Malaysia Morning News For July 6

Malaysia investigates China-backed project’s link with 1MDB
Malaysia is investigating whether part of a loan from a Chinese state-owned bank for projects worth US$2.3 billion (S$3.1 billion) was used to help repay dues of the scandal-ridden 1Malaysia Development Berhad (1MDB), a Finance Ministry official told Reuters.
— The New Paper

Interview: Tun Dr Mahathir Mohamad On New Malaysia And The Rule Of Law
Investvine sat down with new Malaysian Prime Minister and eldest elected head of government Tun Dr Mahthir to discuss what is new Malaysia, autonomy for Sabah and Sarawak, investment, infrastructure and other hot topics.
— Investvine (video)

MACC denies freezing Najib’s grandson’s bank account
Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Datuk Seri Azam Baki has denied freezing the bank account of Datuk Seri Najib Razak’s grandson.
— New Straits Times

Malaysian Investment Development Authority to hold major talks on green tech
In a bid to increase investment in ‘green’ technology, the Malaysian Investment Development Authority (MIDA) will hold briefings on investment opportunities and green incentives within the sector.
— Channel Asia

Digital coin offerings should only be for sophisticated investors for a start
The initial coin offerings (ICOs) should be only offered to sophisticated investors in the initial stage, according to project director for the Malaysian Blockchain Regulatory Report Nur Husna Zakaria.
— The Sun Daily

Johor eyes over RM1bil investment from China company
The Johor state government is in the midst of discussions with a company from China on its plans to invest more than RM1 billion to set up a tyre manufacturing plant in the state.
— The Star Online

Maybank-CGC to provide up to RM2b financing for SMEs
Malayan Banking Bhd (Maybank) and Credit Guarantee Corporation Malaysia Bhd (CGC) have teamed up to provide up to RM2 billion of financing to small and medium enterprises (SMEs) via CGC’s portfolio guarantee (PG) scheme.
— New Straits Times

Malaysia’s May exports, imports below forecast
Malaysia’s exports for May 2018 grew 3.4% year-on-year (y-o-y) to RM82.1bil underpinned by to higher exports of liquefied natural gas (LNG) crude petroleum and electrical and electronic (E&E).
— The Star Online

Malaysian businessman Jho Low flees to Macau
Police have confirmed that businessman Low Taek Jhow or better known as Jho Low, who is on the wanted list over the 1Malaysia Development Berhad (1MDB) probe, has escaped to Macau.
— Channel NewsAsia

Malaysia’s stocks selloff has investors sniffing for bargains
A US$33bil selloff in Malaysian stocks since Tun Dr Mahathir Mohamad’s election has got Nikko Asset Management on the hunt for bargains.
— The Star Online

Malaysia should focus more on LGBT issues, not child brides: Kelantan official
The Malaysian government should focus more on addressing LGBT – lesbian, gay, bisexual and transgender – issues instead of on the recent controversy where an 11-year-old girl was wedded to a 41-year-old man, said a Kelantan state official on Wednesday (July 4).
— The Straits Times

Vietnam-Malaysia Navy Ties in Focus With Bilateral Visit
Both countries continue efforts to deepen defense ties during an important year.
— The Diplomat (paywall)

ECRL review to put RM130 million contracts into limbo
Depending on the outcome of the East Coast Rail Link (ECRL) mega infrastructure project, HSS Engineers Bhd (HEB) may faces the risk of having RM130.4 million worth of contracts being suspended or cancelled.
— The Borneo Post

Increasing digitalisation raises job loss fears
At least two in five Malaysian employees (43%) feel their jobs are at risk due to an increasingly digital economy, according to Workday, an enterprise cloud applications company for finance and human resources.
— The Sun Daily

Bank Negara, SC urged to classify cryptocurrencies to provide more clarity to market
Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) are urged to work together to define and classify tokens and cryptocurrencies to provide more clarity to the market, according to the Malaysian Blockchain Regulatory Report.
— The Sun Daily

IJM clears the air over RM1bil unsold units
IJM Land Bhd has unsold properties totalling about RM1bil throughout the country, but this figure includes bumiputra units which can only be released in the open market after getting government approval.
— The Star Online

Osram to embark on high-end LED technology in Malaysia
Light-emitting diode (LED) chip company Osram Opto Semiconductors (M) Sdn Bhd is looking to embark on advanced lighting technology in Malaysia, particularly for automotive applications as it sees huge growth potential in the market.
— The Sun Daily

SC invites applications for registration as ECF, P2P financing operators
The Securities Commission Malaysia (SC) has invited parties interested to operate equity crowdfunding (ECF) or peer-to-peer (P2P) financing platforms to submit applications for registration with the regulatory body.
— New Straits Times

Vietnam looks into Malaysia’s detention of 41 Vietnamese for illegal immigration
The Vietnamese nationals are among over 1,200 people detained during a crackdown by Malaysian immigration authorities.
— VnExpress

Vertice, Smuzcity to explore opportunities for smart hotel business
Vertice Bhd’s (formerly Voir Holdings Bhd) wholly owned subsidiary Vertice Construction Sdn Bhd has entered into a memorandum of understanding (MoU) with Smuzcity Bhd (SCB) to collaborate on opportunities for qualified real properties to be considered for a structured smart hotel chain business.
— The Sun Daily

Tealive’s Loob files appeal to Fed Court, reverse ruling favouring Chatime’s La Kaffa
Tealive bubble tea brand owner Loob Holding Sdn Bhd has filed an appeal to the Federal Court to reverse the ruling granted in favour of Chatime’s principal La Kaffa International Co Ltd.
— New Straits Times

Foreign funds likely to return in Q4, says Rakuten Trade
Rakuten Trade, which expects volatility to reign in the local stock market for now, opines that foreign funds are likely to return in the fourth quarter against the backdrop of Malaysia’s position as a safe haven in the region and weakness in the US, said head of research Kenny Yee.
— The Sun Daily

MR DIY expands physical retail presence to online platform
MR DIY, Malaysia’s largest home improvement retailer with more than 550 stores across the Asia Pacific launched its highly anticipated eCommerce platform, mrdiy.com.my amidst much fanfare at the InterContinental Hotel Kuala Lumpur.
— The Borneo Post

Feature photo Michael Coghlan

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