Malaysia Morning News For August 31

Malaysia’s Taxman Is Back Knocking For A Share In Sales And Services
Malaysia will re-impose a tax of between five per cent and ten per cent on the sale of goods, while services will attract a six per cent levy when a new tax regime comes into effect on September 1.
— Investvine

Petronas sees profit after tax reach RM26.6 billion for 1H
Petroliam Nasional Bhd (Petronas) yesterday announced improved earnings for the first half of 2018, driven by the Group’s execution of its continuous business improvement initiatives coupled with increased commodity prices.
— The Borneo Post

Malaysia’s Maybank posts 18% rise in Q2 profit
Malayan Banking (Maybank), Malaysia’s largest lender by assets, posted an 18 per cent jump in second-quarter profit on Thursday (Aug 30) as reductions in expenses and loan provisioning boosted performance.
— Channel NewsAsia

Surge in second-quarter profit masks underlying challenges for AirAsia
AirAsia Group (AIRA.KL) reported a surge in second-quarter net profit on the back of a tax benefit, but operating profit fell sharply as fuel and maintenance costs increased.
— Reuters

New Malaysia, new opposition?
After a watershed general election in May, Malaysia’s newly elected government – with many fresh faces – is eagerly at work, buoyed along by strong public support and sky-high approval ratings. However, an unchecked democracy runs the risk of having a government that rests on its laurels – or worse – regresses in its performance.
— The Asean Post

Malaysia Airlines posts steady growth in Q2, remains cautiously optimistic
Malaysia Airlines Bhd (MAB) remains cautious about its outlook this year given with the volatility of the foreign exchange, escalating jet fuel prices and overcapacity in the domestic market.
— New Straits Times

Finance Ministry: Petron not sole supplier of fuel for govt vehicles
The Finance Ministry has clarified that Petron Fuel International Sdn Bhd (Petron) is not the sole supplier of petrol and diesel for federal government vehicles.
— The Star Online

Impressive economic evolution from agriculture, to exports, to global industry player
In its early years of independence, Malaysia was primarily known as a centre for trade, owing to its ideal location along the Straits of Melaka, a producer of commodities and natural resources like rubber and tin. These commodities formed the backbone of the country’s economy.
— The Malaysian Reserve

Malayan Banking’s 2Q net profit rises 18.1%
Malayan Banking, Southeast Asia’s fourth largest bank by assets, said Thursday net profit rose 18.1% in the second quarter from a year earlier thanks to lower provisions and higher Islamic banking income.
— Nikkei Asian Review (paywall)

Malaysia’s headline inflation expected to drop to 2.0pct this year with SST
Malaysia’s headline inflation is expected to ease to two per cent this year despite the reintroduction of the Sales and Services Tax (SST) on September 1
— New Straits Times

Malaysia’s property market buoyed by steady economic growth
THERE are clear signs of improvement in the property market, and it is expected to pick up with more enquiries and investment activities moving into the second half of 2018 and into 2019.
— Business Times

Malaysia PM Mahathir invited to speak at democracy conference by political activists
Malaysia Prime Minister Mahathir Mohamad has accepted an invitation “in principle” to speak at a conference on building democracy in Southeast Asia next year, organised by a former Singaporean citizen – activist Tan Wah Piow.
— Channel NewsAsia

Malaysia floats plan for third link to Singapore
Malaysian Prime Minister Mahathir Mohamad said on Thursday (Aug 30) that there is “some” plan to build a third link with Singapore, amid reports that Malaysia’s southern state of Johor was in talks to build a bridge that could be completed in three or four years.
— Channel NewsAsia

Formation of new Malaysia depends on govt’s capability to fulfil pledges: Guan Eng
The formation of the new Malaysia with a new hope based on the spirit of love for the country depends on the government’s capability to fulfil all the pledges contained in its manifesto, Finance Minister Lim Guan Eng said.
— New Straits Times

Malaysia to start major crackdown on illegal foreign workers on Friday
Malaysia’s Immigration officers will fan out across the nation in a major crackdown on illegal immigrants from Friday (Aug 31) – the first under the Pakatan Harapan government.
— The Straits Times

Malaysia will participate in RCEP only if it brings benefits — Dr M
Malaysia will participate in the Regional Comprehensive Economic Partnership (RCEP), only if the mega trade pact proves beneficial to the nation, Tun Dr Mahathir Mohamad said.
— The Edge Markets

Sime Darby FY18 net profit falls to RM1.92 billion
Sime Darby Bhd’s net profit for the financial year ended June 30, 2018 (FY18) fell to RM1.92 billion from RM2.44 billion recorded in the same quarter last year for its continuing operations comprising the Industrial, Motors, Logistics and Healthcare businesses.
— The Borneo Post

Media Prima sells Balai Berita Bangsar
Media Prima Bhd has entered into a deal with PNB Development Bhd to sell and leaseback New Straits Times Press (Malaysia) Bhd’s (NSTP) Balai Berita Bangsar and printing plant in Shah Alam for RM280mil.
— The Star Online

MRCB net profit improves to RM33.45m in Q2
Malaysian Resources Corp Bhd’s (MRCB) net profit rose to RM33.45 million in the second quarter ended June 30, 2018 (Q2 2018) from RM24.04 million a year ago, on the back of a stronger performance from the engineering, construction and environment division.
— New Straits Times

MyEG posts RM56.1m net profit in Q4, recommends 1.4 sen final dividend
MyEG Services Bhd posted a net profit of RM56.1 million in the fourth quarter (Q4) of its consolidated results for the financial period ended June 30 mainly attributed to concession related services and commercial services.
— The Sun Daily

Economic optimism rides Malaysia’s winds of change
AS Malaysia celebrates its 61st Merdeka Day, it also celebrates the bold transformation and resilience of its economy and the potential that lies ahead.
— Business Times

Malaysia takes India to WTO’s safeguard committee on solar duty
Malaysia has sought consultations with India under the WTO’s safeguard agreement against New Delhi’s decision to impose import duty on solar cells, the World Trade Organisation (WTO) said today.
— Economic Times

Facebook vlogger Nas Daily features ‘forbidden land’ Malaysia
Malaysia has been deemed the “forbidden land” by famous Facebook vlogger (video blogger) Nas Daily.
— The Star Online

Nearly 400,000 undocumented OFWs warned of Malaysia crackdown
The Philippine Department of Foreign Affairs (DFA) warned nearly 400,000 undocumented overseas Filipino workers (OFWs) in Malaysia to expect Malaysian authorities “to launch a nationwide immigration crackdown” beginning Friday, August 31.
— Rappler

Malaysia, Sri Lanka agree to enhance monitoring of water ways
Malaysia and Sri Lanka have agreed to strengthen collaboration in monitoring the waters between the two countries.
— New Straits Times

Malaysian Hindu temple complex gets technicolour paint job
A famed Malaysian Hindu temple complex has had its steps painted in a dazzling array of colours, sparking excitement from some visitors but angering officials who oversee heritage sites.
— South China Morning Post

Feature photo Nan-Cheng Tsai

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