Malaysia axes project to build high-speed rail link with Singapore

from Yahoo News - Latest News & Headlines

By Liz Lee and John Geddie KUALA LUMPUR (Reuters) - Malaysia is cancelling a project to build a high-speed rail link between its capital, Kuala Lumpur, and Singapore, and will talk with its southern neighbor about any compensation Malaysia has to pay, Prime Minister Mahathir Mohamad said on Monday. Mahathir, the 92-year-old who triumphed in a general election this month, has made it a priority to cut the national debt and pledged to review big projects agreed by his predecessor that he says are expensive and have no financial benefit. "It is a final decision, but it will take time because we have an agreement with Singapore," Mahathir told a news conference referring to his scrapping of the project, valued by analysts at about $17 billion.

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