MONEY MASTER

PETRONAS to cut spending by RM50 bil over 4 years PETRONAS out of gas? Over the week, Wall Street Journal reported that Petroliam Nasional Bhd (Petronas) plans to slash as much as 50 billion ringgit ($11.4 billion) in capital and operating expenditure over the next four years, according to an internal memo sent to staff by its chief executive officer. Petronas is the Malaysian government’s biggest source of revenue, covering as much as one third of the annual budget, even after cuts in subsidies and the introduction of new taxes to diversify sources of income.  Petronas confirmed that it had circulated the memo as part of “ongoing efforts to optimize costs to address the impact of the continuous fall in crude oil prices.”  The firm has been hit by a slump in oil prices, which have fallen over 70% over the past 18 months. BANK NEGARA RESERVES FALL TO US$95.1 billion Bank Negara Malaysia's international reserves fell by a marginal 0.21% to US$95.1 billion in the...

MALAYSIA WILL ONLY SIGN TPPA IF BENEFICIAL Malaysia will only sign TPPA if beneficial Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said Malaysia will only agree to the Trans Pacific Partnership Agreement (TPPA) if the terms are beneficial to the country. "Malaysia will only enter into the TPPA if it is mutually beneficial, on terms that we can agree to," said Wahid. He said that the agreement touches various issues, such as the Bumiputera policy, government procurement and state-owned enterprises. "The text will be finalised over the next 30 days or so. After that, it will be made public and it will go for tabling in parliament," he said. AGC SAY NO TO BANK NEGARA's REQUEST AGC: No offence by 1MDB The Attorney General's Chambers (AGC) has decided that no offence was committed by 1Malaysia Development Berhad (1MDB) based on an investigation paper (IP) by Bank Negara and no further action sh...