CapitaLand Ltd the largest real estate company in South East Asia by market capitalisation. Whose CEO, Kee Teck Koon, said the company had already submitted the proposal to Bursa Malaysia and is awaiting approval. The company will group its shopping mall assets in Malaysia, namely the Gurney Plaza in Penang, the Mines Shopping Fair in Seri Kembangan, Selangor and Sungai Wang Plaza in Kuala Lumpur for the trust, he told reporters after the topping-up ceremony of Tower D at Lot J, KL Sentral today.

Malaysia's ringgit will not strengthen until 2010 at the soonest due to falling commodity prices and the rising political tension. Crude oil and palm oil which accounts for 14.5% of Malaysia's exports in the first half of the year has fallen 23% and 45% respectively. Strategist Daniel Hui says "Falling commodity prices will be a net negative for the trade account, national income and the fiscal balance"

International Trade and Industry Minister Tan Sri Muhyiddin Yassin reported that Gross domestic product may grow at a "modest" pace of about 6 per cent in 2008. In fact, manufacturing investments in the first six months of 2008 accounted for US$7.2 billion or around 236 projects were approved during the period.However, Malaysia approved US$2.97 billion of manufacturing investments in the second quarter which 61 per cent decline from a year earlier.

The Malaysia government has set up a plan, including nine ministers, the central bank chief, top finance ministry officials and representatives from the private sector, to ensure food and fuel supply security and to review the system of subsidies and price controls in case of rising inflation and a slowing economy.

An investment magnet for the greater part of the 1990s, Malaysia has since seen a significant reduction in FDI in recent year as foreign investors focus on emerging economic powers China and India, as well as other regional markets such as Vietnam, Indonesia and Singapore.

Petronas, Malaysia's state oil company, reported a 31% profit increase from a year ago. The company's net income was RM61 billion (US$19 billion) as compared to RM46.4 billion a year earlier. With operations in more than 33 countries, international operations was the biggest contributor to Petronas' earnings. It accounted for 40.3% of the company's total revenue.

The Group of Eight Developing Countries (D-8) finished its summit with a pledge to grant more privileges to one another with the goal of smoothing the flow of trade of goods and services among member states. Under the agreement, member states would grant tax relief to each other's products and would set up visa-free facilities. The two-day summit, the sixth for the D-8, was held in Kuala Lumpur.

The leaders of Malaysia are calling for limited production of biofuels from crops and vegetable oils in order to ease a global food crisis. Since crude prices have reached record highs, the use of alternative fuels and the demand for biofuel crops have reached record highs as well. The prices of grains such as rice, corn, wheat, and soybean have hit a high, too. Datuk Seri Abdullah Ahmad Badawi, the Malaysian Prime Minister, urges countries to increase investment in agriculture as a response to all this. Abdullah also expresses fear that the global food scarcity issue will deepen unless such heavy production of biofuels is stopped.

To cut cost, the government placed a limit on the number of events that could be held in hotels. At the start of June, ministries, government departments and agencies were asked to refrain from holding courses, seminars, workshops and retreats at hotels and resorts. Events other than international level functions are now also limited and held at other facilities. Today, less than a month since the limitation was enforced, hoteliers have estimated that they lost roughly RM100 million in revenue.

As the price of oil continues to surge and the global economy continues to slow, the aviation industry faces a less than optimal future. Unless the industry takes drastic measures including mergers and substantial fare increases, the outlook for global aviation is “really bleak,” says Malaysia Airlines. The national carrier's managing director and CEO Datuk Seri Idris Jala claims that the airline industry will collapse and cause a ripple effect throughout the entire world economy unless adjustments are made quickly.