Malaysia Morning News For August 17

Malaysia Morning News For August 17

Malaysia morning news

Satellite images of ocean debris suggest 3 places to search for Malaysia Airlines Flight 370
Satellite images of debris floating in the Indian Ocean two weeks after the disappearance of Malaysia Airlines Flight 370 could revive the 3-year-old search in a new area, according to a scientific analysis released Wednesday.
— USA Today (video)

KL is second most liveable city in Southeast Asia
Kuala Lumpur has been ranked as Southeast Asia’s second most liveable city after Singapore. The Malaysian city is placed No. 70 in a global ranking of liveable cities.
— The Sun Daily

Bursa Malaysia likely to see softer third quarter
Bursa Malaysia Bhd (Bursa Malaysia) will likely see a softer third quarter of the financial year 2017 (3QFY17) on expectations of a lower daily average trading value (DATV) for equities as well as a softer derivatives revenue as market volatility has been trending lower.
— The Borneo Post

Malaysia planning major durian fest in China
Malaysia is planning its own large-scale “Nanning Durian Festival” in October to showcase the range of products derived from the thorny King of Fruits.
— The Star Online

Foreign insurers in Malaysia face push to find local partners
Singapore’s Great Eastern Holdings and three other wholly foreign- owned insurance companies that dominate the multi-billion-dollar sector in Malaysia are facing a strict set of deadlines to pare down their holdings to local partners to conform with the country’s strict ownership laws.
— The Straits Time (paywall)

Petronas Eyeing Stake In Indian LNG Import Terminal: IOC
Malaysian state oil firm Petronas is looking to buy a stake in Indian Oil Corp’s Ennore liquefied natural gas (LNG) import terminal, the Indian firm’s chairman said on Wednesday.
— Malaysian Digest

Malaysia’s credit profile relatively resilient despite external vulnerabilities
It would take a significant deterioration of Malaysia’s (A3 stable) external metrics from current levels for the country’s credit profile to weaken, said Moody’s Investors Service .
— The Borneo Post

Petronas 2.0 – tougher on costs and more downstream
When Wan Zulkiflee Wan Ariffin took over as CEO of Malaysian state energy firm Petronas in April 2015, the price of a barrel of Brent crude oil had tumbled to around US$55, half the level of the previous year.
— The Star Online

Immediate hurdle for Pestech at RM1.70, says AllianceDBS Research
AllianceDBS Research said Pestech International Bhd (Pestech) had on Aug 16 traded higher to RM1.70 before closing unchanged at RM1.65.
— The Edge Markets

 

Captives no longer just relevant to large corporates, says BNM governor
The captive insurance industry is no longer just relevant to large corporates as captives are seen as a creative and efficient risk transfer solution that address different industry and companies’ unique business needs, says Bank Negara Malaysia governor Datuk Seri Muhamad Ibrahim.
— The Edge Markets

Pentamaster may trend higher, says RHB Retail Research
RHB Retail Research said Pentamaster Corporation Bhd may trend higher after it formed a long white candle and breached above the RM4.45 threshold.
— The Edge Markets

Malaysia 2Q GDP Growth Likely 5.4% On-Year — Poll
Malaysia’s economic growth likely weakened slightly in the second quarter amid cautious domestic demand, economists said.
— Fox Business

PR1MA’s real estate value on Malay reserve land surges 10 times
The real estate value of the 1Malaysia People’s Housing’s (PR1MA) projects built on the Malay reserve land has risen more than 10 times from RM1.2bil to RM13bil over the years, PR1MA Corp Malaysia chief executive officer Datuk Abdul Mutalib Alias said.
— The Star Online

Dufu buying momentum may have returned, says RHB Retail Research
RHB Retail Research said Dufu Technology Corporation Bhd’s buying momentum may have returned after it rose above the 21-day SMA line.
— The Edge Markets

Lee settles Country Heights group’s remaining tax liabilities
Country Heights Holdings Bhd executive chairman Tan Sri Lee Kim Yew has paid RM22.707mil to settle the tax liabilities, including penalties, claimed by the Inland Revenue Board (IRB) against the company’s unit Country Heights Sdn Bhd (CHSB).
— The Star Online

IRB drops winding-up petition against Country Heights unit after tax liability settled
The Inland Revenue Board (IRB) has withdrawn its winding-up petition on a major subsidiary of Country Heights Holdings Bhd after major shareholder Tan Sri Lee Kim Tiong @ Lee Kim Yew settled a RM22.7 million tax liability, including penalties.
— The Sun Daily

State completes takeover of Bakun
The state government acquired the Bakun hydroelectric power (HEP) plant from the federal government through the take-over of Sarawak Hidro Sdn Bhd (SHSB) by Sarawak Energy Berhad (SEB) yesterday.
— The Borneo Post

Country Heights, Dialog, Sunway, Pharmaniaga, Paramount, Taliworks, Press Metal and Seacera
Based on corporate announcements and news flow today, stocks in focus on Thursday (Aug 17) may include the following: Country Heights, Dialog, Sunway, Pharmaniaga, Paramount, Taliworks, Press Metal and Seacera
— The Edge Markets

Low reserve coverage of debt payments a key risk for Malaysia: Moody’s
Moody’s Investors Service said Malaysia’s credit profile is relatively resilient despite external vulnerabilities, but cautioned that low reserve coverage of annual external debt payments is a key risk indicator.
— The Sun Daily

REHDA appeals to govt to relax regulations for first time house buyers
The Real Estate and Housing Developers’ Association (REHDA) is appealing to the government to relax regulations for first time house buyers and properties below RM500,000.
— The Borneo Post

As Malaysia turns 60, its economy is stuck in third gear
Saudi Aramco, Riyadh’s state-owned oil behemoth, has been investing heavily in Malaysia’s economy, injecting $7 billion into the Refinery and Petrochemical Integrated Development project – a contribution that tops ASEAN’s merger and acquisition activity for the first half of 2017.
— The Interpreter

CIMB Research positive on PNB’s plan for Islamic shares in Maybank
CIMB Equities Research is positive on Permodalan Nasional Bhd’s plan for Islamic shares in Maybank because if it is implemented, it would unlock value for Maybank Islamic.
— The Star Online

CIMB Research upgrades Pharmaniaga, target price RM4.90
CIMB IB Research has upgraded Pharmaniaga Holdings Bhd to “Add” at RM4.19 with an unchanged target price of RM4.90 and said Pharmaniaga’ 1H17 net profit of RM29 million was in line with house expectations at 55% of CIMB Research’s FY17F estimate but below consensus at 46%.
— The Edge Markets

The manufacturing of moral panics in Malaysia
The debate in Malaysia on whether Muslim children born out of wedlock should be permitted to carry their father’s name is yet another sequel in the series on how religion and morality is politicised.
— Today Online

For Malaysia, the fight against corruption is also a fight for democracy
Malaysia’s anti-corruption commission has been making lots of headlines lately. Its agents have been carrying out high-profile arrests of government officials accused of bribery and influence-peddling. You’d think that Malaysians would be happy at the news.
— The Washington Post

Portugal, Mexico and Malaysia top overseas retirement list
Retirees weary of Florida, Arizona and California can instead look to Portugal, Mexico and Malaysia.
— The Columbus Dispatch

 

Feature photo World Bank / Nafise Motlaq
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

 

Malaysia morning news by AEC News Today is your one stop source for Malaysia news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.

 

 

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