Malaysia Morning News For June 1

Singapore, Malaysia authorities agree to cooperate to recover lost 1MDB money
Several high-ranking officials from the Singapore and Malaysia task forces looking into the 1Malaysia Development Berhad (1MDB) scandal met in Putrajaya on Thursday morning (May 31).
— Channel NewsAsia

Zero GST effective today
The Ministry of Domestic Trade, Cooperatives and Consumerism (KPDNKK) strives to make sure that the old Goods and Services Tax (GST) would not be imposed on consumers, starting today.
— The Borneo Post

Najib resigns as Khazanah chairman
Khazanah Nasional Bhd says former prime minister Datuk Seri Najib Tun Razak has resigned as chairman of the board effective Thursday.
— The Star Online

Malaysia’s Petronas to purchase equity stake in LNG Canada project
Canada’s stalled West Coast LNG export industry received a shot in the arm Thursday with news that Malaysian state-owned energy company Petronas will take a 25 per cent equity interest in LNG Canada.
— Times Colonist

Don’t use funds from Petronas, says Najib
Former prime minister Najib Tun Razak has urged the new government not to plunder funds from Petronas for bailouts.
— The Nation

Change In Malaysia – Please, Just Fix The Saddle!
These are some of the current buzz words in our political discourse in Malaysia these days. In the last three weeks since my country installed a new government with a new political party, after 61 years of the same, we have seen many revelations, many changes.
— Investvine

More Chinese firms invest in Malaysia after new Govt installed
Three Chinese enterprises have invested RM1.2 billion in Malaysia in the first week following the formation of the new government led by Prime Minister Tun Dr Mahathir Mohamad, said Chinese Ambassador to Malaysia, Bai Tian.
— The Star Online

Malaysia outlines new sales tax aimed at boosting budget
Malaysia’s government is introducing a new sales tax from September, after scrapping a hugely unpopular levy as it had promised during its recent successful election campaign.
— Financial Times

Malaysia declares Russia not clearly responsible for downing MH17
The global diplomatic campaign to hold Russia to account for downing Malaysia Airlines flight 17 over Ukraine has hit a surprise hurdle.
— ABC

Malaysia will meet deficit target with rationalised expenditure and optimised revenue
Malaysia will meet its projected budget deficit of 2.8% this year with rationalised expenditure and optimised revenue, said Finance Minister Lim Guan Eng.
— The Sun Daily

Australian government ‘complicit’ in Malaysia’s corruption, Anwar Ibrahim says
Former Malaysian opposition leader Anwar Ibrahim, now making his political comeback after being freed from prison, has accused the Australian government of being “complicit” in the corruption of his country’s recently ousted leader Najib Razak.
— The Sydney Morning Herald

Trading value of shares on Bursa surges to record high
Bursa Malaysia recorded the highest ever in trading value on Thursday at more than RM9bil as the FBM KLCI staged a steady rebound as the government unveiled more solid measures to strengthen the economy.
— The Star Online

Malaysia’s Frontier Digital Ventures raising $10.9m via entitlement offer
Australian Stock Exchange-listed Frontier Digital Ventures Ltd (FDV), a leading operator of online classified businesses across emerging markets, has raised A$11.2 million ($8.4 million) through an institutional entitlement offer.
— DealStreetAsia

First tax holiday for Malaysian consumers in 40 years begins tomorrow
For the first time in four decades, Malaysians will be taking a breather from taxes levied upon products and services for a period of three months starting tomorrow, as zero-rated Goods and Services Tax (GST) comes into effect and the Sales and Services Tax (SST) is only to be implemented from Sept 1.
— The Sun Daily

RHB Bank records 18.1 per cent net profit growth in 1QFY18
RHB Bank Bhd (RHB Bank) has reported a net profit of RM590.8 million for the first quarter ended March 31, 2018 (1QFY18), up 18.1 per cent year on year (y-o-y).
— The Borneo Post

Mega projections cancellation have immediate impact on participating firms
The rail contracts downturn has been set in motion after two mega projects worth about RM100 billion were scrapped by the Pakatan Harapan government, said CIMB Investment Bank Bhd.
— New Straits Times

AmBank’s FY18 net profit falls to RM1.13 bln
AMMB Holdings Bhd’s (AmBank) net profit for the financial year ended March 31, 2018 (FY18) fell to RM1.13 billion from RM1.32 billion a year ago.
— The Borneo Post

Telekom Malaysia in a downtrend, says AllianceDBS Research
AllianceDBS Research said Telekom Malaysia Bhd (TM) had on May 31 traded within previous day’s range to form an inside day bar before closing at RM3.67 (up 4 sen or 1.10%).
— The Edge Markets

RM1,500 minimum wage will hurt sector, says Sime Darby Plantation
The world’s largest oil palm company by planted area, Sime Darby Plantation Bhd, expects the proposed increase of minimum wage to RM1,500 will have adverse financial consequences for the plantation industry.
— The Sun Daily

Huge turn up expected at upcoming IRGCE 2018
The rubber glove industry expects some 10,000 participants at the 9th International Rubber Glove Conference and Exhibition 2018 (IRGCE 2018) this September.
— New Straits Times

Marine & General optimistic of long term prospects
Marine & General Bhd is optimistic about its long-term prospects, particularly for its downstream division, despite a challenging environment.
— New Straits Times

Cheaper Perodua vehicles during three-month tax holiday
Perusahaan Otomobil Kedua Sdn Bhd (Perodua) has released new prices for all its models following the implementation of zero-rated Goods and Services Tax (GST) from June 1, 2018.
— The Star Online

Affin Bank Group records higher Q1 profit
Affin Bank Group’s net profit grew by 61.8 per cent from RM90.2 million to RM146 million for the quarter ended 31 March 2018.
— New Straits Times

Modi seeks to cement ties with Malaysia in brief visit
Indian Prime Minister Narendra Modi held talks Thursday with new Malaysian leader Mahathir Mohamad in a brief visit aimed at bolstering bilateral ties.
— The Mainichi

Talent shortage could threaten business growth in Malaysia
Already a major issue, Malaysia will face a severe talent shortage of highly skilled and mid-skilled workers in 2030 if the current situation is not addressed, Korn Ferry reveals in a study.
— The Borneo Post

Feature photo Mohd Fazlin Mohd Effendy Ooi

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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.