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Top Story: Najib seen keeping ‘transformation’ theme with Cabinet picks
After fielding a ‘transformation’ team in the 13th general election (GE13), Prime Minister Datuk Seri Najib Razak is expected to form a ‘transformation’ Cabinet. He needs a strong team with new ideas to continue the national transformation agenda towards making Malaysia a high income and developed nation by 2020. This is important because their performance will be judged by the people who will vote for the party in the 14th general election (GE14).
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Top Story: 133 for Barisan Nasional and 89 for Pakatan Rakyat
Barisan Nasional won 133 parliamentary seats at the 13th general election to record a slightly reduced performance compared to 2008, but it managed to wrest Kedah from Pakatan Rakyat. The ruling coalition failed to regain Selangor and Penang but retained Perak with a slim three-seat majority, due to what Barisan chairman Datuk Seri Najib Tun Razak described as a “Chinese tsunami”.
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Top Story: Malaysia aims to be biopharmaceutical hub, producing cost-competitive medicine
Malaysia is positioning itself as a biopharmaceutical hub producing cost-competitive medicine, especially for the underserved emerging markets following joint-venture initiatives clinched with foreign firms at the renowned global bio-technology conference here. The partnerships include the manufacture of low-cost cancer drugs, the distribution of insulin and insulin-related products, setting up a biotech facility in Nusajaya and producing lower cost biopharmaceutical products. The four projects were announced at the Bio Chicago 2013, where Malaysia through the Malaysian Biotechnology Corporation is again taking an active part.
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Top Story: Malaysia Welcomes Japan's Interest to Join the TPP Negotiations
Dato' Sri Mustapa Mohamed added that Malaysia already has existing FTAs with Japan - the Malaysia-Japan Economic Partnership Agreement (MJEPA) and the ASEAN-Japan Comprehensive Economic Partnership (AJCEP). Japan is an important trading partner for Malaysia. In 2012, total trade with Japan represented 11 per cent of Malaysia's global trade. Malaysia's trade with Japan continues to show an upward trend. In 2012, total trade with Japan amounted to RM145.3 billion compared with RM114.3 billion in 2000.
Editor's note: We apologize for the month long gap in publication due to a temporary reorientation of resources. Malaysia Clippings is back on weekly release. Comments, suggestions, and feedback are always welcomed.
Top Story: Bursa Malaysia's Invest ASEAN roadshow attracts 400 investors
During the roadshow, investors gained access to ASEAN stock picks and further insights into ASEAN investments through dialogues and panel discussions that featured analysts and experts from the region, Bursa Malaysia said. "Participants to the Invest ASEAN roadshow also gained the unique opportunity to engage directly with corporate leaders of top-performing companies listed on the SGX and SET," it said.
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Top Story: GST will mitigate trade mispricing, says Bank Negara
Bank Negara Malaysia (BNM) expects the trade mispricing issue to be mitigated with the introduction of Goods and Services Tax (GST). GST requires reporting of value-added at various stages of production. The central bank had on Friday said the Customs Department had taken action against entities and individuals evading customs duties especially in cases of under- and over-invoicing of exports and imports of goods, as well as phantom shipments and other falsification of the value or quantity of shipments.
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Top Story: Online business to be regulated effective July 1, says Ismail Sabri
Effective July 1, all businesses and services conducted online will have to abide by the Consumer Protection (Electronic Trade Transactions) Regulations 2012 to protect the interest of consumers. Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said the regulations were important as 1.1m people in the country carried out transactions online with business worth RM1.8b in 2010 and the figure was expected to increase to RM5b by 2014. The regulations were applicable to persons supplying goods and services through websites or online marketplace including social media such as Facebook. The text of the Regulation is available here.
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Top Story: Fake drugs a growing problem in M'sia, says EMHN study
A newly released study by an independent think tank that looks into the problem of fake medicine in Asia, has revealed that 5% of the medicines in Malaysia are counterfeit. Though the study by Emerging Markets Health Network (EMHN) showed that Malaysia's fake medicine prevalence was low when compared to its Asean neighbours, it is a growing problem that must be tackled earnestly. The paper also revealed that the quality of the traditional medicine being sold in the country is suspect, as some have been found to contain poison.
Malaysia Clippings | February 5 - 11, 2013
Top Story: Biodiesel nationwide in mid-2014
The B5 palm oil-based biodiesel will be available at all leading petrol stations nationwide by the middle of next year. Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said the government has allocated a RM300 million grant, of which RM80 million has been disbursed to oil companies and biodiesel producers to set up the infrastructure ranging from blending facilities and tanks to oil pumps. The B10 is an extension of the B5, which was introduced and gradually implemented since June 2011. The B5 biodiesel is now sold by five oil majors - Petronas, Shell, Chevron, Petron and BHP.
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Top Story: Global economy and resilient domestic demand to propel Malaysia's growth
The Malaysian economy is expected to expand 5.3 per cent in 2013, before accelerating to 5.8 per cent in 2014. Global conditions are projected to gradually recover this year as policymakers in systemically important economies adopt an accommodative stance in an attempt to combat their respective structural deficiencies.
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