Malaysia Morning News For September 20

Malaysia’s Ex-PM Detained Over Mysterious $628-Million Transfer
Former Malaysian prime minister Najib Razak was arrested on September 19 over allegations that $628 million linked to state investment fund 1Malaysia Development Berhad (1MDB) ended up in his personal bank accounts. According to Malaysia’s anti-graft agency, Najib was detained at its office and is set to be taken to court on September 20 to face charges.
— Investvine

Malaysia’s real GDP growth at five per cent in 2018-2019 — RHB Research
RHB Research expects Malaysia’s real gross domestic product (GDP) to grow at five per cent this year and next year, slower than the 5.9 per cent achieved in 2017 due to weakening external demand.
— The Borneo Post

New digital tax will increase costs, prices: Ideas
A new direct digital tax in Malaysia would increase the costs of digital goods and services, which would in turn, increase prices for consumers and businesses, said the Institute for Democracy and Economic Affairs (Ideas).
— The Sun Daily

Malaysia urged to ban child marriages as older man weds teen
Malaysia’s government has come under renewed pressure to outlaw child marriages after another case of a child bride surfaced in a poor rural state, the second in weeks.
— Fox News

Moody’s maintains stable outlook for Malaysian banks
Moody’s Investors Service has maintained its stable outlook for Malaysia’s banking system this year in view of the continuous robust operating conditions in the country.
— The Borneo Post

Sarawak to expand renewable energy use
Sarawak Energy Bhd (SEB) aims to expand the coverage of renewable energy (RE) to rural communities in Sarawak by 2025.
— New Straits Times

Another child bride in Malaysia: UN body condemns marriage of girl, 15, and groom, 44
Malaysia’s government has come under renewed pressure to outlaw child marriages after another case of a child bride surfaced in a poor rural state, the second in weeks.
— South China Morning Post

KLIA among Asia Pacific’s top 5 most connected airports
The OAG International Megahubs Index 2018 ranked Kuala Lumpur International Airport (KLIA) 12th in its Top 20 most connected airports worldwide, while for the Asia-Pacific, it is ranked 3rd.
— New Straits Times

Malaysia alcohol poisoning: At least 21 dead, dozens ill
At least 21 people, mostly migrant workers, have died of suspected poisoning from contaminated alcohol in Malaysia.
— Aljazeera

Malaysia’s Aug inflation at 0.2% on year, slowest growth rate in 42 months
Malaysia’s inflation, as measured by the consumer price index (CPI), showed moderate growth of 0.2% in August from a year earlier, as compared to 0.9% year-on-year (y-o-y) growth recorded in July.
— The Edge Markets

Malaysian palm oil price falls to 2-month low on inventories outlook
Malaysian palm oil futures hit their lowest in nearly two months on Wednesday, tracking declines in related edible oils and as traders expect higher stockpiles in producer nations.
— The Star Online

Uncertainties continue in construction sector
Uncertainties in the construction sector is expected to continue in the immediate term as status of several mega infrastructure projects and government policies have yet to be officially confirmed.
— The Borneo Post

Malaysia sets a new goal of 18% clean energy generation by 2030
Citizens can expect a transparent and efficient market structure with more cost reflective tariff proceeding the new reforms that will be put in place that seek to foster technological innovation in RE.
— OpenGov Asia

Malaysians travel more despite ringgit’s devaluation
Although the value of the Malaysian ringgit is depreciating, Malaysians still continuing to travel to both local and foreign destinations, according to the Malaysian Association of Tour and Travel Agents (MATTA).
— The Star Online

Sapura Industrial posts profit in Q2 against loss in previous year
Sapura Industrial Bhd posted a net profit of RM1.05 million in the second quarter ended July 31 2018 compared with a net loss of RM1.03 million in the previous corresponding quarter on the back of higher revenue.
— The Sun Daily

Voting age to be lowered from 21 to 18 in Malaysia
THE Malaysian government has decided to lower the voting age from 21 to 18. The Star online newspaper reported that the decision was made at its weekly Cabinet meeting on Wednesday.
— Business Times

Malaysia’s Deputy Defence Minister on creating better paying jobs
Malaysia’s Deputy Defence Minister Liew Chin Tong has cited a need to restructure the economy to create better paying jobs, with the aiming of subsequently reducing the country’s reliance on cheap unskilled foreign labour, in a Bernama report.
— Human Resource Online

Analyst: Patience wearing thin in East Malaysia over MA63
A political analyst warns that patience is wearing thin in Sabah and Sarawak over the restoration of rights for the states under the Malaysia Agreement 1963 (MA63) despite renewed assurances from the prime minister.
— FMT

GE Aviation Expands in Malaysia
GE Aviation has just announced two new developments for its business in Malaysia. The first is an $80 million investment in GE Engine Services Malaysia (GEESM), which was incorporated in 1997 through a partnership with Malaysia Airlines and developed as a Center of Excellence for CFM56 engines.
— Aviation Week

Singaporeans in Malaysia urged to keep ties strong with friendships
Singapore and Malaysia have forged strong ties over many years, anchored in mutual trust and respect, President Halimah Yacob said yesterday as she encouraged Singaporeans who work and live in Malaysia to maintain these strong networks and friendships.
— The Straits Times

A&W ceases to be KUB’s unit
KUB Malaysia Bhd has completed the disposal of A&W (Malaysia) Sdn Bhd (A&W) to Inter Mark Resources Sdn Bhd for RM34 million.
— New Straits Times

Economists confident Malaysian sovereign bonds will continue to be a hit
Economists are confident that the Malaysian government will pass the litmus test of investor confidence with any sovereign debt issuance, citing the continued attractiveness of the country’s debt notes with greater fiscal prudence, transparency and commitment to reducing the fiscal deficit.
— The Sun Daily

NAJIB ARRESTED, HIS ALLIES HAVE QUIT. IS MALAYSIA’S UMNO DEAD AND BURIED?
The Malaysian opposition was left in chaos on Wednesday, when the arrest of disgraced former prime minister Najib Razak on charges related to the troubled state investment fund 1MDB capped a tumultuous two days that saw two of his top lieutenants quit in protest against his party’s courting of hardline Islamists.
— South China Morning Post

‘Cancelled tower deal improves Axiata’s financial headroom’
Axiata Group Bhd’s cancellation of the US$940 million (RM3.9 billion) telecom tower acquisition in Pakistan will improve the group’s financial headroom, said S&P Global Ratings.
— The Sun Daily

Vietnam, Malaysia promote friendship, cooperation
The Vietnam – Malaysia Friendship Association (VMFA) under the Vietnam Union of Friendship Organisations (VUFO) hosted a friendship exchange in Hanoi on September 19 as part of activities to mark the 61st anniversary of Malaysia’s National Day.
— Nhan Dan Online

Political intrigue is killing Malaysia
Typhoons and hurricanes are causing devastating damage in other countries, but here in Malaysia, we are lucky to have none of that.
— FMT

SC eases retail investors’ access to sukuk, bond market
The Securities Commission Malaysia (SC) has liberalised its regulatory framework to facilitate greater retail access to the RM1.3 trillion bond and sukuk market, which is currently the third largest in Asia and the world’s largest sukuk market.
— The Sun Daily

MY Digest: FGV group CEO resigns; Easy Pay Transfers snags $500K
While Bursa-listed global plantation company Felda Global Ventures Holdings Bhd announced the resignation of its group president and CEO, Malaysian fintech startup Easy Pay Transfers raised $500,000 in seed funding for regional expansion.
— DealStreetAsia

Constant innovation, healthy workforce the cornerstone success – Top Glove
Constant innovation and a culture of health — these are two things that are the cornerstone of the success of the world’s largest manufacturer of gloves, Top Glove Corporation Bhd (Top Glove).
— The Borneo Post

BToto Q1 net profit rises 16.9%
Berjaya Sports Toto Bhd’s (BToto) net profit for the first quarter ended July 31, 2018 rose 16.92% to RM86.89 million from RM74.31 million a year ago due to improved results from Sports Toto Malaysia Sdn Bhd and H.R. Owen Plc.
— The Sun Daily

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