Malaysia Morning News For November 29

Economy to grow between 4.7-4.8 pct in 4Q
Malaysia’s Gross Domestic Product (GDP) is expected to expand between 4.7 per cent and 4.8 per cent in the fourth quarter of this year, with growth continued to be driven by domestic private consumption, said Malaysian Institute of Economic Research (MIER).
— The Borneo Post

Malaysia remains on top of emerging markets list
Malaysia remained at the top of the emerging-market list, thanks to its current-account surplus, relatively stable economic growth outlook and valuations.
— The Star Online

Malaysian-made “Magic Sticker” will keep fruits fresh for longer
In the process of transporting produce all the way to supermarkets , it is estimated that 52% of fresh fruits and vegetables go to waste before they even make it to the consumer (US figures).
— Fresh Plaza

Murphy Oil in talks to sell Malaysian oil, gas assets, sources say
Murphy Oil Corporation is in talks to sell its Malaysian oil and gas assets after an unsolicited bid that could fetch between $2 billion to $3 billion, people familiar with the matter said, in the latest energy M&A deal in the Southeast Asian nation.
— The Star Online

Two financial frameworks out early 2019
The government will announce two key frameworks in the first quarter of 2019 regarding cryptocurrency and property crowdfunding regulations to be meted out by the Securities Commission Malaysia (SC).
— The Sun Daily

Rules for cryptocurrency exchanges, ICO in force by Q1 of 2019, says Guan Eng
The regulations for digital asset or cryptocurrency exchanges and initial coin offerings (ICOs) will come into force by first quarter of 2019, says Finance Minister Lim Guan Eng.
— The Star Online

China ranks as largest foreign investor in manufacturing sector
China is ranked as the largest foreign investor in Malaysia’s manufacturing sector from January to June 2018, with investments of US$1.6 billion (US$1=RM4.19).
— The Borneo Post

Rebellion and regret: talking to rural voters after GE14
Almost six months since the Pakatan Harapan coalition won the 14th Malaysian general elections (GE14), urban voters have lurched between the ecstasy of victory, expectations of the impossible, and measured assessments of the outcomes.
— New Mandala

Why not give other industries the Lynas treatment as well?
Since last week, it has been as if the government is insisting on shifting goalposts when it comes to the Lynas advanced material plant in Gebeng.
— FMT

Domestic insurers urged to up their game against foreign counterparts
Bank Negara Malaysia (BNM) says domestic insurers have to do more to develop their own competitive advantage against foreign players, or risk being driven out of the market in the face of an increasingly integrated regional insurance market.
— The Edge Markets

Higher expenses, tax paid cut T7 Global’s Q3 net profit
T7 Global Bhd’s net profit for the third quarter ended Sept 30 plunged 75.23% to RM737,000 from RM2.98 million a year ago due to higher operating expenses and taxes paid during the three months.
— The Sun Daily

Affin Hwang AM Forms Strategic Partnership with Samsung Asset Management to Develop Leveraged & Inverse ETFs in Malaysia
Affin Hwang Asset Management Berhad (“Affin Hwang AM” or “the Company”) announced today that it has entered into a strategic partnership with Samsung Asset Management (Hong Kong) Limited (“SAMHK”) to drive product innovation across a range of initiatives, including the development and offering of Leveraged & Inverse (L&I) ETFs on the stock exchange in Malaysia.
— AEC News Today/ PRNewswire (media release)

Next step for Malaysia: ‘leave no one behind’ in realising rights to water and sanitation
“Malaysia’s performance in the field of water and sanitation is excellent, with outstanding figures signalling a near-universal coverage of water and sanitation services, particularly for urban areas, and I would like to commend Malaysia for this,” Heller said in a statement after a visit to the country.
— AEC News Today/ PRNewswire (media release)

Airbnb doubles down on Malaysia with government partnerships
Airbnb is collaborating with the Malaysia Digital Economy Corporation (MDEC) and the Malaysia Productivity Corporation (MPC) to drive inclusive, sustainable development of tourism in Malaysia through healthy travel and hospitality entrepreneurship.
— Marketing Interactive

BIMB’s net profit grew to RM521m in the first nine months
Bank Islam parent BIMB Holdings Bhd posted a higher net profit of RM520.67 million for the nine months ended September 30, 2018, from RM470.2 million a year ago.
— New Straits Times

FGV to finalise appointment of new CEO by end of January 2019
FGV Holdings Bhd will finalise the selection of its candidate for the chief executive officer (CEO) position by end-January next year, said Chairman and Interim CEO Datuk Wira Azhar Abdul Hamid.
— Malay Mail

Govt invites India’s investors to explore opportunities in Malaysia
Malaysia is inviting investors from India to further explore its vast business and investment opportunities as it is in the midst of moving into the ranks of a developed nation.
— The Borneo Post

Sapura Energy to join Aramco’s long-term agreement programme
Sapura Energy Bhd has been selected to join Saudi Aramco’s long-term agreement (LTA) programme for a period of six years with an option to extend.
— New Straits Times

Relatives of missing from Malaysia plane say they have found pieces of debris
Relatives of people who went missing on Malaysia Airlines flight MH370 in 2014 have retrieved what they believe are new pieces of debris from the aircraft and will present them to the Malaysian government this week.
— Reuters

Bidding for US$250m Equanimity ends
The superyacht Equanimity, which once belonged to fugitive businessman Jho Low, may soon have a new owner when the auction closes today.
— The Star Online

EPF raises minimum basic savings at age 55 to RM240,000
The Employees Provident Fund (EPF) has revised the quantum for the minimum Basic Savings for members aged 55, from RM228,000 to RM240,000.
— The Sun Daily

MCT directors make stealthy exit after company AGM
MCT Bhd’s directors gave pressmen the slip after the company’s annual general meeting (AGM) on Wednesday.
— The Star Online

Developer’s lawyers paid 50 men to ‘exercise control’ over Malaysia Hindu temple: Muhyiddin
The lawyers of the developer involved in the Seafield Sri Maha Mariamman Temple riot had paid 50 Malay men RM150,000 (US$35,700) to “take care of things” at the Hindu temple, but the move ended up triggering the riots, said Malaysian Home Minister Muhyiddin Yassin on Wednesday (Nov 28).
— Channel NewsAsia

‘Regime security’ crucial to Malaysia’s development
THE new government’s cabinet ministers have a cumulative experience of thousands of man-hours. Mostly, however, as leaders of the previous opposition parties, or in disciplines not related to the management of a country.
— New Straits Times

Disney says ‘no merit’ to Malaysia resort company lawsuit
Resort developer Genting Malaysia’s lawsuit seeking $1 billion in damages from Walt Disney Co. and Fox Entertainment Group for alleged breach of contract related to a theme park, is “without merit,” Disney said Tuesday.
— Financial Post

Boost automation for workplace safety compliance, says Lee
Employers in all sectors should boost automation applications for safety compliance, including in the use of safety equipment in line with the fourth industrial revolution ( Industry 4.0).
— New Straits Times

Association dismisses claims of harm in dietary supplements, says ‘unsubstantiated’
The Malaysian Dietary Supplement Association (Madsa) has dismissed claims that dietary supplements may be harmful to consumer health.
— The Star Online

21 held in melee over Malaysian land dispute
Malaysian police said yesterday that 21 people have been arrested over rioting that broke out amid a dispute over the relocation of an Indian temple outside Kuala Lumpur.
— Borneo Bulletin

UEM Sunrise 3Q net profit plunges 85% on fewer land sales
UEM Sunrise Bhd recorded an 85% fall in net profit to RM21.17 million in the third financial quarter ended Sept 30, 2018 (3QFY18) against RM142.85 million in the same period last year, owing to fewer land sales.
— The Edge Markets

Feature photo Sham Hardy

This week’s Malaysia morning news feature photo acknowledges International Day of Solidarity with the Palestinian People, November 29.

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.