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Malaysia

S&P expects Malaysia’s economy to grow over 4% up to 2020

economy

KUALA LUMPUR: S&P Global Ratings expects the government to continue implementing prudent budgetary and economic policies and forecasts the economy will grow at an average rate of over 4% between now and 2020. The ratings agency said on Thursday it had also affirmed its “A-” long-term and “A-2”  short-term foreign currency sovereign credit rating on Malaysia.  At the same time, ... Read More »

Malaysian Finance Minister denies PKR’s GST claims

MALAYSIA FM

KUALA LUMPUR : A war of words broke out yesterday between Malaysia’s Second Finance Minister Johari Abdul Ghani and an opposition lawmaker after the latter claimed that Parliament had approved an expansion list of 60 food items to come under a consumption tax, only to do a U-turn by cancelling it. “Rafizi is wrong. None of the 60 food items ... Read More »

$1.2 mln worth of pangolin scales seized in Malaysia

pangolin

KUALA LUMPUR: Pangolins are considered critically endangered. However, its scales are very popular in the black market. Recently, a shipment with $1.2 million worth of pangolin scales was seized in Malaysia. Reports say that this is the second seized shipment in the country last week. Customs officials were the ones who discovered 16 boxed of smuggled pangolin scales. The boxes ... Read More »

Malaysia’s May inflation eases as oil prices retreat

inflation

KUALA LUMPUR: Malaysia’s headline inflation moderated to 3.9% year-on-year (y-o-y) in May compared with 4.4% y-o-y in April, on the back of lower fuel prices and transportation costs. On a month-on-month basis, inflation, as measured by the consumer price index (CPI), also sustained a third straight month of decline. In a statement yesterday, the Department of Statistics Malaysia said the ... Read More »

Malaysian palm oil price sees sharpest daily drop in a week, tracks rival oils

Malaysian palm oil

KUALA LUMPUR: Malaysian palm oil futures snapped four consecutive sessions of gains on Tuesday to record their sharpest daily drop in a week as the market tracked a weaker performance in rival oils and on the back of slow export demand. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,466 ... Read More »

Malaysia tackles 3km-wide tanker oil spill near Singapore

oil

KUALA LUMPUR: Malaysia is using chemical dispersants to break up an oil slick off its coast after a tanker laden with marine diesel sank last week, a top official said Tuesday (June 20). The MT Putri Sea, registered in Malabo, Equatorial Guinea, went down on Thursday in a busy shipping lane off the southern state of Johor, near Singapore. Authorities ... Read More »

KLIA Customs seize 999kg of shisha tobacco

SEPANG, 19 Jun -- Pegawai Penyiasat, Jabatan Kastam Diraja, Lapangan Terbang Antarabangsa KL (KLIA), Zyed Ibrahim menunjukan hasil rampasan tembakau shisha yang dirampas di Kompleks Kastam KLIA hari ini .
Tembakau shisha seberat 999 KG  bernilai RM215,784 berjaya dirampas.
--fotoBERNAMA (2017) HAK CIPTA TERPELIHARA

EPANG: The Royal Malaysian Customs Department at the Kuala Lumpur International Airport (KLIA) seized 999kg of shisha tobacco worth RM215,784 at the air cargo warehouse in the KLIA Free Trade Zone last Saturday. Its Enforcement and Compliance deputy director, Abdull Wahid Sulong said the contraband tobacco, packed in 37 boxes involving unpaid duty of RM109,458.83, arrived at KLIA via Oman ... Read More »

Customs cancel plan to extend GST to over 60 food items

customs export

KUALA LUMPUR: The Royal Malaysian Customs Department has cancelled a plan that would have seen more than 60 food items being slapped with the goods and services tax (GST) from July 1. The decision was made after referring the matter to the finance ministry, Customs said in a statement yesterday, without providing any reason. “Just take it as a cancellation,” ... Read More »

Malaysia May inflation rate seen at 4.0% YOY

inflation

KUALA LUMPUR: Malaysian consumer prices in May were likely 4.0 per cent higher from a year earlier, a Reuters poll showed, cooling in pace for the second month in a row. Lower fuel prices last month kept transport inflation in check, despite slightly higher food costs, the economists surveyed said. In April, annual inflation was at 4.4 per cent, after ... Read More »

Malaysia seizes 400 kilograms of pangolin scales from Ghana

seizes

KUALA LUMPUR: Malaysian customs officials say they have seized nearly 400 kilograms (880 pounds) of pangolin scales worth 5 million ringgit ($1.2 million) from Ghana. The seizure brings the total amount of confiscated pangolin scales to more than one ton in two months. Kuala Lumpur airport customs director Hamzah Sundang said officials found the scales in 16 boxes labeled oyster ... Read More »

Kedah Customs seizes fireworks worth over RM225,000

CUSTOMS

ALOR SETAR: The state Customs Department seized 164 boxes of fireworks valued at over RM225,000. The fireworks, believed to have been smuggled from Thailand, were found in a lorry at KM52.5 of the southbound North-South Expressway during an operation codename “Ops Raya 2017” at about 2.55pm on Tuesday. Department director Datuk Johari Alifiah said they received a tip-off about an ... Read More »

Malaysia seizes 300kg of pangolin scales

seizes

KUALA LUMPUR: Malaysian customs officers have seized almost 300 kilograms of pangolin scales being smuggled through the main airport, officials said on Tuesday. The 288-kilogram (635 pound) haul was found at Kuala Lumpur International Airport last Friday in 12 boxes labelled as oyster shells on the waybill. The scales worth around 3.69 million ringgit ($870,000) arrived from Ghana on a ... Read More »

Business as usual for Malaysia-Britain ties

mexicotradeties

KUALA LUMPUR: The latest political situation in Britain may be tricky but its High Commissioner here says it will be “business as usual” with Malaysia.“The relationship between Britain and Malaysia does not change. We have been friends, and allies and partners for a very long time,” Vicki Treadell said at the British High Commission as the results of the British ... Read More »

Malaysia tourism tax to be enforced from July, not August

New Zealand meat, wine exports to face uncertainty on U.S border tax

KUALA LUMPUR: Malaysia will begin imposing its tourism tax from July and not August as reported earlier, according to Tourism and Culture Minister Mohamed Nazri Abdul Aziz on Thursday (Jun 8). An earlier announcement on the Royal Malaysian Customs Department’s website stated the tourism tax would kick in from Aug 1. The webpage with details on the tax has been ... Read More »

BNM’s int’l reserves at US$98b as at May 31

bnm intel

KUALA LUMPUR: The international reserves of Bank Negara Malaysia (BNM) amounted to US$98 billion (equivalent to RM433.3 billion) as at May 31, 2017 compared with US$97.3 billion (equivalent to RM430.5 billion) registered as at May 15, 2017. In a statement, BNM said the reserves position was sufficient to finance 8.1 months of retained imports and was 1.1 times the short-term ... Read More »

Malaysia to start imposing tourism tax from August

tax1

KUALA LUMPUR: Malaysia will begin imposing its tourism tax from Aug 1 this year, starting from RM2.50 (S$0.80) per room each night, according to details published on the Royal Malaysian Customs Department’s website. The tax will be collected from all types of premises used as accommodation for tourists, except homestay and Kampung Stay registered under the ministry, premises managed by ... Read More »

Malaysia’s exports expand 20.6% in April

importexports

KUALA LUMPUR: Exports in April maintained the strong double-digit growth momentum since the start of the year, recording a 20.6 per cent expansion for the month. Economists said the solid growth pace, the longest positive streak since January last year, was expected to continue through this month. However, they expect some moderation in the second half of this year as ... Read More »

Malaysia-Kazakhstan bilateral trade continues to grow

bilateral trade

KUALA LUMPUR: Malaysia looks forward to increase increasing trade with Kazakhstan, its second-largest trading partner in the Commonwealth of Independent States (CIS). region, the Republic of Kazakhstan. Newly-appointed Malaysian ambassador to Kazakhstan, Syed Mohamad Bakri Syed Abd Rahman, 48, said trade volume between Malaysia and Kazakhstan is relatively small but has been increasing every year. He said the bilateral trade ... Read More »

Malaysia’s April exports surge 20.6% y/y, slightly below forecast

importexports

KUALA LUMPUR, June 5 Malaysia’s export growth surged again in April, though at a slightly slower pace compared to the previous month, government data showed on Monday. April’s exports rose 20.6 percent from a year earlier, the fifth straight month of double-digit growth. The pace was just below the 22.3 percent growth forecast in a Reuters poll and down from ... Read More »

Petronas Q1 pre-tax profit surges to RM15.5 bln

petronas

KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) pre-tax profit for the first quarter ending March 31, 2017, surged more than 100% to RM15.5 billion from RM6.8 billion in the same period last year. The national oil company said higher earnings for the quarter were primarily driven by higher oil prices and improved margins from upstream and downstream businesses, in tandem with ... Read More »