Malaysia morning news for November 8

Malaysia morning news for November 8

Malaysia morning newsMalaysia will soon tax foreign providers of online services to level playing field
Foreign companies providing online services in Malaysia will soon have to pay a service tax, the Ministry of Finance confirmed on Wednesday (Nov 7).
— Business Insider

Dr M says Malaysia still studying new trans-Pacific trade deal
Malaysia is still studying the implications and potential impacts of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) before deciding to ratify the free trade agreement, said Tun Dr Mahathir Mohamad.
— Malay Mail

Malaysia allocates $240m for national fiber plan
The Malaysian government has announced a 1 billion ringgit ($239.7 million) initiative to improve the nation’s telecoms connectivity in the market in order to promote growth of its digital economy.
— Telecom Asia

Bank Negara international reserves down 1.1pct to US$101.7 billion
Bank Negara Malaysia’s international reserves down 1.1 per cent to US$101.7 billion (RM423.8 billion) as at October 31 this year, from US$102.8 billion on October 15.
— New Straits Times

Be clear about behavioural taxes’ objectives, govt told
An academic today urged the government to be clear of the objectives when imposing behavioural taxes, citing the soda tax as an example.
— FMT

Tax on petroleum products will affect market, says Azmin
The Sarawak government’s move to impose a 5% sales tax on petroleum products produced in the state will not only affect Petronas but also the market, said Economic Affairs Minister Mohamed Azmin Ali.
— FMT

RHB launches dual credit cards
RHB Bank Bhd today introduced the RHB Dual Credit Cards, which are targeted to increase new customers card acquisition by 30% by the first quarter of 2019, from 500,000 credit cards currently.
— The Sun Daily

2019 Budget to improve the country’s fiscal progress
The institutional reform instilled in the 2019 Budget will improve the country’s fiscal progress, backed by more accountability, integrity and openness.
— New Straits Times

Malaysia court to resume Kim Jong Nam murder trial on Jan. 7
A Malaysian court on Wednesday set Jan. 7 for two Southeast Asian women charged with murdering the North Korean leader’s half brother to begin their defence, as their lawyers complained that some witnesses were unreachable.
— CTV News

HR Asia Announces Malaysia’s Best Companies to Work for in Asia
Forty-six Malaysian companies have been named the Best Companies to Work for in Asia by human-resource publication, HR Asia.
— AEC News Today/ PR Newswire (media release)

Economist warns of wider fiscal deficit if oil price drops
A chief economic researcher has warned of a possibly wider fiscal deficit should the global Brent crude oil price dips below US$70 a barrel.
— FMT

Airport REIT likely to pay dividends about RM252 million annually: Maybank IB Research
The government’s proposal to set up the world’s first airport real estate investment trust (REIT) is expected to be finalised between the second-quarter (Q2) and third-quarter (Q3) 2019.
— New Straits Times

MATTA and CLIA set to focus on Malaysia’s emerging cruise market
The Malaysian Association of Tour and Travel Agents (MATTA) and Cruise Lines International Association (CLIA) have developed a collaboration through a Memorandum of Understanding (MoU) for strategic cooperation to drive the emerging cruise tourism in Malaysia.
— Seatrade Cruise News

New smartphone brand aimed at young consumers enters Malaysian market
Realme smartphones are officially available in Malaysia with a launch in Kuala Lumpur today (Nov 7) unveiling three new models. These devices are targeted towards young consumers looking for affordable devices with flagship-like features.
— The Star Online

Malaysia to seek Japan’s expertise in AI investment
Malaysia will seek Japan’s assistance on investment in the artificial intelligence (AI) industry in the quest to take its technologies to a more advanced level, Tun Dr Mahathir Mohamad said.
— New Straits Times

Goldman Sachs must return RM2.4b to Malaysia, says Guan Eng
Finance Minister Lim Guan Eng told Goldman Sachs today to return the US$588 million (RM2.4 billion) fees it was paid for its work with 1Malaysia Development Bhd (1MDB).
— Malay Mail

Study on national railway to ensure full benefits: Dr M
The Malaysian government’s efforts to get the JR Kyushu Railway Company’s cooperation to look into the problems of the national railway is to ensure that services are fully beneficial to the nation and the people, according to Prime Minister Tun Dr Mahathir Mohamad.
— The Sun Daily

Sapura Energy seeks shareholders’ approval for RM4b rights issue
Sapura Energy Bhd will hold an extraordinary general meeting (EGM) here on Nov 29 to seek shareholders’ approval for its proposed rights issue to raise RM4 billion.
— The Star Online

Genting Malaysia rebounds as markets resume trading
Genting Malaysia Bhd shares rose as much as 16 sen or 4.43% to RM3.77 so far today on bargain hunting after the stock fell on Monday following news Malaysia’s casino tax will be increased to 35% of gross income.
— The Edge Markets

Malaysia’s c.bank seen holding key rate, eye on growth
Malaysia’s central bank is expected to keep its benchmark interest rate unchanged on Thursday, a Reuters poll showed, with the economy facing a widening fiscal deficit and slower growth.
— Nasdaq

Consumer stocks top gainers, Digi lifts KLCI
Late fund buying powered blue chips higher on Monday as consumer stocks rallied while Digi and Axiata helped to give the FBM KLCI a significant boost.
— The Star Online

MTDC urges SMEs to embrace the 4th industrial revolution
Malaysian Technology Development Corp (MTDC) Sdn Bhd has urged more small medium enterprises (SMEs) to embrace relevant know how of the fourth industrial revolution with the launch of the Centre of 9 Pillars (Co9P) initiative.
— New Straits Times

RHB Bank eyes 30pct increase in cardholders by Q1 2019
RHB Banking Group expects to increase the number of its cardholders by 30 per cent by the first quarter next year, driven by its latest product, the Dual Credit Card.
— New Straits Times

Gadang sets eyes on infrastructure projects in Sabah, Sarawak
Construction and property player Gadang Holdings Bhd, which currently tendering for up to RM2 billion worth of projects, aims to secure a slice of infrastructure projects expected to be rolled out in East Malaysia following the states’ higher allocation on development expenditure next year.
— The Sun Daily

Coway mulls setting up manufacturing operations in Malaysia
Coway Co Ltd, a South Korean maker of home appliances, is mulling over establishing manufacturing operations in Malaysia with the aim of using the country as a launchpad into other South-East Asian markets.
— The Star Online

Fitch Solutions maintains Malaysia’s 2018 and 2019 budget deficit at 3.7pct
Fitch Solutions has maintained its 2018 and 2019 budget deficit forecasts for Malaysia at 3.7 per cent of gross domestic product (GDP).
— New Straits Times

Malaysia committed to boosting defence ties with Indonesia, says Mat Sabu
MALAYSIA will continue to strengthen the good defence relations with Indonesia in the interest of both nations, said Defence Minister Mohamad Sabu.
— Malaysian Insight

Iskandar Malaysia attracts RM273b investments
Iskandar Malaysia recorded investments totalling RM19.8 billion in the first nine months of this year, raising the cumulative investments committed since 2006 to RM272.90 billion.
— The Star Online

WTM 2018: Malaysia ‘revaluates’ 2020 visitor target
Tourism Malaysia had initially aimed to hit 33 million overseas guests in two year’s time but speaking to TTG@WTM chairman Datuk Ahmad Shah Hussein Tambakau revealed it had decided to revise the figure to 30.
— TTG Media

Stop outrageous assumptions about ICERD, says Mujahid
Malaysians have been advised to stop making outrageous assumptions over the government’s intention to ratify the International Convention on Elimination of All Forms of Racial Discrimination (ICERD) which could lead to negative perceptions of racial ties in the country.
— FMT

Property developers, Rehda donate to Tabung Harapan
Hunza Properties Bhd, Ideal Property and the Real Estate and Housing Developers Association (Rehda) donated RM455,172.50 to Tabung Harapan Malaysia (THM) today.
— Malay Mail

 

Feature photo Max Pixel

This week’s Malaysia morning news feature photo acknowledges World Science Day for Peace and Development, November 10.

 

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.

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Sreypov Men recently completed a course of study in International Relations at the Institute of Foreign Languages.

She commenced as an intern at AEC News Today and was appointed as a junior writer/ trainee journalist on April 2, 2018

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