Malaysia Morning News For April 7

Najib satisfied with national economic growth
Prime Minister Datuk Seri Najib Razak today expressed satisfaction with the country’s economic growth that showed a very encouraging growth.
— New Straits Times

Tourism Tax Bill must be value accretive, says CEO
The newly passed Tourism Tax Bill 2017 has to be value accretive to enable the tourism and hospitality industries to thrive, said KLCCP Stapled Group CEO Datuk Hashim Wahir.
— The Star Online

M’sia ranked 26th most competitive tourism destination by WEF
The World Economic Forum (WEF) has placed Malaysia in the 26th spot in its Travel and Tourism Competitiveness Report, the bi-annual benchmarking index measuring the relative health of 136 countries’ tourism sectors.
— New Straits Times

Maybank confident of economic rebound this year
Malayan Banking Bhd (Maybank) foresees an uptick in economic activity this year, which will bode well for gross domestic product (GDP) growth as well as the finance industry.
— The Star Online

Malaysia sees no need for more currency measures, second finance minister says
Malaysia’s economic growth should provide ammunition for the currency to strengthen and measures to curb volatility in the ringgit are currently sufficient, according to one of the nation’s top finance officials.
— Malay Mail Online

Tourism tax to raise RM654m
The Dewan Rakyat yesterday approved the Tourism Tax Bill 2017 tabled by Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz.
— Malay Mail Online

Malaysia’s tourism tax weighs on hotel shares
Malaysian hotel shares are likely to remain under pressure for a while after lawmakers on Thursday decided to impose a tax on hotel rooms in a bid to boost state finances bruised by low oil prices.
— Nikkei Asian Review

Singapore, Malaysia stocks fall as Fed minutes spook investors
Singapore and Malaysian shares fell Thursday, tracking U.S. markets, after the minutes of the Federal Reserve’s latest meeting showed the authority may start paring its $4.5 trillion balance sheet this year.
— Nikkei Asian Review

PH, Malaysia sign banking agreement
The Philippines and Malaysia took the final step to allow qualified commercial banks to operate subsidiaries in each other’s markets.
— The Manila Times

Speculation driving up tech stocks on Bursa, but many don’t want to miss the party
BY now, even the punters know that rampant speculation is driving up some tech stock prices. But with the market so hot, it would seem that not many may want to miss the party. One play this week is GHL Systems Bhd.
— The Star Online

Maybank aims to reduce provision for bad loans
Malayan Banking Bhd (Maybank) aims to reduce its provision for bad loans to 50 basis points (bps) this year from 62 bps, said group chief financial officer Datuk Amirul Feisal Wan Zahir.
— The Star Online

Msia, Thai central banks sign MoU on financial development
The central banks of Malaysia and Thailand have signed a Memorandum of Understanding (MoU) on Banking Supervision and Financial Development Cooperation, to supervise banking institutions operating in both countries, and foster closer coordination in areas key to ensuring sustainable financial development.
— New Straits Times

BNM, Philippines central bank sign deal enabling banks to operate in each other’s jurisdiction
The central banks of Malaysia and the Philippines have signed a Declaration of Conclusion of Negotiations deal that paves way for banks from the respective territories to operate in each other’s sovereign jurisdiction.
— New Straits Times

China’s property developer says some buyers of Malaysia project want to cancel deals
Chinese property developer Country Garden said yesterday a small number of apartment buyers at its US$100 billion (RM443.6 billion) Malaysia project want to cancel their purchases, after Beijing’s recent moves to tighten capital controls on overseas property investments.
— Malay Mail Online

Feasibility study report on Penang undersea tunnel expected ready in six months
The Penang state government aims to complete the feasibility study report on the proposed undersea tunnel project within six months.
— Malay Mail Online

Malaysians warned over eating dumped chicken wings
Roast chicken wings are a popular street food in Malaysia, but residents of the town of Sibu are likely to be steering clear of them for a while, The Borneo Post reports.
— BBC News

Malaysia Customs admits to mass burial of chicken wings
Malaysia’s Customs Department has finally owned up to the improper disposal of a whopping 81.5 tonnes of chicken wings unearthed by Bukit Aup villagers in Sibu, Sarawak two days ago.
— Today Online

PH, Malaysia pact to pave way for entry of ASEAN banks
The conclusion of bilateral discussions in Cebu City between the Philippine and Malaysian central banks is expected to pave the way for the entry of qualified banks in both countries.
— ABS-CBN News

Feature photo Shahnoor Habib Munmun
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