Zafrul: Cukai Makmur justified
“Cukai Makmur, on the other hand, only affects those companies having more than RM100mil chargeable income. Looking ahead, Tengku Zafrul said any potential impact of Cukai Makmur on the stock market could be partly outweighed by the broad-based economic recovery in 2022. “Top Glove Corp Bhd has also said it is happy to contribute to Cukai Makmur. So far, the company has paid approximately RM2bil in corporate income tax this year and the Cukai Makmur is not expected to impact its dividend payment,” according to Tengku Zafrul. “Cukai Makmur certainly does not fall in that spirit,” he said.
Source:The Star
November 10, 2021 00:29 UTC
UK to add Sinovac, Sinopharm, Covaxin to approved vaccine list
LONDON (Bernama): The United Kingdom will add China's Sinovac and Sinopharm and India's Covaxin vaccines to the country's approved list of Covid-19 vaccines for inbound travel, the government announced on Monday (Nov 8). In the United Kingdom, passengers who have been fully vaccinated and have received their vaccine certificate from one of over 135 approved countries and territories are not required to take a pre-departure test, day eight test or self-isolate upon arrival. Instead, passengers will just need to pay for a lateral flow test to take before the end of their second day, post-arrival. British Health Secretary Sajid Javid said the new announcement is a step forward for the travel industry, businesses and for family and friends seeking to reunite or go abroad. "The red list and quarantine system remain vital in protecting our borders, and as we’ve said, we will not hesitate to take action by adding countries to the red list if necessary," he added.- Bernama
Source:The Star
November 09, 2021 17:43 UTC
Mlabs System external auditor PKF expresses qualified opinion in AFS
KUALA LUMPUR: MLABS Systems Bhd ’s external auditors, Messrs. PKF has expressed qualified opinion in the company's audited financial statements for the financial year ended June 30, 2021. In a filing with Bursa Malaysia on Tuesday, the qualified opinion was about Mlabs’ subsidiary which had invested in Coinful Capital Fund. PKF said the fund participated in the non-voting, redeemable shares issued by DGC Fund, a segregated portfolio of Coinful Capital Fund, which is known as Coinful Growth Fund I (CGFI). Meanwhile, PKF also said during the financial year, Mlabreported realised gain on investment amounted to RM757,543. PKF pointed the the subsidiary has taken a role as an investor hedging against the fluctuation of gold price.
Source:The Star
November 09, 2021 16:42 UTC
Sri Ram: 1MDB finances were run like a 'coffee shop'
KUALA LUMPUR (Nov 9): The financial situation of 1Malaysia Development Bhd (1MDB) was likened to a “coffee shop” by prosecutor Datuk Seri Gopal Sri Ram at the 1MDB-Tanore trial on Tuesday. “It is to show negligence and mismanagement, for which my client was blamed," said Wan Aizuddin. At this point, Sri Ram chimed in and told the judge that they are tolerating Wan Aizuddin’s cross-examination because it was “totally irrelevant to their case”. Chinese coffee shop“It appears that 1MDB’s finances were run like a Chinese coffee shop on Petaling Street. We are prepared to tolerate this line of cross-examination only because it is completely irrelevant to our case," Sri Ram told the judge.
Source:The Edge Markets
November 09, 2021 12:55 UTC
'No desire for truth' in Spain church over child sex abuse
Unlike in other countries where child sex scandals have forced the Catholic Church towards accountability, the Spanish church has avoided investigating alleged abuses by its clergy to the fury of victims. In France alone, a study commissioned by the French Catholic Church found last month its clergy had abused some 216,000 minors since 1950. But in Spain, there are no official statistics on child sex abuse. The Church says it has counted just 220 cases since 2001, and has ruled out "actively" investigating any such allegations. Although the Church follows abuse prevention protocols in line with those laid out by the Vatican, victims' groups want the Spanish government to step in with legislation to prevent Church cover-ups.
Source:The Star
November 09, 2021 06:54 UTC
MY Say: Act on tax reforms and pandemic’s lessons
It seems that the Malaysian government did not want to risk anything with Budget 2022. Budget 2022 set its focus on protecting and driving the recovery of livelihoods, rebuilding national resilience and catalysing reforms. The projected increase in tax revenue in 2022 assumes a 6% increase over the 2021 tax collection. Budget 2022 was short on outlining initiatives to enable Malaysia to build a sustainable tax revenue base. All in all, Budget 2022 had a lot of allocations and grants like previous Budgets.
Source:The Edge Markets
November 09, 2021 05:40 UTC
My Say: Ensuring delivery and boosting confidence
The Budget speech stated that a Budget 2022 Committee (the Committee), chaired by the prime minister and coordinated by the Ministry of Finance, will be established to ensure that the measures under the federal budget achieve their objectives. For example, the EU Council recently added Malaysia to its so-called “grey list”, due to Malaysia’s FSIE regime. One way to boost taxpayer and investor confidence is to ensure clear and regular communication on impending tax changes. In the immediate term, the authorities should actively seek and monitor taxpayer feedback on the Budget 2022 proposals. We look forward to the success of the Committee and in seeing the Budget 2022 proposals spur Malaysia to greater heights.
Source:The Edge Markets
November 09, 2021 03:36 UTC
The stock exchange is entitled to exercise its power, says Bursa in response to Serba Dinamik lawsuit
KUALA LUMPUR (Nov 8): Being the frontline regulator of the capital market, Bursa Malaysia Securities is entitled to exercise its power pursuant to the listing requirements in the interest of maintaining an orderly and fair market, said the stock exchange in response to the legal action taken by Serba Dinamik Holdings Bhd. The regulator subsequently issued an ultimatum to Serba Dinamik to reveal the findings from the SIR on Oct 26 but was met with a denial. Serba Dinamik insisted in its bourse filing dated Oct 25 that its directors had not been given a "factual findings update" by independent auditor Ernst & Young (EY). To recap, the audit saga started in mid-May when KPMG highlighted discrepancies involving transactions to the tune of RM4.54 billion to the company's independent directors. Read also:Serba Dinamik sues Bursa for acting 'in excess of power'
Source:The Edge Markets
November 09, 2021 03:03 UTC
Promoting the circular economy
The virtual conference will highlight Malaysia’s sustainable finance journey and showcase Islamic Finance and Islamic Capital Markets as an enabler in achieving sustainable development globally. Tengku Zafrul added that the Finance Ministry would try to launch initiatives that promote the circular economy. Within Southeast Asia, bonds and sukuk issued under the Asean Green, Social and Sustainability Bond Standards amount to US$16.7bil (as at October 11, 2021 according to Asean Capital Market Forum). Syed Zaid also said digitisation has provided the catalyst for Islamic finance to progress. “Besides digitisation, another promising source of growth going forward is Islamic social finance.
Source:The Star
November 09, 2021 00:58 UTC
Make roads safer for cyclists
Training supervisor Shahril Azar Amir Hamzah, 44, said the state government should look at upgrading the facilities on all roads. He suggested that bicycle lanes be built along old roads from Ipoh heading to Kuala Lumpur. “My friends and I often cycle from Ipoh to Gopeng or Kampar via the old roads while other cyclists often cycle from Gopeng to Malim Nawar or Batu Gajah. “For federal roads, we have no plans to add bicycle lanes but we are considering widening and tarring these roads. “There has not been any requests for bicycle lanes so far,” he added.
Source:The Star
November 08, 2021 23:27 UTC
Wins for mental health in the month of October
There were lots of interesting things happening in the area of mental health last month (October 2021), the highlight of which was the World Mental Health Day that falls on Oct 10 each year. I was recently called to a meeting with the Health Minister, during which he showed great concern about mental health issues. Expanding insurance coverage to mental healthcare services is important because mental health problems increase the risk of medical problems like heart disease. Our Health Minister, who was a great advocate of mental health before he joined the Cabinet, was unanimously elected vice-president of the World Health Assembly to be held in Geneva, Switzerland, next May (2022). The heady days for mental health in the month of October (2021) also ended with a crowning glory.
Source:The Star
November 08, 2021 16:56 UTC
Malaysians travelling to US can show vaccination proof on MySejahtera
Fully vaccinated Malaysians travelling to the United States can show their proof of vaccination on the MySejatera app as well as negative Covid-19 test, according to the US Embassy in Kuala Lumpur.In a recently released explainer video, the embassy said the US accepts proof of vaccination by official sources.These include MySejahtera, CDC Covid-19 Vaccination Record card and other official certificates issued by respective countries. "Beginning November 8, foreign nationals travelling to the United States are required to demonstrate proof of full vaccination against Covid-19, in addition to showing proof of a negative Covid-19 test," said the US Embassy in a caption accompanying the video.Thevideo features two women in a casual conversation, interspersed with Bahasa Malaysia and local slang words, discussing travel requirements to the US. "Alamak...I heard those people who got certain vaccines cannot go to the US!" one of the women said during the conversation.However, a representative from the embassy assured that the accepted vaccines will include FDA approved or authorised and WHO Emergency Use Listing vaccines. "Anyone who is fully vaccinated with an FDA or WHO authorised vaccine can go to the US," the embassy staff explained, adding that those who didn't take booster shots are also allowed entry.For more information about travel requirements and visa application, visit my.usembassy.gov
Source:The Star
November 08, 2021 05:01 UTC
Couple scare up Halloween decorations for party at home
WHILE Halloween is more widely celebrated in North America, some Malaysians have embraced it with gusto. “This Halloween, we wanted to celebrate it differently as we could not visit any theme park. “So, we decided to have our own Halloween party at home with the standard operating procedure in place. “Decorations for Halloween are not easy to find, so we started looking for items like dry wood, branches, old clothing and cloth a bit early. For Halloween, the couple went all out to make their house as spooky as possible for a party with friends while adhering to the SOP, with decorations including special lighting effects and eerie sound effects to boot.
Source:The Star
November 08, 2021 02:54 UTC
No supporters allowed, candidates reminded
MELAKA: Candidates will not be allowed to bring supporters along when they file their candidacy for the Melaka state election today, state police chief Deputy Comm Datuk Abdul Majid Mohd Ali has reminded them. He said stern action would be taken by the authorities under the Prevention and Control of Infectious Diseases Act 1988 (Act 342). The Health Ministry had announced a ban on political gatherings and social events related to the state election from Oct 25 to Nov 27. DCP Abdul Majid also said drones were banned at all 28 nomination centres beginning today. DCP Abdul Majid also confirmed that interstate and district borders in Melaka would not be closed during the campaign period and that tourism was encouraged.
Source:The Star
November 08, 2021 02:48 UTC
Near-term market looks to stay indifferent, says Inter-Pacific
KUALA LUMPUR (Nov 8): Inter-Pacific Securities Sdn Bhd said the near-term market outlook looks to stay indifferent as market players await for fresh catalysts to emerge to provide it with a new direction. “Consequently, local stocks are likely to stay subdued for now as it will be attempting to find some measure of stability after the market’s negative reaction to some of Budget 2022’s proposals. “There immediate support is at the 1,530 level, followed by the 1,520 level. Inter-Pacific said investor interest on the lower liners and broader market shares are also looking insipid and this is likely to see these stocks staying mixed-to-lower in the near term. “As it is, there are still few noteworthy catalysts for market players to follow and this will keep most retail players on the sidelines for now,” it said.
Source:The Edge Markets
November 08, 2021 00:46 UTC