PRESS DIGEST - Malaysia - July 29
Following are the main stories in Malaysian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
NEW STRAITS TIMES (www.nst.com.my)
- Barisan Nasional (National Front) state governments are to launch community programmes to help people reduce their energy use and adopt other cost-saving habits, Prime Minister Abdullah Badawi said.
- Perak Barisan Nasional (National Front) Chief Tajol Rosli Ghazali on Monday offered a proposal for a merged entity of UMNO and Parti Islaim se-Malaysia (PAS) to form a new government in the state.
BUSINESS TIMES
- Credit rating agency RAM Holdings Bhd, which is on a regional expansion drive, plans to offer its services in key markets in China through local partnership to tap the country's fast growing domestic bond market, Chief Executive Officer C. Rajandram said.
- Media Prime Bhd (MPRM.KL), Malaysia's leading integrated media investment group, aims for its first media fund investment in the Philippines to turn profitable within three years, its International Chief Executive Officer, Farid Ridzuan said.
THE STAR (www.thestar.com.my)
- Lafarge Malayan Cement Bhd (LMCE.KL), the country's largest cement producer, has increased the recommended retail prices for its bagged cement products by one ringgit per 50kg bag or 20 ringgit per tonne effective Aug. 1, its President Bi Yong Chungunco said.
- Oilcorp Bhd (OILC.KL) has agreed to comply with the Securities Commission's directive for Baker Tilly Monteiro Heng to do further work on its accounts, Oilcorp said in an announcement.
THE EDGE FINANCIAL DAILY (www.theedgedaily.com.my)
- Secretary-General of Malaysian Budget Hotel Association Leong Pui Kun said escalating prices of food and beverages have caused F&B outlets in member hotels to lose the cost-conscious tourist dollar to eateries outside the establishments.
- The ringgit fell to an almost three-week low of 3.2655 against the dollar on Monday after Bank Negara Malaysia kept the overnight policy rate at 3.5 percent last Friday, Jupiter Securities Sdn Bhd head of research Pong Teng Siew said.
THE MALAYSIAN RESERVE (www.themalaysianreserve.com)
- The percentage of foreign ownership in equities has declined from the high to the low 20s as the local market tries to find a handle on global economic concerns, escalating fuel costs and inflationary pressure, Bursa Malaysia Bhd Chief Executive Officer, Yusli Mohamed Yusoff said.
- Thailand-based PTT Chemical plc, which recently forged a joint venture with Sime Darby Bhd (SIME.KL) in Malaysia, is keen to form more business collaborations with Malaysian partners, PTT Chemical President, Aditheb Bisalbutr said.
THE SUN (www.sun2surf.com)
- Former Penang deputy chief minister Hilmi Yahaya on Monday admitted fault for a land deal blunder that will cost the state government some 40 million ringgit.
- Investors have been urged to take a more positive stance on the Malaysian stock market as it is also influenced by external factors which are beyond its control, Bursa Malaysia Chief Executive Officer Yusli Mohamed Yusoff said.
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