Malaysia Morning News For June 8

Malaysia Morning News For June 8

Malaysia morning newsMalaysia sets aside 3 billion ringgit to finance fuel subsidies
Malaysia’s government has allocated 3 billion ringgit ($760 million) to subsidize pump prices till the end of 2018, the finance ministry said in a statement on Thursday.
— Reuters

Global demand to continue driving earnings for rubber products
The resilience of global demand is expected to continue driving earnings for the rubber glove sector as it continues to be plagued with higher natural rubber prices.
— The Borneo Post

‘Umno Youth chief must be aged below 40’
Umno members above the age of 40 will not be able to represent youths, said Malaysian Youth Council (Majlis Belia Malaysia) information chief Mohamad Rizan Hassan today.
— Free Malaysia Today

Jho Low to help in Malaysia’s 1MDB probe: Spokesperson
Malaysian financier Jho Low has instructed his lawyers to contact the Malaysian Anti-Corruption Commission (MACC), after it was reported that the agency is seeking his assistance in an investigation linked to the 1MDB scandal.
— Channel NewsAsia

Two more Malaysian institutions with government stake to get new chiefs
The chief executive officers of two more Malaysian institutions are leaving in a tide of departures under new Prime Minister Mahathir Mohamad.
— The Straits Times

Planters’ 1H18 earnings lower on softer CPO price, production
Malaysia’s plantations sector will likely record lower earnings in the first half of 2018 (1H18) compared with the year before which analysts said was caused by softer crude palm oil (CPO) production and price.
— The Borneo Post

Bank Negara had recommended govt put up public tender over land sale
Bank Negara Malaysia had recommended the government undertake a transparent process in the public tender over the sale of a piece of adjoining land that was said to be overpriced.
— The Star Online

UOB Malaysia partners with SAP to help SMEs’ digital transformation
United Overseas Bank (Malaysia) Bhd and business software provider SAP today announced a tie-up to offer UOB SmartBusiness to the bank’s small-and medium enterprise (SME) customers.
— New Straits Times

Malaysia, Singapore advance led by bank stocks
Malaysia and Singapore benchmarks advanced Thursday as heavyweight banking stocks rallied following sharp overnight gains on Wall Street amid rising U.S. bond yields.
— Nikkei Asian Review (paywall)

Malaysia Airlines sees much brighter year in 2019
Malaysia Airlines sees a much brighter year in 2019 with ongoing plans to grow its flight network amidst a “very tough” current year.
— The Borneo Post

Bank Negara foreign reserves down US$900m at May 31
Bank Negara Malaysia’s international reserves dipped US$900mil to US$108.5bil as at May 31, 2018 from US$109.4bil on May 15, as the US dollar strengthens against the ringgit.
— The Star Online

Tax holiday to reduce insurance premium, boost policy holders
The zero-rated Goods and Services Tax (GST) and tax holiday are expected to benefit the consumers as they will reduce the insurance premium, thus boosting the number of policy holders, says Sun Life Malaysia Takaful Bhd.
— New Straits Times

Oil bound for Malaysia transferred ship to ship to beat bottleneck
Venezuelan state-run oil company PDVSA has completed its first ship-to-ship (STS) transfer designed to ease a severe bottleneck of tankers around its main crude ports, according to sources close to the operation and Reuters vessel tracking data.
— The Star Online

Berjaya Group plans to build RM1.2b airport in Tioman
Bejaya Group plans to build an airport in Pulau Tioman, Pahang costing up to RM1.2 billion.
— New Straits Times

Astro CEO’s resignation nothing to do with data leak or political reasons
Astro Malaysia Holdings Bhd group chief executive officer Datuk Rohana Rozhan’s resignation is not related to allegations of data leak or political reasons.
— New Straits Times

HSS Engineers lost RM290mil job after MRT 3 project cancelled
HSS Engineers Bhd says its contract as the independent consultant engineer for the Mass Rapid Transit Line 3 (MRT 3) had been terminated by Mass Rapid Transit Corp Sdn Bhd.
— The Star Online

Jack Ma flying in to keep dream project alive
BILLIONAIRE and Alibaba founder Jack Ma will be flying in to Kuala Lumpur later this month to meet Prime Minister Dr Mahathir Mohamad in a bid to save his flagship project, the Digital Free Trade Zone (DFTZ).
— The Malaysian Insight

Heads roll at some of Malaysia’s biggest firms
Heads are rolling in Corporate Malaysia, as the axe falls on chiefs of institutions and state-linked firms accused of using their positions in a failed attempt to keep then Premier Najib Razak in power.
— The Straits Times

Can govt explain why island claim was dropped?
IREFER to the report on Malaysia discontinuing its claim on Pulau Batu Puteh.
— New Straits Times

GDB tender book exceeds RM2b mark
GDB Holdings Bhd, which expects increased revenue this year, saw its tender book rise to RM2.1 billion as at May 31 due to participation in more tenders for high-rise projects in the Klang Valley, from RM1.4 billion as at April 23.
— The Sun Daily

Telekom Malaysia DMCC registers as company in Dubai
Telekom Malaysia DMCC, a wholly-owned subsidiary of Telekom Malaysia Bhd (TM), was registered as a company with limited liability on May 23 with the Establishing Dubai Multi Commodities Centre Authority (DMCCA).
— New Straits Times

Malaysia’s ruling party may be gone, but its racial policies survive
The new government has promised to preserve affirmative action for Malays.
— The Economist (paywall)

Leaders in Innovation Accelerator Malaysia 2018 to produce Malaysia’s next Tech Unicorn
Applications for an intensive 16-week programme of practical entrepreneurship skills and expert business mentoring was released to find 15 deserving teams who will participate in the Leaders in Innovation Accelerator (LIA) Malaysia 2018.
— Open Gov 

New Scrutiny for Malaysia’s Old Submarine Deal?
A closer look at the new government’s suggestion to probe old allegations around the country’s submarine procurement.
— The Diplomat

i-VCAP sees growing participation in M’sian ETF market
i-VCAP Management Sdn Bhd expects increased participation and promising growth in the Malaysian exchange traded fund (ETF) market.
— The Borneo Post

 

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.

 

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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

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