Malaysia Morning News For September 26

Malaysia Halts Property Developments Exclusively For Foreigners
The Malaysian government will no longer allow property developments and new townships solely aimed at foreign buyers in a bid to reduce “mindless foreign investments” which would not be of benefit for the Malaysian people.
— Investvine

Corrupt people must be punished, says Malaysia PM Mahathir
Malaysian Prime Minister Mahathir Mohamad said Monday (Sep 24) that corrupt people must be punished, but did not think that it had reached a stage in Malaysia where the corrupt should be sentenced to life in prison.
— Channel NewsAsia

Time For The Wall Street Journal To Speak The Truth About Their Source?
Quite rightly, the Wall Street Journal, like other news outlets would not wish to divulge a source. Possibly, this is why if you were to search The Sarawak Report in their coverage you would find this blog is not mentioned once.
— Sarawak Report

Malaysia’s bioeconomy sector attracted RM7.5b investments
Malaysia’s bio-based industry has recorded an approved investment worth RM7.5 billion as at December 2017.
— New Straits Times

M’sia alert to import product dumping from trade diversion
Malaysia will take cautious steps to prevent product dumping in the local market created by the diversion from the trade wars, Minister of International Trade and Industry Darell Leiking said.
— The Borneo Post

Malaysian rethink on projects risks contagion in the region
When Mahathir Mohamad swept to power in a surprise election victory over his former protégé, Najib Razak, leaders of countries along China’s Belt and Road sat up and took notice.
— Financial Times

Firm support for Sapura Energy’s RM4b rights issue
Sapura Energy Bhd (SEB) has obtained firm support from two major shareholders, Permodalan Nasional Bhd (PNB) and Sapura Technology Sdn Bhd (STSB), via letters of irrevocable undertaking for their proposed rights issue with warrants and rights issue of Islamic redeemable convertible preference shares (RCPS-i).
— New Straits Times

IGEM 2018: Green Economy & Industry 4.0: Achieving Development Sustainable Goals
The International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM) returns for the 9th time to the Kuala Lumpur Convention Centre from 17 to 20 October targeting business leads of RM2.5 billion, through the convergence of more than 250 exhibitors and 30,000 expected global visitors from over 35 countries.
— AEC News Today/ PR Newswire (media release)

Spate of fresh contracts a boost for Sapura Energy
Analysts give two thumbs up to Sapura Energy Bhd (Sapura Energy) being awarded four contracts – three new engineering and construction (E&C) contracts and one drilling extension contract – for a total of RM815 million.
— The Borneo Post

Jakarta wants KL to rescue abducted Indonesian fishermen
Indonesia has urged Malaysia to rescue two Indonesian fishermen who were kidnapped in Sabah by a Philippine armed group earlier this month.
— The Nation

Ideas CEO calls for review of policies as Malaysia slips in economic freedom ranking
Malaysia’s fall to 79th spot from 67th in the 2018 Economic Freedom of the World Annual Report shows that space for the private sector in the country has been squeezed, businesses have been obstructed and the size of the government has increased.
— The Sun Daily

Warning to developers: Reduce prices or SST will be reimposed
Finance Minister Lim Guan Eng has asked developers to reduce house prices on a national level, failing which the sales and service tax (SST) on construction services will be reimposed if developers do not pass the savings to buyers.
— The Star Online

Nazir’s resignation will not have negative impact on CIMB
Datuk Seri Nazir Razak’s resignation from his position as group chairman – as well as all other positions within the CIMB Group Holdings Bhd’s (CIMB) group – will not have any negative impact to the group.
— The Borneo Post

Malaysia alcohol poisoning: Methanol content was up to 50 times more than permissible amount
Methanol levels that were between 30 and 50 times higher than the permissible amount was found in toxic alcohol that caused the deaths of more than 30 foreigners last week, said Malaysia’s Deputy Health Minister Lee Boon Chye on Tuesday (Sep 25).
— Channel NewsAsia

Malaysia-Philippines trade to grow by double digits
Bilateral trade between Malaysia and the Philippines is expected to continue recording double-digit growth this year, said Deputy International Trade and Industry Minister Ong Kian Ming.
— FMT

Preachers who put down other religions not welcome in Malaysia: Waythamoorthy
Muslim or non-Muslim preachers who put down and criticise other religions or beliefs in their religious talks are not welcome in this country, said Minister in the Prime Minister’s Department Senator P. Waythamoorthy.
— The Star Online

Townships Built Exclusively For Foreigners Not Allowed In Malaysia
Malaysia’s Finance Minister Lim Guan Eng clarified that while foreigners are welcome to acquire properties in Malaysia, the government is against projects built solely for foreign buyers, reported the Business Times.
— Property Guru

Trina Solar upbeat to grow its solar energy solutions in Malaysia
Trina Solar Ltd, integrated solar systems provider, sees Malaysia has the ability to grow its business presence fuelled by the government’s aspiration to utilise 20 per cent of the power generation with renewable energy.
— New Straits Times

Electoral roll needs to be cleaned, says Malaysia’s new Election Commission chief
One of the priorities of Malaysia’s incoming Election Commission (EC) chairman Azhar Harun is to change the public’s perception of the EC by cleaning up the electoral roll.
— The Straits Times

Malaysia’s former prime minister Najib Razak is ‘living in a world of hallucination’, says veteran politician
Former Malaysian prime minister Najib Razak is living in “a world of hallucination” where he is innocent, according to a senior Malaysian Government politician.
— ABC

UK financial services has scope to grow in Asia, says minister
Economic secretary to the Treasury, John Glen, is visiting the continent this week. In comments published by the Treasury in advance of his tour, Glen said there are opportunities for growth post-Brexit.
— Out-Law

Malaysia to continue providing humanitarian aid to refugees
Malaysia will continue to render humanitarian assistance to asylum-seekers and refugees from 59 countries seeking shelter in the country, Foreign Minister Datuk Saifuddin Abdullah said here Monday (Sept 24).
— The Star Online

Menta Construction preparing for IPO in 2019
Menta Construction Sdn Bhd aims to launch an initial public offering (IPO) next year to raise about RM1 billion for expansion.
— New Straits Times

Media Prima’s tie up with Mashable in southeast Asia
Media Prima Digital’s (MPD) wholly-owned subsidiary Rev Asia Holdings Sdn Bhd (RAH) is partnering US-based digital media company Ziff Davis LLC to operate Mashable Southeast Asia (MSA) for audiences across Indonesia, Malaysia, Philippines and Singapore.
— New Straits Times

Malaysia is Directing Its Three Largest Industries to Blockchain Technology
The Malaysian government is seeking to explore blockchain solutions in the nation’s three largest industries: renewable energy, palm oil, and Islamic finance.
— CNN

Police in Malaysia says parking lot standing reservations is a violation
Well, your wish is granted, if you live in Malaysia, that is. Yes, over there, it is now against the law to stand on a parking space to reserve it, as stated by the Royal Malaysia Police. Not only that, there’s a hefty fine for those pesky parking stand-ins.
— Auto Industriya

Petronas, TiME Marine to develop new tech for hydrocarbon recovery from sludge
Petroliam Nasional Bhd (PEtronas) will jointly develop a new technology with TiME Marine Services Sdn Bhd, winner of the third Petronas Technology Challenge, to find innovative and economic solutions in sludge treatment to recover hydrocarbon onshore.
— The Borneo Post

Malaysia in talks to become first in Asia to allow medical pot
Malaysia, which imposes the death penalty for some drug trafficking offences, is racing against Thailand to become the first Asian country to legalize marijuana for medical use.
— Business Times

RAM ranks Sarawak, four states as robust
RAM Ratings views the implicit strength of five Malaysian states – including Sarawak – as robust, while placing two states each in the very strong and strong categories and ranking the remaining four states as adequate.
— The Borneo Post

Bursa Malaysia instructs Sumatec directors to attend training
Bursa Malaysia Bhd , the stock exchange operator, has instructed the entire board of directors at Sumatec Resources Bhd to attend a training programme after the company failed to undertake a proper assessment of its financial accounts.
— The Star Online

All authorized agencies can now send workers to Malaysia
The decision was made at a meeting between Expatriates’ Welfare and Overseas Employment Minister Nurul Islam and Malaysian Human Resources Minister M Kulasegaran in Putrajaya, Malaysia, on Tuesday
— Dhaka tribune

VS Industry in talks to secure new orders
VS Industry Bhd is in active discussion with existing and new customers to secure orders as the group expand its local production capacity.
— The Star Online

PNB may become largest shareholder in Sapura Energy post-rights issue, KWAP to take up its portion only
Sapura Energy Bhd announced Tuesday that Permodalan Nasional Bhd (PNB) and its associated funds will take up their rights issue entitlement and mop up excess shares and warrants, which may result in PNB Group holding up to 40% of the oil and gas company.
— The Sun Daily

AEON’s property management to get better as AEON Kuching Mall gains further traction
The financial performance of AEON Co (M) Bhd’s (Aeon) property management has been projected by analysts to improve as AEON Kuching Central Mall gains further traction.
— The Borneo Post

Tune Group, ECM Libra put money in luxury home-stays
Tune Group Sdn Bhd and ECM Libra Financial Group Bhd’s joint venture Tune Plato Ventures Sdn Bhd has acquired a 50% stake in loss-making SubHome Management Sdn Bhd, marking their entry into the home-stay segment.
— The Sun Daily

Amlex debuts at 15.5 sen on LEAP Market
Penang-based Amlex Holdings Bhd debuted on the Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) Market at 15.5 sen, a half-a-sen premium over its issue price of 15 sen per share.
— The Borneo Post

Feature photo Teck Wan Kho

This week’s Malaysia morning news feature photo acknowledges World Rabies Day, September 28.

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.