Malaysia Morning News For August 20

Dr. M Talks Tech With Alibaba’s Ma
Malaysian Prime Minister Mahathir Mohamad, also known as Dr. M, met with the founder of China’s largest e-commerce enterprise Alibaba Group, Jack Ma, at the company’s headquarters in east China’s Hangzhou City on August 18.
— Investvine

Durians could become major commodity export for Malaysia, says Dr M
Durians could potentially become a major commodity export for Malaysia if developed systematically and on a large scale like rubber and oil palm.
— New Straits Times

Malaysian firms urged to partner China
Malaysian Prime Minister Mahathir Mohamad might have raised eyebrows with his criticism of Chinese mega projects in his country and created uncertainty over bilateral ties with China, but relations look set to improve as the premier seeks to deepen economic links between both countries.
— The Straits Times (annoying popups)

China firms propose RM41bil for Malaysia’s third national car project
TWO companies from China have proposed to invest US$10bil (RM41bil) in Malaysia’s third national car project and build a regional automobile hub to cater for the region in southern Perak, according to official sources.
— The Star Online

US denies role in Equanimity transfer to Malaysia
The United States (US) Justice Department reiterated it wasn’t involved in turning over Low Taek Jho’s US$250 million super yacht to Malaysia from Indonesia as the fugitive financier vowed not to submit to any jurisdiction where his guilt had been predetermined.
— The Asean Post

1MDB was fined RM15m by Bank Negara
Bank Negara Malaysia (BNM), which was previously prohibited from disclosing the amount of fine imposed by the central bank on 1Malaysia Development Bhd (1MDB) for non-disclosure of information, has revealed that the fine amounted to RM15 million.
— The Sun Daily

Government will use soft approach to implement SST
Finance Minister Lim Guan Eng said the government will use a ‘soft-approach’ with traders and businesses in implementing the Sales and Services Tax (SST).
— New Straits Times

Bank Negara changes forex administration policies
Bank Negara Malaysia (BNM) has changed some of its foreign exchange administration (FEA) policies with an aim of facilitating operational efficiencies and risk management for businesses and financial institutions.
— The Sun Daily

2Q GDP at 4.5%, below consensus estimates
Economic growth for Malaysia in the second quarter of this year came in at 4.5%, which was below the consensus estimates of more than 5%.
— The Star Online

Water deal with Malaysia ‘sacrosanct’, says Singapore PM
WHILE Singapore appreciates the new Malaysia government’s reasons to review and change various policies of the previous administration, Prime Minister Lee Hsien Loong made it clear yesterday that both countries have to adhere to agreed terms in the water deal and the Kuala Lumpur-Singapore high-speed rail (HSR) project.
— The Malaysian Insight

Singapore hopes to work with Malaysian government to take bilateral relations forward
Singapore hopes to work with Malaysia’s new administration to take bilateral relations forward, says Prime Minister Lee Hsien Loong.
— The Edge Markets

Govt welcomes cooperation in wildlife conservation
The government welcomes any form of cooperation and contribution from all quarters in implementing various wildlife conservation initiatives.
— Malay Mail

Solutions, not excuses, needed to tackle haze
Can I say this: we expect PH government to be more honest, less susceptible to vested interests, more determined to solve protracted problems and more willing to hear suggestions and feedback from the people?
— FMT

Malaysia suffers earliest ever exit in Asian Games
The absence of the ill Lee Chong Wei was felt as Malaysia exited the first round of the men’s team event for the first time in the history of the Asian Games at the Istora Senayan on Sunday.
— New Straits Times

Britain to work with Indonesia and Malaysia to probe alleged looting of sunken WWII ships
Britain says it will work with Indonesia and Malaysia to investigate reports that the wrecks of ships sunk during World War II have been plundered by pirates.
— Japan Times

Pesona Metro secures RM218m construction contract
Pesona Metro Holdings Bhd has secured a RM218.22 million project from Pembinaan Kery Sdn Bhd, a wholly-owned subsidiary of Melati Ehsan Holdings Bhd, to build a 41-storey office tower in Jalan Conlay.
— New Straits Times

Economists: Malaysia economy slowing down
BANK Negara has lowered Malaysia’s economic growth forecast for 2018 to 5% from its earlier estimate of 5.5%-6%. For those in the loop, the move is largely unsurprising.
— The Star Online

MIDF Research revises GDP forecast on current dev’t
Malaysia’s economy has been predicted by the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) to expand by 5.2 per cent this year, based on the current developments and indicators.
— The Borneo Post

UDA to develop RM1.2b Desaru Park City project
UDA Holdings Bhd plans to launch a mixed development project, Desaru Park City in Bandar Penawar, Kota Tinggi, with a gross development value of RM1.2 billion by year-end or the first quarter of next year.
— New Straits Times

Malaysia’s Proton in joint venture with Geely to assemble and sell cars in China
Proton Holdings and Zhejiang Geely Holding Group today signed a Heads of Agreement to set up a joint venture (JV) that will pave the way for Malaysian automaker Proton to assemble and market its cars in China.
— The Straits Times

Analysts positive on Press Metal’s long-term prospects
Press Metal Aluminium Holdings Bhd’s (Press Metal) long-term earnings prospects have been viewed positively by analysts despite the near-term uncertainties stemming from trade sanctions and plant closures.
— The Borneo Post

Media Prima is Southeast Asia’s Media Company of the Year
Media Prima Television Networks (MPTN), a division of the Media Prima Bhd group, walked away with the coveted Media Company of the Year and Media Brand of the Year awards at the Spark Awards for Media Excellence 2018in Singapore recently.
— New Straits Times

RAM Ratings: Bond market charts positive foreign inflow
Foreign investors returned onshore in July amid an increased appetite for emerging market (EM) assets, breaking their three-month outflow streak, says RAM Ratings.
— The Borneo Post

Creador commits RM1bil in Malaysia
SAVVY investor Brahmal Vasudevan makes his move yet again. His private equity (PE) firm Creador Sdn Bhd recently closed its fourth fund at over US$500mil (RM2bil), making it one of the largest capital raised for a Malaysian-based PE firm.
— The Star Online

OPPO F9 makes its debut in Malaysia
OPPO launched the latest product F9 in Malaysia, making it the sixth generation of OPPO F series, equipped features such as fast charging, dual rear cameras, and gradient appearance.
— The Borneo Post

Feature photo David McAughtry

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