Malaysia Morning News For February 14

Malaysia can post 4.8-4.9pc GDP growth for 2018, deputy minister says
Malaysia is capable of achieving gross domestic product (GDP) growth of between 4.8 per cent and 4.9 per cent in 2018 on the back of stronger economic figures recently, says Deputy Minister of International Trade and Industry Ong Kian Ming.
— Malay Mail

Malaysian company plans to invest in furniture factory in southern Myanmar
A Malaysian company is planning to invest in building an acacia mangium furniture factory in Myanmar’s Bago region, the official Global New Light of Myanmar reported Wednesday.
— Xinhua

Malaysia saw boost in exports for Q4 2008 despite worries over US-China trade war
Malaysia’s economy probably grew faster in the fourth quarter with exports and private consumption helping to snap four quarters of slowing growth, a Reuters poll showed.
— FMT

PayPal Malaysia is closing its doors by the end of 2019
PayPal has released a statement on the closure of its Malaysian office.
— Mashable SEA

Putrajaya’s new economic council and the need for courageous reforms
The announcement of the Economic Action Council (EAC) is no surprise as Dr Mahathir Mohamad had resorted to something similar during the 1998 financial and economic crisis.
— FMT

Mother of Indonesian maid tortured to death in Malaysia calls for justice
A year after the death of an Indonesian maid who was forced to sleep outside next to a dog, her mother called for justice, as several other cases of abuse languish in Malaysia’s courts.
— The Star Online

Kula: Malaysia must declare war against human trafficking
The Human Resources Minister has warned that the country’s economy will face disaster if Malaysia’s position continues to slide on human trafficking watch lists.
— The Star Online

Sabah IRB targets RM400m tax collection under voluntary disclosure scheme
The Sabah Inland Revenue Board (LHDN) targets to collect RM400 million in taxes under the Special Voluntary Disclosure Programme (PKPS) until June 30 this year.
— Malay Mail

Malaysia Marine and Heavy Engineering says 4Q net loss at RM25m versus RM48m net profit a year earlier
Malaysia Marine and Heavy Engineering says 4Q net loss at RM25m versus RM48m net profit a year earlier.
— The Edge Markets

MCCC hopes Malaysia and China find common understanding on ECRL, other projects
The Malaysia-China Chamber of Commerce (MCCC) hopes Malaysia and China could establish common understanding about the East Coast Rail Link (ECRL) and other relevant projects to minimise losses or achieve a win-win solution.
— Malay Mail

Yong: Impossible to evade paying taxes
The government stands to collect an additional few billion ringgit from individuals and companies with overseas bank accounts under the Special Voluntary Disclosure Programme (VDP), according to Tax Advisory and Management Services Sdn Bhd chief executive officer Yong Poh Chye.
— The Star Online

Record haul of pangolins seized in Malaysia
In Malaysia, police have seized a record 30 tons of pangolin and pangolin products on Borneo island. The endangered, scaly anteater is said to be one of the most trafficked mammals in the world.
— NHK World

Number of employed people in Malaysia rose 2.4% yoy in December 2018
Following the release of Malaysia’s Q3 2018 labour force statistics in January, the Department of Statistics Malaysia (DoSM) released the final report for 2018 (December) on Monday (11 February).
— Human Resource Online

Orderbook boost for HSL with new contracts from Sarawak Energy
Hock Seng Lee Bhd’s (HSL) new contract from Sarawak Energy Bhd worth a total of RM54.3 million will boost its outstanding orderbook.
— The Borneo Post

Envoy for improving Pak-Malaysia trade
There is a need to intensify efforts for improving two-way trade between Pakistan and Malaysia that would bring far better results for their economies.
— The Nation

Malaysian palm oil price closes lower for 4th day on weaker soyoil
Malaysian palm oil futures closed lower on Wednesday for a fourth consecutive session on back of weaker U.S. soyoil, reversing gains notched up earlier in the day.
— The Star Online

AmInvestment Bank: CMS could see drag from infra cutbacks, increased competition
The team at AmInvestment Bank Bhd (AmInvestment Bank) is turning cautious on Cahya Mata Sarawak Bhd (CMS) due to the cutback in public infrastructure spending nationwide, including East Malaysia.
— The Borneo Post

MMHE records net loss of RM122.69m in FY18
Malaysia Marine and Heavy Engineering Holdings Bhd swung into the red in the financial year ended Dec 31, 2018 due to losses in both its marine and engineering divisions but it was cautious about its outlook due to uncertainties for the oil and gas industry.
— The Star Online

CPO annual uptake could rise to 1.3 million tonnes
Malaysia’s uptake of crude palm oil (CPO) could increase to 1.3 million tonnes per annum by increasing the blending percentage of biodiesel from B10 to B20 as well as rolling-out the B10 mandate for industrial diesel use, said Primary Industries Minister Teresa Kok.
— The Borneo Post

Kerjaya’s unit bags RM280m construction contract
Kerjaya Prospek Group Bhd’s (Kerjaya) unit, Kerjaya Prospek (M) Sdn Bhd, has accepted a letter of award from HCK Builders Sdn Bhd to undertake the main building works for a proposed project worth RM280 million in Subang Jaya, Selangor.
— New Straits Times

MMHE sinks into the red in Q4
Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) plunged into the red with a net loss of RM25.22 million in the fourth quarter ended Dec 31, 2018 from a net profit of RM48.13 million a year ago, mainly due to losses from the marine segment.
— The Sun Daily

Malaysia Airlines unveils branding of pilgrimage arm Amal
Malaysia Airlines (MAB) has officially launched its pilgrim-centric airline service, Amal, dedicated for Hajj and Umrah with the unveiling of its official name and logo. The logo features the colours red and blue which are in line with MAB’s official colour scheme.
— Marketing Interactive

Wholesale & retail trade volume index up 7.7% in 2018
The volume index of wholesale & retail trade expanded 8.1% to 173.8 points in the fourth quarter of 2018 (Q4) as compared to the same period in 2017, bringing the full year volume index to record a growth of 7.7% year-on-year to 168.9 points.
— The Sun Daily

Hartalega records higher Q3 net profit
Hartalega Holdings Bhd, a nitrile glove manufacturer, registered a 5.9 per cent jump in net profit to RM119.76 million in the third quarter (Q3) ended December 31, 2018 from RM113.02 million recorded in the same quarter last year.
— New Straits Times

Malaysia mulls biodiesel stabilisation fund
Malaysia is mulling over establishing a fund to help contain price fluctuations of biodiesel, to ensure the fuel remains attractive to domestic consumers, said Primary Industries Minister Teresa Kok.
— The Edge Markets

One in four Malaysian consumers use illicit streaming devices
A quarter of Malaysian consumers (25%) use a TV box which can be used to stream pirated television and video content. Also known as illicit streaming devices (ISDs), the TV boxes offer consumers access to a plethora of pirated TV channels and video-on-demand content.
— Marketing Interactive

After smoking ban, Putrajaya mulls plain packaging for cigarettes
The health ministry is considering introducing plain packaging for cigarettes, similar to the practice in countries like Australia, Thailand and soon, neighbouring Singapore, more than a month after a smoking ban in eateries nationwide came into force.
— FMT

IGP’s ‘Study Of Online Gambling Course’ – Pictures Posted Online
A detailed pictorial account of Malaysia’s top cops’ extended weekend course in Istanbul to study how to police online gambling has been posted online.
— Sarawak Report

PM Mahathir: Malaysia to settle problems with North Korea
Ahead of the second US-North Korea leaders summit, Malaysia’s Prime Minister Tun Dr Mahathir Mohamad says Malaysia is ready to settle its problem with North Korea, which followed the high-profile assassination of Kim Jong Nam, the half brother of North Korean leader Kim Jong Un in Malaysia, according to Bernama as reported by The Star.
— Eleven Myanmar

Malaysia’s Frontier Digital Ventures to focus on existing portfolio consolidation
Malaysia-based and Australian Stock Exchange-listed operator of online classified businesses Frontier Digital Ventures (FDV) is looking to consolidate its existing portfolio, said its CEO Shaun Di Gregorio. The digital classifieds operator also intends to go slow on making new investments, given the current market conditions.
— DealStreetAsia

Feature photo World Bank Photo Collection

This week’s Malaysia morning news feature photo acknowledges International Day of Women and Girls in Science, February 11.

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.