Malaysia Morning News For November 14

SME non-performing loans in Malaysia among world’s highest
The ratio of on-performing loans (NPLs) among local SME entrepreneurs is among the world’s highest, according to Entrepreneur Development Minister Mohd Redzuan Yusof.
— Malaysiakini

Petroleum sales tax to add RM3.897 billion to Sarawak’s revenue
The new sales tax on petroleum products will enable Sarawak to collect an additional revenue of RM3.897 billion or 37 per cent of the total estimated revenue of RM10.513 billion next year.
— New Straits Times

Not so easy to enforce, collect digital tax, says expert
A tax expert said today there are several unanswered questions regarding the government’s proposed digital tax and that Putrajaya will have to streamline its collection mechanism to make it work.
— FMT

Malaysia ups pressure on Goldman with calls for return of fees
Malaysia is stepping up pressure against Goldman Sachs Group Inc. as leader-in-waiting Datuk Seri Anwar Ibrahim called for “more aggressive” claims against the bank, after the finance minister said the country is seeking a full refund of all the fees it paid for 1MDB deals.
— The Star Online

Govt maintains corporate tax at 24pc of profits
The government has assured there will be no hike in corporate tax and will maintain the current rate at 24 per cent.
— New Straits Times

Malaysia driving cycle standard planned as part of country’s initiatives on fuel economy development
The Malaysia Automotive Institute (MAI) has announced updates on the country’s initiatives on fuel economy development, in line with worldwide initiatives set out by the global fuel economy initiative (GFEI). The updates were presented to members of the global community at an event in Kuching, Sarawak.
— Paultan

Malaysian PM Mahathir Mohamad conferred honorary doctorate by NUS
Sixty-five years after he graduated with a medical degree, Malaysian Prime Minister Mahathir Mohamad was back at his alma mater to receive an honorary doctorate in law.
— The Straits Times

‘Focus on talent in adoption of Industry 4.0’
Malaysia should focus on talent and manpower training in the adoption of Industry 4.0 to tackle the shortage of skilled manpower, said Taipei Economic & Cultural Office in Malaysia director of economic division David Hsu.
— The Sun Daily

Govt mulls fine-tuning RPGT
The government is considering a review of the Real Property Gains Tax (RPGT), which under Budget 2019 will be increased from 0% to 5% for sales after the fifth year for Malaysian individuals and from 5% to 10% for corporates and foreigners.
— The Sun Daily

Comply with smoking ban, help make Malaysia tobacco-free, Health Ministry tells eateries
Eateries should comply with the impending smoking ban at all open-air restaurants in an effort to reduce tobacco consumption and make Malaysia tobacco-free by 2045.
— The Star Online

MACC chief: Corruption in Malaysia getting worse
Malaysian Anti-Corruption Commission (MACC) chief Datuk Seri Shukri Abdull said today the local graft menace was worsening.
— Malay Mail

Third national car blueprint to be presented to PM in 2 weeks
The blueprint to drive the third national car project will be presented to the Prime Minister Tun Dr Mahathir Mohamad in two weeks and then submitted to the Cabinet for approval, says Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof.
— The Borneo Post

Malaysia warns of ‘domino effect’ from US-China trade tensions
Trade tensions between the United States and China will trigger a “domino effect” of protectionist measures, Malaysia warned on Tuesday as Asian leaders gathered for a summit overshadowed by the tit-for-tat tariff war between Washington and Beijing.
— FMT

Malaysia to abolish death penalty for 32 offences, including murder
Malaysia has decided to abolish the death penalty for 32 offences under eight Acts of law, including Section 302 of the Penal Code on murder, said Minister in the Prime Minister’s Department Liew Vui Keong.
— Channel NewsAsia

Malaysia IT spending to reach RM65b in 2019
Spending on information technology (IT) products and services in Malaysia is forecast to reach RM65.2 billion this year, an increase of 4.6 per cent from 2018, according to Gartner Inc.
— New Straits Times

Snoring, shopping and night-time laundry behind some divorces in Malaysia, says Yeoh
More than one-third of marriages in the country end within the first five years, Deputy Women, Family and Community Development Minister Hannah Yeoh revealed in the Dewan Rakyat today.
— FMT

Malaysia seeks repayment of fees in state-fund scandal
Malaysia is seeking a full refund of all the fees it paid to Goldman Sachs Group Inc. for arranging billions of dollars of deals for troubled state fund 1MDB, said Finance Minister Lim Guan Eng.
— NWA

Biosecurity plan for oil palm to benefit industry
With the newly-launched Biosecurity Plan for oil palm in place, various agencies, the industry and stakeholders will be more committed and vigilant in responding to any potential intrusion of exotic pests and diseases into Malaysia.
— The Borneo Post

SEC to supply LNG to Sabah’s East Coast next year
Sabah Energy Corporation Sdn Bhd (SEC) will supply liquefied natural gas (LNG) to three companies in Sabah’s East Coast beginning early next year, says Board of Directors chairman Datuk Ramlee Dua.
— The Borneo Post

Malaysia’s sukuk issuance exceeds projection for 2018
RAM Ratings Services Bhd said Malaysia’s sukuk issuance as of end-September 2018 totalled RM123.9 billion, surpassing its earlier projection of RM100 billion–RM120 billion for the year.
— New Straits Times

Suncon wins RM352mil Sunway Velocity Two apartment contract
Sunway Construction Group Bhd’s (SunCon) unit, Sunway Construction Sdn Bhd (SCSB), has bagged construction works worth RM352.05mil from Akitek Akiprima Sdn Bhd on behalf of Sunway Velocity Two Sdn Bhd (SVTSB).
— The Star Online

‘OPEC is not effective,’ says Malaysia’s prime minister
The Organization of the Petroleum Exporting Countries hasn’t been effective in stabilizing oil prices, which have been more dependent on U.S. shale production than the actions of the intergovernmental group, said MalaysianPrime Minister Mahathir Mohamad.
— CNBC

IRB: 80,000 individuals didn’t pay tax
The Inland Revenue Board (IRB) has identified 79,786 eligible tax payers who failed to pay their income taxes.
— New Straits Times

From One Of The Lads To Fellow Fugitive
Britain’s Sunday Times ran a full page item over the weekend about the UK’s own 1MDB fugative, Najib’s former communications guru, Paul Stadlen.
— Sarawak Report

Malaysia retains spotlight as leading Islamic finance centre
Malaysia’s progress and maturity in the development of its Islamic finance eco-system is ahead of other Islamic finance markets.
— The Borneo Post

Residential property overhang to moderate slightly: Rahim & Co
The residential property supply overhang will likely moderate a little next year due to slower growth in supply, says Rahim & Co.
— The Edge Markets

KLCC Stapled Group earnings up 2.1% in Q3
KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust, collectively known as KLCCP Stapled Group, posted a 2.1% higher net profit of RM181.43 million for the third quarter ended Sept 30, compared with RM177.7 million a year ago thanks to higher realised distributable income.
— The Sun Daily

Malaysian items a hit at 11.11 sale
MALAYSIAN-made coffee, health products, seafood and snacks top the list during the Double Eleven global shopping festival on Tmall Global, a cross-border business-to-consumer retail platform of Alibaba Group’s Tmall.com.
— The Star Online

Penang will continue with hillslope development projects
The Penang Government will continue with the development projects on hillslopes, the State Legislative Assembly told today.
— The Edge Markets

Maybank Asset Management Group (MAMG) to increase AUM to US$50 million in 2 years
Maybank Asset Management Group (MAMG) expects to increase its assets under management (AUM) by US$30 million-US$50 million (US$1=RM4.19) in the next two years with the roll-out of two new products co-developed with Schroder Investment Management (Singapore) Ltd.
— New Straits Times

Amcorp Properties’ net profit down in Q2
Amcorp Properties Bhd saw its net profit plunge 80.8% to RM5.67 million in the second quarter ended Sep 30, 2018, from RM29.56 million in the previous corresponding quarter.
— The Sun Daily

Mahathir appreciates Singapore’s role in helping Malaysia reclaim 1MDB monies; still keen on crooked bridge
Tun Dr Mahathir Mohamad said he appreciates Singapore’s role in helping Malaysia reclaim monies siphoned from the troubled 1MDB state fund.
— The Straits Times

Singapore financier Fundnel expands to Malaysia
Singapore-based Fundnel, a modern capital raising solutions provider, has expanded to Kuala Lumpur after obtaining licence from the Securities Commission Malaysia.
— New Straits Times

Time for BNM to reimpose financing quota: HBA
It is time for Bank Negara Malaysia (BNM) to reimpose financing quota that the banks need to adhere to in order to assist first-time home buyers, said the National House Buyers Association (HBA).
— The Sun Daily

Infographic on early signs of child abuse victims to be launched – DPM
The Women, Family and Community Development Ministry is launching an infographic to be used as a guide for the public to identify the early signs of child abuse victims, said its minister Dr Wan Azizah Wan Ismail.
— Malaysiakini

Mercedes-Benz introduces performance SUVs, G63 at RM1.46m
Mercedes-Benz Malaysia (MBM) introduced three new performance SUVs today at the Sepang International Circuit, the G63, GLC 63 S and the G63 S Coupe.
— New Straits Times

MOE to bring back civics subject, introduce anti-corruption topic at preschools
The Education Ministry will reintroduce Civics subject which include a topic on anti-corruption at all schools beginning middle of next year.
— Malaysiakini

Feature photo National Diabetes Institution

This week’s Malaysia morning news feature photo acknowledges World Diabetes Day, November 14.

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.