Malaysia Morning News For May 15

Malaysia after GE14: transition to what?
The night of 9 May was a sleepless one in Malaysia. Long, hot polling station queues gave way to long, anxious waits for official counts and winners.
— New Mandala

Ringgit slips almost 1% as trading resumes in Malaysia
The Malaysian currency slipped on Monday as trading resumed following the country’s shock election result last week.
— Financial Times

How the Gov’t can meet GST revenue shortfall from SST reintroduction
The planned reintroduction of Sales and Services Tax in place of the Goods and Services Tax (GST) will at most collect about RM20 billion to RM25 billion, which means it is still short of about RM20 billion, analysts said.
— New Straits Times

Selldown on CIMB presents buying opportunity
CIMB share price fell to a low of RM6 on Monday in a knee jerk selldown due to its relatively high foreign shareholding of 27% and misperception of its links.
— The Star Online

Cost Of Living, Job Security Among Issues Raised By MTUC
The cost of living, job security, lack of preparing and upskilling workers for industry 4.0 are among the key issues raised by Malaysian Trades Union Congress (MTUC) to the newly set up Team of Eminent Persons.
— Malaysian digest

Malaysia Aided by Good Timing as Oil Cushions Election Shock
One reason for the resilience of Malaysian assets as local markets reopened Monday may have been that Mahathir Mohamad’s shock election win has coincided with a jump in oil prices to the highest since 2014.
— Bloomberg

The Big Read: Voters not swayed by racial politics in Malaysian GE, but how long will that last?
Empty promises, scandals and bread-and-butter issues drove Malay votes away from the Barisan Nasional, ending their six-decade rule of the country.
— Channel NewsAsia

SE Asia Stocks-Most up; Malaysia gains in heavy trade
Most Southeast Asian markets climbed on Monday with Malaysia ending higher as trading resumed after the stunning defeat of a coalition that ruled the country for over six decades, while Vietnam rose more than 2 percent led by real estate stocks.
— Reuters

Here’s How Scrapping Malaysian Consumption Tax Will Play Out
Malaysia’s intention to scrap a 6 percent goods-and-services tax within 100 days of Prime Minister Mahathir Mohamad taking office has economists and budget analysts on edge about the ripple effects.
— The Edge Markets

Moody’s: High debt burden a challenge for new government
The new Pakatan Harapan (PH) government has inherited a strong economy, with growth averaging 5.5 per cent over the past eight years, but the country’s high debt burden remains a key credit challenge, said Moody’s Investors Service.
— The Borneo Post

Malaysia to review political representation in govt-linked funds
MALAYSIAN Prime Minister Mahathir Mohamad’s new government will review political representation in the country’s largest government-linked investment firms, including the main sovereign and state pension funds, the funds have said.
— Business Times

SC Malaysia optimistic following calm Bursa Malaysia trade resumption
Securities Commission Malaysia (SC) said it has a fairly positive medium-term outlook after a fairly smooth market reopening, following last week’s surprise election outcome.
— The Edge Markets

Zeti: Changes in the country are happening at “a very positive time.”
The Team of Eminent Persons has given an assurance that Malaysia will honour its debt obligations under the new government and highlighted that the current political changes in the country are happening at “a very positive time”.
— The Star Online

KLCI to sustain buying momentum, immediate hurdle at 1,874
The FBM KLCI is expected to trend higher on sustained buying momentum immediate hurdle at 1,874, in line with the overnight gains at most global markets.
— The Edge Markets

Ranhill to tap opportunities in environment, power sectors
Ranhill Holdings Bhd is focused on strengthening prospects for its core businesses by tapping into opportunities in the environment and power sectors, both locally and overseas.
— The Sun Daily

Sapura Energy gapped up, says AllianceDBS Research
AllianceDBS Research said Sapura Energy Bhd (Sapnrg) had on May 14 gapped up to reach the highest high of 91 sen since Jan 16 before closing off the day’s high at 84.5 sen (up 17.5 sen or 26.1%).
— The Edge Markets

Malaysia-China ties: What’s next?
As Malaysia’s largest trade and investment partner, China is hugely important to the country’s economic development.
— Khmer Times

Malaysian PM Mahathir starts work; Najib tries to stall probe
Malaysia’s toppled leader Najib Razak was on Monday accused by a former top graft fighter of blocking probes into a massive financial scandal, as the country’s new prime minister got down to work after a historic poll win.
— Millennium Post

Petronas allocates RM253,000 to supply clean water to Kg Simpang Tiga residents
Petronas Dagangan Berhad (PDB) has allocated RM253,000 under its Water For Life programme to supply clean water to 200 residents of Kampung Simpang Tiga, Pengkalan Chepa.
— New Straits Times

Nestle appoints Nirmala Menon as new independent non-executive director
Nestle (Malaysia) Bhd has appointed Datuk Dr. Nirmala Menon as a new independent non-executive director, following the retirement of Toh Puan Datuk Seri Dr. Aishah Ong and Tan Sri Datuk Yong Poh Kon.
— New Straits Times

Sarawak State Entrepreneur of the Year Awards 2018 open for nominations
Nominations are now open for the Sarawak State Entrepreneur of the Year Awards (EOYS) organised by the Ministry of Industrial and Entrepreneur Development, Sarawak (MIED) in association with Sarawak Chamber of Commerce & Industry (SCCI) as well as Ernst & Young.
— The Borneo Post

SunCon accepts RM180m Penang medical centre job
Sunway Construction Group Bhd’s (SunCon) subsidiary Sunway Construction Sdn Bhd (SCSB) yesterday accepted the letter of award issued by Alliance Parade Sdn Bhd, for proposed development of the first phase of Sunway Medical Centre in Penang for RM180 million.
— The Sun Daily

Maybank appoints John Chong Eng Chuan as new group CEO, CFS
Malayan Banking Bhd has appointed Datuk John Chong Eng Chuan as the new group chief executive officer (CEO), Community Financial Services (CFS) effective July 18.
— New Straits Times

Immediate support for DRB-Hicom at RM1.97, says AllianceDBS Research
AllianceDBS Research said DRB-Hicom Bhd (DrbHcom) had on May 14 traded lower to settle at the day’s low of RM2.00 (down 15 sen or 6.97%).
— The Edge Markets

Feature photo Mohd Fazlin Mohd Effendy Ooi

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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.