Thursday, November 07, 2024

Kamala Harris made a historic dash for the White House. Here’s why she fell short



Reuters:

Kamala Harris made a historic dash for the White House. Here’s why she fell short




Vice President Kamala Harris gestures from the stage during her rally on the National Mall one week before Election Day. REUTERS/Evelyn Hockstein


Much of her loss stemmed from a campaign that struggled to overcome deep-seated economic concerns and connect with blue collar voters. Inside her 4-month sprint to become America’s first woman president.
November 7, 2024
1:14 AM GMT+11, Updated 26 min ago

In a meeting with one of America’s most powerful unions in September at its Washington headquarters, Vice President Kamala Harris said she’d protect union jobs and workers’ livelihoods better than Donald Trump.

But leaders of the International Brotherhood of Teamsters, long staunchly allied with her Democratic Party, appeared unconvinced. When Harris argued that her Republican rival was no champion of the working class, the union bosses grilled her, questioning whether she and President Joe Biden had done enough for union workers, according to a Teamster leader who recounted the Sept. 16 meeting to Reuters. Within days, the union publicly embarrassed Harris by declining to endorse a Democratic presidential candidate for the first time since 1996.

In the wake of Harris' loss of the 2024 presidential election, her tense exchange with union leaders underscores a critical failure of her campaign: connecting with working-class voters anxious about the economy and high prices.

Following Biden’s dramatic withdrawal just months before Election Day, Harris threw her campaign together as if it were an airplane being built while in flight, her advisers told reporters. The 60-year-old former prosecutor and U.S. senator pressed a case that Trump was a threat to democracy and women’s rights, while promoting a populist economic platform and reproductive freedoms.

Her entrance upended a race that her party had looked set to lose. She made history as the first woman of color at the top of a major party ticket. She triggered a surge in enthusiasm, broke fundraising records – raising $1 billion in less than three months – and drew endorsements from celebrities ranging from pop star Taylor Swift to actor and former California Governor Arnold Schwarzenegger.

But Harris’ campaign ultimately failed to overcome deep-seated voter concerns about inflation and immigration – twin issues that opinion polls showed favored Trump. Her loss underscores a profound shift in American politics over the past decade as blue-collar voters have turned increasingly Republican – a trend Trump appears to have accelerated.

Harris also struggled to counter another Trump-era trend: a torrent of misinformation unprecedented in modern U.S. elections. An avalanche of misrepresentations and falsehoods about her record was spread by the former president and amplified on right-wing websites and media, including conspiracy theories on issues ranging from migrant crime to voter fraud.

When asked by Reuters during the race about misinformation amplified by Trump, his campaign officials typically either repeated the falsehoods or did not respond to requests for comment.

By late Wednesday, Trump had won 294 electoral votes to Harris’ 223, with several states yet to be counted. In her concession speech, she told supporters, many of them in tears, not to give up even in their disappointment. "Sometimes the fight takes a while. That doesn't mean we won't win," she said.

This account of how Harris lost is based on Reuters interviews with Harris campaign staffers, White House officials, Democratic Party advisors and close allies.
It was always going to be a heavy lift. The U.S. has only elected one president – Barack Obama in 2008 and 2012 – who wasn’t a white man. As the daughter of an Indian mother and Jamaican father, Harris had risen higher in the country’s leadership than any other woman.


President Joe Biden and Harris walk to deliver remarks on gun violence at the White House in September. REUTERS/Elizabeth Frantz


The only other woman to get as close as she did – Hillary Clinton, defeated by Trump in 2016 – staked her candidacy in part on becoming the first female president. In the wake of Clinton’s loss, Harris resisted putting her identity at the center of her campaign, said close aides and advisors. Instead, she tried to galvanize voters on issues that mattered to women and Black voters in the election – from abortion rights to middle-class tax cuts and housing affordability.

But those messages struggled to break through at a time when many voters were fixated on rising consumer prices during the first three years of the Biden administration.

“Despite fairly strong economic growth, especially after a major global pandemic, most Americans weren’t feeling like they were getting ahead economically,” said Melissa Deckman, a political scientist and chief executive of Public Religion Research Institute, a nonpartisan research firm. “The Harris campaign did not necessarily do a good job of explaining how her policies would help the middle class, or at least that message wasn’t really resonating with a lot of voters.”

A majority of voters said they trust Trump more to handle the economy, with 51% saying they did so compared to 47% for Harris, according to a preliminarynational exit poll conducted by data provider Edison Research. And the voters who identified the economy as their primary concern voted overwhelmingly for Trump over Harris - 79% to 20%.

The economy proved to be a much bigger concern among voters than reproductive rights, with 31% of voters saying the economy mattered most in deciding how to vote compared with 14% who cited abortion. The election also saw a large gender gap. Harris won 54% of women voters in the country, while Trump won 44%, the preliminary exit polls showed.

The Harris and Trump campaigns and the White House did not immediately respond to requests for comment.
“America has given us an unprecedented and powerful mandate,” Trump said early on Wednesday to a roaring crowd of supporters at the Palm Beach County Convention Center.


ELECTORAL GOLD

The election was punctuated by dramatic twists, including two assassination attempts against Trump and the stunning decision by Biden to abandon his re-
election bid on July 21.

Democrats coalesced behind Harris with astonishing speed, locking up her party’s nomination within two weeks, excited by her potential to flip the generational argument on Trump. Two decades her senior, Trump had successfully cast the 81-year-old Biden as a frail and confused old man. She would turn that on its head, many Democrats hoped.


Harris speaks to a child holding a picture of herself and Harris during a campaign rally in Houston, Texas, in October. REUTERS/Kevin Lamarque


Some Democratic strategists questioned the wisdom of one of her first big decisions: picking Minnesota Governor Tim Walz as running mate over Pennsylvania Governor Josh Shapiro, a deft speaker with proven political strength in a must-win state. Her campaign had hoped the gun-owning Walz, a liberal policy champion and plain-speaking National Guardsman from the Midwest, would help her win over rural white voters.

Walz had generated buzz before Harris picked him by branding Trump and his running mate, Senator JD Vance of Ohio, as “weird” on national television in July, winning Democratic hearts and media attention. Later, though, Walz gained unwelcome attention for misstatements of his biography, including his military service, and for an uneven debate performance against Vance.

Walz and Vance didn’t immediately respond to requests for comment.

Still, the Harris campaign believed her signature issues – reproductive rights and Trump’s divisiveness – would energize a coalition of women, Black voters, young Americans, independents and “Never Trump” Republicans, sweeping her to the White House.

Well before the race began, Harris emerged as a spokesperson for abortion rights. When the U.S. Supreme Court in 2022 officially reversed Roe v. Wade, declaring the constitutional right to abortion no longer existed, the setback for women’s reproductive rights created an unexpected opening for Harris.

The ruling catapulted her from the political periphery into the heart of America’s culture wars. Opinion polls showed most Americans disapproved of the court’s decision – and Harris became the face of an issue that Democratic strategists saw as electoral gold.


Harris speaks about abortion rights at a campaign event in Atlanta, Georgia, in September. REUTERS/Elijah Nouvelage


For the first time in Biden’s presidency, he handed a decisive issue entirely to his vice president. She went on the road, speaking forcefully on a subject that played an outsized role in helping Democrats stave off an expected bloodbath in the 2022 congressional elections. After the midterms, with the Democrats having held the Senate and swung to a slight minority in the House of Representatives, Harris was now seen as a viable future leader in the party.

Still, even after Biden stepped aside, concerns lingered among some top White House aides over the former San Francisco district attorney’s political skills – including a perception that she hadn’t made a mark as VP, her short-lived campaign for the 2020 Democratic nomination and her limited experience courting conservative voters in battleground states. Some also questioned whether she could overcome the long history of racial and gender discrimination in the U.S.

After securing the nomination, Harris initially put many of those concerns to rest. She revitalized a beleaguered Democratic campaign, attracting record-high funding and a groundswell of support. She soon moved ahead of Trump in the polls, a sign she was sparking enthusiasm among voters, particularly among women. Trump had previously been seen as the frontrunner, partly based on his perceived strength on the economy after several years of high inflation under Biden.

She aced her first big test – a Sept. 10 televised debate against Trump.

As Harris’s team prepared for what would be her only in-person face-off with Trump, they focused on ways to unnerve the former president and draw attention to his frequent falsehoods on policies, according to several aides involved in the preparations. Harris holed up in Pittsburgh with advisers and conducted mock debates for the prime-time showdown, the aides said.
The strategy paid off. Harris appeared to get under her rival’s skin during the debate. She pressed Trump on the economy, Ukraine, healthcare, the January 2021 Capitol riots and abortion, leaving him rattled and struggling to respond.


From Netanyahu to Modi, world leaders praise Trump as he claims US election win





From Netanyahu to Modi, world leaders praise Trump as he claims US election win



Pedestrians wait to cross the street as a large digital display shows images of US Republican candidate Donald Trump and US Democrat candidate Kamala Harris, outside a train station in central Tokyo November 6, 2024. — AFP pic

Wednesday, 06 Nov 2024 5:01 PM MYT


HONG KONG, Nov 6 — World leaders raced to praise Donald Trump as he claimed a stunning US election victory over Kamala Harris, while financial markets also rose.

Here are the first reactions, with the presidential election result still to be confirmed:


Israel

Prime Minister Benjamin Netanyahu called it a historic return for the former US leader and a new beginning in the US-Israel alliance.


“Congratulations on history’s greatest comeback! Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America. This is a huge victory!” said Netanyahu in a statement issued by his office.


China

As the results began to go Trump’s way, China said it hoped for “peaceful coexistence” with the United States.

“We will continue to approach and handle China-US relations based on the principles of mutual respect, peaceful coexistence, and win-win cooperation,” foreign ministry spokeswoman Mao Ning told a regular briefing.

“We respect the choice of the American people.”

France

French President Emmanuel Macron congratulated “President Donald Trump”, saying he was ready to work with him “with respect and ambition” like “we managed to do for four years”.

In a post on X, Macron said that the relationship with Trump, who is leading the US presidential vote, would “take account of your convictions, and mine”, adding: “For more peace and prosperity.”

Ukraine

Ukrainian President Volodymyr Zelensky congratulated Donald Trump on his “impressive victory” and said he hoped his presidency would bring “just peace in Ukraine closer.”

“I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer,” Zelensky said in a statement on social media.

Nato

Nato chief Mark Rutte congratulated Trump and said his return to power would help keep the alliance “strong”.

“His leadership will again be key to keeping our Alliance strong. I look forward to working with him again to advance peace through strength through Nato,” Rutte said in a statement.

India

Indian Prime Minister Narendra Modi hailed Trump’s “election victory”.

“Heartiest congratulations my friend @realDonaldTrump on your historic election victory,” Modi wrote on social media platform X. “As you build on the successes of your previous term, I look forward to renewing our collaboration.” — AFP


After Harris' loss, angry Democrats blame her boss, Biden

Reuters:

After Harris' loss, angry Democrats blame her boss, Biden



November 7, 2024
3:09 AM GMT+11, Updated an hour ago




U.S. President Joe Biden and Democratic presidential nominee Vice President Kamala Harris walk to deliver remarks on gun violence in America, at the White House in Washington, U.S., September 26, 2024. REUTERS/Elizabeth Frantz/File Photo


Summary

  • Democrats criticize Biden's handling of his health and campaign
  • Trump gained support among young voters and women, exit polls show
  • Trump's anti-immigration stance resonated even in Democratic strongholds


WASHINGTON, Nov 6 (Reuters) - Anger and soul-searching took hold of the Democratic Party early on Wednesday morning, after Vice President Kamala Harris suffered an election loss that left some party officials and voters dumbfounded.

Harris was the self-styled underdog against her Republican rival, Donald Trump, having joined the race barely three months ago, but the nature of her loss has some Democrats asking questions about the future of the party.

The sharpest criticism contained accusations that the party had lied to its supporters about President Joe Biden's mental fitness until a disastrous TV debate with Trump in June raised alarm bells and ultimately led to the president exiting the race.

One Democratic donor asked: "Why did Joe Biden hold on for as long as he did? He should have not concealed his (health) and dropped out a lot sooner."

Biden, 81, has said privately he thought he was the only Democrat who could beat Trump, and vowed publicly that he was fit to be president for another four years. When he dropped out of the race in July, he said he had decided it was "in the best interest of my party and the country for me to stand down."

Biden's announcement in April 2023 that he would run for reelection was greeted with scepticism by many Democrats, but likely potential challengers quickly agreed to join his campaign as advisers, rather than challenge him.

The party "needs a complete reboot," said hedge fund manager Bill Ackman, a longtime Democratic donor who endorsed Trump in 2024, on X. "The party lied to the American people about the cognitive health and fitness of the president," he said, and then didn't hold a primary to replace him.

The Harris campaign declined comment and the White House did not immediately respond to a request for comment.


WOMEN AND YOUNG VOTERS

The concerns ran deeper, though.

Two groups Harris was counting on to beat Trump -- increasingly diverse young voters, believed to be motivated by climate change, liberal values and her social media savvy, and women worried about shrinking abortion rights under a Republican -- moved in his direction instead.

Trump's overall share of voters under 45 was up two percentage points from 2020 as was his share of women voters, Edison Research exit poll data show

Trump also increased his support in many suburban areas, where Democrats thought they had made inroads.

The shift came even as the Harris campaign insisted that the race was close, and that she was picking up new voters.

One Democratic National Committee official said he was fielding angry text messages from party members late on Tuesday night. "They feel lied to by the campaign," the official said.

Trump's anti-immigration rhetoric also appeared to strike a chord with voters even in Democratic heartlands like Connecticut and Massachusetts, mirroring a trend seen in many liberal democracies where high housing and other costs have been blamed on newcomers.

Canada's Liberal Prime Minister Justin Trudeau, for example, cut immigration levels under criticism from the right, and Europe's far-right parties have vowed to toughen immigration rules, while peeling away votes from the center left.

Harris' defeat is the Democrats' second bitter loss to Trump over the past three elections. Hillary Clinton's 2016 defeat had paved the way for Biden to run.

A convicted felon, Trump's unorthodox economic proposals, including blanket tariffs on imports, will be costly for U.S. consumers and businesses, economists say. His plans to deport millions of people who are in the country illegally would upend industries and communities.

Still Trump gained with Latino voters, and had easy wins in Georgia and North Carolina, states where Democrats thought they were competitive. Harris' whirlwind campaign, built around an inclusive vision of the United States and stronger fiscal support for families, had emphasized hope and positivity.

Biden and Harris' support of Israel during its assault on Gaza split the Democratic Party, with many progressive Democrats calling unsuccessfully for the U.S. to curb its military aid to Israel. That cost votes among left-leaning Democrats.

Harris remained at her residence in Washington the entire evening while crowds waited outside her alma mater Howard University, where the campaign had set up a stage and a media center, anticipating days of vote-counting before a result.

As the results started to trickle in, her campaign co-chair Cedric Richmond took the stage to tell the dwindling crowds the race wasn't over yet. Hours later, it was.


US election 2024: Trump wins

al Jazeera:


US election 2024: Trump wins, Harris expected to concede defeat


Wednesday, November 06, 2024

US elections 2024

Guardian:


  • Latest results 45/51 states called (includes DC)

    Kamala Harris224Electoral college votes
    Watercolour portrait of Kamala Harris
    Watercolour portrait of Donald Trump
    Donald Trump267Electoral college votes
    270 to win

Saying ‘stupidity is free’, Umno Youth chief scorches Tony Pua for defending Khazanah over FashionValet’s multi-million ringgit losses





Saying ‘stupidity is free’, Umno Youth chief scorches Tony Pua for defending Khazanah over FashionValet’s multi-million ringgit losses



FashionValet used to be a promising homegrown e-commerce fashion platform with more than 400 brands and 15,000 products on its platform. — Picture from Facebook/FashionValet

Wednesday, 06 Nov 2024 11:38 AM MYT


KUALA LUMPUR, Nov 6 — Umno Youth chief Dr Akmal Salleh today lashed out at DAP’s Tony Pua for playing down the RM43 million loss incurred by sovereign wealth fund Khazanah Nasional and the country’s largest asset management company Permodalan Nasional Berhad (PNB) over FashionValet, the fashion e-commerce company they had jointly owned.

Taking to Facebook this morning, Dr Akmal questioned the wisdom of placing public funds into a company that has consistently posted losses for the last five years.


“In business, profit and loss are normal.

“But what’s extraordinary is putting a large amount of public funds into a company that has posted losses for five consecutive years,” he said.


He said it was equally “extraordinary” that Pua would defend the company’s financial track record, given the long-standing pattern of losses.


Dr Akmal also pointed out the contradiction in Pua’s defence, suggesting that it was difficult for the average Malaysian to access financial support for business ventures.

“Does he not know that the people down here have trouble even getting a loan of 10k to start a business?” he asked, highlighting the disparity between ordinary citizens’ access to funds and the substantial government backing given to a company like FashionValet.

He added: “Never mind, stupidity is free—just keep on with that stupidity.”

Dr Akmal also took a jab at Pua’s past background as a former “political secretary” to a former finance minister involved in a “hidden tunnel”, without naming anyone.

The Umno politician’s remarks follows Pua’s rejection of calls for a Royal Commission of Inquiry (RCI) into the management of FashionValet, pointing out that the company’s setbacks were a normal part of doing business.

In his November 5 statement, Pua remarked that “some joker” had even suggested a royal inquiry into the matter, a claim Pua dismissed as excessive and unfounded.

Dr Akmad had proposed the RCI into FashionValet last Sunday.

FashionValet, which was established in 2010 and backed by Khazanah through its investment arm CIMB Group, has faced significant financial difficulties in recent years.

In its last five years, the company has consistently posted losses, with critics arguing that its business model and management have not shown the ability to deliver sustainable profits despite the backing of public funds.

Khazanah and PNB have since divested their stake for RM3.1 million.

Dr Akmal’s statements reflect growing concerns about the handling of public funds in private enterprises and the lack of accountability for state-backed businesses.

There has been increasing pressure on the government to explain why public resources are being invested in such ventures when many Malaysians are struggling to access financial support to grow their own businesses.

Last week, Prime Minister Datuk Seri Anwar Ibrahim ordered Khazanah to conduct an internal audit over its investment in FashionValet, which incurred a loss of over RM43 million that the Malaysian Anti-Corruption Commission is also investigating.

I wanted to see his face, says disappointed deaf driver








I wanted to see his face, says disappointed deaf driver


RK Anand
Published: Nov 5, 2024 7:41 PM



After waiting for justice to be served for more than five months, deaf e-hailing driver Ong Ing Keong is disappointed that he did not catch a glimpse of the police officer who assaulted him.

Through the assistance of a sign language interpreter, his response was shared with Malaysiakini via text messages.

“He is also upset that his assailant was let off with a RM1,000 fine,” read the message.

“Ong (above) thought he would face his assailant in court in front of lawyers and the judge like what he sees in the dramas,” it added.

Deaf Advocacy and Well-being National Organisation Malaysia (Dawn) secretary-general Anthony Chong told Malaysiakini that Ong was also expecting his assailant’s photograph to be published.
Anthony Chong

“Ong said that just the person’s name was not enough. Where is his picture? He wants to see the face. Unfortunately, he was not informed in advance about the case. All of it happened suddenly.

“Ong is not satisfied because everything happened without his knowledge,” he added.

Chong also said that Ong would not relent and continue to pursue the matter but did not elaborate.

Guilty plea

Yesterday, the Kuala Lumpur Magistrate’s Court slapped police officer Muhammad Taufik Ismail with a RM1,000 fine after he pleaded guilty to assaulting the 47-year-old driver outside the St Regis Hotel in Kuala Lumpur on May 28.

The charge was framed under Section 323 of the Penal Code, which carries a maximum penalty of a year in jail, RM2,000 fine, or both.

At the time of the incident, the police officer was escorting Johor Regent Tunku Ismail Sultan Ibrahim, who also called for action to be taken on the matter.
A dashcam footage showing Ong Ing Keong receiving a blow to his right eye

Lenient sentence

In a statement this morning, Dawn also expressed “profound disappointment and concern” over the outcome.

“The court’s decision has raised serious questions within the deaf community and the public.

“For five months, Ong and the deaf community waited, hoping the system would deliver a fair and balanced judgment.

“However, the outcome has left many feeling overlooked, disrespected and unsupported by those meant to uphold justice,” it added.

Dawn pointed out that Ong endured months of fear and psychological distress, unsure if he could find protection from those entrusted with upholding the law.

“The court’s decision failed to consider the long-term impact on him and the resilience shown by the deaf, persons with disabilities, and broader communities that have stood by him.

“Instead, the lenient sentencing implies that violence, even by authorities, is tolerable - a view Dawn cannot and will not accept,” it added.

‘Was it the same person?’

Demanding transparency, Dawn also asked if Taufik was the same person recorded on the dashcam camera assaulting Ong.

“Without confirmation from Ong or his legal representatives, there is no verification that justice has been served on the right individual. If the authorities are confident in this identification, why was Ong not notified directly?

“The lack of transparency surrounding the case, including the anonymity afforded to the assailant, raises serious questions about the integrity of the process.

“Why was the case resolved with such haste? This absence of transparency fuels concerns that some individuals or groups may be shielded from accountability due to their positions,” it added.

Dangerous precedent

Dawn also cautioned that the “lenient sentence” sets a dangerous precedent enabling further abuses without meaningful consequence.

“Dawn believes this quick and quiet resolution, without involving the victim or considering the impact on his well-being, is unacceptable.

“It appears the case was hastily closed in a way that overlooks the victim’s rights and dignity.


“This lack of transparency and engagement sends a troubling message that individuals, particularly those within the deaf and disabled communities, are not afforded the same protections or respect in the legal system,” it added.

Urging the authorities to revisit the case, Dawn said the proceedings must be transparent and there must be channels provided for the victim to be heard.

“Justice must be seen to be done, and we call for more robust accountability, genuine protection, and fair treatment of all citizens, especially those within vulnerable communities.

“Dawn stands with Ong and calls for a review of this case. We urge the authorities to consider the impact of their actions on the communities they serve and to ensure that no individual, regardless of status, is above the law.

“This case represents more than an isolated incident - it reflects the ongoing struggle for equal justice and respect for all Malaysians,” the organisation added.

Lawyers for Liberty (LFL) executive director Zaid Malek, who represented Ong, also described the sentence as inadequate.


***


kt comments:

Aiyah, what the frigg lah! Murderer of Teoh BH was even promoted. Kidnappers of Pastor Raymond Koh and Che Amri???


Punching Cop better protected than Najib???








Suspended, fired - will action be taken against regent's escort, DAP MP asks


Published: Nov 5, 2024 4:08 PM


A DAP lawmaker wants to know if disciplinary action will be taken against the police officer who assaulted a deaf e-hailing driver.

“I wish to ask. Has he been suspended from his duties, demoted or fired? Or will there be no disciplinary action taken against him?” asked Kepong MP Lim Lip Eng on X.

Speaking to Malaysiakini, he said further action must be taken against Muhammad Taufik Ismail to restore public confidence.

“If not, it will send the wrong message that the authorities are okay with letting things slide, eroding trust in the process,” Lim (above) added.

Yesterday, the Kuala Lumpur Magistrate’s Court slapped Taufik with a RM1,000 fine after he pleaded guilty to assaulting Ong Ing Keong outside the St Regis Hotel in Kuala Lumpur on May 28.
Ong Ing Keong

At the time of the incident, the police officer was escorting Johor Regent Tunku Ismail Sultan Ibrahim, who also called for action to be taken.

Ong and the Deaf Advocacy and Well-being National Organisation Malaysia (Dawn) have both expressed disappointment with the “lenient sentence”.

The victim said that he wanted to confront his assailant in court whereas Dawn warned that the judgment sets a dangerous precedent.

‘Apology mitigating factor’

However, PKR lawmaker Hassan Abdul Karim, who had raised the matter in Parliament on Oct 24, argued that since the police officer had apologised for assaulting Ong, the magistrate could have considered this as one of the mitigating factors when sentencing.

“Furthermore, the accused is still working as a police officer. News reports indicated that internal action was taken.

“If the sentence is too heavy, whether a higher fine or imprisonment, it could lead to him losing his job as a civil servant.

“So I believe the magistrate took all these (factors) in a holistic manner when meting out the sentence,” he told Malaysiakini.
Hassan Abdul Karim

Previously, Malaysiakini reported that the disciplinary action taken against the officer was not related to the assault but to his failure to declare his assets and the investigation paper has been submitted to the Attorney-General’s Chambers.

Inspector-General of Police Razarudin Hussain argued that if a second internal probe is launched into the assault, it would be a case of “double jeopardy”.

Various quarters had questioned if there was interference in the matter due to the delay in prosecuting the officer despite the assault being captured on dashcam.

Yii disagrees with Pua on FashionValet venture: 'Can't shoot blindly'








Pua: Disasters like FashionValet expected in venture capital investments


Published: Nov 5, 2024 1:45 PM


Bad investments like FashionValet are part of known risks in making capital venture investments, said former lawmaker Tony Pua.

The former political secretary to the finance minister from 2018 to 2020 said that there will always be more failures than successes in ventures.

“The venture capital game is to expect that out of 10 investments - three or four will be disasters - like FashionValet - three or four will just about cover cost, while two or three make spectacular returns,” he said on Facebook yesterday.

He was commenting on the backlash against FashionValet over an RM44 million loss in value that Khazanah Nasional and Permodalan Nasional Berhad (PNB) suffered.

Khazanah and PNB invested in the clothing brand in March 2018, two months before Pakatan Harapan took power that year.

Where’s the evidence?

In his post, Pua did not discount the possibility of wrongdoing in FashionValet but remarked that critics have not furnished any evidence to back up such claims thus far.

The former Damansara MP warned that overt criticism will create a culture where decision-makers will not take risks.

“FashionValet was always going to be a high-risk investment. So was Grab, in its early days.

“When Khazanah didn’t invest in Grab in its early days, and Grab moved its HQ to Singapore due to the availability of funds there, we were critical that we missed the boat.

“So we can’t have it both ways. You can’t be pissed if we didn’t invest, and be pissed when we did,” Pua said.

FashionValet co-founders Vivy Yusof and her husband Fadzaruddin Shah Anuar took responsibility for the Khazanah and PNB losses after the matter came to light last week.

The company is under MACC investigation over the losses while Prime Minister Anwar Ibrahim has ordered Khazanah to conduct an internal probe.


***







Yii disagrees with Pua on FashionValet venture: 'Can't shoot blindly'


Published: Nov 5, 2024 9:00 PM


DAP Youth chief Dr Kelvin Yii today said he disagreed with party veteran Tony Pua’s views on FashionValet Sdn Bhd, adding there were red flags in the government’s investment in the company.

Responding to a Malaysiakini post on X, the Bandar Kuching MP said issues included FashionValet’s initial inflated value as well as lack of monitoring and accountability over the years.

“Cannot just give a huge sum of money and allow one to shoot blindly without accountability at the guise of ‘high-risk VC investment’,” Yii (above) said.

Yesterday, Pua said bad investments like FashionValet are part of known risks when it comes to making capital venture investments, as there will always be more failures than successes in such cases.

He was commenting on the backlash against FashionValet over a RM44 million loss that Khazanah Nasional and Permodalan Nasional Berhad (PNB) suffered.
Former Damansara MP Tony Pua

The government-linked investment companies paid RM47 million for a minority stake in the local fashion firm in 2018 and sold off their shares to NXBT Partners Sdn Bhd for RM3.1 million in 2023.

However, Yii conceded that Pua made some good points.

He said emotions must be set aside when discussing this issue and that investigations must focus on accountability and governance aspects.

“(This) cannot be a witch hunt which may stifle future venture capital ecosystems,” he warned.

In a statement last Friday, FashionValet co-founders Vivy Yusof and her husband Fadzaruddin Shah Anuar said they would step down from the company.

The company is now being probed by the MACC while Prime Minister Anwar Ibrahim has ordered Khazanah to conduct an internal probe.

Meanwhile, Petaling Jaya MP Lee Chean Chung agreed with Yii, calling for Khazanah to clear the public’s doubts.

In a post on X, Lee said Khazanah must justify its reasons for investing in FashionValet and why the sovereign wealth fund did not back out earlier.

“If investing in a basket of high-risk tech companies (is) bound to have losers, then show us who are the winners?” he asked.