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Taiwan, Malaysia most affected by US tariffs on Chinese goods, says Schroders


KUALA LUMPUR: Taiwan, Malaysia and Singapore are among the top 10 markets most affected by US tariffs on Chinese goods via the supply chain as US President Donald Trump raised the rhetoric in the trade war against China, says Schroders. In a report issued on Wednesday, Schorder said tariffs on Chinese exports are much more consequential for emerging market (EM) ... Read More »

Malaysia reviews China infrastructure plans

(FILES) This file photo taken on May 24, 2018 shows Malaysia's former prime minister Najib Razak speaks to the media after being questioned at the Malaysian Anti-Corruption Commission (MACC) office in Putrajaya. Malaysia had been a loyal partner in China's globe-spanning infrastructure drive but a new government is now pledging to review Beijing-backed projects, threatening key links in the much-vaunted initiative. - TO GO WITH AFP STORY:  Malaysia-China-investments-politics-diplomacy, FOCUS by Sam REEVES/ AFP / Mohd RASFAN / TO GO WITH AFP STORY:  Malaysia-China-investments-politics-diplomacy, FOCUS by Sam REEVES

KUALA LUMPUR: Malaysia has been a loyal partner in China’s globe-spanning infrastructure drive, but its new government is to review Beijing-backed projects, threatening key links in the much-vaunted initiative. Kuala Lumpur’s previous regime, led by scandal-mired Najib Razak, had warm ties with China, and signed a string of deals for Beijing-funded projects, including a major rail link and a deep-sea ... Read More »

Carillion collapse to cost taxpayer £148m, report reveals


Malaysia: Carillion’s financial health four months before the company collapsed, a new report has revealed, as it emerged that its liquidation will cost the taxpayer at least £148m. An investigation into the Government’s handling of Carillion’s troubles in the months leading up to its insolvency by the National Audit Office (NAO) found that eight officials were given “insider” status in ... Read More »

Malaysian PM Mahathir says growing countries need different trade protections


TOKYO: Growing nations like Malaysia need different trade protections and, while Kuala Lumpur is not against trade pacts such as the Trans Pacific Partnership, the TPP must be renegotiated, Malaysian Prime Minister Mahathir Mohamad said on Monday. Mahathir, 92, became premier for the second time last month after Malaysians, angered over accusations of massive corruption, voted out a coalition that ... Read More »

Malaysia seeks to arrest financier Jho Low over 1MDB scandal


KUALA LUMPUR: Malaysia is seeking to arrest financier Low Taek Jho, believed to be residing abroad, over his involvement in a graft scandal at state fund 1Malaysia Development Berhad (1MDB), Prime Minister Mahathir Mohamad said. Low, popularly known as Jho Low, was regarded as close to former premier Najib Razak and his family, and is seen as a central figure ... Read More »

Qatar wins five gold and a silver in ITEX Malyasia

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Doha: Qatar has won five gold medals and one silver medal yesterday in ITEX Malaysia2018 (International Invention, Innovation & Technology Exhibition). The Ministry of Education and Higher Education yesterday tweeted that “Qatar has been crowned today through its students and schools winning five gold medals and one silver medal in the ITEX Malaysia 2018 (International Invention, Innovation & Technology Exhibition) ... Read More »

Johor may axe two big tourism plans worth more than RM3 billion


JOHOR BARU – The state government may cancel two mega tourism projects worth more than RM3bil (S$1 billion), say sources close to the administration. The first project, valued at RM2.7bil, is an eco-entertainment park near the Yayasan Pelajaran Johor campus in Kota Tinggi. The second project was supposed to be the world’s first science fiction theme park called Sci-Fi Universe ... Read More »

Malaysia’s tax office to investigate Jho Low over 1MDB: Finance minister


KUALA LUMPUR : Malaysia’s finance minister said on Friday he has asked the Inland Revenue Board to investigate financier Low Taek Jho and his family in relation to 1Malaysia Development Berhad (1MDB), the state fund at the heart of massive anti-corruption probe. Lim Guan Eng said in a tweet: “The Inland Revenue Board is asked to investigate Jho Low and ... Read More »

Malaysia can’t afford HSR right now, say economists


PETALING JAYA: Two economists have backed Prime Minister Dr Mahathir Mohamad’s call to cancel the Kuala Lumpur-Singapore High-Speed Rail (HSR) project in a bid to reduce the government’s debts. Political economist Hoo Ke Ping said Malaysia should not undertake the project if it would have difficulty paying for it. He said the pros and cons of the project had not ... Read More »

Malaysia’s March exports to inch up 1.6pc: RAM Ratings


Malaysia: Malaysia’s exports for March 2018 will likely inch up 1.6 per cent, an improvement from the two per cent contraction recorded in the preceding month as external demand is likely to gradually gather pace after a temporary decline in February due to the Lunar New Year festivities. Nonetheless, RAM Rating Services Bhd said any rebound would be moderated by ... Read More »

Shangri-La 1Q net profit up 31.7% on better occupancies and room rates

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KUALA LUMPUR : Shangri-La Hotels (M) Bhd’s net profit rose 31.65% to RM25.54 million in the first quarter ended March 31, 2018 (1QFY18), from RM19.4 million a year ago. Revenue for the quarter grew 16.4% to RM151.48 million from RM130.14 million previously. “The overall financial results for the first quarter 2018 benefited from the improved operating performances across the group’s ... Read More »

Malaysia’s 1MDB task force meets US Department of Justice and FBI officers


PUTRAJAYA – Malaysia’s special task force set up to look into the funds misappropriation scandal at state fund 1Malaysia Development Berhad (1MDB) has met officers from the US Department of Justice (DOJ) and the Federal Bureau of Investigation. The meeting on Thursday morning (May 24) at the Prime Minister’s Office Complex in Putrajaya discussed the direction and focus of the ... Read More »

Malaysia’s finance ministry picks PwC to audit 1MDB


KUALA LUMPUR: Malaysia’s newly appointed finance minister said on Wednesday that he has asked for PricewaterhouseCoopers (PwC) to appointed for a review and audit of scandal-hit state fund 1Malaysia Development Berhad (1MDB). The choice of auditing firm was given by Lim Guan Eng in a statement issued after he met with some 1MDB directors and the fund’s president, Arul Kanda. ... Read More »

Car Prices May Rise After SST, Warns Nissan


Malaysia : The abolition of the 6% goods and services tax (GST) and introduction of the sales and services tax (SST) may not bring about the reduction in car prices that many are hoping for. Edaran Tan Chong Motor’s sales and marketing director Christopher Tan told the media that prices of Nissan vehicles may actually go up slightly, the popular ... Read More »

Malaysia sets up task force to probe 1MDB scandal


KUALA LUMPUR: Malaysia on Monday set up a task force to probe allegations that billions of dollars were looted from sovereign wealth fund 1MDB in an audacious fraud overseen by ousted leader Najib Razak. New Prime Minister Mahathir Mohamad led a reformist alliance to a shock victory at the May 9 polls over Najib’s coalition, which had governed Malaysia uninterrupted ... Read More »

Malaysia stock market, ringgit bounce back from post-election jitters; removal of GST still among worries

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MALAYSIA’s Kuala Lumpur Composite Index (KLCI) and the ringgit were roiled on Monday, the first day of trading after a two-day market break imposed by the newly-minted government. Malaysia’s stock market fell 1.7 per cent after trading opened on Monday, while its currency dropped 0.9 per cent, in the first session since the stunning election defeat of the coalition that ... Read More »

Former Malaysian PM Najib to take a break amid reports of flight to Jakarta


Malaysia:Former Malaysian Prime Minister Najib Razak said on Twitter that he would take a short break to spend time with his family, hours after reports that his name was on the flight manifest of a private jet scheduled to leave for Jakarta on Saturday morning. “After over four decades in politics and the recent election campaign, which was regrettably personal ... Read More »

Malaysia election: Google creates doodle for GE14 polls


PETALING JAYA (THE STAR/ASIA NEWS NETWORK) – Google set its landing page to display a doodle of its letters “voting” in Malaysia’s 14th general election on Wednesday (May 9). The dancing letters are seen holding ballot papers and Malaysian flags, while the middle G was replaced by a ballot box labelled with the Jalur Gemilang. Read More »

Abolition of GST will hurt Malaysia’s economy

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KUALA LUMPUR: The abolition of the Goods and Services Tax (GST) will leave the government with three options that could hurt the country’s economy, says Permodalan Nasional Bhd chairman Tan Sri Abdul Wahid Omar. He cited the choices as raising income tax or introducing a new tax such as capital gains tax; increasing the country’s fiscal deficit to 5% or ... Read More »

Malaysian currency forcast to fall 7.3 pct post-election


KUALA LUMPUR: Malaysian ringgit, which has gained 3.1 percent against the U.S. dollar year-to-date, is expected to weaken by an average of 7.3 percent post-election this year, said a Malaysian research house Monday. TA Securities Research said in a report that it expects a knee-jerk reaction on the ringgit post-election, as it tends to weaken for at least six months ... Read More »