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Finance Ministry: Fiscal Reform Under Way, SST To Be Re-Introduced

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PETALING JAYA- The fiscal reform initiative is under way following the announcement that the Goods and Services Tax (GST) will be zero-rated from June 1, says the Finance Ministry. “The shortfall from GST which is to be zero-rated effective June 1, 2018 will be cushioned by specific revenue and expenditure measures that shall be announced…

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BNM Teams Up With Indonesian, Thai Counterparts For Financial Stability

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BANGKOK: Bank Negara Malaysia, Bank Indonesia and the Bank of Thailand (BOT) signed two bilateral memoranda of understanding (MoUs) on Friday to facilitate the use of local currencies for settlements of trade and investments. A joint statement said that Bank Negara and BOT, respectively, signed MoUs with Bank Indonesia on a framework of cooperation to…

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Finance Ministry Adviser In Sabah Water Dept Graft Probe Released On Bail

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KOTA KINABALU: An adviser to the Sabah Finance Ministry, who was detained in connection with graft investigations into alleged misuse of RM3.3bil federal water projects, has been released on RM500,000 bail. The 62-year-old government official, whose six-day remand expired Wednesday, was brought to the magistrate’s court here before being granted Malaysian Anti-Corruption Commission (MACC) bail…

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4 Ways To Find More Funds For Your Next Travel Destination

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Finding more time and money for travel is a common New Year’s goal. Aside from flexible employment schedules, extended travel possibilities are largely a function of location independence or financial means. While the first two can take some time to make happen, carving out extra travel cash can begin pretty much immediately. Here are some…

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Household Debt Stands At RM1.03tril, Says Chua

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KUALA LUMPUR: Malaysia’s household debt stood at RM1.03tril or 89.1% of gross domestic product (GDP). Deputy Finance Minister Datuk Chua Tee Yong said 62.6% of household debt was in long-term loans from banks and non-banking financial institutions for property acquisition and financial investments. “Several measures have been implemented in stages since 2010 to curb the…

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Najib: Malaysia Continues To Develop New Assets On Islamic Finance Principles

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KUALA LUMPUR: Malaysia is continuing to develop new financial assets, such as carbon credit-based solutions along the principles of Islamic finance, Prime Minister Datuk Seri Najib Tun Razak said. He said the assets are sustainable and reward-generating to investors, underpinned by real economic activities, are end-to-end Shariah-compliant and can be sold to the world’s carbon…

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Workshop Aims To Enhance Journalists’ Knowledge, Understanding Of Islamic Banking And Finance Industry

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KUALA LUMPUR: The ‘Islamic Banking and Finance’ workshop aims to enhance the journalists’ existing knowledge and understanding of the industry which is constantly evolving. The National Press Club of Malaysia (NPC) President, Datuk Mokhtar Hussain, said 30 business journalists from newspapers, television, radio and Islamic business magazines as well as business students attended the one-day…

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Managed Float System For Fuel To Save Government RM11 Billion This Year

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KUALA LUMPUR: The managed float system for the fixing of retail prices of fuel implemented in December last year is expected to save the government RM11 billion this year. Deputy Finance Minister Datuk Johari Abdul Ghani said the rationalisation move had also fulfilled the government’s goal of meeting global economic challenges and channel the saving…

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Four Malaysian Islamic Banks To Form Consortium For Investment Platform

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KUALA LUMPUR: Four Malaysian Islamic banks — Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd — have established a consortium to develop a multi-bank platform to market investment account products. The consortium, known as Raeed Holdings Sdn Bhd (Raeed), is equally owned by the four Islamic banks.…

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Maybank Ageas Aims Equal Contribution From Takaful, General Insurance

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KUALA LUMPUR: Maybank Ageas Holdings Bhd, the parent company of Etiqa Insurance Bhd and Etiqa Takaful Bhd, aims to equalise the contribution from its general insurance business and that of life insurance and family takaful for the financial year ending Dec 31, 2015. The target would be supported by the company’s new distribution channels and…

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West Coast Expressway Needs Cash Injection

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PETALING JAYA: The West Coast Expressway is not expected to generate sufficient pre-financing cashflow to match its debt repayment obligations, according to RAM Ratings. The rating agency said it might require the injection of monetary support from developer West Coast Expressway Sdn Bhd’s (WCE) shareholders in the early years of its proposed sukuk’s tenure. The…

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Ringgit Hit By Greek Crisis

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PETALING JAYA: Uncertainties in Greece have hit Asian stock markets and currencies, with the ringgit taking the brunt of it amid renewed political concerns within the country. The ringgit hit a 16-year low of 3.8142 against the US dollar during intra-day trade before settling at 3.809 against the greenback at 5pm. It broke the crucial…

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Ratings Upgrade Will Increase Foreign MGS Holdings

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KUALA LUMPUR: Fitch Ratings’ upgraded sovereign rating outlook to “stable” will likely increase the foreign holdings of Malaysian Government Securities (MGS), said Standard Chartered. In a note, the bank said foreign ownership of MGS was around 47 per cent (US$43 billion) of total outstanding (US$92 billion), of which 25 per cent were foreign central banks, sovereign wealth funds…

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Eurozone Financial Crisis May Affect Malaysia

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PUTRAJAYA: Malaysia is closely monitoring the financial crisis that is currently hitting Greece, which could see the country leave the Eurozone. While the situation might not have a systemic effect on Malaysia, Prime Minister Datuk Seri Najib Tun Razak said there is a global impact that could still indirectly affect the country. “I want to…

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Be Frugal In Spending, Najib Tells Govt. Agencies

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PUTRAJAYA: Be prudent in your spending and you will be rewarded, government ministries and departments have been told. Ministries and departments should move away from the tradition of finishing their annual allocations and should try to save some, said Prime Minister Datuk Seri Najib Tun Razak. “Ministries that spend all their allocation are praised for…

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MEPS Establishes Ceiling Of 50 Sen For Funds Transfer

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KUALA LUMPUR: Malaysian Electronic Payment System Sdn Bhd (MEPS), an interbank network provider, today set the ceiling for its real-time Interbank Funds Transfer (IBFT) service fee at 50 sen. It is a reduction of 50% to 88% from the current fee range of between RM1 to RM4. The new ceiling fee, applicable for transactions at…

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Najib Launches Al-Ansar Bumiputera Fund

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KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak today launched the Al-Ansar Bumiputera fund, a new initiative by Tabung Haji to aid Muslim entrepreneurs. In his speech, Najib said developing and strengthening Bumiputera businesses has always been part of the national agenda. “I hope that many small and medium sized enterprises would take this opportunity…

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Govt. Aims For 90% Cashless Payment System For Public Sector By Year-End: Husni

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The government is aiming to get 90 per cent of the public sector to offer e-payment service options by the end of the year. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said this is part of the goverment’s efforts to create a cashless payment system, similar to the United States and Sweden which conducted…

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S&P Maintains M’sia’s Credit Rating On Strong External Position

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KUALA LUMPUR: Standard & Poor’s Financial Services LLC (S&P) has affirmed Malaysia’s short-term foreign currency sovereign credit rating at ‘A-2’ and its long-term rating at ‘A-’, with a stable outlook on the long-term rating, as it expects the fall in oil prices will not disrupt Malaysia’s long-term fiscal consolidation. “We believe the economy can withstand…

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Government Ministries Achieved A Four-Year Best

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PETALING JAYA: Government ministries achieved a four-year best in terms of their financial performance and management for 2013, the third series of the Auditor-General’s report revealed. As many as 23 out of the 24 Federal Ministries were rated ‘excellent’ in 2013 compared to 22 ministries in 2012 and 19 in 2011. The number of ministries…

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