Global News Journal
Beyond the World news headlines
Malaysia’s Prime Minister Najib Razak says he has embarked on a series of radical economic reforms. In reality it feels as if he has unleashed a barrage of incomprehensible acronyms on the unsuspecting public of this Southeast Asian nation.
The charge for economic reform is being led by the snappily named PEMANDU. As well as being the Malay word for “driver” it stands for the government’s Performance Management and Delivery Unit.
PEMANDU is in charge of formulating and implementing NKRAs (National Key Result Areas), MKRAs (Ministerial Key Result Areas) and getting “Big Results Fast”, according to its website, although it singularly failed to win political backing for a radical revamp of Malaysia’s costly subsidy regime.
It is also helping to formulate the 10th Malaysia Plan, 10MP for those in the know, a communist-era sounding 5-year plan that aims to help lift this middle income country to developed nation status by 2020.
There was more a sense of relief than joy when the European Union finally got its new executive on Tuesday. These are difficult times for the EU and there is little to celebrate.
The new European Commission is taking office in a tough economic climate, with the 16-country euro zone facing its hardest test since the single currency came into being 11 years ago.
Has German Finance Minister Peer Steinbrueck finally said what many world leaders think but are afraid to say? That the British government won’t sign up to meaningful reform of financial markets because it is too worried about what it would mean for the country’s most famous cash cow, the City of London.
The City, which accounts for around 35 percent of global foreign exchange turnover, has been a popular target for critics of capitalism for years. But it has rarely been singled out so bluntly as a problem by one of Britain’s close allies.
By Barani Krishnan
A decade ago, Malaysia’s former deputy prime minister Anwar Ibrahim was on trial for sodomy and corruption in a trial that exposed the seamy side of Malaysian justice and the anxieties of a young country grappling with a crushing financial crisis and civil unrest.
Anwar is Malaysia’s best known political figure, courted in the U.S. and Europe and probably the only man who can topple the government that has led this Southeast Asian country for the past 51 years.
Some 25,000 people attended his funeral, countless books have been written about him, a bridge was named in his honour and now the spectre of Austrian far-right leader Joerg Haider is dominating a regional election in Austria.
When Chinese President Hu Jintao spoke to the nation this week, an unusual six-second pause may have said more about elite politics in this secretive state than the other 90 minutes of
stolid Communist Party rhetoric. In an address marking 30 years of economic reforms, Hu appeared to lose his place in the middle of a sentence, halting awkwardly for 6.5 seconds — the only such break in his speech and an extremely rare bump for Chinese officials long-practised in flawlessly reading out speeches.
When Hu picked up again, he skipped a chunk of the prepared comments, forming a sentence that appears in none of the official transcripts of his speech, nor any Chinese press report. “One
centre”, he said, then went silent before continuing, “is the lifeline of our Party and our nation.” The official transcript read, “one centre and two basic points are mutually linked,
mutually dependent”, a slogan coined in the 1980s in which “one centre” has a purely economic meaning.