Bank Negara Malaysia raided Axios Group Sdn Bhd in Cheras on Thursday for allegedly using the word “bank” in their office premise signage and websites without approval.

Bank Negara, Malaysia’s central bank, said Axios was suspected to have committed the offence under section 139(1)(a) of the Financial Services Act 2013 (FSA) without its written approval.

During the raid, relevant documents and computers were seized to assist in the investigation.

Under section 139(1) of the FSA, it is an offence for any person to use the word “bank” without written approval unless such person is licensed under this Act to carry on banking business or investment banking business.

If convicted, the person can be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding 25 million ringgit or both. – The Star

Indonesia eyes deal with Rio Tinto in June

Indonesia’s State-Owned Enterprises Minister Rini Soemarno has said the government is aiming at concluding its negotiations with Rio Tinto on the purchase of the latter’s interests in Papua’s Grasberg mine – the world’s largest gold and second-largest copper mine.

She, however, was reluctant to talk about the negotiation involving state-owned mining company PT Indonesia Asahan Aluminium (Inalum), as a representative of the government and Freeport McMoran, the parent company of PT Freeport Indonesia (PTFI), and Rio Tinto.

“If we have signed the agreement, we will reveal it. God willing, the negotiation will be concluded in June,” said Rini in Jakarta on Thursday as reported by tribunnews.com.

Previously, London-based Rio Tinto confirmed it was discussing the sale with Inalum and Freeport McMoran. Rio Tinto said it noted reports of the potential purchase by Inalum of Rio Tinto’s entire interest in the Grasberg mine for US$3.5 billion.

Rini also declined to comment about the price of Rio Tinto’s participating interests in mining, saying that it was under negotiation.

“No, we cannot reveal it. We are in the process of [document] finalisation before we sign the agreement,” she stressed.

The government has appointed Inalum to buy PTFI’s shares, in line with a law that requires foreign mining companies to divest 51 percent of their shares to Indonesian entities. – The Jakarta Post

Roll back of petroleum products excise tax urged

Philippine Senator Bam Aquino has dared the current administration to roll back the first tranche of excise tax imposed on petroleum products, amidst the surge in the price of petroleum products.

Aquino made the call following the statement of the Department of Energy (DOE) that the immediate suspension of excise tax on oil products is allowed under the Tax Reform for Acceleration and Inclusion (TRAIN) law.

However, the DOE said the suspension would only cover the excise taxes due for 2019, and will only take effect if the prices of imported crude oil be pegged at $80 per barrel for three consecutive months.

Aquino was one of four senators who voted against the ratification of the TRAIN law. He recently filed Senate Bill No 1798, which seeks to amend the TRAIN law. If passed, the excise tax in oil products once the inflation rate surpasses the target over a three-month period will be suspended.

Aquino said he included this measure during the deliberations on the TRAIN law, but was not included in the final draft during the bicameral conference. – Philippine Daily Inquirer

Maybank has limited exposure to Hyflux: Moody’s

Moody’s Investors Service expects Malayan Banking Bhd (Maybank) to sustain limited losses following its loan exposure to Singaporebased infrastructure company HYflux Ltd of S$720 million.

“Potential losses to Maybank should be limited. We assume that most or all of Maybank’s exposure is secured by the Tuaspring project or related cashflow receivables, or both,” it said yesterday.

The international rating agency said this should mitigate losses for Maybank in a worstcase scenario where Hyflux goes into bankruptcy.

“If the entire S$720 million is still with Maybank, and the exposure is classified as impaired, this will lead to a manageable 50 basis points increase in its impaired loans ratio, from 2.3 per cent as of December 31, 2017. – The Star