Malaysia Morning News For June 16

US moves to recover stolen 1MDB funds; Malaysia govt replies
US authorities on Thursday (Jun 15) moved to seize another US$540 million in assets allegedly stolen in Malaysia’s multi-billion-dollar 1MDB fraud and used to fund extravagant spending, the Justice Department announced.
— Channel NewsAsia

Malaysia ranks 37th in Global Innovation Index
Malaysia is ranked 8th in Asia and 37th worldwide in the Global Innovation Index (GII) 2017 report released by Cornell University, INSEAD, and the World Intellectual Property Organisation on Thursday.
— The Star Online

Malaysia 2018 Budget deficit likely in target of -3% of GDP, says CIMB Research
CIMB IB Research said Malaysia’s path of fiscal consolidation remains on track, with the 2018 budget deficit likely to be in the ballpark of this year’s target of -3.0% of gross domestic product.
— The Edge Markets

IRB: Expats owe RM213 million in taxes
More than US$50 million (RM213 million) in tax arrears has not been collected from expatriates who have left Malaysia since 2012, Inland Revenue Board (IRB) CEO Sabin Samitah said.
— Free Malaysia Today

All Five Malaysian Research Universities Listed In ASEAN’s Top 10 Universities
All five research universities in Malaysia are now listed in ASEAN’s top 10 universities, according to Higher Education Minister Datuk Seri Idris Jusoh.
— Malaysian Digest

HSBC Invests US$250 Mln To Build HQ In TRX
The US$250 million (US$1 = RM4.25) to construct HSBC Malaysia’s future headquarter office in the Tun Razak Exchange site (TRX) underscored the bank’s commitment to develop Malaysia as a financial hub in the Association of South-East Asia, said HSBC Malaysia.
— Malaysian Digest

Malaysia’s ISO-based software certification scheme
THE Malaysian Software Testing Board (MSTB) hits another milestone in its efforts to facilitate the strengthening of Malaysia’s software industry as two Malaysian-made software products obtain certification under the Quality Software (QS) product certification scheme.
— Digital News Asia

Some Uber, Grab drivers likely to quit when new law implemented
Some Uber and Grab driver-partners are ready to quit the ride-sharing services if legislation is passed in Parliament that will entail greater bureaucracy, and more fees and taxes being imposed on them.
— Free Malaysia Today

Lotte Chemical Titan to raise RM5.92b from IPO
Lotte Chemical Titan Holding Bhd plans to raise as much as RM5.92bil from its initial public offer on the Main Market of Bursa Malaysia.
— The Malay Mail Online

DiCaprio returns Brando Oscar as part of 1MDB probe
Actor Leonardo DiCaprio has turned over an Oscar won by Marlon Brando to U.S. investigators probing alleged money laundering by a state-owned Malaysian investment fund, his representatives said on Thursday.
— Malaysiakini

GCC realty investment prospects in Malaysia
Middle Eastern investment in Malaysia has been traditionally substantial since the country started its push to tap capital and attract tourists from the Middle East under former premier Abdullah Ahmad Badawi in the early 2000s. Since then, the property market in Malaysia has seen strong demand, particularly from the GCC, spanning individual homebuyers and institutional property investors to developers and even sovereign funds.
— GulfNews

Debugging the Web of cyberbullying
At least one in two young people have experienced cyberbullying, according to Digi CyberSAFE’s Stop Cyberbullying 2017 survey.
— The Star Online

Eco World International rises 2.885 as 2Q losses narrow
Eco World International Bhd (EWI) shares rose 2.88% in early trade this morning after the company
— The Edge Markets

Bid to smuggle ‘missile rockets’ foiled
Instead of those tiny whistling ‘moon traveller’ fireworks, smugglers this year tried to sneak in ‘missile rockets’ almost a metre long each.
— The Star Online

City council: We’ve nothing to do with gambling licences
Penang Island City Council (MBPP) is not authorised to issue gambling licences.
— The Star Online

Malaysian government is concerned with latest lawsuit by U.S. Department of Justice
The Malaysian government are concerned that the U.S. Department of Justice (DoJ), in its latest civil lawsuit, has failed to seek its cooperation or that of 1MDB, the Malaysian company implicated.
— New Straits Times

RM400,000 in scholarships for 10 USM students
TEN Universiti Sains Malaysia (USM) undergraduates from underprivileged families will receive scholarships to pursue their degrees, thanks to Yusuf Taiyoob Sdn Bhd.
— The Star Online

Needful investments to improve company’s position
WITH a stronger ringgit in sight, the logistic industry in the country is expected to rebound this year.
— The Star Online

Malaysia plans expansion for KLIA
Malaysia Airports Holdings Bhd (MAHB), which manages most of the airports in Malaysia, is believed to have kick-started a new project to expand the size of the contact pier building at the main terminal of Kuala Lumpur International Airport (KLIA) in Sepang.
— Today Online

Qatar crisis has no effect on Malaysia’s trade and investment
The crisis between Qatar and other Gulf countries has not affected Malaysia’s trade and investment so far, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
— The Star Online

Eco World International to turn profitable in FY18F, says CIMB Research
CIMB IB Research has upgraded Eco World International Bhd (EWI) to “Add” at RM1.03 with a lower target price of RM1.15 (from RM1.23) and said EWI’s 1HFY10/17 core net loss was smaller than expected, at 40% of house full-year forecast
— The Edge Markets

Tax system to create social justice in country, Khairy says
The country’s redistribution of wealth and income, including the tax system practised by the government yesterday is to establish social justice in the country, said Umno Youth chief Khairy Jamaluddin.
— The Malay Mail Online

‘Dual national Low bought over US$1b in properties with 1MDB cash’
Penang-born businessman Jho Low holds a Malaysian passport as well as a passport for the West Indies island of St Kitts and Nevis, breaching the Federal Constitution which does not recognise dual nationality.
— Malaysiakini

Feature photo Davidlohr Bueso
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 is published M-F by AEC News Today: Governance, not government; policies not politics.

Malaysia Morning News For June 16 added by Leakhena Khat on June 16, 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.