Malaysia Morning News For May 30

Cancelling HSR will create positive impact in long run: Melaka CM
The central government’s decision to scrap the HSR project will create a positive impact in the long-term, as the country will not be saddled with the problem of settling so much debts, said Melaka Chief Minister Adly Zahari.
— New Straits Times

Malaysia’s GST a victim of populist politics
The new Malaysian government’s decision to bring GST down to zero from Friday is an easy decision to make – but making up for its lost revenue will be tough.
— The Straits Times

Najib gives final salute to security personnel
In what appears to be an emotional goodbye, former prime minister Datuk Seri Najib Razak has officially bid farewell to his security detail.
— AsiaOne

Malaysia ditches Singapore rail link. Is Chinese project next?
Malaysia’s new leader is ditching a planned high-speed rail link with Singapore that would have cost billions.
— CNN Money

Malaysia high-speed rail cancellation a blow to Japan’s shinkansen exports
Malaysia’s decision to scrap a planned high-speed rail link from Kuala Lumpur to Singapore has blindsided Japanese contractors looking to cash in on the $14.8 billion project.
— Nikkei Asian Review (paywall)

“Higher oil price makes fuel subsidy less viable”
The Pakatan Harapan (PH) government may not be able to keep subsidising fuel price for too long if global oil price remains above US$70 per barrel, analysts said.
— New Straits Times

Taxi association in Malaysia ask for new government to end ride-hailing services
The Malaysian Taxi, Limousine and Car Rental Operators and Drivers Association voiced out earlier last week on Thursday (24 May) that the new Malaysian government should end ride-hailing services in Malaysia and focus on improving the taxi industry.
— The Online Citizen

Malaysia Asks $8.3 Billion Question on 1MDB. Here’s What We Know
Malaysia’s new government has wasted no time training its sights on 1MDB, the scandal-ridden state investment company that’s spurred criminal and regulatory probes around the world.
— Bloomberg

Back to the future: Malaysia’s political transition
Out went the old guard, and in came the old guard, in Malaysia’s elections on 9 May.
— Aspistrategist

CIMB pledges RM75m to train talent to meet digital ambitions
CIMB Group Holdings Berhad has pledged RM 75 million over the next three years to the CIMB 3D Academy, to enhance the digital quotient in all job roles; to enable the group’s digital transformation; and to build an agile, innovative, tech-savvy workforce across the board.
— The Sun Daily

Maybank Q1 profit rises to RM1.87b
Malayan Banking Bhd, Southeast Asia’s fourth largest bank by assets, posted a net profit of RM1.87 billion in the first quarter ended March 2018, 9.9 per cent higher than RM1.70 billion in the same period a year ago.
— New Straits Times

AirAsia to increase flight frequency from Honolulu to Malaysia via Japan
Asian airlines AirAsia X said Tuesday it will increase its flight frequency to and from Honolulu in response to high traveler demand, less than a year
— Pacific Business News

Malaysian hearing aid market expected to grow this year
The hearing aids device market in Malaysia will grow at a positive rate year on year led by increasing prevalence of hearing loss patients, said hear.com managing director, Alexander Evertz.
— New Straits Times

Nestle to cut 500 jobs as CEO Schneider targets home country
Nestle SA plans to cut as many as 500 jobs in its home market of Switzerland as Chief Executive Officer Mark Schneider aims to boost profitability at the world’s largest food company.
— The Star Online

TNB 1Q18 performance in line with expectations
Tenaga Nasional Bhd’s core earning of RM2 billion for the first quarter ended March 31 2018 is largely within analysts expectations.
— New Straits Times

Uyghur Student Missing, Believed Detained After Return From Malaysia University
A young Uyghur woman has gone missing after returning to her home in northwest China’s Xinjiang Uyghur Autonomous Region (XUAR) from studying abroad in Malaysia, and is believed to be detained in a “political re-education camp,” according to her Germany-based sister.
— Radio Free Asia

IHH looks set to have another shot at Fortis
IHH Healthcare Bhd, which is likely to acquire a 34-35% stake in Fortis Healthcare Ltd, may have another shot at bidding for Fortis as the Indian firm has obtained permission to re-open the bidding process.
— The Sun Daily

Mi Equipment to raise $47.9m in Bursa Malaysia listing
Malaysian equipment manufacturer Mi Equipment Holdings Bhd plans to raise RM190.87 million ($47.9 million) in its upcoming initial public offering on Bursa Malaysia Securities.
— DealStreetAsia

KLCI earnings may rise by 5.3% in 2018
AmBank Research, which called the first quarter reporting season “a tad discouraging”, has projected FBM KLCI’s earnings to grow by 5.3% and 7.1% in 2018 and 2019, underpinned by a gross domestic product growth of 5.5% and 5.3% respectively.
— The Sun Daily

Muda unit buys food wrapping manufacturer for RM2.38m
Muda Holdings Bhd’s 70% owned subsidiary Intrapac (Singapore) Pte Ltd has acquired 85% equity interest in food wrapping manufacturer Lonsing Packaging Industries Pte Ltd for SG$807,500.00 (RM2.38 million).
— The Sun Daily

Malaysia’s 1337 Ventures partners Canada-based InnoStart for pre-accelerator
Malaysia-headquartered early-stage venture capital firm 1337 Ventures is teaming up with Canadian investment firm InnoStart Capital for its upcoming pre-accelerator programme Alpha Startups: Fintech Edition, that will kick off in July.
— DealStreetAsia

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.