Malaysia Morning News For March 22

Economist: Tax on tech firms could be major revenue source
An economist has hailed the government’s proposal to tax giant technology companies, saying it could become a major source of revenue for the country in the future.
— Free Malaysia Today

Mubadala, Petronas and Shell to spend over US$1b on Pegaga gas field offshore Sarawak
Mubadala Petroleum, Petroliam Nasional Bhd (Petronas) and Royal Dutch Shell will spend more than US$1 billion (RM3.9 billion) to develop Malaysia’s Pegaga gas field, aiming to produce gas by the third quarter of 2021, Abu Dhabi-based Mubadala said today, Reuters reported.
— The Sun Daily

Bursa Malaysia trades cautiously higher ahead of expected Fed rate hike
Bursa Malaysia traded cautiously higher on Wednesday, with markets participants focusing on the Federal Reserve after it kicked off its March meeting.
— The Star Online

Malaysia Economic Outlook
A tighter monetary stance and ebbing Chinese demand should cause growth to moderate to an extent this year. Nonetheless, a solid outlook for consumer spending, a pick-up in infrastructure investment and a boost ahead of the elections bode well for this year’s GDP forecast.
— Focus Economics

Cheap Chinese, Malaysian steel not dumped – Ministry
The Minister of Commerce and Consumer Affairs Kris Faafoi has found the steel reinforcing bar and coil is not being dumped so is not harming the industry here.
— Radio New Zealand

Thailand to sign MoU with Malaysia to resolve dual citizenship issue
Thailand and Malaysia will sign a memorandum of understanding (MoU) aimed at resolving issue of people holding dual citizenship.
— Thai PBS

Singapore, Malaysia stocks rebound as banks advance
Shares in Singapore and Malaysia rose Tuesday, rebounding from losses following the biggest decline in U.S. indexes in more than a month.
— Nikkei Asian Review

Exclusive: Malaysia’s A-Bio invests $1.8m in pathology service provider Clinipath
A-Bio, a strategic investment firm established by the Malaysian government, has invested RM7 million ($1.8 million) in Clinipath Malaysia, one of the country’s leading pathology service providers.
— DealStreetAsia

Malaysian energy firm Petronas raises 2018 spending for upstream work
Malaysian state energy firm Petroliam Nasional Berhad (Petronas) is increasing capital expenditure for upstream activities slightly in 2018 from last year, upstream chief executive Mohd Anuar Taib said on Wednesday.
— Reuters

1MDB bonds pose no risk to Malaysia’s fiscal strength: Moody’s
The 1Malaysia Development Bhd (1MDB) bonds guaranteed by the government are not a risk to Malaysia’s fiscal strength at the moment as the probability of debt crystallisation is low, according to Moody’s Investors Service.
— The Sun Daily

Etiqa pre-tax profit surpassed RM1b mark for the first time
Malayan Banking Bhd’s Etiqa Group Insurance & Takaful’s pre-tax profit has surpassed the RM1 billion mark for the first time in the year ended December 2017.
— New Straits Times

Rally May Stall For Malaysia Stock Market
The Malaysia stock market has finished higher in four straight sessions, advancing more than 20 points or 1.1 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,865-point plateau, although investors may cash in on Thursday.
— Business Insider

GFM Services targeting double-digit growth in profit, revenue in 2018
GFM Services Bhd, which today received its shareholders’ approval for the proposed acquisition of concession holder KP Mukah Development Sdn Bhd (KPMD) for RM130 million, is eyeing double-digit growth in revenue and profit this year following the completion of the proposed acquisition.
— The Sun Daily

One dead, 14 missing in Malaysia sand dredger capsize
One crew member was killed and 14 others, most of them Chinese, were missing Wednesday after a sand-dredging vessel capsized off Malaysia, with some believed trapped alive inside the sunken hull.
— Business Times

Small businesses in Malaysia to create more jobs this year, says Australian survey
Small businesses in Malaysia are experiencing positive conditions with many creating jobs and investing in technology, according to the
— Malay Mail

Vizione forms a JV to develop 3,800 affordable homes in Putrajaya
Vizione Holdings Bhd has accepted a letter of intent (LOI) from Pan Sejati Development (M) Sdn Bhd to jointly develop 2,000 units of residential homes under Rumah Wilayah Persekutuan (RUMAWIP)and 1,800 units of affordable homes in Putrajaya.
— New Straits Times

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