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Malaysia
News Update - August 2002
|
| June
trade surplus RM 4 billion |
Malaysia
has continued to post strong trade surpluses, recording
a higher surplus of nearly RM4bil in June - the 56th
consecutive month of trade improvement since November
1997. |
| June
industrial production 5% up |
Industrial
production in June rose by nearly 5% from a year ago
to set the stage for Malaysia to clock a decent growth
rate of between 3.5% and 4% in the second quarter. |
| July
CPI 2.1% higher year-on-year |
Malaysia's
consumer price index (CPI) in July was up 2.1% year-on-year
and was unchanged from June, the Statistics Department
said. |
| Banking
system chalks up RM4.5b H1 net profit |
Malaysia's
banking sector recorded an 18% increase in pre-tax profit
to RM4.5bil for the first half of this year from RM3.8bil
in the corresponding half of 2001, said Bank Negara
governor Tan Sri Dr Zeti Akhtar Aziz. |
| S
& P raises rating on Malaysia |
Standard
& Poor's (S&P) rating services has announced
that it has raised its rating on Malaysia by one notch,
including an upgrade on its long-term foreign currency
sovereign rating to BBB+ from BBB previously. |
| Economy
charts 3.8% growth in 2nd quarter |
Malaysia's
economy grew by 3.8% in the second quarter from a year
ago and Bank Negara says prospects for the second half
of 2002 remain favourable, even if external economies
slowed down significantly in the second half of the
year. |
| Bumiputra-Commerce
sees GDP growth at 3.5%-4% |
Malaysia's
Gross Domestic Product (GDP) this year is expected to
expand by 3.5% to 4.0% with the expansion in domestic
demand and sustained improvement in the external environment
providing further impetus to output growth, according
to Bumiputra-Commerce Bank Bhd. |
| Stable
monetary condition in July |
Monetary
conditions remained stable in July with the low and
stable interest rate environment, coupled with ample
liquidity, providing the impetus to sustain financing
of the private sector by the banking system and the
capital market, Bank Negara said. |
| Banking
system asset quality set to improve for the rest of
2002 |
The
local banking system's asset quality is set to improve
for the remainder of 2002 with the major indicators
strengthening further in 2003, said Rating Agency Malaysia
Bhd (RAM). |
| Taskforce
on good corporate disclosure formed |
The
Kuala Lumpur Stock Exchange has established a taskforce
on Corporate Disclosure Best Practices. Datuk Mohd Azlan
Hashim, the executive chairman said the establishment
of the taskforce, comprising industry representatives,
would further facilitate the practice of good corporate
disclosure in line with the KLSE listing requirements
and relevant securities laws. The taskforce is to provide
further guidance for industry participants to develop
relevant policies and procedures with the objective
of promoting best practices in corporate disclosure. |
| PM:
Different plans to boost economy |
The
Government will adopt different strategies to boost
the economy in its 2003 Budget, Prime Minister Datuk
Seri Dr Mahathir Mohamad disclosed in Kuala Lumpur.
Dr Mahathir, who is also the Finance Minister, expressed
confidence that the local business community would co-operate
to help make the new strategies a success as they did
to help Malaysia become a much developed country. |
| Rafidah:
Malaysia to liberalise services sector at progressive
pace |
Malaysia
is committed to liberalise its services sector, especially
financial services, at a progressive pace and based
on its own level of development, International Trade
and Industry Minister Datuk Seri Rafidah Aziz said. |
| Malaysia
seen as 2nd biggest gainer from AFTA |
Malaysia
will be the second leading beneficiary of intra-Asean
trade after Singapore with the introduction of the Asean
Free Trade Area (Afta) next year, said Md Saad Hashim,
deputy head of the National Economic Action Council
(NEAC) Secretariat. |
| Malaysia
may sell US$600m bonds in October |
Malaysia
may sell US$600mil of bonds as early as October following
announcements by ratings companies that they may improve
their assessment of the nation's credit risk, said bankers
competing to arrange the sale. |
| Danaharta
receives 58% of recovery |
Pengurusan
Danaharta Nasional Bhd has received 58% of the total
recovery expected by the first half of 2002. Danaharta
received RM17.35bil out of the expected RM29.71bil,
its managing director Abdul Hamidy Hafiz said. He further
added that Danaharta intended to collect the remaining
42% of the expected recovery by 2005, the year it would
cease operation. |
| Auto
sector reports good performance |
The
automotive industry's performance remained "favourable"
in the 2nd quarter due to attractive credit terms, improving
consumer confidence and economic recovery, and the sector
is anticipated to continue its good performance in the
3rd quarter, the Malaysian Institute of Economic Research
(MIER) said. |
| Investors
find it pays to stay put |
Some
companies which relocated from Malaysia to other countries
because of lower labour cost have found that operational
costs are cheaper in Malaysia, Datuk Seri Rafidah Aziz
said |
| Anti-monopoly
law likely to be enacted next year |
A
new law to prevent monopolies and police mergers and
takeovers may be enacted as early as next year if a
paper on fair trade prepared by the Domestic Trade and
Consumer Affairs Ministry is approved by the cabinet. |
| Wake
up call for the electronics industry |
Despite
the severe downturn in the last two years, the electronics
industry is again projected to grow at pre-crisis rates
of 10% to 20% annually, A key factor driving the industry
forward is the new role of information and knowledge
and information and communication technology. Mimos
Berhad president and CEO Dr Tengku Mohd Azzman Shariffadeen
share his views on this latest development. |
| New
unit to handle intellectual property |
A
new autonomous body to handle patenting, trademark and
copyright matters in Intellectual Property development
will be set up in January. Domestic Trade and Consumer
Affairs Minister Tan Sri Muhyiddin Yassin said the move
was the result of the corporatisation of the ministry's
Intellectual Property Division and with its scope extended
to cover more research and development. |
| Malaysia
to produce own vaccines |
A
pilot bio-technology plant will be set up soon to develop
and produce vaccines to make Malaysia self-reliant,
Health Ministry pharmacy services department director
Mohd Zin Che Awang said. |
| Malaysia
expects to use gold diner by mid-2003 |
Malaysia
expects to use the gold dinar for external trade with
participating Islamic countries by the middle of next
year, according to the prime minister's special adviser
(economics) Tan Sri Nor Mohamed Yakcop. He said that
the proposed gold dinar would not replace the domestic
currencies. The domestic currencies (e.g. ringgit) will
continue to be used for domestic transactions in the
respective countries. The gold dinar will be used only
for external trade among the participating countries. |
| British
Council helping with new focus on English |
The
government's effort to focus on the English Language
in schools is being supported through several initiatives
by British authorities. The British Council is working
on several programmes to help implement the policy shift
to teach Mathematics and Science in English for Year
One, Form One and Lower Six students from next year.
British High Commissioner to Malaysia Bruce Cleghorn
said these included developing a competency test on
the English Language and introducing special courses
for selected teachers and Education Ministry officials.
|
| PM:
Poor nations live in fear of economic terrorism |
Datuk
Seri Dr Mahathir Mohamad said poor and developing countries
live in fear of "economic terrorism" as the
rich nations of the world try to counter terrorism by
spending billions in futile defence. The Asian financial
crisis was another example of economic terrorism, he
said when delivering the keynote address at the banquet
of the sixth biennial Langkawi International Dialogue
(LID) 2002 at Mahsuri International Exhibition Centre
at Padang Matsirat. |
| High-powered
Singapore team in KL for roundtable |
The
Malaysia-Singapore Roundtable, a private sector initiative
to enhance the neighbouring countries' bilateral relations,
took place in Kuala Lumpur from 14-16 August 2002. It
was attended by 60 business leaders from Malaysia and
Singapore. |
| China-Malaysia
trade topped US$6b in first half |
Bilateral
trade between China and Malaysia jumped 50.5% to US$6.2bil
in the first half of 2002 compared with the previous
corresponding period, according to statistics by the
China General Administration for Customs. |
| Dr
M to boost trade relations with Myanmar |
The
visit by Datuk Seri Dr Mahathir Mohamad to Yangon, Myanmar,
is significant in the wake of events that took place
after opposition leader Aung San Suu Kyi was freed from
19 months of house arrest on May. During the official
two-day visit, the Prime Minister held talks with Myanmar
leader Senior General Than Shwe on enhancing trade and
investment opportunities. |
| Merdeka!
Merdeka! Merdeka! |
Malaysians
from all walks of life gathered at Dataran Merdeka last
night to commemorate the 45th year of the nation's independence
from the British colonialists. The downpour did not
dampen the spirit of the people who eagerly waited for
the enactment of the proclamation of independence at
the stroke of midnight.
A
little sacrifice from everyone will go a long way
to enhancing racial harmony that is fundamental to
Malaysia's peace and security, said Prime Minister
Datuk Seri Dr Mahathir Mohamad. "We'll remain
Chinese, Indian, Malay, Kadazan, Iban and others.
But we'll also become more Malaysian, making us different
from the communities in our countries of origin,"
he said in his National Day message.
|
| 25
new parliamentary, 59 state seats proposed |
The
Dewan Rakyat will have 25 more seats while the state
legislative assemblies will get an additional 59 seats,
with Johor getting the lion's share for both, under
a proposal for the new electoral boundaries by the Election
Commission. |
| Govt
to study proposal on airtime campaigns |
The
Government will study carefully a proposal by the Election
Commission that political parties be given airtime during
general elections, Information Minister Tan Sri Khalil
Yaakob said. |
| Hadi:
Non-Muslims cannot make policies in an Islamic state |
Non-Muslims
will have no policy-making role in an Islamic state,
acting PAS president Datuk Seri Hadi Awang said |
