Malaysia Morning News For May 18

Malaysia Morning News For May 18
Estimated Reading Time: 6 minutes |

Malaysia morning newsMalaysian police seize 72 bags of cash, jewellery at luxury condos linked to former PM Najib
Malaysian police seized 72 bags of jewellery, various currencies and valuables at luxury condominiums in Jalan Raja Chulan on Friday (May 18) morning, believed to be linked to the 1Malaysia Development Berhad (1MDB) investigations involving former prime minister Najib Razak.
— Channel NewsAsia

Malaysia Central Bank Governor Muhammad Says Removal of GST Will Affect Inflation
Malaysia central bank governor Muhammad said that removal of the GST will impact inflation and the central bank might revise its CPI projection after it has more information; inflation is expected to moderate this year on global cost factors; while growth in Q118 is slightly lower than the official target range of 5.5-5.8% GDP growth is expected to remain favourable going forward; monetary policy will continue to be accommodative and growth supportive.
— Trade Captain

Malaysia Elections: Everything You Need to Know About a Political Earthquake
A former prime minister, Mahathir Mohamad, 92, returned to power last week after a stunning upset vote, defeating not just his former protégé, but the very party he helped create.
— New York Times

Malaysia premier Mahathir Mohamad steps up probe into 1MDB
Malaysia’s new prime minister Mahathir Mohamad has intensified a probe into allegations of corruption at 1MDB, announcing a standalone committee to investigate losses at the multibillion-dollar sovereign wealth fund.
— Financial Times

At last, a cause to unite all Malaysia’s ethnic groups
It is tempting to interpret the drama of the past week—in which the United Malays National Organisation (UMNO) and its allies, which had run Malaysia for 61 years, crashed from power—as the result of the interaction of three former colleagues in UMNO.
— The Economist

Malaysian economy slows even as uncertainties build
Malaysia’s economy grew at a slower pace in the first quarter as compared to the previous three-month period, adding to the challenges that are growing after the unexpected change in government.
— Nikkei Asian Review

What democracies can learn from Malaysia
What is democracy for? This might seem like an obvious question. Yet disagreements over democracy’s ends are multiplying in the West, including in the oldest, most advanced democracies.
— Brookings

Anwar wants Malaysia to scrap race policies
Pardoned Malaysian politician Anwar Ibrahim said Thursday that decades-old affirmative action policies for the country’s Malay majority must be discarded in favor of a new program to help the poor regardless of race.
— Daily Times

‘Debt impact on economy minimal’
The now declassified Auditor-General’s audit report on 1Malaysia Development Bhd (1MDB) has confirmed what many parties have suspected: sheer lapse of governance and flawed internal control.
— New Straits Times

Continued Consolidation Called For Malaysia Shares
The Malaysia stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced more than 20 points or 1.2 percent.
— Nasdaq

Bank Negara remains transparent
Bank Negara Malaysia (BNM) said it will continue to practise a transparent, objective and professional policies to further drive Malaysia’s economic growth.
— New Straits Times

Malaysia’s politician says Najib likely headed to jail
Newly released Malaysian political heavyweight Anwar Ibrahim said Thursday he expects ex-premier Najib Razak to be jailed over multi-billion-dollar graft claims.
— Pulse

Kenanga Q1 net profit jumps over 8 times
Kenanga Investment Bank Bhd has registered a net profit of RM15.44 million in the first quarter ended March 2018, more than eight times higher than RM1.89 million in the same quarter last year.
— New Straits Times

Q&A: Anwar Ibrahim and Malaysia’s ‘new dawn’
In an interview with Al Jazeera, former deputy prime minister discusses his incarceration, democracy and future plans.
— Aljazeera

The last 10 days of GST – 8 things that businesses should do immediately
THE government has announced – and made the necessary legal changes – to reduce the GST rate from 6% to 0% on all goods and services supplied effective June 1.
— The Sun Daily

Malaysia election could spell change for Petronas
Industry observers are keenly watching to see the impact Malaysia’s 14th general election results will have on national oil and gas company Petronas and other upstream players in the country.
— Upstream Online

Palm rises on bargain-hunting, weaker ringgit
Malaysian palm oil futures recovered from a one-week low on Thursday and ended trading higher on the back of bargain-buying and a weaker ringgit, its currency of trade.
— The Edge Markets

BHIC 1Q net profit jumps 66%, but reports lower revenue
Boustead Heavy Industries Corp Bhd’s (BHIC) net profit jumped 65.9% to RM4.5 million in the first quarter ended March 31, 2018 (1QFY18) from RM2.71 million a year ago, on higher contribution from its joint venture (JV) companies.
— The Edge Markets

Carlsberg posts 20% Q1 earnings jump, declares 20 sen dividend
Carlsberg Brewery Malaysia Bhd’s Q1 earnings jumped 20% to RM80.82mil from RM67.39mil in the year-ago quarter, underpinned by improved profit contributions from its domestic operations and associate company.
— The Star Online

Press Metal Q1 profit up, thanks to higher prices
Press Metal Aluminium Holdings Bhd’s net profit for the first quarter ended March 31 jumped 1.6% to RM150.48 million from RM148.05 million a year ago, mainly due to the higher metal price during the current year quarter under review.
— The Sun Daily

MTS Plans For Growth In Asia With New Business Partners In Malaysia And Singapore
MTS Systems Corporation (NASDAQ: MTSC), a leading global supplier of high-performance test systems and sensors, today announced the appointment of new Business Partners to support MTS Materials, Vehicles and Structures market segments in Malaysia and Singapore.
— AEC News Today/ PR Newswire (media release)

Proton gives service vouchers for cars sold on May 16-31
Proton cars sold and registered from May 16-31 this year will include service vouchers equivalent in value to the difference between the current and new price of the car after Goods and Services Tax (GST) is zero-rated.
— New Straits Times

Cypark proposes private placement to raise RM64m
Cypark Resources Bhd has proposed to undertake a private placement, representing up to 10% of its issued shares to raise estimated gross proceeds of up to RM64.37 million.
— The Sun Daily

SDP partners Mitsui and Mitsubishi Estate to develop RM530m industrial facilities in Klang
Sime Darby Property Bhd (SDP) is partnering Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd to develop and lease built-to-suit industrial facilities with a gross development value of RM530 million at the Bandar Bukit Raja integrated township in Klang, Selangor.
— New Straits Times

MyEG and George Kent battered again
Shares of Government service provider MyEG Services and George Kent continued to come under heavy selling pressure on Thursday after Bursa Malaysia Securities removed the lower price limit for both counters.
— The Star Online

 

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.

 

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Sreypov Men

junior writer/ trainee journalist at AEC News Today
Sreypov Men is currently a senior student at Institute of Foreign Languages where she is majoring in International Relations. She commenced as an intern and was appointed as a junior writer/ trainee journalist on April 2, 2018

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