finance

Finance minister: Healthy 2018 EPF dividend proves country’s economy on positive growth path
The Employees Provident Fund declared a 6.15 per cent dividend for conventional savings with a payout amounting of RM43 billion and 5.9 per cent dividend for shariah savings with a payout amounting to RM4.32 billion. — Picture by Yusof Mat Isa BUTTERWORTH, Feb 17 ― The announcement of a favourable set of dividends for conventional and shariah savings for 2018 by the Employees Provident Fund (EPF) yesterday proves that the country's economic position is healthy, says Finance Minister Lim Guan Eng.Describing the rate declared as extraordinary, he said most experts had predicted that the dividend would not exceed five per cent due to the current challenging and uncertain economic conditions.“I feel that this is an exemplary performance, beyond the expectation of all parties. Experts had predicted that the dividend rate will not reach six per cent, to reach even five per cent would be difficult. As such this announcement is beyond expectation,“Against a sluggish economic backdrop because of the conflict between the United States and China, Malaysia can be considered as one of the best performing economy.“But, we have to be cautious for the country’s sustainable economic growth to continue,” he told reporters here today after attending a Chinese New Year celebration organised by the Pulau Pinang Royal Customs Department.The Employees Provident Fund (EPF) declared a 6.15 per cent dividend for conventional savings with a payout amounting of RM43 billion and 5.9 per cent dividend for shariah savings with a payout amounting to RM4.32 billion.In total, the payout for 2018 amounted to RM47.31 billion, a marginal decrease of 1.7 per cent from 2017.Meanwhile, commenting on former Prime Minister Datuk Seri Najib Razak's criticism that the dividend announced did not recognise any impairment on its equity stake in 2018 in contrast to previous years, Lim who is also Bagan Member of Parliament, said the calculation of the dividend rate was done by professionals.“Everything Najib looks at (these days) is not right, but now that the EPF has made such an announcement (the dividend calculation handled professionally), he is questioning it.But now, he seems to agree that this (dividend rate) exceeds expectation, he does not doubt it (anymore).“Thank you Najib for admitting now that this is a good dividend announcement.“But, don’t try to question the professionalism of EPF Chief Executive Officer (CEO) who is well respected,” he chided Najib, adding that he could apply to become the EPF CEO if he was unhappy with the present CEO. ― Bernama [...]
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Cops: Son of Sarawak’s second finance minister suffered brain haemorrhage
The police yesterday classified the death of Datuk Andrew Wong Kee Yew, the only son of Sarawak Second Finance Minister Datuk Seri Wong Soon Koh, as sudden death. — Picture by Ahmad Zamzahuri SIBU, Feb 12 ― Datuk Andrew Wong Kee Yew, the former deputy chairman of the Sibu Municipal Council who died on Sunday, had suffered a haemorrhage on the left side of the brain, according to the police.Sibu District Police chief ACP Stanley Jonathan Ringgit, when contacted today, said this was gathered during the post-mortem conducted at the Sibu Hospital yesterday.He also said that there was bleeding in the aesophagus (food pipe) and stomach.“However, the cause of death has yet to be ascertained because we are still waiting for further reports from the Sibu Hospital laboratory,” he said.The police yesterday classified the death of Kee Yew, 43, the only son of Sarawak Second Finance Minister Datuk Seri Wong Soon Koh, as sudden death.Kee Yew was found unconscious on the floor of the dressing room in his bedroom by his mother, Datin Seri Leong Poh Lin, on Sunday night.He was pronounced dead by medical personnel at about 11 pm after efforts to resuscitate him failed.Kee Yew contested in the 14th general election in May last year as the Barisan Nasional candidate for the Sibu parliamentary seat.He secured 22,389 votes but lost to incumbent Oscar Ling of DAP who polled 33,811 votes in the four-cornered contest. ― Bernama [...]
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The Ministry of Finance (MoF) will make an intervention, if necessary, to ensure the people’s retirement savings are strengthened for the long-term : Deputy Finance Minister Datuk Ir Amiruddin Hamzah
The Ministry of Finance (MoF) will make an intervention, if necessary, to ensure the people’s retirement savings are strengthened for the long-term : Deputy Finance Minister Datuk Ir Amiruddin Hamzah The post The Ministry of Finance (MoF) will make an intervention, if necessary, to ensure the people’s retirement savings are strengthened for the long-term : Deputy Finance Minister Datuk Ir Amiruddin Hamzah appeared first on The Malaysian Reserve. [...]
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Brand Finance releases global rankings with only 8 in ASEAN making it
Brand Finance released it global rankings with only eight ASEAN companies making... The post Brand Finance releases global rankings with only 8 in ASEAN making it appeared first on Marketing Magazine Asia. [...]
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2019 will be a challenging year for Malaysia economy, finance minister says
Finance Minister Lim Guan Eng said the Malaysian economy especially the stock market will not be spared from the external factors happening outside the country. ― Picture by Sayuti Zainudin GEORGE TOWN, Jan 5 — 2019 will be a challenging year for Malaysia’s economy due to the on-going US-China trade war, geopolitical concerns in the Middle East, global monetary tightening and swings in oil prices, says Finance Minister Lim Guan Eng.He said the Malaysian economy especially the stock market will not be spared from the external factors happening outside the country.However, he expressed optimism that the nation’s economy will continue to remain on a steady growth path supported by domestic and external demand.“Despite a turbulent year, our stock market has remained resilient in comparison to our peers in Singapore, Thailand, Hong Kong, and China. Amidst large capital outflows among emerging markets and Asean countries this year, the FBM KLCI benchmark index registered a year-to-date (YTD) decline of 5.8 per cent as at end-November, compared to other Asian markets that have experienced declines ranging from 9.1 per cent to 22.7 per cent ,” he said in his keynote address at the MarketPlace @ Penang Fair 2019 here today.He added that Malaysia was the second-best performing stock market in the Asia Pacific region.Lim said on the back of a challenging environment for global equity markets, facing external headwinds such as the ongoing US-China trade war, geopolitical concerns in the Middle East, global monetary tightening and swings in oil prices, trading activities in the local stock market remained robust with an average daily value trade of close to RM2.5 billion as at end-November 2018.“This is still an improvement from last year’s RM2.3 billion, which indicates that general interest remains intact as investors take opportunities on the market volatilities,” he said.Lim said if there is a resolution to the US-China trade war, there is a high possibility that the stock market will rise as it is determined primarily by external factors.He said the government has introduced various policies and measures to invigorate the capital market.“For example, the waiver for stamp duty for trading in Exchange-Traded Funds, SWs (Structured Warrants), stocks of mid- and small-cap companies was introduced to encourage greater investor participation in this segment of the market,” he said.Given the alarming red flags, Lim said it is crucial for Malaysians to step up on their financial literacy and increase their efforts to learn smart ways to manage their finances, particularly investing in a regulated environment instead of falling victim to get-rich-quick schemes or fraudulent companies and investment scams.“Financial literacy among Malaysians is still seriously lacking where people generally are not informed of its importance and the impact it has on a person’s future and lifestyle,” he said. — Bernama [...]
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Umno, PAS to protest ‘Finance Ministry’s meddling’ in Tabung Haji on Jan 18
Lokman said the rally is scheduled to take place in front of Menara Tabung Haji on January 18. — Picture by Hari Anggara KUALA LUMPUR, Jan 4 — Rivals-turned-ally Umno and PAS will again stage a rally on January 18, this time to protest the alleged “meddling” of the Ministry of Finance in Lembaga Tabung Haji’s affairs.Umno Supreme Council member Datuk Lokman Noor Adam said tonight the rally is scheduled to take place in front of Menara Tabung Haji at Jalan Tun Razak here, and will be joined by other NGOs.“For the time being, we are still planning the rally, so there is no other available info aside from the date it will take place,” he said during a minor rally in front of the Dang Wangi police district headquarters protesting the death of firefighter Muhammad Adib Mohd Kassim.  During the rally, which also saw a police report lodged by several of the participating NGOs, Lokman spoke at length that the ministry’s alleged interference into Tabung Haji has resulted in losses for its contributors.  Last month, the Cabinet decided that the pilgrim fund will be placed under the supervision of Bank Negara Malaysia, in a bid to boost its governance.This came after minister in charge of religious affairs, Datuk Seri Mujahid Yusof Rawa, revealed a massive RM4.1 billion deficit in Tabung Haji that he also alleged has been paying out dividends unlawfully since 2014.Its board had also lodged police reports against former chairman Datuk Seri Abdul Azeez Abdul Rahim, and other senior management staff.Islamist party PAS had then warned Putrajaya against attempting to destroy an Islamic institution and erode Muslims’ trust in the pilgrim fund. [...]
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Finance Ministry cuts stamp duty for first-time home buyers
Minister of Finance Lim Guan Eng announced today a 100 per cent exemption in stamp duty payment for first-time house buyers. — Picture by Miera Zulyana KUALA LUMPUR, Dec 29 — The Finance Ministry announced today a 100 per cent exemption in stamp duty payment for first-time house buyers.Its Minister Lim Guan Eng said the move was primarily to increase home ownership among Malaysians as well as to boost the sluggish residential real estate market that has resulted in an overhang of unsold developer units.“As announced in Budget 2019, the Pakatan Harapan Government has agreed to give 100 per cent stamp duty exemption as incentive for the purchase of first homes,” he said in a statement.However, the exemption is not without its caveats.The minister said full exemption will be given to those whose first homes cost between RM300,001 and RM1 million and are bought direct from developers, between January 1 and June 30 next year.He added that stamp duty will be charged again from July 1, 2019 at a rate of 1 per cent for the first RM100,000; a subsequent 2 per cent until RM500,000; and 3 per cent after that till RM1 million.The government also gave exemptions on stamp duty, certificate of ownership transfer and loan agreements on pre-owned homes valued up to RM300,000 for purchases inked from January 1 next year right up to December 31, 2020.The same conditions applied for buyers of pre-owned houses costing between RM300,001 and RM500,000.Lim also said the government is maintaining the stamp duty on higher-end properties costing between RM1 million and RM2.5 million for six months starting January 1, 2019.“The Pakatan Harapan government has been thoughtful and fair in allocating sufficient time so that the ownership transfer processes for those properties can be completed within the stipulated period before the new rates are enforced on July 1, 2019,” he said.Lim had in Budget 2019 announced that stamp duties rate for properties worth more than RM1 million until RM2.5 million will go up by 1 per cent from the existing three per cent. [...]
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IFSB, BI explore financial inclusion and Islamic finance
By HABHAJAN SINGH Financial inclusion can be channelled to enhance living standards and alleviate poverty, as well as address the suspicion and reluctance of the low-income segments to avail formal financial services. At the same time, financial inclusion can also assist in developing practical roadmaps for enhancing capacity and competitiveness of Islamic financial inclusion products. Financial inclusion can also reinforce social objectives of the Islamic economy and finance with a view of addressing the challenges of the poor. These were among the takeaways at a recent public seminar and workshop on financial inclusion and Islamic finance in Surabaya, Indonesia, according to an Islamic Financial Services Board (IFSB) statement. Jointly organised by IFSB and Bank Indonesia (BI), the seminar carried the theme “Broadening Economic Frontiers and Reducing Income Gaps through Inclusive Finance: The Islamic Finance Solution”. It was one of the events that made up the 5th Indonesia Shariah Economic Festival (ISEF) held from Dec 11-14. The issues were raised in a panel session entitled “Unlocking Economic Opportunities and Enabling Livelihood Creation: The Islamic Finance Proposition” moderated by BI Institute economist Dr Prayudhi Azwar. One of the panel members were Dr Aida Othman, a partner at Kuala Lumpur-based law firm Zaid Ibrahim & Co and an MD of ZICO Shariah Advisory Services Sdn Bhd. The other panellists were Hajj Pilgrims Funds Management Agency executive board member Dr Hurriyah El Islamy and Financial Services Authority of Indonesia (OJK) deputy director Luci Irawati. In the opening remarks, IFSB secretary general Dr Bello Lawal Danbatta said it is important to improve the economic conditions of the Muslim-majority countries which experience high levels of poverty in many instances. In the statement, he also noted that some of the countries have high levels of financial exclusion, and with voluntary exclusion due to religious beliefs often being cited as a factor. In the keynote address, BI communications ED Agusman said among Indonesia’s initiatives aimed at addressing the financial inclusion challenge is its collaborations with international partners to support the development of Islamic social finance policies such as zakat and waqf. In October, BI governor Perry Warjiyo said Indonesia continues to back Islamic economics and finance towards achieving the Sustainable Development Goals (SDGs). Islamic economics and finance have vast potential — considering the underlying principles of ethics, fairness and equality, the bank said in an earlier statement. Islamic economics and finance have penetrated non-commercial instruments such as zakat and waqf as instruments of social finance to support various productive activities, redistribute wealth to the poor and simultaneously help towards achie- ving the SDGs, the statement added. var VUUKLE_EMOTE_SIZE = "90px"; VUUKLE_EMOTE_IFRAME = "180px" var EMOTE_TEXT = ["HAPPY","INDIFFERENT","AMUSED","EXCITED","ANGRY","SAD"]The post IFSB, BI explore financial inclusion and Islamic finance appeared first on The Malaysian Reserve. [...]
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Finance Ministry's RM77m fund to help Felda settlers
KUALA LUMPUR: The Finance Ministry has set up a fund with an allocation of RM77mil to help the Federal Land Development Authority (Felda) settlers settle their outstanding payments. [...]
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Indonesia relaxes palm oil levy rules — finance ministry
JAKARTA/KUALA LUMPUR (Dec 5): Indonesia has relaxed rules on palm oil levies and derivative products effective immediately, following a drop in prices, according to a... [...]
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The government does not intend to introduce a wealth tax to avoid shocks to the capital and finance markets – Finance Minister Lim Guan Eng
The government does not intend to introduce a wealth tax to avoid shocks to the capital and finance markets – Finance Minister Lim Guan Eng var VUUKLE_EMOTE_SIZE = "90px"; VUUKLE_EMOTE_IFRAME = "180px" var EMOTE_TEXT = ["HAPPY","INDIFFERENT","AMUSED","EXCITED","ANGRY","SAD"]The post The government does not intend to introduce a wealth tax to avoid shocks to the capital and finance markets – Finance Minister Lim Guan Eng appeared first on The Malaysian Reserve. [...]
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Finance Minister: To prevent abuse, cards may be issued for RON95 subsidies
A man refuels his vehicle at a petrol station in Kuala Lumpur November 2, 2018. — Picture by Yusof Mat Isa PETALING JAYA, Nov 2 — Following the announcement of RON95 petrol subsidies for vehicles below 1,500cc and motorcycles below 125cc, Finance Minister Lim Guan Eng said the government may issue cards to those who are qualified, to prevent abuse of the system.In an interview with RTM following the tabling of Budget 2019, Lim explained the issuance of the card will be the responsibility of the Domestic Trade and Consumer Affairs Ministry (KPDNKK).Lim was responding to questions on how the government will ensure that the subsidy scheme is not abused.“We will monitor the situation through a card. This card will have all the information and I’m confident that there will not be any leakages.“KPDNKK under its minister, Datuk Seri Saifuddin Nasution Ismail, will manage and monitor the use of the cards,” he said. [...]
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FGV’s head of group finance division made acting group CFO
by TMR FGV Holdings Bhd has appointed its head of group finance division Aznur Kama Azmir as the acting group CFO, following the resignation of Ahmad Tifli Datuk Mohd Talha last week. In an exchange filing yesterday, FGV noted the Special Board Committee shall continue to perform the functions of the group president/CEO. var VUUKLE_EMOTE_SIZE = "90px"; VUUKLE_EMOTE_IFRAME = "180px" var EMOTE_TEXT = ["HAPPY","INDIFFERENT","AMUSED","EXCITED","ANGRY","SAD"]The post FGV’s head of group finance division made acting group CFO appeared first on The Malaysian Reserve. [...]
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Malaysia’s Finance Minister on 1MDB, Infrastructure, Economy
Jul.19 -- Malaysian Finance Minister Lim Guan Eng discusses recovering up to 30% of the missing 1MDB money, the 1MDB investigation, infrastructure projects with China, Malaysia's economy and the ringgit. He speaks exclusively to Bloomberg's Haslinda Amin from Kuala Lumpur. [...]
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After discourse, Putrajaya to focus on finance, guidance, acceptance of transgenders
Datuk Mujahid Yusof Rawa and Nisha Ayub shake hands at a press conference in Putrajaya August 10, 2018. — Picture by Azinuddin Ghazali PUTRAJAYA, Aug 10 ― The public should not discriminate the transgender community in the workplace as they are made up of ordinary citizens who wished for equal opportunities as their peers, Minister in the Prime Minister's Department Datuk Mujahid Yusof Rawa said today.Following a meeting with transwoman activist Nisha Ayub here, Mujahid added there will be three aspects that the ministry will focus on when it comes to the transgender community: for them to be financially independent, to “guide them”, and ensuring acceptance by the public.“From this meeting, we received a lot of information regarding the transgender community and it has come to our understanding that this group continues to be discriminated by the public.“Such discrimination do not help them to integrate into society and most importantly, for them to be independent of their livelihood,” the minister in charge of Islamic affairs said at the Putrajaya Islamic Complex.Mujahid said it was important to help the transgender community with their current predicament, as they were most vulnerable due to constant discrimination.“Transgenderism is a reality that we cannot deny so if we are unable to avoid it, why not live with it in the context of treating them fairly?“The marginalised community is not asking for same-sex marriage or special rights, but wish to live as normal Malaysians, which I think we have no problem with,” he said.Mujahid said following the discussion with Nisha, he agreed that more awareness was needed to educate the public that transgender groups also want equal access to education and houses of worship.“This meeting is a big step, but there is still a long way to go when it comes to educating the public and this is my concern at the moment,” he said.Meanwhile, Nisha said she was pleased with today's meeting and she encouraged the LGBT community to engage with the ministry.“However, it is not fair for me to represent the other communities as I personally approached Datuk as a trans advocate,” she said, referring to Mujahid.“But I am sure if they approached Datuk, he would be happy to meet them.”Nisha said she was shocked when Mujahid agreed to a meeting with her after she got in touch with him through Facebook.“This is the first time a minister has agreed to come forward to meet people like me and it is certainly mind-blowing,” she said.On Wednesday, Nisha’s portrait, along with that of fellow LGBT activist Pang Khee Teik, was removed from a photography exhibition at the George Town Festival 2018.Mujahid later confirmed while at Parliament that he instructed the portraits be removed as it was considered to be promoting LGBT activities, adding it is not in line with the Pakatan Harapan government’s policies. [...]
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Finance Minister: Number of special draws for numbers forecast operators to be reduced next year
Lim Guan Eng said the new policy would be announced in Budget 2019 on Nov 2. — Picture by Miera Zulyana KUALA LUMPUR, Aug 7 — Finance Minister Lim Guan Eng says the government plans to reduce the number of special draws for all numbers forecast operators (NFO) beginning 2019, to reduce social problems related to gambling activities.He said the new policy would be announced in Budget 2019 on Nov 2.“In 2018, there were 22 special draws held simultaneously throughout the country.“The reduction in the number of special draws is an initial step by the government to reduce gambling activities, so as to curb social problems such as excessive gambling addiction,” he said at the Dewan Rakyat sitting today.He was responding to a question from Wong Shu Qi (PH-Kluang) on whether the government planned to allow NFOs such as Magnum, Sports Toto and Da Ma Cai to continue holding special draws on certain Tuesdays in 2019 and the subsequent years ahead. — Bernama [...]
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