KUALA LUMPUR: The growing number of poor Malaysians living in urban areas could well decide the fate of the country’s politicians at the ballot box come Saturday (Nov 19).
Promises such as tackling poverty, creating jobs and solving rising food prices are likely to appeal to these voters, as Malaysia heads to the polls in its 15th General Election (GE15), said analysts.
The group of lower-income Malaysians in large cities, known as the urban poor, has grown over the years as more people move out of rural areas to find work.
The stakes are higher for them at this general election, as they have to worry about when their next meal will be, observers pointed out. Though help is available, it is not always easy for some to find it.
BREAD AND BUTTER ISSUES A FOCUS OF GE15
“I really went out of my way to find assistance,” said Mr B.J. Kemrry, who lost his job during the COVID-19 pandemic.
“There are people who do not know what to do because they're in such dire situations. I spoke to government officers, I told certain NGOs that there are people (living) under the bridges.”
Urban poor voters shared their concerns over bread and butter issues, such as surging inflation and rising living costs amid the pandemic.
Meanwhile, government agencies face challenges such as data management and getting access to the communities, said incumbent Lembah Pantai Member of Parliament (MP) Fahmi Fadzil, who has been MP for a ward made up of the richest and poorest Malaysians.
Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore (MAS), speaks during the Bloomberg New Economy Forum in Singapore, on Tuesday, Nov. 15, 2022. The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.
By Michelle Jamrisko and Karthikeyan Sundaram
(Bloomberg) —Easing tensions between China and the US won’t assure the world of peace, but it will definitely make it a safer place, according to Singapore’s Senior Minister Tharman Shanmugaratnam.
Even with ties restored, there would be constant friction between the world’s two biggest economies, Tharman said in a panel discussion at the Bloomberg New Economy Forum in Singapore on Tuesday.
“But it’s much safer than a world that is decoupled,” he said, adding that the thought of the US and China severing ties is “profoundly dangerous.”
His comments came after early signs of thawing relations between the US and China on Monday, when President Joe Biden and President Xi Jinping met at the Group of 20 summit in Bali, Indonesia — the first in-person meeting between the leaders of the two countries since the pandemic began.
The meeting was a heartening development for many Asian nations faced with the difficult choice of siding with one nation or the other amid geopolitical disputes spawned by America’s overt backing of Taiwan, and since Russia’s war in Ukraine. Beijing is Singapore’s top goods trading partner, while Washington the third-biggest as of 2021.
“I think there’s a way forward,” Tharman said in a conversation with Stephanie Flanders, head of economics and government at Bloomberg News, during an NEF panel discussion Tuesday on challenges confronting the world. “We haven’t reached the precipice yet.”
Tharman termed the Biden-Xi meeting “a very important new start,” and one that will go a long way in getting economic “growth going” in a world just recovering from the Covid-19 pandemic and confronting newer challenges in the form of high inflation.
Though the US and China are economically dependent on each other, the case of Europe and Russia has shown that a high level of dependence between nations does not mean clashes don’t occur, said Japan’s trade minister Yasutoshi Nishimura, who was also on the panel.
“We already know that it’s sort of a fantasy to believe economic dependency prevents conflict,” Nishimura said. “So its incredibly important that the US-China relationship is managed so that things don’t end in conflict.”
‘Wrong Side’
Earlier during the discussion, Tharman said that the current spell of weakness in the global economy was the result of central banks the world over betting “on the wrong side” of inflation last year.
Recession is the “price we pay” for misreading inflationary pressures, he said, referring to the slowing global economic growth as a result of continued monetary tightening by policy makers attempting to tame prices.
The International Monetary Fund last month cut its forecast for global growth next year to 2.7%, far below the 3.8% seen in January. The fund also sees a 25% probability that growth will slow to less than 2%.
The Monetary Authority of Singapore was among the earliest to start tightening policy in October last year, and has since delivered five moves to contain inflation.
The IMF’s calculations also showed that about one-third of the world economy will have at least two consecutive quarters of contraction this year and next, and that the lost output through 2026 will be $4 trillion.
Tharman said the challenge now is to raise investment and sustain it at higher levels for longer.
“The scale of investment required is one that can only be delivered through public-private partnerships at a level” that’s never been contemplated before, he said at the event organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.
Countries will also need to scale up sustainable financing in order to achieve climate goals and help hard-to-abate sectors decarbonise or switch to clean energy, he said.
Last month, the Monetary Authority of Singapore injected S$5 million into a new grant which aims to provide funding for studies on innovative blended finance solutions and mobilise capital in target sectors in Asia.
Mr Lee cited the Asia Climate Solutions Design Grant as an example of how countries can support efforts to encourage more private sector participation in sustainable infrastructure projects.
During his intervention at the summit, he also highlighted Singapore’s climate plans which include raising carbon taxes and developing a hydrogen economy.
Last month, the country raised its climate targets – ahead of this year’s UN climate summit (COP27) – pledging to reduce emissions to around 60 million tonnes of carbon dioxide equivalent (MtCO2e) in 2030 after peaking emissions earlier. In the longer term, Singapore is targeting to achieve net-zero by 2050.
However, high production costs and a lack of infrastructure remain obstacles in the usage of hydrogen in Singapore. Whether or not the country will meet its climate targets will depend on how quickly it can overcome these barriers as well as technological advances.
NUSA DUA, Indonesia – Chinese President Xi Jinping and his American counterpart Joe Biden expressed the desire for their countries to work together to manage tensions and avoid conflict, as they met in person on Monday for the first time since Mr Biden took office almost two years ago.
Acknowledging that the current state of the bilateral relations was not what the international community had hoped for, the two leaders indicated that they were ready to work towards getting relations back on track and having their countries play key roles in addressing global challenges.
In the closely watched meeting, the two leaders shook hands, and smiled for the cameras before their talks on the Indonesian island of Bali, on the eve of the Group of 20 (G-20) Leaders’ Summit.
“Mr President, it’s good to see you,” Mr Xi told Mr Biden in his opening remarks, as he promised to have “a candid and in-depth exchange of views” on bilateral issues as well as major regional and global matters.
Relations between the two superpowers have deteriorated, as they clashed over Taiwan, Russia’s war in Ukraine and North Korea’s nuclear ambitions.
But Monday’s meeting showed the two presidents were ready to soothe prickly relations. It was a meeting that, in Mr Xi’s words, “attracted the world’s attention”.
“So we need to work with all countries to bring more hope to world peace, greater confidence in global stability and stronger impetus to common development,” he said.
Mr Biden called for “continuing and ongoing open and honest dialogue we’ve always had”, adding that they need to find ways to work together on urgent global issues that require their mutual cooperation, which he believes is “critical” for the sake of the two countries and the international community.
“The world expects, I believe, China and the United States to play key roles in addressing global challenges from climate changes to food insecurity, and for us to be able to work together. The United States stands ready to do just that, work with you, if that’s what you desire,” said Mr Biden.
In response, Mr Xi noted that diplomatic relations between the two countries harkened back “50 plus eventful years”.
“We’ve gained experience and we’ve also learnt lessons. History is the best textbook. So we should take history as a mirror and let it guide the future,” he added.
BALI - Presidents Joe Biden and Xi Jinping opened their high-stakes summit in Bali with a handshake on Monday, with both men vowing to manage differences and avoid conflict.
“The world expects that China and the United States will properly handle the relationship,” Mr Xi said, as Mr Biden said he sought to “manage our differences, prevent competition from becoming conflict”.
It was the two leaders’ first in-person meeting since the US President took office, in one of the most closely watched encounters of his presidency.
The two men met shortly after 5.30pm local time on the sidelines of the Group of 20 (G-20) summit. The talks were expected to last for at least two hours, after which Mr Biden plans to hold a news conference.
“Good to see you,” Mr Biden said to Mr Xi before they went into a meeting room.
The two sides sat at long conference tables with a display of flowers between them.
In opening remarks, Mr Biden said the US and China can manage their differences and stop competition from turning into conflict.
“I’m committed to keep lines of communication open between you and me personally, but our governments across the board, because our two countries have so much that we have the opportunity to deal with,” said Mr Biden.
“As the leaders of our two nations, we share responsibility in my view to show that China and the US can manage our differences, prevent competition from becoming anything even near conflict and find ways to work together on urgent, global issues that require our mutual cooperation.”
“The world has come to a crossroads,” Mr Xi said, vowing a “candid” discussion of issues that have riven relations between the world’s two leading powers.
JAKARTA: Five Southeast Asian central banks signed on Monday (Nov 14) a memorandum of understanding on regional cross border payments at an event ahead of a G20 summit in Bali.
The five ASEAN countries are Indonesia, Malaysia, Thailand, Philippines and Singapore.
During the signing ceremony, Indonesia's central bank governor Perry Warjiyo said regional connectivity will work using a quick response (QR) code.
He also said that local currency settlements would be used so there would be no need to convert to U.S. dollars.
Indonesia connected its payment system using the QR code with Thailand earlier this year and would do the same soon with the other countries, Warjiyo said.
The governor said the agreement covers connecting retail payment systems, though there were plans to step up the partnership to the wholesale level and the central bank digital currencies.
Previously, Warjiyo said that the cross border payments between the five ASEAN countries will be connected next year.
In a statement via video at the ceremony, Indonesian President Joko Widodo said he expected the cross border payment initiative will be extended to the global level.
