Malaysia Morning News For July 13

Malaysia’s new light rail project to proceed at half the cost: Finance minister
Malaysia’s Light Rail Transit 3 (LRT 3) project will proceed at RM16.6 billion (US$4 billion), which is nearly half the earlier projected cost of RM31.6 billion, Finance Minister Lim Guan Eng announced on Thursday (Jul 12).
— Channel NewsAsia

Cyber attacks may cost Malaysia US$12.2 bil in economic losses
Experts say losses could be in the form of direct financial losses while indirect losses may be in the form of reputation loss.
— Free Malaysia Today

Singapore and Malaysia conduct joint chemical spill exercise at sea
What if a collision at sea spills 500 tonnes of benzene into the waters off Singapore?
— Channel NewsAsia

Sugar refiners say there is no monopoly in Malaysia
MSM Malaysia Holdings Bhd (MSM) and Central Sugars Refinery Sdn Bhd (CSR) has reaffirmed that there is no sugar monopoly in Malaysia amid claims by certain parties.
— New Straits Times

Gas Malaysia teams up with Tokyo Gas to invest in Asean
Gas Malaysia Bhd has teamed up with Tokyo Gas Co. Ltd to scout for new investments in natural gas in Asean except Vietnam.
— The Star Online

Foreign Ministry: Dr M reiterates call for Japan to open university in Malaysia
Tun Dr Mahathir Mohamad has reiterated his offer for Japan to open a university in Malaysia so that students have access to the Japanese education system.
— The Star Online

Malaysian employers more optimistic post-GE14
Malaysian employers are looking at increasing hiring activity and are considering increments this year after the 14th general election (GE14), said online job distribution platform Jobstore.com.
— The Sun Daily

Wood-based manufacturing sector to remain unfavourable
As we head into the second half of 2018 (2H18), analysts have projected that the wood-based manufacturing sector will remain unfavourable as the weaker ringgit alone is insufficient to mitigate the negative factors of potential minimum wage hike and high rubber log wood prices.
— The Borneo Post

Bank Negara expected to maintain policy rate at 3.25% for rest of 2018
Analysts expect Bank Negara Malaysia (BNM) to maintain the Overnight Policy Rate (OPR) at 3.25% for the rest of the year despite the dovish tone of the latest Monetary Policy Statement (MPS).
— The Sun Daily

Malaysia shares gain as banks advance, Singapore also rises
Malaysia shares climbed Thursday led by banks although lingering concerns over escalating U.S.-China trade tensions capped sharp gains. Singapore stocks also rose slightly.
— Nikkei Asian Review (paywall)

Malaysia among those to testify at US import tariff hearing
The European Union, Japan, Canada, Malaysia, Mexico, along with automotive trade groups, Volkswagen AG, and the United Auto Workers union are among those scheduled to testify at a July 19 hearing on the Trump administration’s investigation into whether imported autos and parts pose a national security threat, according to a document seen Thursday by Reuters.
— The Star Online

Malaysia’s May IPI rises 3 pct on year
Malaysia’s Industrial Production Index (IPI) increased by 3 percent in May as compared with the same month of the previous year, driven mainly by manufacturing sector.
— Xinhua

The Global Hunt for Malaysia’s Stolen Billions
International investigations of money laundering involving the state-backed 1Malaysia Development Bhd (1MDB) investment fund will probably create shock waves through the parts of the global financial order that were complicit in its looting, and there were plenty, stretching from Singapore to Switzerland and beyond.
— Asia Sentinel

Price of CPO dips below RM2,000
The price of crude palm oil (CPO) futures contract in Kuala Lumpur, the global benchmark, fell to its lowest level since September 2015 as slow export growth and rising stockpile curbed the market’s appetite for the commodity.
— The Star Online

Malaysia has a powerful message for Asia
Malaysia’s Mahathir Mohamad is having a quarrel with his younger self, and it’s a beautiful thing.
— Livemint

Grab Malaysia seeks dialogue with Transport Ministry on new regulations
Grab Malaysia hopes that the Ministry of Transportation will relook into details of the new regulations on e-hailing drivers to be regulated under the same licensing conditions similar to taxis effective today.
— The Borneo Post

BIMB Investment targets RM100m for Shariah equity fund
BIMB Investment Management Bhd (BIMB Investment) is targeting RM100 million in subscription for its newly launched Shariah equity fund, the BIMB-Arabesque ValueCAP Malaysia Shariah-ESG Equity Fund, within a year from its launch.
— New Straits Times

So, Who Paid For S E Asia’s Top Cops To Attend Fuzi’s Daughter’s Wedding?
In the light of paperwork viewed by Sarawak Report it behoves Malaysia’s Inspector General of Police (IGP) to make a clear statement as to just who agreed to pay for the attendance of a swathe of Asia’s top cops invited to his daughter’s wedding on July 1st?
— Sarawak Report

TM’s unifi 30Mbps with data capped for households with incomes below RM4,500
Telekom Malaysia Bhd is unveiling its new unifi basic broadband with speeds of 30Mbps will be limited exclusively for households with income of RM4,500 and below.
— The Star Online

Proton resumes cars export to the Middle East, via Jordan
Proton Holdings Bhd announced that it resumed exporting cars to the Middle East, marking its first entry since formalising its partnership with China-based automaker, Zhejiang Geely Holding Group.
— New Straits Times

Pansar joins the JCB family as the official dealership for East Malaysia
Pansar Bhd (Pansar) has been appointed as the official dealership for heavy machinery manufacturer JC Bamford Excavators Ltd (JCB) in East Malaysia.
— The Borneo Post

Lafarge Malaysia’s RM270m cement contract for ECRL suspended
Lafarge Malaysia Bhd’s RM270 million contract for the supply of cement for the East Coast Rail Link (ECRL) has been suspended following the suspension of the project.
— The Sun Daily

RHB AM eyes RM100 million subscription of bond fund
RHB Asset Management Sdn Bhd (RHB AM), a wholly-owned subsidiary of RHB Investment Bank Bhd, expects to achieve approximately RM100 million subscription of its Asia High Income Bond Fund.
— The Borneo Post

TM launches cheaper broadband plans, says more to come
Telekom Malaysia Bhd (TM) unveiled new broadband plans Thursday and pledged that it will continue to come up with more packages in line with the government’s aspiration for cheaper services by year-end.
— The Sun Daily

WCT Bhd clinches TRX Lifestyle Quarter contract
Lendlease Projects (M) Sdn Bhd, the developer behind TRX Lifestyle Quarter, has awarded the final construction phase of the retail component WCT Bhd (WCTB).
— New Straits Times

UOB Malaysia new centre to meet growing affluence
United Overseas Bank (Malaysia) Bhd’s (UOB Malaysia) dedicated Wealth and Privilege Banking Centre at the new Kuching branch located at iCom Square is set to meet the needs of Sarawak’s growing affluence.
— The Borneo Post

Feature photo Andrew H

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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.