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☆ Malaysia to review $3.9 bln settlement deal with Goldman Sachs - PM Anwar
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 17 (Reuters) - The Malaysian government is re-evaluating a $3.9 billion settlement deal reached between the previous administration and U.S. investment bank Goldman Sachs (GS.N) over the 1MDB financial scandal, state news agency Bernama reported on Monday. Prime Minister Anwar Ibrahim said on Monday a government taskforce looking into 1MDB issues was scrutinising the 2020 deal with Goldman, adding that it was a matter of recovering public funds, Bernama reported. "I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised," Anwar was quoted as saying by Bernama. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department. Since taking office last November, Anwar has sought to review previous governments' decisions on 1MDB in a bid to recoup money embezzled from the fund.

KUALA LUMPUR/SINGAPORE, April 16 (Reuters) - Malaysia plans to introduce a second 5G network from next year, four sources told Reuters, in the latest policy shake-up aimed at dismantling monopolies and promoting competition by Prime Minister Anwar Ibrahim's six-month-old administration. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. Fahmi also said last week 5G network coverage had reached 55% in populated areas. It was not clear how the proposal for a second 5G network would affect DNB's existing agreements with its development partner Swedish telecoms giant Ericsson (ERICb.ST), and other mobile operators. U Mobile later joined other telco firms in signing up to access DNB's 5G network.

Palm oil prices have fallen some 49% from last year's record, but the tight supply means they are expected to stay above pre-pandemic levels. Another palm oil giant, Kuala Lumpur Kepong Bhd (KLKK.KL), told Reuters it plans to replant 10,000 hectares this year, up from a lower-than-usual 6,000 hectares in 2022. The scheme targeted replanting of 2.4 million hectares but only managed to replant around 278,000 hectares by February, partly due to land legality issues. We are ageing faster than we are replanting," Malaysia Palm Oil Association chief executive Joseph Tek told Reuters. In Malaysia, replanting costs doubled to around $4,500 per hectare after the pandemic inflated prices of fertiliser and labour.

☆ Malaysia says it will protect its rights in South China Sea
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 8 (Reuters) - Malaysia said on Saturday it was firmly committed to protecting its sovereign rights and interests in the South China Sea after China expressed concern about Malaysian energy projects in a part of the sea that China also claims. Malaysian Prime Minister Anwar Ibrahim said on Tuesday China was worried about activity by the state energy firm Petronas in a part of the South China Sea that Malaysia says is its territory. "The government of Malaysia is unequivocally and firmly committed to protecting Malaysia's sovereignty, sovereign rights and interests in its maritime areas in the South China Sea," the ministry said. China claims sovereignty over almost the entire South China Sea, through which about $3 trillion worth of ship-borne trade passes annually. Anwar said this week Petronas would continue its activities in the South China Sea.

☆ Malaysia secures $555 million potential exports during PM's China visit
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, April 5 (Reuters) - Malaysia secured 2.44 billion ringgit ($555.30 million) in potential exports during Prime Minister Anwar Ibrahim's visit to China last week, a government trade agency said on Wednesday. The products Chinese importers were interested to source from Malaysia included palm oil, food and beverages, durian and iron products, the Malaysian External Trade Development Corporation (MATRADE) said in a statement. Malaysia's exports to China totaled nearly $48 billion last year, though it declined 9.1% in the first two months of 2023, MATRADE said. During his visit, Anwar witnessed the signing of trade agreements between Malaysian and Chinese businesses, it added. China will invest an estimated $38.6 billion in Malaysia, including in the petrochemical and automotive industries, Anwar told parliament earlier this week, without specifying a timeframe.

☆ Malaysian mother's joy as son gets chance of death row reprieve
▼ + stars: | 2023-04-05 | by ( Ahmad Luqman Ismail | ) www.reuters.com time to read: +2 min

GOMBAK, Malaysia, April 5 (Reuters) - For the past two decades, Malaysian mother Siti Zabidah Muhammad Rasyid has been hoping for a miracle to save her son Razali from death row. But Siti Zabidah's prayers were answered this week when parliament passed sweeping legal reforms to scrap Malaysia's mandatory death penalty. "The joy was immense," said a tearful Siti Zabidah, speaking from her apartment in the state of Selangor, near the capital Kuala Lumpur. The fate of Siti Zabidah's son lies in the hands of the courts, which will decide on a possible alternative sentencing or punishment. Alternatives to the death penalty under the new rules include caning and a jail term of up to 40 years.

☆ Malaysia says Beijing concerned about its energy projects in South China Sea
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

KUALA LUMPUR, April 4 (Reuters) - Malaysian Prime Minister Anwar Ibrahim on Tuesday said Beijing has expressed concerns about energy activities by Malaysian state firm Petronas in the South China Sea, even though Kuala Lumpur believes the projects are in its territory. China claims sovereignty over almost the entire South China Sea, through which about $3 trillion worth of ship-borne trade passes annually. China was worried that "Petronas has carried out a major activity at an area that is also claimed by China," Anwar said, responding to a parliamentary question about his discussions on the South China Sea during his visit to China last week. China claims its territory via a "nine-dash line" on its maps, which cuts into the EEZs of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. Malaysia's foreign ministry will issue a protest note if there were "collisions" between Malaysian and Chinese vessels there, Anwar said.

☆ Malaysia seeks to decriminalise suicide attempts
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, April 4 (Reuters) - Malaysia is seeking to decriminalise suicide attempts, its law minister said on Tuesday, the latest in a recent slew of legal reforms pursued by Prime Minister Anwar Ibrahim's government. "This is based on the fact that suicide attempts are within the scope of suicidal behavior and this act is the impact of mental incapacity or psychiatric disorder," Azalina said. In comments made last year, former health minister Khairy Jamaluddin said Malaysia had in 2021 recorded 1,142 suicide cases, compared to 631 cases in 2020. Azalina said the government hopes the reform will encourage those affected to seek help, remove the stigma of suicide, and lower the country's suicide death rate. Reporting by Mei Mei Chu; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Malaysia scraps mandatory death penalty, natural-life prison terms
▼ + stars: | 2023-04-03 | by ( Rozanna Latiff | ) www.reuters.com time to read: +2 min

KUALA LUMPUR, April 3 (Reuters) - Malaysia's parliament on Monday passed sweeping legal reforms to remove the mandatory death penalty, trim the number of offences punishable by death, and abolish natural-life prison sentences. Malaysia has had a moratorium on executions since 2018, when it first promised to abolish capital punishment entirely. Deputy law minister Ramkarpal Singh said capital punishment was an irreversible punishment that had not been an effective deterrent for crime. "The death penalty has not brought the results it was intended to bring," he said while wrapping up the parliamentary debates on the bill. The move by Malaysia comes even as some Southeast Asian neighbours have stepped up their use of capital punishment.

☆ Jailed Malaysian ex-PM Najib loses final bid to review graft conviction
▼ + stars: | 2023-03-31 | by ( Rozanna Latiff | ) www.reuters.com time to read: +2 min

KUALA LUMPUR, March 31 (Reuters) - Malaysia's top court on Friday dismissed a bid by jailed former prime minister Najib Razak to review his corruption conviction over the multi-billion dollar scandal at state fund 1MDB, ending Najib's judicial efforts to challenge the guilty verdict. Najib was jailed last year after Malaysia's Federal Court upheld a guilty verdict and 12-year prison sentence handed down to him by a lower court. Federal Court Judge Vernon Ong said a five-member panel voted 4-1 to dismiss Najib's application to review the conviction. Najib faces three other trials related to graft at 1MDB and other government agencies. Reporting by Rozanna Latiff; Writing by A. Ananthalakshmi; Editing by Ed Davies and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Asia's carbon pricing and emission trading systems
▼ + stars: | 2023-03-31 | by ( Matthew Chye | ) www.reuters.com time to read: +5 min

Here is a look at some of the carbon emissions trading systems (ETS) and pricing mechanisms in Asian countries aimed at reducing greenhouse gas emissions and achieving net zero targets. * A carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. INDIA* Parliament in December passed the Energy Conservation (Amendment) Bill 2022 that sought to establish carbon trading. * Authorities are studying the implementation of a carbon exchange and plan to set up agencies to monitor and verify emission volume. MALAYSIA* The stock exchange launched a voluntary carbon market (VCM) in December with the introduction of the Bursa Carbon Exchange, the world's first Shariah-compliant carbon exchange.

☆ Asia's 'best restaurants' list is out — and it's no surprise which country made the list 17 times
▼ + stars: | 2023-03-29 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +10 min

William Drew, director of content for Asia's 50 Best Restaurants, said Japan's strong performance is "no surprise." The top 50 restaurants in AsiaThis year commemorates the 10th anniversary of the "Asia's 50 Best Restaurants" list. Asia's top 50 restaurantsThe list of "Asia's 50 Best Restaurants" for 2023 are: 1. Ten restaurants that ranked among Asia's best 50 restaurants last year fell into the 51-100 ranking this year. Asia's 50 Best Restaurants 2023Labyrinth also rose 29 spots to No.11, winning the "Highest Climber" award.

☆ Swiss Miss: Why UBS's deal with Credit Suisse will threaten its hold on rich clients
▼ + stars: | 2023-03-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted. For one Irish billionaire and Credit Suisse client, this is what matters most.

☆ UBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
▼ + stars: | 2023-03-21 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

UBS was already a giant in wealth management before it agreed to buy doomed rival Credit Suisse. UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted.

☆ Malaysia says its banks have limited exposure to Silicon Valley Bank crisis
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, March 15 (Reuters) - Malaysia's government on Wednesday said the country's banks have limited exposure to Silicon Valley Bank that collapsed last week in the United States, triggering fear of contagion. "Based on an assessment by authorities in Malaysia, the exposure of local banks to this crisis in the United States is minimal and limited," Deputy Finance Minister Steven Sim said in parliament. Regular stress tests are carried out within the banking system to ensure Malaysia is prepared to withstand any market pressure, Sim said. Silicon Valley Bank collapsed on Friday in the biggest U.S. bank failure since the 2008 financial crisis. Reporting by Rozanna Latiff; Writing by A. Ananthalakshmi; Editing by Ed Davies and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ The mystery of MH370 remains 9 years later — here are all the theories, dead ends, and unanswered questions from the most bizarre airline disaster of the century
▼ + stars: | 2023-03-14 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +15 min

The theories so farA new Netflix documentary about the plane, "MH370: The Plane That Disappeared," was released in March 2023. The show's director called the plane's disappearance "the greatest aviation mystery of all time." But the July 2018 report had offered evidence against the idea that it was a deliberate act by the crew. But Australia's former prime minister, Tony Abbott, said in 2020 that the plane's disappearance was "almost certainly murder-suicide by the pilot." But the 2018 report said there was no technology on the plane that would allow control to be taken from the pilots remotely.

☆ Jubilation as 'pride of Malaysia' Yeoh wins first Oscar
▼ + stars: | 2023-03-13 | by ( Ebrahim Harris | ) www.reuters.com time to read: +2 min

KUALA LUMPUR, March 13 (Reuters) - Family and friends of Malaysia's Michelle Yeoh responded with screams, jubilation and pride on Monday at her winning the Academy Award for best lead actress, Asia's first ever winner in the category. There were ecstatic roars and fist-pumps as her triumph was announced at an Oscars viewing party in Malaysia's capital Kuala Lumpur, with all eyes on her surprised and delighted mother, Janet Yeoh. Everybody knows it," she told a news conference afterwards, in front of a poster of her daughter that said "Pride of Malaysia". It was Yeoh's first Oscar nomination and she had been widely regarded as the front-runner. Yeoh made her Hollywood breakthrough when she was cast as the first ethnic Chinese Bond girl in 1997's "Tomorrow Never Dies" opposite Pierce Brosnan.

☆ Malaysia's former prime minister Muhyiddin to face multiple graft charges
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: +1 min

Former prime minister of Malaysia and Perikatan Nasional chairman Muhyiddin Yassin (center) arrives at the Malaysian Anti-Corruption Commission headquarters to give a statement on his graft charges on March 9, 2023. Malaysia's anti-corruption agency on Thursday said it would charge former Prime Minister Muhyiddin Yassin with multiple counts of corruption, a move that he called political persecution. Speaking to reporters, Muhyiddin said he would face seven charges on Friday. "I stress that I am not guilty and I will face all charges against me in court ... This action is political persecution because they fear the strength of Perikatan Nasional," Muhyiddin said, referring to his opposition alliance.

☆ Former Malaysian prime minister Muhyiddin charged with abuse of power, money laundering
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: +1 min

Malaysia's former prime minister Muhyiddin Yassin arrives at a prayer ceremony in Kuala Lumpur, Malaysia on 9 March, 2023. Former Malaysian Prime Minister Muhyiddin Yassin was charged on Friday with abuse of power and money laundering over projects launched under his premiership, accusations that he said were politically motivated. Muhyuddin, who led the country for 17 months between 2020 and 2021, becomes the second Malaysian leader to be charged with crimes after losing power. The former premier faces up to 15 years in jail if found guilty on the money laundering charge, and up to 20 years for the abuse of power charge. Prime Minister Anwar said he has not interfered in graft investigations involving Muhyiddin and left it to law enforcement agencies.

☆ Former Malaysian PM Muhyiddin charged with abuse of power, money laundering
▼ + stars: | 2023-03-10 | by ( Rozanna Latiff | ) www.reuters.com time to read: +1 min

KUALA LUMPUR, March 10 (Reuters) - Former Malaysian Prime Minister Muhyiddin Yassin was charged on Friday with abuse of power and money laundering over projects launched under his premiership, accusations that he said were politically motivated. Muhyuddin, who led the country for 17 months between 2020 and 2021, becomes the second Malaysian leader to be charged with crimes after losing power. At a Kuala Lumpur sessions court, the former premier was charged with four counts of abuse of power involving 232.5 million ringgit ($51.40 million), and two counts of money laundering involving 195 million ringgitMuhyiddin pleaded not guilty to all six charges and has previously said the charges were "political persecution" of the opposition. The former premier faces up to 15 years in jail if found guilty on the money laundering charge, and up to 20 years for the abuse of power charge. Prime Minister Anwar said he has not interfered in graft investigations involving Muhyiddin and left it to law enforcement agencies.

☆ Malaysia's ex-PM Muhyiddin arrives at anti-graft agency following allegations
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Former Malaysia Prime Minister Muhyiddin Yassin arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia March 9, 2023. REUTERS/Hasnoor HussainKUALA LUMPUR, March 9 (Reuters) - Former Malaysian prime minister Muhyiddin Yassin arrived at the country's anti-graft agency on Thursday, after he was summoned to appear following allegations of abuse in stimulus programmes launched under his premiership. Before entering the Malaysian Anti-Corruption Commission (MACC), Muhyiddin, who was prime minister for 17 months between 2020 and 2021, read out a prayer with other party members. Malaysia's constitutional monarch, King Al-Sultan Abdullah, then appointed Anwar as prime minister after he formed a coalition with other political parties. The MACC questioned Muhyiddin last month regarding the same project and has also frozen bank accounts belonging to Muhyiddin's party.

☆ ‘MH370: The Plane That Disappeared’ Review: Through the Fog of Theories
▼ + stars: | 2023-03-08 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Amelia Earhart will always be among history’s mythic disappearing acts, but aviation’s reigning mystery is the 2014 vanishing of Malaysia Airlines Flight 370. The calamity, which occurred nine years ago this week, remains as much a puzzle as ever according to “MH370: The Plane That Disappeared,” a three-part Netflix documentary series that banks and swoops and rolls through all the possibilities, landing on the only consensus ever reached: that none of what happened was an accident. To recap, the Boeing 777 left Kuala Lumpur in the early hours of March 8, a “routine red-eye,” as someone says, that was supposed to deposit its 227 passengers and 12 crew people in Beijing later that morning. As it was about to leave Malaysian airspace, the air-traffic controller and pilot bid each other good night. It was the last thing heard from MH370, which never made contact with Ho Chi Minh City and whose multiple communications systems suddenly went dark.

☆ Malaysia's ex-PM Muhyiddin summoned to anti-graft agency
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, March 8 (Reuters) - Former Malaysian prime minister Muhyiddin Yassin said he has been summoned to appear the offices of the country's anti-graft agency on Thursday. In a Facebook post, Muhyiddin also denied a news report that he was arrested on Wednesday. Muhyiddin did not say why he has been called in by the Malaysian Anti-Corruption Commission (MACC). Muhyiddin was prime minister for 17 months between 2020 and 2021. Muhyiddin has denied the accusations, describing them as political vendetta.

Indonesia, the world's biggest producer of palm oil, raised the mandatory blend of palm oil in biodiesel to 35% starting in February, from 30% earlier, to reduce diesel fuel imports amid high global energy prices and to reduce emissions. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange slid 24 ringgit to 4,181 ringgit a tonne on Wednesday. An El Nino episode usually results in below-average rainfall in main palm oil producers Indonesia and Malaysia, cutting yields and pushing up global prices. "It used to be palm oil is export-oriented for Indonesia, but sales are declining and domestic consumption is increasing," Fadhil said. James Fry, the chairman of commodities consultancy LMC International, however, cautioned that the correction in gasoil prices could bring down demand for biodiesel and pull-down palm oil prices.

☆ Exclusive: After $15 billion award, sultan's heirs target Malaysian properties in Paris
▼ + stars: | 2023-03-07 | by ( Rozanna Latiff | ) www.reuters.com time to read: +4 min

The Paris properties are only the third set of Malaysian assets that the heirs have publicly acknowledged going after. On Monday, French bailiffs attempted to evaluate the three properties in preparation of a sale, the lawyers said. A Malaysian law ministry spokesperson said the bailiffs appeared at the Malaysian embassy in Paris but were turned away. "To the extent that Malaysians blocked entry to the bailiffs, they are in open defiance of a French court order," Cohen said. The Malaysian government and the French court, the Tribunal Judiciaire de Paris, did not immediately respond to requests for comment.

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