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Proton To Reimburse Buyers If GST Abolished

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KUALA LUMPUR- National car maker Proton has launched a price guaranteed initiative to reimburse buyers if the prices are reduced following the government’s plan to abolish the Goods and Services Tax (GST). It said on Wednesday the “Proton price guaranteed” was to prevent speculation and also to give its customers peace of mind following the…

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Melaka’s Investments Up Substantially To RM22.5Bil In Last 4.5 Years

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KUALA LUMPUR- Melaka managed to chalk up investments to the tune of RM22.5bil in just the last four-and-a-half years. Melaka Chief Minister Datuk Seri Idris Haron said this was a superlative performance from the RM13bil investments recorded in the five years prior to that. Investment-friendly policies which led to an influx of foreign direct as…

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Support Is Vital To Fight Global Illicit Trade

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KUALA LUMPUR- The existence of illicit trade has been an enduring issue that has escalated in scope and magnitude. Since the complexity of the shadow economy makes it hard to combat this growing issue in isolation, public- and private-sector support is vital. Advancing this conversation, over 120 prominent experts from government, law enforcement, international organisations,…

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Malaysia’s Economy: Getting Closer To High-Income Status

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IMF Country Focus sat down with Nada Choueiri, IMF mission chief for Malaysia, to discuss a few of these key recommendations, as well as the report’s overall findings. The IMF just completed its annual assessment of the Malaysian economy. How is the economy doing? Malaysia’s economy is showing resilience and is performing strongly. Growth is…

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Malaysia’s Improved Economy Due To Good Governance, Policies

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KUALA LUMPUR – Malaysia’s improved economy is due to the positive effects of good governance and policies by the government over these few years. Communications and Multimedia Minister Datuk Seri Dr. Salleh Said Keruak said the country’s economy had been improving for some time and this did not happen overnight. His comments followed a claim…

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Govt Ensures People Get Increasing Economic Benefit – PM Najib

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  KUALA LUMPUR – Datuk Seri Najib Tun Razak said the government always ensures that every Malaysian enjoys the benefits derived from the growing economy. The Prime Minister said among others, it had helped in registering a stunning reduction in hardcore poverty in the country from 3.8% in 2009 to just 0.4% last year. In…

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PM: Structural Reforms Have Put Economy On Right Track

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PUTRAJAYA: Strong political will has allowed for structural reforms to be made on the economy for it to remain resilient in facing challenges and uncertainties. Prime Minister Datuk Seri Najib Tun Razak said that despite initial concerns by certain groups on the changes, the Government believes that they were needed and necessary. The move to…

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Investors Remain Upbeat On The Potential Of Malaysian Economy

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DAVOS – The Malaysian delegation at the WEF had continued their annual tradition by hosting the Business Luncheon, one of the most iconic Malaysian events in Davos. The event was jointly hosted by Khazanah Nasional and MIDA. Alongside YB Dato’ Sri Mustapa Mohamed Minister of International Trade and Industry, YB Dato Seri Dr. Subramaniam Sathasivam…

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Pegging The Ringgit Would Only Cause Long-Term Harm

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The US Dollar strengthened to a 14 years high in 2016. The worst-performing currencies against the USD in 2016 were the Egyptian Pound (-59%), Nigerian Naira (-27%), Turkish Lira (-18%) followed by Mexican peso (-17%), British Pound (-17$) and Argentinian peso (-17%). Elsewhere in Asia, the Chinese Yuan fell 6.58% in 2016 while the Euro…

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Singapore Businesses Fear Worse Economic Situation In 2017

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The economic climate in Singapore deteriorated last year, according to companies polled in a new survey, with almost half expecting this year to be even worse. This was one of the findings of the latest annual National Business Survey conducted by the Singapore Business Federation. The survey polled more than 1,100 companies across all major…

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Vietnam Suffers First Economic Growth Slowdown In 4 Years

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HANOI: Vietnam’s economy this year expanded slightly behind 2015, missing a government target, marking the first slowdown in four years, but a fourth-quarter surge to 6.68% was the best for a year and kept it ranked among Asia’s fast-growing economies. Full-year growth was projected at 6.21%, slower than the 6.68% posted for 2015 and the…

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For Japan’s Abe, Diplomacy Is Set To Trump Economics in 2017

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TOKYO: Shinzo Abe’s trip to Pearl Harbor later Monday, the first by a sitting Japanese prime minister in decades, presages a year filled with diplomatic and security challenges that are likely to keep economic reforms well down his list of priorities. As 2017 begins, Abe faces an international landscape fraught with uncertainty after U.S. voters…

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Asian Currencies On Defensive; Ringgit Matches Post-1998 Lows

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SINGAPORE: The Malaysian ringgit matched a post-1998 low set last year and the South Korean won hit a nearly six-month low on Monday, after the U.S. Federal Reserve last week signalled a faster-than-expected pace of interest rate rises in 2017. While the size of Monday’s moves was small, Asian currencies were trading at levels that…

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IMF Sees Malaysia Growing At 4.5% In 2017

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KUALA LUMPUR: Malaysia’s economy is seen growing at 4.5% in 2017 on strong private consumption but will continue to suffer from weak commodity prices and slowing private investment, the International Monetary Fund (IMF) said on Thursday. Malaysia has been buffetted by poor demand for its exports of commodities and liquefied natural gas over the past…

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Singapore Stresses Under A Wealth Of Worries

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Morale in Singapore is at rock bottom. The tiny Southeast Asian nation has worked hard in the 51 years since its birth to establish an outsize voice on the global stage. Now the city’s economy is in the doldrums and its influence is in question as China flexes its muscles. The Lion City is heading…

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Najib Confident Nation’s Economy Can Hit RM2tril Mark In Next Eight Years

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JOHOR BARU: Prime Minister Datuk Seri Najib Tun Razak (pic) hopes for the country’s economy to hit the RM2-trillion mark within the next eight years. “I also hope to propel the country to become one of the 20 top countries in the world,” he said during Iskandar Malaysia’s 10th anniversary event on Tuesday. Najib, who…

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Government Allocated RM41.3 Billion To Provide Quality Education

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KUALA LUMPUR – The government has allocated RM41.3 billion to build 30 primary, 27 secondary and five fully residential schools, four MARA Junior Science Colleges (MRSM) as well as to provide basic facilities and infrastructure, this year. Recognising the importance to empower human capital, the allocation under the Malaysian Education Blueprint 2013-2025 was aimed to…

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PM: 2017 Will Be Year Of Internet Economy

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PUTRAJAYA: Announcing that 2017 will be the year of Internet economy for the country, Datuk Seri Najib Tun Razak has called on Malaysians to embrace, adapt to changes and explore new areas of growth to accelerate the economy. He said to date, Malaysia’s digital economy contribution to the Gross Domestic Product had already reached 17.8%…

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Malaysian Banks’ Earnings Under Pressure

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PETALING JAYA: Already facing poor earnings prospects in the current challenging economic environment, banks in Malaysia will likely be squeezed further by Bank Negara’s unexpected move to cut the overnight policy rate (OPR). Analysts said they expected banks to see further margin compression resulting from the lower benchmark interest rate. “The cut in OPR is…

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World Bank Sees Malaysia Economy Picking Up In 2017

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KUALA LUMPUR: The World Bank expects Malaysia’s economy to grow at a slower pace in 2016 from a year ago before picking up slightly in 2017 to 2018 as s commodity prices recover and global economic growth improves. In its Economic Monitor Report, June 2016 which was released on Thursday, it said Malaysia’s growth remains…

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Mustapa: Malaysian Economy Strong Enough To Weather Brexit Impact

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KUALA LUMPUR It would be inaccurate to say that Britain’s decision to leave the European Union (EU) will not have an impact on the country, however Malaysia’s economy is strong enough to deal with it, said Datuk Seri Mustapa Mohamed. “To say that we will not be affected would be a state of denial and…

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Brexit Vote Sends New Shocks Through Markets; Political Chaos Deepens

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LONDON: Britain’s vote to leave the European Union sent new shockwaves through financial markets on Monday, with the pound falling despite government attempts to ease the political and economic turmoil that has been unleashed. Finance minister George Osborne said the British economy was strong enough to cope with the volatility caused by Thursday’s referendum, the…

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Ringgit Falls Most In Two Weeks On Lower Oil, Brexit Risk

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Brent crude extended declines to a third session on Monday after recording its steepest fall in a month on Friday, weighing on the outlook for Malaysia, which derives about a fifth of government revenue from energy-related sources. A gauge of the dollar held a gain from last week as polls ahead of the June 23…

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Najib: Rise In FDIs Show Govt’s Approach Is Right

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KUALA LUMPUR: The rise in foreign direct investments (FDI) show that the government’s approach towards attracting foreign investment is right, says Datuk Seri Najib Tun Razak. The Prime Minister said he has always stressed the importance of governance and closer bilateral relations between Malaysia and its trading partners. “Between 2009 and 2015, FDI was growing…

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A-G’s Report: MAFC Had Accumulated Losses Of RM447mil Up To 2014

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PETALING JAYA: The Malaysian Agrifood Corporation Berhad (MAFC) has accumulated losses of RM447.84mil up to 2014 and experienced negative cash flow for three consecutive years from 2012 to 2014, the Auditor-General’s Report 2015 revealed. The report, which was released on Wednesday, noted that overall, MAFC’s financial performance was less than satisfactory. In 2014, its net…

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Malaysia’s Economy Grew At 4.2% In Q1

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KUALA LUMPUR: Malaysia’s economy grew at a slower pace of 4.2% in the first quarter of 2016, due to slower growth in the manufacturing and services sectors, but the overall growth was still above economists’ forecast of a subdued 4% growth. The Statistics Department said on Friday the growth of 4.2% was slower when compared…

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Ringgit To Improve, Currency Undervalued, Stocks Cheap

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KUALA LUMPUR: A seasoned fund manager, Mark Mobius expressed optimism that the ringgit will improve and that issues surrounding 1Malaysia Development Bhd (1MDB) will not have a long-term impact on Malaysia. According to Mobius, who is the executive chairman of Templeton Emerging Markets Group, foreign funds would eventually return to Malaysia given the undervaluation of…

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Najib: GST, Subsidy Rationalisation Helped Malaysia Weather Economic Uncertainties

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PUTRAJAYA: The implementation of the Goods and Services Tax (GST) and the rationalisation of subsidies gave the Government income to spend in times of economic uncertainty, said Datuk Seri Najib Tun Razak (pic). The Prime Minister said these “proactive measures” had enabled the Government to still give civil servants a pay rise and build the…

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Najib: Strengthening Ringgit Augurs Well For Country

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KUALA LUMPUR: The strengthening ringgit has made it the region’s top performing currency, achieving its highest level of 3.8650 against the US dollar on April 14, Datuk Seri Najib Tun Razak said. The Prime Minister said the ringgit’s increase was 11% since the end of 2015 and the rising commodity prices would augur well for…

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Malaysia Economy Is Sustainable At The Core – PM Najib

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KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said Malaysia’s economy is sustainable at the core, rebuffing allegation that the country’s economy was in trouble. He said the Islamic capital market registered a steady growth of 6.7 per cent last year, retaining its overwhelming lead in the global sukuk arena while the world’s longest…

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