Malaysia Morning News For May 31

Malaysia to build island in waters near Singapore
Prime Minister Tun Dr Mahathir Mohamad said Wednesday (May 30) he wants to develop an island on a cluster of rocks previously disputed with Singapore, a move that could anger its neighbour.
— The Star Online

Malaysia to ‘reconsider’ its challenge to ICJ judgment on Pedra Branca: Mahathir
Malaysia will “reconsider” its challenge to the International Court of Justice’s (ICJ) judgment on Pedra Branca, said Prime Minister Mahathir Mohamad on Wednesday (May 30).
— Channel NewsAsia

Malaysian Government starts crowdfunding to help reduce the country’s staggering debt
Malaysia has set up a fund for members of the public to donate cash to help the new Government repay its hefty national debt, the finance ministry says, providing a bank account number for deposits.
— ABC

Malaysia still committed to JB-Singapore RTS link, cancellation of HSR subject to negotiations | Video
Malaysia is still committed to the Johor Bahru-Singapore Rapid Transit System (RTS) despite its decision to cancel the KL-Singapore High Speed Rail (HSR) project, said new Transport Minister Anthony Loke on Wednesday (May 30).
— Channel NewsAsia (video)

Malaysian govt may seek more revenue from Petronas as profit jumps
Malaysia may collect up to $2.3 billion more in taxes and dividends from Petroliam Nasional Berhad, or Petronas, this year, a finance ministry official said on Wednesday, as firmer oil prices boost profits at the state energy firm.
— The Star Online

CIMB pledges RM75 million to new 3D Academy to propel digital ambitions
CIMB Group Holdings Bhd (CIMB) has pledged RM 75 million over the next three years to the CIMB 3D Academy.
— The Borneo Post

AirAsia CEO Tony Fernandes Faces Corruption Probe In India
Tony Fernandes, CEO of of AirAsia Group, is being investigated by the Indian federal police for allegedly paying bribes to influence local aviation policy.
— Investvine

Purchase of RM5.7 billion train sets from China made without tender: RUM
The previous government had purchased train sets valued at RM5.7 billion direct from China without an open tender.
— New Straits Times

New Malaysian government steps back from spending, Chinese projects
Only weeks after his election upset in Malaysia, Prime Minister Mahathir Mohamad is rolling back his predecessor’s legacy and is promising to renegotiate deals made as part of China’s Belt and Road Initiative, one of the cornerstones of Beijing’s foreign policy in recent years.
— Washington Post

Ex-PM Najib Razak’s lawyer says no documents seized in Malaysia police search
A seven-hour police search of former Malaysian Prime Minister Najib Razak’s property as part of a money-laundering investigation being pushed by his successor did not find any incriminating documents, his lawyer said Thursday.
— Allendale Press

Malaysia will reintroduce sales and services tax in September to replace GST: PM Mahathir
Malaysia will implement the sales and services tax (SST) in September to replace the goods and services tax (GST), announced Prime Minister Mahathir Mohamad on Wednesday (May 30).
— Channel NewsAsia

How `insolvent’ 1MDB’s debt stacks up and who’s saddled with it
Malaysia’s scandal-plagued state investment fund 1MDB has a 143.75 million ringgit ($36 million) bond coupon payment that may still be due this month. With the company unable to repay debt, the government has said it will honor 1MDB’s obligations as it had done since April 2017.
— The Star Online

Too early to assess new govt’s economic impact: Moody’s
It is still too early to assess the impact of the new government’s policies on the Malaysian economy, according to Moody’s Analytics Economist, Katrina Ell.
— New Straits Times

Malaysia to seek extradition of alleged mastermind behind JB petrol station murder
The Royal Malaysia Police (PDRM) will send a team to Thailand to seek the extradition of a Malaysian who is believed to have masterminded the brutal murder of a man at a petrol station in Johor Bahru last December.
— Channel NewsAsia

Malaysia’s CIMB posts best quarterly profit in 5 years
CIMB Group Holdings Bhd, Malaysia’s No 2 lender by assets, turned in its highest quarterly profit in five years, boosted by lower cost and provisions as well as a one-off gain from a stake disposal in its brokerage business.
— The Business Times

MRCB posts RM25.6m net profit for 1Q18
Malaysian Resources Corp Bhd (MRCB) posted higher net profit of RM25.6 million for the first quarter ended 31 March 2018 from RM18.6 million in the same period last year.
— New Straits Times

Default costs stopping Malaysia from halting ECRL
MALAYSIA may find it tough to act as clinically on the RM66 billion East Coast Rail LINK (ECRL) as it did on the high-speed rail (HSR) link to Singapore
— The Malaysian Insight

Guan Chong to invest RM70m in capex
Guan Chong Bhd (GCB) plans to invest RM70 million in capital expenditure to expand its total annual cocoa grinding capacity.
— New Straits Times

Save the country’s money, says Rais on plans to air World Cup matches over RTM
With Radio Televisyen Malaysia (RTM) set to broadcast more than half of the football matches of Fifa 2018 World Cup, a former Umno minister took to Twitter to air his thoughts on the matter.
— New Straits Times

Open tender policy positive for local biz
BCM Alliance Bhd, a company specialising in medical devices and commercial laundry equipment, lauds the open tender policy advocated by the government as it will provide more opportunities for local businesses.
— The Borneo Post

Hong Leong Bank registers 21pc higher net profit in Q3
Hong Leong Bank Bhd’s (Hong Leong Bank) third quarter net profit ended March 31, 2018 increased 21 per cent year-on-year to RM690.03 million from RM569.54 million on lower allowance for impairment losses on loans, advances and financing.
— New Straits Times

Bursa Malaysia skids to 5-month low amid global sell-off
Fears over a looming US-China trade war and a political crisis in Italy jolted global financial markets today, with the Malaysian bourse tumbling as much as 66.33 points or 3.74% at one point, exacerbated by uncertainty on the domestic front amid the review and revocation of several mega projects.
— The Sun Daily

Construction stocks fall as HSR, MRT3 ‘derailed’
The scrapping of the the MRT3 project, known as the Circle Line today – two days after the Kuala Lumpur-Singapore High Speed Rail (HSR) project termination – worked to drive local construction stocks further into the doldrums, falling another 24.42 points or 10.87%.
— The Sun Daily

Netherlands offers trade opportunities for M’sian timber manufacturers
The booming economy and rising demand for certified timber products in the Netherlands have enhanced trade opportunities for Malaysian timber manufacturers, said the Malaysian Timber Council (MTC).
— New Straits Times

BLD records RM2.13 bln revenue for FY17
For financial year 2017 (FY17), BLD Plantation Bhd (BLD Plantation) has recorded a revenue and profit before tax (PBT) of about RM2.13 billion and RM56.6 million respectively.
— The Borneo Post

Feature photo Mohd Fazlin Mohd Effendy Ooi

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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.