Saturday , November 17 2018
Breaking News


Malaysia, Singapore like twins, says Dr M


SINGAPORE: Prime Minister Dr Mahathir Mohamad today said he hoped to continue Malaysia’s good relations with Singapore, describing the two countries as twins who were slightly different in size, with “the elder twin a little bit bigger and older than the younger twin”. “But we have been able to live together on reasonably harmonious terms,” he said in his speech ... Read More »

US senators alarmed if China gets control of Djibouti port


WASHINGTON: Two prominent US senators expressed alarm on Tuesday about the military and political consequences if China gains control of a port terminal in Djibouti, and said they were concerned it could further boost Beijing’s influence in East Africa. In a letter to Secretary of State Mike Pompeo and Secretary of Defense Jim Mattis, Republican Senator Marco Rubio and Democratic ... Read More »

Luno plans launch of Malaysian HQ in 2019


KUALA LUMPUR: London-based cryptocurrency company Luno has announced plans to open a headquarters in Kuala Lumpur in the first quarter of 2019. In a statement, the cryptocurrency exchange and wallet operator said it expects to invest more than RM25mil in the Malaysian economy over the next five years and create over 100 high-skilled jobs. “We believe that the cryptocurrency industry ... Read More »

Malaysia officially the second country in South East Asia to introduce a digital tax

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Malaysia is officially the second country in Southeast Asia (SEA) to introduce a Digital Tax which could apply to both local and international players. Slated to be implemented by 1 January 2020, the tax is aimed to level the playing field and spark better competition in its e-commerce sector. This landmark announcement for the digital sector is highly significant as ... Read More »

Malaysia climbs nine spots to 15 in World Bank ranking


KUALA LUMPUR: Malaysia advanced nine places to claim 15th spot globally in the World Bank’s Doing Business 2019 Report. This is on the back of reforms implemented in the past year to facilitate and expedite business procedures, and could see further improvements amid a government initiative to further strengthen government policies and execution levels. One glaring area of underperformance, for ... Read More »

Malaysia outlines new plastic import criteria


Malaysian authorities plan to ban scrap plastic imports in three years. In the meantime, they’ll subject incoming shipments to a series of stringent new requirements. During an Oct. 26 meeting of several Malaysian ministries, officials decided on a handful of key changes affecting scrap plastic imports, according to Steve Wong, executive director of the China Scrap Plastics Association. Malaysia has ... Read More »

Connolly new head of finance at Nestle Malaysia in February

Craig Connolly Nestle1 Oct18

KUALA LUMPUR: Nestle veteran Craig Connolly will be the new chief financial officer of the Malaysia operations with effect from Feb 1, 2019, in a reshuffle among CFOs in Vietnam, Malaysia and Japan. Nestle (Malaysia) Bhd announced on Monday Connolly, who is currently the CFO of Nestle Vietnam, will take over from Martin Kruegel who has successfully led the finance ... Read More »

Bursa Malaysia still in the red, Public Bank weighs

SEREMBAN 5 OGOS 2018. Kontena di Cawangan Narkotik Jabatan Kastam Diraja Malaysia (JKDM), Kampung Jijan. NSTP/ MOHD HELMI IRWADI

KUALA LUMPUR: Bursa Malaysia fell early Friday, in line with the cautious Asian markets, with Public Bank the main drag on the FBM KLCI despite its firmer third-quarter net profit ahead of the Budget 2019 proposals on Nov 2. At 9.45am, the KLCI was down 3.75 points or 0.22% to 1,682.84. Turnover was 351.43 million shares valued at RM220mil. There ... Read More »

Malaysia’s economic growth to ease in Dec 2018-Feb 2019

kuala lumpur city centre

KUALA LUMPUR: Malaysia’s economic growth is expected to ease from December 2018 to February 2019, says the Department of Statistics Malaysia. In the “Malaysian Economic Indicators: Leading, Coincident and Lagging Indexes August 2018” Report released today, Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the annual change of the Leading Index (LI) decreased 0.9 per cent in August 2018. ... Read More »

Agri products can boost transhipment business at Malaysian ports


Kuala Lumpur: The Port Klang Authority (PKA) foresees transhipment of conventional cargo, particularly in the dry-bulk segment, as a potential growth driver for the country, says General Manager Captain Subramaniam Karuppiah. He said for Malaysia to develop the potential in the dry-bulk segment, there was the need to set up a food security programme including storage for agricultural goods. This ... Read More »

Malaysia’s fascinating customs revealed at Muzium Adat


Kuala Klawang is a quaint small town in the picturesque Jelebu District of Negeri Sembilan and is worth visiting for the scenic journey alone. The museum, which officially opened in 2008, is in a fairly nondescript modern building in the heart of the town. Outside the front entrance is a giant model of a traditional Malay headdress. Read More »

Malaysia’s economic growth to slow to 4.7% this year


KUALA LUMPUR: Malaysia’s economy is expected to grow at a slower pace of 4.7% in 2018 from 5.9% last year, according to Allianz Group. The German-based insurer and asset management company forecast the gross domestic product (GDP) of Malaysia would decelerate further to 4.6% in 2019 amid a challenging external environment and fiscal consolidation initiatives by the Government. Despite the ... Read More »

New Malaysia, new taxes


MALAYSIA: A New Dawn 2018 was the title of the star-studded gathering of corporate Malaysia, bankers, fund managers and analysts who came from near and far and filled-up the conference rooms to the brim, especially when our Prime Minister and the Minister of Finance took stage in the first two sessions of the day. The message was clear, it was ... Read More »

Nestlé Malaysia offloads chilled dairy business to Lactalis

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Malaysia : Nestlé (Malaysia) Berhad is investing more than RM100 million (US$24 million) to expand its MILO factory in Chembong, in line with its strategy of driving strong, profitable and sustainable growth and investing in Malaysia as a key manufacturing hub for the Nestlé Group. Subsequently, French dairy group, Lactalis will acquire and take over operations of the PJ factory ... Read More »

Malaysia’s GDP to remain on growth path into 2019

Nor Shamsiah Mohd Yunus Sept18

KUALA LUMPUR: Malaysia’s gross domestic product (GDP) will remain on a growth path into 2019, supported by its diversified economy and nature of exports, said Bank Negara Malaysia Governor Datuk Nor Shamsiah Yunus. Despite a challenging external environment, she said, the domestic economy is likely to remain positive this year, spurred by robust private sector activity and moderate inflation. “Private ... Read More »

Malaysia: Companies subject to tax won’t be able to evade SST

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Companies that are subject to pay tax will not be able to evade from paying the Sales and Services Tax (SST) as the government has a big database system to detect their information. Finance Minister Lim Guan Eng said the system, inherited from the implementation of the Goods and Services Tax, had previously registered some 472,000 companies. However, under the ... Read More »

Malaysia’s household spending to remain the key driver of GDP growth

consumer spending

KUALA LUMPUR: Household spending will remain the key driver of GDP growth in Malaysia through to 2019, said ICAEW in its latest Economic Insight: South East Asia report. However, it said, most other domestic demand components are forecast to cool. “We look for public spending to moderate as the new government reviews major infrastructure projects and undertakes plans to prune ... Read More »

Blockchain port clearance system to be launched at Shanghai and Guangdong


Nasdaq listed technology firm Ideanomics (NASDAQ:SSC) has formed a joint venture with APMEN Trade Tech Co Ltd., to streamline ports in the Asia Pacific by using blockchain and artificial intelligence for its Asia-Pacific Economic Cooperation’s (APEC) online port clearance system, including the Port of Shanghai, currently the world’s busiest port. Last year, the Port of Shanghai handled 40 million twenty-foot ... Read More »

Positive outlook for Genting Malaysia despite theme park delays

Genting building

KUALA LUMPUR: The outlook for the rest of 2H18 remains positive for Genting Malaysia Bhd image: despite the likely delays of both theme parks, said RHB Research. Visitor count to the hill top increased by 21% year-on-year (y-o-y) to 12.8 million as of June, due to the new facilities opened under the Genting Integrated Transformation Plan (GITP) that include ... Read More »

Labuan’s free-port status must remain total, FT minister says

Federal minister, Khalid Abd. Samad  speak to the press during the cheque presentation to JAWI , Mohd Ajib Ismail (R) and Federal teritory faoundation, Zaizalnizam Zainun.

LABUAN:Labuan’s free port status must remain total, with direct access to foreign vessels from various trading countries, says Federal Territories Minister Khalid Abdul Samad. He said there should be no limitations on any foreign vessels calling at the Labuan port (Labuan Liberty Wharf) as this would impede economic activities on the duty-free-island. “Should there be any restrictions or limitations (related ... Read More »