Malaysia Morning News For August 21

China, Malaysia sign MOU on bilateral currency swap agreement
China and Malaysia signed a memorandum of understanding on a bilateral currency swap agreement on Monday (Aug 20), as part of Malaysian Prime Minister Mahathir Mohamad’s visit to China.
— Channel NewsAsia

Radioactive material reported missing in Malaysia
Malaysian authorities are hunting for an industrial device containing radioactive material that is reported to have gone missing from a pickup truck on Aug 10, police and media said on Monday (Aug 20).
— Channel NewsAsia

Malaysia signs export protocol for whole fruit durian export to China
Malaysia has succeeded in sealing an export protocol with China for frozen whole fruit durians.
— Malay Mail

Crude oil could hit US$100 a barrel by year-end
Crude oil price could potentially reach US$100 per barrel by year-end or early 2019 due to a significant reduction in Iranian output and lower spare capacity due to geopolitical risks, said global information provider IHS Markit today.
— The Star Online

‘We Cannot Afford This’: Malaysia Pushes Back on China’s Big Projects
In the world’s most vital maritime chokepoint, through which much of Asian trade passes, a Chinese power company is investing in a deepwater port large enough to host an aircraft carrier.
— The New York Times

Malaysia will not go bankrupt without GST — Lim
The abolition of the Goods and Services Tax (GST) by the new Government did not cause the country to go bankrupt but it has in fact been able to survive so far, said Finance Minister Lim Guan Eng.
— The Edge Markets

Malaysia’s Mahathir Mohamad warns against ‘new colonialism’ during China visit
Mr Mahathir said after meeting Chinese Premier Li Keqiang in Beijing he did not believe in confrontation with any country and stressed the benefits Malaysia stood to gain from increased exposure to Chinese trade, technology and entrepreneurship.
— ABC News

Asia’s Petrochemicals Industry Players Gear Up for Further Growth Through Collaboration
Over 1,800 event delegates converged at the Kuala Lumpur Convention Centre today for the 39th Asia Petrochemical Industry Conference (APIC) 2018, as it makes a return to Kuala Lumpur after six years.
— AEC News Today/ PR Newswire (media release)

Malaysia makes record US$12mil rhino horn seizure
Malaysia has made a record seizure of 50 rhino horns worth an estimated US$12mil at the Kuala Lumpur airport as they were being flown to Vietnam, authorities said Monday.
— The Star Online

China’s MoF, Securities Commission Malaysia sign MoU on regulatory cooperation
The Securities Commission Malaysia (SC) and China’s Ministry of Finance (MOF China) today signed a memorandum of understanding (MoU) for cross-border regulatory cooperation on accounting and audit matters under their respective oversight.
— New Straits Times

Gov’t studying prices of basic necessities
The government is studying the underlying cause of rising prices of basic necessities in the country.
— The Star Online

MoF says no need for Supplementary Bill this year
There is no need for the government additional budget at this time as the country’s fiscal deficit is under control, said Deputy Finance Minister Datuk Ir Amiruddin Hamzah.
— New Straits Times

AirAsia perks for entrepreneurs’ development association members
AirAsia has inked a memorandum of understanding (MoU) with Malaysia Entrepreneurs’ Development Association (PUMM) to provide members of the association with more travel flexibility through AirAsia MyCorporate services.
— The Sun Daily

KLCI continues its winning streak
Bursa Malaysia ended the day on a positive note, backed by gains in selected heavyweights as investors looked forward to the trade talks between the US and China.
— The Star Online

Daim: CEP’s mandate is over, will discuss with PM on future role
The Council of Eminent Persons (CEP) has completed its 100-day mandate and a report containing its recommendations will be submitted to Prime Minister Tun Dr Mahathir Mohamad upon his return from China.
— The Star Online

PetChem monitors impact of US-China trade war
Petronas Chemicals Group Bhd is currently monitoring the impact of the escalating trade war between the United States and China on the petrochemical industry.
— The Borneo Post

Gadang Holdings bags RM86.08m TRX job
Gadang Holdings Bhd has bagged an RM86.09 million project from TRX City Sdn Bhd for the construction and completion of public realm works (Phase 1) at the Tun Razak Exchange.
— New Straits Times

Malaysia’s Deputy Prime Minister to gay people: Hide yourselves
Malaysia’s Deputy Prime Minister has said that LGBT+ people shouldn’t be visibly out.
— Pinks News

CIMB introduces benefits for staff with special needs children
CIMB Group Holdings Bhd today introduced fresh policies for staff with special needs children by providing financial assistance and flexible work arrangements to help them focus on their children and career.
— The Star Online

Utusan is now a PN17 company
Umno-linked media company Utusan Melayu (M) Bhd has been classified as a Practice Note 17 (PN17) company, denoting its financials were inadequate as a listed entity.
— The Star Online

PetDag’s Q2 net profit rises to RM314m, revenue at RM7.28b
Petronas Dagangan Bhd’s (PetDag) net profit increased 27.8 per cent to RM314.42 millionin the second quarter (Q2) ended June 30, 2018 from RM246.04 million a year ago.
— New Straits Times

Talks on with M’sia over arrest of Thai police
THAILAND and Malaysia offered differing accounts of an incident off Satun province on Sunday, in which four Thais, including three police senior sergeant-majors, were arrested and accused of robbing Malaysian fishing boats.
— The Nation

KFC, Pizza Hut to grow delivery through partnership with foodpanda
QSR Brands (M) Holdings Bhd (QSR Brands), the region’s largest quick service restaurant operator, with over 1,080 KFC and Pizza Hut restaurants in Malaysia, yesterday announced its partnership with foodpanda, the country’s leading on-demand delivery service provider.
— The Borneo Post

Moody’s affirms Petronas A1 ratings with stable outlook
Moody’s Investors Service has affirmed the A1 domestic issuer and foreign currency senior unsecured ratings of Petronas.
— The Star Online

EY to spend US$1 bln upgrading technology, innovation drive
EY has announced plans to invest US$1 billion in new technology solutions, client services, innovation and the EY ecosystem over the next two financial years, commencing from July onwards.
— The Borneo Post

AES concession firms made RM129 mil over 6 years
Transport Minister Anthony Loke Siew Fook estimates the two concession companies may have invested RM10 million for the cameras but their profit has far exceeded that amount.
— FMT

27 bodies arrive back in New Zealand from Malaysia
A three-month-old baby is among the 27 bodies that arrived back in New Zealand on Tuesday morning.
— Newshub

Vaio notebook series now available in Malaysia
The iconic sleek-looking notebook series is now officially available in Malaysia, kicking off with the launch of new Vaio S11 and S13 VAIO notebooks for business professionals who value performance, portability and style.
— New Straits Times

Feature photo David McAughtry

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.