Malaysia Airlines ‘technically bankrupt’; remains as international service carrier
The airline previously known as Malaysian Airline System Bhd (MAS) has been replaced by its new legal entity, Malaysia Airlines Bhd (MAB). Newly-appointed CEO Christoph Mueller said that the carrier is “technically bankrupt”, requiring measures to scrap some international routes and review its fleet. The airline will remain an international full-fledged service carrier, and not a regional carrier. All domestic routes would be retained as well. The announcements come in light of the recent job cuts at MAS, where 6,000 jobs were cut in the carrier’s restructuring efforts. (The Malay Mail Online)

Kwasa Land issues pre-qualification invite for township
Kwasa Land Sdn Bhd, a wholly-owned property development arm of the Employees Providend Fund (EPF), is calling for a second round of pre-qualification of potential development partners for its iconic township development, Kwasa Damansara. The company is seeking three categories of developers for the project, which is expected to take 15-20 years and generate GDV of RM 50 billion. (The Edge Financial Daily)

WCT to build 2 new malls
WCT Holdings Bhd is planning to build 2 new malls under the Paradigm brand in Johor Bahru and Kuala Lumpur. The construction of Paradigm Mall Johor Baru is underway and launched next year, while the Paradigm Kuala Lumpur in Old Klang Road will be a mixed development costing RM700 mil. Other highly successful developments by WCT include The Curve and Tesco Mutiara Damansara, AEON Malacca, Paradigm Mall PJ, and Gateway@KLIA2. (The Star Online)

Federal government to develop Kelantan
The federal government will focus more on developing Kelantan so that it will not be left behind when Malaysia achieves high-income developed nation status in 2020. Kelantan is still far behind other states in terms of infrastructure. Three major projects, which include construction of the Kota Baharu-Kuala Krai highway, expansion of the Sultan Ismail Petra Airport in Pengkalan Chepa, and integrated flood mitigation projects (dams) along Sungai Kelantan, will be the catalyst for the Northern state’s development. (Bernama)

Discontinued projects will not affect Iskandar development
Development projects that are discontinued in Iskandar Malaysia will not directly affect the region’s development, as it already has a firm footing. Iskandar Regional Development Authority chief executive Datuk Ismail Ibrahim Ismail said that this was not an indication of underlying problems, as it was a normal occurrence in areas with rapid economic growth. The statement was in response to UEM Sunrise’s decision to halt its plans to build its Asian Trade Centre mega-mall in Nusajaya, Johor.(Bernama)

Takaso expanding into property development
Loss-making condom maker Taksaso Resources Sdn Bhd is expanding into the property development business and entered into a joint venture agreement with SSPP Development Sdn Bhd to develop a parcel of land in Kuantan, Pahang. The company’s current business is dependent on global demand trends, and the project could contribute around 25% net profits to the group. Earlier in April this year, the company received shareholders’ approval to venture into property to boost earnings. (The Sun Daily)

First MERS deaths in South Korea
Three people have died of the Middle East Respiratory Syndrome (MERS) in South Korea. The vast majority of cases are in Saudi Arabia and other Middle Eastern countries, but South Korea has reported 17 cases since last month. There have been 479 fatalities of from MERS, but the only previous fatality in East Asia was a Malaysian man who died in April after returning from Saudi Arabia. (MSN)