Malaysia’s government said it has scrapped a 30 percent requirement for ethnic Malay ownership of investments in some service sectors as it tries to boost the country’s flagging economy.

The move Wednesday marks a dilution of the country’s politically sensitive affirmative action program, which aims to uplift Malays who are a majority but lag economically.

Prime Minister Najib Razak said full foreign ownership will now be allowed in 27 areas spanning health and social services, tourism, transport, business and computer-related services.

Analysts hailed the opening of the services sector as a positive move but said the liberalization should be expanded to cover key services sectors such as banking and telecommunications. The Malay ownership rule still applies in these sectors.
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Popularity: 3% [?]

Technorati Tags: economic package, equity, liberalization, najib

Malaysia’s leader has said the ruling coalition may sit out an upcoming by-election sparked by the resignation of an opposition lawmaker, decrying it as a political ploy and a waste of public funds.

Prime Minister Najib Razak was quoted by the Sunday Star as saying that he would meet leaders of his National Front coalition at the end of the month to decide whether to contest the by-election in northern Penang state.

A lawmaker from former deputy premier Anwar Ibrahim’s opposition alliance quit his state assembly seat recently following unsubstantiated allegations of corruption. A date for the ballot to fill the seat will be decided soon.
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Popularity: 3% [?]

Technorati Tags: anwar, barisan nasional, by-elections, election, najib, pakatan rakyat

Najib Razak was sworn in as Malaysia’s sixth prime minister Friday, assuming charge of reuniting the fractured ruling party and steering the nation through the global economic downturn.

He took the oath of office in front of the Malaysian king at a ceremony at the palace broadcast live on national television.

The planned transfer of power follows the resignation Thursday of Abdullah Ahmad Badawi, who analysts say failed to live up to his promises during six unremarkable years in office.

“I, Najib Razak, who has been chosen to hold the post of prime minister, swear that I will carry out the responsibilities which I have been entrusted with to the best of my ability” the 55-year-old said.

“I will be true to Malaysia and will defend and uphold the constitution.”
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Popularity: 5% [?]

Technorati Tags: malaysia, najib, najib tun razak, prime minister, sworn

The Government has thrown a RM60bil lifeline for the country to try and prevent it from slipping into a recession. But with the world economic climate looking more gloomy than ever, there are concerns that it may not be able to halt the downward trend.

It was already 9.30pm when Datuk Seri Najib Tun Razak walked into his home.

He had missed dinner with the editors he had invited for the briefing on the RM60bil mini-budget to stimulate the economy.

The Deputy Prime Minister appeared drained. His wife, Datin Seri Rosmah Mansor, asked if he had eaten.

Just some noodles, he said, adding that he had been with Prime Minister Datuk Seri Abdullah Ahmad Badawi since 3pm to go through the economic package.

As he began giving the editors a scenario of the doom-laden global economy, some of his listeners looked stunned. As he picked on the keropok on the table, it became obvious that some of those at the table had failed to see the dark clouds before the financial tsunami that is now approaching Malaysian shores.
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Popularity: 4% [?]

Technorati Tags: economic package, mini budget, najib, recession

In a minor Cabinet reshuffle today, Prime Minister Datuk Seri Abdullah Ahmad Badawi named his deputy Datuk Seri Najib Abdul Razak as finance minister.

Abdullah, who was the finance minister, will take over Najib’s defence ministry portfolio.

In making the announcement yesterday, Abdullah and Najib also said the transition plan in which the two leaders have agreed on remains intact.

By giving his deputy heavier responsibilities, the PM will hope to put an end to speculation over the transition plan which will see Najib taking power by 2010.

The swap in portfolios was announced after today’s Cabinet meeting.

Najib has also been made deputy chairman of Khazanah Nasional.
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Popularity: 5% [?]

Technorati Tags: abdullah, abdullah ahmad badawi, defence, finance, ministry, najib, najib tun razak, pak lah

The lifelong dream of Malaysia’s 9th Deputy Prime Minister, Dato’ Sri Mohd Najib Bin Tun Hj Abd Razak, is a united, peaceful and prosperous Malaysia, with abundant opportunities for all citizens.

As the son of Malaysia’s second Prime Minister, the late Tun Abd Razak, Najib was born into Malaysian politics. Najib grew up watching his father and knew the demands of mainstream politics, and he always knew that at some point in his life he wanted to serve his community and country. But the untimely passing of his father on January 14th, 1976, at the age of 54, suddenly thrust Najib into the spotlight. Five weeks after his father’s passing, Najib, at the age of 22, was elected to fill the Pekan vacancy, becoming the youngest Member of Parliament in Malaysia’s history. In 2004 he ascended to the second-highest office in the nation, Deputy Prime Minister, 47 years after his father’s
appointment to the same post.
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Popularity: 12% [?]

Technorati Tags: biography, deputy prime minister, mohd najib, najib, najib tun razak, umno

Malaysian police said Sunday they had asked Interpol to help find a private investigator who has been reported missing since making explosive claims linking the deputy premier to a murder.

The case is linked to a political brawl between opposition leader Anwar Ibrahim and Deputy Prime Minister Najib Razak, which could decide who is the next leader of Malaysia.

At a press conference Thursday organised by Anwar, private investigator Balasubramaniam Perumal released a sworn statement accusing Najib of having an affair with 28-year-old Altantuya Shaariibuu, who was murdered in 2006 and her body blown up with explosives in a remote forest.
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Popularity: 8% [?]

Technorati Tags: altantuya, anwar, balasubramaniam, najib, p. balasubramaniam, razak, statutory declaration

I, Balasubramaniam Perumal, do solemnly and sincerely declare as follows:

I have been a police officer with the Royal Malaysian Police Force having joined as a constable in 1981. I was subsequently promoted to the rank of lance corporal and finally resigned from the Royal Malaysian Police Force in 1998.

1. I currently work as a freelance private investigator.

2. I wish to refer to the statutory declaration I affirmed on July 1, 2008. I refer specifically to paragraphs 8, 25, 28, 49 and 50 to 52, wherein I have stated inter-alia that:

a) Abdul Razak Baginda informed me that he was introduced to Altantuya Shaariibuu by a VIP;
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Popularity: 10% [?]

Technorati Tags: abdul razak baginda, altantuya, altantuya shaaribuu, balasubramaniam, najib, najib tun razak, p. balasubramaniam, razak baginda

The Najib-Altantuya Shaariibuu case took a dramatic turn today when the private investigator who made startling allegations about the Deputy Prime Minister’s relations with the Mongolian model retracted his statutory declaration.

P. Balasubramaniam told reporters that all of what he alleged was wrong. He then rushed off without taking any questions. The manner in which he retracted the statutory declaration will raise more questions about this whole affair.

He told friends yesterday that he had come under severe pressure after releasing the statutory declaration.
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Popularity: 10% [?]

Technorati Tags: altantuya, altantuya shaaribuu, anwar ibrahim, balasubramaniam, najib, najib tun razak, p. balasubramaniam, statutory declaration