PRESS DIGEST - Malaysia - Nov 18

Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE STAR (www.thestar.com.my)

-- Petrol and diesel prices have been slashed by a further 15 cents per litre from today (Tuesday), Deputy Prime Minister Najib Razak said.

-- IGB Corp Bhd (IGBS.KL), which operates the "Cititel" hotel chain, plans to invest two billion ringgit over the next five years to develop "tourist-class" hotels in China under a new brand name, Cititel Hotel Management Sdn Bhd Managing Director, Eric Lim said.

-- Tan Chong Motors Holdings Bhd (TNCS.KL), the distributor and assembler of Nissan vehicles in Malaysia, said net profit nearly tripled to 95.4 million ringgit in the third quarter ended September 30, as sales hit one billion ringgit for the first time, the company said.

NEW STRAITS TIMES (www.nst.com.my)

-- Islam Hadhari and turning Malaysia and Uzbekistan into trading hubs in their respective regions were the main topics of discussion at a bilateral meeting between leaders of both countries in Tashkent on Monday.

-- Prime Minister Abdullah Ahmad Badawi has lashed out at traders for refusing to bring down the prices of goods despite the government reducing the price of fuel.

BUSINESS TIMES (www.btimes.com.my)

-- Insurance group CIMB Aviva Malaysia has offered a voluntary layoff scheme to its permanent employees, one of the earliest to do so since the economic slowdown, an industry source said.

-- Property developer MK Land Holdings Bhd (MKLH.KL) will announce plans to return to profitability on November 28 as it seeks to pull itself out of two straight years of losses, its Chief Executive Officer, Mustapha Kamal Abu Bakar said.

THE EDGE FINANCIAL DAILY (www.theedgedaily.com)

-- The government may further relax rules for the Malaysia My Second Home programme to allow foreigners to work in certain sectors, industry sources said.

-- Tan Chong Motor Holdings Bhd (TNCS.KL) surprised the industry by capturing six percent of total industry volume and hitting the one billion ringgit revenue mark for the first time in a single quarter, despite the threat of the global economic crisis softening demand for cars, the company said.

THE MALAYSIAN RESERVE (www.themalaysianreserve.com)

-- Foreign exchange (forex) losses continue to haunt IOI Corp Bhd (IOIB.KL), AmResearch said.