Malaysia Morning News For May 17

Malaysia Morning News For May 17

Malaysia morning newsMalaysia’s New Government To Scrap GST By June 1
Malaysia’s finance ministry on May 16 announced that the unpopular Goods and Services Tax (GST) of six per cent will be discontinued from June 1.
— Investvine

Police seize handbags, other personal items from ousted Malaysian PM Najib’s home
Malaysian police seized handbags and few other personal items from the home of former prime minister Najib Razak in connection with a money-laundering probe, a lawyer of the ex-leader said on Thursday.
— Channel NewsAsia

An agenda for law reform after GE14
When Malaysia’s unexpected new Pakatan Harapan government seeks advice about law reform, it will surely consult the many capable Malaysians with expertise in this area: current and former judges; members of the Bar; legal academics, and scholars of the Malaysian constitution and its history; the Human Rights Commission of Malaysia (SUHAKAM); and the many civil society groups and social movements that now share an accumulated wealth of experience and wisdom.
— New Mandala

New govt likely to re-prioritise implementation of infra projects
The new Pakatan Harapan (PH) government is expected by analysts to re-prioritise the implementation of infrastructure projects to reduce the foreign borrowings and contingent liabilities.
— The Borneo Post

Minimum wage will prove early test for new Malaysian leader
Malaysia’s largest trade union has said the country’s new government will need time to fully assume power before it can address a range of workforce-related issues including the rising cost of living, job security and a potential increase in the minimum wage.
— CIPD

Malaysia’s political drama is worthy of Shakespeare
The release of Anwar Ibrahim is an important step in a new beginning for Malaysia, building on the stunning electoral victory that ousted the ruling party on 9 May. It’s also a test of loyalty between two men with a long rivalry, one of whom was the other’s jailor, writes Bridget Welsh.
— BBC

Palm oil falls nearly 1% on weaker related oils, slow demand
Malaysian palm oil futures edged down on Wednesday, their first decline in three days, tracking weaker related oils and due to slowing export demand.
— The Edge Markets

June CPO export tax to stay at 5%
Malaysia, the world’s second-largest palm oil producer, kept its crude palm oil export tax at 5% in June, according to the Malaysian Palm Oil Board today, citing the national customs department.
— The Sun Daily

CIMB to boost product take-up rate
CIMB Group Holdings Bhd plans to increase the product take-up rate per customer to more than one through the launch of the CIMB FIRST online platform.
— New Straits Times

Malaysia’s Q1 GDP growth to soften slightly to 5.5%: MIDF Research
MIDF Research has forecast Malaysia’s gross domestic product (GDP) growth for the first quarter (1Q18) to slightly moderate at 5.5%, as economic activities maintain an upward trajectory amid of strong domestic spending and continuous surging in external trade performances.
— The Sun Daily

Council of Eminent Persons inspires confidence – investment banks
The Council of Eminent Persons set up by the government has inspired the confidence of local investment banks, as it has identified key measures to address the nation’s economic issues by taking a holistic view of revenue and expenditure.
— New Straits Times

Top brass of rail projects summoned by Team of Eminent Persons
Top brass in charge of billion-ringgit rail projects, including the Kuala Lumpur-Singapore high-speed rail (HSR) and East Coast Rail Link (ECRL) projects, were called in for a briefing by the Team of Eminent Persons.
— The Star Online

O&G players see impact from new industry updates
With just two more months before Sarawak state-owned Sarawak Petroleum Bhd (Petros) assumes full regulatory authority over the upstream and downstream aspects of the state’s oil and gas (O&G) industry, existing industry players are wondering if their business activities will be impacted.
— The Borneo Post

1MDB investment decisions involving PetroSaudi made without detailed assessment
1Malaysia Development Bhd (1MDB) investment decisions in joint-venture companies involving PetroSaudi were made within eight days, without a detailed assessment process and before the issues or conditions raised by the 1MDB Board are resolved, the declassified auditor-general’s report on 1MDB released on Tuesday stated.
— The Star Online

Pharmaniaga posts RM17.6m Q1 net profit
Pharmaniaga Bhd’s net profit decreased 7.03 per cent to RM17.59 million for the first-quarter (Q1) ended March 31, 2018 as compared to RM18.92 million in the same period a year ago.
— New Straits Times

Moody’s: Malaysia banks’ adoption of MFRS 9 is largely credit neutral
The adoption of Malaysian Financial Reporting Standard 9 (MFRS 9), the new accounting standard for financial instruments, is largely credit neutral, but will change how the country’s banks measure, reserve for, and report credit losses, Moody’s Investors Service said.
— The Star Online

Onshore financial market stable, says FMC
The onshore financial markets in the country remain stable and orderly, post-14th general election, and continue to function in an effective manner, facilitating smooth intermediation activities among market participants.
— New Straits Times

QSR to open 50 new KFC drive-thru outlets at Petronas stations
QSR Brands (M) Holdings Bhd’s wholly-owned subsidiary, QSR Stores Sdn Bhd, has signed a Memorandum of Understanding (MoU) with Petronas Dagangan Bhd (PDB) to gradually open 50 new KFC Drive-Thru outlets at Petronas stations nationwide, within the next three years.
— The Borneo Post

GLC reviews will create more vibrant, competitive private sector
A review of the role played by government-linked companies (GLCs) and limiting government intervention in business will create a more vibrant and competitive private sector, as well as a more focused and efficient government, said National Chamber of Commerce and Industry of Malaysia (NCCIM) president, Tan Sri Ter Leong Yap.
— The Borneo Post

Bursa freezes lower limit prices for MyEG, George Kent
Bursa Malaysia Securities has frozen the lower limit prices for MyEG Services Bhd and George Kent (M) Bhd effective today, following the sharp fall of the companies’ share prices in the past two days.
— The Sun Daily

Investors see ‘big change’ in Malaysian business under Mahathir
It wasn’t just pollsters who were wrong-footed by the surprising outcome to Malaysia’s election. Business leaders were caught out, too.
— Nikkei Asian Review

Malaysia: Shares close higher on Wednesday
MALAYSIA share prices closed higher on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 10.06 points to 1,858.26.
— Business Times

PM Lee to meet Mahathir in Malaysia on Saturday
PRIME Minister Lee Hsien Loong is planning a trip to Malaysia this Saturday to meet Malaysian Prime Minister Mahathir Mohamad, he said on Wednesday.
— Business Times

FGV pledges transparency over investigations on Asian Plantations acquisition and other investments
Felda Global Ventures Bhd (FGV) says it will take all necessary actions in a transparent manner when the forensic investigations into several issues are completed.
— New Straits Times

Vincent Tan now a substantial shareholder of T7 Global
Berjaya Corp Bhd founder and executive chairman Tan Sri Vincent Tan has emerged as a substantial shareholder in Malaysia-based international service provider in the oil and gas industry, T7 Global Bhd.
— The Sun Daily

IOI Q3 net profit jumps to RM2.07b
IOI Corp Bhd’s net profit for the third quarter ended March 31, 2018 rose to RM2.07 billion from the RM305.4 million recorded in the previous corresponding quarter.
— New Straits Times

 

Feature photo Mohd Fazlin Mohd Effendy Ooi

 

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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