Malaysia Morning News For July 3

Malaysia Morning News For July 3

Malaysia morning newsMalaysia to maintain status quo on monetary policy direction
Malaysia is expected to maintain status quo on monetary policy direction despite neighbouring countries beginning to tighten interest rates.
— The Borneo Post

Remaining Malaysian Cabinet Ministers sworn in
A total of 13 ministers and 23 deputy ministers were sworn in before the Yang Di-Pertuan Agong, Sultan Muhammad V at the ceremony at the Istana Negara in the capital city.
— The Online Citizen

Malaysia freezes 408 accounts
Malaysia has frozen more than 400 bank accounts as part of a probe into a multi-billion-dollar scandal at state fund 1MDB, a task force said yesterday, as the stepson of former prime minister Najib Razak was summoned for questioning.
— The Daily Star

Playing cops and robbers with Dr Mahathir 2.0
Mahathir’s popularity is increasing by the minute, with even children wanting to become like him, but he has much to do – including putting in place safeguards against authoritarianism – if he wishes to leave a respected legacy.
— Free Malayisa Today

Banking: Favourable policies boon to loans growth this year
Analysts are projecting a more robust loan growth in the second half of 2018 (2H18), compared to 1H18, while others also believe that current year 2018 (CY18) loans growth will come in better in CY18 from CY17.
— The Borneo Post

Malaysia appoints youngest-ever cabinet member
Syed Saddiq Syed Abdul Rahman has become the youngest-ever minister in Malaysia.
— Asia One

Selangor Dredging’s associate company to buy 17 Singapore land plots for RM180m
Selangor Dredging Bhd (SDB) announced today its associate company plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26 million (RM180.06 million), where the latter intends to develop exclusive mid-rise apartments.
— The Edge Markets

No easy task for Malaysia’s Islamic Affairs Minister
Among the crop of Malaysian Cabinet ministers sworn in yesterday was de facto Islamic Affairs Minister Mujahid Yusof Rawa, an Islamic scholar who has found himself at the centre of a raging debate between conservative Muslims and so-called liberal Muslims on the country’s religious compass.
— The Straits Times

Eighteen migrants rescued from Malaysia’s southern coast
Southern Malaysian waterways, which border Indonesia and Singapore, include busy international shipping lanes and rich fishing grounds.
— Devdiscourse

Petronas says it owns petroleum resources in Malaysia
Petroliam Nasional Bhd (Petronas) says it has the exclusive ownership of the petroleum resources in Malaysia, including those in Sarawak.
— New Straits Times

Analysts: Foreign selling on Bursa Malaysia slowing down
Bursa Malaysia Bhd (Bursa Malaysia) continued to experience its ninth week of foreign attrition, analysts observed in a recent fund flow report, mirroring markets elsewhere in Asia.
— The Borneo Post

FMM expects higher sales cost following electricity surcharge
Federation of Malaysian Manufacturers expects its members’ sales cost to increase between one and two per cent following the introduction of an electricity surcharge of 1.35 sen per kiloWatt hour from July 1.
— New Straits Times

Jamal Yunos arrested in Indonesia, to be extradited: Malaysia home minister
UMNO Sungai Besar division chief Jamal Yunos, who has been on the run from Malaysian authorities for more than one month, has been captured by Indonesia authorities, said Malaysia Home Minister Muhyiddin Yassin on Monday (Jul 2).
— Channel NewsAsia

Maybank to pay out RM3.5b dividend this Friday after cancelling DRP
The current softer equities market has seen Malayan Banking Bhd ‘s (Maybank) cancelling its dividend reinvestment plan (DRP) and it would now pay out the final dividend of RM3.50bil this Friday.
— The Star Online

Global, regional growth prospects remain intact despite global headwinds
Pacific Mutual Fund Bhd (Public Mutual) maintained its positive view on the markets but pointed out that greater market volatility is still expected.
— The Borneo Post

ILO’s workshop to spread knowledge on forced labour in Malaysia
25 judges, prosecutors, legal aid practitioners, officials from the Commission on Human Rights, the Ministry of Human Resources and the Ministry of Home Affairs, as well as members of the Bar Council of Malaysia participated in an ILO workshop to increase their knowledge on forced labour.
— Devdiscourse

Malaysia remains a success story — World Bank
The World Bank Group still views Malaysia as a ‘success story’, despite the national debt having reached RM1 trillion, said its country director for Brunei, Malaysia, the Philippines and Thailand, Dr Mara Warwick.
— The Borneo Post

KPS bags pipeworks replacement in Hulu Langat and KL
Kumpulan Perangsang Selangor Bhd’s (KPS) subsidiary, SmartPipe Technology Sdn Bhd (SPT), has secured a RM20 million contract from Pengurusan Air Selangor Sdn Bhd (Air Selangor) to replace existing pipeworks in Hulu Langat and Kuala Lumpur.
— New Straits Times

Swiss Swoop On Khadem’s Cars – Total Value RM200 million!
Two years after Sarawak Report first identified the existence of a stunning collection of super sports vehicles belonging to the now jailed Abu Dhabi fund manager Khadem Al Qubaisi (KAQ) the Swiss authorities have now issued seizure notices for a dozen of the Swiss registered cars, according to the Swiss paper Le Temps.
— Sarawak Report

MYEG to market CIMB Philippines financial products
MY E.G. Services Bhd’s (MYEG) associate company, I-Pay MYEG Philippines Inc (IPMPI), will market financial products from CIMB Bank Philippines Inc (CIMBPH) via IPMPI’s digital services and platforms to eligible individuals in the republic.
— New Straits Times

 

Feature photo Michael Coghlan

 

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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