Top 10 Malaysia Finance & Bursa News (from 6-12 Aug 2017)
RM55 bil ECRL project under way to boost GDP of 3 East Coast states
The implementation of the East Coast Rail Link (ECRL) will boost the gross domestic product (GDP) of three East Coast states in Peninsular Malaysia by 1.5%, said Prime Minister Datuk Seri Najib Abdul Razak at the groundbreaking ceremony in Kuantan. The ECRL is a high-impact project that will seamlessly link the Klang Valley with the states of Pahang, Terengganu and Kelantan. China’s state-owned China Communications Construction Company (CCCC) has been appointed for the construction of the RM55bil project.
IPIC grants 1MDB new deadline
The International Petroleum Investment Co (IPIC) has given 1Malaysia Development Bhd (1MDB) another extension until the end of August to make its debt repayment of US$628.75 million (RM2.69 billion) — amount includes principal and interest of US$26.025 million — provided it makes a partial payment by Saturday.
Warranty coverage may extend to B10 biodiesel for commercial vehicles
The government, through the Malaysian Palm Oil Board (MPOB), is in the midst of discussions with automotive companies to extend the warranty coverage to B10 biodiesel for commercial vehicles from B7 currently. Minister of Plantation Industries and Commodities, Datuk Seri Mah Siew Keong said the government is also discussing extending the biodiesel oil quality in machinery and industry vehicles to B7 from B0 at the moment.
Malaysia’s trade to grow 10-20 pct this year
Malaysia’s trade is likely to grow at a strong double-digit growth of between 10 per cent and 20 per cent in 2017. Malaysia External Trade Development Corporation (Matrade) chief executive officer, Ir Dr Mohd Shahreen Zainooreen Madros said the growth would mainly be driven by sustained demand in electrical and electronics, palm oil and petroleum sectors.
EMC, foreign worker permit among NCCIM’s wishlist for 2018 budget
Reassessing the Employer Mandatory Commitment (EMC) and foreign worker permit issues are among the National Chamber of Commerce and Industry of Malaysia’s (NCCIM) wishlist for the upcoming 2018 Budget. President Datuk Ter Leong Yap said the NCCIM hoped the government would also consider reducing the corporate income tax, address the high costs of doing business and review the Employment Insurance System (EIS).
EPF has no plan to sell stake in Plus Malaysia
The Employees Provident Fund (EPF), has no plan to dispose of its 49 per cent stake in highway operator, PLUS Malaysia Bhd, as the investment in the company was reaping good returns for the pension fund. Chief executive officer Datuk Shahril Ridza Ridzuan said the fund and UEM Group Bhd, which held the remaining 51 per cent stake in PLUS, had invested substantially in expanding its network, especially in the Klang Valley.
Singapore’s offshore ringgit trade not in line with Malaysia’s policy
Bank Negara Malaysia (BNM) said the recent introduction of the ringgit futures at the Singapore Exchange and the Intercontinental Exchange (ICE) or ICE Futures Singapore is inconsistent with Malaysia’s foreign exchange administration policy and rules.
Press Metal to gain from aluminum’s spike to three-year high
Press Metal Aluminium Holdings Bhd is poised to reap the benefits as aluminum price jump to three-year high, analysts say, as China clamps down on circa 10 per cent of its aluminium production.
Digital economy’s potential growth, abuse soar
The digital economy’s potentials – potential growth and abuses – have increased dramatically, said Communications and Multimedia Deputy Minister Datuk Jailani Johari. He said figures released by market research company, Ipsos, and the Centre for International Governance Innovation which showed declining trust online were worrisome.
Malakoff share price up after settling legal dispute
Malakoff Corp Bhd rose as much as eight sen or 8% after the company said it had settled legal disputes involving 90%-owned subsidiary Tanjung Bin Power Sdn Bhd’s electricity plants.
Sabah & Sarawak
SEDC signs MOU with UDA Holdings
The Sarawak Economic Development Corporation (SEDC) has entered into a Memorandum of Understanding (MOU) with a federal government linked property developer – UDA Holdings Bhd (UDA). This MOU will allow the SEDC and UDA to collaborate in identifying and developing potential land and properties of the SEDC, as well as to spur greater investment and economic growth within the state.
Sabahan’s account for 62.6 pct of sogip workforce
Sabah’s local residents account for 62.6 per cent of the total workforce at the Sipitang Oil and Gas Industrial Park (Sogip) as of May this year, said Sabah Assistant Industrial Development Minister, Datuk Bolkiah Ismail. He said of the 409 permanent jobs available at the industrial park, 259 were taken up by the locals.
Sabah sets up committee to study impact of cabotage policy exemption
The Sabah Infrastructure Development Ministry has set up a special committee to identify and evaluate comprehensively the impact on the decision to exempt Sabah from the cabotage policy. Deputy Chief Minister Tan Sri Joseph Pairin Kitingan said the Sabah Cabotage Policy Exemption Impact Monitoring Special Committee, which was formed following instruction from the state cabinet, is headed by him.
Upcoming hub brings in RM4 billion to Sarawak
Sarawak company KHK Development Sdn Bhd (KHK) and Tianjin Government state-owned Tianbei Heping Development Pte Ltd (Tianbei Heping) signed an agreement to form a joint venture (JV) company to undertake the development of a new healthcare hub; Kuching Integrated International Medical Centre (KIMhub).The upcoming healthcare hub, to be developed by KHK and Tianbei Heping’s JV company Hock Kui Heping Sdn Bhd (HKH), will span across 103 acres of land in Kota Samarahan and is estimated to have a gross development value (GDV) of RM4 billion in terms of foreign investment.
Ministry encourages more firms to obtain timber certification
The Ministry of Plantation Industries and Commodities is encouraging more Malaysian companies to obtain timber certification to ensure all timber products are manufactured from sustainable sources and certified in compliance with stringent standards.
More flight connectivity, facility upgrades needed to boost tourism
An increase in connectivity and facility upgrades are necessary to propel Sarawak’s attractiveness on the global tourism map.
This was the highlight during the Malaysia-Thailand Business Networking and Sharing Forum on Thursday which yielded discussions on the catalysts for boosting tourism within Sarawak.
Potential airport job for Vivocom from ECER
Signs of projects picking up pace in the East Coast Economic Region (ECER) may yield a potential airport job for Sarawakian Vivocom Holdings International Bhd (Vivocom).
In a recent update, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) explained that the recent positive frenzy on the investment inflow of the ECER is a clear sign of potential construction projects within its scope picking up pace.
Source: Bernama, Borneo Post Online