The area with which I am most familiar is economic development. Without hyperbole, this is probably the most important book on economic development in the past decade or so. The reality of economic development is that, however we feel about them, elites exist and the elite bargain does matter. And an elite bargain that accelerates economic growth may not necessarily be the same bargain that maintains that growth. Have them be accountable to the people — and this is precisely why elections and an independent judiciary are so crucial — and perhaps we have a chance at a development bargain that will be inclusive and sustainable.

PUTRAJAYA: Civil servants stationed abroad who use foreign languages during their official work will have their monthly allowance increased, announces the Prime Minister. He said this was to encourage Malaysian diplomats to master foreign languages, in line with the need for language skill during diplomatic and trade negotiations. However, the Prime Minister did not indicate the type of allowance that would be increased. Ismail Sabri added that while mastering foreign languages is welcomed, there must be commitment to uphold Bahasa Malaysia and to prove the use of the language would in no way hinder progress. "During my involvement in international meetings, I had also used Bahasa Malaysia," he added.

HSBC Bank Malaysia Bhd made Omar Siddiq its CEO on April 1, succeeding Stuart Milne, who retired after almost four years at the helm. At United Overseas Bank Malaysia Bhd (UOB), Ng Wei Wei became the lender’s first female CEO on May 1. Alliance Bank Malaysia Bhd will have Kellee Kam as its group CEO from Sept 1. With increasing competition, a consolidation of the banking industry is inevitable but the question is, will it happen sooner rather than later? Be that as it may, analysts list AMMB Holdings Bhd (AmBank), RHB Bank Bhd, Hong Leong Bank Bhd (HLBB) and even Public Bank Bhd as potential institutions where mergers and acquisitions (M&As) may pan out.

At the base of these problems is the permissibility of corruption, which is arguably worse than corruption itself. The basis of this permissibility of corruption and of emulation lies precisely in notions of exceptionalism, exclusivity or in tribal, racial, ethnic or religious solidarities. Anyone who considers their own identity as superior, or inherently innocent, renders any wrongdoing (corruption) by in-group members as permissible. It is difficult for orthodox economics to explain the social and cultural permissibility of corruption. What we cannot escape is the deleterious effects of corruption across state, society and the political economy.

(Reuters) - Novak Djokovic will miss Serbia's Davis Cup Finals group stage matches starting in Valencia next week due to personal reasons, the country's tennis federation announced on Monday. Djokovic, 35, was expected to return to action in the men's premier team event but Serbian captain Viktor Troicki said in a statement http://www.teniskisavez.com/vesti/dejvis-kup-tim-srbije-zapoceo-pripreme-u-beogradu/ posted on the Teniski Savez Srbije website that the player had cancelled his participation. Djokovic's official website lists the Sept. 23-25 Laver Cup at London's O2 Arena as his next tournament, followed by an ATP 250 event in Tel Aviv and the Paris Masters in late October. Serbia have been drawn in Group B alongside Spain, South Korea and Canada. Two teams from each of the four groups will advance to the quarter-finals of this year's event with the knockout stages to be held in November in Malaga.

The Road Transport Department's (JPJ) National Committee for Vehicle Type Approval (VTA) and Homologation granted the VTA for EPMB's Blueshark SG3000DT (Blueshark R1) model, the group said. The VTA approval allows Blueshark R1 to be road registered and licensed by JPJ, EPMB said in a filing with Bursa Malaysia on Monday (Sept 5). This was subject to conditions to be fulfilled by EP Blueshark within six months from the letter of approval. With the conditional approval, EP Blueshark is on track to establish a manufacturing plant and sales and distribution centre to assemble, manufacture and distribute the Blueshark-branded two-wheel EVs in Malaysia. Read also:Auto parts maker EP Manufacturing ventures into EV business

KUALA LUMPUR (Sept 5): The ringgit continued its downward momentum from last week to open marginally lower against the US dollar on Monday (Sept 5), as investors reacted to the positive US jobs data released last week, an analyst said. “The ringgit is seen to benefit from Bank Negara Malaysia’s potential 25 bps overnight policy rate hike, and the European Central Bank’s widely anticipated 75 bps interest rate hike. Kenanga Research said the ringgit had shed all of its gains against the US dollar last week, mainly due to a lack of pro-ringgit catalysts and deteriorating global economic prospects. “On top of continuation of safe-haven flows into the US dollar, the ringgit was dragged down by persistent weakness in the yuan (around 6.90 per US dollar), as China extended its lockdown in the city of Chengdu,” it added. The local unit appreciated against the Singapore dollar to 3.1968/1998 from last Friday's close at 3.1996/2009, and rose against the pound to 5.1522/1568 from 5.1888/1906.

ALOR SETAR (Sept 4): PAS needs to overcome the barriers between the party and the non-Muslims in a wise manner, said its president Tan Sri Abdul Hadi Awang. He said apart from Malay-Muslim parties, PAS should also approach and collaborate with non-Muslim parties and non-governmental organisations (NGOs) through the PAS Supporters' Congress (DHPP). He added that PAS also needs to reach out to non-Muslim voters, especially those who do not have any party affiliation, to vote for Muslim candidates. But as usual, we hold discussions at certain levels, which we do not need to disclose," he said. On Saturday (Sept 3), Umno deputy president Datuk Seri Mohamad Hasan was reported to have said that there were no Umno leaders currently engaged in discussions with PAS as alleged by Hadi.

KUALA LUMPUR (Sept 3): Twenty-eight years ago, on Merdeka Day in 1994, a new Malaysian bank — Allied Bank — was born, and subsequently renamed PhileoAllied Bank. The banking industry in Malaysia was far more vibrant and dynamic in those days. There were 36 commercial banks, 39 finance companies and 12 merchant banks in operation. Not only were they popular with individuals, but they were soon installed at coffee shops and minimarkets. Read more about the bank’s interesting journey as one of the first, if not THE FIRST, digital banks in the world, in the Tong’s Portfolio column in the Sept 5 issue of The Edge Malaysia weekly.

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LOCALLY listed oil and gas (O&G) service providers are known to have been suffering for some time now. Some have yet to recover from the oil price crash in 2014, while others have gotten back on firming footing.

MAN Group Plc expects Asian stocks to outshine other regions next year as softer inflation and the end of an earnings downgrade cycle set the ground for an early rebound. Within the region, the hedge fund giant is betting on defensive stocks in India and South-East Asia while cautioning that equities across northern Asia remain more vulnerable to trade headwinds and the economic slowdown in China. Forward earnings-per-share estimates for the MSCI’s Asia benchmark have slumped about 9% from a March high, while those for the S&P 500 have gained during the period. Heading to 2023, Man Group continues to hold confidence in South and South-East Asia over their northern neighbours. “‘Whereas South-East Asia, including India, is more driven by domestic demand.

A number of worrying narratives have emerged from the current food crisis. These crises are global phenomena but the low food production is our own doing. First, the food crisis was made worse by the lack of local food production, due to the legacy of our previous national policies. High dependence on imported items makes the country vulnerable and not resilient to shocks, as proven during the current crisis. Second, all the narratives point to one direction: the need to put food first or a Food First Policy to be adopted.

KUALA LUMPUR (Sept 2): Boustead Heavy Industries Bhd (BHIC), which is embroiled in the RM9 billion littoral combat ship (LCS) project fiasco, announced that the letter of awards to two main contractors in relation to the six vessels for the Royal Malaysian Navy (LCS Programme) have been voided. "The company will continue to engage all relevant stakeholders to give its full cooperation in ensuring that the progress of the LCS programme will not be impacted, in the best interest of national security," it said. BNS had appointed the companies as the main contractors for the project. Meanwhile, BNS is 20.77%-controlled by BHIC, 68.85% by Boustead Holdings Bhd, with armed forces fund Lembaga Tabung Angkatan Tentera (LTAT) holding 10.38%. The LCS project was awarded to BNS by the government through the Ministry of Defence in 2014.

This translates into a 48.8 per cent rise against the RM52.4 billion (US$12.6 billion) worth of investments for the first six months a year ago, the statement said. A total of 22,569 new jobs are expected to be created in the services sector for 2022, the statement said. The manufacturing sector came next, with RM43.1 billion (US$9.8 billion) worth of approved investments, accounting for 34.9 per cent of total approved investments versus RM75.8 billion (US$18.3 billion) for January-June 2021. MIDA cited a mega project approval for the high total approved investments in the manufacturing sector in the 2021 period. For state-approved projects, MIDA said five major states -- Johor, Selangor, Sabah, Kedah and Penang -- contributed RM103.5 billion (US$23.5 billion), or 83.9 per cent of the total investments approved.