Masidi: Sabah committed to recover State Sales Tax from REPSOL, SEA Hibiscus
KOTA KINABALU (June 10): The Sabah government remains fully committed to pursuing all its constitutional and legislative rights to recover the State Sales Tax (SST) due for the sale of petroleum products from both Repsol Oil and Gas Ltd (REPSOL) and SEA Hibiscus Sdn Bhd (SEAH). Sabah Second Finance Minister Datuk Seri Masidi Manjun said the step is in accordance with the State Sales Tax Enactment 1988. “For the record, both REPSOL and SEAH had applied to the (Sabah) Ministry of Finance and were subsequently issued with the requisite licence as a ‘taxable person’ pursuant to the State Sales Tax Regulations 1999. Masidi claimed that there had been discussions between the representatives of the parties in relation to this issue. “The State government of Sabah reserves its rights to take any action deemed necessary within the powers, authority and jurisdiction of the State,” he said.
Source:The Edge Markets
June 11, 2022 02:30 UTC
IWCity decides not to appeal to Bursa's rejection of relief application
KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) has decided not to appeal to Bursa Malaysia Securities Bhd’s rejection of the company’s relief application but instead will focus on improving its business operations within the 12-month regularisation period. It said this was upon due consideration of the existing facts and the just improving property market conditions which would have timing gaps in recognising the revenue by IWCity and its subsidiaries. IWCity was referring to the announcement made on March 25 in relation to its relief application to Bursa Securities from classifying it as an affected listed issuer pursuant to Paragraph 8.03A(2)(b) of the MMLR and also Bursa Securities’ rejection to the relief on June 3. Hence, IWCity believes it would be able to rectify its Paragraph 8.03A affected listed issuer status within the said regularisation period. The company is required to regularise its condition within 12 months from the date of the announcement, among others, by submitting a regularisation plan to the Securities Commission Malaysia or Bursa Securities.
Source:The Star
June 11, 2022 00:11 UTC
QuickCheck: Did a car ram into a woman at a petrol station?
A VIDEO clip is apparently circulating, showing a woman making payment at the counter of a petrol station when a car suddenly shoots forward and rams into her. VERDICT:TRUEIn the June 5 incident in Tawau, the driver of the car was leaving the station at 9.30am after refuelling when she accidentally stepped on the accelerator, thinking it was the brake. This caused the car to shoot forward and crash into the woman, who fortunately escaped with cuts and scrapes on her legs. According to Tawau police chief Asst Comm Jasmin Hussin, the counter sustained significant damage and checks found that the driver did not possess a licence. In a statement on Friday (June 10), he also urged the public not to speculate on the incident after a video clip was shared on social media.
Source:The Star
June 10, 2022 21:17 UTC
Iskandar Waterfront City decides not to appeal against relief application rejection by Bursa Securities
KUALA LUMPUR (June 10): Iskandar Waterfront City Bhd (IWCity) has decided not to appeal against the rejection of the relief application by Bursa Securities and said that it is now a Paragraph 8.03A affected listed issuer. The regulator had via its letter dated June 3, rejected IWCity’s relief application. The group stressed that it has unbilled sales of approximately RM65 million, which will be recognised as revenue progressively in the current financial year onwards. In light of the above, IWCity believes the group will be able to rectify its Paragraph 8.03A affected listed issuer status within the said regularisation period. Shares in IWCity closed one sen or 3.08% lower to 32 sen on Friday, giving it a market capitalisation of RM290.16 million.
Source:The Edge Markets
June 10, 2022 18:58 UTC
MY EG partners Philippines tourism authority to implement online travel tax payment portal
KUALA LUMPUR (June 10): MY EG Services Bhd’s unit is partnering with the Philippines’ tourism authority to implement an online payment portal designed to facilitate payment for travel taxes. In a filing with Bursa Malaysia, the group said its 40%-owned unit I-Pay MYEG Philippines Inc has entered into a Memorandum of Agreement to partner Tourism Infrastructure and Enterprise Zone Authority (TIEZA) to make payment of travel taxes more effortless. Philippines citizens will have multiple options to pay for travel tax anytime online through this partnership, the group said. “We are committed to support TIEZA in providing the traveling citizens an easier, faster and hassle-free way of paying for their travel taxes,” said I-Pay MYEG Philippines CEO Ann Margaret Saldaña. closed unchanged at 91 sen on Friday (June 10), giving the group a market capitalisation of RM6.74 billion.
Source:The Edge Markets
June 10, 2022 13:25 UTC
My Say: Breaking down silos in the palm oil industry
As the country rides the most perfect storm in the palm oil industry, discontinuity and anxiety are certainly not welcome. Science and engineering head startOn May 16, I delivered a webinar for the Institution of Chemical Engineers’ Palm Oil Processing Special Interest Group titled “The Sustainability of Science and Engineering in the Malaysian Palm Oil Industry”, where I shared how we have squandered the head start our technologists have given us in the palm oil industry due to the inability of its stakeholders to work well together. After 22 years, it was adopted by the Malaysian Palm Oil Association (MPOA) and Palm Oil Refiners Association of Malaysia (PORAM) on July 1, 2004. Within MPIC, apart from the agencies MPOB, MPOC (Malaysian Palm Oil Council) and MPOCC, there is the Palm Oil and Sago Industries Division (BISS) and Biofuel Division (BBA). A long-term policy aligned with the national strategy would ensure that the palm oil industry stays on course.
Source:The Edge Markets
June 10, 2022 05:23 UTC
Stop! You are on camera
“For those who do, the traffic volume was not that high compared to normal days. “However, during the transition into the endemic phase, the traffic volume was much higher than expected,” he said. But if you look at the video of the incident, it’s a miracle that none of the other road users were seriously injured. I have been toying around with the idea of installing a dashboard camera in my car for some time now. The camera footage can be used by the police and Road Transport Department as traffic evidence, and it certainly can be used against road bullies.
Source:The Star
June 10, 2022 02:37 UTC
Malaysian tourism sees rebound, arrivals expected to hit 5 million by year-end
KUALA LUMPUR (June 9): The number of foreign tourist arrivals to Malaysia is expected to hit 5 million by the end of this year, according to the country's largest association for travel and tour. The easing of restrictions since April 1 and the renewed surge in international travel put the industry in a good position to recover, Malaysian Association of Tour and Travel Agents (MATTA) President Tan Kok Liang told Xinhua in a phone interview. "We have had around 1 million arrivals since the government lifted restrictions on international tourism arrival. Tan, however, said the tourism sector still faces challenges, most notably a shortage in manpower following two years of disruptions and other problems in securing foreign workers. According to data from Tourism Malaysia, an agency under the Ministry, Malaysia recorded 26.1 million arrivals in 2019, contributing RM$86.1 billion (US$19.59 billion), with this figure dropping to 4.33 million arrivals in 2020 as the pandemic took hold and only 130,000 arrivals in 2021.
Source:The Edge Markets
June 09, 2022 23:26 UTC
Bursa ends lower across the board
KUALA LUMPUR (June 9): Bursa Malaysia ended lower across the board, in tandem with regional peers, extending its losses for the sixth consecutive day, amid the negative sentiment surrounding the region. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 14.15 points weaker at 1,509.71 from Wednesday’s close of 1,523.86. Total turnover decreased to 2.88 billion units worth RM2.06 billion compared with 3.26 billion units worth RM1.96 billion on Wednesday. Main Market volume decreased to 1.66 billion shares worth RM1.7 billion against 1.71 billion shares worth RM1.55 billion on Wednesday. ACE Market volume reduced to 923.57 million shares worth RM302.22 million from 1.01 billion shares worth RM317.92 million previously.
Source:The Edge Markets
June 09, 2022 21:48 UTC
Keeping a tight lid on debt
(pic)“Part of this involves having a fiscal charter – an overall debt limit that would capture all the debt such as government guaranteed debt. This would indirectly help keep the country’s debt in check by instilling some discipline in government expenditure, the forum heard. The bill will include efforts to broaden the country’s tax base by taxing the shadow economy as well as improving tax compliance and administration. Johan also said no new taxes would be introduced until the country’s economy has fully recovered from the Covid-19 pandemic. Meanwhile, Maybank Investment Banking Group (Maybank IBG) said fund raising activities by the capital markets had remained strong.
Source:The Star
June 09, 2022 14:03 UTC
Market optimists point to 2022 ending on a high
As life continues to settle down, he said, the Federal Reserve (Fed) may find it easier to battle inflation. Fed officials are mum ahead of their meeting next week and the data calendar is light until tomorrow’s inflation report. While the US labour market remains tight, signs of normalisation can already be seen, said Dutta. Aggregated credit and debit card spending was up 9% year-over-year in May, with credit card spending higher by 16% and debit card advancing by 4%. “Our card data shows continued growth in consumer spending, but inflation is challenging households’ purchasing power,” Bank of America Institute senior economist David Tinsley said in a statement.
Source:The Star
June 09, 2022 10:31 UTC
Expect up to 40% hike in nursery and kindie fees, parents told
KUALA LUMPUR: Parents should brace for an increase of up to 40% in nursery and kindergarten fees with the new minimum wage in effect. The Putrajaya Nursery and Kindergarten Operator Association (Puspajaya) said while it supported the increase of the minimum wage to RM1,500, parents should also understand the need to increase fees in line with the rise in operating costs. ALSO READ: Health DG: 82,846 HFMD cases reported as of June 4A study conducted by Puspajaya predicted that the hike will be between 20% and 40%, Husna said. “We hope parents understand that the hike is to cover our operational fees, as well as food and ensuring their children's comfort," she said. “The RM180 subsidy per child should also be increased to RM300 given the costs that parents are bearing now,” she added.
Source:The Star
June 09, 2022 09:29 UTC
Important to take time off for self-care
In fact, most are not even able to find some time in the day to take a nap! To be honest, in my younger days, I was not aware of the importance of rest. But I realise the importance of that short rest now. So, one could safely say that young people these days are not resting enough not because they don’t want to but because they cannot! And for those who are struggling to make ends meet, please hang in there and practise self-care in whatever little but meaningful ways that suit your time, energy and money.
Source:The Star
June 09, 2022 09:00 UTC
My Say: Making bricks from clay: Digitising our historical data
In The Adventures of the Copper Beeches, Sherlock Holmes bemoans to John Watson: “Data! Digital data does not just stop there, of course. And it is undeniable that all the digital data that we produce on a daily basis will continue to remain pervasive in our lives moving forward. That being said, while all of this digital data certainly opens all kinds of avenues for exploration, the methods or “combustion engine” that uses this data can also be used for other kinds of data. And to come back to Sherlock Holmes, perhaps with modern-day techniques, Holmes might not just be building bricks from clay — he may be building the digital version of St Peter’s Basilica.
Source:The Edge Markets
June 09, 2022 03:34 UTC
DPI Holdings increases product prices and automation to protect margins
“For perspective, 40% of our raw material cost is directly and indirectly impacted by oil prices. Peter, who founded the company in 1982, admits that the current headwinds of rising raw material prices and escalating shipping fees have eroded profit margins in the financial year ending May 31, 2022 (FY2022). Now, we have to closely monitor the Russia-Ukraine war because global crude oil prices are causing inflationary pressures. Higher oil prices will lead to higher raw material cost and higher logistics cost, that’s for sure, and that is something that we need to manage,” he says. “We have been communicating with our customers, telling them that the shipping costs and raw material prices have gone up, and we have little option but to increase our selling prices.
Source:The Edge Markets
June 08, 2022 19:59 UTC