Malaysia Morning News For February 28

Chance to be 7-Eleven Malaysia franchisees
7-Eleven Malaysia Holdings Bhd (SEM), the owner and operator of 7-Eleven stores in Malaysia, is now offering back its franchise programme for local entrepreneurs.
— The Star Online

No ban on dealings with cryptocurrency exchangers but be extra careful in due diligence, BNM tells banks
Bank Negara Malaysia (BNM) is not prohibiting banks from dealing with digital currency exchangers or businesses, but expect them to be extra careful in their due diligence exercise in view of heightened money laundering and terrorist financing risks.
— The Sun Daily

Bank Negara says RM3.3b funds still available for SMEs
A total of RM3.3 billion in funding is still available under the Bank Negara Malaysia’s (BNM) Funds for small and medium enterprises (SMEs) for working capital and the purchase of machinery.
— The Star Online

Ringgit boosted by recovering oil prices
The ringgit extended gains from yesterday to open higher against the US dollar today, as more investors shifted towards emerging currencies, prompted by the recovery in crude oil prices, dealers said.
— The Star Online

Malaysia is giving away $1.6 billion in free money to its citizens, and rejects claims it is using the funds to influence some voters
Malaysia’s government is rolling out RM6.3 billion ($1.6 billion) in payments to millions of residents this week.
— Business Insider

Malaysia Digest: BookDoc partners Indonesia’s Siloam; 1337 Ventures invests in 10 startups
Healthcare tech firm BookDoc is collaborating with Siloam Hospital to enter the Indonesian market, while venture capital 1337 Ventures has announced its investment in 10 local startups.
— DealStreetAsia

Telekom Malaysia’s FY17 earnings at RM929.7m, Div 12.1c
Telekom Malaysia Bhd posted earnings of RM929.75mil in the financial year ended Dec 31, 2017, aided by growth in Internet and multimedia services and boosted by foreign exchange gain on borrowings.
— The Star Online

MMC Corp posted RM185m in Q4 profits
MMC Corp Bhd (MMC) has posted a profit before zakat and taxation (PBZT) of RM185 million compared to RM305 million in the corresponding quarter ended 31 December 2016.
— New Straits Times

Malaysian firm MYEG to invest $2.4m in China AR/VR firm Ximmerse
Malaysian e-government services provider MY E.G. Services Berhad has announced that it will invest CNY15.0 million (around $2.4 million) for a 3.125 per cent interest in mobile augmented reality and virtual reality developer Ximmerse.
— DealStreetAsia

Malaysian retailer Parkson closes fourth store in VN
Parkson, the retail arm of Malaysian conglomerate Lion Group, has closed Parkson Flemington in HCM City, after eight years of operation.
— VietnamNet Bridge

From tea to takeaways, has Malaysia lost its appetite for business that does good?
When Malaysian entrepreneur Majidah Hashim quit her corporate job and set up a business two years ago helping people with autism make handcrafted teas with local herbs and flowers, the government stepped in to assist.
— Malay Mail

Malaysian PM says partnership with China brings win-win results
Malaysian Prime Minister Najib Razak has reiterated his welcoming attitude for investment from China on Tuesday, describing China’s business community as “one of our partners in building the high-income, high skilled Malaysia of the future.”
— Xinhua

MACC nabs businessman over alleged bid to stop probe into Penang undersea tunnel project
A businessman has been nabbed for allegedly receiving RM19 million in return for helping to stop investigations into Penang’s RM6.3 billion undersea tunnel project, the Malaysian Anti-Corruption Commission (MACC) said today.
— Malay Mail

Boustead Plantations posted RM36m in Q4 profits
Boustead Plantations Bhd’s profits for the fourth quarter ended December 2017 fell 28 per cent to RM36.44 million from RM50.29 million a year earlier.
— New Straits Times

Groupe PSA picks M’sia as Asean hub
Groupe PSA, which lost its bid for an equity stake in Proton Holdings Bhd, signed a share sale agreement and joint-venture agreement with Naza Corp Holdings yesterday — a strategic move for the French automaker to make Malaysia its Asean hub.
— The Edge Markets

Suhakam disappointed Malaysia failed to properly answer UN committee on women’s rights
The Human Rights Commission of Malaysia (Suhakam) expressed disappointment today that the Malaysian government could not answer many questions posed by a United Nations (UN) committee on women’s rights, indicating a lack of progress on ending gender discrimination.
— Malay Mail

Feature photo Jakub Michankow

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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.