PRESS DIGEST - Malaysia - May 16

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)

- Telekom Malaysia Bhd (TM) (TLMM.KL) and the government are spending 15.6 billion ringgits to ensure that the country has a top-notch, competitive high-speed broadband infrastructure in the next decade, Energy, Water and Communications Minister Shaziman Abu Mansor said.

- Green Packet Bhd (GRNP.KL), which will be launching its WiMAX business in Malaysia next month, aims by year-end to strike at least two deals that will lead to a technology collaboration or investment in the region, group Managing Director Puan Chan Cheong said.

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

- Youth groups will receive grants directly from the Youth and Sports Ministry instead of having to apply for funding, Prime Minister Abdullah Ahmad Badawi.

BUSINESS TIMES (www.btimes.com.my)

- Top lender Malayan Banking Bhd (Maybank) (MBBM.KL), which went on a 12 billion ringgit regional acquisition spree this year, is in no hurry to snap up other banks, its President and Chief Executive Officer Abdul Wahid Omar said.

- IOI Corp Bhd (IOIB.KL), the world's third most valuable oil palm plantation company, said its third quarter net profit jumped 53 percent, thanks to strong palm oil prices, an analyst said.

THE EDGE FINANCIAL DAILY (www.theedgedaily.com.my)

- Deputy Finance Minister Ahmad Husni Mohamad Hanadzlah said on Thursday that a consortium contracted to supply turbines to the Bakun hydroelectric dam project is claiming an "excessive amount" to 349.5 million ringgit as compensation for delays in the construction.

- Malaysia may consider swapping palm oil for rice with countries such as China, India and the US to boost stockpiles amid record commodity prices, Plantation Industries and Commodities Minister Peter Chin said.

THE MALAYSIAN RESERVE (news@themalaysianreserve.com)

- Global computer chipmaker, Intel Corporation, is believed to be buying a minority stake in local WiMAX operator, Green Packet Bhd (GRNP.KL), sources said.

- Shipbuilder Boustead Heavy Industries Corp Bhd (BHIB.KL) is close to clinching a 200-million-ringgit contract to build a commercial barge for a foreign client, sources said.

THE SUN (www.sun2surf.com)

- Federal Police CID Director Mohd Bakri Zinin said on Thursday that reports lodged against certain United Malays National Organisation (UMNO) members for making seditions statements on the Terengganu and Perlis royalty have not been ignored and are being actively investigated, said

- Analysts have hailed Malaysia's upgrade in global competitiveness ranking, but they caution more must be done to entrench itself as a preferred business destination given the intense battle for the investment dollar among developed and developing economies.

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