Malaysia

Mahathir says some Malaysian state-owned entities may be listed
KUALA LUMPUR (Mar 19): Malaysia may list certain state-owned entities to cut government debt and liabilities, Prime Minister Mahathir Mohamad said on Tuesday as it seeks new revenue sources to boost its fiscal position. Dr Mahathir, elected in a stunning upset last year, has blamed the previous administration of Najib Razak for saddling Malaysia with debt and liabilities of more than RM1 ...
To shut, sell or refinance Malaysia Airlines? PM Mahathir to decide 'soon'
(Mar 12): The Malaysian government is considering whether to shut, sell or refinance national carrier Malaysia Airlines (MAB), Prime Minister Mahathir Mohamad said on Tuesday. The government was studying options for the national carrier, and a decision should be made “soon”, Mahathir said, when asked about analysts’ suggestions the airline be shut down or spun off. “It is a very ...
Malaysia's stock market is Asia's only loser of 2019
KUALA LUMPUR/SINGAPORE (Mar 12): The euphoria following Malaysia’s historic election last May has faded, leaving its stock market as Asia’s only one in the red this year. The benchmark FTSE Bursa Malaysia KLCI index has fallen more than 1% so far in 2019, the only decliner in the region, while neighboring Singapore has surged 4% and Indonesia gained 3%. The trend is unlikely to change as ...
Former Sabah chief minister charged over $54 mil illegal funds
KUALA LUMPUR (Mar 6): Former Sabah chief minister Tan Sri Musa Aman claimed trial yesterday to 16 counts of money laundering involving US$37.8 million ($51.2 million) and $2.5 million in the Sessions Court here. Musa, 69, was firstly charged with directing his proxy Richard Christopher Barnes, who is also his lawyer, to open a UBS AG Bank account in Singapore on June 21, 2006 for the ...
Khazanah posts first pre-tax loss since 2005
KUALA LUMPUR (Mar 6): Khazanah Nasional Bhd posted its first pre-tax loss in 13 years in 2018, amid significant impairment provisions made during the year — a big chunk of which was due to Malaysia Airlines Bhd (MAB) — but hopes to return to profitability in 2019. The sovereign wealth fund reported a pre-tax loss of RM6.3 billion ($2.09 billion) for 2018, compared to its pre-tax profit of ...
Malaysia nears deal with China to revive ECRL project
(Feb 19): Malaysia is making progress in talks with China to revive a high-speed rail project that Prime Minister Tun Dr Mahathir Mohamad’s government said it would cancel, according to Foreign Minister Datuk Saifuddin Abdullah. China is willing to reduce the US$20 billion price tag for the East Coast Rail Link project and talks are “in the last mile,” Saifuddin said in an interview ...
Zuraida: One million homes possible, not a populist promise
KUALA LUMPUR (Feb 20): The government’s goal of building one million affordable and low-cost houses within 10 years is a realistic plan and not just a populist promise, said Housing and Local Government Minister Zuraida Kamaruddin. She said the Pakatan Harapan government was committed to realising the target, something that the previous government had failed to implement. “I do not know ...
Singapore's $1.9 bil telco takeover leaves Axiata in a bind
(Jan 30): Malaysian wireless giant Axiata Group Bhd is caught in a bind as it weighs whether to exit its decade-long investment in Singapore operator M1. Axiata, M1’s biggest shareholder, has less than three weeks left to decide whether to tender its stock into a takeover offer valuing the target at $1.9 billion. The Malaysian company held a board meeting last week to discuss the merits of ...
Malaysia to put $7.4 bil of homes on the sale rack in March
(Jan 28): Malaysia is planning a sale for $7.4 billion of real estate to bridge the gap between property oversupply and lack of affordable homes, with developers asked to offer at least 10 percent discount. The numbers are staggering: about 180 developers will offer 22,000 units worth a total of 22.5 billion ringgit ($7.4 billion) at the expo planned for March 1 to 3. About a quarter of the ...
Najib charged again on three counts of money laundering
KUALA LUMPUR (Jan 28): Former Prime Minister Datuk Seri Najib Tun Razak was charged in the High Court here today on three additional charges involving money laundering totaling RM47 million ($15.5 million), five years ago. Najib, 66, who was dressed in a blue suit, pleaded not guilty after all the extra charges were read separately before Judge Mohd Nazlan Mohd Ghazali. Najib's cases were ...