Malaysia Morning News For April 24

Malaysia’s central bank, regulator say financial markets remain resilient
Malaysia’s financial markets have remained resilient with support from ample domestic liquidity and strong fundamentals, the country’s market regulators said on Tuesday.
— Today Online

CIMB allocates extra RM400 mln for IT, bank operations in FY19
CIMB Bank Bhd says it will be more aggressive in investing in information and technology (IT) and bank operations in the 2019 financial year (FY19), allocating an additional RM400 million on top of its business-as-usual (BAU) allocation valued at RM500 million.
— The Borneo Post

Private investments drop sharply in 2018 from year before
A research think tank has urged Putrajaya to come up with a holistic plan to revitalise private investments in the wake of a decline in this sector in recent years.
— FMT

Govt will monitor ringgit performance, says Guan Eng
The government will monitor the ringgit’s performance in the foreign exchange market following the recent fall in the currency’s value, says Finance Minister Lim Guan Eng.
— The Star Online

Malaysia’s Public Bank aims to spur housing, small business lending
Public Bank, Malaysia’s third-largest lender by assets, is stepping up lending to small and medium enterprises in a bid to spur domestic loan growth after underperforming the broader market last year.
— Nikkei Asia Review (paywall)

Malaysia: Minister Salahuddin strives for more durian exports to China
Malaysian minister Datuk Salahuddin Ayub hopes his attempts to negotiate the export of whole durians to China will be remembered as one of his top achievements as Agriculture and Agro-based Industry Minister.
— Fresh Plaza

Malaysian small businesses confidence highest since 2012
Malaysia’s small business sector experienced positive business conditions in 2018 and confidence in business and economic growth is at its highest point since 2012, according to new survey data released today by CPA Australia.
— The Star Online

Is multi-racialism a problem for Malaysia ?
Do Malaysians suffer the presence of each other? Do they dislike people who are different from them? Would Malaysians be happier to be in a country where everyone looks the same, is the same, follows the same religion, practices the same culture and speaks the same language?
— Malaysiakini

Petronas opens Malaysia’s first auto expert centre
SHAH ALAM: Petronas Lubricants Marketing Malaysia (PLMM), together with Petronas Lubricants International (PLI), has launched Malaysia’s first Petronas auto expert service centre, offering top-end products and high quality car maintenance services to customers.
— The Star Online

Nestle’s Q1 profit up 1.7% to RM235.22m
Nestle (Malaysia) Bhd’s net profit for the first quarter ended March 31, 2019 rose 1.7% to RM235.22 million from RM231.22 million a year ago on lower operating expenses due to phasing of marketing and promotional spends, as well as efficiency increases across the supply chain.
— The Sun Daily

Govt will service 1MDB’s debt obligation, says Guan Eng
Finance Minister Lim Guan Eng has given his assurance that the government will service all debt obligations related to 1Malaysia Development Bhd (1MDB).
— Malay Mail

Price cap on RON95 petrol may be removed
The cap on the price of RON95 petrol may be removed once the government subsidy, which is expected to be limited to recipients of the Bantuan Sara Hidup (BSH), comes into effect.
— The Star Online

Matrade eyes RM650 mln sales at Caexpo 2019
The Malaysia External Trade Development Corporation (Matrade) aims to record sales of RM650 million at the 16th China Asean Expo (Caexpo) 2019 in Nanning from Sept 20-23.
— The Borneo Post

Malaysia says planning to buy out downtown KL’s Kampung Baru, a historic Malay enclave
The Malaysian government is looking to buy out all landowners in Kampung Baru to redevelop the historic Malay enclave in downtown Kuala Lumpur, which is on prime land close to the Petronas Twin Towers.
— The Straits Times

WWF-Malaysia: Ensure environmental sustainability of realigned ECRL
WWF-Malaysia hopes that the renegotiated and realigned East Coast Rail Link (ECRL) project will continue to retain tunnels, elevated tracks and wildlife crossings.
— New Straits Times

Malaysian ‘victim’ now a suspect
One of the 47 Malaysians claiming to be victims of a job scam in Cambodia is now suspected to be part of a VoIP scam ring and is set to face trial in June in Malaysia, Malaysian police said.
— Khmer Times

Zafrul: Worst is over for Malaysian capital market
The worst is over for the Malaysian capital market, which has been spooked by the country’s potential disqualification from an important global bond index, according to CIMB Group Holdings Bhd group chief executive officer Tengku Datuk Seri Zafrul Aziz.
— The Star Online

Anger as Malaysian cleared of murdering Indonesian maid in Penang
A Malaysian woman has reportedly been cleared of murdering her Indonesian maid, who was allegedly tortured and forced to sleep outside with a dog, with activists on Monday (April 22) criticising the “shocking” decision.
— Asia one

Velesto won US$105m jobs from Petronas Carigali
Velesto Energy Bhd, formerly known as UMW Oil & Gas Corp Bhd, won US$104.68 million jack up drilling jobs from Petronas Carigali Sdn Bhd.
— New Straits Times

Malaysia vehicle sales data for March 2019 by brand
After a slow month in February, vehicle sales picked up considerably in March, with 54,776 vehicles delivered last month. This represented an increase of 14,938 units or 37.5% from that recorded in February.
— Paultan

IWCity and Ekovest are not involved in the Bandar Malaysia project
Iskandar Waterfront City Bhd and Ekovest Bhd, which are controlled by Tan Sri Lim Kang Hoo, have issued separate statements to Bursa Malaysia clarifying they are not involved in the revived Bandar Malaysia project.
— New Straits Times

Fast track: Indonesia, Malaysia rail projects may give China more deals
In a rural part of Indonesia’s Java island, two orange-clad workers confer in Mandarin over plans to lay tracks on a stretch of a US$6bil (S$7.8 billion) high-speed rail project between the capital Jakarta and the textile hub of Bandung.
— Asia One

Market to re-rate as Malaysia-China ties warm
Analysts believe the revival of two major projects – Bandar Malaysia and East Coast Rail Link (ECRL) – is a strong sign of normalcy returning to Malaysia-China relations.
— The Borneo Post

30 day’s jail, RM40,000 fine for lawyer Arun Kasi over contempt of court
Lawyer Arun Kasi has been sentenced to a 30-day jail term after he committed contempt of court for making disrespectful remarks online regarding a court judgment, reported Malaysiakini today.
— Malay Mail

Will BN back Sandakan Opposition candidate? It depends on who it is, says MCA chief
Barisan Nasional’s (BN) support for the Sabah Opposition in the Sandakan parliamentary by-election will depend on which candidate is named as the challenger, Datuk Seri Wee Ka Siong said today.
— Malay Mail

SERC lowers GDP growth forecast for 2019 on weak exports
The Socio-Economic Research Centre (SERC) has revised its 2019 gross domestic product (GDP) forecast to a range of 4.5% to 4.7% from 4.7% earlier.SERC executive director Lee Heng Guie (pix) said this is due to expected weakness in exports for the first quarter this year.
— The Sun Daily

Govt approves RM183 mln allocation for Sandakan
The federal government has approved a development allocation of RM183 million this year for 49 projects and programmes in Sandakan, Sabah.
— The Borneo Post

Najib’s RM42m SRC trial to go into overtime after related bid to disqualify Sri Ram as prosecutor drags on
Datuk Seri Najib Razak’s corruption trial over RM42 million from SRC International Sdn Bhd trial will extend past 5pm today after his defence team applied for a recess until 2.30pm.
— Malay Mail

Govt inks RM2.7b deal with BHC to supply trains, refurbish Kelana Jaya LRT line
The government has signed two contracts worth RM 2.17 billion with Bombardier Hartasuma Consortium (BHC) to supply and refurbish trains for the light rail transit (LRT) Kelana Jaya Line.
— Malay Mail

BNM, SC enter coordinating arrangements for digital asset regulations
Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have entered into coordinating arrangements for digital asset regulations which will facilitate industry innovation, fundraising activities for early-stage companies and trading of digital assets.
— The Sun Daily

Wisma Putra: No Malaysian hurt in 6.5-magnitude quake in south Philippines
The Foreign Ministry, Wisma Putra, said today there has been no report of any Malaysian affected by the earthquake that struck the main island of Luzon in the Philippines yesterday.
— Malay Mail

Indonesia Seeks Justice after Malaysian Acquittal in Fatal Abuse of Maid
Officials in Indonesia said Tuesday they were urging Malaysia’s public prosecutors to appeal a high court’s acquittal of a woman accused of fatally abusing an Indonesian maid and forcing her to sleep outside with a dog last year.
— Benar News

Yeo: Plastic waste is now being smuggled into Malaysia
Plastic waste is now being smuggled into the country via shipping containers by being falsely declared as another type of imports that do not require a permit, says Yeo Bee Yin.
— The Star Online

Perak govt to downsize civil service in phases
The state government will constrict the size of the civil service in phases beginning from 2019 until 2021, as proposed by the federal government.
— The Sun Daily

Kerjaya Prospek bags RM438.7m building contract in Puchong
Kerjaya Prospek Group Bhd has secured a RM438.77mil contract to construct a building for a mixed development project along Jalan Puchong.
— The Star Online

Ali Biju blasts GPS decision to abstain from voting for amendment Bill
Parti Keadilan Rakyat vice president Ali Biju said he was “amused” with the various reasons given by Gabungan Parti Sarawak (GPS) politicians and its supporters in the press and social media, who have become “constitutional experts” overnight.
— The Borneo Post

Suhakam and Komnas HAM sign MoU to cooperate on stateless peoples issue
The Human Rights Commissions of Malaysia (Suhakam) and Indonesia (Komnas HAM), will work together to address the issue of stateless peoples and persons at risk in Sabah.
— The Sun Daily

Feature photo T. R. Shankar Raman

This week’s Malaysia morning news feature photo acknowledges International Mother Earth Day, April 22.

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.