Malaysia Morning News For June 7

1MDB-Linked Land Deal Brings Malaysia’s Central Bank Governor Down
Malaysian Prime Minister Mahathir Mohamad accepted on June 6 the resignation of the country’s central bank governor Muhammad Ibrahim which the latter offered on the previous day, reportedly in connection with a controversial land deal by the bank approved late last year.
— Investvine

Malaysia Takata Airbag Death See’s Government Push For Compliance
The death last week of a 23-year-old Malaysian man from a faulty Takata airbag is the latest in a steadily increasing number of deaths attributed to the Japanese manufacturer in what is the greatest debacle and disasters in the automotive industry’s history.
— AEC News Today (video)

MAS asks Malaysia to clarify position on stock market trading link
The Monetary Authority of Singapore said on Wednesday (Jun 6) that it has asked Malaysia to clarify its position on a proposed link between the countries’ stock exchanges.
— Channel NewsAsia

English tests to be required for Malaysian top civil servants
The new government in Malaysia will introduce English competency tests for top civil servants, Prime Minister Tun Dr Mahathir Mohamad said today, according to The Star newspaper.
— Thai PBS

Malaysia draws China link to huge financial scandal
Malaysia’s ousted leader has denied wrongdoing over a RM9.4-billion (S$3.2 billion) China-backed pipeline deal after the new government said the project was “highly suspicious” and linked it to a massive financial scandal.
— Business Times

Najib is out of power but his legacy lives on in giant skyscraper
As Malaysia seeks to move beyond the excesses associated with nearly a decade of rule under ex-prime minister Datuk Seri Najib Razak, one of his pet projects continues to rise irreversibly skyward to become the tallest building in Southeast Asia.
— The Star Online

SEAX-1 cable ready for service
Super SEA Cable Networks has announced that the SEAX-1 subsea cable system linking Singapore, Indonesia and Malaysia is now ready for provisional acceptance.
— Telecomasia

Bernas’ monopoly ends
Agriculture and Agro-based Industry Minister Salahuddin Ayub announced that the monopoly to import rice by Padiberas Nasional Bhd (Bernas) has been terminated as per the Cabinet decision today.
— New Straits Times

Malaysia’s new attorney general vows ‘no cover ups’ in 1MDB case
Malaysia’s newly appointed attorney-general Tommy Thomas said on Wednesday there would be “no cover-ups” as he promised to institute criminal and civil action over a graft scandal at state fund 1Malaysia Development Berhad (1MDB).
— Channel NewsAsia

SMEs in Malaysia to invest more in tech to drive performance
Small and medium enterprises (SMEs) in Malaysia plan to invest more in technology in order to succeed under increasingly challenging conditions, according to the findings of the Asean SME Transformation Study by United Overseas Bank (UOB) and Dun & Bradstreet.
— The Borneo Post

China’s Brain, Malaysia’s Pain
On May 9, Mahathir Mohamad led his Pakatan Harapan (PH) coalition to an upset electoral victory, ending over 60 years of continuous parliamentary control by the Barisan Nasional (BN) coalition and marking the first democratic change of power in Malaysia’s history.
— The Diplomat

Malaysia retailers see higher sales growth of 5.3% in 2018
The Malaysia Retailers Association (MRA) forecasts retail sales to be 5.3% for 2018, an improvement from the 4.7% growth in its March survey, boosted temporarily by the zero Goods and Sales Tax in June.
— The Star Online

Malaysia Airlines Launches its inaugural flight to Brisbane
Malaysia Airlines today celebrated its inaugural Kuala Lumpur-Brisbane-Kuala Lumpur service, with a send-off event held at KL International Airport.
— New Straits Times

Telekom Malaysia CEO Mohammed Shazalli Ramly to Resign
Mohammed Shazalli Ramly has resigned as group chief executive officer of state-linked Telekom Malaysia Bhd., according to people with knowledge of the matter.
— Bloomberg

Cancellation of various mega projects not detrimental for banking sector
The overall impact of the cancellation of various mega projects by the new Pakatan government has been projected by analysts to not be detrimental on the banking sector.
— The Borneo Post

Astro Malaysia’s 1Q net profit falls amid revenue slippage
Astro Malaysia Holdings, a pay-television operator, said Wednesday net profit fell 10.8% in the fiscal first quarter from a year earlier due to higher net finance cost.
— Nikkei Asian Review

Oil ownership case may ‘break’ Malaysia, STAR warns
Parti Solidariti Tanah Airku (STAR) president Jeffrey Kitingan today warned that any court ruling favouring Petronas in the matter of petroleum resources ownership could signal “the end” of Malaysia.
— Free Malaysia Today

LBS Bina asks BNM to relax housing loan rules
LBS Bina Group Bhd, which saw a 45% cancellation in sales this year, hopes that the central bank will consider relaxing the lending guidelines for house buyers, said its group managing director Tan Sri Lim Hock San.
— The Sun Daily

Kimlun’s units bag RM224m contracts
Kimlun Corporation Bhd’s wholly-owned subsidiary, Kimlun Sdn Bhd, has accepted the award of a RM144.1 million construction contract from Focus Ace Construction Sdn Bhd to design and build roads and interchange in Johor Bahru.
— New Straits Times

Tiong Nam’s property arm buys JB land for RM40m
Tiong Nam Logistics Holdings Bhd’s wholly owned subsidiary Medini Heritage Sdn Bhd (MHSB) has entered into a sale and purchase agreement (SPA) with Pasti Prestij Sdn Bhd (PPSB) to purchase a piece of freehold land measuring measuring 40.613ha in Johor Baru for RM40.22 million.
— The Sun Daily

PUC partners with WeChat’s associate to expedite Presto market presence
ACE-listed PUC Bhd has inked a Memorandum of Understanding (MoU) with APAC Venture Sdn Bhd, the listed WeChat Preferred Partner on WeChat.com and Tencent’s marketing partner.
— New Straits Times

LBS Bina records RM723m property sales to date
LBS Bina Group Bhd has chalked up RM723 million in property sales to date, and is hopeful of achieving RM1.8 billion by year-end.
— New Straits Times

SET ends higher, Malaysia stocks gain
The Stock Exchange of Thailand index closed higher on Wednesday, while Malaysia shares jumped after the country’s central bank governor resigned.
— Bangkok Post

Applications open for LIA Malaysia 2018 accelerator programme
Malaysian Leaders in Innovation Accelerator (LIA) has now opened applications for the LIA Malaysia 2018 Accelerator programme (LIA Programme), an intensive 16-week programme of practical entrepreneurship skills and expert business mentoring.
— The Sun Daily

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.