Malaysia Morning News For January 15

Malaysia to regulate initial coin offerings, cryptocurrency trade
Malaysia will regulate initial coin offerings (ICOs) and the trade of cryptocurrencies, the finance minister said in a statement on Monday.
— Reuters

Malaysia Airlines warns of fake websites
Malaysia Airlines has issued a warning to the public about fake websites which appear to be its official website, purportedly offering free air tickets as prizes in order to obtain their personal data.
— The Star Online

Malaysia: retiring senators to open path for speedier reforms
The pattern of political reform following a regime change is usually predictable: the reformers gain popular support, make changes to the constitution and then use constitutional politics to achieve their ends.
— AEC News Today

Digital transformation to drive growth across tech sector
Franklin Equity Group believes that digital transformations within a country and amongst companies will drive strong earnings growth across the technology sector.
— The Borneo Post

Private consumption, services sector to grow in 2019
Malaysia’s private consumption and services sector are expected to grow at 7.5 and 6.2 per cent, respectively, for 2019, analysts observed.
— The Borneo Post

Singapore-Malaysia spat sets back joint development projects
Tensions between Singapore and Malaysia over territorial claims have worsened as the neighbors postponed a Monday meeting to discuss the development of border areas.
— Nikkei Asian Review (paywall)

Malaysia’s wealth must be distributed equally among all races: PM Mahathir
Malaysia’s wealth must be distributed equally among all races, said Prime Minister Mahathir Mohamad on Monday (Jan 14), while adding that more work needs to be done in terms of racial unity.
— Channel NewsAsia

‘Revival of ECRL and PTMP projects to spark optimism in construction sector’
The potential revival of the East Coast Rail Link (ECRL) and affirmation of the Penang Transport Master Plan (PTMP) projects could spark some optimism back into the construction sector.
— New Straits Times

Some of world’s biggest banks see stronger ringgit in 2019
Some of the world’s biggest banks have revised the ringgit forecast stronger against the US dollar in 2019 after the currency beats estimate in the last quarter, with one bank from Japan expecting it to breach below RM4 later this year.
— New Straits Times

Natural rubber output up 1.9% in November 2018
Malaysia’s natural rubber (NR) production increased by 1.9% to 52,174 tonnes in November 2018, as compared to 51,209 tonnes in October, according to the Department of Statistics.
— The Sun Daily

IRB tells taxpayers to come clean, assures confidentiality
The Inland Revenue Board (IRB) has been monitoring social media and bank accounts of people who have unexplained and extraordinary wealth, especially those in possession of large amount of cash, luxury cars, jewellery and property.
— New Straits Times

OCBC Bank introduces facial biometric access for mobile banking
OCBC Bank (Malaysia) Bhd’s customers with an iPhone X, including the recently-launched iPhone XS, XS Max and XR models, can now access their mobile banking app through facial biometrics.
— New Straits Times

Law on digital currency effective Tuesday, says Guan Eng
The law on digital currencies and digital tokens will come into effect on Tuesday and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchange faces a 10-year jail and RM10mil fine.
— The Star Online

GroYield sees higher demand for its plant supplement
GroYield Holdings Bhd is seeking to expand its distribution of plant supplements that can raise latex yield at rubber plantations in Sumatra, Jawa, Kalimantan, Thailand, Vietnam, India and China.
— New Straits Times

W Hotel near Petronas Twin Towers for sale for RM360mil
W Hotel joins a list of other hotels for sale, with owner Tropicana Corp Bhd believed to be asking RM360mil for it, according to sources. This translates to RM2.4mil a room, which two out of three sources said is “a bit high”.
— The Star Online

More global banks revise downwards Brent forecast; Malaysia’s 2019 Budget recalibration may be imminent
More leading global banks are now following Goldman Sach’s footstep to revise downwards the average Brent crude oil price forecast to US$60-US$65 a barrel for 2019.
— New Straits Times

EPF sells 4.63m IHH Healthcare shares
The Employees Provident Fund (EPF) disposed of 4.63 million shares of IHH Healthcare Bhd on Jan 9, a filing with Bursa Malaysia on Monday showed.
— The Star Online

Malaysia Airlines reinstates flights between Kuala Lumpur and Kochi
Malaysia Airlines Bhd, which is undergoing a turnaround plan, has reinstated daily flights between Kuala Lumpur and Kochi, India beginning March 31, more than three years after the route was dropped as part of its cost-cutting programme.
— The Edge Markets

TM faces potential competition over medium term — Analysts
Telekom Malaysia Bhd (TM) is set to face potential competition over the medium term as there are packages which are relatively more attractive when compared with the group’s existing unifi prices, analysts observed.
— The Borneo Post

Malaysian finance minister: It’s ‘reasonable’ to ask Goldman Sachs for $7.5 billion over 1MDB ‘agony’
Malaysian Finance Minister Lim Guan Eng said Monday that the $7.5 billion his country is seeking from American investment bank Goldman Sachs over the 1Malaysia Development Berhad scandal is an “extremely reasonable” amount.
— CNBC

Malaysia seizes huge crystal meth haul in two raids
Malaysian police seized nearly 600kg of drugs they believe was mostly crystal methamphetamine in a crackdown on two trafficking syndicates over the weekend, they said on Monday (Jan 14).
— Channel NewsAsia

Malaysia economy to grow slower at 4.6% for 2019, says RHB Research
As the global environment turns more challenging amid rising trade protectionism and global interest rates, RHB Research Institute Sdn Bhd is expecting Malaysia’s economy to sustain at a slow pace of 4.6% for 2019, compared with 4.6% in 2018 and 5.9% registered in 2017.
— The Edge Markets

Eric Paulsen is Malaysia’s new rep to Asean human rights commission
Human rights lawyer Eric Paulsen has been appointed Malaysia’s representative to the Asean Intergovernmental Commission on Human Rights (AICHR) for the 2019-2021 term.
— Malay Mail

Mega First’s Laos hydropower project in final stage of completion
Mega First Corp Bhd’s Laos hydropower project is in the final stage of completion with the first turbine installation in March followed by the energy test in June-July.
— The Star Online

SEA LIFE Malaysia to be launched by first half of 2019
SEA LIFE Malaysia at Legoland Malaysia Resort has completed 95% of its construction and is currently on track to launch the interactive aquarium by the first half of 2019.
— The Edge Markets

International Paralympic Committee says upset with Malaysia’s ban on Israeli swimmers
The International Paralympic Committee expressed disappointment Saturday after Malaysia said it would not allow Israeli swimmers to attend a competition in the country that will serve as a qualifying event for the Tokyo 2020 Paralympics.
— Malay Mail

Scomi Energy shares fall 10% after launching probe into unauthorised advances
Shares of Scomi Energy Services Bhd (SESB) tumbled half a sen or 10% this morning, after announcing that it had begun an investigation into the RM64.33 million lent to its parent Scomi Group Bhd.
— The Sun Daily

Facing an uncertain future: Chin refugees in Malaysia
The UN refugee agency has begun phasing out the protection it provides in Malaysia to tens of thousands of Chin, most of whom do not want to return to Myanmar.
— Frontier Myanmar

New Hyundai Elantra arriving soon in Malaysia
The ever popular Elantra, also known as the Avante in other countries, has been launched in Singapore and will be arriving in Malaysia soon.
— FMT

Feature photo Bernard Spragg. NZ

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.