Malaysia Morning News For March 29

Malaysia’s economy to get boost from exports, consumption in 2018
Malaysia’s economy is expected to grow at a faster pace than forecast earlier thanks in part to improving global demand, the central bank said, but it warned of risks to the outlook from monetary tightening in advanced nations and heightened trade protectionism.
— Business Times

BNM expects strong 5.5%-6% GDP growth in 2018, inflation seen lower at 2%-3%
The Malaysian economy is expected to expand 5.5% to 6% this year after a strong growth of 5.9% last year, according to Bank Negara Malaysia (BNM).
— The Sun Daily

Business loan approval rate being maintained at 70-73%
The approval rate for business loans has been maintained at about 70-73% despite rumours that the rate would fall further as banks become stricter with their lending guidelines, said Bank Negara Malaysia governor Muhammad Ibrahim.
— Free Malaysia Today

BIMB Invest declares 8pc distribution yields
BIMB Investment Management Bhd (BIMB Invest), a wholly-owned subsidiary of Bank Islam Malaysia Bhd, declared eight per cent (MYR and USD class) income distribution yield for its BIMB-Arabesque i Global Dividend Fund 1 (fund).
— New Straits Times

Sapura Energy records full year net loss of RM2.5b
Sapura Energy posted net losses of RM2.29bil in the fourth quarter ended Jan 31, 2018, as the company incurred impairment charges of RM2.1bil in its engineering and construction and drilling segments.
— The Star Online

BNM forecasts Malaysia 2018 export growth at 8.4%
Malaysia’s 2018 gross exports are expected to grow 8.4% from a year earlier, supported by favourable demand from major trading partners, continued expansion in the global technology upcycle and broadly sustained commodity prices.
— The Edge Markets

Malaysia’s attempt to redraw electoral boundaries protested
Scores of activists have protested near Malaysia’s parliament against the government’s plan to redraw electoral boundaries that is expected to favour the ruling coalition in general elections to be held soon.
— Business Standard

Petronas and Saudi Aramco forms 2 joint ventures at RAPID Pengerang
Petroliam Nasional Bhd (Petronas) and Saudi Aramco has formed two joint ventures for the Refinery and Petrochemical Integrated Development (RAPID) project.
— New Straits Times

IRB fines SP Setia with tax bill again
Property developer SP Setia Bhd has been hit with a tax bill for the second time in less than four months by the Inland Revenue Board (IRB).
— New Straits Times

Bank Negara cautions of severe property market imbalances
Severe property market imbalances due to the acute oversupply of the office space and shopping complex segments, if left unchecked, can pose risks to macroeconomic and financial stability, warns Bank Negara Malaysia.
— The Star Online

Malaysia issues remittance e-KYC standards
On 5 September 2017, the assistant governor of the Central Bank of Malaysia (BNM) announced that the bank would issue regulatory parameters for the conduct of electronic know your customer (e-KYC) processes for remittance transactions.
— Vantage Asia

Ringgit ends at 31-month fresh high
The ringgit extended yesterday’s gains to close at a fresh high in more than 31 months, the level last seen on Aug 4, 2015, as buying interests persisted following a sharp pullback in benchmark US 10-year Treasury bond yields overnight.
— The Sun Daily

Fitch affirms Malaysia’s credit rating at ‘A-’
Fitch Ratings has affirmed Malaysia’s long-term foreign-currency issuer default rating at “A-” with a stable outlook, as it expects the positive growth momentum to continue this year and in 2019 under its baseline of a strong external environment.
— Malay Mail

Red Hat: Advancing Malaysia’s digital economy with open source
RED Hat, a provider of open source solutions announced that their global revenue for the full fiscal year 2018 (FY2018) is US$772 million (approx. RM2.99 billion).
— Digital News Asia

Malaysian palm oil price slips as ringgit surges to 2-year high
Malaysian palm oil futures edged lower on Wednesday evening as the ringgit strengthened further and hit its highest in nearly two years.
— The Star Online

Asia-Pacific Crude-Malaysia offers Penara Blend for May
The Asia-Pacific sweet crude market remained steady on Wednesday, with more offers seen from Malaysia, trade sources said.
— Business Recorder

Alibaba offers Malaysian merchants access into China
AS PART of its commitment to lower trade barriers and provide SMEs with more equitable access to global markets, Alibaba Group hosted its first “Access to China Consumers” Seminar, with the aim to enable Malaysian exporter to tap into the demand among Chinese consumers for Malaysian and foreign products.
— Digital News Asia

Feature photo Jakub Michankow

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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.