Malaysia Morning News For August 29

Malaysia says will form committee to study Forest City project
Malaysia said on Tuesday (Aug 28) a committee would review the US$100 billion Forest City real estate project, a day after Prime Minister Mahathir Mohamad said foreigners would not be granted visas to live there.
— Channel NewsAsia

Singapore not in talks with Malaysia on water prices, says report
Singapore is not having any renegotiations with Malaysia on water prices, says news portal Today.
— The Star Online

Malaysia ‘welcomes all tourists including from China’: Malaysia PMO
Malaysia welcomes “all tourists” including those from China, but purchase of property does not guarantee automatic residence in the country, the Prime Minister’s Office (PMO) said in a statement on Tuesday (Aug 28).
— Channel NewsAsia

Malaysia’s PM-designate Anwar backs review of Malay privileges
Malaysia’s prime minister-designate Anwar Ibrahim on Tuesday outlined plans for institutional reforms including the review of affirmative action for ethnic Malays known as Bumiputra, while giving Prime Minister Mahathir Mohamad leeway in running the government.
— Nikkei Asian Review (paywall)

Malaysia arrests former spy chief in probe over misappropriation of election funds
Malaysia’s anti-graft agency on Tuesday (Aug 28) arrested former spy chief Datuk Hasanah Abdul Hamid to help in a probe over a case involving the misappropriation of election funds.
— The Straits Times

Malaysia’s economy to expand 5.2pc in Q1 2019, says economist
Malaysia’s gross domestic product (GDP) growth is likely to shift upwards to 5.2 per cent in the first quarter of 2019 (Q1 2019), once the new government’s policies and direction become clearer by year-end, says an economist.
— Malay Mail

Malaysia’s palm oil production to drop in 2018 on lower yields
Malaysia’s palm oil output is expected to drop to 19.8 million tonnes in 2018 as compared to 19.92 million tonnes recorded in 2017 due to lower yields, said Oil World executive director Thomas Mielke.
— New Straits Times

GLC reform – start with transparent political financing, govt urged
The government should kick off its agenda to reform government-linked companies (GLCs) by enacting laws that promote transparency in the financing of political parties.
— The Sun Daily

Shell Malaysia marks 25 years of success in Bintulu
This year marks a historical milestone for Shell’s Gas-To-Liquids (GTL) plant – known as the Shell Middle Distillate Synthesis Malaysia (Shell MDS Malaysia) in Bintulu for its 25th anniversary celebration.
— The Borneo Post

Heineken Malaysia to increase prices
Heineken Malaysia Bhd, which saw lower earnings for the six months ended June 30 from a year ago, has confirmed that a price increase to its products will take effect on Sept 17 in line with the implementation of the sales and service tax (SST).
— The Sun Daily

EPF warns of false RM6,000 incentive, fake website
The Employees Provident Fund (EPF) has warned the public to beware of a viral message about a RM6,000 incentive and which links to a fake EPF website.
— The Star Online

Indonesia’s biodiesel mandate can help Malaysia cut palm stockpile: Analyst
Indonesia’s plans for more widespread use of biodiesel could reduce its exports and global palm oil supplies, leaving Malaysia to fill in the gap in the export market, said industry analyst James Fry today.
— The Sun Daily

FGV forensic probe into RM100m bad debts, RM170m losses from worker shortage
FGV Holdings Bhd has sought legal advice on the possible recourse on the RM100mil bad debts, direct awards of procurement contracts and also the critical workers shortage which resulted in RM170mil losses.
— The Star Online

Paradise Found: W Hotels Debuts In Malaysia With The Opening Of W Kuala Lumpur
W Hotels Worldwide, part of Marriott International, Inc., today announced the opening of W Kuala Lumpur, marking the iconic brand’s first-ever hotel in Malaysia.
— AEC News Today/ PR Newswire (media release)

FGV transformation office to unveil operational turnaround plan
FGV Holdings Bhd’s high-powered task force to turn around the loss-making plantation giant, announced on Tuesday there were serious issues at multiple levels of the organisation.
— The Star Online

DKSH to boost Nabati Food’s snack presence in Malaysia
Market expansion services provider DKSH has partnered with Nabati Food Malaysia Sdn Bhd to market its snack wafers and roll sticks in the Malaysian market.
— Food Navigator

Rohingya in Malaysia face challenges
As the Rohingya crisis reached its first anniversary, thousands of refugees who came to Malaysia from Myanmar continue to face challenges in the country they fled to.
— Channel NewsAsia (video)

HLFG’s net profit improves to RM2.89b in FY18
Hong Leong Financial Group Bhd’s (HLFG) net profit improved to RM2.89 billion in the financial year ended June 30, 2018 from RM2.32 billion in the 2017 financial year.
— New Straits Times

QL Resources aims to open 90 FamilyMart outlets by FY19
QL Resources Bhd (QL), a FamilyMart convenience store master franchisee in Malaysia, aims to open 90 outlets by the financial year ending March 31, 2019.
— The Star Online

DRB-HICOM’s Q1 results affected by lower vehicle sales
DRB-Hicom Bhd remained in the red in the first quarter ended June 30, 2018, posting a net loss of RM144.76 million compared with a RM120.55 million loss a year earlier.
— New Straits Times

Labour market: Letter issued to Malaysia seeking explanation
The Expatriates’ Welfare and Overseas Employment Minister Nurul Islam has confirmed that Bangladesh’s government has issued a letter to Malaysia, via the high commission, seeking an explanation about the that country’s opaque labour market.
— Dhaka Tribune

Hong Kong’s FWD said to buy HSBC’s stake in Malaysian insurer
Hong Kong-based insurer FWD Group has agreed to buy HSBC Holdings Plc’s stake in a Malaysian insurance joint venture as part of a plan to expand its presence in Asia, three people familiar with the matter said.
— The Sun Daily

iCar Asia’s Malaysia EBITDA to be break-even in September 2018
The earnings before interest, tax, depreciation and amortisation (EBITDA) of iCar Asia Ltd’s (iCar Asia) Malaysian business is expected to be break-even in September 2018.
— The Borneo Post

PJ building evacuated over bomb threat
The Sri Pentas building in Bandar Utama here was evacuated last night following a call about a bomb threat but police did not find any suspicious objects.
— FMT

Malaysia’s nod to RTS could bolster prospects for Woodlands; Punggol District project could lure young families
Malaysian transport minister’s assurance that the Rapid Transit System which will connect Bukit Chagar, Johor Baharu to Woodlands, Singapore will be completed by 2024 could buoy interest for properties in Woodlands.
— SBR

Hard to earn a living from professional eSports in Malaysia, says millionaire gamer
A dearth of local sponsorship is preventing eSports from becoming a viable career here, says a Malaysian competitive gamer whose team recently won over US$4mil in a tournament.
— The Star Online

Positive business sentiment from players locally
Malaysia will see improvements in business ecosystem over the next 12 months riding on the short and medium-term incoming investments to Asean region.
— New Straits Times

Feature photo Nan-Cheng Tsai

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.