Brighter outlook for M'sian economy

  • Karpal and I never quarrelled even though we belonged to different parties, says Ling
    Karpal and I never quarrelled even though we belonged to different parties, says Ling

    Bukit Gelugor MP Karpal Singh and former transport minister Tun Dr Ling Liong Sik never quarrelled or fought, despite being in different parties with competing ideas about politics. This was because the former MCA chairman and the late DAP stalwart had forged a friendship at university, which Dr Ling said stood the tests that politics threw at... …

  • Law students hold candlelight vigil for Karpal
    Law students hold candlelight vigil for Karpal

    A group of first-year law students held a candlelight vigil at the Esplanade in George Town, Penang, tonight for their idol, the late Bukit Gelugor MP Karpal Singh. The students had planned an impromptu vigil for Karpal, who they credited with inspiring them to take up law as a career choice. “We planned the event on Facebook and word got... …

  • Michael Cornelius — Karpal’s loyal ‘other half’
    Michael Cornelius — Karpal’s loyal ‘other half’

    GEORGE TOWN, April 18 — Karpal Singh’s loyal aide Michael Cornelius Selvam Vellu, who also died in the accident that killed Karpal yesterday, was almost like Karpal’s “other half”. The trained... …

  • Umno lawyer calls Karpal ‘one of the most ethical criminal lawyers’
    Umno lawyer calls Karpal ‘one of the most ethical criminal lawyers’

    Umno lawyer Tan Sri Muhammad Shafee Abdullah had plenty of encounters in the courts with the late Karpal Singh but today, he paid tribute to the veteran lawyer who died in an accident yesterday. Shafee said Karpal was “one of the most ethical criminal lawyers” he used to appear with while acting as deputy public prosecutor or counsel for the... …

  • Gerakan calls Karpal elder statesman, Samy Vellu cries over news of death
    Gerakan calls Karpal elder statesman, Samy Vellu cries over news of death

    In an ultimate accolade, Gerakan, DAP’s political rival in Penang, today praised Karpal Singh as an elder statesman and a true Malaysian. State Gerakan deputy president Datuk Dr Cheah Soon Hai said Karpal was one of the few people in the country who had left a legacy. He said the former DAP chairman was a legend in both the political and... …

  • Abdullah pays tribute to Karpal’s life of service – Bernama
    Abdullah pays tribute to Karpal’s life of service – Bernama

    Former prime minister Tun Abdullah Ahmad Badawi said Karpal Singh, who died in a road accident yesterday, led a life of tireless commitment and service to the people.  “We are poorer for the loss of a great legal mind and a crusader for justice and human rights," he said as he extended condolences to the family of the former DAP chairman and... …

Petaling Jaya (The Star/ANN) - The Malaysian economy is expected to grow faster in the second half of the year as investments start flowing into projects related to the Economic Transformation Programme.

Businesses contacted by The Star said they were ready to pump in capital and to hire people as the projects take off.

Affin Investment Bank Bhd chief economist Alan Tan estimated that up to 20 billion ringgit (US$6.62 billion) worth of ETP-related projects would be implemented this year. While only a ballpark figure, this would be around 20 per cent higher than the estimated 16 billion ringgit realised last year.

"As the global economic recovery gains momentum, we believe more businesses will go ahead with their investments and business expansion plans," he said. This would have a positive impact on gross domestic product, the most common measure of economic growth.

Already several projects have been awarded since the beginning of the year, with a majority of these contracts in the oil and gas industry.

The ATT Tanjung Bin oil storage terminal in Johor jointly developed by MISC Bhd and Rotterdam-based Vitol Group which already has investments of 1 billion ringgit, would see another 1 billion ringgit or so in investments starting this year for the second phase.

Malaysian Rating Corp Bhd chief economist Noor Zahidi Alias said private investments and private consumption propelled economic expansion last year and if investment-to-GDP ratios were sustained this year, growth would remain resilient.

Master Builders Association Malaysia president Matthew Tee said that for most civil infrastructure and construction projects, the average period to reach financial close (when all conditions precedent in a contract have been met and funds can be drawn down) would usually be around nine months.

"Most won't invest in machinery so soon but our association members are certainly gearing up for the boom in the second or third quarter of the year," he said.

Tee said the recent announcement of the award for the estimated 6 billion ringgit West Coast Expressway project to Kumpulan Europlus Bhd was a positive sign for the industry.

"It will be good for us. The spillover will be great. But of course, much of this will depend on the implementation. Also, the regulations must be in place," he added.

There would be more employment opportunities but in the construction sector, the need for foreign labour would be acute, Tee said.

"This is a perennial problem whenever we have large infrastructure projects."

Meanwhile, engineering and construction contracting company Apex Energy Sdn Bhd head of engineering Arman Alias said the company was bidding for a contract in the Petronas-initiated 60 billion ringgit ringgit Refinery and Petrochemical Integrated Development project in Pengerang.

"If we're awarded a contract, we're likely to hire people in Johor just as we have hired Sabahans for our current projects in their state," he said.

As a main contractor for the oil and gas services industry, Arman said the company's investment would be entirely in manpower.

*US$1=3.01 ringgit

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • Langkawi BN MP pokes fun at Karpal Singh’s remains The Malaysian Insider
    Langkawi BN MP pokes fun at Karpal Singh’s remains

    As the nation mourns the passing of a great politician, BN MP Datuk Nawawi Ahmad insulted the late Karpal Singh by posting a picture of the veteran politician's blood-smeared face as he lay in his Toyota Alphard following a tragic accident this morning. Along with the Facebook picture was a newspaper cutting on Karpal being opposed to the... …

  • Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy The Malay Mail Online
    Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy

    KUALA LUMPUR, April 18 — A feud is breaking out between former Perkasa vice president Datuk Zulkifli Noordin and Umno Youth chief Khairy Jamaluddin on Twitter. Told unequivocally by the minister... …

  • Karpal’s car crashed into lorry, not the other way around, says Perak police The Malaysian Insider
    Karpal’s car crashed into lorry, not the other way around, says Perak police

    Initial investigations have revealed that Karpal Singh’s Toyota Alphard crashed into a five-ton lorry in the accident yesterday that claimed his life and that of his assistant, Perak police said today. State police chief Datuk Acryl Sani Abdullah Sani also dismissed rumours and speculation that the accident was caused by the lorry crashing... …