KUALA LUMPUR: Malaysia Airlines may be sold or shut down, Malaysia’s leader said Tuesday, the latest bad news for a carrier that has been in crisis since suffering the loss of two planes.
The 71-year-old airline has been on the ropes since 2014 when Flight MH370 disappeared and MH17 was shot down by a Russian-made missile over war-torn Ukraine.
With the carrier teetering on the brink of bankruptcy, sovereign wealth fund Khazanah stepped in to take it over several years ago and major reforms were instituted, including cutting thousands of staff.
But it has continued to fare poorly and its performance was blamed in large part for a set of poor financial results released by Khazanah last week.
Responding to questions about the airline’s future, Prime Minister Mahathir Mohamad told reporters in parliament: “I think it is a very serious matter, to shut down the national airline.
“We will nevertheless be studying and investigating as to whether we should shut it down or we should sell it off or we should refinance it.”
Official news agency Bernama reported that Khazanah last week posted a pre-tax loss of 6.3 billion ringgit ($1.54 billion) for 2018, compared with a pre-tax profit of 2.9 billion ringgit the year before.
Mahathir, 93 and in his second stint as premier, is seeking to reduce a mammoth national debt inherited from the previous, corruption-plagued regime.
Malaysia Airlines said in a statement it had been “working closely” with Khazanah on the next phase of its turnaround plan since September.
The disappearance of Flight MH370, which was carrying 239 people, remains one of the world’s greatest aviation mysteries, and successive searches have failed to find the plane.
Malaysia Airlines could be sold or shut down, says PM
Malaysia Airlines could be sold or shut down, says PM
- Mahathir Mohamad: We will be studying and investigating as to whether we should shut it down or we should sell it off or we should refinance it
- Mahathir, 93 and in his second stint as premier, is seeking to reduce a mammoth national debt inherited from the previous, corruption-plagued regime
Saudi Arabia found 8m ounces of gold in 2025
RIYADH: Saudi Arabia discovered 8 million ounces of gold during 2025, according to Saudi Gold Refinery Co.’s Board of Directors Chairman.
Suliman Al-Othaim told Al-Eqtisadiah on the sidelines of the fifth edition of the Future Minerals Forum held in Riyadh, that the company’s share of these discoveries reached 1.5 million ounces.
He explained that the company is continuing to update its refineries to process 36 tonnes of gold and issue hallmarks bearing the name of the Saudi Gold Refinery Co. for locally produced gold.
The company owns all production lines and mining services, including aerial and ground imaging, trenching, and well drilling. It aims to achieve 50 percent of local production by 2030, leveraging government support and provided services, according to Al-Othaim.
The year 2025 witnessed an unprecedented historic boom in gold prices, with the metal recording annual gains exceeding 64 percent.
This surge was driven by acute geopolitical tensions and a significant increase in demand from central banks and investment funds.
According to recorded data, the average price of a gold ounce in 2025 ranged between $3,400 and $3,500.
This figure reflects the upward journey that started from levels of $2,710 at the beginning of the year, reaching its historic peak in December when gold hit its all-time highest levels near $4,500 per ounce.
Al-Othaim pointed out that the company benefits from foreign expertise and is working on developing its mines and refineries to be among the leading companies in the mining sector globally.
He added that it will begin implementing a new strategy aimed at increasing production by expanding the scope of its work in the mining field and will seek new opportunities for investment in this sector.
