Malaysia Morning News For November 5

Malaysia hopes to restore Asian Tiger status thanks to 2019 Budget
The Malaysian government on November 2 submitted to the legislature the 2019 Budget, which is expected to help restore the Malaysian economy as an Asian Tiger, according to the New Straits Times.
— VietnamPlus

Govt to continue facilitate financing for SMEs
The government will continue to facilitate financing for small and medium enterprises (SMEs) since they are the backbone of the economy.
— The Borneo Post

Govt has right to set minimum wage
The government’s decision to increase the minimum wage effective next year is not against the National Wage Consultative Council Act 2012, said Human Resource Minister M. Kula Segaran.
— The Edge Markets

Petronas to pay additional RM30 billion special dividend to govt
Petroliam Nasional Bhd (Petronas) will be paying the government an additional RM30 billion in special dividend under the 2019 Budget.
— New Straits Times

Gross exports to grow 3.0 pct in 2019
Gross exports are estimated to grow 3.9 per cent in 2019, while imports are anticipated to grow 4.1 per cent, said the Finance Ministry.
— The Borneo Post

Airports in Malaysia attractive for investors as air travel is growing
Malaysia’s plans to set up the world’s first Airport Real Estate Investment Trust (REIT) is a positive way to securitise its infrastructure assets, said Malaysia Airports Holdings Bhd (MAHB).
— New Straits Times

World Bank welcomes comprehensiveness of 2019 Budget
The World Bank has welcomed the comprehensiveness of Malaysia’s 2019 Budget, which is aligned with the policy direction of the new government.
— The Sun Daily

Extend fiberisation to other infrastructure, govt urged
The National Fiberisation and Connectivity Plan (NFCP) should be extended to other infrastructures in Malaysia, especially if the country aims to be 5G-ready, says edotco Group chief executive officer Suresh Sidhu.
— New Straits Times

Najib condemns Putrajaya over refusal to release IPIC documents
Najib Razak has rubbished Putrajaya’s excuse for not releasing documents pertaining to a 1MDB-related settlement which they claimed would be sub judice as the matter was related to his court case.
— FMT

Malaysia and the international tax standard
MALAYSIA will continue to review its international tax policy to support its sustainable economic development.
— The Star Online

Telco commends government’s recognition on high speed broadband
Telekom Malaysia Bhd (TM) appreciates the government’s recognition on the importance of high speed broadband to support the development of Malaysia’s digital economy as reflected in the 2019 Budget.
— New Straits Times

‘RPGT increase to affect market’
THE increase in the Real Property Gains Tax (RPGT) to 5% from 0% on Malaysian individuals for the disposal of properties after the fifth year could subdue the local property market further.
— The Star Online

TravelCompute Travel & Tourism Big Data Platform Wins World Summit Award in Vienna
World Summit Awards present a global spectre of change making projects ranging from big data for tourism to organ 3D printing, from a job-platform focusing on female tech talent to empowering smallholder farms – no matter what the technology, it’s the unique content that makes this top 40 exceptional.
— AEC News Today/ PR Newswire (media release)

Re-aligning Malaysia’s economic course
Launched on May 21, 2015, the 11th Malaysia Plan (11MP) 2016-2020 was the government’s final ditch effort to lift Malaysia’s status to become a fully developed country within the last five years of the 30-year Vision 2020 plan.
— The Borneo Post

Strong winds, rough seas expected in several Malaysian states
The Malaysian Meteorological Department has warned of northeasterly winds of 40 to 50kmh, with waves up to 3.5m expected to occur over the waters off Terengganu, Pahang, East Johor, Sarawak and West Sabah until Tuesday (Nov 6).
— Channel NewsAsia

EPF describes 2019 Budget as inclusive for social well-being
The Employees Provident Fund (EPF) has noted that the 2019 Budget balances long-term imperatives with short-term needs.
— New Straits Times

It’s all Jho Low’s fault, says Guan Eng on PTPTN repayments
The Pakatan Harapan (PH) government would have been able to fulfil its 14th general election promise for higher education fund borrowers, if it had not been for controversial businessman Low Taek Jho, better known as Jho Low.
— FMT

Kit Siang: First phase of building New Malaysia
Budget Day marked the first phase of the building of a New Malaysia which started at the 14th General Election on May 9, Lim Kit Siang (pix) said today.
— The Sun Daily

Wages increment promotes economic growth
A gradual increment in minimum wages is anticipated will have a lower impact on the Consumer Price Index (CPI) while promoting economic growth as compared to a one-off increase.
— The Borneo Post

Umno number two tells why budget won’t stimulate economy
Umno deputy president Mohamad Hasan said Friday’s budget tabled by Finance Minister Lim Guan Eng was not in line with the fiscal policy the government said it wanted to implement.
— FMT

MALAYSIA’S NEW GOVERNMENT SETS BIGGER BUDGET FOR NEXT YEAR, WITH PRIORITY ON EDUCATION AND ENTREPRENEURS
Malaysia’s Pakatan Harapan government on Friday announced a federal budget that prioritises institutional reform, the promotion of entrepreneurship and the socioeconomic well-being of Malaysians.
— South China Morning Post

Petronas to the rescue
THE government is tapping into Petroliam Nasional Bhd’s (Petronas) reserves to pay off some of its outstanding tax refunds amounting to RM37bil.
— The Star Online

Voluntary disclosure steals the limelight
The special voluntary disclosure programme and tax enforcement measures stole the limelight in Pakatan Harapan’s maiden Budget 2019, as opposed to initial expectations of a slew of new taxes being introduced.
— The Sun Daily

Ties with Malaysia to hit new heights, says ambassador
China-Malaysia relations will flourish to new heights, says China’s Ambassador to Malaysia Bai Tian (pic).
— The Star Online

Terrorism and the New Malaysia
Last month, the Royal Malaysian Police (PDRM) arrested five suspected terrorists, among them three foreigners including a former member of the Al Qaeda. They also arrested a woman and a man from Sabah who were involved in terrorist financing.
— Malaysiakini

Axiata appoints Ghazzali as new chairman
Axiata Group Bhd recently formalised interim Chairman Tan Sri Ghazzali Sheikh Abdul Khalid as the chairman effective 1st November 2018.
— New Straits Times

Higher contribution from gaming industry
THE gaming industry will see its contribution to the national coffers increase through the implementation of additional taxes, fees and levies.
— The Star Online

SMEs among the biggest winners, says think tank
The small and medium enterprises (SMEs) emerged as one of the biggest winners in the 2019 Budget, said the Socio-Economic Research Centre (SERC) executive director Lee Heng Guie.
— The Sun Daily

Govt committed to raise status of Langkawi, Kedah MB says
The move to boost Langkawi as a duty-free zone proves the government under Pakatan Harapan (PH) is committed to continue defending the status of the tourism island as a duty-free haven.
— Malay Mail

Why Goldman Sachs (U.S. Financial Institution #1) Is In The DOJ’s Sights
The two criminal indictments laid by the US Department of Justice against the former Goldman Sachs South East Asia boss Tim Leissner and separately against his colleague Roger Ng and 1MDB proxy Jho Low make clear that these three men do not stand alone in their sights.
— Sarawak Report

Group: Insufficient measures to boost retail spending
The latest budget announcement is not expected to stimulate consumer spending in the near term, as there is insufficient economic policies aimed at increasing retail spending, opined retail consulting firm Retail Group Malaysia.
— The Sun Daily

Malaysia proposes departure levy from next June
MALAYSIA is proposing a departure levy for all international outbound air passengers leaving Malaysian airports from June 1, 2019.
— Borneo Bulletin

Tightening measures for corporates in the 2019 budget: PwC
There are no significant new taxes which directly impact corporations, but the 2019 Budget introduces several tightening measures such as a seven-year limitation on carry-forward of losses, capital allowances and unabsorbed incentives, according to PricewaterhouseCoopers (PwC) Malaysia Tax Leader Jagdev Singh.
— The Sun Daily

Floor wage small stuff when all embrace Industry 4.0, HR minister tells employers
Human Resources Minister M. Kulasegaran today urged employers to focus on the “big picture” rather than fret over how much the hike in minimum wage for all workers will cost them.
— Malay Mail

Transparency-International Malaysia commends increase in MACC budget
Transparency-International Malaysia (TI-M) said today that the increased budget allocation of RM286.8 million announced for the Malaysian Anti-Corruption Commission (MACC) on Friday was a wise move by the government as the “investment” will yield returns by tenfold or more towards the federal coffers.
— The Sun Daily

ICCM will further boost Malaysia-Ireland trade ties
Malaysia-Ireland’s bilateral trade is set for stronger growth with the launch of the Irish Chamber of Commerce in Malaysia (ICCM), says Deputy Minister of International Trade and Industry Dr Ong Kian Ming.
— The Borneo Post

Dr M: US-China trade war bad for Malaysia
The US-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite.
— Malay Mail

Malaysia is ground zero for the next malaria menace
Vinita Surukan knew the mosquitoes were trouble. They attacked her in swarms, biting through her clothes as she worked to collect rubber tree sap near her village in Sabah, the northern state of Malaysia. The 30-year-old woman described the situation as nearly unbearable. But she needed the job.
— Science News

Feature photo Max Pixel

This week’s Malaysia morning news feature photo acknowledges World Science Day for Peace and Development, November 10.

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.