Malaysia Morning News For May 24

Malaysia Morning News For May 24

Malaysia morning news

Chinese carmaker Geely to acquire Malaysia’s Proton
Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, according to a statement issued on Wednesday (May 24).
– Channel NewsAsia

Report: Nuclear power plant in Malaysia by 2030?
Malaysia could have its own nuclear power plant by 2030 to address the high power consumption in the peninsula, the Malaysia Nuclear Power Corporation (MNPC) said.
– MALAY MAIL ONLINE

MIDF Research positive on local construction sector
MIDF Research has maintained its “positive” outlook on the domestic construction sector, amid the strong flow of liquidity into the industry.
– The Star Online

Malaysia VC,PE association joins Asean Venture Council
Malaysia Venture Capital and Private Equity Association (MVCA) has become a part of a larger regional network, the ASEAN Venture Council (AVC), a move that is set to boost networking between Limited Partners, General Partners and entrepreneurs across the region.
– Deal Street Asia

Malaysian Strategic Investment Fund Khazanah Nasional Invests In Sigfox
Sigfox, the world’s leading provider of connectivity for the Internet of Things (IoT), today announced that Khazanah Nasional Berhad (Khazanah), the strategic investment fund of the Government of Malaysia, has acquired a minority stake in the company.
– BusinessWire

Malaysia’s Lotte Chemical sets ceiling price for $1.4b IPO
Malaysia’s Lotte Chemical Titan Holding has set a ceiling price of 8 ringgit a share for its planned IPO, giving it a total size of up to 5.9 billion ringgit ($1.37 billion), IFR Asia reported, citing three sources with knowledge of the deal.
– Deal Street Asia

Hibiscus posts 9M net profit RM97.44 million
Hibiscus Petroleum Bhd net profit for the third quarter ended March 31, 2017 fell to RM6.49 million from RM80.5 million a year earlier.
– The Edge Markets

Construction Firm Charged for Collapsed Bridge
For violating safety rules that led to the collapse of a link bridge at KL Eco City and a death of a worker in November 2016, the development’s main contractor has been taken to court by Malaysia’s Construction Industry Development Board (CIDB), reported The Sun Daily.
– Property Guru

Najib announces RM510mil allocation for palm oil smallholders
Prime Minister Datuk Seri Najib Tun Razak has announced an allocation of RM510mil for oil palm replanting and new crop planting for smallholders as part of celebrations commemorating 100 years of commercial oil palm planting in Malaysia
– The Star Online

RHB Pre-Tax 1Q Pre-Tax Profit Trimmed To RM658.27 Mln
RHB Bank Bhd’s pre-tax profit for the first quarter (1Q) ended March 31, 2017 was reduced at RM658.27 million from RM755.27 million recorded in the same quarter in 2016.
– Malaysian Digest

CIMB 1Q net profit up at RM1.18b, revenue tops RM4b
CIMB Group Holdings Bhd reported a 46% rise in first quarter net profit at RM1.18 billion from a year earlier on higher interest, non-interest and Islamic banking income. Profit also rose on lower bad loan allowance.
– The Edge Markets

Proposed Sri Lanka-Malaysia FTA advances into scoping stage
Discussions on the proposed Sri Lanka-Malaysia free trade agreement have advanced into the scoping stage, where both parties conduct feasibilities on the benefits and costs of entering into intimate trade relations, the Malaysian High Commissioner in Colombo, Zaidi Wan Abdullah, told reporters, this week.
– MirrorBusiness

WHAT NAJIB DOESN’T TELL YOU: EXPOSED! WEAKNESSES IN MALAYSIA’S ECONOMY
The first quarter GDP expanded by a robust rate of 5.6%, the fastest in two years. But, what is more important is whether such impressive growth could be sustained in the second and third quarters and further into the future.
– Malaysia Chronicle

Individual Income Tax in Malaysia for Expatriates
Malaysia uses both progressive and flat rates for personal income tax, depending on an individual’s duration and type of work in the country.
– Asia Briefing

Study: Government data exists, but Putrajaya mostly keeps it locked away
Malaysia fell two spots to 53 out of 115 countries in the Open Data Barometer (ODB) that ranks governments based on public access to taxpayer-funded data.
– MALAY MAIL ONLINE

Terengganu to seal restaurants during fasting hours
Only Ramadan bazaar operators would be allowed to start preparing from 2.30pm to set up their stalls, and begin operations at 3pm.
– FMT

Shafie: Nazri gave thumbs up when I asked about 1MDB in Cabinet
Former minister Shafie Apdal claims Umno leader Nazri Aziz had once discreetly given him the thumbs up for raising questions on 1MDB at Cabinet meetings.
– FMT

 

Feature photo Phalinn Ooi
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John Le Fevre

Thailand editor at AEC News Today

John is an Australian national with more than 40 years experience as a journalist, photographer, videographer, and copy editor.

He has spent extensive periods of time working in Africa and throughout Southeast Asia, with stints in the Middle East, the USA, and England.

He has covered major world events including Operation Desert Shield/ Storm, the 1991 pillage in Zaire, the 1994 Rwanda genocide, the 1999 East Timor independence unrest, the 2004 Asian tsunami, and the 2009, 2010, and 2014 Bangkok political protests.

In 1995 he was a Walkley Award finalist, the highest awards in Australian journalism, for his coverage of the 1995 Zaire (now Democratic Republic of Congo) Ebola outbreak.

Prior to AEC News Today he was the deputy editor and Thailand and Greater Mekong Sub-region editor for The Establishment Post, predecessor of Asean Today.

In the mid-80s and early 90s he owned JLF Promotions, the largest above and below the line marketing and PR firm servicing the high-technology industry in Australia. It was sold in 1995.

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