Malaysia Morning News For July 28

Malaysia’s economy in 2016 expands 6.3 per cent on GDP
Malaysia’s economy increased in 2016 as the value of Gross Domestic Product (GDP) at current prices expanded further to register RM1,230.1 billion and grew 6.3 per cent.
— The Borneo Post

Digital economy to make up 20 per cent of GDP before 2020
The contributions of Malaysia’s digital economy to the gross domestic product (GDP) are expected to exceed the 20 per cent target by 2020 from the current 17 per cent.
— The Borneo Post

Home ministry: 1.78 million foreign workers in Malaysia
There were 1.78 million foreign workers in Malaysia as of June 30, the majority comprising Indonesians, Nepalis and Bangladeshis, Putrajaya revealed today.
— Free Malaysia Today

Five Malaysian companies on Forbes ‘Best Under A Billion’ list this year
Five Malaysian companies – Elsoft Research Bhd, Kerjaya Prospek Group Bhd, MyEG Services Bhd, Pentamaster Corp Bhd and Vitrox Corp Bhd, are on Forbes 2017 “Best Under A Billion” list.
— The Borneo Post

Malaysia exempts own people from tourism tax
Malaysians holidaying in their own country can heave a sigh of relief as they will not be hit by the new tourism tax, the Malaysian Star reported Thursday.
— The Nation

Property Market To Remain Flat In Next 9 Months
The property market is expected to stay flat in the next six to nine months as demand and new launches remain subdued, given the current economic uncertainty.
— Malaysian Digest

Malaysia passes law legalising Uber, Grab
Malaysia is the first country to legalise e-hailing services such as Grabcar and Uber said Minister in the Prime Minister’s Department Datuk Seri Nancy Shukri.
— The Malay Mail Online

Malaysia, Vietnam agree to boost cooperation
Trade between Vietnam and Malaysia has increased three-fold over the last decade to 10.3 billion US dollars and the two countries have set the target of 15 billion US dollars by 2020. Malaysian Foreign Minister Datuk Seri Anifah Aman, speaking at a joint briefing with his Vietnamese counterpart Pham Binh Minh, says there are huge potentials for the countries to increase their trade and investment.
— Astro Awani (video)

Malaysia calls on Philippines to brief Asean on Marawi siege
Malaysia yesterday urged the Philippines to hold a special meeting for South-east Asia’s defence ministers, to brief them on the latest developments in the southern Philippine city of Marawi. Militants linked to the Islamic State have been battling government troops there for the past two months.
— Today Online

Melawati Mall targets 80% occupancy by year end
Melawati Mall in Taman Melawati, Kuala Lumpur opened its doors yesterday to serve an estimated 740,000 residents in the surrounding neighbourhoods which include Taman Melawati, Taman Melati, Wangsa Maju, Bukit Antarabangsa, Ukay Heights, and Kemensah Heights.
— The Edge Markets

Competition between Uber and Grab to heat up as Malaysian government legalises e-hailing services
Malaysia’s parliament on Thursday passed two bills that will legalise e-hailing services, as ride-hailing firms Grab and Uber Technologies Inc race to expand in the region.
— Firstpost

Timber, product exports rise to RM9.75 bln in first 5 months
Malaysia’s timber and timber product exports rose 6.76 per cent to RM9.75 billion in the first five months of this year compared with the same period a year ago, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said.
— The Borneo Post

Further selling pressure on Alam Maritim despite CDRC extension
With no reprieve for Alam Maritim Resources Bhd’s (Ala Maritim) near-term tepid outlook, analysts anticipate further selling pressure on the stock despite an extension granted by Corporate Debt Restructuring Committee (CDRC) to submit a proposed restructuring scheme by August 11, 2017.
— The Borneo Post

Petronas sells stake in LNG 9 for RM2.14b to Thai oil company JV
Petroliam Nasional Bhd (Petronas) has disposed of a 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) in Malaysia for US$500mil (RM2.14bil) to Thailand’s national company and partner.
— The Star Online

The world’s longest bull market faces an election test
The world’s longest-ruling coalition and the longest bull market could be facing a pivotal moment. Malaysia is set to hold a general election by mid-2018 but there are whispers a vote could be called sooner, between the third quarter and fourth quarter of 2017, setting up a showdown between Prime Minister Najib Razak and his opponents.
— The Star Online

Electricity getting costly so use it wisely, Energy Commission tells consumers
Electricity consumers need to be mindful that rebates will not continue forever and they must brace for the possible imposition of a surcharge, said the Energy Commission (EC), Malaysia’s regulatory body for the electricity supply industry.
— The Star Online

165 bank accounts linked to money games frozen
A total of 165 bank accounts with about RM296mil linked to money games companies have been frozen.
— The Star Online

BEWG Issues Sukuk Wakalah; First-Ever By Chinese-Owned Company
China-owned water treatment company BEWG (M) Sdn Bhd made its debut on the Malaysian sukuk market following the success of its issuance of a RM400 million Islamic Term Note.
— Malaysian Digest

ACCA Launches Research Papers On Belt And Road Impact
The Association of Chartered Certified Accountants (ACCA) has launched two new research papers on the impact of the Belt and Road initiative.
— Malaysian Digest

Caring Pharmacy Q4 earnings jump 59%, proposes 3 sen dividend
Caring Pharmacy Group Bhd’s net profit for the fourth quarter (Q4) ended May 31, 2017 jumped 59% on higher sales generated from existing outlets due to aggressive and extensive promotional campaigns.
— The Sun Daily

Malaysia Airlines to buy new and second-hand planes
Malaysia Airlines Bhd (MAB) is expected to decide on the purchase of new or second-hand aircraft by the end of the year, said its Chief Executive Officer Peter Bellew.
— Malaysiakini

Maybank Indonesia net profit up 16% in first half on overall improvement
PT Bank Maybank Indonesia Tbk’s net profit increased 16.3% to 998.5 billion rupiah (RM320.75 million) for the first semester (six months) ended June 30, 2017 from 858.4 billion rupiah in the previous corresponding period ended June 30, 2016 on the back of overall improvement in its core banking business.
— The Sun Daily

Malaysia Becoming A Trendsetter Of Modest Fashion In The Region
Modest wear in Malaysia is often related to the booming fashion market for Muslimahs – depicting an Islamic concept, adhering to the faith – for the stylish, yet pious women.
— Malaysian Digest

Feature photo OXLAEY.com
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.

Malaysia Morning News For July 28 added by Leakhena Khat on July 28, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.