Malaysia Morning News For June 21

Malaysia’s Najib explains why he had so many luxury handbags, lots of cash, jewelry
Former Malaysian prime minister Najib Razak says he shouldn’t be blamed for the multi-billion-dollar 1MDB scandal, and declares he knows nothing about money from the state fund appearing in his personal account.
— Reuters

Malaysia to reopen investigations into death of political aide Teoh Beng Hock
Malaysia’s Cabinet has agreed to reopen investigations into the death of political aide Teoh Beng Hock, who was found dead in 2009 after giving a statement at the office of the Selangor Malaysian Anti-Corruption Commission (MACC).
— Channel NewsAsia

Shell’s gas subsidiary completes stake sale in Malaysia LNG Tiga
Shell Gas Holdings (Malaysia), a subsidiary of Royal Dutch Shell, completes sale of its 15% stake in Malaysia LNG (MLNG) Tiga, Shell says on Wednesday.
— The Edge Markets

Malaysia to study Singaporean foreign labour policies’ mechanisms
Human Resources Minister M. Kulasegaran today said that the government will meet with its Singaporean counterparts to see if certain mechanisms of their foreign labour management policies can be implemented here.
— Yahoo News

Malaysian Cryptocurrency Firm Garners $30 Million From Investors In Two Weeks
Malaysian company SIM Chain established itself in the cryptocurrency scene just two weeks ago and it has already accumulated a whopping $30 million from Chinese investors.
— Blokt

Mahathir directed me to disclose scandals: Malaysia finance minister
Finance minister Lim Guan Eng has explained that he made the disclosures on financial scandals such as those linked to 1Malaysia Development Bhd (1MDB) as he was directed to do so by the prime minister.
— Channel News Asia

Malaysia wants to continue occupying its South China Sea islands
Malaysia wants to continue occupying the islands it has called its own in the South China Sea, said Prime Minister Mahathir Mohamad.
— The Straits Times

Palm oil slumps to two-year low
Malaysian palm oil futures slumped as much as 3 percent on Tuesday evening to their lowest in two years, tracking weakness in related edible oils.
— Business Recorder

Malaysia’s May inflation rises on costlier fuel, lags view
Malaysia’s consumer prices rose at a marginally slower-than-expected pace in May as food inflation moderated, helping to cushion a surge in transport costs, official data Wednesday showed.
— Nikkei Asian Review (paywall)

Sabah’s 20pc oil royalty claim may add RM4b in annual revenue: RAM
Sabah’s claim of 20 per cent in oil royalty may boost its annual revenue stream to up to RM 4 billion, says RAM Rating Services Bhd.
— New Straits Times

Experts weigh in on Malaysia’s obsession with online petitions
It is no secret that Malaysians have been worried about the health of Malaysia’s 92-year-old Prime Minister, so much so that a concerned citizen started an online petition asking Tun Dr Mahathir to have at least seven hours of sleep in a day.
— The Star Online

Analysis: Malaysian Kimanis crude premiums see bearish outlook in Aug
Expectations for price differentials fetched by Malaysia’s Kimanis crude continue to slide in the August trading cycle, with narrowing margins and plentiful alternatives for buyers, crude traders told S&P Global Platts Tuesday.
— Hellenic Shipping News

With GST scrapped, Malaysia’s inflation expected to decline
Malaysians, who already enjoy one of South-east Asia’s lowest inflation rates, are getting an added boon with the removal of a consumption tax.
— The Straits Times

Carousell Malaysia to partner with financial institution
Carousell Malaysia, a mobile classifieds marketplace, expects to close a partnership agreement with a local financial institution by the end of the year.
— New Straits Times

MBSB Bank Bhd contributes RM1 million to Tabung Harapan Malaysia
MBSB Bank Bhd has contributed RM1,000,000 to Tabung Harapan Malaysia (THM) as part of its social responsibility.
— New Straits Times

Misif calls on govt to postpone natural gas tariff hike
The Malaysian Iron and Steel Industry Federation (Misif) called on the government to reconsider raising the effective average natural gas base tariff rate, which it says renders the Malaysian iron and steel industry “uncompetitive in the international market.
— The Borneo Post

Malaysia to withdraw troops from Saudi Arabia: Official
Malaysia’s new government plans to withdraw all Malaysian troops from Saudi Arabia, according to recent remarks by Defense Minister Mohamad Sabu.
— AA

Reduction in revenue sharing can facilitates MAHB’s airport infrastructure: analysts
Malaysia Airports Holdings Bhd (MAHB) would require more revenue to cover back its increased capital expenditure (capex) to fund its airport infrastructure development.
— New Straits Times

Malaysia’s Anwar Ibrahim voices support for ‘most popular Muslim leader’ Erdoğan
Leader of the Pakatan Harapan coalition that now governs Malaysia, Anwar Ibrahim has voiced his support for President Recep Tayyip Erdoğan in Turkey’s upcoming elections.
— Daily Sabah

CIMB-Principal RQFII quota a boon to access China A-Shares
CIMB-Principal Asset Management Bhd (CIMB-Principal), the first asset management company in Malaysia to have received the Renminbi Qualified Foreign Institutional Investor (RQFII) licence in March 2017, was recently awarded an additional quota of one billion yuan (approximately US$150 million) by the China State Administration of Foreign Exchange.
— The Borneo Post

Media Prima Digital to increase revenue stream through Grab collaboration
Media Prima Digital (MDP), the digital arm of Media Prima Bhd, expects advertising revenue stream to increase following a new collaboration with Grab, Southeast Asia’s premier ride-hailing firm.
— New Straits Times

IDEAS thinks govt should set new SST at standard rate of 5%
The Institute for Democracy and Economic Affairs (IDEAS) has recommended a new reformed Sales and Services Tax (RSST) with a standard rate of 5%.
— The Sun Daily

Communications and Multimedia Ministry to audit two MCMC funds
Two funds under the control and supervision of the Communications and Multimedia Commission (MCMC) that have accummulated a total of RM9.3 billion will be audited, its minister announced today.
— The Edge Markets

Inaugural Tamparuli fest 2018 to promote Sabah products
The state Trade and Industry Ministry is spearheading a programme to promote Sabah-made products.
— The Borneo Post

Malaysia Leader Says Firms That Hire Locals, Invest Are Welcome
The new Malaysian prime minister said his government won’t discriminate against Chinese companies who help the country’s economy, singling out Alibaba Group Holding Ltd. as a model investor.
— Caixing lobal

Competing with Singapore not a solution for Malaysia
The Malaysian Finance Minister’s call to compete with Singapore surprised me (Let’s give S’pore some competition, KL Finance Minister tells bosses; June 20).
— The Straits Times

Mi Equipment rebounds from weak start to end above IPO price in debut on Main Market
Mi Equipment Bhd, the first Main Market listing this year, opened 3 sen or 2.1% discount to its initial public offering (IPO) price of RM1.42 per share amid weak market sentiment arising from the US-China trade spat.
— The Sun Daily

Feature photo Bernard Spragg. NZ

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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.