Malaysia Morning News For May 4

Malaysia’s Mahathir being probed for ‘fake news’
Malaysian opposition leader Mahathir Mohamad is under investigation for allegedly spreading “fake news” after claiming his plane was sabotaged, police said on Thursday, just days before a closely-fought election.
— Business Times

Maybank eyes RM50b credit card billing this year
Malayan Banking Bhd (Maybank) eyes a 16-18 per cent increase in total spending by customers using its credit cards to RM50 billion this year.
— New Straits Times

Bank Negara: RM2,700 provisional estimate of living wage
The monthly income of RM2,700 published in Bank Negara Malaysia’s (BNM) 2017 Annual Report is a provisional estimate of a living wage for a single adult in the capital, which does not refer to the median income.
— The Star Online

KL-Singapore High Speed Rail to generate 70,000 jobs
The Kuala Lumpur-Singapore High Speed Rail is expected to generate more than 70,000 jobs and the spillover effects is estimated to be RM209bil in Gross National Income.
— The Star Online

Banking still ‘overweight’ despite declining loan growth: AmInvestment
AmInvestment Bank Research maintained an overweight call on the banking sector despite industry loan growth declining by 4.4% year-on-year, due to slower non-household loan growth.
— The Sun Daily

Malaysia’s Q1 fiscal deficit lowest in previous five years, says Nomura
Malaysia’s fiscal deficit of RM11.2bil in Q1 of 2018 or 3.3% of gross domestic product (GDP) was well below Nomura Global Economics Research’s 6% forecast.
— The Star Online

Domestic manufacturing sector prospect remains bleak: Kenanga
While manufacturing conditions appear to have improved globally, Kenanga Investment Bank Bhd expects a dreary outlook for the domestic manufacturing sector as exports appear to remain weak over the first quarter (Q1) 2018.
— New Straits Times

Mah: Malaysia key beneficiary of FDI due to open economy
Malaysia has been the main beneficiary of inward foreign direct investments (FDI) in the region due to its open economy which results in new job creation, stellar economic growth, as well as driving valuable technology and skills transfer.
— The Star Online

University of Malaya Students Emerged Victorious at the Global Datathon Championship
The Center of Applied Data Science (CADS) in collaboration with Data Science Society hosted the first ever global Datathon challenge which saw students from the Faculty of Computer Science and Information Technology, University of Malaya, Malaysia, emerging victorious with their creative and innovative solution on the trading of cryptocurrency, globally, having beaten five other countries.
— AEC News Today/ PR Newswire (media release)

Malaysia not going bankrupt: Seng Giaw
The government’s ability to finance the country’s debts, civil servants’ salaries and mega development projects is proof that Malaysia is not going bankrupt, says DAP veteran Dr Tan Seng Giaw.
— New Straits Times

Prelude to unfree, unfair elections in Malaysia
Campaigning is off to a controversial start in Malaysia ahead of May 9 elections pitting premier Najib Razak’s ruling Barisan Nasional (BN) coalition against ex-premier Mahathir Mohamad’s upstart Pakatan Harapan opposition alliance.
— Asia Times

Higher input cost dents F&N Q2 net profit
Rising prices of commodities, from crude oil to milk, is putting the pressure on Fraser & Neave Holdings Bhd.
— The Star Online

Small-cap stocks offer good investment potential
The small capitalisation (small-cap) stocks in Malaysia have good potential to ride higher and are an attractive proposition for institutional and retail investors, backed by the country’s strong economic fundamentals, high global oil prices and the ringgit recovery.
— The Star Online

Sarawak announces €1.5 million to increase durian production
The Sarawak state government has allocated RM7 million (€1.5 mln) for a rehabilitation programme, aimed at increasing production of durian fruit.
— Fresh Plaza

1MDB has transferred ownership of all land to MoF Inc
1Malaysia Development Bhd (1MDB), the government’s strategic development company, has transferred ownership of all its land, including plots in Air Itam here to the Minister of Finance Incorporated (MoF Inc.).
— New Straits Times

Youth unemployment hit record high in 2017: MIDF Research
Youth unemployment was at its highest ever at 10.8% in 2017, of which graduate unemployment constituted about 40.5% or 204,000 of total unemployment due to skills mismatch amid a backdrop where demand for low-skill jobs continues to reign – which in turn may leave the government falling short of its 35% skilled workforce target by 2020, according to MIDF Research.
— The Sun Daily

Haier to launch over 30 new products in Malaysia
Haier Electrical Appliances (M) Sdn Bhd will launch over 30 new products in Malaysia this year as the company is bullish on the future of home appliances and consumer electronics here.
— New Straits Times

Property industry stakeholders should focus on rental market: CBRE-WTW
With affordability being a challenge, property industry stakeholders should look towards the rental market, said CBRE-WTW managing director Foo Gee Jen.
— The Sun Daily

Proposed US tariffs pose direct risk to Malaysia’s trade momentum — RAM
Proposed US tariffs on Chinese technological goods pose a direct risk to Malaysia’s trade momentum, given the importance of electrical & electronic (E&E) products to the overall export share, as well as the sector’s established position in the global value chain, according to RAM Ratings.
— The Edge Markets

Mustapa: Trade with China will not compromise nation’s sovereignty
Trade and investments between Malaysia and China will not affect the sovereignty of the country, despite claims to the contrary by the opposition.
— New Straits Times

Government urged to review incentives for office space
The government should reassess the incentives available for office occupants in view of the high supply and low take-up rate of office space in Greater Kuala Lumpur.
— The Sun Daily

MH370 search reveals clues to 19th century shipwreck mysteries
A four-year search of the depths of the Indian Ocean has failed to locate Malaysia Airlines Flight 370.
— The Guardian

Rakuten Trade draws young investors to its platform
IN recent years, most investment banks and stockbroking firms have struggled to find new clients to open trading accounts.
— The Edge Markets

More Pain Predicted For Malaysia Stock Market
The Malaysia stock market has moved lower in consecutive trading days, sliding almost 20 points or 1 percent along the way.
— Nasdaq

Puncak Niaga’s unit appointed sub-contractor for RM489.93m construction project
Puncak Niaga Holdings Bhd’s wholly-owned unit, Puncak Niaga Construction Sdn Bhd (PNCSB), has been appointed the principal sub-contractor by Jalur Cahaya Sdn Bhd (JCSB) for a RM489.93 million construction project in Bandar Kuantan, Pahang.
— New Straits Times

SABAH’S FMU5 timber concession valued at RM433.8m, Priceworth calls for EGM
The Forest Management Unit 5 (FMU5) in Sabah has been valued at RM433.8 million, according to Priceworth International Bhd, significantly more than the RM260 million price it is paying for the acquisition of FMU 5 Timber Concession involving a net concession area of 88,920 hectares.
— New Straits Times

Fast Asia Open: China Caixin services PMI, Malaysia trade data
Donald Trump has acknowledged that he reimbursed his lawyer for a $130,000 payment to an adult film star to ensure her silence over an alleged affair, contradicting his early statements that he knew nothing of the hush money.
— Financial Times

Feature photo Ah Wei (Lung Wei)

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.