ID :
20140
Fri, 09/19/2008 - 01:38
Auther :
Shortlink :
http://m.oananews.org//node/20140
The shortlink copeid
NAJIB'S APPOINTMENT AS FINANCE MINISTER COMES AT MOST CHALLENGING TIME, SAYS
KUALA LUMPUR, Sept 18 (Bernama) -- The surprise appointment of Deputy Prime Minister Najib Razak as Finance Minister comes during one of the most trying times for Malaysia, his younger brother and CIMB Group Chief Executive Nazir
Razak said Thursday.
"With the possible exception of 1998 (Asian financial crisis), this is by
far the most challenging time to become the Finance Minister," he said when
asked whether Najib as the finance minister can provide renewed strength to the
economy as the world enters a tumultuous period brought about by the global
credit crisis.
"This is what I told him. We wish him all the best," he said after
launching
CIMB InvestSave, a saving and investment product.
Prime Minister Abdullah Ahmad Badawi announced Wednesday he and his deputy
were swapping portfolios, with Abdullah taking over defence and Najib the
finance portfolio with immediate effect.
The exchange of the two portfolios is seen as a move to expedite the
leadership transition from Abdullah to Najib set for 2010.
Nazir was also asked on the selling pressure on Bursa Malaysia, with the
benchmark Composite Index falling almost 39.70 points or 3.96 percent this
morning, a 39-month low of 963.29 points, rendering the local bourse among the
biggest losers among the markets in the region.
"This (sharp decline) is reflecting the global turmoil. We cannot be
immuned
to the global turmoil and looking at the causes for the drop in prices.
"We are talking about a global fund specialist and investment consultant in
the financial services," he said in obvious reference to the global turmoil in
stock markets.
Stock markets around the globe plunged as Wall Street institutions such as
Merril Lynch and Lehman Brothers went into serious financial difficulties owing
to the worsening housing credit crisis.
Markets fell further after the US government's US$85 billion (US$1=RM3.45)
bailout of insurer American International Group failed to calm
investors.
Before that, markets were already battered by news of investment bank,
Lehman Brothers Holdings Inc, filing for bankruptcy, the largest in US corporate
history and Bank of America's US$50 billion takeover of rival Merrill Lynch &
Co.
Asked on the prospect of the KLCI recovering (later on), Nazir said: "I
can't tell. It is very difficult. We are in uncharted territory."
-- BERNAMA
Razak said Thursday.
"With the possible exception of 1998 (Asian financial crisis), this is by
far the most challenging time to become the Finance Minister," he said when
asked whether Najib as the finance minister can provide renewed strength to the
economy as the world enters a tumultuous period brought about by the global
credit crisis.
"This is what I told him. We wish him all the best," he said after
launching
CIMB InvestSave, a saving and investment product.
Prime Minister Abdullah Ahmad Badawi announced Wednesday he and his deputy
were swapping portfolios, with Abdullah taking over defence and Najib the
finance portfolio with immediate effect.
The exchange of the two portfolios is seen as a move to expedite the
leadership transition from Abdullah to Najib set for 2010.
Nazir was also asked on the selling pressure on Bursa Malaysia, with the
benchmark Composite Index falling almost 39.70 points or 3.96 percent this
morning, a 39-month low of 963.29 points, rendering the local bourse among the
biggest losers among the markets in the region.
"This (sharp decline) is reflecting the global turmoil. We cannot be
immuned
to the global turmoil and looking at the causes for the drop in prices.
"We are talking about a global fund specialist and investment consultant in
the financial services," he said in obvious reference to the global turmoil in
stock markets.
Stock markets around the globe plunged as Wall Street institutions such as
Merril Lynch and Lehman Brothers went into serious financial difficulties owing
to the worsening housing credit crisis.
Markets fell further after the US government's US$85 billion (US$1=RM3.45)
bailout of insurer American International Group failed to calm
investors.
Before that, markets were already battered by news of investment bank,
Lehman Brothers Holdings Inc, filing for bankruptcy, the largest in US corporate
history and Bank of America's US$50 billion takeover of rival Merrill Lynch &
Co.
Asked on the prospect of the KLCI recovering (later on), Nazir said: "I
can't tell. It is very difficult. We are in uncharted territory."
-- BERNAMA
