Malaysia's Najib hit with travel ban after poll loss

Malaysia's Najib hit with travel ban after poll loss

Malaysia's Najib hit with travel ban after poll loss

Mr. Anwar is expected to replace the 92-year-old Mr. Mahathir as prime minister at some point.

Malaysia's new finance minister is seen as a safe pair of hands as he takes on the enormous task of bringing down debt while scrapping a consumption tax that was key to Prime Minister Dr Mahathir Mohamad's unexpected election win last week.

"We accept the people's verdict with an open heart", Najib said.

Mahathir said his Cabinet would have 25 members and that he would name the remaining members this coming week.

Mahathir, who ruled Malaysia for 22 years as prime minister before stepping down in 2003 and came back from retirement to take on Najib, said the law would be reviewed to give a clearer definition of fake news. Mahathir had crushed the opposition parties during his time in power but they found common cause in their determination to topple Najib as allegations mounted over 1MDB, and he became increasingly authoritarian.

"I don't consider myself as a Chinese, I am a Malaysian". All three appointees are party leaders in his alliance.

"I was already informed that the immigration department of Malaysia doesn't allow me and my family to foreign countries", Najib said in a tweet moments later. This will necessarily mean that while Malaysia can, should and likely will further develop a policy of "trade with all", it can also work to decrease geopolitical tensions with conflicting superpowers, especially regarding U.S. antagonism of China in the South China Sea and in ASEAN more widely. "Our focus is to help Malaysians".

"He's an excellent and confidence-boosting choice besides fulfilling the ruling coalition's pledge that the PM shall not be the finance minister", said Yeah Kim Leng, veteran economist and external member of the central bank's Monetary Policy Committee.

Mahathir has sought to reassure investors he'll run a business-friendly administration, focusing on growing the economy and reducing debt.

Mahathir was himself accused of fake news, after authorities said they were investigating him for false claims that his plane was sabotaged ahead of the May 9 election.

Fitch Ratings also flagged risks to the budget if the tax is abolished.

Mahathir said last week that there was enough evidence to investigate Najib's links to the 1MDB scandal, and had moved to prevent his predecessor from leaving the country.

Lim, who is secretary-general of the mostly ethnic Chinese DAP, was chief minister of Penang before the election and is a trained accountant.

Daim Zainuddin is also a member of the council, and served twice as finance minister under Mahathir, helping spearhead Malaysia's economic recovery after the Asian crisis.

PPB Group Berhad, controlled by Malaysian billionaire Robert Kuok, rose 8.3 per cent.

In addition to naming Lim Guan Eng, a former state chief minister, as finance minister, Mahathir also named former Deputy Prime Minister Muhyiddin Yassin as home affairs minister and Mohamad Sabu as defense minister.

Abdul Razak Idris - former intelligence and investigations director of the Malaysian Anti-Corruption Commission - lodged reports with the body alleging Najib tried to stop the probe into losses at 1MDB.

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