Malaysia Morning News For June 5

Malaysia Morning News For June 5

Malaysia morning newsPetronas seeks court ruling on right to country’s petroleum resources
Petroliam Nasional Bhd has gone to court to declare that under the Petroleum Development Act 1974 (PDA) it is the exclusive owner of the petroleum resources in the country, including Sarawak.
— The Star Online

Murder Cover-Up Case Nets Najib, Rosmah and Lawyers Cecil Abraham & Shafee Abdullah
The significance of a court ruling in KL today was perhaps muted by the extraordinary excitement of these moving times. However, that ruling has opened the floodgates against a cover-up exercise that has strained the Najib administration for over a decade.
— Sarawak Report

Malaysian manufacturers cut payroll numbers for first time in 7 months
Malaysian manufacturing companies reduced their payroll numbers in May for the first time in seven months amid a continued deterioration in the operating conditions, according to a IHS Markit survey.
— The Sun Daily

KL City Hall to scrap 10 projects worth RM1b
Kuala Lumpur City Hall (DBKL) will terminate 10 projects worth RM1 billion, said Mayor Tan Sri Mhd Amin Nordin Abd Aziz.
— The Sun Daily

Zero GST for life, general insurance and takaful products
The General Insurance Association of Malaysia (PIAM), Life Insurance Association of Malaysia and Malaysian Takaful Association announced that life and general insurance companies and takaful operators in Malaysia will be charging the Goods and Services Tax (GST) at zero per cent effective June 1, 2018.
— The Borneo Post

After two weeks, Malaysia’s King consents to PM Mahathir’s choice of Attorney-General
Sultan Muhammad V has agreed to the Mahathir Mohamad administration’s choice of Attorney-General (A-G), despite widespread concerns in Malaysia that the candidate is not from the Malay Muslim majority.
— The Straits Times

MAHB allocates RM30m for Airports 4.0 initiative
Malaysia Airports Holdings Bhd (MAHB) has allocated RM30 million to implement the Airports 4.0 digital initiative by making digital interaction with passengers a priority.
— New Straits Times

Patriotism or political stunt: mixed reactions to Malaysia’s ‘Hope Fund’
The Malaysian government’s crowdfunding initiative has attracted millions of dollars.
— Deutsche Welle

MARC affirms AA+ ratings on Westports Malaysia
MARC has affirmed its AA+ rating on Westports Malaysia Sdn Bhd’s RM2.0 billion Sukuk Musyarakah Programme with a stable outlook on solid port operator position as well as stable profits.
— New Straits Times

Ringgit rises as greenback wavers on political risk
The ringgit was slightly higher against the US dollar in the early session as investors’ interest shifted away from the greenback due to uncertainty over potential political risks, dealers said.
— The Star Online

Malaysia warns foreign contractors as Chinese deals draw scrutiny
Malaysia welcomes foreign direct investment but wants no part of lopsided contracts that bring no transfers of technology, a top adviser to Prime Minister Mahathir Mohamad said as China-led infrastructure projects come under scrutiny.
— Nikkei Asian Review (paywall)

‘Market sell-down overdone, buying opportunities ahead’
After the FBM KLCI fell to a 52-week low of 1,708 amidst concerns of fiscal and national debt positions, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) is opining that the recent sell-down of the market has been overdone and that buying opportunities are ahead for investors.
— The Borneo Post

IATA foresees solid airline profits despite rising costs
The International Air Transport Association (IATA) expects airlines to achieve a collective net profit of US$33.8 billion (4.1 per cent net margin) in 2018.
— The Borneo Post

MyEG among top losers over termination of undocumented workers rumours
MyEG Services Bhd was Bursa Malaysia’s most active stock and among top losers today after the government decided not to extend a 2015 contract to legalise foreign workers awarded to it beyond June 30 this year.
— New Straits Times

Credit Suisse expects Malaysia to meet budget deficit
With Finance Minister Lim Guan Eng’s assurance that target budget deficit of 2.8% of GDP will be met, it may sooth concerns over bond and currency stability and possibly lead to a reverse in flows, according to Credit Suisse.
— The Star Online

SP Setia expects a revival in property market
The country’s property market, which has been on a downtrend over the past three years, is expected to return to growth following the implementation of the zero-rated Goods and Services Tax from last Friday.
— New Straits Times

‘Private land leasing for housing’ idea first mooted by Iskandar Investment for Medini project
The idea of a scheme that would allow private corporations to lease out freehold land that they own for housing development was first mooted in 2012 by Iskandar Investment Bhd (IIB), a strategic developer of Medini in Johor.
— The Sun Daily

Malaysia mulls task force to probe French submarine deal
MALAYSIA’S Cabinet is discussing setting up a special task force to investigate alleged corruption during the purchase of two French submarines in 2002 when the defence ministry was headed by ousted prime minister Najib Razak.
— The Business Times

Foreign selling on Bursa continues into 5th week
Foreign investors sold RM1.27 billion net on Bursa last week, stretching foreign selling to five weeks, the longest selling binge recorded so far this year, said MIDF Research.
— The Sun Daily

Vanity Car Plates Are Malaysia’s Latest Revenue Tactic
As Malaysia grapples with its 1 trillion-ringgit ($252 billion) debt burden, it is banking on public support to raise funds via unconventional methods, from donations to a vanity plate auction.
— Bloomberg

Maybank appoints Michael Foong as CEO, International
Maybank has appointed Michael Foong Seong Yew as chief executive officer, International, replacing Pollie Sim who retired on June 1.
— The Star Online

 

Feature photo Michel Coutty

 

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.

 

The following two tabs change content below.

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

Latest posts by Sreypov Men (see all)

Support independent media by sharing using these tools. Do not steal our content

Leave a Reply

Your email address will not be published.