Malaysia Morning News For June 29

Malaysia’s Najib says value of items seized inflated out of ‘political vengeance’
Former Malaysian Prime Minister Najib Razak said on Thursday (Jun 28) that the value attached to seized luxury items, which police put at nearly US$275 million, was distorted and an apparent act of “political vengeance”.
— Channel NewsAsia

Bank accounts of Malaysia party Umno frozen by anti-graft agency
Malaysia’s anti-graft agency has frozen bank accounts belonging to the country’s largest political party Umno.
— The Straits Times

Google Maps motorcycle mode introduced in Malaysia
Three months after rolling it out in Indonesia, Google has now introduced its motorcycle mode in Malaysia – the new navigation mode is now available on the latest version of Google Maps, located along with the other modes of transportation offered by the web mapping service.
— Paultan

Malaysia asks US, China to respect its stand to maintain South China Sea as safe zone
The government hopes the world’s major powers like China and the United States would respect Malaysia’s stand in maintaining South China Sea’s status as a free and safe zone for all the countries in the region.
— New Straits Times

Terrorism biggest threat to Malaysia, says defence minister
Malaysia Defence Minister Mohamad Sabu, also known as Mat Sabu, believes terrorism is the number one security risk facing the country.
— Channnel NewsAsia

Musa Aman – At Last Action On A Sarawak Report ‘Subject Of Interest’ Since 2012
News that Malaysia has now issued a Red Notice request through INTERPOL for the arrest of Musa Aman, who is presently in the UK, comes as belated vindication for those who have highlighted his corruption for several years.
— Sarawak Report

US to downgrade Malaysia in annual human trafficking report
The US State Department will downgrade Malaysia in its annual report on human trafficking to be released later tonight, a source told Reuters, just a year after the Southeast Asian nation was upgraded for making progress.
— Free Malaysia Today

Forced Labor Is the Backbone of the World’s Electronics Industry
Poor people around the world are streaming into Malaysia in search of factory work. Once they arrive, they often find only hardship.
— The Atlantic

Malaysia to withdraw troops stationed in Saudi Arabia
Malaysia’s Defence Minister Mohammed Sabu says new government’s decision reflects country’s neutrality in the region.
— Aljazeera

Dr M: Malaysia welcomes skilled foreigners, may even give citizenship
The government welcomed foreigners with certain skills such as in IT to come and live in this country, said Tun Dr Mahathir Mohamad (pic).
— The Star Online

Malaysia to review national service programme
Malaysia will review its national service programme, which was compulsory for randomly selected batches of 18-year-old Malaysians before it was reintroduced in 2016 as a voluntary programme.
— Channel NewsAsia

Prudential ‘seeking potential Malaysia IPO’
Prudential has filed for a potential listing of its Malaysian unit as the insurer explores options to reduce its stake in the business, people with knowledge of the matter said.
— The Straits Times

TNB announces shuffle in management team
Tenaga Nasional Bhd (TNB) has appointed Datuk Fazlur Rahman Zainuddin as its chief strategy and regulatory officer to lead the strategy and regulatory division, effective August 1, 2018.
— New Straits Times

Central Industrial unit bags RM71.55m construction job in Penang
Central Industrial Corp Bhd has clinched a RM71.55 million contract for the construction of a 30-storey SOHO building in Penang.
— The Sun Daily

Maxis eCommerce capabilities to help drive its Enterprise offering as end-to-end solutions provider
Maxis has expanded its Enterprise solutions offerings with new end-to-end Maxis eCommerce solution, which is specially targeted to SMEs in Malaysia to build, amplify, and optimise their ecommerce presence, as well as maximise revenue potential from within and outside Malaysia.
— The Borneo Post

Japanese companies looking at opportunities in new sectors
Japanese companies are looking at opportunities to invest in new sectors in Malaysia such as aerospace, automotive components, medical equipment and renewable energy.
— New Straits Times

Palm oil sustainability group suspends Nestle on failure to submit report
Nestle’s membership of industry watchdog the Roundtable on Sustainable Palm Oil (RSPO) has been suspended as the Swiss food group failed to submit a report detailing how it would ensure the use of certified sustainable palm oil, the RSPO said.
— The Star Online

Radiant to raise RM29.5m from IPO
Retail technology solutions provider Radiant Globaltech Bhd plans to raise RM29.5 million from its initial public offering (IPO) and expand in the Southeast Asia (SEA) region, in particular the Indonesian market.
— The Sun Daily

BCorp registers RM95m net loss in Q4, revenue at RM2.11b
Berjaya Corp Bhd (BCorp) recorded a RM95.19 million net loss in the fourth quarter (Q4) ended April 30, 2018 from a net profit of RM3.24 million a year ago.
— New Straits Times

Unsold 34,500 completed residential units in Malaysia total RM22bil
The number of unsold completed residential units – including serviced apartments and small office, home offices (SoHos) – totalled 34,532 worth RM22.26bil for the first quarter of this year, the National Property Information Centre said in its latest report on Property Overhang Q1 2018.
— The Star Online

Eco World Development’s Q2 profit up 2.3%, EWI set to turnaround in H2
Eco World Development Group Bhd’s net profit grew 2.3% to RM34.45 million for the second quarter ended April 30, 2018 compared with RM33.68 million in the previous corresponding period, due to the commencement of profit recognition from its several projects, including Eco Grandeur, Eco Ardence and Bukit Bintang City Centre (BBCC).
— The Sun Daily

HeiTech expects another tough year
HeiTech Padu Bhd expects its business outlook to remain challenging this year, despite posting a credible revenue growth in 2017.
— New Straits Times

Icon Offshore awarded multiple contracts worth RM275m
Icon Offshore Bhd has clinched several contracts with a total value of RM275 million.
— The Sun Daily

Feature photo Mohd Fazlin Mohd Effendy Ooi

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.