Malaysia Morning News For August 10

Malaysia LNG exports hit 4-year low on pipeline issues — Sources
Malaysia’s exports of liquefied natural gas (LNG) fell to a four-year low in July as domestic gas pipeline issues plaguing the country since January took their toll, according to industry sources and Thomson Reuters data.
— The Borneo Post

No conflict of interest in hiring of lawyer, says Malaysia’s A-G
Malaysia’s Attorney-General Tommy Thomas has defended the appointment of a consultant to his former law firm to head the team of lawyers representing 1Malaysia Development Berhad (1MDB) and the government in the claim over superyacht Equanimity.
— The Straits Times

Malaysia Repeals Consumption Tax, Reinstates Old Tax Regime
Malaysia repealed a much-maligned consumption tax on Wednesday (08/08), as Southeast Asia’s third-largest economy struggles with a burgeoning debt that its new government has blamed on the previous administration.
— Jakarta Globe

Malaysia: Tapping into China’s big demand for our durians and pineapples
Sarawak is inviting investors from mainland China to venture into large-scale planting of pineapple and durian, which are in great demand in their country.
— Fresh Plaza

Supermax ED Cheryl Tan, sister fined RM7mil and sentenced to jail for insider trading
Supermax Corp Bhd said group executive director Datin Seri Cheryl Tan Bee Geok has vacated her office after she was fined RM7mil and sentenced to a five-year jail term for insider trading offences.
— The Star Online

Malaysia gov’t slammed over removal of LGBT portraits
The Malaysian government came under fire Thursday for ordering the removal of two LGBT activists’ portraits from an exhibition, with campaigners labelling it an attack on the “dignity” of the gay community.
— New Straits Times

Looking to Malaysia, Singapore’s opposition comes together
The May 9 election triumph of Malaysia’s Pakatan Harapan opposition coalition, marking the country’s first-ever transition of power since achieving independence in 1957, was perhaps most closely watched in neighboring Singapore, where the People’s Action Party (PAP) has ruled uninterrupted since 1959.
— Asia Times

Malaysian defence assets worst in Southeast Asia, says Mat Sabu
Malaysia’s land, naval and air defence assets are ranked the lowest among all Southeast Asian countries, says Defence Minister Mohamad Sabu.
— New Straits Times

Malaysia-Thailand trade up 17pc in first half of 2018
Trade volume between Malaysia and Thailand grew 17 per cent in the first half of this year compared with the same period in 2017, mostly through border trade activities, said a Thai official.
— MalayMail

MIEA anticipates ‘confidence-gaining’ property market
Malaysian Institute of Estate Agents (MIEA) president Eric Lim Chin Heng believes the Malaysian property market is set to gradually improve in the years ahead through to 2020.
— The Borneo Post

Malaysian palm oil price snaps winning streak on CBOT soyoil fall
Malaysian palm oil futures ended down on Thursday, snapping a four-session winning streak, on losses overnight in soyoil on the Chicago Board of Trade (CBOT) and as traders turned cautious ahead of a slew of data releases.
— The Star Online

Regulators should be more pro-investment — Huazong Deputy Sec-Gen
Bursa Malaysia Securities Bhd and the Securities Commission should take a more pro-investment approach for the development of the local capital market, said the Federation of Chinese Associations Malaysia (Huazong) Deputy Secretary-General, Prof Datuk Chin Yew Sin.
— The Edge Markets

Splash accepts Air Selangor’s RM2.55b offer for water assets
Gamuda Bhd’s 40%-owned associate company Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) has decided to accept the RM2.55 billion offer for its water assets from Pengurusan Air Selangor Sdn Bhd’s (Air Selangor).
— The Sun Daily

Make all tax exemptions clear cut
Tax firm Lee Hishammuddin Allen & Gledhill (LHAG) has urged the government to take away the power of according tax exemptions from the finance minister and place it with Parliament to avoid abuse and abolish the Special Commissioners of Income Tax (SCIT).
— The Sun Daily

Port Klang to keep growing
Port Klang’s overall volume is expected to rise between 3% and 4% this year, after a difficult 2017 following the shipping industry’s realignment and the formation of a new alliance that saw carriers moving their cargoes to Singapore ports.
— Hellenic Shippping News

Is time running out for long term expats in Malaysia
What turns a relocating expat professional in Malaysia into a permanent resident?
— Emigrate

NWP affordable housing projects scrapped
NWP Holdings Bhd’s affordable housing projects are now shelved as it has terminated the turnkey construction heads of agreement (TCA) between wholly-owned subsidiary NWP Builder Sdn Bhd and M2B World (M) Sdn Bhd.
— The Sun Daily

Astro receives RM380 million term loan from Sumitomo Mitsui Banking Corp Malaysia
Astro Malaysia Holdings Bhd’s subsidiary Measat Broadcast Network Systems Sdn Bhd (MBNS) has accepted a RM380 million term loan from Sumitomo Mitsui Banking Corp Malaysia Bhd.
— New Straits Times

PropertyGuru launches mortgage check solution
Online property portal PropertyGuru today launched a Mortgage Pre-Qualifier that provides house buyers with a “qualified mortgage check”, which gives an estimate on how much a bank is willing to approve.
— The Sun Daily

Mahathir woos Japanese university to set up Malaysia campus
The governments of Malaysia and Japan are in talks on setting up a Japanese university campus in Malaysia as part of Prime Minister Mahathir Mohamad’s long-standing Look East vision, according to sources close to the matter.
— Nikkei Asian Review

Datasonic enters into EAA with Dynamic Structures to jointly develop business activities for security related ICT
Datasonic Group Bhd has entered into an exclusive agency agreement (EAA) with Dynamic Structures WLL (DSWLL) in Bahrain to jointly develop and coordinate business activities of secure identification, personalisation solution, integrated security and surveillance system.
— New Straits Times

Lalamove launched in Malaysia
Global on-demand logistics service provider Lalamove, which covers same-day deliveries in the Kuala Lumpur vicinity, plans to launch in Johor and Penang in about six to 12 months.
— The Sun Daily

Boost e-wallet app wants 2,000 merchants in Sabah
The electronic wallet application, Boost, is aiming to have 2,000 merchants in Sabah.
— New Straits Times

KJ lodges police report on GST claims issues
Rembau MP Khairy Jamaluddin yesterday lodged a police report in connection with the claim by Finance Minister Lim Guan Eng that RM18 billion meant for GST refund were ‘robbed’ by the Barisan Nasional (BN) government.
— The Borneo Post

Samsung Galaxy Note 9 Malaysian pricing is out, starts from RM3699
While the launch of the Samsung Galaxy Note 9 was underway, the pre-order page for the phone in Malaysia went live, and it listed down the price for both the variants of the phone as well as the free gifts that comes with it.
— Klgadgetguy

DFIS need to ensure long term financial sustainability: BNM
Development financial institutions (DFIs) need to diversify sources of funding to be sustainable in the long run and not be dependent on fiscal support to deliver their mandates, said Bank Negara Malaysia (BNM) Governor, Datuk Nor Shamsiah Yunus.
— New Straits Times

Feature photo Conny Sandland

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