsidies was misappropriated last year. Meanwhile, RM22 billion in flood mitigation and deals to empower Bumiputera contractors handed out through direct negotiations were reopened for tender bids, with expected savings of RM3 billion.

This is proof of the excesses… that must be stopped if we want the nation to leap forward, he said.

Malaysias fiscal trajectory is closely watched by the marketplace after two years of Covid-19 restrictions, when the government was forced to deepen borrowings to pay for welfare and economic stimulus packages.

Development expenditure will surge this year to RM99 billion including a standard RM2 billion reserve for unforeseen circumstances which was classified under development for the first time from RM71.6 billion in 2022, with the largest segment to be spent on improving transport infrastructure including for urban rail networks, roads and ports. More On This Topic What Anwar needs to do to tackle Malaysia's rising cost of living Malaysias economy a tale of two halves

Continue Reading

Sports

Stars rule forward Hintz out for Game 3 vs. Oilers

Published

on

By

Stars rule forward Hintz out for Game 3 vs. Oilers

EDMONTON — Dallas forward Roope Hintz has been ruled out for Game 3 of the Stars’ Western Conference finals series against the Edmonton Oilers on Sunday.

Hintz was a game-time decision for Dallas after leaving the third period of Game 2 on Friday with an injury. The center took a slash from Edmonton defenseman Darnell Nurse less than four minutes into that final frame and was helped off the ice without appearing to put weight on his left leg.

Stars’ coach Pete DeBoer said on Saturday they were awaiting test results on Hintz before determining his status for Game 3. Hintz travelled with the team from Dallas and arrived at Rogers Place on Sunday without wearing a walking boot.

DeBoer still declared Hintz’s status uncertain about an hour before puck drop. Hintz took warmups with the Stars before Game 3 but left several minutes early without participating in line rushes.

Hintz has five goals and 11 points in 15 postseason games and ranked fourth on the Stars in regular-season scoring with 28 goals and 67 points in 76 games.

Continue Reading

Sports

Hurricanes: ‘Tough look’ not sticking up for Aho

Published

on

By

Hurricanes: 'Tough look' not sticking up for Aho

FORT LAUDERDALE, Fla. — The Carolina Hurricanes regretted not sticking up for star center Sebastian Aho when he was mauled by Florida Panthers winger Matthew Tkachuk late in their Game 3 loss on Saturday night.

In the third period, with the Panthers cruising to a 6-2 win and a 3-0 lead in the Eastern Conference finals, Tkachuk went after Aho with a series of shoves and cross-checks, eventually putting him in a headlock and bringing him down to the ice. The incident was seen as retaliation for Aho’s low hit on Florida’s Sam Reinhart that injured him in Game 2 and kept the forward out of the lineup on Saturday.

“I don’t really look at it as intent or intimidation at all. It’s just sticking up for teammates,” said Tkachuk, who was given a roughing penalty and a 10-minute misconduct. “We’re a family in there. It could happen to anybody and there’s probably 20 guys racing to be the guy to stick up for a teammate like that. That’s just how our team’s built. That’s why we’re successful. I don’t think any of us would be thrilled at that play in Game 2.”

But while Tkachuk was on top of Aho, who remained in the game, there was no chaotic response from the Hurricanes, nor any retaliation for the rest of the game. Carolina forward Taylor Hall said, in hindsight, there needed to be some reaction.

“I think what happened is that we don’t want to take penalties after the whistle, and they’re very good at goading you into them. But we have to support each other and make sure all five of us are having each other’s backs,” Hall said. “That was a tough look there, but we’ll battle for each other to no end.”

Coach Rod Brind’Amour said there needed to be a response, especially since the game was all but over on the scoreboard

“In that situation, there probably does. There’s a fine line. You don’t want to start advocating for that kind of hockey, necessarily. But with the game out of hand, yes, we have to do a better job of that with the game out of hand,” he said.

The Hurricanes face elimination on Monday night in Sunrise. They also face a 16th straight loss in the Eastern Conference finals, a streak that stretches back to 2009.

“We’re going to give our best tomorrow,” Hall said. “I think that we have a belief in our room, honestly. We’re playing for our season.”

Continue Reading

Sports

Horse trainer Clement dies from rare eye cancer

Published

on

By

Horse trainer Clement dies from rare eye cancer

Christophe Clement, who trained longshot Tonalist to victory in the 2014 Belmont Stakes and won a Breeders’ Cup race in 2021, has died. He was 59.

Clement announced his own death in a prepared statement that was posted to his stable’s X account on Sunday.

“Unfortunately, if you are reading this, it means I was unable to beat my cancer,” the post said. “As many of you know, I have been fighting an incurable disease, metastatic uveal melanoma.”

It’s a type of cancer that affects the uvea, the middle layer of the eye. It accounts for just 5% of all melanoma cases in the U.S., however, it can be aggressive and spread to other parts of the body in up to 50% of cases, according to the Melanoma Research Alliance’s website.

The Paris-born Clement has been one of the top trainers in the U.S. over the last 34 years. He learned under his father, Miguel, who was a leading trainer in France. Clement later worked for the prominent French racing family of Alec Head. In the U.S., he first worked for Hall of Fame trainer Shug McGaughey.

Clement went out on his own in 1991, winning with the first horse he saddled at Belmont Park in New York.

“Beyond his accomplishments as a trainer, which are many, Christophe Clement was a kind and generous man who made lasting contributions to the fabric of racing in New York,” Dave O’Rouke, president and CEO of the New York Racing Association said in a statement.

Clement had 2,576 career victories and purse earnings of over $184 million, according to Equibase.

“I am very proud that for over 30 years in this industry, we have operated every single day with the highest integrity, always putting the horses’ wellbeing first,” he wrote in his farewell message.

One of his best-known horses was Gio Ponti, winner of Eclipse Awards as champion male turf horse in 2009 and 2010. He finished second to Zenyatta in the 2009 Breeders’ Cup Classic.

In the 2014 Belmont, Tonalist spoiled the Triple Crown bid of California Chrome, who tied for fourth. Tonalist won by a head, after not having competed in the Kentucky Derby or Preakness that year.

Steve Coburn, co-owner of California Chrome, caused controversy when he said afterward the horses that hadn’t run in the other two races took “the coward’s way out.” He later apologized and congratulated the connections of Tonalist.

Clement’s lone Breeders’ Cup victory was with Pizza Bianca, owned by celebrity chef Bobby Flay, in the Juvenile Fillies Turf. Clement had seven seconds and six thirds in other Cup races.

“It was Christophe’s genuine love for the horse that truly set him apart,” Eric Hamelback, CEO of the National Horseman’s Benevolent and Protective Association, said in a statement. “He was a consummate professional and a welcoming gentleman whose demeanor was always positive, gracious and upbeat.”

Clement’s statement said he would leave his stable in the hands of his son and longtime assistant, Miguel.

“As I reflect on my journey, I realize I never worked a day in my life,” Clement’s statement said. “Every morning, I woke up and did what I loved most surrounded by so much love.”

Besides his son, he is survived by wife Valerie, daughter Charlotte Clement Collins and grandson Hugo Collins.

Continue Reading

Trending