Malaysia morning news for July 19

Malaysia morning news for July 19

Malaysia morning newsMalaysia’s anti-graft agency seizes documents related to East Coast Railway Link, 2 pipeline projects
The Malaysian Anti-Corruption Commission (MACC) has seized various documents related to three mega projects – the Multi Product Pipeline (MPP), Trans-Sabah Gas Pipeline (TGSP) and the East Coast Rail Line (ECRL).
— The Straits Times

Higher electricity charges could be passed to consumers, retailers say
The additional electricity charges for businesses from this month onwards will increase costs which companies may be forced to pass on to consumers, retailers have said.
— Malay Mail

SST to apply only on selected products and services
The outcome of the sales and services tax (SST) has been projected by analysts to be mixed, with different products and services to be affected differently.
— The Borneo Post

Malaysia appoints Singapore law firm to claim 1MDB monies
The Malaysian government has appointed a Singapore law firm as its solicitors to institute legal action against 53 individuals and companies to claim monies belonging to state fund 1Malaysia Development Berhad (1MDB).
— Channel NewsAsia

Jho Low And The China Issue
They seek him here and they seek him there, but best bets are back on China. Indeed, earlier today, a Hong Kong radio station reported that Jho Low had most recently fled back from Hong Kong into China, where it claimed he has now been detained pending Dr Mahathir’s visit next month.
— Sarawak Report

Greater retail fuel inflation to offset savings from zero-rated GST in June
RAM Ratings expects Malaysia’s headline inflation rate to inch up to 1.9 per cent in June, despite the zero-rating of GST the same month.
— The Borneo Post

Tek Seng feels the heat in solar power business
Penang-based Tek Seng Holdings Bhd is planning to suspend its photovoltaic solar business in the wake of intense market competition.
— The Sun Daily

Essential to resolve ongoing scuffle between Petronas and Sarawak – Analysts
It is crucial to resolve the ongoing issues between the Sarawak government and Petroliam Nasional Bhd (Petronas) as any prolonged contention would lead to delay in business operations including the award of production sharing contracts (PSCs) and approval of related contracts.
— The Borneo Post

Malaysia-Singapore GDP gap narrows
Malaysia is edging closer to regaining its economic lead over Singapore after trailing for a third straight year.
— New Straits Times

Former Malaysian PM Najib questions economic impact of cancelling high-speed rail project
Former Malaysian prime minister Najib Razak questioned the country’s economic affairs minster Azmin Ali on Wednesday (Jul 18) about the economic impact of cancelling the Kuala Lumpur-Singapore high-speed rail (HSR) project.
— Channel NewsAsia

Ikea Malaysia extends return policy to 365 days
IKEA Malaysia is extending its return policy from the current 100 days to 365 days to provide their customers more time to exchange or return their products after purchase.
— New Straits Times

Revamping Malaysian hospitality on Malaysia Airlines
Malaysian hospitality has long been the heart of Malaysia Airlines’ operations. Constantly striving to cater to their customers’ every need, MAS has recently improved some of their services.
— Star2

MNRB plans rights issue to raise RM400m
MNRB Holdings Bhd proposes to undertake a renounceable rights issue exercise to raise about RM400 million.
— The Sun Daily

Water war of words
Whenever Malaysia wishes to get under Singapore’s skin, it seems, all it has to do is talk about their bilateral water agreement.
— The Asean Post

MITI forms task force to monitor US-China trade war
The International Trade and Industry Ministry (MITI) has set up a task force in July to monitor and assess the developments of the United States-China trade conflict.
— New Straits Times

KLCI stretches gains to eight days, CIMB, Axiata advance
Blue chips extended their rally for the eighth day on Wednesday, powered by CIMB, Axiata and Telekom Malaysia, aided by net foreign buying – believed to be the first since June 29 during the window-dressing activities for the second quarter.
— The Star Online

Tax Holiday Helps Curb Malaysia Inflation
Thanks to a tax holiday, inflation in Malaysia slowed to the weakest pace since 2015 in June with consumer prices rising 0.8 percent from a year earlier.
— Bloomberg

Cradle contributed RM3.4b to GDP for 8 years from 2008
Cradle Fund Sdn Bhd (Cradle)’s Cradle Investment Programme (CIP) has contributed RM3.4 billion to Malaysia’s GDP, created 80,600 full-time jobs and attracted RM1.3 billion in private and foreign funds over eight years from 2008.
— New Straits Times

Ringgit drops to new 2018 lows as Powell boosts US dollar
Ringgit falls to its lowest in almost seven months as the dollar strengthens after Federal Reserve Chairman Powell delivered an upbeat assessment of the U.S. economy. June inflation figures are due.
— The Star Online

Institutional investors unhappy over Shahril’s remuneration
Institutional investors are unhappy with the remuneration received by Sapura Energy Bhd president and chief executive officer Tan Sri Shahril Shamsuddin.
— New Straits Times

Third party info on career opportunities not from us: Perodua
Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has clarified that it has nothing to do with information posted on a website and circulating via WhatsApp, on career opportunities at the company.
— New Straits Times

MAA cuts 2018 car sales forecast on concerns over SST
The Malaysian Automotive Association (MAA), which opined that there is no need for a second national car, has revised downwards its total industry volume (TIV) forecast for 2018 by 0.8% to 585,000 units from 590,000 units projected earlier this year, mainly due to concerns on the reintroduction of the Sales and Services Tax (SST) on Sept 1.
— The Sun Daily

Labuan IBFC posts positive growth in insurance sector
The Labuan International Business and Financial Centre (Labuan IBFC) continued to serve the region’s rapidly expanding insurance needs, with gross written premiums increasing by 2.2 per cent to US$1.4 billion.
— The Borneo Post

Sapura Energy shareholders vote for re-election of directors despite MSWG’s concerns
Majority shareholders of Sapura Energy Bhd pushed through resolutions to re-elect independent directors and payment of directors’ fees and benefits, despite the Employees Provident Fund (EPF) throwing its support behind the Minority Shareholder Watchdog Group’s (MSWG) call to reject the resolutions for failing to keep president and CEO Tan Sri Shahril Shamsuddin’s pay package in check.
— The Sun Daily

2018 headline inflation to moderate to 1.9pc: RHB Research
RHB Research Institute Sdn Bhd expects the country’s headline inflation to moderate to 1.9 per cent for 2018 compared with an increase of 3.7 per cent a year earlier on lower transport costs after the government fixed fuel prices at the current rates.
— New Straits Times

 

Feature photo Andrew H

 

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.

 

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Sreypov Men recently completed a course of study in International Relations at the Institute of Foreign Languages.

She commenced as an intern at AEC News Today and was appointed as a junior writer/ trainee journalist on April 2, 2018

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