Malaysia Morning News For January 24

Malaysia in bid to increase rice production by 5%
The production rate of local rice will be increased to 75% from the current 70% as Malaysia looks to reduce dependency on imports, said Datuk Salahuddin Ayub (pic).
— The Star Online

Malaysia ranks 27th in global talent competitiveness
Malaysia ranks 27th according to the 2019 Global Talent Competitiveness Index (GTCI) as Switzerland, Singapore and the United States continue to lead the world in talent competitiveness.
— The Borneo Post

Fewer China tourists coming to Malaysia
Fewer tourists from China are coming during the two-week Chinese New Year holiday period next month, say industry players.
— The Nation (very annoying popup)

Malaysia’s reserves surge by US$300m to US$101.7b
Bank Negara Malaysia’s international reserves have risen by US$300 million to US$101.70 billion as at January 15, 2019, from two weeks earlier.
— New Straits Times

Malaysia Scraps Rail Deal With China Firm, Seeks Replacement
Malaysia is seeking a new contractor to build the East Coast Rail Link (ECRL), after terminating the original contract awarded to China Communications Construction Co. (CCCC) yesterday, a source told The Straits Times.
— Caixing Global

Malaysia Halal Expo 2019 a platform to help SMEs enter Japanese market
The upcoming Malaysia Halal Expo 2019 (MHE 2019) is set to become a platform for Malaysian small and medium enterprises (SMEs) to penetrate the Japanese market ahead of the Tokyo Olympics and Paralympics 2020.
— The Edge Markets

Malaysia’s timber and timber-related exports to record RM23b in 2019
The country’s timber and timber products exports are expected to reach RM23 billion this year, leveraging on the existing Free Trade Agreements (FTAs), Asean and Oceania countries as well as strong demand from India.
— New Straits Times

F&N to introduce record number of new products this year to mitigate sugar tax
Fraser and Neave Holdings Bhd may come up with a record number of new products this year with a capital expenditure of RM30 million as it looks to help neutralise bottom-line pressure when sugar tax comes into force this April.
— New Straits Times

Putrajaya mulls raising salary threshold for foreign skilled labour
The Human Resources Ministry is considering setting up a committee to increase the salary threshold for foreign skilled labour to beyond RM5,000 so that Malaysians can fill jobs below that salary scale.
— Malay Mail

Perodua targets to own 38 percent of car sales market
Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has increased its sales target by four per cent to 231,000 units this year compared to 227,243 units in 2018, hence marking up to 38 per cent of the total car sales in Malaysia.
— New Straits Times

Sapura Energy rights issue 18.5% undersubscribed
Sapura Energy Bhd’s rights issue exercise saw an undersubscription rate of 18.51% after its share price fell below its rights issue price of 30 sen.
— The Sun Daily

Malaysia needs a river commission
The Perak state government will propose to the Federal Government to form a river commission in order to monitor and protect rivers in the country.
— New Straits Times

Malaysia’s Petronas sets Feb MCO OSP premium at $5.40/b to Dated Brent, down from Jan
Petronas lowered the February Malaysian Crude Oil official selling price differential by 10 cents/b from January to a premium of $5.40/b to Platts Dated Brent crude assessments, the state-owned company said Wednesday.
— SP Global

Sarawak sets aside RM22.8m in rabies fight
The Sarawak government has allocated RM22.8 million this year to curb the spread of rabies.
— Malay Mail

AirAsia counter-claims RM400m from MAHB
AirAsia Group Bhd is seeking more than RM400 million in counter-claims against Malaysia Airports Holdings Bhd (MAHB) in response to a suit filed by the airport operator last month over outstanding airport taxes.
— New Straits Times

Court sets Feb 7-8 for hearing of Najib’s appeals
The Court of Appeal has set two days beginning Feb 7 to hear three appeals by former prime minister Najib Razak over interlocutory matters in relation to his criminal charges on SRC International funds.
— FMT

Stay or exit by March 1, SC tells digital asset operators
Digital asset operators can exit the Malaysian market during the transitional period till March 1 if they think their business is not viable here, said the Securities Commission Malaysia’s (SC) executive director of innovation, digital and strategy, Chin Wei Min.
— The Sun Daily

Analysis: Malaysia’s RAPID to boost Asia’s product supply and Saudi crude oil flows
The start-up of the 300,000 b/d Refinery and Petrochemical Integrated Development, or RAPID, project in Malaysia will boost Asia’s refining capacity growth in 2019, increase Saudi crude inflows to the region and add to the supply of refined petroleum products.
— SP Global

Sheda roadshow a chance to seek property opportunities
Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching Branch’s 1st Home & Property Roadshow 2019 is a great time for buyers to take advantage of the stamp duty exemption on residential properties priced RM1 million and below.
— The Borneo Post

CIMB Group sells off stake in insurance unit
CIMB Group Holdings Bhd is selling off its insurance unit, as it seeks to focus on its banking operations.
— New Straits Times

KNM Group bags RM28.17m contract to supply large carbon steel pressure vessels
KNM Group Bhd’s wholly-owned subsidiary KNM Process Systems Sdn Bhd has bagged a US$6.83 million (RM28.17 million) contract from TTSJV WLL to supply large carbon steel pressure vessels.
— The Sun Daily

Axis REIT’s manager targets RM200m acquisitions in 2019
Axis REIT Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis REIT), is targeting to acquire RM200 million properties in 2019 compared to the RM180 million spent for the same purpose last year.
— New Straits Times

Malaysia on right track to restoring fiscal position after 1MDB
The country is progressing on the right track towards restoring its fiscal position within three years after being damaged by the 1Malaysia Development Bhd (1MDB) scandal, says Finance Minister Lim Guan Eng.
— The Star Online

Scoot mulls in expanding its presence in Malaysia
Scoot, the low-cost arm of the Singapore Airlines Group, is upbeat on strengthening its presence in Malaysia with the aim of reaching 80 flight weekly between Malaysia and Singapore by end of this year.
— New Straits Times

Malaysia falls ahead of cenbank policy meeting; Thailand gains 1%
Malaysian shares fell on Wednesday, underperforming other Southeast Asian markets ahead of a central bank policy meeting and December inflation data, while Thai stocks rose 1% with almost all sectors in positive territory.
— The Edge Markets

Malaysia to see more ‘pain before gain’ — UBS
Malaysia’s economy is expected to go through more pain this year, due to a slowing export sector and ongoing institutional reforms before recovering in 2020, says UBS Investment Bank.
— The Edge Markets

Malaysia progressing on right track towards restoring fiscal position
Malaysia is progressing on the right track towards restoring its fiscal position within three years and this is attested by three of the world’s largest international credit rating agencies, says the Minister of Finance Lim Guan Eng.
— New Straits Times

Low financial literacy hindering homeownership in Malaysia
One often overlooked issue hindering homeownership is the lack of financial literacy among Malaysians.
— Edge Prop

Vaccine-preventable diseases spike in Malaysia
Misinformation about vaccines has led to a huge increase in vaccine-preventable diseases, with almost a 1,000% increase in the number of measles cases compared to five years ago.
— Eleven Myanmar

Malaysia not ready for curfew on youngsters, say Sabah activists
Activists have urged the government to reconsider its plan to impose a curfew on those below 18, saying Malaysia is not ready for a policy meant for developed countries.
— FMT

Special meeting to select new Malaysian king cloaked in intrigue
Malaysia’s nine royal families will convene a special meeting tomorrow to pick the country’s new king, or Yang Di-Pertuan Agong as he is officially referred to.
— The Straits Times

Promised jobs in Malaysia, 20,000 Nigerian women held by sex traffickers instead
As many as 20,000 women and girls are feared to have been trafficked from Nigeria to Mali where they are stranded after being forced into prostitution, the head of Nigeria’s anti-trafficking agency said yesterday.
— FMT

Feature photo IAEA

This week’s Malaysia morning news feature photo acknowledges International Day of Education, January 24.

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.