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By On June 19, 2018

Alibaba Deepens Malaysia Ties, Opens Kuala Lumpur Office

× Alibaba Deepens Malaysia Ties, Opens Kuala Lumpur Office
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Source: Google News Malaysia | Netizen 24 Malaysia

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By On June 19, 2018

Malaysia Bourse May See Another Soft Start

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(RTTNews.com) - The Malaysia stock market has finished lower in six consecutive trading days, sliding more than 40 points or 2.4 percent in that span. The Kuala Lumpur Composite Index now rests just above the 1,740-point plateau and it may open in the red again on Tuesday.

The global forecast for the Asian markets suggests initial weakness, although bargain hunting and a bump in crude oil prices may lift stocks as the day progresses. The European markets were down and the U.S. markets were mixed and the Asian bourses figure to follow the latter lead.

The KLCI finished sharply lower on Monday following losses from the financial shares, telecoms and plantation stocks.

For the day, the index skidded 18.35 points or 1.04 percent to finish at 1,743.43 after trading between 1,735.30 and 1,748.67. Volume was 1.90 billion shares worth 2.03 billion ringgit. There were 583 decliners and 304 gainers.

Among the actives, Axiata plummeted 6.71 percent, while Sime Darby plunged 3.85 percent, MISC surged 3.43 percent, IOI Corporation tumbled 1.91 percent, Telekom Malaysia skidded 1.30 percent, Tenaga Nasional dropped 1.24 percent, CIMB Group retreated 1.17 percent, YTL Corporation advanced 0.94 percent, Astro Malaysia Holdings shed 0.62 percent, Genting Malaysia lost 0.59 percent, Maybank slid 0.52 percent, Petronas Chemicals added 0.48 percent and Public Bank fell 0.17 percent.

The lead from Wall Street is uninspired as stocks opened lower on Monday. They moved off the lows as the day progressed but still ended mostly in the red.

The Dow fell 103.01 points or 0.41 percent to 24,987.47, while the NASDAQ added 0.65 points or 0.01 perce nt to 7,747.02 and the S&P 500 dipped 5.91 points or 0.21 percent to 2,773.75.

The weakness on Wall Street reflected lingering concerns about a global trade war after the U.S. and China announced plans to impose tariffs on billions of dollars in imported goods. Traders have expressed concerns the new tariffs could negatively affect global economic growth.

In economic news, the National Association of Home Builders noted an unexpected deterioration in homebuilder confidence in June.

Crude oil futures rebounded Monday as traders took advantage of steep recent losses. July West Texas Intermediate crude added 79 cents or 1.2 percent to settle at $65.85 a barrel on the New York Mercantile Exchange.

  Read the original article on RTTNews (http://www.rttnews.com/2906113/malaysia-bourse-may-see-another-soft-start.aspx)   

For comments and feedback: contact editorial@rttnews.com


This article appears in: Politics , World Markets , US Markets , StocksSource: Google News Malaysia | Netizen 24 Malaysia

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By On June 19, 2018

Father of murdered Mongolian model meeting Malaysia's AG on Tuesday

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A file photo taken on April 9, 2012, shows Dr Setev Shaariibuu, father of murdered Mongolian model Altantuya Shaariibuu, speaking at a press conference in Malaysia.
PublishedJun 18, 2018, 6:45 pm SGT

PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - The father of murdered Mongolian model Altantuya Shaariibuu will be meeting with Malaysia's new Attorney-General on Tuesday (June 19).

The family's lawyer Ramkarpal Singh said Dr Setev Shaariibuu would meet Mr Tommy Thomas at 3pm to discuss reopening the murder case.

"Shaariibuu wants to discuss the possibility of the government reopening the case (on Altantuya's murder)," Mr Ramkarpal told The Star on Monday.

"There is a new regime and the possibility is there that they might consider reopening the case," he added, referring to the new Pakatan Harapan government.

Inspector-General of Police Mohamad Fuzi Harun had said l ast month that the police had not found any grounds to reopen investigations into the case.

Ms Altantuya, 28, is believed to have been shot dead before her body was blown up with explosives at a forest in Shah Alam in 2006.

In 2009, Sirul Azhar Umar and fellow police commando Azilah Hadri were convicted of murdering Ms Altantuya and were sentenced to death. The Court of Appeal overturned their sentences in 2013 but upon the prosecution's appeal, their convictions were upheld by the Federal Court.

The two men were part of an elite police unit guarding VVIPs, including then Deputy Prime Minister Najib Razak, at the time of the murder.

Sirul fled to Australia where he was detained by the Australian Immigration after Interpol issued a red notice on him. He has been at the detention centre since 2015, where he is hoping to get asylum.

Prime Minister Mahathir Mohamad had said Malaysia may commute Sirul's death se ntence so that he can return home from Australia. Sirul has denied he carried out the killing, claiming he was acting on orders from his superiors and only drove Ms Altantuya to the scene of the murder.

Ms Altantuya was allegedly the lover of political analyst Abdul Razak Baginda, a former associate of Datuk Seri Najib.

Topics:
  • MALAYSIA
  • MONGOLIA
  • MURDER/MANSLAUGHTER

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Source: Google News Malaysia | Netizen 24 Malaysia

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By On June 19, 2018

Malaysia could soon export fresh Musang King durians to China

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A worker in the Raub Durian Orchard in Raub, Pahang, putting Musang King durians into a wheelbarrow. A Malaysian official said fresh Musang King currently cannot be exported to China as a whole fruit but is allowed in pulp, frozen and chilled form.
Published11 hours ago

BANGKOK • Malaysia's Agriculture and Agro-based Industry Ministry is expected to receive approval to export fresh whole Musang King durian - known popularly as Mao Shan Wang - to China next year.

The ministry's deputy secretary-general, Datuk Mohd Salehhud-din Hassan, said negotiations with the Chinese government on Mao Shan Wang export to the country were positive.

"Negotiations with the Chinese government proceeded positively," he told Malaysian news agency Bernama during a Durian Fiesta at the Malaysian Embassy in Bangkok. "We have met their enquiries in terms of fruit safety and security. We hope to obtain approval next year, but i t depends on the negotiations."

The event was held in conjunction with the acquiring of export approval for fresh Malaysian Mao Shan Wang into the Thai market.

According to Mr Salehhuddin, fresh Mao Shan Wang currently cannot be exported to China as a whole fruit but is allowed in pulp, frozen and chilled form.

The demand for Mao Shan Wang is extremely high in China - the king of fruit costs more than RM300 (S$101) per kg there.

"After several major promotions in China, the residents there now know the real taste of Musang King and they are actually waiting for the fruit to enter their market," said Mr Salehhuddin.

The high demand in China has resulted in unscrupulous fruit traders there labelling Thai durians as Musang King.

Mr Salehhuddin said the Chinese market was important to ensure that the increasing number of durian producers in Malaysia have a market for their fruits. At the moment, private entrepreneurs are invest ing in hundreds of acres of Mao Shan Wang durian trees.

Most of Malaysia's durians are consumed locally. But in recent years, durian tours have become a hit with tourists, especially with those from China.

The value of durian exports from Malaysia has doubled from US$8.8 million in 2011 to almost US$18 million (S$24.3 million) last year.

Last year, Malaysia exported more than 19,000 tonnes of durians, mostly to Singapore, according to United Nations Commodity Trade data. Over the last decade, China's imports of durians have tripled from 2007 to almost 300,000 tonnes last year, according to data from the UN.

A version of this article appeared in the print edition of The Straits Times on June 19, 2018, with the headline 'Malaysia could soon export fresh Musang King durians to China'. Print Edition | Subscribe Topics:
  • MALAYSIA
  • CHINA
  • AGRICULTURE AND FARMING

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By On June 18, 2018

Cheaper option to KL-Singapore high-speed rail mooted to Malaysian government: Report

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An artist’s impression of Batu Pahat station on the KL-Singapore high-speed rail line.
Published5 hours ago

PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - A cheaper option to upgrade the railway link between Kuala Lumpur and Singapore has been mooted to the Malaysian government, say sources, at less than half the cost of a planned high-speed rail link between the two countries.

The proposal involves upgrading existing rail infrastructure, which will cost an estimated RM20 billion (S$6.8 billion), compared to the Singapore-Kuala Lumpur high-speed rail (HSR) project inked in 2016, which was expected to cost between RM60 billion and RM70 billion.

The proposal will also save the Malaysian government about RM500 million in potential compensation it will have to pay Singapore if it scraps the HSR, as the republic's ongoing preparations for the HSR will not be disrup ted.

According to sources, Malaysia's top advisory body the Council of Eminent Persons (CEP) has been briefed on the alternative plan that utilises existing double-track infrastructure of the country's rail company Keretapi Tanah Melayu (KTM).

Under the cheaper option however, travelling time between Kuala Lumpur and Singapore will be 130 minutes, compared to 90 minutes under the HSR.

However, consultants said that the travelling time might be reduced further with new locomotives that can travel at a higher speed without compromising safety.

This could be possible if the government were to allow third parties to operate rail lines owned by KTM.

"The third parties would be prepared to invest in better locomotives and run operations on a commercial basis. Travel time can potentially be reduced," said a consultant.

The lower costs would be welcome news for the n ew Pakatan Harapan administration, which is reviewing mega projects entered into by the previous government as it grapples with over RM1 trillion (S$338 billion) in national debt.

"Cost will be shaved by more than RM50 billion, which is 70 per cent lower compared with (building) the HSR. This does not include land acquisition cost and possible cost overruns incurred by the HSR project," said a source.

"The upgrading of the existing railway tracks would involve minimal land acquisition, minimal disruption to existing system and complement the entire national railway network. It would not lead to a duplication of railway lines," the source said.

Sources said central to the upgrading plans of the existing KTM network was to improve the existing double track infrastructure whereby it could cater for standard gauge and meter gauge trains.

This can be done by putting up a single line next to the existing double track.

"Effectivel y, the tracks will be able to cater for trains running on standard gauge and meter gauge, which is the existing infrastructure," said a source.

Meter gauge tracks are narrower, which causes the train to travel at a slower speed. In contrast, standard gauge tracks are wider and allow trains to travel at a higher speed. They also provide more stability. The travelling speed with standard gauge trains is about 200km per hour.

The HSR was planned to run on a completely new alignment and travel at a speed of 320km per hour.

Sources said that upgrading the existing infrastructure would be cheaper compared with the suggestion by some quarters to extend the Express Rail Link (ERL) from the KL International Airport (KLIA) to Singapore, a venture that could cost at least RM30 billion.

"The suggested ERL extension plan would involve a completely new alignment from KLIA and there is not much of a difference in travelling time compared with the plan to upgra de the existing infrastructure," said a source.

The HSR is one of two projects that had been taken off the shelf for the time being under the new government led by Tun Dr Mahathir Mohamad.

The other is phase three of the Mass Rapid Transit project.

Dr Mahathir had said that the distance between Malaysia and Singapore is short at only 350km and if the existing railway infrastructure is upgraded, it can improve travel time significantly.

The CEP is helping the government fulfill its election promises within its first 100 days in office. High on the council's list is how the government can save cost, without compromising on quality, and improve governance as well as the handling of public finances.

Public spending has been constrained after the new government delivered on its election pledge to abolish the goods and services tax and unearthed the RM1 trillion federal debt.

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Topics:
  • SINGAPORE-KUALA LUMPUR HIGH SPEED RAIL
  • MALAYSIA
  • RAILWAYS

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We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. But a log-in is still required for our PDFs.

Source: Google News Malaysia | Netizen 24 Malaysia