Malaysia Morning News For August 22

Malaysia Shelves Belt And Road Projects With China
Malaysia has cancelled two multi-billion dollar projects that were part of China’s ambitious Belt and Road project, with Prime Minister Mahathir Mohammad saying that Malaysia at the moment “cannot afford them.”
— Investvine

Malaysia’s national day parade to affect nearly 500 flights
Nearly 500 flights will be affected when Malaysia closes the airspace near its major international airport every morning for five days next week to prepare for independence day celebrations, the transport ministry said.
— Channel NewsAsia

Malaysia and China ink deal to produce palm oil-based products
Malaysia’s Prime Minister Dr Mahathir Mohamad on Tuesday (Aug 21) witnessed the signing of a memorandum of understanding (MoU) between Sime Darby Plantation Berhad, and China National Cereals, Oils and Foodstuffs Corporation (Cofco) on the last day of his five-day visit to China.
— The Straits Times

Malaysia signs export protocol with China
Malaysia has succeeded in sealing an export protocol with China for frozen whole fruit durians.
— Fresh Plaza

Not first time radioactive device has gone missing: Malaysia police chief
The case of a missing industrial device containing radioactive material in Malaysia is not the first time such a device has gone missing, said the country’s police chief on Monday (Aug 20).
— Channel NewsAsia

Malaysia government eases crackdown on migrant workers
Since May 2018, the Malaysia government had imposed a closure on incoming Nepali workers, owing to a crackdown on illegal collection of fees by certain agencies.
— Human Resource Online

Bank Negara’s foreign reserves fall by US$300m on Aug 15
Bank Negara Malaysia’s international reserves of Bank Negara Malaysia fell by US$300mil to US$104.2bil as at Aug 15, 2018 as the local unit weakened against the greenback.
— The Star Online

Axiata Group takes writedown on Idea assets
Malaysia’s Axiata Group will book a non-cash impairment charge of 3.32 billion ringgit ($810.2 million) on the carrying value of its shares in Idea Cellular as a result of the upcoming Vodafone-Idea merger.
— Telecomasia

Why Malaysia is among Singaporean companies’ top choice for ASEAN expansion
Singaporean companies hoping to venture into ASEAN markets are looking favourably towards Malaysia and Indonesia as their top destinations, according to Singapore Business Federation’s (SBF) ASEAN Outlook Survey, in partnership with HSBC.
— Human Resource Online

VTech Completes Acquisition of Pioneer Corporation’s Manufacturing Facility in Malaysia
VTech Holdings Limited (HKSE: 303) announced today it has completed its acquisition of a manufacturing facility in Malaysia owned by Pioneer Technology (Malaysia) Sdn. Bhd., a subsidiary of Pioneer Corporation.
— AEC News Today/ PR Newswire (media release)

Tencent’s WeChat wallet is luring Malaysian users with free money
WeChat, Tencent’s messaging app turned one-stop platform for daily services, has kicked off a one-week campaign to attract Malaysian users onto its digital wallet with free money.
— Tech In Asia

Malaysia, China in deal to cooperate on accounting, audit
Malaysia’s securities regulator and China’s Finance Ministry have signed a memorandum of understanding for regulatory cooperation on accounting and audit matters that are under their oversight.
— Asia Asset

APIC 2018 Predicts Promising Future for Asian Petrochem Industry
The 39th Asia Petrochemical Industry Conference (APIC) 2018, organized by International Conference & Exhibition Professionals (iCEP), closed today having addressed some of the most important issues challenging the petrochemical industry in Asia. Movements in the oil price was a topic on the minds of over 2,000 attendees.
— AEC News Today/ PR Newswire (media release)

Sunway’s Q2 net profit declines to RM215.8m
Sunway Bhd’s net profit for the second quarter ended June 30, 2018 declined to RM215.76 million from RM232.01 million recorded in the same period last year.
— New Straits Times

Air Selangor cuts Gamuda, Taliworks bulk water supply rate in new agreement
Gamuda Bhd and Taliworks Corp Bhd have been informed by Air Selangor of a cut in the bulk water supply rate for the third phase and first phase of the Sungai Selangor Water Treatment Plant (SSP) by 2 sen/m3 and 5 sen/m3, respectively.
— The Sun Daily

Malaysia’s simmering culture war
Recently two women were sentenced by a sharia court in Malaysia to be caned for having sex with each other. According to reports, unless the sentence is appealed, these two consenting adults – aged 32 and 22 – will each be subjected to six strokes of the cane, while also fined 3,300 ringgit.
— Asia Times

Versatile sacks MD, group financial officer over missing funds
Packaging firm Versatile Creative Bhd has sacked managing director Datuk Wong Kong Choong @ Leong Kong Choong and group financial officer Tan Quok Eow over the missing RM2.3mil.
— The Star Online

MCA: ECRL cancellation will affect ties with China
Party’s deputy president Wee Ka Siong says the ECRL and 2 other projects cancelled are part of Beijing’s One Belt One Road initiative.
— FMT

Gamuda Water has until Aug 27 to accept Air Selangor offer to takeover Splash
Gamuda Bhd has received a letter of offer from Air Selangor, the state owned company, to takeover Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).
— The Star Online

USS Essex Concludes CARAT with Port Visit to Malaysia
The amphibious assault ship USS Essex (LHD 2) and embarked 13th Marine Expeditionary Unit (MEU) arrived in Kota Kinabalu, Malaysia for a port visit after participating in Cooperation Afloat Readiness and Training (CARAT) Malaysia 2018, August 19.
— USS Essex

Pelaburan Hartanah, Maybank Asset Management encourages AHB investments with prize draw
Pelaburan Hartanah Berhad (PHB) and Maybank Asset Management Sdn Bhd (MAM) announced another initiative to promote and increase investment in Amanah Hartanah Bumiputera (AHB) scheme with the launch of “Simpan, Labur dan Menang” prize draw with customers standing a chance to win AHB units worth RM400,000 in overall prize.
— The Borneo Post

Tropicana Corp to dispose land in Bandar Damansara for RM42.28m
Tropicana Corporation Bhd’s wholly-owned subsidiary Tropicana Golf & Country Resort Bhd (TGCRB) is disposing a 7,143 square meter piece of leasehold land in Bandar Damansara, Selangor, for RM42.287 million.
— New Straits Times

Malaysia can learn from China, says Mahathir
Malaysia needs to learn from China on how a huge country with a 1.4 billion population can meet the needs of its people in terms of food, technology and employment, said Dr Mahathir Mohamad.
— FMT

UOB Malaysia partners SJPP to extend government-guaranteed unsecured financing facilities to SMEs
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has entered into an agreement with Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) to offer government-guaranteed financing to small- and medium-sized enterprises (SMEs)1.
— The Borneo Post

Malaysia’s IHH Healthcare to exit Kolkata’s Apollo Gleneagles Hospitals
Malaysian hospital chain IHH Healthcare, which won the bid for debt-ridden FortisNSE -0.47 % Healthcare, will sell its 50 per cent stake in Apollo Gleneagles Hospitals in Kolkata and its radiology centre in Hyderabad to its joint venture partner to abide with a non-compete agreement, people with knowledge of the plan said.
— Economic Times

Latest upgrade increases KKIA’s baggage handling efficiency by 70 per cent
The recent completion on the baggage handling system (BHS) upgrade at Kota Kinabalu International Airport has increased the airport’s baggage handling efficiency by 70 per cent from about 4,300 bags per hour to more than 7,200 bags per hour.
— The Borneo Post

Feature photo David McAughtry

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.