Malaysia Morning News For May 22

Malaysia PM Mahathir’s Cabinet: Who are the ministers
Malaysia’s 13 Cabinet ministers were sworn in on Monday (May 21), making up half of the 25-member team that Prime Minister Mahathir Mohamad has envisioned.
— The Straits Times

Many promises, little time: Dr M races against the clock
With Anwar Ibrahim freed from jail and lurking in the wings, Dr Mahathir Mohamad has a lot to get done before he potentially hands over the reins in a year or two.
— Free Malaysia Today

Malaysia in suspense ahead of Najib’s visit to MACC
Amid mounting suspense in Malaysia, former leader Datuk Seri Najib Razak (pic) is expected to give a statement to an anti-graft agency on Tuesday explaining what he knew about $10.6mil (RM42mil) transferred into his bank account from a unit of a state fund he founded.
— The Star Online

Malaysia will abolish anti-fake news law, says new communications minister
Malaysia will abolish its anti-fake news legislation, says newly sworn-in Communications and Multimedia Minister Gobind Singh Deo on Monday (May 21).
— The Straits Times

Najib, 1MDB and billions of dollars: A look back at one of Malaysia’s biggest corruption scandals
It is the day many Malaysians have been waiting for – when Najib Razak, once the country’s most powerful man, faces interrogation over his alleged role in a multi billion-dollar corruption scandal.
— Channel NewsAsia

There’s a good reason why the ousted Malaysian PM’s wife bought 284 luxury handbags
Malaysian police last week seized 284 boxes of luxury handbags from residences linked to the ousted Malaysian prime minister Najib Razak.
— Quartz

Malaysia’s regime hasn’t changed
Having lived and worked in Malaysia, I share Ms. Rajendra’s joy in applauding the recent election that ushered out the country’s corrupt governing coalition headed by Prime Minister Najib Razak, son of the country’s second prime minister, Abdul Razak Hussein.
— Washington Post

Malaysian palm falls in late trade on weak export data
Malaysian palm oil futures declined on Monday evening, snapping two sessions of gains, weighed down by weaker export data from a cargo surveyor and an inspection company.
— The Star Online

Malaysia has a few ways to make good revenue shortfall from zero GST
THE groundbreaking general election in Malaysia on May 9 has thrown up many new paradigms and possibilities which investors could never have calculated even the week before.
— The Business Times

Petronas Chemicals’ net profit declines to RM1.11b in Q1
Petronas Chemicals Group Bhd’s net profit declined to RM1.11 billion for the first quarter ended March 31, 2018 from RM1.38 billion in the same period last year.
— New Straits Times

Tax-free period will likely boost car sales
With the upcoming goods and services tax (GST) and sales and service tax (SST) tax-free window, analysts are expecting to see a temporary boost for auto sales during the period.
— The Borneo Post

Foreigners sell US$625m of Malaysian stocks in a week
THE gains in Malaysian equities since Mahathir Mohamed’s shock election win haven’t stopped an exodus of foreign money from gathering pace – with this year’s almost US$1 billion of overseas inflows into the market at risk of being wiped out.
— The Business Times

Star Media Group to end printing operations in Penang
Star Media Group Bhd will cease its printing operations at its Bayan Lepas facility in Penang effective September 2018.
— The Star Online

BAT’s profit declines to RM96m in Q1
British American Tobacco (M) Bhd’s (BAT) net profit for the first quarter (Q1) ended March 31, 2018, declined 19 per cent to RM96.23 million from a year earlier as it wound down its manufacturing operations.
— New Straits Times

Sarawak Report’s graft-busting journalist Clare Rewcastle Brown returns to new Malaysia
Clare Rewcastle Brown was harassed and vilified for years for waging a quixotic campaign to expose Malaysian corruption that helped topple the country’s long-ruling regime.
— The Straits Times

Grab inks tie-up with Maybank for e-payment
Ride-hailing company Grab has teamed up with Malayan Banking Bhd (Maybank) for its Grab’s new cashless payment method, the GrabPay mobile wallet.
— The Star Online

Contribution from petroleum sector to almost double in 2018, says Hermana CEO
The revenue derived from the petroleum sector this year will almost double to an estimated RM60 billion against RM38 billion raked in last year, thanks to the steady rise in global oil prices which is currently hovering around US$79.41 (RM315.26) per barrel.
— The Malaysia Reserve

KAB optimistic on business prospects following GE14
Kejuruteraan Asastera Bhd (KAB) is optimistic over prospects for the country’s electrical and mechanical engineering sector despite the change in government following the 14th General Election.
— The Borneo Post

Anwar reassures ethnic Malays who fear losing benefits
ANWAR Ibrahim has a simple message for ethnic Malays who fear losing benefits they enjoyed under the previous government’s six-decade rule: Don’t worry.
— The Business Times

Sunway profit rises to RM137m in Q1
Sunway Bhd’s net profit for the first quarter (Q1) ended March 31, 2018 rose to RM137.48 million from RM124.37 million in the same period last year.
— New Straits Times

FMC, BNM announce operationalisation of segregated securities
The Financial Markets Committee (FMC) and Bank Negara Malaysia (BNM) have announced the operationalisation of segregated securities accounts via the Real-time Electronic Transfer of Funds and Securities System (RENTAS) for payments to further develop the Malaysian bond market.
— The Borneo Post

Renewed Support Expected For Malaysia Shares
The Malaysia stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had advanced more than 20 points or 1.2 percent.
— Nasdaq

Malaysia ranked No. 9 for Chinese tourists’ spending
Malaysia is the ninth largest market worldwide for Chinese tourists for overseas spending, as recorded by online payment platform Alipay.
— The Star Online

Cosway to boost presence in Malay market
Cosway (M) Sdn Bhd, which launched Muslim-friendly brand “Dignita” today, aims to have 50%-60% of Malay stockists in 1½ years’ time to deepen its presence in the Malay direct-selling market, from 30% now.
— The Sun Daily

Malaysia: Maybank unit completes acquisitions; Naza to set up 1,000 telecom towers
Maybank’s wholly-owned subsidiary Maybank Asset Management Group Bhd has announced the completion of the acquisition of both the fund management firms of Permodalan Nasional Bhd while Naza Group proposes to strengthen its foothold in the telecom tower business.
— DealStreetAsia

Feature photo Michael Coghlan

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.