Malaysia Morning News For March 9

Water disruption may lead to billion Ringgit losses
Water supply disruption in the Klang Valley may result in economic losses of billions of ringgit because of decline in production, cost increases and productivity drops.
— New Straits Times

Furniture exports at RM10.14bil in 2017
Furniture exports last year saw an increase of RM10.14 billion compared to RM7.58 billion in 2016.
— New Straits Times

Malaysia Getting Closer To High-Income Status, Says IMF
The International Monetary Fund (IMF) in its latest country report on Malaysia concluded that the nation is “well on its way to achieving high-income status,” but still has work to do to “pass the finishing line.”
— Investvine

Celcom allocates up to RM1.3bil capex in 2018
Mobile telecommunications service provider Celcom Axiata Bhd is allocating between RM1.2 billion to RM1.3 billion in capital expenditure (capex) for the financial year 2018, whereby a bulk of it will be used for network enhancement and digitisation.
— New Straits Times

Malaysia’s online used car platform Carsome raises $19m in Series B
Carsome, an online used car platform headquartered in Malaysia, has raised $19 million in a Series B funding round led by Burda Principal Investments and joined by Gobi Partners.
— DealStreetAsia

Aeon expects 2018 sales to increase 10-20%
Aeon Co (M) Bhd expects sales to grow between 10% and 20% this year, thanks to the “Aeon Day” and “Thank You Day” sales promotions.
— The Sun Daily

Malaysia’s Opposition Promises to Abolish GST in First 100 Days
Malaysia’s opposition has pledged to abolish a goods-and-services tax introduced in 2015 within its first 100 days in power if it wins a general election that must be held before August.
— Bloomberg

FMM-Mafmag optimistic on F&B sector in 2018
The Malaysian Food Manufacturing Group of the Federation of Malaysian Manufacturers (FMM-Mafmag) is optimistic that 2018 is shaping up to be a better year for the food and beverage (F&B) sector, with expectation of at least a 10% growth in sales year on year.
— The Sun Daily

More China investments in the works
China entrepreneurs here can play a role in pushing for greater Malaysia-China cooperation against the backdrop of the Belt and Road Initiative, Datuk Seri Liow Tiong Lai said.
— The Star Online

Rakuten Trade bags FinTech Company of the Year award
Rakuten Trade Sdn Bhd, a joint venture company (JVC) of Kenanga Investment Bank Bhd and Japan’s Rakuten Securities Inc. (Rakuten Sec), was named FinTech Company of the Year at the recently held Malaysia FinTech Awards 2018.
— New Straits Times

Corruption: Stop avoiding facts, says TI-Malaysia president
Malaysia will never improve from its 62nd place in the Corruption Perceptions Index (CPI) as long as high-profile cases such those involving 1MDB, SRC and Felda Global Ventures Holdings Bhd are not solved, said Transparency International (TI) Malaysia president Akhbar Satar.
— Free Malaysia Today

IPO Digest: Malaysia’s QES sees strong trading debut; China’s Inke eyeing HK IPO
Malaysian equipment manufacturer QES Group saw its shares soar on pre-IPO trading debut while Chinese video streaming startup Inke is reportedly planning an IPO in Hong Kong.
— DealStreetAsia

Malaysia’s richest get richer, Forbes reveals
Forbes’ 2018 Malaysia Rich List showed the wealth of tycoons soar over the last year with 34 listees seeing an increase in their fortunes and six seeing a decline.
— The Star Online

BNN Reveals Crystal Meth Smuggling by Malaysia-Aceh Syndicate
The National Narcotics Agency (BNN) foiled six cases of crystal meth smuggling in late February. BNN Chief Inspector General Heru Winarko said Aceh was one of the locations to smuggle the illegal drugs.
— Tempo

ACCA Malaysia launches Women’s Network
Forty years on from the phrase ‘glass ceiling’ being used to define thwarted careers and ambitions, ACCA is calling for business leaders to show real and measurable progress on diversity and social mobility issues, as it marks International Women’s Day 2018.
— The Borneo Post

Feature photo Bernard Spragg. NZ

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.