My Say: Get ready for Global Minimum Tax
What led to Global Minimum Tax (GMT)? To plug the tax leakages and end the race to the bottom in terms of tax rates, Global Minimum Tax (GMT) was mooted several years ago and has gained momentum ever since. Will Malaysia implement Global Minimum Tax? The government will introduce a “global minimum effective tax rate” as recommended under Pillar Two of the Base Erosion and Profit Shifting Project, and plans to implement a Qualified Domestic Minimum Top-up Tax (QDMTT) in 2024. GMT comprises the following tax-collection mechanisms:• QDMTT, which imposes GMT top-up tax on local entities and applies in priority.
Source:The Edge Markets
October 17, 2022 08:11 UTC
My Say: While Muslims must present Islam better, reciprocity is key in our multiracial society
The image of Islam on the international scene, as well as in Malaysia, is far from what the religion preaches. Kim, a Muslim convert friend of mine, sometimes finds it difficult to explain the simplicity of Islam to his non-Muslim friends. I told Kim that the onus is on Muslims to explain that Islam has so many common denominators with the different cultures of the world. Within the society, it practises justice, fairness and freedom, and wants Muslims to be grateful and remain humble. Muslim Spain was the key that unlocked Europe’s potential, opening it to the era of modernity — the Renaissance.
Source:The Edge Markets
October 17, 2022 04:03 UTC
Sabah, Petronas ink agreements to support domestic gas industry and education development
Sabah Energy Corporation Sdn Bhd (SEC) and Petroliam Nasional Bhd (Petronas) have signed key agreements for the supply of natural gas to SEC and for the sale of selected gas pipeline assets and businesses in Sabah. At the same event, SEC and Petronas exchanged documents on the sale of some of Petronas’ gas businesses in Sabah, which consist of gas supply agreements to five independent power producers (IPPs) in Sabah. SEC also exchanged documents with Petronas Gas Bhd (PGB) and Petronas Carigali Sdn Bhd (PCSB) for the sale of seven onshore gas pipelines in Sabah to SEC. With the acquisition of Petronas’ gas contracts in Sabah, SEC has become the largest domestic supplier and transporter of natural gas in Sabah, moving more than 250MMscfd of natural gas to the existing IPPs. Tengku Taufik said: “Petronas remains resolute in its commitment to support the Sabah state government’s aspirations for its oil and gas industry.
Source:The Edge Markets
October 16, 2022 22:12 UTC
Govt has enough money to implement Budget 2023, says PM
BERA: Prime Minister Datuk Seri Ismail Sabri Yaakob says the government has money to implement the Budget 2023, tabled on Oct 7, which is the largest budget ever prepared involving an allocation of RM372.3bil. "When we announced the budget in Parliament, that means we already have the money to implement everything that we promised... the money is already there but (the budget) has not been passed yet. Earlier, several media reported that the Gerakan Tanah Air (GTA) sponsor chairman Tun Dr Mahathir Mohamad questioned the government's ability to implement the essence of Budget 2023 because he claimed, among other things, that the government lacked funds and lacked efficiency to implement those projects. The Prime Minister said the development expenditure would involve, among others, rural infrastructures such as roads and bridges. These small and medium projects involved an allocation of RM3.7 billion and would benefit about 5,000 G1 to G4 class contractors.
Source:The Star
October 16, 2022 19:37 UTC
Edu Nation: An impressive English Language education conference
Each and every time an error in the English language is spotted, endless swipes are taken at the education system implying that the system is broken, the English language is doomed and our students’ future is on a downward spiral. It was thus timely, in fact overdue, that the 2nd International Conference on English Language, themed “Envisioning the Future of English Language Education: Exploring Innovations and Best Practices in English Language Teaching” was held on Sept 26 to 28 in the pro-English state of Negeri Sembilan. Parent Action Group for Education Malaysia has been advocating for a secondary school in every state, aligned to international school standards, solely to produce a constant stream of top-notch English language teachers. The legal eagles of the Ministry of Education will have to figure out the complexities of this arrangement to make it happen. While it may appear a daunting task, parents will forever be grateful and appreciative of the sacrifices that passionate and dedicated English language teachers have made for our children.
Source:The Edge Markets
October 16, 2022 15:32 UTC
Soaring dollar leaves food piled up in ports as world hunger grows
LONDON/ACCRA/KARACHI (Oct 16): Food importers from Africa to Asia are scrambling for dollars to pay their bills as a surge in the US currency drives prices even higher for countries already facing a historic global food crisis. They cannot pay for these commodities," said Alex Sanfeliu, world trading head for crop giant Cargill Inc. "It's happening in many parts of the world." The International Monetary Fund (IMF) has warned of a catastrophe at least as severe as the food emergency in 2007-08, US Treasury Secretary Janet Yellen last week called for more food aid for the most vulnerable, while the World Food Programme said the globe is facing its largest food crisis in modern history. But the soaring dollar threatens to erode some of that benefit, according to Monika Tothova, an economist at the United Nations' Food and Agriculture Organization, which sees this year's global food import bill at a record high. Weather shocks have driven volatility in recent months, stocks are low and soaring fertiliser and energy prices are boosting food production costs.
Source:The Edge Markets
October 16, 2022 12:45 UTC
Covid-19: Another 2,023 new cases, cumulative total now 4,865,480
PETALING JAYA: Malaysia has recorded 2,023 new Covid-19 infections on Saturday (Oct 15), bringing the total number of cases in the country to 4,865,480 since the pandemic began. The Health Ministry's KKMNow portal reported that 2,010 of the new Covid-19 infections were local transmissions while 13 were imported cases. There were 1,699 recoveries, bringing the cumulative total of recoveries to 4,805,184. There are currently 23,881 active Covid-19 infections in the country, with 22,882 (95.8%) observing home quarantine. Of this number, 965 Covid-19 patients (4%), have been admitted to hospitals nationwide, with 34 (0.15%) warded in intensive care units (ICU).
Source:The Star
October 16, 2022 02:22 UTC
Candidates popular on social media have high chance of attracting young voters
KUALA LUMPUR: Election candidates who are active and popular on social media have a high chance of winning the hearts of voters, especially young people who will be voting for the first time in the 15th General Election (GE15). In addition, he said that young voters generally prioritise candidates who were viewed and believed to be able to provide direct benefits to that group. "Young (new) voters in the Johor state election context did not come out in droves to vote. In addition, he said that the findings of several studies conducted also show that up to now young voters did not show interest and inclination and high priority in matters related to politics. "I think it is quite safe for us to say that young voters will not have a big impact on the outcome of the upcoming GE15.
Source:The Star
October 15, 2022 10:19 UTC
My Say: What happened to Malaysia when stagflation last hit the US
This means that another 125bps of interest rate hikes are in the offing. Powell went on to say that the final target is to bring inflation down to 2%, from August 2022’s 8.3% year on year. Malaysia started the period already at high interest rate levels and kept them high throughout the period, with a peak of 12.4% in 1982. Despite the higher interest rate posture by Malaysia, the ringgit actually fell against the USD in the period from 1980 to 1987 (see Chart 4). Due to Malaysia pegging the ringgit to the USD in 1998, our economy is pro-cyclical with the US’ as Chart 5 shows.
Source:The Edge Markets
October 15, 2022 04:28 UTC
YES launches flagship experience store with free 5G wifi
KUALA LUMPUR (Oct 14): YES, YTL Communications Sdn Bhd’s (YTL) mobile network operator, has launched its first YES Experience Store, where customers can purchase telecommunication products and services. He said all YES retail stores nationwide would follow suit soon, using the same concept and design. In terms of coverage, Lee said the YES 5G nationwide coverage currently stands at 32%. “While 90% of 5G coverage is in Kuala Lumpur, Putrajaya and Cyberjaya, by year-end, we will reach 40% coverage nationwide,” he said. Among other things, the YES Experience Store also offers customers a hands-on experience of 5G technology, from the latest 5G devices and 5G-powered robots to virtual reality experiences.
Source:The Edge Markets
October 14, 2022 21:05 UTC
My Say: Five measures to ensure food security
The recent shortage of chicken and high food prices have created awareness of the food security situation in the country. The food security of a nation is measured broadly by four criteria: the availability of food, its affordability, safety and quality, and the state of natural resources and resilience of the food sector. Second, the trade war and decoupling of China and the US have spilled over to the food trade as well. To ensure food security, the effort must be premised on agricultural land reform. By improving quality and yields, it will benefit the country in terms of food security and food safety.
Source:The Edge Markets
October 14, 2022 09:31 UTC
RHB IB stays 'overweight' on building materials, Press Metal top pick
KUALA LUMPUR (Oct 14): RHB Investment Bank Research has maintained its “overweight” rating of the building materials sector due to the tight global aluminium supply, increasing global decarbonisation towards low-carbon content aluminium, and improvement in cement demand pending the roll-out of infrastructure projects post elections. In a note on Friday (Oct 14), the research house said its sector top pick is Press Metal Aluminium Holdings Bhd (PMAH) given it is a proxy for low carbon-producing aluminium smelters in the Asean region and its proactive hedging policy which should shelter its realised average selling price (ASP) amid softness in London Metal Exchange (LME) prices. The research house said it maintained its ESG score for Malayan Cement Bhd (LMC) despite an improvement in the “S” factor on the back of zero workplace fatalities as the ESG disclosure was inadequate given the lack of further deliberation from LMC compared to the other operations of its largest shareholder YTL Corp Bhd. “We downgrade Cahya Mata Sarawak Bhd’s ESG score to 2.3 from 2.4 as we think the governance aspect remains weak and should continue to be a key concern among investors,” it said. RHB IB said key downside risks include a decline in LME aluminium prices, higher-than-expected raw material costs, and lower-than-expected cement ASPs.
Source:The Edge Markets
October 14, 2022 09:31 UTC
7 hot springs in Malaysia to soak your worries away
Well, Malaysia has its fair share of hot springs too, as the country does have inactive volcanoes, and also extinct ones. Suria Hot Springs, PahangAlso located in a rainforest, the Suria Hot Springs is a great place for families, although it does tend to get fully booked during school holidays. Lost World Hot Springs and Spa, PerakLocated within a water theme park in Ipoh, the Lost World Hot Springs features multiple natural hot spring pools. Lost World Hot SpringsKampung Panchor Hot Spring, SarawakThe Kampung Panchor Hot Spring is nestled in the rainforest, about an hour’s drive from the state capital, Kuching. Jasin Hot Springs, MelakaA popular place with families, the Jasin Hot Springs has existed for over a century.
Source:The Star
October 14, 2022 03:02 UTC
FBM KLCI opens marginally higher on bargain hunting
KUALA LUMPUR (Oct 13): The FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded to open marginally higher on Thursday (Oct 13), supported by bargain-hunting activities despite the cautious sentiment on Wall Street overnight, a dealer said. At 9.10am, the benchmark FBM KLCI rose by 1.9 points to 1,382.47 from Wednesday's close of 1,380.57. The benchmark index opened 4.29 points higher at 1,384.86. “On the home front, despite the weak market undertone, we reckon some bargain hunting will emerge in the FBM KLCI after three consecutive days of declines. Among the heavyweights, Malayan Banking Bhd (Maybank) eased by one sen to RM8.50, while Public Bank Bhd gained one sen to RM4.23, CIMB Group Holdings Bhd rose one sen to RM5.31, and IHH Healthcare Bhd increased one sen to RM5.55.
Source:The Edge Markets
October 13, 2022 13:24 UTC
GE15: PKR to finalise candidates list before Oct 20, says Rafizi
PETALING JAYA: PKR will finalise its choice of candidates before the Election Commission (EC) meets on Oct 20 to discuss possible dates for the 15th General Election (GE15), says Rafizi Ramli. The PKR deputy president said that with voters calling for higher-quality candidates, PKR introduced a candidate-vetting process that is more transparent, objective and democratic, he said in a statement on Wednesday (Oct 12). "PKR election candidates will be finalised no later than Oct 19, '' he said. This comes after PKR invited Malaysians to nominate themselves as election candidates via the website http://www.calonkeadilan.org/. According to Rafizi, 1,673 individuals had already nominated themselves as PKR candidates as of 10am Wednesday.
Source:The Star
October 12, 2022 18:26 UTC