Praveen's Feed
Mar 19, 2015

Tight budget hampers Malaysia’s defense ambitions

LANGKAWI, Malaysia/SINGAPORE (Reuters) – Budget constraints are jeopardizing Malaysia’s defense spending plans, which include replacing ageing fighter jets and beefing up its maritime capabilities, at a time when Beijing is growing more assertive in the disputed South China Sea.

While Malaysia has traditionally played down any tensions with China over the contested waterway, it has long expressed concern about piracy and security along its land and coastal borders.

Mar 18, 2015

Boeing pins hopes on Malaysia order for boost to F/A-18 fighter jet

LANGKAWI, Malaysia (Reuters) – U.S plane manufacturer Boeing (BA.N: Quote, Profile, Research, Stock Buzz), in talks with Malaysia for the sale of 18 F/A-18 fighter jets, is pinning its hopes on an order to give a boost to the struggling product, executives of the planemaker said on Wednesday.

The F/A-18 model, French firm Dassault’s (AVMD.PA: Quote, Profile, Research, Stock Buzz) Rafale, Swedish manufacturer Saab’s (SAABb.ST: Quote, Profile, Research, Stock Buzz) Gripen, and European consortium Eurofighter’s Typhoon are all being assessed by the Southeast Asian nation to replace it aging fleet of Russian MiG-29 fighters jets.

Mar 17, 2015

New Malaysia airline plans to buy Bombardier CSeries jets worth $1.5 billion

LANGKAWI, Malaysia (Reuters) – A new privately held Malaysian airline intends to buy 20 Bombardier Inc (BBDb.TO: Quote, Profile, Research, Stock Buzz) CS100 aircraft for $1.5 billion, in what could be the Canadian planemaker’s first order in Southeast Asia for its long-delayed CSeries passenger jet program.

The airline, called flymojo, could also buy 20 more aircraft, which would raise the value of the deal to $2.94 billion, according to a letter of intent announced on Tuesday at the Langkawi International Maritime and Aerospace show.

Mar 9, 2015

Malaysia Airlines says expired battery on MH370 did not hinder search

KUALA LUMPUR/SYDNEY, March 9 (Reuters) – Malaysia Airlines
said on Monday that an expired battery in the underwater locator
beacon of the “black box” flight data recorder on missing Flight
MH370 would have made no difference in the search for the plane.

Lawyers acting for some of the families of those on board
said earlier that the fact the battery had not been replaced -
revealed in a weekend report on the anniversary of MH370′s
disappearance – could be key in any legal action against the
airline.

Mar 8, 2015

Malaysian PM says committed to search for missing plane

KUALA LUMPUR, March 8 (Reuters) – Prime Minister Najib Razak
said on Sunday Malaysia remains committed to the search for the
missing MH370 jetliner a year after it vanished without trace
and he is hopeful it will be found.

A team led by Malaysia with investigators from various
countries including the United States, Britain, China, France
and Australia is due to release an interim statement on their
inquiry into the cause of the disappearance on Sunday.

Mar 8, 2015

Malaysian PM says committed to search for MH370

KUALA LUMPUR (Reuters) – Prime Minister Najib Razak said on Sunday Malaysia remains committed to the search for the missing MH370 jetliner a year after it vanished without trace and he is hopeful it will be found.

A team led by Malaysia with investigators from various countries including the United States, Britain, China, France and Australia is due to release an interim statement on their inquiry into the cause of the disappearance on Sunday.

Mar 5, 2015

Exclusive: Malaysia’s 1MDB to be dismantled under debt plan – sources

KUALA LUMPUR (Reuters) – Malaysia’s indebted and controversy-ridden state investor 1MDB will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources with direct knowledge of the matter said.

The power and property fund, a pet project of Prime Minister Najib Razak with assets worth $14 billion, was hit by losses last year and nearly defaulted on a loan payment. The near-miss drove down the ringgit currency MYR= and Malaysian government bonds and prompted calls from opposition leaders to make the fund’s accounts more transparent.

Mar 5, 2015

Malaysia’s 1MDB to be dismantled under debt plan-sources

KUALA LUMPUR, March 4 (Reuters) – Malaysia’s indebted and
controversy-ridden state investor 1MDB will be left as a
skeletal structure and possibly dissolved under a debt repayment
plan in which most of its assets will be sold, sources with
direct knowledge of the matter said.

The power and property fund, a pet project of Prime Minister
Najib Razak with assets worth $14 billion, was hit by losses
last year and nearly defaulted on a loan payment. The near-miss
drove down the ringgit currency and Malaysian government
bonds and prompted calls from opposition leaders to make the
fund’s accounts more transparent.

Feb 27, 2015

Malaysia’s 1MDB faces fresh debt payment test

HONG KONG/KUALA LUMPUR, Feb 27 (Reuters) – Malaysia’s
debt-laden state fund 1MDB faces a fresh test of market
confidence in coming weeks when a bond coupon payment falls due.
Failure to pay could trigger a sovereign downgrade.

1Malaysia Development Bhd (1MDB), a property-to-energy fund
whose advisory board is chaired by Prime Minister Najib Razak,
has built debt of nearly 42 billion ringgit ($11.73 billion) to
build a portfolio of power plants.

Feb 25, 2015

Malaysia’s AirAsia X to cut costs, may defer plane deliveries -Acting CEO

KUALA LUMPUR, Feb 25 (Reuters) – Malaysia’s AirAsia X Bhd
will cut flights on unprofitable routes, reorganise
staff and defer some aircraft deliveries to turn around the
loss-making long-haul budget carrier, the airline’s acting chief
executive said on Wednesday.

“Capacity reduction and cost-cutting within the organisation
would be two strategies this year,” Benyamin Ismail, the acting
Chief Executive Officer of AirAsia X said in a telephone
interview. Squeezed by intense competition in Southeast Asia’s
crowded aviation business, the airline has lost money for the
last five quarters.