Malaysia Morning News For May 24

Malaysia Morning News For May 24
Estimated Reading Time: 7 minutes |

Malaysia morning newsSalaries of Malaysian ministers to be cut by 10%: PM Mahathir
Malaysia will cut the salaries of its Cabinet ministers by 10 per cent with immediate effect, Prime Minister Mahathir Mohamad announced on Wednesday (May 23).
— Channel NewsAsia

Malaysia uncovers debt hidden under Najib raising total to $250bn
The revelation that former Malaysian Prime Minister Najib Razak put a much larger dent in the nation’s finances than previously believed has shaken investor trust, raising concerns that the potentially growing fiscal turmoil will scare foreign money away.
— Nikkei Asian Review

About RM120 million – cash seized from Pavilion Residences finally counted
Sources said officers from the Bukit Aman Commercial Crime Investigation Department (CCID) completed the painstaking task of counting the seized cash at its headquarters at Menara 238 along Jalan Tun Razak on Wednesday (May 23).
— The Nation

Whither Sarawak As CMSB Nosedives?
According to Bernama, the present Chief Minister of Sarawak, Abang Johari, has confirmed that the Editor of this website is still banned from entering the state.
— Sarawak Report

Malaysia Tapped Its Central Bank to Pay 1MDB Debt
In its final months in office, the government of former Malaysian Prime Minister Najib Razak turned to the nation’s central bank to pay off $500 million in debt owed by the troubled state investment fund 1Malaysia Development Bhd., people familiar with the transaction said.
— Wall Street Journal

Can Multiparty Democracy Work in Multiethnic Malaysia?
Malaysia’s political landscape has been transformed by the ouster of Prime Minister Najib Razak and the ruling United Malays National Organization. But while celebration is in order, a key question remains: can democracy ever truly take root in a country where ethnic, religious, and linguistic divisions run so deep?
— Project-Syndicate

Axiata Group swings to $37.2m Q1 loss
Malaysia’s Axiata Group has swung to a 147.71 million ringgit ($37.2 million) net loss for the first quarter of 2018 as a result of losses at its part-owned Indian affiliate Idea Cellular.
— Telecomasia

Provide factual statistics on Malaysia’s ongoing projects
Financial statistics made available to the public and related to Malaysia’s ongoing projects, including the East Coast Rail Link (ECRL) must be factual, with no hiding the details, said Financial Services Professional Board (FSPB) Chairman, Tan Sri Mohd Munir Abdul Majid.
— The Star Online

Frost & Sullivan to Recognize Top Malaysian Companies at the 14th Annual Malaysia Excellence Awards
Frost & Sullivan today named top Malaysian firms to be honored at the 14th annual Malaysia Excellence Awards banquet, which will be held at the Hilton Kuala Lumpur on 26th June 2018.
— AEC News Today/ PR Newswire (media release)

Moody’s receives accreditation from Malaysia’s Finance Accreditation Agency
Moody’s Analytics has received accreditation for its certification programme in corporate and commercial credit – Certificate in Commercial Credit (CICC) – from Malaysia’s Finance Accreditation Agency (FAA).
— The Borneo Post

KLCI falls 40 points, broad selling across Bursa Malaysia
It’s sea of red on the local bourse, with losers outpacing gainers, mirroring the performance on key Asian markets.
— The Star Online

Transparency International Malaysia calls for central registry to fight graft
Transparency International Malaysia has called on the government to introduce a central registry for beneficial ownership of companies registered in Malaysia and funds kept in Labuan to overcome corruption and money laundering activities.
— The Edge Markets

Malaysia’s new finance minister says 1MDB wealth fund president is ‘utterly dishonest’
Malaysia’s Finance Minister Lim Guan Eng met with people involved in the scandal-plagued fund and said its directors had confirmed that 1MDB was insolvent and “unable to repay its debts”
— South China Morning Post

Malaysian stocks tumble as debt looms
The local stock market yesterday saw the biggest single-day decline this year as uncertainties over the government debt loom, exacerbated by weakness in the regional market.
— The Star Online

No go for BTM Resources’ Malacca waste-to-energy power plant project
BTM Resources Bhd’s plan to develop a municipal solid waste-to-energy generation plant in Malacca has come to a halt after the Department of National Solid Waste Management said it is not able to consider the application of setting up a such a plant there.
— The Sun Daily

Broad recovery seen for car sales in second-half 2018
The local automotive sector is in for a potentially broad recovery in the second half following zero-rated Goods and Services Tax (GST), improved consumer spending and firmer ringgit, industry players and analysts said.
— New Straits Times

MALAYSIA’S EPF BUYS MALL IN POLAND FOR $352M AND MORE ASIA REAL ESTATE HEADLINES
Malaysia’s political transition dominated Asia’s political headlines earlier this month, and today the Southeast Asian nation is making waves with its real estate moves, as a government pension fund goes mall shopping in Poland, at the same time that the fund, along with a partner is looking to refinance London’s much-traded Battersea Power Station.
— Mingtiandi

UEM Edgenta’s profit increases marginally in Q1 to RM30.5m
UEM Edgenta Bhd’s net profit increased to RM30.5 million in the first quarter (Q1) ended March 31, 2018 from RM30.12 million recorded in the same quarter a year ago.
— New Straits Times

Sunway Construction bags two projects from TNB worth RM69m
Sunway Construction Group Bhd has secured two projects from Tenaga Nasional Bhd (TNB) and Cergas Murni Sdn Bhd valued at RM23.17 million and RM46.32 million respectively.
— New Straits Times

Malaysian move means little for India’s GST
Malaysia implemented the goods and services tax (GST) regime from April 1, 2015, which replaced its existing sales and service tax (SST) regime.
— Financial Times

Kenanga IB: Proposed acquisition of Inter-Pacific is to boost remisier base
Kenanga Investment Bank Bhd (Kenanga IB) has revealed that the proposed acquisition of the stockbroking business of Inter-Pacific Securities Sdn Bhd (Interpac) is mainly for the latter’s remisiers.
— The Sun Daily

Siemens M’sia targets 15-18 pct revenue growth this year
Siemens Malaysia Sdn Bhd is targeting a 15-18 per cent growth in revenue this year, driven by the power generation and grid infrastructure businesses.
— The Borneo Post

GST removal seen as boon for property market
The removal of the Goods and Services Tax (GST) will boost sentiments in the property sector, particularly the commercial sub-sector.
— The Sun Daily

Malaysian state-backed funds ‘looking for a loan for London-property project’
TWO Malaysian state-backed funds that acquired London’s Battersea Power Station building are sounding out banks for a loan of about £1.5 billion (S$2.7 billion), people with knowledge of the matter said on Wednesday.
— Business Times

AirAsia X on the right track as net profit jumps
Analysts laud AirAsia X Bhd (AirAsia X) as being on the right track as its net profit for the first quarter of its financial year 2018 (1QFY18) recorded strong growth exceeding 100 per cent year on year (y-o-y) at RM41.5 million.
— The Borneo Post

Malaysia: RHB Bank names UBS Asset’s James Yeo as regional head of M&A
RHB Bank Bhd., the fifth-biggest Malaysian lender by market value, has hired UBS Group AG’s James Yeo as regional head of mergers and acquisitions.
— DealStreetAsia

Perodua sells 75,500 cars within four months
Perusahaan Otomobil Kedua Sdn Bhd (Perodua) sold 75,500 vehicles in the first four months of this year, a 17 per cent year-on-year increase compared with the same period of 2017, capturing an estimated total industry volume market share of 41.6 per cent year-to-date.
— The Borneo Post

Dollar sukuk issuance climbs 47.6 pct in 1Q18
Dollar sukuk issuance boosted the global sukuk market in the first quarter 2018 (Q118), climbing 47.6 per cent year-on-year (y-o-y) to US$10.4 billion (US$1=RM3.98) and accounted for 34.5 per cent of the global sukuk issuance as at end-March 2018 (end-March 2017: US$7 billion).
— The Borneo Post

 

Feature photo Michael Coghlan

 

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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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