Malaysia Morning News For May 23

Malaysia police to look into threats against new MACC chief
Malaysia’s police chief said on Tuesday (May 22) that he will look into allegations by the current chief of the Malaysian Anti-Corruption Commission (MACC) that he was tailed in the United States at the height of the 1MDB scandal.
— Channel NewsAsia

Malaysia’s finance ministry has been bailing out 1MDB since April 2017: Lim Guan Eng
Malaysia has been “bailing out” 1Malaysia Development Berhad’s (1MDB) debt obligations since April 2017, and payments on behalf of the state fund amounted to RM6.98 billion (US$1.8 billion), the newly appointed finance minister said on Tuesday (May 22).
— Channel NewsAsia

Government must address Malaysia’s stance on trade pacts
The new government has to decide Malaysia’s stance on international trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Ministry of International Trade and Industry secretary-general, Datuk Seri J Jayasiri.
— The Borneo Post

Malaysia to review seven ‘unsuitable’ national security laws: Muhyiddin
The Malaysian Home Ministry will review seven laws relating to national security that are no longer suitable in today’s landscape, said Muhyiddin Yassin at his first press conference as the new Home Minister on Tuesday (May 22).
— Channel NewsAsia

The key reform promises of Malaysia’s new government
Ministers in Malaysia’s new government began their first day at work on Tuesday (May 22), having promised a slew of economic and financial reforms in the lead up to a stunning election win over an alliance that had led the country for the six decades since independence.
— The Straits Times

Zurich Malaysia absorbs GST for new applications, renewals in May
Services Tax (GST) incurred for new applications and renewal of insurance policies and takaful certificates in May.
— The Borneo Post

Malaysia will take a shrewder view on investment from China
The article “China’s south-east Asia push threatened by new Malaysia regime” ( May 16) suggests that the new government of Malaysia will be antagonistic to investments from China. This misrepresents the popular Malaysian rejection of the kleptocracy that ruled the country in the last decade.
— Financial Times

Malaysia says to review rail project to Singapore, East Coast Rail Line
Malaysia will review the implementation of mega projects such as the high speed rail line to Singapore, and a US$14 billion (S$18.76 billion) rail project connecting the country’s east and west coasts, state news agency Bernama reported on Tuesday, citing the economic affairs minister.
— Asia One

Malaysian Taxpayers Paid Over $1.7 Billion For 1MDB Debt So Far
Malaysia’s finance ministry has used a total of 6.98 billion ringgit ($1.76 billion) in tax money since April 2017 to pay back accumulated debt of state fund 1Malaysia Development Berhad (1MDB), the country’s newly appointed finance minister Lim Guan Eng said at a press conference in Kuala Lumpur on May 22.
— Investvine

RAM expects inflation to rise slightly to 1.5 pct in April
RAM Rating Services Bhd expects Malaysia’s headline inflation rate to increase slightly to 1.5 per cent in April against 1.3 per cent in March, mainly attributed to a reduction in the negative growth contribution of retail fuel.
— The Borneo Post

Malaysian palm oil price hits 6-week peak on stronger crude oil and soyoil
Malaysian palm oil futures climbed to a six-week high in evening trade on Tuesday, charting a third session of gains in four, tracking overnight strength in U.S. soyoil and crude oil prices.
— The Star Online

Small ripples in the water industry post-GE14
Industry participants can expect the following overarching general business outlook in the immediate term, such as on-going projects in the water industry, being expected to continue.
— The Borneo Post

China demand pushes up durian farming in Malaysia: Analysis
Rising consumption and prices have attracted large-scale durian farming in Malaysia recently, thanks to its rising prominence in China.
— The Straits Times

Moody’s sees SST, high oil price to offset GST but not long-term solution
Moody’s Investors Service forecasts the introduction of the Sales and Services Tax (SST) and higher crude oil price to offset the zeroising of the 6% Goods and Services Tax (GST) which takes effect on June 1.
— The Star Online

Fresh doubt cast over mystery of missing MH370 Malaysia Airlines flight
The man who led the search for Malaysia Airlines Flight 370 has disagreed with a new book’s conclusion that the pilot probably deliberately ditched it in the Indian Ocean.
— BirminghamLive

Destini awarded RM31m contract to extend oil and gas services in Pakistan
Destini Bhd has received a letter of award to extend its tubular running services to Pakistan for approximately US$8 million (RM31.76 million).
— New Straits Times

Serba Dinamik net profit rises to RM92.65m in Q1
Serba Dinamik Holdings Bhd’s net profit for the first quarter ended March 31, 2018 (1Q18) rose to RM92.73 million from RM77.32 million recorded in the same quarter last year.
— New Straits Times

Malaysia proved that, divisive or not, democracy works
In the case of Malaysia, what was “divisive” was the theft on a grand scale of large sums of money from the country by people close to power, and democracy was the means whereby the balance was restored between ordinary people and the kleptocrats (“Malaysia’s corruption agency questions ex-PM Najib Razak about millions linked to 1MDB fund”, May 22).
— South China Morning Post

AirAsia X records higher Q1 profit and revenue on passengers’ growth
AirAsia X Bhd’s net profit grew three-fold to RM41.49 million in the first quarter (Q1) ended March 31, 2018 from RM10.34 million.
— New Straits Times

Malaysia’s EPF, PNB sound out banks for $2b loan for Battersea project
Two major backers of London’s Battersea Power Station project are sounding out banks for a loan of about 1.5 billion pounds ($2 billion), people with knowledge of the matter said.
— DealStreetAsia

Malaysia’s Maybank Asset Management completes fund manager buys, gets new CEO
Malaysia’s Maybank Asset Management Group (MAMG) says its 51 million ringgit (US$12.83 million) acquisitions of Kuala Lumpur-based unit trust company Amanah Mutual and Singapore Unit Trust Ltd (SUTL) have been completed after receiving regulatory approvals.
— Asia Assert

Inari Amertron’s net profit rises to RM56m in Q3
Inari Amertron Bhd’s net profit rose to RM55.5 million in the third quarter ended March 31, 2018, from RM52.16 million recorded in the same quarter last year.
— New Straits Times

EPF buys Polish retail mall for RM1.4bil
The Employees Provident Fund (EPF) has bought a retail mall in Poland but declined to say for how much or the annual net yield for the investment.
— The Star Online

Malaysia Digest: PPB Group closes Hillcrest deal; Priceworth to buy Sabah concession
PPB Group on Tuesday completed the acquisition of the Armed Forces Fund Board’s 16.8 per cent stake in Hillcrest Gardens Sdn Bhd while Priceworth International Bhd has secured shareholder approval to acquire Sabah forest management concession for RM260 million ($65.52 million).
— DealStreetAsia

Feature photo Michael Coghlan

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.