Malaysia Morning News For February 6

M’sia-EU tiff to hit machinery, transport equipment deals?
Malaysia’s threat to review imports over the European Union (EU) Parliament’s palm oil bio fuels halt, could see bans on selected products and revision of contracts including commercial aircraft and military equipment.
— The Malaysian Reserve

Banks shift priorities toward digitalisation, innovation: E&Y
Some 85 per cent of banks globally cite implementation of a digital transformation programme as a business priority this year, with greater investment in technology to drive efficiency and growth, according to the EY Global Banking Outlook 2018.
— New Straits Times

Kinsteel gets five-month extension to submit regularisation plan
Financially-distressed Kinsteel Bhd said Bursa Securities has granted it an extension of time until June 30 this year to submit its regularisation plan to the relevant authorities for approval, provided that Kinsteel makes the requisite announcement by March 31.
— The Edge Markets

Sapura Energy gets contracts totalling RM905m
Sapura Energy Bhd group has secured contracts totalling RM905mil from Petronas Carigali, Hess Exploration And Production Malaysia B.V., Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and Mumbai Port Trust.
— The Star Online

Najib gets a run for his money in Malaysia
Malaysian Prime Minister Najib Razak assures Malaysia’s impending 14th general election will be free and fair but says he needs inspiration on when to dissolve parliament and allow the nation’s citizens to deliver judgment on his spotty leadership.
— UCA news

Bursa Malaysia sees promising year ahead for IPOs
Bursa Malaysia Bhd is expecting a promising year ahead for initial public offerings (IPOs), with a few big names expected to headline the list.
— The Star Online

DBE Gurney diversifies into property development; to undertake a RM24.5m joint development project
DBE Gurney Resources Bhd is diversifying into property development as it will undertake a proposed joint development with Misi Jutari Sdn Bhd for a mixed development project with an estimated gross development value (GDV) of RM24.5 million.
— New Straits Times

How Malaysia’s first rent-to-own scheme HouzKEY works
Maybank’s HouzKEY scheme offers Malaysians a way to own a home without paying down payment; they just pay monthly rental that is slightly higher than a housing loan instalment.
— Malay Mail Online

EPF and KWAP in talks with Great Eastern for latter’s minority stake sale; a deal could fetch US$1b
Employees Provident Fund (EPF) and Retirement Fund Inc (KWAP) are said to have held talks with Singapore-based insurer Great Eastern Holdings to buy a minority stake in the latter’s Malaysian insurance unit.
— New Straits Times

MACC detains deputy general manager of GLC for alleged corruption
A deputy general manager of a government-linked company (GLC) was arrested by the Malaysian Anti-Corruption Commission (MACC) to assist investigations into alleged abuse of power involving suspicious transactions worth more than RM2.4 million.
— Malay Mail Online

Malaysia equity net foreign inflow at RM3.38b in Jan 2018 — MIDF
Foreign investors’ net purchase of Malaysian shares amounted to RM3.38 billion in January 2018 compared to the RM418.8 million worth of net acquisitions a year earlier.
— The Edge Markets

Boosting competitiveness
IT is good that districts are going green by planting trees and flowering plants. Districts should also expand a similar amount of energy to develop business-friendly ecosystems — a businessman observed wistfully at a municipal council recently while pursuing an early approval to his application.
— New Straits Times

Auditor expresses disclaimer of opinion on Stone Master’s financial statements
Practice Note 17 (PN 17) company Stone Master Corp Bhd’s external auditor Messrs PKF said it was unable to determine whether there were misstatements in the opening balances of the company’s audited financial statements for the year ended Sept 30, 2017 that may materially affect the company’s financial performance, cash flows and financial position.
— The Sun Daily

Malaysia’s SC chairman says there’s ‘froth’ in cryptocurrency markets
Global financial markets have seen strong run-up and there were expectations of risk of correction, Ranjit Ajit Singh, chairman of Malaysia’s Securities Commission, says in interview with Bloomberg Television here.
— The Edge Markets

Malaysia’s top 40 richest people
LAST year was dotted by the return of higher commodity prices and better economic growth.
— The Star Online

Malaysia : CEOs as adjunct professors can help graduates meet industry needs
The presence of more chief executive officers (CEOs) as adjunct professors in local universities will help graduates meet the needs of the industry.
— The Edge Markets

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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.