Malaysia Morning News For June 11

Malaysia’s PM Suggests Review Of Trans-Pacific Partnership
Malaysian Prime Minister Mahathir Mohamad called for a review of the Trans-Pacific Partnership (TPP) trade agreement in an interview with Japan’s Nikkei Asian Review published on June 9, arguing that the trade pact – which currently has eleven signatories including Japan, Canada and Australia – should take into consideration the level of development of various countries.
— Investvine

Najib Signed Off Hundreds Of Millions On ‘Scam’ Solar Project For Sarawak Schools
Sarawak Report has viewed copious documents indicating that in January 2017 the former Prime Minister personally pushed through an extraordinary RM1.25 billion project, which was awarded to a car rental company in Bintulu, purporting to install solar energy supplies for 369 Sarawak schools in the interior.
— Sarawak Report

In Mahathir’s Malaysia, Japan is back amid doubts over Chinese funding
Malaysian Prime Minister Mahathir Mohamad is set to woo investors and offer business deals during a trip to Japan that starts on Sunday, as he looks to cover a gaping debt hole and shift the country away from dependence on Chinese investments.
— Reuters

Malaysia Steps Up $4.5 Billion Corruption Inquiry
Malaysia’s new leader is moving aggressively to investigate the apparent theft of billions of dollars from a state investment fund under the previous government, including seeking the arrest of a key figure in the scandal, the financier Jho Low.
— New York Times

The Petronas-Sarawak oil intrigue
Change in political landscape paves way for a decision on who has control over oil and gas resources once and for all.
— The Star Online

Malaysia government seeks to restore nation’s wealth within two years: Mahathir
Malaysian Prime Minister Mahathir Mohamad, who has previously professed his intention to hold his position for just two years, has stressed that the government will prioritise efforts at restoring the wealth and rescuing the nation’s economy within this period.
— Channel NewsAsia

DARE TO HOPE FOR MORE IN MALAYSIA’S NEW DEMOCRACY
Will Malaysia’s new democracy survive? There are good reasons to think so. To be sure, Samuel Huntington would have regarded the country’s transition as a bottom-up mode of “replacement”, which in unleashing high expectations can threaten a new democracy’s health.
— South China Morning Post

Malaysia’s agriculture products to enter Guizhou province
Malaysia and China have extended co-operation under the One Belt One Road initiative to promote new agriculture products, food processing and eco-tourism industries in Guizhou province.
— The Borneo Post

Malaysia’s government set to shake up top ranks of police: Sources
Several chiefs in Malaysia’s police force are expected to be removed next month, including the Inspector-General of Police (IGP), as the new Pakatan Harapan government seeks to “cleanse” the organisation, sources said.
— The Straits Times

Mahathir’s Top Adviser Considers Basic Income Fund for Malaysia
A top adviser to Prime Minister Mahathir Mohamad is considering an overhaul to Malaysia’s social safety net by setting up a fund that pays out basic income to the poor.
— Bloomberg

KLIA needs urgent upgrading, says ex-transport minister
The 20-year old Kuala Lumpur International Airport (KLIA) needs urgent upgrading as congestion has caused a decline in its service quality and efficiency, says former Transport Minister Tan Sri Ong Tee Keat.
— New Straits Times

Still too early to determine domestic market performance – Economists
It is too early to determine if the domestic capital and foreign exchange markets are projecting an unhealthy performance, judging from the general downtrend witnessed in recent weeks.
— New Straits Times

Malaysia Rail Link: ECRL deal has no clause for Jho Low-linked companies
Malaysia Rail Link Sdn Bhd, the project and asset owner of the East Coast Rail Link (ECRL), has denied that contracts it signed with Chinese contractor China Communications Construction Co Ltd (CCCC) and the Export-Import Bank of China came with a clause to nominate an unrelated company to buy 70% of Putrajaya Perdana Bhd for US$244 million (RM971 million) as well as 90% of Loh & Loh Corp Bhd for US$71 million (RM282.6 million).
— The Sun Daily

Crude Palm Oil Weekly Report – June 9, 2018
Malaysian palm oil futures declared losses for four consecutive sessions due to lackluster exports demand, declines in Chicago soybeans and stocked-up vegetable oil for Ramadan.
— The Borneo Post

Musa wants state AG to intervene in Petronas’ oil claim
Sabah Barisan Nasional chairman Musa Aman says he will instruct the state attorney-general to make an application for the state government to intervene in Petronas’ legal bid to claim ownership over the country’s petroleum resources.
— Free Malaysia Today

Govt mulls GST refund mechanism for foreign tourists at airports
Foreign tourists may soon get to claim GST refunds at airports at the time of exit as the revenue department is working on a mechanism to refund taxes paid by them on local purchases.
— Business Standard

Malaysian drivers stretch lifespan of car wipers beyond a year
A Bosch Automotive Aftermarket survey revealed that although 70 per cent of Malaysian drivers viewed wipers as very important for driver and passenger saftey, only 35 per cent spent an average of RM21- RM40 on wiper blades.
— New Straits Times

Incoming Astro CEO likely to continue overall business direction
Despite the change in Astro Malaysia Holdings Bhd’s (Astro) leadership, analysts believe that its overall business direction will remain intact.
— The Borneo Post

OpenLearning raises $8.5 million from Malaysian investors
Education technology start-up OpenLearning has raised $8.5 million from Malaysian investors as it aims to keep building its platform for hosting massive open online courses (MOOCS) by winning more university clients.
— Financial Review

Outlet malls: A growing concept in Malaysia
The outlet mall concept is growing popular in Malaysia thanks to the increasing demand for retailers to put off-season merchandise in a separate channel.
— The Borneo Post

M-Mode bags construction contract worth RM261m
M-Mode Bhd’s wholly-owned subsidiary, E&J Builders Sdn Bhd, has clinched a RM260.57 million contract to undertake the construction works for a proposed 25-storey mixed commercial development in Kota Kinabalu, Sabah.
— New Straits Times

Feature photo Michael Coghlan

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