Tuesday, October 31, 2023

How To Get the Best Deal on Homeowners Insurance

Happy man sitting in home office counting money saved
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A home is the most valuable thing most of us will ever own, and it’s filled with costly possessions. Insurance covers the value of the building — including upgrades — and our belongings. You’ve probably seen that the cost of insuring your home has jumped lately — at least in the places insurers aren’t running away from entirely. As we recently reported, rates in May 2023 were up an average of 21%



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7 Social Security Rules Everyone Should Know by Now

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Social Security is not a well understood program. In fact, a 2022 survey found that about half of respondents thought if they filed for benefits early, their payment amount would automatically go up when they reached their full retirement age. That’s way, way wrong. The confusion’s a shame, given how many of us will need this money badly in old age. Around 21% of couples collecting Social Security...



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Foreign net selling on Bursa continues into second week

PETALING JAYA: Foreign investors continued to net sell on Bursa Malaysia for two consecutive weeks, with total net selling of RM396.9 million last week, compared with RM613.0 million in the week prior, said MIDF Research.

According to its fund flow report, the research house said that last week, foreign net selling activities occurred on a daily basis. It added that Wednesday recorded the highest daily foreign outflow of RM150.4 million, with foreign investors selling stocks like Hong Leong Bank Bhd (RM54.0 million), Kuala Lumpur Kepong Bhd (RM33.6 million) and Gamuda Bhd (RM22.4 million).

Year-to-date (YTD), foreign investors have net sold RM4.13 billion on Bursa Malaysia.

“The top three sectors with the highest net foreign inflows were utilities (RM107.7 million), technology (RM18.5 million) and property (RM16.2 million), while the top three sectors with the highest net foreign outflows were financial services (RM181.9 million), consumer products and services (RM101.4 million) as well as construction (RM65.0 million),” MIDF Research said in a statement.

In addition, it said that local institutions have maintained their trend of purchasing domestic equities for the fourth consecutive week, with a net buying amount of RM493.1 million.

“They were favouring sectors such as financial services (RM236.0 million), consumer products and services (RM76.4 million) as well as construction (RM50.3 million). YTD, local institutions have net bought RM4.88 billion of equities,” it added.

MIDF Research said local retailers persisted as net sellers of domestic equities for the third consecutive week, totalling RM96.2 million in net sales. YTD, retailers have accumulated net sales amounting to RM756.8 million.

In participation, there was a decrease in average daily trading volume among retail (3.6%) and foreign (26.1%) investors, but an increase among institutional investors (2.7%).



Source: The Sun Daily

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Monday, October 30, 2023

5 Housing Markets at ‘Very High’ Risk of Falling

Home in Spokane, Washington
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home values continued to rise on both a year-over-year and monthly basis in August, according to property analytics firm CoreLogic. From August 2022 to August 2023, home values rose 3.7% nationwide. Prices increased by 0.3% in August compared with July. New England states saw the biggest increase in home values, but prices are trending up in most parts of the country. Even in the West — which...



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UMW Group registered 38,223 vehicles in September 2023, 13% higher than September 2022

KUALA LUMPUR: The UMW Group’s strong automotive sales momentum continued in September 2023 with the registration of 38,223 vehicles as both UMW Toyota Motor (“UMWT”) and UMW’s associate company, Perodua continue to deliver their outstanding orders. Accordingly, year-to-date September 2023, the Group’s automotive sales increased by 16% to 309,738 units from the 267,226 units registered in the same period of 2022.

UMWT registered 9,228 units in September 2023, close to the 9,233 units delivered in September 2022. Year-to-date September 2023, UMWT registered 76,511 units, recording an 8% growth compared with the 70,872 units registered in the corresponding period of 2022. Accordingly, UMWT achieved market share of 13.4% for YTD September 2023. To refresh its model line-up, UMWT introduced the improved Toyota Yaris on 18 September 2023. The improved model now features styling enhancements, new technology and a refreshed interior ambience. It includes a sporty new front and rear skirting, as well as an optional 2-tone paint finish with a striking black roof. The locally assembled popular B-segment hatchback is offered in two variants and is priced from RM88,000 to RM91,600.

Perodua registered 28,995 units in September 2023, 18% higher compared with the 24,626 units delivered in September 2022, as it continues to ramp up production supported by the improving supply chain. Year-to-date September 2023, Perodua’s sales surged to 233,227 units, 19% higher than the 196,354 units delivered in the same period of 2022. Accordingly, Perodua achieved market share of 40.8% for YTD September 2023. For the first nine months of 2023, Perodua’s top selling models were the Bezza, followed by the Axia and Myvi.

UMW Holdings Berhad’s outgoing President and Group CEO, Dato’ Sri Ahmad Fuaad Kenali said, “We are pleased with the sustained strong sales registered by both UMWT and Perodua in September 2023. Year-to-date, both companies have continued to register higher sales compared with the same period of 2022. We are confident that both companies will achieve their sales targets for 2023 based on the outstanding bookings. Automotive sales in the last quarter of the year will also be supported by the attractive year-end promotions. We would like to express our appreciation to our customers for their support and loyalty.” - Bernama.



Source: The Sun Daily

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Tax Matters – Clear your backlog or you could face prosecution

IT IS becoming very clear that there are still many taxpayers (individuals, corporates, and other taxable entities) who are refusing to file tax returns.

The latest case brought to court in Johor includes the logistics company called Narita Shipping and Transport Sdn Bhd which allegedly has not filed its tax returns for 2020 and 2021 where the outstanding tax claims amount to RM550,000.

Another similar case relates to Syed Azhar Syed Sahat who allegedly failed to file his returns for the years 2016, 2018, 2019, 2020 and 2021, and there are claims for taxes outstanding amounting to RM129,843.

If they are proven to be guilty, they will have to pay the taxes and they face a potential 300% penalty on the taxes due, and a possibility of facing a jail term not exceeding six months. Despite such frightening consequences, it appears that taxpayers are willing to take the risk and not file tax returns.

There are other consequences. If a taxpayer has been charged in court, there is a possibility that the credit rating agencies will report this, and it will affect their credit standing too.

Why are some taxpayers reluctant to file their returns?

It is possible that the backlog could be due to the fact that the accounts are not finalised due to disputes between shareholders, disagreements with the auditors, family disputes, pending legal matters, or simply because the accounts are not up to date.

It is also possible that there are genuine cases where the accounts cannot be prepared because records do not exist or they have been lost due to flood, fire or other calamities. The tax law does not discriminate between those who intentionally delay and those who are genuinely caught in a bind.

How do you get out of the bind?

If your case is genuine and you are unable to prepare the accounts, it will be best for you approach the Inland Revenue Board (IRB) and explain the situation.

This alone is not enough. You need to get a good tax adviser or an accountant to estimate your income and this can be done by collecting information from your suppliers, customers, and from your banking transactions. It can also be derived from your stock records and expense patterns. There are many ways of estimating your income.

Once you have the estimated figures and you have the basis for calculating the estimated figures, you should submit the information to the IRB and ask them to issue an assessment.

At the moment, you have a golden chance of using such information under the Special Voluntary Disclosure Programme 2.0 (SVDP) to file the tax return without any penalty.

If subsequently you are able to get more information to produce an accurate set of accounts, you can go back to the authorities and ask for your return to be amended. This will only be applicable if there are additional taxes to be paid. In the event the tax is reduced, you will not get the refund. Therefore, you have to be careful in submitting yourself under SVDP.

Any numbers submitted under SVDP should have a basis and they should be explainable to the tax authorities.

Please come out of the woodwork and come clean with the tax authorities. IRB is here to help you. If you do not want to use a tax consultant or an accountant, IRB has customer service representatives at all branches, and they will help you.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Success: The Insight Story – Set goals, and break through barriers

IN THIS week’s column, ARB Bhd executive director Datuk Seri Liew Kok Leong (pic) shares his experiences and views with SunBiz.

How has your life experience made you the leader you are today?

My life experience has helped me to persevere even in the face of rejection as I’ve learned that rejection isn’t personal. Most of the time, it is important for us to focus on what we can bring to the table in any negotiation. I also assume the best in all situations that I encounter. This perspective has helped me to be a go-getter and a leader who sets the roadmap for a three-to-five-year plan.

I believe it is vital to for us to prioritise what matters and make decisions based on these priorities. This has helped us to persevere through difficult circumstances as we focus on our goals as individuals and as a unit. I’d like to think that my leadership traits are anchored on these traits.

What traits do you look for in your talent or how do you decide who is right for a job?

I believe organisations need to have a diverse talent pool in order to be successful. This is why we have to identify the talent gaps within our organisation and source for suitable candidates that can fit into these vacant positions. I also think that it is important for these new candidates to embrace the culture within our organisation.

This is why we put a lot of emphasis in growing them through a system that we have implemented at ARB. Through this, we help them to adapt to the consistently evolving world, train them with the needed skills and future-focus determination.

We believe that this will help to effectively engage, retain and motivate them to achieve long-term personal and business goals. We have also developed a comprehensive performance review and goal setting system to help us with our resource planning over the near-term and long-term.

How do you think the industry you are in will evolve?

The information technology (IT) industry is growing at a rapid pace. There will be a lot of focus on the next wave of technological breakthrough of the Industry 4.0. However, most people failed to realise that technology on its own is not going to transform the world that we live in. Instead, the Industry 4.0 is about empowering every individual and organisations to be better. This includes political and business leaders, policymakers and people from all income groups.

I believe that the digital revolution over the next decade will focus on harnessing converging technologies in order to create an inclusive, human-centred future. What I mean by this is that these new technologies will allow us to have the opportunity to work on things that matter to our lives.

For example, smart manufacturing with the development of the Internet of Things (IoT) and robotics will open up opportunities for us to focus on families, organisations and communities.

While we’re still in the early days of this evolution, I am confident that artificial intelligence (AI) will eventually eradicate the inequality that we’re seeing today and push mankind into an inclusive growth that is sustainable.

We all know about the industrial revolution, are we in for a technological revolution? Your thoughts.

I believe we’re already in the next phase of technological evolution. With big data, faster digital network and AI, this will accelerate our shift into the next technological breakthrough. However, as mentioned before, I believe this next evolution will focus on empowering every individual and organisations to be better. It is about what technology can do for humanity.

What do you want to accomplish in the next five years?

There is a huge potential in the industry, and we want to be a part of this growth over the next five years. Our aim is to increase 20% of our market share to become one of the top tier IT companies in Asean. We also want to be one of the best ROI companies in the region as we need to maintain our shareholders’ interest as our priority. Aside from that, we also want to be the best company to work for in order to attract the best talents in the industry.

Best piece of advice you ever received in your career.

There is no shortcut to success. It all boils down to the result of preparation, hard work and willingness to learn from failure.

How do you stay abreast of issues affecting your industry?

I think the best way to stay abreast of issues affecting our industry is through innovation. It is an open secret that we must innovate to keep up with the market’s pace of change. With technological advances disrupting all industries, companies must innovate in order to stay relevant and not be left behind. For us, we focus on the innovation of our business model to drive revenue.

What has been the biggest challenge you have faced? And what did you learn from it?

I think one of the biggest challenges that I have faced is in attracting and retaining talent.

With competition from global tech companies, it puts companies like us in a difficult position to get the best talent to work with us. This is part of the reason why we are looking to list on the Nasdaq stock exchange, which could boost the profile of the company significantly.

What are the top three factors you would attribute your success to?

Like I’ve said earlier, it’s all about persevering through every different challenge and obstacle. In order to do that, we need to first set our roadmap and business goals. The art of setting an agile roadmap to achieve a set of business goals is the key to my success.

With our priorities set, it is about breaking through barriers. There is a need to be decisive at the workplace, make clear-cut and timely decisions with the appropriate amount of information. By focusing on what we could do with the available information, we will be able to add values to our stakeholders including our customers, partners and shareholders.

The success that we achieve also helped to build our reputation in the industry. This has helped us to attract and retain talent in the industry, which keep our growth trajectory intact.



Source: The Sun Daily

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Sunday, October 29, 2023

Sovereign wealth fund contribution will make Sarawak economy more stable

KUCHING: The Sarawak economy is expected to become more stable and have surplus income from investments by the Sovereign Wealth Future Fund.

Sarawak Premier Tan Sri Abang Johari Tun Openg said he is confident that with a total of RM8 billion deposited in strong financial institutions, the fund will continue to grow undisturbed within 20 years.

“Unless we face a war and a crisis that requires funds, but based on normal circumstances we don’t touch the fund for 20 years, which means this fund will grow like the Norwegian (sovereign wealth) fund.

“That’s why we have international members who have managed such funds, one from Europe and the other from the United States,” he said, after holding a meeting with the board of trustees of the fund here today.

Abang Johari said the board of trustees members will monitor and manage the fund according to world governance – the Santiago Principles.

“They have experience and integrity in management, I leave the investment method to the experts.

“There are several important committees to assess the risk before they invest. Of course, they will look at the state of the market,”Abang Johari said, adding that the annual report of the results and management will be presented before the State Legislative Assembly annually.

Currently, he said that Sarawak is a member of the London-based International Forum of Sovereign Wealth Funds, which is an important global institution. – Bernama



Source: The Sun Daily

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Evergreen Group unveils new corporate haven in M’sia with HWG partnership

KUALA LUMPUR: Evergreen Group Holdings and Holistic Wealth Group (HWG) have joined forces to transform the financial industry landscape in Malaysia.

The financial entity known for its Fund Management and Financial Institution Licenses in various Asian regions has for the first time opened its corporate office in Pisteuo’s UpTown Damansara, Petaling Jaya.

HWG is currently leading an amazing journey of growth and transformation, with a clear goal of becoming the top-notch provider of wealth management services. This partnership of the pioneer business will surely shed light on the future of the clients, making their lives more fulfilling.

Evergreen Group Holdings: A leading financial entity with a vision for positive impact

Well-known Singaporean K-pop singer David Yong, who is also Evergreen Group Holdings CEO, said: “We are committed to long-term commitment and positive impact.”

He added that Evergreen Group Holdings aims to transform the financial industry landscape through strategic partnerships, comprehensive financial advisory, and socially responsible initiatives.

Yong said, “The milestone will be celebrated alongside the signing of a memorandum of understanding (MoU) with HWG, a leading wealth management company. Furthermore, we embrace the latest advancements in the financial industry to provide the best possible service.”

Moving forward, he added that their dedication to excellence and innovation will continue to set new benchmarks in wealth management and positively impact the financial well-being of their clients.

“This venture will contribute to the improvement of the financial landscape and enable the provision of comprehensive financial advisory to individuals, businesses, and institutions.”

A historic partnership – equal emphasis on Evergreen and HWG

This partnership is not just about collaboration; it’s about creating a financial ecosystem that addresses the diverse financial needs of the region.

In addition to the partnership announcement, Evergreen Group Holdings will also celebrate a significant milestone for its subsidiary company Maxima, which operates under the HWG umbrella.

Maxima CEO Jenson Lim said: “We have achieved noteworthy success in obtaining the BNM approved financial advisory and crafting a top-tier, industry-disruptive strategy that will propel its financial advisers into exponential growth.

“Evergreen Group Holdings is dedicated to making a positive impact on society and we are proud to announce our collaboration with government bodies to provide crucial financial backing to affordable housing schemes,” he added.

He said the MoU signing ceremony will mark a historic moment in the wealth management industry as Evergreen Group Holdings and HWG take a monumental step towards the community.

“Together, Evergreen Group Holdings and HWG are underway to offer more cross border financial product solution which will be a valuable asset,” he added.

Yong said the partnership with HWG promises to enhance the capabilities of both organisations and expand the range of financial products and services they can offer.

These initiatives further demonstrate the commitment of this joint venture to meet the diverse financial needs of the region.

HWG: A collaborative force with a client centric approach

As a trendy collaborator with a touch of pizzazz – HWG, a prominent wealth management company join forces to offer a variety of financial advisory to individuals, businesses and institutions.

Its CEO, Datuk Chua Meng Min said: “With a focus on client centricity, HWG prioritises the needs and desires of all stakeholders in providing innovative financial solutions and driving growth within the industry.

“The key to achieving this mission lies in our commitment to nurturing and empowering the most talented individuals in the wealth management field. Their expertise and unwavering dedication ensure that our clients’ financial aspirations are realised,” he remarked.

Chua said the company takes great pride in offering a wide range of innovative and diversified portfolio solutions, perfectly tailored to meet each individual’s unique needs.

The partnership with HWG promises to enhance the capabilities of both organisations and expand the range of financial products and services they can offer, Yong said.

Recognising that housing plays a vital role in maintaining stable communities and enhancing the quality of life, Yong and Evergreen Group COO Desmond Sim said the partnership aims to facilitate access to safe and affordable housing for as many individuals and families as possible.

“This collaboration reflects their vision for long-term commitment and positive social impact,” the initiators said.



Source: The Sun Daily

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Saturday, October 28, 2023

9 Spooky Things That Can Hurt Your Home’s Value

Nervous or scared man with a flashlight exploring a dark and creepy house
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Halloween is almost here, but legions of children descending on your house demanding candy might not be the only scary thing going on in your neighborhood. You should also be aware of the creepy things that can spell doom for your property value. From the truly macabre to the merely disconcerting, here are the price killers you can learn to avoid.



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Let’s Have an Honest Conversation About What to Expect As You Age

Senior happily talking on smartphone or cellphone
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Editor's Note: This story originally appeared on KFF Health News. How many of us have wanted a reliable, evidence-based guide to aging that explains how our bodies and minds change as we grow older and how to adapt to those differences? Creating a work of this kind is challenging. For one thing, aging gradually alters people over decades, a long period shaped by individuals’ economic and social...



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9 Places Where Homes Now Take Longer (or a Lot Longer) To Sell

Downtown Honolulu, Hawaii
Karen Grigoryan / Shutterstock.com

If you are trying to sell a home and wonder where all the buyers have gone, you are not alone. Nationwide, it took a median of 33 days to sell a home in major U.S. metropolitan areas in September. But in some areas, the process of selling a home took much longer than that That is quite a contrast to a couple of years ago, when long lines at open houses and bidding wars were the norm. Recently...



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Friday, October 27, 2023

The Biggest Spikes in Home Listings Are in Florida Cities Now

Home in West Palm Beach
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The past few years have seen a steady stream of people moving to Florida, causing real estate prices to surge and making it difficult for local home shoppers to find properties. But recently, four Florida cities have seen a jump in the number of new listings for sale. Nationwide, the number of homes for sale was down 3.4% year over year as of Oct. 1, 2023. But listings nationally rose 3%



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6 Ways to Stay Warm Without Turning on the Heat

Mother and son in a blanket fort
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Cranking up the heat, flannel sheets, dressing in layers — there are a number of traditional ways to stay warm in cold weather. But for folks looking for more unusual methods, we’ve outlined some savvy, low-tech ways to ward off the cold this winter. Some of them might even save you a little cash.



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Thursday, October 26, 2023

Oil prices settle up about 2% on worries about Middle East

NEW YORK: Oil prices rose about 2% on Wednesday (Oct 25), buoyed by worries about conflict in the Middle East, but gains were capped by higher US crude inventories and gloomy economic prospects in Europe.

Brent crude futures rose US$2.06, or 2.34%, to settle at US$90.13 (RM430.73) a barrel. US West Texas Intermediate (WTI) crude futures rose US$1.65, or 1.97%, to close at US$85.39 (RM408.07) a barrel.

Prices fell early in the session but reversed declines on heightened geopolitical risk, said Price Futures analyst Phil Flynn.

Weaker prices in the oil physical markets suggest the rise in prices over the past few weeks may come to an end as demand woes weigh.

US crude inventories rose by 1.4 million barrels in the last week to 421.1 million barrels, the Energy Information Administration (EIA) reported on Wednesday, higher than analysts’ expectations in a Reuters poll.

“The crude build is a bit of a surprise and gasoline (petrol) demand is barely hanging in there,” said John Kilduff, a partner at Again Capital LLC, in New York.

The conflict between Israel and Hamas raged on, raising concern that if it widened across the Middle East, oil supplies could be disrupted in a market already undersupplied given protracted Opec+ cuts.

Crude prices could also find support as the top parliament body in China, the world's biggest oil importer, approved a bill to issue 1 trillion yuan (RM653.2 billion) in sovereign bonds and allow local governments to issue new debt from their 2024 quota to boost the economy.

But demand for crude oil in China could be limited as Beijing put a ceiling for its oil refining capacity at 1 billion metric tons by 2025 to streamline its vast oil processing sector and curb carbon emissions. – Reuters



Source: The Sun Daily

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19 Cheap or Free Ways To Cut Your Winter Energy Bills

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Winter is right around the corner, and that means expensive heating bills in many parts of the nation. In fact, heating living spaces accounts for about 29% of your home’s energy bills, according to the U.S. Department of Energy. Doing all you can to cut consumption of heating fuel can have a big payoff. So, before Jack Frost comes nipping at your nose — and your wallet — here are many cheap or...



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19 Countries With the Best Pensions in the World

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For most of us, understanding one retirement income system is hassle enough for a lifetime. But a new report examined the systems of 47 countries, which collectively cover two-thirds of the world’s population. The Mercer CFA Institute Global Pension Index identifies the best pension systems on Earth — both public and private. For each country, it considers factors related to adequacy of income...



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Wednesday, October 25, 2023

14 Ways To Maximize Your Social Security Checks

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If you have focused all your retirement planning energy on your 401(k) account, you may be missing a key piece of the puzzle: Social Security. You can influence your eventual payout from this old-age safety net to a surprising degree by making some adjustments, or by making changes in retirement planning. The time to get started pumping up your Social Security checks is now, even if you’ve got...



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7 Things You Should Not Store in Your Garage

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A garage can seem like a bonus room, perfect for keeping everything that just doesn’t fit anywhere else — especially if you don’t keep your car in it. But it’s important to look at all that extra space with a critical eye. Garages have unique limitations as a storage space that might not be immediately obvious. You should treat them as part of the exterior of your home, but covered. Here’s a look...



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Ringgit ends higher after correcting oversold position

KUALA LUMPUR: The ringgit made a correction from its oversold position to end Tuesday on a positive note against the US dollar.

At 6 pm, the ringgit inched up to 4.7825/7865 against the greenback from Monday’s close of 4.7900/7975, its lowest level versus the US dollar in 25 years.

Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said bargain-hunting activities suggest further appreciation of the ringgit may be in the offing.

On top of that, he believed the ringgit could also receive renewed interest due to some positive development on the Israel-Hamas conflict.

“Yesterday, two hostages were freed by Hamas along with the arrival of humanitarian aid in Gaza.

“However, markets are still anxious about the possible ground offensive by the Israelis and when that happens, how it will change the dynamics of the present conflict,” he said.

Bank Negara Malaysia said the current ringgit movements appear to be more heavily influenced by global events and do not reflect the nation’s economic fundamentals.

Therefore, BNM governor Datuk Abdul Rasheed Abdul Ghaffour will ensure that the central bank do whatever is necessary to ensure the ringgit continued to adjust in an orderly manner.

The ringgit, however, eased versus a basket of major currencies.

It slipped against the euro to 5.0881/0924 from 5.0736/0815 at the close on Monday, decreased versus the British pound to 5.8557/8606 from 5.8179/8270 yesterday, and fell against the Japanese yen to 3.1960/1989 from 3.1935/1985 previously.

Meanwhile, the local note was traded mostly lower against other Asian currencies, except for the Philippine peso, where it rose to 8.42/8.43 from 8.43/8.44 previously.

The ringgit decreased against the Indonesian rupiah to 301.7/302.1 from 300.5/301.2 at Monday’s close, inched down versus the Thai baht to 13.2186/2352 from 13.1104/1359 yesterday and weakened vis-a-vis the Singapore dollar to 3.5003/5035 from 3.4731/4767. - Bernama



Source: The Sun Daily

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Tuesday, October 24, 2023

21 Ways Retirees Can Bring in Extra Money

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Are you retired — or planning to quit work soon — and looking for ways to put a little extra cash in your pocket? Your years of hard work and experience can be valuable after you retire. Now, you’re in a position to leverage those skills in a new way or to try your hand at something completely different. Here are ideas for your next phase of work.



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5 Housing Markets at ‘Very High’ Risk of Falling

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home values continued to rise on both a year-over-year and monthly basis in August, according to property analytics firm CoreLogic. From August 2022 to August 2023, home values rose 3.7% nationwide. Prices increased by 0.3% in August compared with July. New England states saw the biggest increase in home values, but prices are trending up in most parts of the country. Even in the West — which...



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5 Times When It’s Smart to Claim Social Security Early

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Many people believe that claiming Social Security benefits as early as possible — which generally is age 62 — is inherently bad, since claiming before your full retirement age means you receive smaller monthly payments. However, the reality is that everyone’s circumstances are different. For some retirees, it makes sense to start claiming benefits as soon as possible.



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10 Things That Can Ding Your Social Security Payments

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You’ve worked hard for your Social Security retirement benefits, and you probably want every dollar you’re entitled to receive. Unfortunately, the sad reality is that there are reasons why your Social Security payments could decrease. Many are in your control, but some are not. Keep reading to find out how your monthly check could get dinged for everything from poor timing on your part to poor...



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Monday, October 23, 2023

14 Secrets of Super-Agers and Their Healthy Brains

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Editor's Note: This story originally appeared on NewRetirement. Aging is an inevitable part of life, and it often comes with various physical and cognitive challenges. However, there exists a remarkable group of individuals known as “super-agers” who seem to defy the conventional aging process. Super-agers are men and women who maintain exceptional physical and mental vitality well into their...



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The Candy Capitals of the U.S.

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Editor's Note: This story originally appeared on Upgraded Points. Halloween is on its way. Scary movies, spooky costumes, and pumpkin carving are all time-honored Halloween traditions, but trick-or-treating — and the accompanying appetite for candy — is perhaps the season’s most distinguishing feature. Recent research from the National Retail Federation found that handing out candy is the most...



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Tax Matters – Information given to IRB may be shared with Customs from 2024

FROM 1967 when the Income Tax Act was enacted, the golden rule is: Information given to the Inland Revenue Board (IRB) is confidential and it cannot be shared with anybody else except when it is needed to be used in court in relation to tax matters, and to the auditor-general in exercising the functions of his office. The intention here is to foster trust with taxpayers.

The amount of information taxpayers provide to the IRB is comprehensive. In filing tax returns, every business must provide details in the profit and loss account, balance sheet, and important transactions such as the property dealings, transactions with Labuan, e-commerce business details, transfer pricing information, shareholder and director particulars, etc.

When it comes to transfer pricing documentation, confidential information such as the pricing policy, business model, pricing strategy, etc. are available to the IRB. During tax audits/investigations, far more information is available.

Change is in the air

During a recent IRB seminar, it was stated that the particular provision dealing with the confidentiality (i.e. Section 138 of the Income Tax Act) could be amended, and the information could be shared with the Royal Malaysian Customs Department (RMCD) for revenue collection purposes.

At the seminar, it was also announced that the information to be shared will be the information that taxpayers will provide in the future when the e-invoicing system is implemented from Aug 1, 2024. It is not clear whether other information available to the IRB will also be made available to RMCD.

This is a significant departure from the clear understanding IRB has maintained for the past seven decades that information provided to them will be kept confidential. Taxpayers will be concerned whether this is the start to opening the doors for the IRB to share information beyond RMCD to the other government agencies. We hope that will not happen and it should not happen otherwise the trust we have in our revenue collecting agencies will be broken.

What should the authorities do?

The simplest alternative to changing this confidentiality rule is to merge both RMCD and IRB into a single revenue collecting agency.

If the government proceeds with amending the sharing of information between IRB and RMCD, it is absolutely important to know whether all information with the IRB will be shared with RMCD, or would it be confined only to e-invoicing information. In such a circumstance, it is important that there must be “firewalls” and controls established to monitor and ensure that information shared is not available to anyone beyond IRB and RMCD.

It would be preferable if both authorities could give us an annual reassurance that they have sufficient protocols and protective measures to ensure that confidentiality and secrecy is maintained. If there is any breach, the laws should also be changed such that the officials or classified persons (who can be external service providers involved in advising or acting for taxpayers) are punished for their wrongdoings more severely than they are today. This will act as a deterrent for anyone breaching the rules of confidentiality.

The amendment to Section 138 should be well thought through and the necessary “firewalls” should be built into the amendments. It should not be a wide-open door, but instead specific revenue-related information could be shared. For example, it can be confined to only the information they receive in the e-invoicing system, and not the total information available in the IRB database.

This is a significant change that should be carefully thought out before the amendment is put through as it affects every taxpayer in this country.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Worq charts ambitious expansion plans, eyes 1m customers by 2027

KUALA LUMPUR: Malaysian co-working startup Worq is mapping out ambitious expansion plans to reach one million customers by 2027, a significant leap from their current 200,000.

In an exclusive interview with SunBiz featuring co-founders Stephanie Ping and Andrew Yeow, the startup, which holds 15% of the market share and 90% occupancy rate, laid out the plans.

“We believe that Worq is more than just a co-working space provider, it’s a catalyst for transformation. Our goal to reach one million customers by 2027 is a testament to our commitment to nurturing a thriving business ecosystem in Malaysia. We’re achieving this through strong partnerships, like-minded investors, and a strong focus on building a vibrant community. Our goal is to make Malaysia a global hub for innovation and entrepreneurship,” they said.

Yeow outlined Worq’s ambitious expansion plan by stating that the company started the year with 97,000 sq ft and is set to reach 100,000 sq ft by the end of the year. Worq has already opened its KL Central location and launched a new site in Bangsar, with two more sites in the pipeline.

“We’re thinking about going even bigger with over 100,000 sq ft next year. But our sights are set on something even more ambitious. We’re looking to expand to one million square feet in the near future, and in the long run, we’re aiming for three million square feet. This kind of growth will put us in the same league as those global cities that have extensive co-working space networks,” he explained.

Ping said that the big goal they are working towards is building an office network that’s flexible and scalable.

“Once we reach one million square feet in KL, people will realise that Worq’s co-working memberships offer more than traditional office rentals. It’s a cloud office that comes with various benefits and scalability.

“We have a company secretary. If you require IT people, we have professionals ready, and all these services are available at our one-stop centre. However, it seems that many people aren’t aware of these offerings.

“We’re more than just space providers, we are comprehensive business services providers. We handle everything outside of the core business functions, allowing companies to concentrate on what they do best. The rest can be outsourced to us,” she elaborated.

Worq’s expansion plans are also paired with a future listing on the horizon. However, listing is its medium-term goal, and the immediate focus still lies on strengthening their presence across the Klang Valley.

In terms of demand, Ping pointed out a significant issue plaguing Malaysia’s office market – a soaring vacancy rate in purpose-built offices.

“The current vacancy rate of Klang Valley’s purpose-built offices stood at 21% in 2016, equivalent to 24 million sq ft. However, it hasn’t improved. In fact, it has worsened to 26% in 2022. This means that one-fourth of the office market is unoccupied, totaling 33 million sq ft,” Ping said.

Ping added that traditional offices have an immense overhang because they don’t cater to the evolving needs of businesses.

“It’s not that people don’t want to use office space, it’s that they want to use it differently. The overhang can be reduced by introducing a new kind of office that people want to use such as flexible co-working spaces,” she said.

Ping stated that co-working spaces offer a solution to this problem and that while the traditional office market grapples with low occupancy rates, Worq is setting an industry benchmark with a high occupancy rate of over 90%.



Source: The Sun Daily

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Sunday, October 22, 2023

Mestron secures RM59.9m solar contract from Sunview

PETALING JAYA: Mestron Holdings Bhd reached another milestone after its latest contract lifted the order book value of its renewable energy (RE) segment by more than sixfold.

The group’s wholly owned subsidiary, Mestron Engineering Sdn Bhd (MESB), secured a letter of award (LoA) to undertake the procurement of equipment and materials for a large-scale solar (LSS) project valued at RM59.99 million.

The LoA was received from Fabulous Sunview Sdn Bhd (FSSB), a wholly owned subsidiary of Sunview Group Bhd. The commencement of the project is subject to the issuance of notice to proceed by FSSB.

With the new contract, Mestron’s RE order book value stands at RM71 million. Mestron will continue to focus on expanding its RE business segment as the group is still actively engaged in tendering for new projects to expand its order book, to ensure sustainable cash flow and revenue going forward.

Mestron managing director Por Teong Eng said in a statement that the contract underscores Mestron’s commitment to expand its business and deliver exceptional value in the RE business through its engineering expertise.

“This LoA is a testament to our strong track record in delivering excellence in engineering and construction. We are honoured to be entrusted with such a significant project, and we remain committed to creating sustainable, cutting-edge solutions that align with our vision of a greener future,” he added.

The group plays a pivotal role in the LSS project, as seen by the scope of MESB’s responsibilities. These include procuring essential equipment such as photovoltaic modules, mounting structures, inverters with medium voltage power stations, Scada (supervisory control and data acquisition) systems, cabling and lightning protection to form a complete system.

Additionally, MESB is responsible for managing logistics, conducting equipment testing, ensuring equipment maintenance and security during the sub-contract works period and executing the installation of the equipment.

Beyond conventional project execution, Mestron has diversified its solar offerings to encompass a range of services. They include solar financing, leveraging industry expertise and sustainability commitments to provide flexible financial solutions.

Mestron has implemented 1.3MW of solar projects under the government-endorsed net energy metering scheme. This initiative underscores the group’s commitment to green energy and fortifies its recurring income stream.

According to Por, the group is making significant strides in its commitment to sustainability, diversification strategy, and shareholder value enhancement. Its expansion in the RE business, the LSS project and the solar integrated ecosystem signifies a crucial stride toward a more environmentally sustainable and energy-efficient future.

With a net profit of RM6.6 million in the first half of financial year 2023, Mestron is confident of exceeding the full year’s RM10 million net profit target.



Source: The Sun Daily

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KIP REIT posts higher net profit of RM10.4m for first quarter

PETALING JAYA: KIP Real Estate Investment Trust (KIP REIT) registered a gross revenue of RM22.4 million for the first quarter ended Sept 30, 2023 (Q1’24) which translated to a 15.6% increase compared with RM19.3 million in the preceding year’s corresponding quarter.

Net property income rose by 15.2%, year-on-year, to RM16.5 million. KIP REIT reported an 18.2% increase in realised profit after tax (PAT) to RM10.4 million. The income available for distribution for the quarter was 17.7% higher at RM10.7 million due to the improved PAT.

The higher PAT was a result of the contribution from its three industrial properties and higher occupancy rate for retail. The revenue split between the investment properties in the retail and industrial segment was 94.3% and 5.7% respectively.

For the retail segment, the Southern region remained as the highest revenue contributor to KIP REIT, whereby the three malls located in the region reported gross revenue of RM10.4 million or 49.5% of the total revenue. The Central region’s three malls recorded revenue of RM6.2 million or 29.3%. KIP REIT’s sole mall in the Northern region clocked in RM4.5 million or 21.2% of the total revenue.

KIP REIT CEO Valerie Ong Pui Shan said, “KIP REIT has kickstarted the new financial year on a strong footing. With occupancy rates of over 90% across many of our KIPMalls, this demonstrates our ability to attract the right mix of shoppers and tenants to our properties. The retail segment will remain as the primary engine of growth for KIP REIT.”

That said, she added that KIP REIT is on the lookout to enhance its industrial portfolio if the right opportunity arises.

Furthermore, she said, following its seventh annual general meeting in early October, it has obtained unitholders’ approval for the proposed acquisition of KIPMall Kota Warisan.

“We are looking forward to onboard our eighth retail asset into our portfolio. Notably, we are on track to complete our AEI (asset enhancement initiatives) at KIPMall Bangi this year. We will thereafter initiate AEI projects at other KIPMalls to ensure that both tenants and shoppers enjoy a pleasant shopping environment. The team is eager to deliver results and we are optimistic that we will be able to sustain our financial performance for the financial year 2024.”

The manager of KIP REIT has proposed a first income distribution of RM9.4 million, translating to 1.55 sen per unit. The book closure is fixed for Nov 3 and payment of the proposed income distribution will be made on Nov 23. Based on the closing price of RM0.895 on Oct 20, the trailing 12 months’ distribution per unit gives a yield of about 7.04%.



Source: The Sun Daily

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Energy Taiwan, Net-Zero Taiwan 2023 focuses on green solutons

TAIPEI: Energy Taiwan and Net-Zero Taiwan 2023, aiming to be a premier platform for renewable industry players globally, hosted 70 large-scale business meetings last week.

“By hosting both events, we are hoping that we will be able to create the premier platform for energy and green energy sustainable solutions here in Asia, a peripheral for Asian countries. It is not only for Asian countries, it is a global platform.

“We will be able to create a lot of opportunities not just businesses, but also international cooperation,” Taiwan External Trade Development Council (Taitra) chairman James C. F. Huang told reporters at the Energy Taiwan and Net-Zero Taiwan 2023 events.

He said that the events offer comprehensive solutions in both green energy and sustainable solutions.

He added it is a business and networking opportunity for professionals in renewable energy as well as a means to showcase the latest technological solutions on the market.

“We have (enticed) professionals from 45 countries all over the world to visit our events and we will arrange 70 large scale business meetings for our overseas visitors,” said Huang.

He said that eight years ago, Taiwan had embarked on its journey of energy transformation and aims to achieve net zero carbon emissions by 2050. Huang added that it is an essential step to help Taiwanese companies stay competitive.

“We aspire to be a self-reliant island of technology and innovation. The progress we’re making is paving the way toward net-zero by 2050. This is a commitment and a testament to our resilience and dedication to ensuring peace, stability, and the welfare of generations to come.

“Taiwan is not only an export-oriented economy, but also a pivot in the supply chain of various industries. It is essential to pay close attention to the trends and directions of carbon-reduction, and to accelerate the green transformation,” he remarked.

He added that the exhibitors of the event embodies innovation, creativity, and determination. Furthermore, he said that the teamwork between the government, businesses, and schools is genuine and robust as the future of green energy is necessary.

Meanwhile, Green Energy and Sustainability Alliance (GESA) Photovoltaic (PV) Committee chairman Andy Shen pointed out that the Taiwanese government has set its renewable energy (RE) target including solar PV capacity to grow by 2GW per year post-2025, which equals to 2.5 billion kWh of green electricity provision, as well as offshore wind power to be connected to the grid at 1.5GW per year from 2026 onwards, equaling to 5.5 billion kWh of green electricity.

“These two renewable energy sources alone, namely wind and photovoltaic, will add a total of 8 billion kWh per year in the future. Meanwhile, energy storage facilities play a key role for stable power supply, a steadier power system will contribute to optimising the utilisation of green energy,” he said.

Taiwanese vice-premier Cheng Wen-Tsan who was also in attendance, said that the development of renewable energy is an urgent issue in Taiwan, as it has become the axis of the national policy.

“Under the goal of net-zero emissions by 2050, Taiwan’s diversified ecosystem of emerging energy is thriving, and the planned capacity of renewable energy installations will reach 29GW by 2025.

“In recent years, through collaborations in the upstream and downstream of energy industries, financial investment and international projects, the government looks forward to making contributions with the stakeholders to upgrade Taiwan’s global raking in net-zero emission and promote the future of green energy,” he said.

Among the exhibitors were Intelligent Cloud Plus Co Ltd, Linde Lienhwa Industrial Gases Co Ltd, Voltronic Power Technology Corporation, Delta Electronics Inc, Synera Renewable Energy Co Ltd, TCC Energy Storage Technology Corporation, YSolar Co Ltd, TSEC Corporation, United Renewable Energy Corporation Ltd, Formosa Smart Energy Tech Corporation and DWTEK Corporation Ltd.

Both events were organised by Taitra and GESA, under the SEMI Industry group.

The events featured a total of 1,275 booths from 350 exhibitors and 13 countries this year, facilitating the most indicative platform for promoting renewable energy across Asia at the Taipei Nangang Exhibition Center from Oct 18 to 20.



Source: The Sun Daily

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Chester Voo redesignated as independent non-executive director of Berjaya Air, AsiaJet

KUALA LUMPUR: Berjaya Land Bhd (BLand) has redesignated Datuk Captain Chester Voo (pix), former CEO of Group Aviation at BLand, to the role of independent non-executive director at Berjaya Air Sdn Bhd and AsiaJet Sdn Bhd effective Dec 1.

This strategic transition underscores the company’s commitment to optimising his extensive experience and expertise in his new capacity.

Voo, a seasoned aviation professional with 29 years of experience, served as CEO of the Civil Aviation Authority of Malaysia (CAAM) from June 2020 to December 2022.

During his tenure, he successfully led the aviation safety regulator through the challenges of the Covid-19 crisis and helped CAAM regain its Category 1 rating from the US Federal Aviation Administration. This accomplishment enabled Malaysian carriers to expand their services to the US.

In his new position, Voo will provide essential guidance to enhance the governance and structure of the aviation businesses for both Berjaya Air and AsiaJet which share a collective mission to deliver secure, compliant, and sustainable travel experiences.

BLand group CEO Syed Ali Shahul Hameed warmly welcomes Voo to his new role, saying “Datuk Captain Chester Voo is a highly respected figure in the aviation industry and is known for his expertise in aviation safety, flight operations, and regulatory affairs. His transition to his new role is a testament to our commitment to transformative leadership in the aviation sector. His invaluable experience as an accomplished aviation professional and visionary leadership will be instrumental in propelling Berjaya Air and AsiaJet to new heights.”

Berjaya Air has significantly bolstered its fleet through the recent acquisition of two new ATR 72-600 aircraft configured to offer VIP premium services. These additions are poised to elevate the travel experience, reaffirming the commitment to delivering enhanced services with the focus on safety, security, and passenger comfort.

Future plans for Berjaya Air include the expansion of flight capacity on a non-scheduled charter basis, with particular emphasis on destinations where Berjaya owns resorts and underserved regions, aligned with the company’s broader interests in the travel and hospitality sector.

In parallel, AsiaJet recognised the growing popularity of private aviation in the region and the convenience it offers to esteemed travellers. Meeting this demand, AsiaJet has acquired a new Global 6500 private jet as part of an expansion programme.



Source: The Sun Daily

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