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Wednesday , March 29 2017
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Malaysia

Malaysia inflation rises in February, highest in 8 year due to petrol prices

Inflation up

KUALA LUMPUR: Finance Minister II Datuk Seri Johari Abdul Ghani has alleviated market concerns over the spike in inflation, saying it was due to the cost of petrol. Malaysia’s consumer price index (CPI) rose 4.5% in February, the highest in eight years. “If you look at February inflation and compare it with February last year, the main reason is the ... Read More »

Malaysian Ringgit opens higher against US Dollar

Ringgit higher against US dollar

KUALA LUMPUR: The ringgit opened higher against the US dollar today (Monday, March 27, 2017) on commercial demand as the greenback lost ground as concerns mounted over President Donald Trump’s inability to overhaul the US healthcare system, a dealer said. At 9am, the local note was traded at 4.4200/4250 against the greenback from Friday’s close of 4.4230/4280. A dealer said ... Read More »

Subromaniam Tholasy appointed as new DG Customs Malaysia

Subromaniam Tholasy

KUALA LUMPUR: Datuk Subromaniam Tholasy appointed as the new director-general of the Customs Department, according to Chief Secretary Tan Sri Ali Hamsa. Subromaniam’s selection came despite a non-governmental organisation’s alleged call for the post to go to a Malay candidate. The former deputy director-general of enforcement at the department succeeds Datuk Seri Khazali Ahmad who retired on March 20. “I ... Read More »

NGO denies lobbying for Malaysian Customs DG instead of Indian

malaysian Customs

KUALA LUMPUR: A non-governmental organization (NGO) denied trying to lobby Yang di-Pertuan Agong for a Malaysian to be appointed the new Royal Malaysian Customs director-general (D-G) instead of an ethnic Indian. After a copy of the letter was circulated online, Malaysia International Humanitarian Organization (MHO) said it has never sent the memorandum to influence the appointment. “We deny this, and ... Read More »

Malaysia needs more economic reforms to achieve 2020 goal

Economic reform

PETALING JAYA: Malaysia needs more competition and less government intervention if it is to achieve its goal of becoming a high-income nation by 2020, says the Institute for Democracy and Economic Affairs (IDEAS). Referring to the latest figures by the Economic Planning Unit, IDEAS said the average income per person had fallen by 15% from US$10,345 in 2013 to US$8,821 ... Read More »

Alibaba to set up regional logistics hub in Malaysia

alibaba-malaysia

KUALA LUMPUR: Alibaba Group Holding Ltd recently expanded its operations in Malaysia by opening a new logistics hub. This move signals even more investment by Chinese companies in infrastructure throughout the Asian country of Malaysia. The total amount of the investment by Alibaba is unknown yet. Alibaba founder Jack Ma worked in conjunction with the Malaysian Prime Minister Najib Razak ... Read More »

Malaysia launches first digital free-trade zone

Malaysia launchs first digital free-trade zone

KUALA LUMPUR: Malaysian Prime Minister Datuk Seri Najib Tun Razak launched the first Digital Free-Trade Zone today (Wednesday, March 22, 2017). Deputy minister of International Trade and Industry (Miti) Datuk Ahmad Maslan told Parliament, the event will also see the presence of Alibaba founder, Jack Ma. The implementation of the first Digital Free-Trade Zone in the world was unveiled in ... Read More »

Exports recovery signal improving GDP outlook for Malaysia

gdp rise

KUALA LUMPUR: As external activities recover from a better global outlook, RHB Research Institute Sdn Bhd (RHB ResearcH) forecast Malaysia’s real Gross Domestic Product (GDP) to grow at a faster pace of 4.5 per cent in 2017 against 4.2 seen last year. “This was mirrored by the rebound in the World Trade Organization’s (WTO) global merchandise trade numbers, which recorded ... Read More »

Malaysian aerospace industry to grow by 7% in 2017

Aerospace

KUALA LUMPUR: Malaysia’s aerospace industry is expected to grow by seven percent this year on robust demand for aircraft from Asian countries, especially China and India. Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said aerospace manufacturing, a major part of the industry in Malaysia, was expected to contribute 55% to the industry’s overall value this year. “The ... Read More »

Malaysia RHB forecasts higher GDP growth, 4.5% in 2017

RHB - Malaysia

KUALA LUMPUR: RHB Research Institute Sdn Bhd has upped its gross domestic product (GDP) growth forecast for Malaysia in 2017 to 4.5% (from 4.2% in 2016). In an economic outlook note, the research house said Malaysia’s real gross domestic product (GDP) growth picked up for the second straight quarter in 4Q16, supported by a stronger recovery in exports. “As external ... Read More »

Malaysia, Laos keen to strengthen bilateral trade relations

Malaysia, Laos

KUALA LUMPUR: Laos and Malaysia are keen to expand bilateral cooperation particularly in areas relating to investment, banking, finance, transportation, tourism, education and human resource development for mutual benefit. This was the outcome of a bilateral meeting held between Malaysian Foreign Minister Anifah Aman and visiting Lao Foreign Minister Saleumxay Kommasith. Saleumxay’s official visit to Malaysia took place from March ... Read More »

Ringgit opens slightly higher against US Dollar

Ringgit lower against US dollar in early trade

KUALA LUMPUR: The Malaysian Ringgit opened marginally higher against the US dollar this morning as the greenback extended its weakness on the possibility of the US Federal Reserve raising interest rate on a gradual basis. This move resulted in more investors shifting their interest to emerging currencies, including the ringgit. At 9am, the local note was traded at 4.4330/4360 against ... Read More »

DRI nabs Malaysian citizen in an attempt to smuggle drugs worth Rs4m

DRI nabs Malaysian citizen in an attempt to smuggle drugs worth Rs4m

BENGALURU: The Directorate of Revenue Intelligence (DRI), Bengaluru wing, arrested a 58-year-old Malaysian at Kempegowda International Airport on the charge of attempting to smuggle 2.5 kilogram of ketamine to Malaysia. The drug seized is worth approximately Rs4 million in the international market. According to sources, the arrested man, Gopalram (58), is a cook who works in a restaurant. He was ... Read More »

Bursa Malaysia trading value rises to RM5b

bursa

KUALA LUMPUR: Bursa Malaysia capped the week on a strong note as trading value surged to RM5bil, the highest since May 31, 2016, powered by funds buying of banks, Axiata and Petronas Chemicals after a positive outlook from Credit Suisse Research. At 5pm, the FBM KLCI was up 8.06 points or 0.46% to 1,745.20 – about the highest since May ... Read More »

Malaysian palm oil price up on improving exports

palm oil

KUALA LUMPUR: Malaysian palm oil futures rose driven by improving exports and lowered production forecasts and despite a strengthening ringgit, which typically weighs on prices The Ringgit strengthened 0.2 percent against the Dollar on Thursday. A stronger ringgit makes palm oil more expensive for foreign currency holders and usually lowers demand. Benchmark palm oil futures for June delivery on the ... Read More »

Taiwanese woman alleges Malaysian Customs to mistreat her, asked for bribe

malaysian Customs

TAIPEI: A Taiwanese woman claimed that she had been mistreated during a 35-hour detention by Malaysian customs over a “damaged passport” earlier this month. The woman, identified only by her Facebook name Chiao Mei, said at a press conference that she had been treated inhumanely during her recent visit to Malaysia. The woman said she arrived at Kuala Lumpur International ... Read More »

Canada, Malaysia bilateral trade growing

bilateral trade

OTTAWA: Bilateral trade between Canada and Malaysia is growing said Canada’s High Commissioner to Malaysia Judith St George. She said trade has been growing modestly in the last couple of years and was largely favouring Malaysia by 3:1. “Trade amounted to almost to RM11 billion in 2016,” she said during a press briefing at G Hotel Kelawai today. She said ... Read More »

Malaysian e-commerce will surpass 11% CAGR by 2020: Trade Minister

E-commerce

KUALA LUMPUR: The government is confident that e-commerce in Malaysia will be able to surpass the 11% compound annual growth rate (CAGR) by 2020, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. “The prospects are huge. We will exceed 11%. I’m confident that it can happen because we’re getting our act together in the government and we’re working ... Read More »

Malaysia less interested in TPPA after U.S withdrawal

tpp

KUALA LUMPUR: Malaysia is less interested in continuing with the Trans Pacific Partnership Agreement (TPPA), with the United States (US) having opted out. Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said Malaysia along  Vietnam, Singapore and Brunei joined the TPPA with the aim of gaining better access to markets, particularly the US. “The withdrawal of the US ... Read More »

Malaysian Petronas faces RM2.96b loss in Q4, 2016

Malaysian Petronas

KUALA LUMPUR: Malaysia’s Petroliam Nasional Bhd (Petronas) saw the black for the fourth quarter (Q4) ended Dec31, 2016, registering a net profit of RM11.26 billion against a net loss of RM2.96 billion in the previous corresponding period, driven by lower net impairment on assets and production costs. Revenue, however, contracted 2.5% from RM60.1 billion to RM58.6 billion, on the back ... Read More »