Malaysia Morning News For August 28

Foreigners Banned From Buying Property In Large Chinese Project In Malaysia’s Johor
Foreigners will not be allowed to buy residential units anymore in a huge development in Johor state in southern Peninsular Malaysia backed by Chinese developer Country Garden Holdings, Malaysia’s Prime Minister Mahathir Mohamad said on August 27.
— Investvine

Foreigners allowed to buy land in Malaysia, says Forest City developer on Mahathir’s comments
Hours after Malaysian Prime Minister (PM) Mahathir Mohamad said he will ban foreigners from buying homes in the Forest City project in Johor, its developer responded by pointing to laws which allow foreigners to purchase land in the country.
— Today Online

Malaysia government mulling soda tax to encourage healthy living: PM Mahathir
The Malaysian government is considering implementing a soda tax to reduce sugar consumption and encourage healthy living in the country, said Prime Minister Mahathir Mohamad on Monday (Aug 27).
— Channel NewsAsia

Malaysian palm oil price hits over 1-week low on weaker related oils, stronger ringgit
Malaysian palm oil futures slipped to a more than one-week low on Monday evening, tracking weakness in related edible oils and as the ringgit strengthened.
— The Star Online

Restructuring of Sabah Water Dept will enable State govt to save up to RM1 bil — Peter
The Sabah Infrastructure Development Ministry has taken steps to restructure the Sabah Water Department (JANS) and the efforts will enable the state government to save up to RM1 billion, said its minister Datuk Peter Anthony.
— The Edge Markets

Sunsuri records net profit of RM33.05m
Property developer, Sunsuria Bhd, recorded a higher net profit of RM33.05 million for the third quarter ending June 30, 2018 (3Q18) compared with RM31.61 million in 3Q17.
— New Straits Times

Jakim sees 10% halal exports growth this year
Malaysia’s exports of halal products are expected to rise by 10% this year supported by higher demand for local halal products, according to Malaysian Islamic Development Department (Jakim) halal division director Datuk Dr Sirajuddin Suhaimee.
— The Sun Daily

Malaysia reaffirms commitment to transpacific trade pact
Malaysia will go ahead with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Prime Minister Mahathir Mohamad, in a reaffirmation of the country’s commitment to the wide-ranging trade pact involving 11 nations.
— The Straits Times

Mahathir escapes China’s debt trap
After years of welcoming Chinese investment, the new government in Malaysia is applying the brakes, concerned a plethora of expensive projects are causing the country to take on excessive debt.
— Asean Economist

Guan Eng: It’s difficult for Malaysia to achieve a balanced budget right now
The government’s aspiration to achieve a balanced budget seems to be out of reach right now or even for the next few years due to the country’s financial limitation and restraints, according to Finance Minister Lim Guan Eng.
— The Star Online

Moderate pressure on inflation after SST’s implementation
Analysts have projected that there will be moderate pressure on inflation after the implementation of the sales and services tax (SST).
— The Borneo Post

Current laws inadequate to deal with cross-border cybercrimes, says expert
Existing Malaysian law is inadequate when it comes to dealing with cross-border cybercrimes amid surging global threats, a cybersecurity expert said today.
— Yahoo News

Malaysia-GCC trade improving
Trade between Malaysia and the Gulf Cooperation Council (GCC) countries recorded an increase of nearly 1.0 per cent in the first half of this year compared to the same period last year.
— New Straits Times

Who are winners and losers of sales and services tax
The sales and services tax (SST) regime is likely to have an impact on the earnings of manufacturers and importers while healthcare and building material companies are among the major beneficiaries.
— The Star Online

China markets ships to navies in SE Asia and Africa
The state-owned China Shipbuilding Industry Corp is constructing littoral, or coastal, mission ships for Malaysia after it undercut rivals and sealed orders from the Malaysian Navy.
— Asia Times

SST spells more bad news for tobacco, breweries as sales affected
The impending Sales and Services Tax (SST) on September 1 later this week will add more salt to the wounds of tobacco and brewery players in Malaysia, having already been hit by health restrictions and other sector-specific taxes.
— The Borneo Post

MSWG: No political appointees for PLC boards, please
The Minority Shareholders Watch Group (MSWG), which today launched Malaysia-Asean Corporate Governance Report 2017, believes there is no place for political appointees on the board of public listed companies (PLCs), among other governance issues.
— The Sun Daily

Malaysia seeks deepening of trade ties with India
Malaysia today pitched for deepening its economic engagement with India and said that achieving the trade target of USD 15 billion annually by 2020, which the two countries had set, looks “promising”.
— Times of India

Pos Malaysia shares fall as profits slump 86%
Pos Malaysia Bhd’s shares fell over 6% early Monday after the company reported a 86% slump in profits in the first quarter ended June 30, 2018.
— The Star Online

Financial education in Malaysia: Are we doing enough?
Despite overwhelming data that Malaysians lack financial knowledge, the government appears unwilling or unable to commit to a national strategic plan to address the issue.
— FMT

Nine out of 10 Malaysian students work while studying: HSBC survey
University student working rates are high globally at 83% and in Malaysia, nine in 10 students work whilst studying, most commonly because they need additional money (66%), according to a HSBC survey.
— The Star Online

Daiman Development major shareholders offer to take company private at RM3 a share
Property developer Daiman Development Bhd has received an offer from its major shareholders Tay Kia Hong & Sons Sdn Bhd and Daiman Holdings Sdn Bhd to privatise the group by way of a selective capital reduction and repayment exercise (SCR) at RM3 per share.
— The Sun Daily

Asian Games 2018 : Malaysia bowling gold cheer, silat disappointment on ninth day
The Malaysian contingent added one gold, three silver and one bronze medals on the ninth day of the 2018 Asian Games Jakarta-Palembang yesterday.
— The Edge Markets

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