Sabah Must Exercise Regulatory Control Over Its Oil Resources

KOTA KINABALU -  “The rejection by the Federal Court of the Application by Petronas for leave to refer to the Federal Court the issue of regulatory control over oil and gas resources in Sarawak is the first step towards the reclaiming of oil and gas ownership by the oil producing States. It is definitely a good sign for the future of Sabah and Sarawak”.

Fishermen aid: Dr M says scrap, minister says maintain

Prime Minister Dr Mahathir Mohamad appears to be at odds with Agriculture and Agro-based Industries Minister Salahuddin Ayub over the issue of monthly government aid for fishermen.

Mahathir in an interview with Malay Mail published today, said the government intends to scrap the allowance, of between RM200 to RM300 monthly for over 57,000 fishermen.

Salahuddin at a press conference yesterday, however, assured that the government will continue giving the aid.

Why submit 3 names for post of Selangor MB, lawyer asks Wan Azizah

PETALING JAYA - A lawyer has questioned why PKR president Dr Wan Azizah Wan Ismail submitted three names to the Sultan of Selangor to choose a candidate for the post of menteri besar.

R Kengadharan said the move would be inconsistent with the spirit of the Selangor state constitution to appoint a candidate for the position.

“Strict adherence of the constitution is necessary by all parties if one is determined to uphold the rule of law,” he told FMT.

Kengadharan said Wan Azizah should also reveal the other two names proposed to be appointed menteri besar.

Sharks are worth more alive than dead

Sharks are worth more alive than dead, as they contribute RM220mil yearly to Sabah's economy via dive tourism 

KOTA KINABALU - Sharks are worth more alive than dead as they contribute some RM220mil to Sabah's economy, and traditional eating of shark meat should be balanced with conservation and tourism, a major forum here was told.

Semporna, a town in eastern Sabah, is a world famous diving haven and revenue from diving activities reached about USD55.3mil (RM221.85mil) a year, Dr Johanna Zimmerhackel of the Australian Institute of Marine Science (AIMS) told the Sabah Sharks and Rays Forum 2018 in Kota Kinabalu on Thursday (June 21).

Congratulatons! Federal Court dismisses, strikes out Petronas application

PUTRAJAYA - The Federal Court dismissed Petroliam Nasional Bhd (Petronas) application for leave to commence proceedings against the Sarawak state government.

Shares head south as traders bail on Malaysia

Malaysia has overtaken South Korea as the Asia Pacific market with the biggest downgrades in profit projections this year

KUALA LUMPUR - The worst streak of losses for Malaysian shares since last October is pushing the nation’s benchmark gauge toward a so-called correction.

The FTSE Bursa Malaysia KLCI Index fell as much as 1% today, taking its decline to 11% since a peak two months ago. Down for a ninth straight day, the measure is heading for its lowest level since February 2017.

Shell sells US$1.3 billion O&G assets in Norway, Malaysia

LONDON/OSLO - Royal Dutch Shell yesterday announced the sale of oil and gas assets in Norway and Malaysia for over US$1.3 billion (RM5.2 billion), bringing it closer to a target of US$30 billion in disposals by year-end.

The Anglo-Dutch company agreed to sell to Okea, a Norwegian producer backed by private equity firm Seacrest Capital, its 45% interest in the Draugen Norwegian offshore field and a 12% in the Gjoa block for a total of US$566 million, the two companies said.

TM shares tumble after broadband price cut announcement

KUALA LUMPUR - Telekom Malaysia Bhd (TM) was the third biggest loser on Bursa Malaysia this morning, on news that Malaysia's broadband price is expected to fall by at least 25 per cent by year-end.

At the opening bell, TM opened two sen lower at RM3.61.

Yesterday, Communications and Multimedia Minister Gobind Singh Deo said the price adjustment followed implementation of the Mandatory Standard on Access Pricing from June 8 this year.

I will keep exposing scandals as ordered by PM, says Guan Eng

PETALING JAYA - Finance Minister Lim Guan Eng says his ministry will continue to expose scandals linked to the former Barisan Nasional (BN) government as he has been directed to do so by Prime Minister Dr Mahathir Mohamad.

He said he appreciated PKR de facto leader Anwar Ibrahim’s advice on striking a balance between exposing scandals and inspiring confidence among investors.

He said he had taken the initiative to meet Anwar, who is expected to succeed Mahathir under an agreement among PH parties, to inform him of the economic situation and the scandals that had put a financial strain on the country.

Leave exposing scandals to others, Anwar tells Guan Eng

FINANCE Minister Lim Guan Eng should allow other ministries and government agencies expose scandals, said Anwar Ibrahim.

The Pakatan Harapan de facto leader pointed out that Lim should instead focus on pacifying and instilling confidence in investors.

“At present, ministers are also tasked with exposing deals and misappropriation by the previous administration.

“But Lim can task one or two other ministers and the Malaysian Anti-Corruption Commission (MACC) to talk about the exposes,” Anwar said in an interview with Astro Awani.

Trouble brewing over new Selangor MB appointment

KUALA LUMPUR - Trouble appears to be brewing over the Selangor Menteri Besar post, with claims emerging that Amirudin Shari’s appointment as the new MB did not receive the endorsement of Pakatan Harapan (PH) parties.

PKR’s Ijok state assemblyman, Dr Idris Ahmad, said Amirudin only had the support of the outgoing MB (and Selangor PH chief) Datuk Seri Mohd Azmin Ali, while he (Idris) had the support of all parties within PH. Dr Idris, speaking at a press conference at his home on Tuesday, showed the media copies of the endorsement letters. which were supposedly signed by four parties.

Untactful disclosure by Finance Ministry driving off fund managers, creates uncertainly

FUND managers are cutting their holdings in Malaysian bonds due to uncertainty over the magnitude of losses that have been uncovered in the scandal-ridden 1Malaysia Development Bhd (1MDB) probe, said Bloomberg.

The escalating 1MDB controversy, the removal of the goods and services tax, and the disclosure that Malaysia is in debt up to RM1 trillion – almost 60% more than what the previous government had declared – have convinced even fans of the country’s bonds to scale back, it said.

Masing suggests Sarawak's RM31 billion reserves be spent on projects before state polls

KUCHING - Sarawak Deputy Chief Minister James Masing wants the RM31 billion in the state’s reserves to be spent on development projects before the next general election due by 2021.

He said this was because he feared the money would be used by the new government if it was not spent before the Sarawak election and if Gabungan Parti Sarawak (GPS) lost power.

“When they (the new government) use the money for development, they will look good in the eyes of Sarawakians but the fact is that the money does not belong to them. We worked hard to earn that money which is being kept in the reserves. We must use the money now to develop Sarawak,” The Borneo Post quoted him as saying.

Shafie Did Not Uphold the Rule of Law

KOTA KINABALU -  It is ironical that Datuk Seri Shafie Apdal has said that the Rule of Law must be respected when he himself failed to uphold the Rule of Law and comply with the Constitution of the State of Sabah regarding his purported swearing-in as the second Chief Minister on 12th May.

Datuk Ellron Angin said in according to legal practitioners that were consulted, the swearing-in of the 19 lawmakers were properly done before the Speaker of the Legislative Assembly as required in the State Constitution. 

Sarawak CM: Multiracial party takes time to form

KUCHING - The proposal to form a single multiracial party in Sarawak has been taken into consideration but it will take time to be implemented, says Sarawak Chief Minister Abang Johari Openg.

“We take into account the proposal, but it is an evolution that we should not rush into even if the people have views on it or say the time has come… Understand the importance of consolidating first, then implement, it takes time,” he said here today.