Malaysia Morning News For August 2

Malaysian Fund Tied to Scandal Misses Payment to Abu Dhabi
Malaysia’s scandal-hit sovereign wealth fund has missed a July deadline to make about $629 million in payments as part of a settlement with an Abu Dhabi government fund, a setback to efforts to clean up a yearslong financial mess.
— The New York Times

Sunway plans RM460mil transit-oriented development in Kajang
Sunway Bhd is taking over a discontinued commercial development project in Kajang and aims to replace it with a mixed development having an estimated gross development value of RM460mil.
— The Star Online

Malaysia’s Bond Recovery Is Under Threat
Malaysia’s bonds are coming back in favor but the respite may be brief. The level of the nation’s foreign reserves is coming under scrutiny as investors brace for outflows from emerging markets.
— Bloomberg

US$240 billion funding for OBOR initiative
Funding for the One Belt One Road (OBOR) initiative, China’s game-changing development plan to link the country with the African, Asian and European continents, has gained some traction with accumulated pledges of about US$240 billion (US$1=RM4.28) to date.
— The Borneo Post

AmBank Research reiterates 5% GDP growth for Malaysia in 2017
AmBank Research has reiterated its 5.0% gross domestic product (GDP) growth for 2017 and full-year ringgit average against the USD at 4.31–33.
— The Edge Markets

China’s investment in Malaysia may come with a long-term political cost
The Strait of Malacca has been a gateway for China for centuries in its quest for power.
— Today Online

Auto loans turnaround bodes well for banking sector
Analysts are positive on the banking sector as the latest data strengthen the conviction of a recovery in loans growth and overall banking sector in 2017.
— The Sun Daily

Malaysia’s pioneer newsprint producer to be wound up
Malaysian Newsprint Industries Sdn Bhd (MNI), a regional paper manufacturer and supplier owned partly by The New Straits Times Press (M) Bhd (NSTP) and Hong Leong Industries Bhd (HLI), has begun creditors’ voluntary winding-up proceedings.
— The Star Online

Malaysia, Singapore Conclude Naval Drills
Last week, Malaysia and Singapore concluded the latest iteration of their bilateral maritime exercise. The 30th round of Exercise Malapura reflects the ongoing military collaboration underway between the two Southeast Asian neighbors despite the lingering challenges in the bilateral relationship.
— The Diplomat

Associate of Malaysian PM Najib Razak on corruption charges in France
A close friend and former adviser to Malaysia’s Prime Minister Najib Razak has reportedly been charged in France over alleged multi-million dollar kick-backs in a case linked to the murder of a glamorous Mongolian socialite and allegations of high-level bribery, blackmail and betrayal.
— The Sydney Morning Herald

Malaysia is willing to assist Indonesia to battle forest fire
Natural Resources and Environment Minister Wan Junaidi Tuanku Jaafar said Malaysia is ready to send fire fighters and officers to help Indonesia put out forest fire.
— The Jakarta Post

1MDB says payment to IPIC will be made in August
1 Malaysia Development Bhd (1MDB) said on Tuesday it had written to International Petroleum Investment Co. (IPIC) to inform them that the obligations, due on July 31, would be made in August.
— The Star Online

Insurance cover for 6.5 million workers
THE Employment Insurance System Bill (EIS), which seeks to better protect some 6.5 million workers, has been tabled in Parliament.
— The Star Online

AirAsia eyes flying 1.5m M’sian passengers to Indonesia by year-end
Low-cost airline, AirAsia Bhd, is optimistic of achieving the target of flying 1.5 million Malaysian passengers to Indonesia by year-end, in conjunction with Indonesia Tourism’s ‘Wonderful Indonesia’ campaign.
— The Borneo Post

WMG to launch RM1.3 bln new projects post-listing
Sabah-based property developer WMG Holdings Bhd (WMG) is set to expand its land bank and launch more development projects in Sabah upon its successful listing on the Main Market of Bursa Malaysia via a reverse take-over (RTO) of Tekala Corporation Berhad (Tekala).
— The Borneo Post

Maybank To Continue Hiring Employees
Malayan Banking Berhad (Maybank) will continue hiring employees despite the challenges posed by the global economic uncertainty.
— Malaysian Digest

HRDF to fund new training programme
The Human Resource Development Fund (HRDF), which phased out the 1Malaysia Globally Recognised Industry and Professional Certification (1MalaysiaGRIP) programme last year, will be participating in another training and certification programme for which it will provide funding.
— The Sun Daily

Tillerson to travel to Philippines, Thailand, Malaysia
US Secretary of State Rex Tillerson will travel to the Philippines, Thailand and Malaysia from Aug 5 to Aug 9, the State Department said on Tuesday (Aug 1).
— Channel NewsAsia

Goodway Integrated to sell property for RM5m
Goodway Integrated Industries Bhd’s wholly owned subsidiary Big Wheel Green Tyres Sdn Bhd plans to dispose a two storey terraced industrial/warehouse building in Kota Kinabalu, Sabah for RM5 million to raise funds to repay its borrowings.
— The Sun Daily

Outrage in Malaysia after ban on moderate Islam book
Activists and authors in Muslim-majority Malaysia reacted with outrage Tuesday after authorities banned a book aimed at promoting moderate Islam, as concerns mount about growing conservatism.
— Free Malaysia Today

LCT Shares Decline On Net Profit Drop
Shares in Lotte Chemical Titan Holding Bhd (LCT) continues its plummet, declining 8.72 per cent in active trade today.
— Malaysian Digest

Feature photo tomscoffin
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 August 2 added by Leakhena Khat on August 2, 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.