Malaysia Morning News For February 23

Misif: US wrong to impose import tariffs on Malaysian steel
The Malaysian Iron and Steel Industry Federation (Misif) which deems the US’s inclusion of Malaysia among the steel-exporting countries to face potential tariffs as “wrong,” will bring its grouses to the Ministry of International Trade and Industry and the US Embassy.
— The Sun Daily

AliBaba Cloud aims to further enhance local digital economy
Alibaba Cloud Malaysia Sdn Bhd (ACM) has expressed the company’s ‘passion and commitment’ to Malaysia’s nation-building efforts and has aligning itself to contribute specifically to the country’s digital economy.
— New Straits Times

PM says Malaysia not going bankrupt
Datuk Seri Najib Tun Razak has reiterated that Malaysia would not go bankrupt as it managed to reduce its debt to 50.4 per cent against the self-imposed ceiling of 55 per cent, garnered higher foreign reserves, while works on infrastructure projects are in full swing.
— The Star Online

Manufacturing industry to expand in the first half of 2018
The manufacturing industry is projected to record a positive growth in the first half of this year, according to a survey by the Federation of Malaysian Manufacturers (FMM).
— New Straits Times

Gas Malaysia plans RM180m Perak pipeline
Gas Malaysia Bhd will build a RM180 million gas infrastructure in Kinta Valley, Perak under a pipeline development agreement (PDA) with the Perak state government.
— The Sun Daily

Malaysia’s Sime Darby expresses interest in buying Indian firm Ruchi Soya
Malaysia’s Sime Darby Plantation, the world’s largest oil palm planter by land holdings, said it has submitted an expression of interest for leading Indian edible oil importer Ruchi Soya.
— DealStreetAsia

Malaysia’s Axiata logs record revenue in 2017
Axiata Group, Malaysia’s largest mobile telecommunications operator by revenue, said Thursday its 2017 earnings exceeded projections due to higher data subscriptions and foreign exchange gains.
— Nikkei Asian Review

Malaysia: Hap Seng eyes majority stake in palm oil firm Kretam for $300m
Malaysian investment holding firm Hap Seng Plantations Holdings Bhd (HSPB) has proposed to acquire a 55 per cent stake in palm oil company Kretam Holdings Bhd for MYR1.18 billion ($300 million).
— DealStreetAsia

Malaysia’s Public Bank reports 5% profit boost in 2017
Net profit at Public Bank grew 5% year on year in 2017, thanks to higher net interest income and fee income, Malaysia’s No. 3 lender by assets said Thursday.
— Nikkei Asian Review

Fajarbaru Builder triples net profit on timber segment contribution
Fajarbaru Builder Group Bhd’s second quarter net profit more than tripled to RM6.89 million from RM2.18 million a year ago on higher contribution from its timber segment.
— New Straits Times

Sabah’s high cost of living due to stagnant salaries
THE absence of a structured salary scale in Sabah’s private sector is the cause for dissatisfaction of many Sabahans in coping daily expenses and taxes, Sabah deputy chief minister Raymond Tan said.
— The Malaysian Insight

Media Prima sees second consecutive year of loss in FY17
Media Prima Bhd saw its second consecutive year in the red as the group reported a wider net loss of RM650.61 million for the year ended Dec 31, 2017 (FY17), a significant increase from RM59.2 million in FY16, amid impairments and other exceptional items totalling RM497.4 million.
— The Edge Markets

Solve corruption scandals to restore Malaysia’s image, watchdogs tell Putrajaya
MALAYSIA must resolve its corruption scandals and empower the Malaysian Anti-Corruption Commission (MACC) to restore its integrity and international image, said anti-graft watchdogs in response to the country’s slide in ranking in a global graft index.
— The Malaysian Insight

Kian Joo benefits from tax incentives
Kian Joo Can Factory Bhd fourth quarter ended Dec 31, 2017 net profit was up 77.6% on tax incentives enjoyed by certain subsidiaries and lower tax rate in Vietnam.
— The Sun Daily

BNM international reserves at US$103.6bil
Bank Negara Malaysia’s international reserves dipped US100mil to US$103.6bil (RM406.1bil) as at Jan 15, 2018 from US$103.7bil on Jan 30, 2017.
— The Star Online

New plant to spur Kossan’s 2018 growth
Glovemaker Kossan Rubber Industries Bhd which is already operating at full capacity, expects newly completed factory in Jalan Meru to underpin the group’s growth this year.
— New Straits Times

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