Malaysia Morning News For February 27

Local tech to drive creation of Malaysia’s first flying car
MALAYSIA’S first flying car will be driven by local technology, said Entrepreneur Development Minister Redzuan Md Yusof.
— The Malaysian Insight

Malaysia not ready to legalise marijuana, says expert
A health expert has voiced her opposition to any move to legalise marijuana, even for medical use.
— FMT

How Cashless is Malaysia Right Now?
Between Bank Negara Malaysia’s (BNM) ICTF and the more recently announced Real-Time Retail Payments (RPP) system, an ecosystem rife with Malaysians with at least a debit card, and e-wallets to target those who do not; Malaysia seems to be well underway towards becoming a cashless society.
— Fintech News

Are properties in Malaysia getting too expensive?
It’s hard to debate with those who have totally different ideas about property prices and affordability.
— FMT

Malaysia exploring viability of building biojet fuel refineries — Kok
The Ministry of Primary Industries is exploring the possibility of building biojet fuel refineries in the country.
— The Edge Markets

Malaysia’s most expensive film to air on Netflix
The most expensive local film production in Paskal The Movie, which cost RM10 million, will air on Netflix next month.
— Malay Mail

Deflation not a cause for alarm as recovery expected this year
The 0.7% year-on-year (YoY) decline in Consumer Price Index (CPI) in January 2019 should not cause panic in Malaysia as deflation is seen as an adjustment to the lower crude oil prices and overall weaker demand.
— The Malaysian Reserve

Maybank posts record net profit of RM8.11b in FY18
Malayan Banking Bhd posted record net profit of RM8.11bil in the financial year ended Dec 31, 2018 boosted mainly by higher loans growth, lower overhead costs as well as lower provisioning.
— The Star Online

SunCon’s net profit at RM37m in Q4, revenue at RM626m
Sunway Construction Group Bhd’s (SunCon) net profit increased 26.6 per cent in the fourth quarter (Q4) ended December 31, 2018 to RM36.57 million from RM28.89 million recorded in the same quarter a year ago.
— New Straits Times

Private sector urged to reciprocate govt’s support — PM
Tun Dr Mahathir Mohamad has urged the private sector to reciprocate the government’s support in spurring their growth by contributing to the country’s economic development, and not merely operating for profit.
— The Borneo Post

Penang’s 3 islands could rival Singapore one day, says Gamuda
A property and infrastructure developer today envisioned Penang as the “next Singapore”, saying it will be able to rival the republic’s Marina Bay once its three islands reclamation project is complete.
— FMT

Norway Pushes for Sustainable Palm Oil to Forge Malaysia Deal
Norway’s Trade Minister Torbjorn Roe Isaksen is this week touring parts of Asia to strengthen the country’s trade relationship with emerging economies, and to make strides in protracted trade negotiations with Malaysia.
— Bloomberg

Anwar Ibrahim’s Role In Malaysia’s Dramatic Advance In Democracy
Steve Inskeep talks to Anwar Ibrahim, president of Malaysia’s ruling party, about how he plans a new era of governance. His party ousted a ruling coalition that had been in power for over six decades.
— NPR

Malaysia’s Maybank posts best quarterly profit in 2 years, but flags risks
Malaysia’s Malayan Banking Bhd (Maybank) on Tuesday (Feb 26) beat expectations with a 9.1 per cent rise in quarterly net profit, its highest profit in two years, as Islamic banking income soared and net interest income grew.
— Channel NewsAsia

Malaysia’s worrying return to racial politics: The Nation
Many Malaysians regard the long-standing tenet “Malays First” as sacrosanct, untouchable – and not “racist” at all.
— The Straits Times

Tourism authorities, private sector still preparing for Visit Malaysia Year 2020
The tourism authorities here have yet to finalise their preparations with the private sector to welcome next year’s Visit Malaysia Year 2020.
— The Sun Daily

Malaysia pledges US$100,000 to address Yemen humanitarian needs
Malaysia will pledge US$100,000 at the United Nations (UN) Human Rights Council meeting in Geneva to address the humanitarian needs of the people of Yemen, Wisma Putra said today.
— Malay Mail

Civil servants in some Malaysian states to enjoy flexible working hours from March
Civil servants working at federal departments in some Malaysia states will get flexible working hours as part of a pilot programme starting on Friday (Mar 1), the country’s Public Service Department (PSD) announced on Monday.
— Channel NewsAsia

Short-term rates to remain stable on Bank Negara’s operations
Short-term rates are expected to remain stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system.
— New Straits Times

Malaysia-Norway bilateral trade remains healthy
Bilateral trade between Malaysia and Norway has remained healthy over the past decade in growing by 72%.
— The Sun Daily

Najib blames audience for slur on LGBT, night owls
Former prime minister Datuk Seri Najib Razak claimed today he was repeating phrases from the audience when he made remarks viewed as demeaning to the lesbian, gay, bisexual, and transgender (LGBT) community.
— Malay Mail

Go Local with 7-Eleven Malaysia and Mickey Mouse
EMBARK on a journey of nostalgia and local Malaysian culture with the launch of the Mickey Go Local Mini Tins collection exclusively at 7-Eleven Malaysia.
— The Sun Daily

Experts back Putrajaya’s toll plan, but with conditions
A transport expert has welcomed the government’s plan to acquire four highway concessions, saying the introduction of congestion charges is a step in the right direction although there is still plenty of room for improvement.
— FMT

Petronas Chemicals share price up on higher profit
Petronas Chemicals Group Bhd’s share price up 0.66% or 6 sen this morning, after its net profit jumped 27.9% to RM1.29 billion for the fourth quarter ended Dec 31, 2018 (Q4).
— The Sun Daily

Boustead Plantations shares down 10.8% on Q4 net loss
Boustead Plantations Bhd’s share price fell 10.82% or 10.5 sen this morning, after it posted a net loss of RM12.9 million for the fourth quarter ended Dec 31, 2018 (Q4).
— The Sun Daily

Police Official: Some Malaysians Still Hope to Join IS in Mid-East
Even as Islamic State finds itself cornered in its last redoubt in Syria and has all but crumbled, Malaysians are still thinking about traveling to the so-called “caliphate” to fight for the extremist group, according to Malaysia’s top counterterrorist official.
— Benar News

Maxis and Huawei to accelerate 5G growth in Malaysia
Maxis is collaborating with Huawei to accelerate 5G in Malaysia: the telco signed a memorandum of understanding (MoU) with the Chinese tech giant at the 2019 Mobile World Congress in Barcelona, Spain.
— The Star Online

Hong Leong Bank sees flat net profit of RM687.25m in Q2
Hong Leong Bank Bhd’s (HLB) net profit rose marginally by 0.6% to RM687.25 million for the second quarter ended December 31, 2018 compared with RM683.07 million in the previous corresponding period, due to lower net income of RM86.4 million.
— The Sun Daily

Palm falls to near 6-week low on output concerns
Malaysian palm oil futures fell at the midday break on Tuesday, hitting their lowest level in nearly six weeks, pressured by weaker soyoil prices and forecast that February palm output will be higher than usual.
— The Sun Daily

Telekom posts net profit of RM153m in FY18, sees better year
Telekom Malaysia reported lower net profit of RM153.15mil in the financial year ended Dec 31, 2018 as it was impacted by persistent headwinds in the industry and operating landscape but it expects this year to be better.
— The Star Online

Matrade pushes for medical devices association
In an effort to champion medical devices industry (non-medical glove) agenda in international trade, Malaysia External Trade Development Corporation (Matrade) has introduced the country’s first association for the industry’s manufacturers called Persatuan Perkilangan Peranti Perubatan (Perantim).
— The Borneo Post

Hot weather in Malaysia to continue until April
Temperatures continued to soar throughout Malaysia as the number of areas on heatwave alert doubled to 10 compared with two weeks ago.
— The Straits Times

Ku Li: Malaysia in chaos without Dr M, so let’s wish him good health
Umno veteran Tengku Razaleigh Hamzah says he wishes good health to Dr Mahathir Mohamad, his one-time arch-enemy in Umno, as the country’s political stability now depends on him remaining as prime minister.
— FMT

UEM Edgenta’s Q4 net profit drops 80pct, revenue at RM647m
UEM Edgenta Bhd’s net profit plunged 79.1 per cent to RM67.73 million in the fourth quarter (Q4) ended December 31, 2018 from RM324.81 million recorded in the same quarter last year.
— New Straits Times

Thug Rule In Sarawak
This weekend a delegation of Sarawak villagers came to KL to try to explain to ministers in the new federal government how things still are managed in Sarawak.
— Sarawak Report

Malaysia to unveil flying car prototype
Malaysia is expected to unveil its first flying car prototype to the public this year.
— New Straits Times

Ibraco announces RM239.26 mln revenue, net profit at RM30.37 mln
Ibraco Bhd (Ibraco), one of the leading realty developers in Sarawak, recorded a significant increase of 47.18 per cent in revenue at RM83.95 million for the fourth quarter ended December 31, 2018 (4QFY18).
— The Borneo Post

Change the teachers to improve the education system
I was having tea with my old schoolmate Lim Kah Huat on Sunday when he informed me that the grandson of a famous principal of our alma mater had visited the school a day earlier.
— FMT

Langkawi ferry fire: Malaysia suspends Dragon Star services
All passenger ferry services by Dragon Star Shipping have been suspended, said Malaysian authorities on Tuesday (Feb 26), a day after one of the company’s ferries caught fire.
— Channel NewsAsia

Feature photo International Rhino Foundation

This week’s Malaysia morning news feature photo acknowledges World Wildlife Day, March 3.

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.