Wednesday , January 16 2019
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Malaysia

National Financial Crime Centre to be fully operational by June

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PUTRAJAYA (Jan 11): The National Financial Crime Centre (NFCC) is expected to be fully operational by June this year, said National Governance, Integrity and Anti-Corruption Centre (GIACC) director-general Tan Sri Abu Kassim Mohamed today. He said the GIACC was now in the midst of drafting and scrutinising every detail of the centre before tabling a Bill for the establishment of ... Read More »

Malaysian customs seize 20 tons of illegal fireworks

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KUALA LUMPUR : Malaysia’s Customs Department seized 20 tons of illegal fireworks in the biggest single haul for the country in a year. Azimah Abd Hamid, an assistant director of the customs department in the central Perak state, said the department arrested a 37-year-old suspect during the raid of a double-storey house on Dec 27. “Upon entering, we found the ... Read More »

Malaysia’s November exports below forecast

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KUALA LUMPUR: Malaysia’s exports for November 2018 grew 1.6% year-on-year (y-o-y) to RM84.8bil underpinned by to higher exports of refined petroleum products, liquefied natural gas (LNG) and crude petroleum. However, the growth was a sharp contrast with Bloomberg’s survey of a 6.6% increase. Bloomberg forecast of a 4.1% growth in imports. In a statement Friday, the Statistics Department said increases ... Read More »

Live streaming shopping trending up in Malaysia

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KUALA LUMPUR: As shoppers’ desire for real-time interaction grows, online shopping is now moving beyond just clicking on a shopping platform. In Malaysia, live-streaming shopping is becoming increasingly popular through various platforms, especially Facebook, as more and more retailers embrace the latest digital trend to attract savvy consumers. Looking at the exponentially growing trend, big online shopping players are adding ... Read More »

Malaysia theme park operator Sim Leisure seeks Singapore listing

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SINGAPORE : Malaysian theme park operator Sim Leisure Group is planning an initial public offering (IPO) in Singapore to fund its business expansion, and on Friday (Dec 28) lodged a preliminary offer document to list its shares on the Catalist board some time next year. The company operates theme parks in Penang – Escape Adventureplay and Escape Waterplay – which ... Read More »

Malaysia’s deal activity falls significantly in 2018

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KUALA LUMPUR: Malaysia has seen a major reduction in corporate deal activity this year with total deals in mergers and acquisitions (M&A), private equity/venture capital (PE/VC) and initial public offerings (IPO) valued at US$12.5 billion compared with the record levels last year with deals worth US$20.3 billion. Duff & Phelps said this could be due to political changes and businesses ... Read More »

Impact of trade war on Malaysia

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Malaysia : LITERATURE has shown that trade liberalisation in general enhanced total economic welfare and made societies better off. From the Ricardo days of the 19th century, when the theory and concept of comparative advantage was introduced by British economist David Ricardo, there was evidence that there were gains to be made from free trade. It was argued that trade ... Read More »

The Malaysia-Singapore maritime border spat: A chronology

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KUALA LUMPUR (Bernama): Malaysia and Singapore, as close neighbours, share maritime boundaries and not all disputes on boundaries have been resolved. The Malaysia and Singapore bilateral spat on maritime boundaries with matters related to the Johor Baru port limits resurfaced on Dec 4 when the republic claimed that the recent extension of the limits had encroached into Singaporean territorial waters ... Read More »

Errant Singapore motorists should be barred from leaving Malaysia

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KUALA LUMPUR: Motorists from Singapore with outstanding summonses should be barred from leaving Malaysia until they settle the amount owed, said Malaysian senator Rabiyah Ali in parliament on Wednesday (Dec 5). Rabiyah said the proposal is aimed at curbing Singaporean drivers who use the country’s highways as a testing ground for their vehicles’ speed. “The problem pertaining to the illegal ... Read More »

Audit Report: GST arrears refund amounts to RM19.47 billion

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KUALA LUMPUR : The arrears of refunds for the Goods and Services Tax (GST) reported by the Royal Malaysian Customs as at June 5 this year amounted to RM19.47 billion involving 122,580 taxable persons. According to the second series of the 2017 Auditor-General’s Report, RM1.45 billion is the refund for taxable persons that have been approved by the Customs officer ... Read More »

Malaysia’s e-commerce on a growth trajectory

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KUALA LUMPUR: Malaysia’s e-commerce is on a growth trajectory and has already started benefiting the country following the full implementation of 13 key programmes under the National eCommerce Strategic Roadmap’s (NeSR) six thrust areas. International Trade and Industry Minister Darrell Leiking said e-commerce value added and contribution to the gross domestic product in Malaysia continuously improved over a period of ... Read More »

Scania rolls out final PGR series truck in Malaysia

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PORT KLANG: Scania Malaysia has successfully rolled out the last of Scania PGR series truck off the assembly line at the Scania Regional Production Centre in Port Klang. To date, the company has produced and sold over 2,500 units of Scania PGR series since they were first introduced in the country in 2008. Differentiated by the size and design of ... Read More »

New LPG Terminal for Port Klang, Malaysia

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Kuala Lumpur : Equinor and Global Petro Storage (GPS) have entered into a long-term agreement for a terminal and storage for LPG in Port Klang in Malaysia. GPS will build the new facility which is expected to be operational in mid-2021. Equinor will bring LPG to the terminal and sell into the domestic market in Malaysia as well as selling ... Read More »

Malaysia, Singapore like twins, says Dr M

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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

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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

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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

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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

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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

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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 »