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.

Sarawak to use documents found in London last year in Petronas suit

Sharifah Hasidah

The documents are believed to include those on the 'Continental Shelf' confirming Sarawak's ownership of the natural resources within its state boundaries

KUCHING - Sarawak will use documents related to the 1963 Malaysia Agreement which were found in London last year as a reference in its fight for rights to oil and gas produced in its territory.

MCA: Umno is nothing without BN

Umno only has itself to blame for the deteriorating state of Barisan Nasional (BN) today, and it is paying the high price for being politically arrogant.

In a strongly worded comment, MCA publicity spokesman Datuk Seri Ti Lian Ker said BN's collapse following the 14th General Election (GE14) should serve as a lesson to Umno that without the other BN component parties, "Umno is nothing".

SAPP: Outcome of Sarawak case will affect Sabah

KOTA KINABALU - Sabah can now focus on getting back its rights according to the Malaysia Agreement 1963 with other political issues more or less settled, said Datuk Yong Teck Lee.

Petronas suit: Sabah’s case different from Sarawak’s, says Warisan leader

Parti Warisan Sabah permanent chairman VK Liew says Sabah has different issues, such as oil blocks overlapping with Brunei and Indonesia.

KOTA KINABALU - Parti Warisan Sabah permanent chairman VK Liew believes Sabah’s situation is different from that of Sarawak when it comes to the Petronas suit seeking a declaration that it is the exclusive owner of the country’s petroleum resources.

East Msian's Malanjun should be next CJ based on seniority and merit with departure of duo

East Malaysia leaders hope to see the first ever Chief Justice appointed from their region following the impending departure of Md Raus Sharif from the position and Zulkefli Ahmad Makinudin as the Court of Appeal president.

One such leader is Sarawak-based United People's Party (UPP) George Lo, who believes current Chief Judge of the High Court of Sabah and Sarawak, Richard Malanjum, should be considered for the position of Chief Justice.