Malaysia Morning News For June 12

Malaysia’s PM Mahathir may stay on beyond 2 years, harbours ambition for new national car project
Dr Mahathir Mohamad said on Monday (Jun 11) that he is prepared to stay on as Malaysian Prime Minister beyond two years if that was what the public wanted, signalling a possible change in his original stance that he would only be the interim prime minister for up to two years.
— Channel NewsAsia

Mahathir Dreams Of New National Car For Malaysia
To the surprise of many, Malaysian Prime Minister Mahathir Mohamad said on June 11 that he aims to have a new national car company, given that Chinese automaker Geely has acquired a stake in Proton.
— Investvine

Malaysian King offers to reduce his allowance by 10% due to concern for economy
Malaysia’s King, Sultan Muhammad V of Kelantan, has offered to reduce his allowance and emoluments by 10 per cent until the end of his five-year reign ends in 2021.
— The Straits Times

Malaysia says has identified candidate for position of central bank governor
A former Malaysian central bank official who was part of an investigating team into beleaguered state fund 1Malaysia Development Berhad (1MDB) is frontrunner to be picked as the next governor of the bank, people familiar with the matter said.
— Channel NewsAsia

Malaysia’s anti-corruption agency identifies key man connected to 1MDB scandal
For the first time, the identity of Tan Kim Loong, 40, a key figure in the 1Malaysia Development Bhd (1MDB) scandal, has been revealed.
— The Nation

Malaysia just came out in favor of protectionism — despite being in the trans-Pacific trade deal
It is “justified” for small, developing nations to enjoy some form of protectionism because they cannot compete on equal footing against large trading countries, Malaysian Prime Minister Mahathir Mohamad said on Monday.
— CNBC

Najib’s claim of China to import US$2 trillion goods – untrue
Finance Minister Lim Guan Eng today hit back at ex-Prime Minister Datuk Seri Najib Tun Razak’s claims that China had committed to import goods worth US$2 trillion as part of the two pipeline agreements worth RM9.4bil as there was nothing of that sort documented.
— The Star Online

Malaysia to investigate Battersea Power Station property deal
The purchase of Battersea Power Station, the biggest property deal in the UK, is under threat after the leader of Malaysia’s governing coalition said it would be investigated as part of “dubious” investments made by the previous administration.
— The Guardian

Politics in Malaysia: A new era?
Malaysia is still reeling from the historic election defeat of the UNMO party, which had ruled the country for the past six decades.
— France 24

Coca-Cola to invest more in Malaysia
Coca-Cola Bottlers Malaysia, which has made an accumulative investment of RM1.5bil, is not ruling out further significant investments in the country in a move by the international bottler to strengthen its market presence.
— The Star Online

Sapura Energy discovers ninth gas discovery offshore Sarawak
Sapura Energy Bhd’s subsidiary Sapura Exploration and Production (Sarawak) Inc (Sapura E&P), together with its partners Sarawak Shell Bhd and Petronas Carigali Sdn Bhd, has discovered its ninth gas exploration well in offshore Bintulu, Sarawak.
— New Straits Times

SST to boost purchasing power of Malaysians: Expert
The purchasing power of Malaysians will be boosted with the re-introduction of the Sales and Services Tax (SST) in September, said KPMG Tax Services Sdn Bhd Indirect Tax Advisor Datuk Tan Sim Kiat.
— The Sun Daily

Sarawak govt ‘disappointed’ with decision by Federal Court to postpone hearing on Petronas case
The Sarawak government has expressed its “deep disappointment” with the decision by Federal Court to postpone to June 21 a hearing over the state rights on its oil and gas resources.
— The Star Online

Revenue Group Bhd expects to raise RM21m on Malaysia’s ACE Market
Revenue Group Bhd is set for a busy year ahead once it is listed on Bursa Malaysia’s ACE Market next month, which is expected to raise RM21 million.
— New Straits Times

Malaysia Airlines sees challenging second half
Malaysia Airlines Bhd (MAB) expects the second half of this year to be a more challenging period for the airline due to increasing global oil prices.
— The Borneo Post

LNG trade grows 10% in 2017 as Malaysia, US, Australia, others boost exports
Global liquefied natural gas (LNG) trade grew by 10 percent last year due primarily to growing liquefaction capacity in the Australia and the United States, the U.S. Energy Information Administration (EIA) said on Monday.
— The Star Online

Introducing PropRebate, the first property cashback platform in Malaysia
Riding on the waves of innovating Malaysia’s real estate industry, Pepite Technology Sdn Bhd is announcing their newly launched property cashback platform, PropRebate.com, a service that assists home buyers towards purchasing their dream property in efforts on simplifying and shortening the long and tedious processes that goes along with it.
— AEC News Today/ PRNewswire (media release)

ANZ cuts Malaysia’s GDP growth, CPI forecasts for 2018, 2019
Malaysia’s gross domestic product (GDP) growth forecast for this year lowered to 5.4% from 5.7%, while 2019 projection revised down to 5.2% from 5.5%, according to Australia & New Zealand Banking Group Ltd analysts led by Khoon Goh.
— The Star Online

Malaysia market to see continued uncertainty amid foreign selling
Malaysia’s financial markets will likely continue to be clouded by uncertainty over the short term because the new government’s policies are still unclear, according to market participants.
— Asia Assert Management

Malaysia’s home-grown media tech firm partners China’s Lakala for cross border payments
Malaysia’s home-grown media technology group Circle International Holdings Ltd. has partnered with China’s payment gateway firm Lakala to facilitate cross border payments between Malaysia and China.
— Xinhua

Housing loan requirements for youths to be reviewed
The stringent housing loan requirements by banks for first time house buyers, especially youths, should be reviewed, said Housing and Local Council Minister Zuraida Kamaruddin.
— New Straits Times

Malaysia’s April industrial output growth trumps view
Malaysia’s industrial production growth accelerated in April thanks to gains in manufacturing activities and electricity generation, official data released Monday show.
— Nikkei Asian Review

Syed Mokhtar’s daughter joins Gas Malaysia board
Gas Malaysia Bhd has appointed Sharifah Sofia Syed Mokhtar Shah as the company’s non-executive director.
— New Straits Times

MRT, HST cancellation dampens property outlook
The cancellation of several projects such as the Mass Railway Transit (MRT) 3 Circle Line and the High Speed Railway (HSR) connecting Singapore and Malaysia will will have a negative impact on developers who have invested in projects surrounding those localities.
— The Borneo Post

Weak export drags CPO futures lower
Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today, dampened by weak export figures that curbed buying interest for the commodity, said Phillip Futures Sdn Bhd Derivatives Dealer David Ng.
— New Straits Times

MALAYSIA’S END-MAY PALM INVENTORIES FALL 0.5 PCT M/M – MPOB
Malaysia’s palm oil stockpiles at the end of May declined 0.5 percent from the previous month to 2.17 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Monday.
— Agriculture

Malaysia hoteliers propose tourism tax abolishment
The Malaysian Association of Hotels (MAH) had today proposed that Malaysia abolish its RM10 per room per night tourism tax to grow foreign tourist arrivals.
— The Edge Markets

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.