Malaysia Morning News For June 6

New Multi-Billion Scandal Of Former Malaysian Government Exposed
Malaysia’s new finance minister Lim Guan Eng on June 5 said he will report to the anti-graft agency upfront payments of 9.4 billion ringgit ($2.36 billion) the previous administration made to a Chinese firm for two pipeline projects that have barely begun.
— Investvine

Malaysian ex-PM’s wife in 3-hour grilling over graft claims
The wife of Malaysia’s ousted prime minister Najib Razak was on Tuesday questioned for more than three hours by the nation’s anti-corruption agency over a massive financial scandal involving a state sovereign wealth fund.
— Bangkok Post (video) (annoying popups)

Malaysia’s exports climb to RM84.2bil in April, exceed forecast
Malaysia exports rose 14% to RM84.2bil in April 2018, the second highest monthly export value after the previous month’s exports of RM84.5bil, underpinned by higher exports of electrical and electronic (E&E) products and crude petroleum.
— The Star Online

Malaysia’s Central Bank Governor Offered to Resign
Malaysia’s central bank Governor Muhammad Ibrahim offered to resign from his post two years into his term, according to people familiar with the matter, who declined to be identified because the discussions are confidential.
— Bloomberg

Malaysia is scrapping plans for a high-speed railway to Singapore. Here’s who wins and loses
Plans to develop a high-speed rail project linking Kuala Lumpur and Singapore have been scuttled and that’s likely to dent the potential fortunes of some that had stood to benefit from the massive endeavor.
— CNBC

Retailers group proposes Sales & Services Tax of below 6%
The Malaysia Retailers Association (MRA) has suggested that the Sales and Services Tax (SST) be implemented at a lower rate or less than 6% to avoid a significant impact on prices which will indirectly affect consumers.
— The Sun Daily

Malaysia takes over China’s position as largest tourist contributor
Malaysia has taken over China’s position as the largest contributing country of tourists to Indonesia in April, according to the Central Statistics Agency (BPS).
— The Jakarta Post

Malaysian royals agree with government’s choice of A-G
MALAYSIA’S royal rulers have agreed to the government’s plan to appoint a non-Muslim attorney-general, the palace said, after a near two-week impasse, Reuters reported.
— Business Times

Palm oil dispute pits Malaysia’s co-ops against the European Union
The co-operative movement is committed to the UN’s Sustainable Development Goals – but what happens when a co-operative’s business interests are in conflict with the SDGs?
— The News

Chinese projects in Malaysia may stay intact
Newly-elected Malaysian Prime Minister Mahathir Mohamad has decided to scrap the Kuala Lumpur-Singapore Railway project despite the huge losses.
— Global Times

RHB eyes 10% gross written premium from digital channel within next 5 years
RHB Insurance Bhd aims to generate 10% of its gross written premium from the digital channel within the next five years, following the launch of the RHB Insurance Mobile App.
— The Sun Daly

Malaysia to retain position as world’s premier sukuk issuer
Malaysia will remain the market leader in global sukuk issuance despite recent delays and cancellations of mega projects.
— New Straits Times

Credit Suisse: Malaysia stocks no longer expensive, still lack EPS upgrades
Malaysia stocks are no longer expensive after underperforming Asia QTD amid foreign outflows. They retain, however, an underweight rating as consensus earnings estimates are still being reduced, Credit Suisse analysts says in a note dated today.
— The Edge Markets

Sun Life Malaysia, CIMB Islamic expects RM10m in GWP from new takaful
Sun Life Malaysia Takaful Bhd (Sun Life Malaysia) expects Takaful Mulia, its new product collaboration with CIMB Islamic Bank Bhd (CIMB Islamic), to gain RM10 million in gross written premium (GWP) by year end.
— New Straits Times

Can we bear the cost of Malaysia’s new gargantuan projects? Sin Chew Daily columnist
Even though the new Pakatan Harapan (PH) government has breathed a new lease of life into Malaysian politics, its conflicting moves, along with an inclination towards populism, have been highlighted in recent weeks.
— The Straits Times

Unexciting sales outlook for properties despite relief from GST
As property developers continue to miss expectations of Kenanga Investment Bank Bhd (Kenanga Research) — signifying a decline in the sector’s performance, analysts said it was harder to predict sales momentum this year as most developers are actively clearing inventories or properties close to completion.
— The Borneo Post

Innovation is creating jobs faster than technology destroys them
Malaysian entrepreneur, founder and executive chairman of the QI Group Vijay Eswaran explores how technology is creating jobs, as opposed to fuelling a decline.
— Government Europa

RHB Insurance eyes RM5 mln in premiums in 12 months
RHB Insurance Bhd, a general insurance provider for retail and corporate customers, is targeting premiums of RM5 million from 10,000 policy holders over the next 12 months by leveraging on the launch of its RHB Insurance Mobile App.
— The Borneo Post

MACC raids DBKL over RM1b projects
The Malaysian Anti-Corruption Commission (MACC) commenced a probe today into Kuala Lumpur City Hall (DBKL) following reports lodged against a former Federal Territories minister with the commission with regards to land transactions.
— The Sun Daily

HSBC, ING Bank execute first blockchain transaction
HSBC and ING Bank have successfully executed the first live trade finance transaction via blockchain for a shipment of soybeans from Argentina to Malaysia.
— The Borneo Post

Malaysia’s Bintulu LNG plants cuts exports amid technical uncertainty-trade
Malaysia’s Bintulu liquefied natural gas (LNG) export plant is experiencing a sharp drop in shipments amid a logjam of vessels stuck outside port, potentially due to technical issues impacting the plant or fields, trade sources said.
— The Edge Markets

Malaysia’s latest revenue generation scheme: Auction vanity number plates
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.
— Business Standard

Malaysia Nano and Microsatellite Market Report – Industry Outlook, Opportunities and Forecast 2022
Malaysia Nano and Microsatellite Market Report provides complete industry analysis, market outlook, size, growth, opportunities and forecast 2022.
— Exclusive Reportage

Malaysia, Vietnam stocks post biggest falls in Asia-Pacific in May
Asian stocks declined in May as political uncertainties in Italy added to the woes of regional markets, already hit by a surge in the dollar and concerns about US protectionist trade policies.
— The Edge Markets

Feature photo Michel Coutty

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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.