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Malaysia

Malaysian palm oil price closes 2% down on weaker related oils

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KUALA LUMPUR: Malaysian palm oil futures fell 2% at the close of trade on Thursday, hitting their lowest level in a week as they tracked weakness in related edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 2% down at 2,016 ringgit ($481.03) per tonne at the end of the trading day, ... Read More »

Pos Malaysia registers biggest-ever net loss

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PETALING JAYA: Pos Malaysia Bhd image: https://cdn.thestar.com.my/Themes/img/chart.png recorded a net loss of RM165.7mil for the financial year ended March 31, 2019 – its biggest-ever loss for a full year. The group had reported a net profit of RM93.25mil during the preceding year. Pos Malaysia said the net loss was attributed mainly to widening losses from mail and impairment charges of ... Read More »

Lynas plans new plant in US after facing problems in Malaysia

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MELBOURNE: Rare earths producer Lynas Corp on Tuesday unveiled detailed plans to spend A$500 million (US$346 million) to boost production and set up an initial processing facility in Western Australia by 2025. The plan includes investing in its processing facility in Malaysia, where Lynas is facing problems in getting license renewals for its plant due to concerns over waste storage, ... Read More »

Malaysia base metals firms plan new group in drive to quell scrap recycling fears

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SINGAPORE : Malaysia’s non-ferrous metals players are joining forces to promote their scrap processing business as clean amid growing environmental alarm over recycling, seeking to cling on to a trade that has grown fast as China’s import curbs divert more scrap toward Southeast Asia. “We will set up a Malaysian non-ferrous metal association to promote Malaysia to become a center ... Read More »

More banks in Malaysia lowering lending rates

Bank Negara Malaysia

PETALING JAYA: More banks in Malaysia are lowering their lending rates with Standard Chartered Malaysia jumping on the bandwagon this week, following the cut in the overnight policy rate (OPR) to 3% from 3.25% by Bank Negara on May 7. In statement yesterday, Standard Chartered said it has lowered the interest rates for loans by 25 basis points with effect ... Read More »

Fake liquor licence probe uncovers more Customs hanky-panky

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INVESTIGATIONS into the fake liquor licence scandal has unearthed a syndicate working hand-in-glove with Customs officials who charge between RM100,000 and RM200,000 for a genuine licence. The licences to import liquor and cigarettes are fast-tracked by the syndicate, with the help of Customs officers, sources told The Malaysian Insight. Read More »

Edinburgh CCTV firm does $2 million of deals in Malaysia

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IndigoVision’s shareholders were told today how the company is moving back to profitability after winning several contracts, including two deals in Malaysia each worth over $1 million. At the annual general meeting being held in Penicuik, outside Edinburgh, the board was to update shareholders by saying trading in four months to 27 April 2019, was in line with market expectations. ... Read More »

Singapore-Malaysia maritime boundary delimitation committee holds first meeting

Malaysia's Northport

SINGAPORE: A committee set up to discuss boundary delimitation in the waters between Singapore and Malaysia has held “constructive discussions” in its first meeting, said Singapore’s Ministry of Foreign Affairs (MFA) on Wednesday (May 15). The committee, which was established following a meeting between the foreign ministers of both countries in March, met in Singapore on Monday. It is chaired ... Read More »

Malaysia keeps June crude palm oil export duty at 0%

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KUALA LUMPUR (May 14): Malaysia kept its export duty on crude palm oil for June unchanged 0%, according to a circular on the Malaysian Palm Oil Board’s website on Tuesday, citing the national customs department. The duty has been at 0% since September. Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of RM2,018.76 (US$484.2) ... Read More »

Global investors are losing patience with Malaysia

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KUALA LUMPUR: A year after Malaysia’s historic election, public euphoria surrounding the new government has evaporated. And investors are losing patience too. Global funds are bypassing the country in favor of other markets. Stocks recorded outflows in all but two of the past 12 months, the ringgit is trailing most of its peers and bonds may be on the cusp ... Read More »

Sarawak to take thorough look at native courts system

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KUCHING, : The state government is selecting a consultant to undertake a comprehensive study of the native courts system to meet the current needs of the local communities, Deputy Chief Minister Datuk Amar Douglas Uggah said today. He said the study will cover the structure, organisation, operations, management, special jurisdictions, and amendments to the existing Native Courts Ordinance 1992. “The ... Read More »

BNM did not want to ‘tip off’ Najib about transactions from his accounts, court told

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KUALA LUMPUR: Bank Negara Malaysia (BNM) raided a commercial bank four years ago for not reporting suspicious transactions involving Najib Razak’s six banks accounts, but did not inform the former prime minister as it did not want to tip him off, the High Court hearing Najib’s case was told today. BNM investigating officer, Ahmad Farhan Sharifuddin said the “examination” on ... Read More »

NAIA customs find live snake inside speaker

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NAIA Customs District Collector Carmelita Talusan said the snake was contained in an outbound package to Malaysia, and was found concealed inside a bluetooth speaker. It was intercepted by a Customs NAIA personnel last May 5. The 20-inch snake was discovered during the x-ray process. Authorities said that snake specie can grow to as long as 32 feet and can ... Read More »

Norway’s Telenor, Malaysia’s Axiata plan Asian telecoms behemoth

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OSLO/KUALA LUMPUR : Norway’s Telenor and Malaysia’s Axiata Group are in talks to run a jointly owned telecoms giant in South and Southeast Asia with nearly 300 million customers, as they seek to drive up growth in a highly competitive market. The merged group would be worth $40 billion, including debt, a person with knowledge of the matter said, making ... Read More »

Govt plans to reduce GST rate and basic customs duty on gold

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The central government is considering a sharp reduction in the import duty on gold, to four per cent from the current 10 per cent. This is part of the discussion on the ‘integrated gold policy’ under preparation. The matter is being reviewed by the Central Board of Indirect Taxes and Customs. An internal meeting was called by P K Das, ... Read More »

Shafie: Customs should be more proactive in trade facilitation, SST implementation

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KOTA KINABALU, : The Royal Malaysian Customs Department (RMCD) should play a more dominant and proactive role in facilitating trade imports and exports, and more efficient in implementing the Sales and Services Tax (SST), said Sabah Chief Minister Datuk Seri Mohd Shafie Apdal. He said this would boost the nation’s economy and its revenue, as well as to strengthen enforcement ... Read More »

Curb illegal palm, soybean oil imports from Nepal: SOPA to Govt

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New Delhi: To protect domestic market, industry body SOPA on Monday demanded that the government curb illegal import of refined soybean oil and palmolein from Nepal at zero customs duty under a concession granted to least developed countries in the SAARC region. India meets over 70 per cent of its domestic edible oil demand through imports. The country imports 15-16 ... Read More »

Malaysia’s Proton to get $455 million financing from China Construction Bank

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KUALA LUMPUR : Malaysia’s national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday. The loans are earmarked for Proton’s growth plans to be the number one automotive brand in Malaysia and number three in ASEAN by 2027, the company ... Read More »

Malaysia’s Chinese independent schools face uphill climb in quest for qualification recognition

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KUALA LUMPUR: The clock struck 3pm on a Friday afternoon and a sharp school bell pierced the quiet Taman Kaya neighbourhood in Kuala Lumpur. Moments later, hundreds of students piled out of the gates; the all-white uniform of the male students giving away their identity as pupils of independent high schools. On the façade of this Chong Hwa Independent School, ... Read More »

Bumi Armada refinances corporate debt

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KUALA LUMPUR: Bumi Armada Bhd has refinanced its unsecured term loans of US$380mil (RM1.57bil) and revolving credit facilities of US$280mil (RM1.16bil) into a single facility consisting of Tranche 1 facility of US$260mil, and Tranche 2 facility of US$400mil (the loans). In a statement Wednesday, the offshore energy facilities and service provider said the loans would be repayable over two and ... Read More »