Malaysia Morning News For June 4

Malaysian PM Mahathir clashes with royals over choice of Attorney-General
It has taken just weeks for Malaysia’s new leader Tun Mahathir Mohamad to clash with the country’s influential royals, in an episode reminiscent of his first reign which lasted 22 years.
— The Straits Times

Malaysia: Zero-Sales Tax Paradise For Just Three Months
After effectively scrapping the unpopular six-per cent goods and services tax (GST) on June 1, Malaysia’s new government will re-introduce a refined sales and services tax (SST) in September, giving its citizens a break of just three months from such a general tax.
— Investvine

Malaysia to penalise owners who don’t replace Takata airbags
Malaysia’s transport minister said Saturday that owners of more than 71,000 affected Honda cars will be penalised if they fail to replace flawed Takata air bags, in a drastic move to curb fatalities.
— Bangkok Post

Singapore, Malaysia agree to strengthen bilateral defence relationship
Singapore and Malaysia affirmed warm and long-standing defence relations, as the countries’ defence ministers met on Sunday (Jun 3), a press release from Singapore’s Ministry of Defence (MINDEF) said.
— Channel NewsAsia

Finance jobs to grow as the Malaysian economy stabilises in the year ahead
Manufacturing and a construction industry boom will be key contributors to positive employment growth for Malaysia in the coming year, and fostering growth in the banking and finance sectors, said Kelly Services in its Malaysia Salary Guide for 2018/19.
— New Straits Times

Malaysia EPF’s investment income up, assets increase in first quarter
Malaysia’s Employees Provident Fund (EPF), the country’s largest pension fund, says its investment income rose 9.2% year-on-year to 12.88 billion ringgit (US$3.24 billion) in the first quarter of 2018, driven by gains in its equities and fixed income portfolios.
— Asia Assert Management

CIMB unveils first, one-minute approval for auto financing
CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) unveiled the ‘CIMB 1-Minute Auto Financing InstaApproval’, a digital platform that approves auto financing within one minute upon full submission of information and documents.
— The Borneo Post

A Matter Of Development
Ting Pek Khing is (or perhaps one should say was) a Sarawak businessman, who flourished under Taib Mahmud by becoming involved in projects linked to the present governor’s ‘family enterprises’.
— Sarawak Report

Honda confirms Takata air bag rupture in fatal Malaysia crash
A Takata air bag inflator ruptured in a fatal car crash earlier this week in Malaysia, Honda Motor Co said on Friday, in what appears to be the 23rd death worldwide linked to the faulty part that can emit deadly metal fragments.
— The Star Online

Najib says Malaysian govt should study HSR project more closely
Former Malaysian prime minister Datuk Seri Najib Tun Razak said on Sunday (June 3) the Pakatan Harapan government should conduct studies and provide a comprehensive explanation to the people on the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
— The Straits Times

HBA objects to leasing of private land for housing purposes
Future home buyers may find themselves “renting” in perpetuity if a proposed private lease scheme makes its way into the National Land Code 1965.
— The Sun Daily

Symptoms of the old order in a new Malaysia
AS the euphoria of a new Malaysia gradually lifts, we are slowly greeted by the reality that change doesn’t come easy.
— The Malaysian Insight

Ahmadi Muslims hoping for major shift in Islamic administration
A local leader of the Ahmadi Muslim community, who follow a branch of Islam not recognised by mainstream Muslim scholars, hopes the new government in Putrajaya will initiate reforms in the religious administration, starting with an emphasis on the philosophical side of Islam rather than a literalist interpretation.
— Free Malaysia Today

Ringgit to continue downtrend next week
The ringgit is likely to continue its downward trend next week, trading at between 3.96 and 3.99 against the US dollar, as investors await the release of external trade figures due to be released early next week.
— The Sun Daily

Japanese PE Advantage Partners buys out Malaysian consumer packaging firm
Barely weeks after its Asia fund hit a final close at $380 million, Japan-based Advantage Partners has fully acquired Plastic Centre Sdn Bhd, a Malaysian manufacturer of plastic bottles and containers, catering to the consumer industry.
— DealStreetAsia

Guan Eng: Government financial system to be changed to prevent manipulation
The government plans to change Malaysia’s financial system to avoid any more manipulation of figures in the country’s financial statement.
— New Straits Times

Crude Palm Oil Weekly Report – June 2, 2018
Malaysian palm oil futures ended the week in mixed results, tracking price movements from related oil such as soybean oil and crude oil but weighed down by weak export demand.
— The Borneo Post

Malaysia has reasons to walk away from ECRL
ALREADY two railway projects – including the prestigious high-speed rail (HSR) between Kuala Lumpur and Singapore – have been scrapped, relieving at least RM100bil off the government’s expenditure.
— The Star Online

New Malaysian govt must heed MA63 – DTTG
Dayak Think-Tank Group (DTTG) is calling the Pakatan Harapan government to heed the Malaysian Agreement 1963 (MA63) as it is the agreement signed by Malaya, Singapore, Sabah and Sarawak over 50 years ago to form the Federation of Malaysia.
— The Borneo Post

Guan Eng: Malaysia on the hook for RM50bil of 1MDB’s debts
Malaysia will have to pay about RM50bil of beleaguered state fund 1Malaysia Development Bhd’s dues, finance minister Lim Guan Eng told reporters on Friday.
— The Star Online

MNRB sees near double net profit for FY18
MNRB Holdings Bhd (MNRB) ended its financial year on 31 March 2018 (FY18) with a group profit before tax of RM189 million as compared to RM99 million in the previous financial year.
— The Borneo Post

WILL NEW MALAYSIA HAVE SAME OLD RACIAL DIVIDE? ETHNIC CHINESE FINANCE MINISTER LIM GUAN ENG SEEKS POST-ELECTION UNITY
When Lim Guan Eng walks into his office in Putrajaya – with its oak shelves barren of books and glass cabinets glaringly empty – a group stands up to extend him deferential greetings.
— South China Morning Post

Malaysia looks to reduce textbook ‘burden’ on students: Reports
Malaysia’s education ministry is studying the possibility of reducing the number of textbooks students have to carry to school, its minister Maszlee Malik said on Saturday (Jun 2).
— Channel NewsAsia

Feature photo Michel Coutty

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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.