PRESS DIGEST - Malaysia - Nov 20
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)
-- The state government has found itself in a catch 22 situation - jeopardise George Town's Unesco World Heritage Site status or run the risk of being sued for hundreds of millions by developers, Penang Chief Minister, Lim Guan Eng said.
-- The government is considering other options to obtain electricity, apart from extending the contracts of the first generation independent power producers (IPPs), which will expire between 2015 and 2017, said Energy, Water and Communications Minister Shaziman Abu Mansor.
-- While AirAsia Bhd's (AIRA.KL) major shareholders are nearing completion of a deal to finance the privatisation of the company, the airline managed to secure a $336 million syariah-based financing package for eight aircraft, sources said.
NEW STRAITS TIMES (www.nst.com.my)
-- Turkmenistan on Wednesday became Malaysia's 69th taxation treaty partner with the signing of an agreement on double taxation, a Wisma Putra statement said.
-- Housing and Local Government Minister Ong Ka Chuan, who was defeated in the recent Malaysian Chinese Association (MCA) elections, has submitted his resignation letter from his cabinet post to MCA President Ong Tee Keat.
BUSINESS TIMES (www.btimes.com.my)
-- AirAsia Bhd (AIRA.KL) is poised for a record fourth-quarter revenue, driven by a blistering pace of bookings for its flights, its Chief Executive Officer, Tony Fernandes said.
-- Deputy Prime Minister Najib Razak reminded companies to be careful when cutting costs, especially in manpower, because skilled resources are important for their long-term competitiveness.
THE EDGE FINANCIAL DAILY (www.theedgedaily.com)
-- Tune Money Sdn Bhd, the Internet-based seller of financial products that was launched two years ago with much fanfare, has accumulated losses of well over 10 million ringgit and will need an injection of fresh capital, its Chief Executive Officer, Tengku Zafrul Tengku Abdul Aziz said.
THE MALAYSIAN RESERVE (www.themalaysianreserve.com)
-- A consortium comprising TM International Bhd (TMI) TMIT.KL and two Iranians parties are bidding for the Middle Eastern republic's third mobile network licence, which will include exclusivity for 3G offerings, TMI said in a statement.
-- Esso Malaysia Bhd (ESSO.KL) took a beating from the weaker crude oil prices, posting a net loss of 133.26 million ringgit for its third quarter ended September 30, 2008, from a net profit of 15.53 million ringgit a year ago driven, the compamny said.
THE SUN (www.sun2surf.com)
-- Pempena Sdn Bhd executive chairman Chew Mei Fun said that action will be taken for the millions in losses in the Tourism Ministry subsidiary but was non-committal when asked if those responsible will be held accountable.
-- The global economic and financial crisis has brought to the fore an underlying reality not sufficiently acknowledged - the emergence of China as a major world power whose weight is a critical factor in the international systems, Malaysia Airlines (MAS) (MASM.KL) Chairman, Munir Majid said.
-- Lingui Development Bhd (LGDS.KL) plans to invest 26 millionr inggit to build two co-generation plants beside its present Tebanyi veneer mill in Sarawak in a move to reduce reliance on diesel as fuel to generate electricity, its Managing Director Yau Chee Min said.
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