Many people don’t think of groceries as a “bill,” but it can be one of a household’s biggest recurring expenses, traditionally taking up nearly 9% of disposable income. It’s also a highly variable expense, subject to inflation, supply and even how much we’ve had to eat before we go shopping. With such a major and frequent expense, any savings you can find — and missteps you can avoid — will add up...
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It’s often said money can’t buy happiness — and that might be true in the broadest sense. But there are plenty of purchases that can make your life better, and many don’t cost much in the grand scheme of things. If you’re the type of person to feel guilty about purchasing things for yourself, maybe you need to be talked into it. Following are several worthwhile splurges whose value you may not...
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Buying and maintaining a home is expensive — and the cost just keeps climbing. Fortunately, Uncle Sam offers several tax breaks that can put more money back in a homeowner’s pocket. Some of these deductions and credits can only be used by a small slice of homeowners nationwide. But others are available to a wider swath of folks. Following are federal income tax breaks for homeowners that can ease...
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The headquarters of Central Bank is seen in downtown Cairo, Egypt December 27, 2016. — Reuters pic
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CAIRO, March 30 — Saudi Arabia has deposited US$5 billion (RM21 billion) at Egypt’s central bank, according to state media in both countries, a day after Qatar pledged US$5 billion in investment and amid a surging wheat import bill.
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totalling a projected US$10 billion, according to a statement by the Egyptian cabinet.
The announcements come as the North African country enacts a slate of financial measures to mitigate the economic fallout of Russia’s invasion of Ukraine.
As the world’s largest importer of wheat, Egypt relied on the two countries for 85 per cent of its supply, as well as 73 per cent of its sunflower oil.
Egyptian Prime Minister Mostafa Madbouli said his government is intent on “deepening economic and investment cooperation” with Saudi Arabia.
Egyptian state media reported the sizable deposit Wednesday, citing a statement by the Saudi Press Agency.
“The Kingdom of Saudi Arabia, implementing the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince, has deposited US$5 billion into the Central Bank of Egypt,” the statement said.
This is the second major deposit inside five months, with Riyadh announcing last November it had deposited US$3 billion in Egypt’s central bank.
Yesterday, Egypt’s cabinet also announced that Qatar is to plough US$5 billion into “investments and partnerships” in Egypt, without giving specifics.
As a result of a hike in food prices, inflation soared to an almost three-year high of 10 per cent in February.
On March 21, the Egyptian pound plunged nearly 17 per cent in value against the US dollar, as the finance ministry announced a US$7 billion relief package to shield society’s most vulnerable.
Two days later, the International Monetary Fund said Egypt had applied for a new loan package. — AFP
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European Central Bank President Christine Lagarde addresses a news conference on the outcome of the meeting of the Governing Council, in Frankfurt December 12, 2019. — Reuters pic
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NICOSIA, March 30 — European Central Bank president Christine Lagarde warned today that a prolonged Ukraine conflict will keep energy prices and the cost of living spiralling, blighting a post-Covid recovery.
The Russia-Ukraine war has introduced “considerable uncertainty” into the outlook for the EU economy, she said during a visit to Cyprus.
The ECB chief said the war has stunted a quicker-than-expected rebound from the Covid-19 pandemic due to a job-rich recovery.
“The economic impact of the war is best captured by what economists call a “supply shock”, which is a shock that simultaneously pushes up inflation and reduces growth,” Lagarde told a news conference.
She said energy prices are expected to stay higher for longer, with gas prices already up by 52 per cent since the start of the year and oil prices up 64 per cent.
Pressure on food inflation is also likely to increase.
Russia and Ukraine account for nearly 30 per cent of global wheat exports, while Belarus and Russia produce around a third of the world’s potash, a key ingredient in producing fertiliser, thereby exacerbating supply shortages.
“Global manufacturing bottlenecks are likely to persist in certain sectors,” she said.
Russia is the world’s top exporter of palladium, which is key for producing catalytic converters, while Ukraine supplies around 70 per cent of the world’s neon gas, critical for semiconductor manufacturing.
“As the euro area is a net importer of energy, rising energy prices mean a loss in purchasing power for consumers,” said Lagarde.
She said households are becoming more pessimistic and could cut back further on spending.
“Consumer confidence this month has fallen to its lowest level since May 2020 and stands well below its long-term average.”
Lagarde said inflation levels and slowing growth would depend on how the conflict and Russian sanctions evolve.
“Clearly, the longer the war lasts, the higher the economic costs will be and the greater the likelihood we end up in more adverse scenarios.”
The ECB boss said the Ukraine war had underlined the “deep strategic vulnerabilities in our security and trade relationships, which we can only address by being more united”.
Brussels has announced ambitious goals, such as doubling Europe’s global market share for semiconductor production to 20 per cent by 2030.
Last week, Europe’s leaders agreed to reduce demand for Russian fossil fuels and bolster energy security by diversifying liquefied natural gas (LNG) supplies and investing more in clean energies.
Lagarde said Europe is entering a “difficult phase” in the short term with higher inflation and slower growth.
“The longer the war lasts, the greater the costs are likely to be.” — AFP
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Britain's Transport Secretary Grant Shapps in London, Britain September 30, 2020. — Reuters pic
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LONDON, March 30 — The UK government said today it wants a minimum European wage for maritime workers, after P&O Ferries sacked almost 800 seafarers to replace them with cheaper agency workers.
Transport Secretary Grant Shapps told parliament that collaboration was needed as the government looks to manage the fallout from P&O’s actions, given maritime law is largely governed by international rules, obligations and treaties.
“I’ve already contacted my counterparts in France, Denmark, the Netherlands, Ireland and Germany to discuss how maritime workers on direct routes between our countries should receive a minimum wage,” he said.
“I’m delighted to say the response has already been very, very positive, particularly with my French counterpart,” Shapps added, describing the proposed scheme as “minimum wage corridors between our nations”.
His comments came as almost 200 trade unions representing 10,000 transport workers jointly wrote to Dubai-based DP World to protest at the unlawful sacking of crew at its UK unit P&O Ferries.
The open letter, delivered to DP World chief executive Sultan Ahmed bin Sulayem yesterday, comes after the firm admitted it had deliberately chosen to ignore its legal obligations to save costs after being hit by pandemic fallout.
Prime Minister Boris Johnson has attacked P&O’s move as “callous”, and vowed that his government would take the company to court over the matter.
The union letter called for the immediate reinstatement of workers who were sacked via Zoom on March 17 and replaced by cheaper agency staff in a move that sparked angry protests across P&O facilities.
“The manner in which this has been done appears to be in clear violation of UK labour legislation and international labour standards, a fundamental breach of collective bargaining and an attack on workers’ rights,” it said.
The letter went on to say that “around the world transport workers and our allies in civil society expect and demand better.
“Multinational corporations like yours can and should treat workers with dignity and respect their rights under the law.”
Meeting urged
The letter urged DP World to “urgently” convene a meeting with unions and the British government to “rectify” the situation.
And it called for the company to guarantee that workers would not face similar treatment at any other DP World subsidiary.
“DP World’s much-vaunted sustainability statements are meaningless if you allow your subsidiary company to act illegally and directly undermine those very rights in the UK,” it added.
Union signatories included the International Transport Workers’ Federation, the European Transport Workers’ Federation, the National Union of Rail, Maritime and Transport Workers, and Nautilus International.
The letter was published after P&O Ferries boss Peter Hebblethwaite last week admitted to British lawmakers that the company had chosen to break UK employment law.
Shapps has called on Hebblethwaite to resign and for the company to rehire the workers.
However, the P&O chief has insisted that the company will not reverse its decision.
Shapps has also ordered inspections of all P&O vessels amid safety fears over the hiring of inexperienced agency staff.
Britain’s Maritime and Coastguard Agency (MCA) has meanwhile detained two P&O ships which failed inspections of emergency equipment, crew training and documentation.
The group’s vessel, European Causeway, was held at Larne, north of Belfast, Northern Ireland, on Friday.
And another ship, Pride Of Kent, was detained at the port of Dover on the English southeast coast on Monday.
But P&O today accused the MCA — an arm’s length agency of the Department for Transport — of operating with “an unprecedented level of rigour” over its ships. — AFP
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Intel CEO Pat Gelsinger, with US President Joe Biden (not pictured), announces the tech firm’s plan to build a US$20 billion plant in Ohio, from the South Court Auditorium on the White House campus in Washington January 21, 2022. — Reuters pic
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NEW YORK, March 3 — Intel Corp Chief Executive Officer Pat Gelsinger earned 1,711 times the average worker at the US chipmaker in just 11 months since he joined in February last year, a regulatory filing showed today.
Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Gelsinger earned US$178.6 million (RM750 million) in 2021 with stock awards making up nearly 79 per cent of his total compensation, which was about 698 per cent higher than Swan’s 2020 pay.
Executive compensations have been rising in the United States. Apple Inc CEO Tim Cook earned 1,447 times of the average employee at the tech giant in 2021. Shareholders of the company approved the pay package despite proxy advisory firm Institutional Shareholder Services pushing against it.
Intel has asked shareholders to vote in favour of its executives’ compensation at the annual stockholder’s meeting the company will host on May 12.
After Gelsinger took the reins at Intel, once a world leader in chip-making technology, he unveiled a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan’s Taiwan Semiconductor Manufacturing Co.
TSMC’s technology for making advanced processors is years ahead of Intel.
Intel’s shares rose 6.8 per cent last year after declining about 17 per cent the year before as the company faced a manufacturing crisis and struggled with competition.
Earlier this month, Intel laid out the first details of a US$88 billion investment plan spanning across six European Union countries including a massive investment in Germany. Read full story
Gelsinger was CEO of VMWare Inc before he returned to Intel as its top boss. He had spent 30 years at Intel before leaving.
His compensation included one-time new-hire equity awards with a target value of about US$110 million, according to the filing. — Reuters
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A trader works on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York August 17, 2021. — Reuters pic
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NEW YORK, March 30 — Wall Street stocks dipped early today as diminished expectations for Ukraine-Russia peace prospects threatened the Dow’s four-day winning streak.
Kyiv today accused Moscow of shelling a city where it had promised deescalation, casting a pall following upbeat comments from both countries about negotiations held yesterday.
The latest developments lifted crude prices.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 per cent at 35,260.63.
The broad-based S&P 500 shed 0.3 per cent to 4,618.29, while the tech-rich Nasdaq Composite Index slid 0.5 per cent to 14,554.08.
Payroll services firm ADP reported US private employers hired 455,000 people this month, slightly more than forecast but less than the upwardly revised 486,000 positions added in February.
The data, which comes ahead of Friday’s government jobs report, shows the American labour market remains healthy even as the wider economy struggles with inflation and supply shortages.
Among individual companies, Lululemon Athletica jumped 6.7 per cent as the apparel companies unveiled a US$1 billion (RM4.2 billion) stock repurchase program and reported strong results that included a 23 per cent surge in quarterly revenues to US$2.1 billion. — AFP
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The notion of early retirement is all the rage, with books and blogs devoted to the idea of quitting work while you are still “young enough” to enjoy life. If you do not work for a company that provides a pension, self-funding an early retirement might seem daunting — but it can be done. The key is to understand that the decisions you make are at least as important as the amount of money you earn.
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Editor's Note: This story originally appeared on Smartest Dollar. Racial and ethnic minorities are playing a greater role in the economy as America’s nonwhite population grows. Minority business enterprises have accounted for more than half of the new businesses created in the U.S. over the last decade, creating 4.7 million jobs in the process. But minority entrepreneurs still face numerous...
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No question, I’m a Costco fan. I’ve written about the things I always buy at the massive warehouse store, and I love the food court’s $1.50 hot dog and drink combo too. But just as with my beloved Target, I admit that not every store should sell everything. I’ve been a Costco shopper for decades now, and I’ve learned through my mistakes that some items are better bought elsewhere. It can be hard...
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We love shopping for Costco bargains, but it turns out some of the warehouse store’s Kirkland Signature house brand offerings are not the sweet deals they seem to be. Often it’s just too much of a good thing. You won’t use up the item before it goes bad. Or you might be able to eat nearly 4 pounds of peanut-butter-filled pretzel nuggets for under $10 before they go stale, but should you?
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Traders work on the floor of the New York Stock Exchange (NYSE) in New York. ― Reuters pic
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NEW YORK, March 29 — Wall Street stocks jumped early today on signs of progress in peace talks between Ukraine and Russia as oil prices continued to retreat.
Russia said it would scale down military activity around Kyiv following a “meaningful” dialogue in Istanbul, and Ukrainian negotiator David Arakhamia said there were now “sufficient” conditions for a direct meeting between Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin.
The developments boosted hopes of a resolution to the more than month-long attack on Ukraine by Russia, which has prompted international condemnation and sanctions.
Oil prices — which sprinted to multi-year peaks soon after the invasion on worries over lost Russian supply — retreated again.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 35,272.62, up 0.9 per cent.
The broad-based S&P 500 climbed 0.7 per cent to 4,607.75, while the tech-rich Nasdaq Composite Index advanced 1.1 per cent to 14,515.92.
Among individual companies, Fedex rose 4.3 per cent as it announced that founder Frederick Smith would exit as chief executive in June, handing the post to Chief Operating Officer Raj Subramaniam.
Nielsen Holdings surged 21.5 per cent following an announcement that it agreed to be acquired by a consortium of institutional investors led by Evergreen Coast Capital and Brookfield Business Partners for about US$16 billion (RM67 billion). — AFP
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If your phone is ringing off the hook with infuriating robocalls, you are not alone. Around 50.5 billion robocalls were made in 2021, according to YouMail, an app that blocks robocalls. While stopping robocalls might seem hopeless, there are more ways than ever to fight back, thanks to stronger federal laws and improved technology. Following are some tips for reducing those pesky calls.
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Editor's Note: This story originally appeared on NewRetirement. Reaching retirement doesn’t have to mean that you’ll never work again. In fact, it might be a great opportunity to work on your own terms. Part-time work can help you improve your retirement income, keep you active, give you purpose and be fun all at the same time. And, in case you haven’t heard, there is a massive worker shortage...
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Flames come out of a domestic gas ring of an oven in Durham September 23, 2021. — Reuters pic
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MOSCOW, March 28 — Russia said today it will not supply gas to Europe for free as it works out methods for accepting payments for its gas exports in roubles but G7 nations refused the demand.
At a meeting of European Union leaders on Friday, no common position emerged on Russia’s demand last week that “unfriendly” countries must pay in roubles, not euros, for its gas in the wake of the United States and European allies teaming up on a series of sanctions aimed at Russia.
Concerns over security of supply were enhanced after the demand, with companies and EU nations scrambling to understand the ramifications.
The Russian central bank, the government and Gazprom, which accounts for 40 per cent of European gas imports, should present their proposals for rouble gas payments to President Vladimir Putin by March 31.
“We are not going to supply gas for free, this is clear,” Kremlin spokesman Dmitry Peskov told a conference call. “In our situation, this is hardly possible and appropriate to engage in charity (with European customers).”
Russia will take decisions in due course should European countries refuse to pay in the Russian currency, he added.
Meanwhile, energy ministers from the Group of Seven industrialized nations rejected the rouble payment demands, Germany economy and climate protection minister Robert Habeck said after talks with his counterparts.
“All G7 ministers have agreed that this is a unilateral and clear breach of existing contracts,” he told reporters after a virtual conference with G7 energy ministers.
The ministers “underlined once again that the concluded contracts are valid and the companies should and must respect them... payment in roubles is unacceptable, and we call on the companies concerned not to comply with Putin’s demand,” he said.
Energy security
Dutch and British wholesale gas prices rose by up to 20 per cent on Monday on concerns about Russian gas supply.
The EU aims to cut its dependency on Russian gas by two-thirds this year and end Russian fossil fuel imports by 2027. Russian gas exports to the EU were around 155 billion cubic metres (bcm) last year.
On Friday, the United States said it will work to supply 15 bcm of liquefied natural gas (LNG) to the European Union this year.
US LNG plants are producing at full capacity and analysts say most of any additional US gas sent to Europe would have to come from exports that would have gone elsewhere.
Russian lawmaker Ivan Abramov said a refusal by the G7 to pay for Russian gas in roubles would lead to an unequivocal halt in supplies, according to the RIA news agency.
Abramov sits on the economic policy committee of the Federation Council, the Russian parliament’s upper chamber.
Germany’s Habeck called Russia “an unreliable energy supplier.”
When asked about what happens if Russia stops gas deliveries, he added: “we are prepared for all scenarios and not only since yesterday.”
However, the EU would struggle to replace all Russian gas exports in a short period of time, experts said.
Russian gas deliveries to Europe on three main pipeline routes were stable today, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland, operator data showed.
Russia’s Gazprom said it that it was continuing to supply natural gas to Europe via Ukraine in line with requests from European consumers. — Reuters
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Container ships and shipping containers (centre) are viewed at the Port of Los Angeles with the Port of Long Beach in the distance in San Pedro, California February 1, 2021. — AFP pic
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WASHINGTON, March 28 — The US trade deficit in goods narrowed in February, but the fall reversed only a fraction of the surge to a record high in January, suggesting that trade would again weigh on economic growth in the first quarter.
Though the advance indicators report from the Commerce Department on Monday showed businesses continuing to restock last month, the pace slowed from late 2021, implying that there would probably be no contribution to gross domestic product growth from inventory investment either.
“We think trade might subtract about two-three percentage points from GDP growth in the first quarter,” said Daniel Silver, an economist at JPMorgan in New York. “While it looks likely to us that the real change in inventories will be strong again, it may end up comparable to the large increase reported for the fourth quarter and therefore inventories could be fairly close to a neutral factor for GDP growth in first quarter.”
The trade deficit last month fell 0.9 per cent to US$106.6 billion (RM449 billion), the Commerce Department said today. The goods trade deficit hit an all-time high of US$107.6 billion in January.
Exports increased 1.2 per cent to US$157.2 billion. Economists believe exports, which were not adjusted for inflation, were flattered by higher prices rather than increased volumes. A blockade of U.S-Canada border crossings by Canadian truck drivers last month likely reduced export volumes.
The government will publish February’s comprehensive trade report, which will include country data, next Tuesday.
Last month’s rise in goods exports was led by a 6.3 per cent surge in shipments of consumer goods. Food exports accelerated 3.6 per cent, while industrial supplies increased 2.6 per cent. But motor vehicle exports dropped 3.4 per cent as production continued to be hampered by a global semiconductor shortage. There were also substantial declines in exports of capital goods and other goods.
Import growth moderates
Imports of goods gained 0.3 per cent to US$263.7 billion. They were curbed by a 9.9 per cent decline in imports of motor vehicles as well as a 3.0 per cent drop in food imports. But there were strong increases in imports of industrial supplies and other goods.
Capital goods imports also rose as did consumer goods, pointing to strong business and consumer spending. Trade has subtracted from gross domestic product growth for six straight quarters. A shift in spending from services to goods during the Covid-19 pandemic led to a boom in imports as domestic manufacturers struggled with snarled supply chains.
A resurgence in coronavirus infections in China and Russia’s war against Ukraine could worsen supply constraints.
“The strong economic recovery in the US from the pandemic has supported imports while a relatively slower global economic recovery has weighed on exports,” said Abbey Omodunbi, a senior economist at PNC Financial in Pittsburgh, Pennsylvania.
“The goods trade outlook is cloudy. New lockdowns in Shanghai and increased uncertainties from the Russia-Ukraine crisis will weigh on US exports.”
Businesses continued to replenish inventories in February, though the pace was less frantic than towards the end of last year. Wholesale stocks increased 2.1 per cent after climbing 1.1 per cent in January. Retail inventories rose 1.1 per cent in February following a 1.9 per cent advance in January.
Motor vehicle inventories gained 0.9 per cent after surging 2.5 per cent in January. Excluding motor vehicles, retail inventories increased 1.2 per cent after accelerating 1.7 per cent in January. This component goes into the calculation of GDP growth.
Inventory investment accelerated at a robust seasonally adjusted annualized rate of US$171.2 billion in the fourth quarter, contributing 4.90 percentage points to the quarter’s 7.0 per cent growth pace.
Despite February’s solid rise, inventories are likely to be neutral to GDP growth this quarter as they would need to increase at a faster rate than in the fourth quarter to contribute to growth. First-quarter GDP growth estimates are mostly below a 1.0 per cent pace.
Some economists believe the pace of inventory investment is sufficient to contribute to GDP growth this year.
“These strong levels are broadly consistent with our view that inventory investment will provide solid support for GDP this year, with inventories remaining very low in relation to sales after having been pared in earlier stages of the pandemic,” said Jonathan Millar, an economist at Barclays in New York. — Reuters
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Editor's Note: This story originally appeared on SmartAsset.com. Smaller cities often have lower costs of living than big cities, making them ideal for retirees on fixed incomes. To determine which small cities are best for retirement, we compared 247 cities (each with 65,000 to 100,000 residents) across eight different metrics: percentage of population above the age of 65, housing costs as a...
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Editor's Note: This story originally appeared on NewRetirement. Keeping your retirement savings on track helps you meet your retirement goals. That seems like a very simple concept, and in a way it is. But living with that plan every day isn’t quite so simple. Knowing how much one should save for retirement is useful — it can motivate you to take action. And it can be interesting to compare your...
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European Central Bank (ECB) sign is pictured outside its headquarters in Frankfurt, Germany, April 21, 2016. — Reuters pic
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FRANKFURT, March 28 — The European Central Bank said today it had extended liquidity lines with central banks in five neighbouring countries to contain the risk posed to the eurozone by the war in Ukraine.
The lines were designed to “prevent spillover effects” in the eurozone “in the context of heightened geopolitical tensions triggered by the Russian invasion of Ukraine”, the ECB said in a statement.
The Frankfurt-based institution agreed to open a new “precautionary” swap line with the Polish central bank under which it could access up to €10 billion (RM46 billion).
The ECB also extended repo agreements with central banks in Hungary, North Macedonia, San Marino and Albania worth just under €5 billion.
Swap lines agreed with the ECB allow central banks to obtain euros in exchange for their own currency and are aimed at maintaining liquidity in euros.
Repo lines meanwhile allow central banks to put their hands on the currency using euro-denominated financial assets as collateral.
The ECB opened the repo lines with the quartet of central banks in 2020 to help them manage the financial instability caused by the coronavirus pandemic.
The agreements were due to run out at the end of March this year but have been extended until mid-January 2023.
After the latest meeting of the ECB’s governing council earlier this month, President Christine Lagarde pledged to “take whatever action is needed” to stabilise the eurozone against the background of the conflict.
Lagarde also raised the possibility of extending liquidity lines directly to Ukraine, saying the bank was “exploring” ways to support the local authorities. — AFP
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Then US President Donald Trump looks out at reporters in the Rose Garden as he speaks after a meeting with US Congressional leaders about the government shutdown at the White House in Washington in this file picture taken on January 4, 2019. — Reuters pic
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WASHINGTON, March 28 — The US Supreme Court today declined to hear a challenge by steel companies to former President Donald Trump’s 2018 decision to double tariffs on steel imports from Turkey on national security grounds — a policy move defended by President Joe Biden’s administration.
The justices turned away an appeal by steel importers — including Transpacific Steel LLC and the Jordan International Company as well as Turkish steel producer Borusan Mannesmann and its US subsidiary — of a lower court’s ruling against their challenge.
Trump increased what had been a 25 per cent tariff to 50 per cent, which the steel companies have argued exceeded his authority. They had sought repayment from the US government of the US$54 million (RM227 million) they paid collectively in duties.
At issue is a president’s authority under a federal law called the Trade Expansion Act. That law lets a president set tariffs for the purpose of protecting national security.
The challengers pointed to a provision of the law that establishes a window of 90 days for a president to impose a tariff after receiving a report from the US commerce secretary. In 2018, such a report was submitted in January and Trump announced the initial 25 per cent tariff in March, within the 90-day window. But, the challengers said, his decision to increase the tariff to 50 per cent in August 2018 fell outside that window and was unlawful.
Trump lowered the tariff back to 25 per cent in May 2019.
The Biden administration, which took over the case and defended Trump’s actions, had argued that the later decision was legal because the law allows for a president to modify a tariffs decision outside the 90-day period.
The challengers sued in January 2019, leading the US Court of International Trade to rule in their favour the following year. The US Court of Appeals for the Federal Circuit reversed the trade court’s decision in 2021, prompting the companies to appeal to the Supreme Court. — Reuters
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MANY countries, including Malaysia, are experiencing budget shortfalls due to the havoc caused by the Covid-19 pandemic over the past two years and the consequent effects it has had on economies around the world.
Currently the trend is to maintain tax rates or increase tax rates for certain groups, and high-income earners (HIE) are the first to be targeted as it is assumed that they have the capacity to bear the extra tax burden.
Malaysia started the shift in 2016 to increase the tax on HIE from the maximum tax rate of 25% to 28% for income above RM1 million and continued the trend in 2021 by increasing it to 30% for income above RM2 million. It will not be a surprise if future budgets continue to increase tax or as other countries have done, introduce levies or cess to the tax rates to increase the tax collection from HIE.
What should you do?
Taxpayers have a duty to pay the minimum tax that is imposed on them under the law. Wherever there is a choice to mitigate your taxes using the legal provisions within the law, the taxpayer will not be breaking the law. This has been accepted by the courts and the landmark case on this matter is Sabah Berjaya Sdn Bhd case.
In this environment, HIE should seriously consider reviewing the tax efficiency of their remuneration packages to optimise their take-home pay.
The starting point is to review your employment contract, the benefits you are receiving in cash or in kind, and any incidental benefits provided by your employer. You need to take into account in planning your affairs is whether you are receiving income from or a company you control or from an independent company. A director and a non-director also have different limitations.
These issues will have an impact on how you plan your taxes because the law in many instances denies directors who have control over their companies the tax benefits normally given to employees.
Food for thought
A simple idea to reduce your taxes where you control the company is to limit your employment income to the point where your income will be taxed at 24%, which will be equivalent to the maximum company tax rate. The excess income you wish to receive can be received in the form of dividend income, which will not be taxable. Your employer can also contribute up to 19% to the Employees Provident Fund, which is deductible to the company and not taxable to the individual.
In the event you do not control the company and are merely providing a service to an independent company, you need not be employed by that company. You could be employed by your own company which you control 100% and you provide the service as an employee of your company. Here there must be a clear contract for services between your company and the independent company. The same approach of limiting your income up to 24% and paying the excess as dividends from your own company can be applied here.
On top of this, HIE should be consider benefiting from the provisions under the Income Tax Act 1967 which reduce or exempt the HIE from tax such as medical insurance, leave passages, company car, educating yourselves at top institutions in the world, share option schemes or share purchase schemes, etc.
In case you have legitimate offshore employment, you need not bring that to tax in Malaysia provided you do not perform or exercise any of the duties relating to the offshore employment in Malaysia. However, if the work you perform in Malaysia is incidental to the offshore employment, it will not be taxable in Malaysia.
The fine dividing line between onshore income and offshore income is very thin and you must be very careful to maintain evidence to support the distinction as Inland Revenue Board is likely to scrutinise such activities thoroughly.
Basically, reducing your taxes will require a comprehensive review of your total remuneration package and the relationship with your employer.
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PETALING JAYA: The reopening of Malaysia’s international borders and further easing of Covid-19-related restrictions on Friday are welcome, small and medium enterprises (SME) say, but they revealed that they are still inundated by challenging conditions, particularly from runaway commodity prices and labour shortages.
SME Association Malaysia president Ding Hong Sing (pix) pointed out that the business community is seeing rapid material cost inflation, especially due to the conflict between Russia and Ukraine. To illustrate, he cited flour prices. which have shot up 11% recently.
“Furthermore, labour shortages due to the restriction on foreign workers because of the Covid-19 pandemic have yet to be resolved. Recently, there has been a recovery in sales orders but SME struggle to fulfil them as there are not enough workers,” Ding told SunBiz.
He said his members have recruited locals to fill the vacancies but there is simply not enough supply to meet demand, particularly in the “3D” (dirty, dangerous, difficult) jobs.
On this issue, Ding stated that he is lucky to be able to obtain the automation grant that was offered by the government last year, of which he invested an estimated RM5 million to automate his operations. However, given the bottleneck in supply chains, the machines needed will only arrive at the end of this month, after a 10-month wait.
He shared that the adoption of automation is projected to double his capacity and reduce his dependency on labour but without all the equipment and processes in place he has yet to find out.
With regard to the shift towards an endemic Covid-19 situation, Ding expressed caution in relation to his company’s operations.
“Although the vaccination rollout and measures to combat Covid-19 have seen some measure of success, SME are cautious as the risk still remains and businesses dread a shutdown over a positive case which could lead to losses.”
On this subject, the SME Association president said members will err on the side of caution and continue to adhere to the government’s standard operating procedures.
For Terang Bulan Landscape Sdn Bhd founder Tan Peng Koon, the coming border reopening and the easing of restrictions are not expected to bring a direct positive impact to his landscaping, construction and plastics manufacturing business, which is largely focused on the domestic market.
He shared that the main concern at the moment is the runaway commodity prices such as steel, cement and oil prices which have greatly affected his bottom line.
“For most jobs and orders, we are able to pass the increase in cost to our customers. However, there are also contracts we’ve entered into before the price hike so we have no choice but to absorb,” he said.
Given the challenges in the last two years, Tan realises that to get through these challenging times he cannot rely only on a single source of profit.
“Throughout the lockdown period, the maintenance business has helped us to break even and keep salaries paid but there is also a need to diversify the business. Since then, Terang Bulan has ventured into e-commerce and food production, which has led to growth despite the challenging climate,” he said.
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THIS year’s World Water Day (commemorated on March 22) celebrates groundwater, the utilisation of whichhas spanned many centuries. The large-scale utilisation of groundwater has its negative impacts and some have been observed historically as well. Water flow from high elevation to lower elevation not only happens above the soil, it also takes place within the layers of soil and rocks.
Precipitation is the main source of water entering the soil either during rainfall or melting ice in a glacier system. The process of water entering soil and replenishing groundwater is known as “recharge”. Erratic weather patterns, retreating glaciers, change in land use and deforestation pose a very high impact on groundwater recharge.
Based on the Review of the National Water Resource Study (2000– 2050) by the Department of Irrigation and Drainage published in 2011, the annual rainfall is about 972.78 billion cubic metres (bcm), actual evaporation is 413.60 bcm a year, groundwater recharge 63.45 bcm a year and surface runoff 495.71 bcm a year.
According to Suruhanjaya Perkhidmatan Air Negara’s (SPAN) 2020 annual report on water services that covers Peninsular Malaysia and Labuan only, we extract 13,063 million litres per day (MLD) directly from rivers, 2,899 MLD from dams and 201 MLD from groundwater. This data does not include direct extraction for domestic, commercial and industrial use as such national verified data is not available.
Malaysia is blessed with ample of surface water and water crisis in Malaysia is due to failure to manage surface water and obviously the delay in implementing the National Water Services Industry Restructuring fully.
Therefore, running to groundwater extraction does not solve the problem. Our groundwater regime is not supported by glacier system. Rainfall is the source of our groundwater. Thus, water cycle and forest covers affect groundwater recharge rate. Rainfall will produce surface runoff (water that flows on surface) and some will seep into soil to form groundwater. This process is assisted by pristine forest covers. Unfortunately, now we are lacking such forests due to illegal logging activities and deforestation to support development.
Large-scale groundwater extraction projects need detailed studies as we cannot extract groundwater above the natural recharge rate. There are two types of aquifers, which are non-confined aquifers and confined aquifers. Non-confined aquifers have higher exposure to pollutants from the surrounding while confined aquifers have small land areas to recharge the groundwater and this is the immediate risk.
In large-scale groundwater projects, dormant natural occurring heavy metals or other chemical will be mobile and move faster than the natural rates. This may pose immediate health risk due to low dilution factor for groundwater.
It is also more economical to construct and operate a large scale surface water treatment plant with more than 1000 MLD capacity compared with developing a large- scale groundwater project at such capacity as many tubewells are needed to meet such a capacity. This will eventually increase capital and operational expenditures which will be passed on to tariff. Some negative impacts of large scale groundwater extractions are land subsidence, drop in water table and increase in peat fires. Furthermore, many proposed groundwater projects are situated in existing river basins that contributes to raw water use in rivers.
We must also bear in mind that the nature also depends on groundwater for its survival. The groundwater coupled with capillary action within soil provides water for plants to thrive. Therefore, Awer urges government to focus in optimising surface water utilisation and its pollution control mechanisms.
We have proposed many tangible and highly effective mechanisms to solve surface water issues. In addition to that, demand side management, non-revenue water reduction and holistic water efficiency implementation will be able to solve our increasing demand for water.
Water is life.
Thisarticle is contributed by Piarapakaran S, president of the Association of Water and Energy Research Malaysia (Awer), a non-government organisation involved in research and development in the fields of water, energy and environment.
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The logo of Auchan supermarket is pictured in Saint-Sebastien-sur-Loire near Nantes, France, February 1, 2022. — Reuters pic
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KYIV, March 27 — Ukrainian Foreign Minister Dmytro Kuleba called today for a global boycott of French retail giant Auchan, with pressure mounting on international brands to quit Russia over Moscow’s invasion of Ukraine.
“Apparently, job losses in Russia are more important than the loss of life in Ukraine. If Auchan ignores 139 Ukrainian children murdered during this month of Russian invasion, let us ignore Auchan and all their products,” he wrote on Twitter.
Kuleba called for a “boycott” of the retail group as well as French DIY retailer Leroy Merlin and sporting chain Decathlon, all of which operate under the Association Familiale Mulliez.
Auchan CEO Yves Claude this week defended the company’s decision to remain in Russia citing the need to keep staff employed.
“Leaving would be imaginable from an economic point of view, but not from a human point of view,” he told French newspaper Le Journal du Dimanche.
According to its company website, Auchan has 41,000 employees and operates more than 300 stores in Russia.
Ukrainian President Volodymyr Zelensky used an address to France’s parliament last Wednesday to call on French companies still working in Russia to “stop sponsoring” aggression against his country.
He named in particular Auchan, Leroy Merlin and Renault. The car giant subsequently announced an immediate suspension of operations at its Moscow factory. — AFP
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JAKARTA: Sabah and Sarawak are set to benefit from Indonesia’s decision to shift its capital city from Jakarta to Kalimantan, which is expected to commence in the first quarter of 2024.
This was revealed during a briefing by the Indonesian Chambers of Commerce (KADIN) Jakarta during a roundtable session with Minister in the Prime Minister's Department (Sabah and Sarawak Affairs) Datuk Seri Dr Maximus Ongkili and Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapha Mohamed.
“The shifting of Indonesia’s capital city is expected to result in economic and development spillovers that will trickle down to Sabah and Sarawak through border economy,” Ongkili said.
KADIN is an umbrella organisation comprising Indonesian business chambers and associations that focuses on all matters related to national and international trade, industry and services.
With 34 regional chambers and 524 branches, it is the only nationwide business organisation mandated by the Indonesian authorities to speak on behalf of private businesses, liaise with government officials and cover all relevant sectors.
Ongkili, who led a Malaysian delegation for a week-long official visit to Indonesia, highlighted that KADIN is already working on a few matters with the Malaysian government to boost bilateral and economic relations.
He said there is a need to develop better infrastructure as well as the establishment of better security control such as the setting up of the Customs, Immigration, Quarantine and Security complexes at all entry points along the Kalimantan - Sabah and Sarawak borders.
He added that Sabah and Sarawak must take advantage of the opportunities that will be made available in light of both states’ proximity to Indonesia’s new state capital.
“Bilateral cooperation between Malaysia and Indonesia has long existed, but there is still room for improvement,” he said.
Ongkili and his delegates are scheduled to meet up with top officials in Indonesia to discuss various matters, especially those related to bilateral relations, the economy and other international issues.
The team of delegates include Sabah Deputy Chief Minister cum Industrial Development Minister, Datuk Dr Joachim Gunsalam and Sarawak Deputy Chief Minister cum state International Trade, Industry and Investment Minister, Datuk Amar Awang Tengah Ali Hasan.
Describing the week-long visit as ‘timely and strategic’, Ongkili said the team aims to get first-hand information on the location of the new Indonesian capital and its likely impact on the border economy between Kalimantan and Sabah and Sarawak.
“We also hope the visit would enhance existing ties between the two countries, so that we can work closely, economically, socially and politically in the future,” he said.-Bernama
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JAKARTA: Malaysia is on the right track to achieve its gross domestic product (GDP) growth projection for this year with the reopening of its international borders starting next week.
The move will have a very positive impact on the economy, especially the services sector, said Minister in the Prime Minister's Department (Economy), Datuk Seri Mustapa Mohamed.
“All citizens and the business community alike, including small and medium industry operators have been eagerly waiting for the borders to reopen.
“Consequently, we are more confident of achieving the GDP growth forecast of around 5.5-6.5 per cent,“ he said to reporters during his visit to the Malaysia Healthcare Expo 2022 here today, organised by the Malaysia Healthcare Travel Council (MHTC).
According to Mustapa, Johor is set to be one of the main beneficiaries from the border reopening as cross-border activities between Malaysia and Singapore recommence.
Earlier this month, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the country will begin its transition into the endemic phase and that the international borders will reopen starting April 1.
Meanwhile, Mustapa, who is also the co-chairman of MHTC, said he expects the arrival of Indonesian medical tourists into Malaysia to return to the pre-pandemic level by 2025.
In 2019, more than 675,000 Indonesian citizens had sought medical treatments in Malaysia, but the number had dropped to a mere 635 between 2020 and 2021.
Mustapa said he hopes that the arrival of medical tourists would gradually increase following the reopening of the border, thus giving the country’s health tourism industry a much-needed boost.
“Malaysia promises safe and secure healthcare for Indonesia’s medical tourists,“ he said.
During the four-day Malaysia Healthcare Expo which ends today, four state tourism representatives and 10 MHTC member hospitals had showcased the best healthcare offerings in Malaysia, including in the fields of fertility, cardiology, oncology and Hepatitis C.-Bernama
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KUALA LUMPUR: Japan External Trade Organisation (Jetro) is collaborating with government agencies and Japanese companies to accelerate adoption of Japanese Industry 4.0 smart manufacturing technologies among Malaysian small and medium enterprises (SMEs) as part of the Look East Policy (LEP) cooperation.
Jetro KL research department assistant director Esther Lai said Jetro has conducted business matchings and Japanese Industry 4.0 technology workshops on March 9, one of the many events to commemorate LEP’s 40th anniversary.
Jetro hopes to see SMEs apply some of these manufacturing technologies in their production lines, Lai said.
“The Covid-19 pandemic has accelerated digitalisation and pushed manufacturers to adopt solutions (using) less manpower,” she told Bernama.
Seven Japanese solution providers participated in the workshops, namely Fujitsu (Malaysia) Sdn Bhd, Hitachi Asia (Malaysia) Sdn Bhd, KDDI Malaysia Sdn Bhd, Mitsubishi Electric Sales Malaysia Sdn Bhd, Murata Electronics (Malaysia) Sdn Bhd, NEC Corporation of Malaysia Sdn Bhd and Yokogawa Electric (Malaysia) Sdn Bhd.
Jetro has been collaborating with International Trade and Industry Ministry (MITI), Malaysian Investment Development Authority (MIDA) and SIRIM Bhd to assist Malaysian SMEs to adopt smart manufacturing practices since 2019.
The first phase was between 2019 and 2020; 10 business seminars introduced smart manufacturing technologies, attended by about 1,100. Online business matching workshops were conducted last year due to Covid-19 pandemic, she said.
Jetro aims to hold workshops on a larger scale this year as part of the third and final phase of this Malaysia-Japan collaboration, once business matchings have been successfully concluded from the recently held workshops.
Lai said local SMEs will be selecting their most preferred solution providers; they will then submit proposals to MIDA on what technology to use to improve their production line.
SMEs will be able to procure the solutions once they get MIDA’s funding approval, and the enterprise resource planning software, for example, would then be integrated into their production line, Lai said.
MITI has appointed SIRIM as one of the assessors for the Readiness Assessment Reports, which is mandatory for SMEs to be eligible for Malaysian government funding.
It is costly to incorporate these solutions into the production line and some government support would be needed, Lai said.
The LEP has propelled Malaysia’s economic development since 1982 with Japanese investment and technology, by emulating the Japanese work practices and cooperation in the field of training and research with support from both governments.
The Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal which includes ASEAN 10 together with China, Japan, South Korea, Australia and New Zealand, will also help to support trade expansion in post-pandemic recovery.
Following the Japan-Malaysia Free Trade Agreement and ASEAN-Japan Comprehensive Economic Partnership, the RCEP is the third free trade agreement between both countries. There will be trade and investment spin-offs, with Malaysia being a logistics hub option, she said. -Bernama
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