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Wednesday , December 13 2017
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Malaysia

Malaysia Oct factory output up 3.4 pct yoy, misses forecast

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KUALA LUMPUR: Malaysia’s industrial production in October grew 3.4 percent from a year earlier, slowing in pace for the second month in a row. Factory output was below the 3.8 percent annual rise forecast in a Reuters poll, and down from the 4.7 percent growth in September. Industrial output reached a two-and-a-half year-high of 6.8 percent in August. The electricity ... Read More »

Indonesia, Malaysia and Thailand seek to boost local currency settlement

malaysia

KUALA LUMPUR: The central banks of Indonesia, Malaysia and Thailand launched a framework on Monday aimed at increasing direct settlement of transactions in their local currencies to reduce the current dependence on the U.S. dollar. The regulatory framework is “part of the continuous effort to promote a wider use of local currencies to facilitate and boost trade and investment in these ... Read More »

Malaysia Airlines says posts Q3 revenue rise in tough operating environment

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KUALA LUMPUR: Malaysia Airlines said on Friday it posted a 3.5 per cent rise in third-quarter revenue despite facing challenges from overcapacity in key markets that had led competitors to lower fares. The unlisted national carrier, which is owned by sovereign wealth fund Khazanah Nasional Bhd, said its revenue per available seat kilometre (RASK) had increased 2 per cent in ... Read More »

Malaysia on track to lower fiscal deficit in 2018, says Fitch Group unit

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KUALA LUMPUR: International market analyst group BMI Research maintained today its forecast for Malaysia to lower its fiscal deficit from 3 per cent of the country’s Gross Domestic Product (GDP) this year. The Fitch Group unit said the 2.8 per cent target is attainable, noting revenue from corporate, personal and consumption taxes is expected to grow by 6.4 per cent ... Read More »

Ajinomoto Malaysia expects to post higher revenue in FY18

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KUALA LUMPUR: Ajinomoto (Malaysia) Bhd, which posted a 7% year-on-year rise in first-half revenue, expects its revenue for the full financial year ending March 31, 2018 (FY18) to be better than FY17, said its managing director and chief executive officer Naoko Yamamoto. “We are confident of continuing to do well in our second half of FY18, beating full year FY17’s ... Read More »

Malaysia’s 2018 fiscal deficit target of 2.8% of GDP achievable: RAM

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KUALA LUMPUR: RAM Ratings opines that Malaysia’s target to narrow its fiscal deficit to 2.8% of gross domestic product (GDP) under Budget 2018, from an estimated 3.0% in 2017, is achievable despite the federal government debt remaining elevated and its contingent liabilities significant at 16.9% of GDP in first half of 2017 (1H 2017). It said federal government debt remains ... Read More »

Malaysia agrees to extend oil output cuts until end-2018

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KUALA LUMPUR: Malaysia will extend its oil production cuts until the end of 2018, in line with its commitment to reduce global supply as part of a deal struck between OPEC and other global oil producers. OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to ... Read More »

Malaysia agrees to extend oil output cuts until end-2018

malaysia

KUALA LUMPUR: Malaysia will extend its oil production cuts until the end of 2018, in line with its commitment to reduce global supply as part of a deal struck between OPEC and other global oil producers. OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to ... Read More »

Malaysia’s Taliworks Corporation 3Q net profit nearly halves, revenue slips

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KUALA LUMPUR: Taliworks Corporation, a Malaysian water management company, said Tuesday its third quarter net profit fell 49% on year mainly due to absence of toll compensation from government and unrealised losses on foreign exchange. Net profit for the three months ended Sep. 30 was 9.95 million ringgit ($2.42 million) compared to 19.51 million ringgit a year earlier, the company ... Read More »

Customs foils four KLIA smuggling bids

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SEPANG:  Airport Customs authorities have foiled smuggling attempts involving pangolin scales and cigarettes worth a total of RM4,668,800 since November 16. Kuala Lumpur International Airport (KLIA) Customs director Abdul Wahabi Abdullah said a total of 13 boxes of pangolin scales worth RM4,361,863 and weighing 337kg bound for the same address in Hong Kong were discovered at the KLIA Mail and ... Read More »

Customs Dept moves to make Pangkor duty-free

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SITIAWAN: The Royal Malaysian Customs Department will initiate amendments to several acts to enable Pangkor to become a duty-free island next year as proposed in Budget 2018. Its director-general, Datuk Seri T Subromaniam, said the acts included the Goods and Services Tax Act 2014 and the Customs Act 1967. “I went to Pangkor Island last week with the State Customs ... Read More »

Customs’ Targeting Centre helps tackle terrorism financing, says DG

MALAYSIA

  KUALA LUMPUR: The Royal Malaysian Customs Department’s National Targeting Centre which has been operating since last year, has thus far, been successful in exposing illicit and terrorism financing. Although reluctant to share the number of cases, Customs director-general Datuk Seri T. Subromaniam said the system enabled the department, among others, to detect items suspiciously overvalued that might lead to ... Read More »

Heineken Malaysia 3Q earnings up 16% on stronger sales

MALAYSIA

  KUALA LUMPUR (Nov 21): Brewer Heineken Malaysia Bhd’s net profit for third quarter ended Sept 30, 2017 (3QFY17) came in at RM65.87 million, up 15.7% from RM56.92 million recorded in the corresponding three months last year. Revenue was at RM509.59 million for 3QFY17, up 32.42% from RM384.82 million in the same three months last year. In its quarterly report ... Read More »

Customs seize 3m cigarette stubs At KLIA

MALAYSIA

  SEREMBAN: The Negeri Sembilan Customs Department seized three million stubs of ‘CANYON’ branded cigarettes with a tax value of RM2.1 million. State Customs director Datuk Abdullah Jaapar said the seizure was done by MAS Cargo Kuala Lumpur International Airport (KLIA) at about 6pm on Monday. “The result of a raid on merchandise arriving from Ho Chi Minh, Vietnam, found ... Read More »

Malaysia strong GDP puts single hike in play for 1Q

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  KUALA LUMPUR: A rate hike by Bank Negara Malaysia appears to be in the pipeline. Inflation is moderately high and rising, and BNM sounds bullish on the outlook for 2018. The central bank also signaled a hike may be imminent, saying earlier this month that it will review the appropriateness of current policy settings. Even so, there are reasons ... Read More »

Industry 4.0 to surge Japanese FDI in Malaysia

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  KUALA LUMPUR: Japanese foreign direct investment (FDI) to Malaysia has been flat in recent times but the Japanese companies here are confident that there will be a surge with Industry 4.0. Their proposed “Hybrid IoT Manufacturing” concept will be the first step to lift the Malaysian manufacturing sector to the level desired by the government. Hybrid IoT involves SIP ... Read More »

Fake customs receipts costing Malaysian Customs hundreds of millions in revenue

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  PETALING JAYA: Several syndicates are forging the Customs Official Receipt (COR) and siphoning out hundreds of millions of ringgit in revenue that is due to the department. The syndicates, fronted by forwarding agents, churned out fake receipts that are almost identical to the genuine ones. The department has now formed a special taskforce to track down these syndicates, department ... Read More »

Malaysia stock market may extend losing streak

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  KUALA LUMPUR: The Malaysia stock market has moved lower in three consecutive trading days, sliding almost 15 points or 0.8 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,735-point plateau and it’s in line for further damage on Wednesday. The global forecast for the Asian markets is negative thanks to uncertainty over U.S. ... Read More »

US to work with Malaysia to enhance export controls

MALAYDIA

  KUALA LUMPUR: The US is working together with Malaysia to build expertise and capacity to enhance export control mechanisms between the two countries. Its Deputy Chief of Mission at the US Embassy in Malaysia, Dean Thompson, said the cooperation would benefit both countries as it would strengthen the economy and deny the entry of goods and technologies that would ... Read More »

US to work with Malaysia to enhance export controls

MALAYSIA

  KUALA LUMPUR: The US is working together with Malaysia to build expertise and capacity to enhance export control mechanisms between the two countries. Its Deputy Chief of Mission at US Embassy in Malaysia, Dean Thompson, said the cooperation would benefit both countries as it would strengthen the economy and deny the entry of goods and technologies that would harm ... Read More »