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=MALAYSIA PRESS: News Headlines On Thursday, July 12

KUALA LUMPUR (Jul 12) -- Here’s a roundup of local news:

*Singapore, Malaysia Could Be Most Exposed To US-China Trade War: OCBC

With the United States and China launching one set of tariffs on each other's goods on July 6, analysts are wary of downside risks to global growth. But the impact on Asean economies will likely be uneven, say OCBC Bank economists. Singapore and Malaysia could be the most exposed in the region, while Indonesia, Philippines and Vietnam might feel less of a hit. - The Business Times

*Malaysia's Ex-PM Najib Says His Personal Freedom Violated After Bank Account Frozen

Malaysia’s former Prime Minister Najib Razak said on Wednesday that authorities had infringed on his personal freedom by freezing his bank account. Najib was arrested and charged in Malaysia last week with abuse of power and criminal breach of trust related to an alleged transfer of 42 million ringgit ($10.4 million) into his personal bank account from SRC International, a former unit of state fund 1MDB. He has pleaded not guilty to the charges and was released after posting bail. Najib has consistently denied any wrongdoing in relation to 1MDB. - Reuters

*Malaysia Says Believes Fugitive Financier Jho Low Has Left Macau

Malaysian financier Low Taek Jho, wanted in connection with a multibillion-dollar graft scandal at state fund 1MDB, is believed to have left Macau for an unknown destination, Malaysian police said on Wednesday. Low, popularly known as Jho Low, has been identified by investigators in Malaysia and the United States as a key figure in the 1Malaysia Development scandal, which is also subject to investigations in other countries including Switzerland and Singapore. The U.S. Department of Justice says an estimated $4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates. - Reuters

*Singapore Says Hong Kong Declined 2016 Request To Arrest Low

Singapore said its request to Hong Kong authorities in 2016 to arrest Low Taek Jho for alleged money laundering and dealing with stolen property wasn’t acted on, refuting media reports that said it didn’t ask for the Malaysian financier to be apprehended. The request for assistance to provisionally arrest Low -- a central figure in a global multi-billion dollar probe related to Malaysian state investment fund 1MDB -- was sent to the Hong Kong Department of Justice in April 2016, a representative for Singapore’s police said Wednesday in response to Bloomberg News queries. - Bloomberg News

*Richard Malanjum Named New Malaysia Chief Justice

Richard Malanjum on Wednesday was sworn in as the new Chief Justice of Malaysia, effective immediately. Malanjum, 65, received his letter of appointment from the Malaysian king, Muhammad V, during a ceremony at the Istana Negara. Also present were Prime Minister Mahathir Mohamad and Attorney-General Tommy Thomas. Born in Oct 1952 in Tuaran, Sabah, Malanjum had his early education there before completing his secondary education in Kota Kinabalu, Sabah. - Channel News Asia

*Malaysia Reviews Monopoly Risk In Ride-Hailing Market After Grab-Uber Deal

Malaysia is studying monopoly risk in the ride-hailing market in the country triggered by the merger of Grab and Uber, and is bringing the service under some existing regulations, the transport ministry said on Wednesday. Uber Technologies Inc. sold its Southeast Asian business to bigger regional rival Grab in March in exchange for a stake in the Singapore-based firm. - Reuters

*Tony Tiah Ups Stake In TA Enterprise With RM2.66m Purchase

Tony Tiah Thee Kian, who recently launched a mandatory general offer at 66 sen per share for TA Enterprise has been busy buying shares from the open market. A filing with Bursa Malaysia showed that Tiah bought 4.06 million shares for a total of RM2.66mil on July 6, 9 and 10, raising his shareholding to 32.85% or 562.4 million shares. He bought 2.50 million shares on July 6 for RM1.637mil and 1.36 million shares on July 9 for RM891.06mil and the following day, he purchased 200,000 units for RM131,000. - The Star

*Nova Wellness IPO Oversubscribed By 2.84 Times

Nova Wellness Group, which aims to raise RM44.9 million via an initial public offering on July 20 this year, said the shares it made available for public subscription under the IPO has been oversubscribed by 2.84 times. The group received 2,200 applications from the Malaysian public for 61.36 million shares, while it had set aside only 16 million shares for the purpose, according to the Malaysian Issuing House. Of that, 8 million or half of the shares were for bumiputera investors, which saw an oversubscription rate of 1.62 times, with 824 applications for 20.94 million shares received, MIH said. - The Edge Markets

- By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
- Edited by Glen Nicol Perkinson
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