Malaysia Morning News For August 23

Malaysia Morning News For August 23

Malaysia morning newsIKEA to invest $212 million to build regional supply center in Malaysia: government
Netherlands-headquartered furniture retailer IKEA will invest 908 million ringgit ($212.10 million) to set up one of its largest regional distribution and supply chain centers in Malaysia, the Southeast Asian country said.
— Reuters

Malaysian stocks seen opening higher, KLCI to stay above 1,770-level
Stocks on Bursa Malaysia are seen opening higher this morning in line with the overnight gains at most global markets, and stay above the 1,770-point level.
— The Edge Markets

Economists say Malaysia on track to achieve 3% fiscal deficit target
Economists are of the view that the government is on track to achieve its fiscal deficit target of 3% to gross domestic product (GDP) for the current year as government spending is offset by revenue from tax collections, royalties and dividends from several government agencies.
— The Sun Daily

Malaysia Lenders RHB Bank, AMMB Holdings Call Off Merger
RHB Bank Bhd. (1066.KU) and AMMB Holdings Bhd. (1015.KU), Malaysia’s fourth- and sixth-largest lenders by assets, respectively, are expected to call off talks for a proposed merger, people familiar with the matter said Tuesday.
— Fox Business

Fast Asia Open: Japan manufacturing PMI, Malaysia CPI
The Trump administration has raised pressure on Moscow and Beijing to isolate the North Korean regime by imposing sanctions on an array of Chinese and Russian companies and individuals it has accused of helping Pyongyang develop nuclear weapons.
— Financial Times (paywall)

Life insurance industry sees healthy growth in H1 2017
The life insurance industry registered healthy growth in the first half of 2017 with a 4.7% increase in new business weighted premium to RM2.56bil from RM2.44bil in the same period a year ago.
— The Star Online

Digital disruptions need to be addressed
The digital agenda in the Asean region is gaining momentum but more needs to be done by regulators to address the disruption in the various industries.
— New Straits Time

No security breach at banks, says ABM
The Association of Banks in Malaysia (ABM) has assured bank customers that there has been no security breach at its member banks and its customers’ data has not been compromised.
— The Star Online

Commission raids Unisel, MBI and contractor’s premises to investigate RM16mil payment
The Malaysian Anti-Corruption Commission (MACC) carried out simultaneous raids on five locations in Selangor and Kuala Lumpur in its probe of RM16mil allegedly paid by a Selangor government-owned company to a private firm for maintenance work.
— The Star Online

Palm oil reaches five-month high on output concerns
Malaysian palm oil futures extended gains on Tuesday evening to five-month highs on concerns about production, and tracking advances in related edible oils.
— The Star Online

Students’ problems: Education Ministry to discuss with bodies
The Education Ministry will discuss with the National Union of Teaching Profession (NUTP), parents-teachers associations and relevant non-governmental organisations on the best approach to resolve students’ problems.
— The Borneo Post

Perak Sultan opens biggest Kinta Highlands vegetable centre
The Kinta Highlands Agroto Collection, Processing and Packaging Centre (CPPC) has been billed as the biggest highland vegetable centre in the country, said Perak Mentri Besar Datuk Seri Dr Zambry Abd Kadir.
— The Star Online

Handal Resources posts loss in Q2
Handal Resources Bhd slumped into the red in the second quarter ended June 30, after recording a net loss of RM1.29 million against a net profit of RM1.65 million in the same period last year, due to lower contribution from most of its business segments in line with the difficult market condition in the oil and gas industry.
— The Sun Daily

Boustead Plantations plans RM750m land buy in Sabah
Boustead Plantations Bhd is planning to buy 42 parcels of plantation land in Sabah, which measure a collective 11,600ha, for RM750 million.
— The Edge Markets

Socso aims for 5% to 6% yearly return
The Social Security Organisation (Socso) has developed a five-year investment strategy blueprint encompassing a review of policies, portfolio strategy and management, and strategies of all asset classes and enablers.
— The Star Online

Higher consultancy, healthcare contribution lift UEM Edgenta’s 2Q earnings
UEM Edgenta posted a net profit of RM27.37 million in its second quarter ended June 30, 2017 (2QFY17) compared to a net loss of RM8.04 million in the previous year’s corresponding quarter, as its consultancy and healthcare services recorded higher contributions.
— The Edge Markets

Goh Ban Huat buys land in KL for RM39.5m
Goh Ban Huat Bhd’s (GBH) wholly owned subsidiary GBH Land Sdn Bhd is acquiring a piece of freehold land measuring 9,924.814 square metres from Puncak Melati Sdn Bhd for RM39.53 million.
— The Sun Daily

Exceptional Q3 earnings seen for steel firms
UOB Kay Hian Research is expecting an exceptionally strong earnings season for steel companies in the third quarter (Q3) of this year.
— The Star Online

Doctors warn Malaysians against self-medicating
Self-medicating for serious illnesses is imprecise and dangerous, several doctors said after Malay Mail Online reported that some Malaysians have stopped seeking hospital treatment due to the lengthy wait.
— Malaysia Mail Online


Feature photo WorldFish
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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