Friday, May 31, 2024

7 Costly Red Flags to Avoid When House Shopping

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Shopping for a home is a task like none other. There are, to name a few of the challenges, mortgage intricacies, financial calculations, the competitive marketplace and the hard work of visiting and assessing each prospective property. Don’t get swept away in the excitement and work and miss crucial problems with the building itself. Here are a handful of common, costly and not necessarily…



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Investors Say This Is the Most Important Change of the Past 50 Years

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A lot has changed in the world over the past half-century, and that includes how we invest. One innovation in particular stands out as having the biggest impact on the way we try to grow our wealth, according to a recent Charles Schwab survey. Schwab asked about 3,000 of the firm’s clients to name what they consider to be “the most important change in investing during the last 50 years.”…



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17 Powerful Tips for Retiring Alone

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Sometimes it feels like the world is designed for couples. People throw dinner parties for couples. Most forms ask about your spouse. And, let’s face it, retirement and aging — a time when you’ll sometimes need a helping hand — can feel kind of scary on your own. Whether by circumstances or choice, the U.S. Census Bureau has documented that there are more than 20 million unmarried U.S.



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How to Decide When to Retire

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In some cases a year can make a huge difference. Think back to 2019. It was certainly different than 2020 (to say the least). But sometimes years go by and not all that much has changed. Deciding when to retire is a huge commitment. It can be easy to put it off a year and then again another year. Do those years really make a difference in the grand scheme of things?



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Thursday, May 30, 2024

Common Food Group Is Linked to Memory Problems and Strokes

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Eating soda, chips and cookies is not only bad for your waistline, but it also may put your brain’s health in jeopardy, a recent study finds. Eating more ultra-processed foods is associated with a higher risk of memory and thinking problems, as well as stroke, according to research published in Neurology, the medical journal of the American Academy of Neurology. Such foods are high in added…



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All the New Shows and Movies on Netflix in June

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Are you getting your money’s worth out of your Netflix subscription? How do you know? The ever-popular streaming service has a dizzying array of comings and goings each month. Keeping tabs on the latest shows and movies can give you something to look forward to — or an excuse to save a few bucks by canceling your subscription until the arrival of something worth checking out. Here’s a list of…



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Oil prices gain on expectations OPEC+ will extend output cuts

LONDON: Oil prices grazed a four-week high on Wednesday on expectations that major producers will extend output cuts at a meeting on Sunday and that fuel consumption will start rising as the peak summer demand season kicks off.

Brent crude futures were up 19 cents, or 0.2%, at $84.41 a barrel at 1335 GMT, after touching the highest since May 1 at $85.02.

U.S. West Texas Intermediate futures were up 34 cents, or 0.4%, to $80.17, after also hitting the highest since May 1 at $80.62.

Both benchmarks gained more than 1% on Tuesday.

Traders and analysts expect the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, to keep voluntary production cuts of about 2.2 million barrels per day (bpd) in place.

“We see no appetite at this juncture to add more barrels to the market and trigger another price move to the downside,“ said RBC Capital analyst Helima Croft.

“The current price level is already causing several producers to take on additional debt and push out timelines for some high-profile projects.”

The onset of the northern hemisphere summer season, when demand for road and aviation fuels peaks, was also supporting prices.

“Initial data suggest a relatively high number of U.S. holiday trips have been taken over the Memorial Day holiday, the traditional start of the driving season. Air travel has also been strong,“ ANZ commodities strategist Daniel Hynes said in a note.

Investors were awaiting U.S. crude inventory data from the American Petroleum Institute later in the day. The release was pushed back by a day because of Memorial Day on Monday.

U.S. crude oil stockpiles are expected to have fallen by about 1.9 million barrels last week, a preliminary Reuters poll showed on Tuesday.

Investors are also awaiting Friday's U.S. core personal consumption expenditures (PCE) price index report for April due on Friday.

The Federal Reserve's preferred inflation barometer is expected to hold steady on a monthly basis, which could sway expectations for interest rate cuts and affect oil prices.

Expectations for the timing of rate cuts have see-sawed, with policymakers wary of sticky inflation.



Source: The Sun Daily

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Here’s Every New Title on Max in June

HBO Max
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If you are a subscriber of Max, read on to find out what shows, movies, documentaries and more are arriving in June, as well as those that will be gone soon. If you are curious about the service or considering signing up for it, we’ve also got details on how you can test it out for free. For more options, check out our articles on the latest offerings from Netflix and Prime Video. Max…



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Wednesday, May 29, 2024

6 of the Cheapest Places to Live in the Caribbean

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Tourists and expats flock to the Caribbean Sea region every year, but others stay away because they believe it’s too expensive. Some places in that region can be … but is that generalization fair? There are several that are the cheapest places to live in the Caribbean. If you’re thinking of living or buying property in the Caribbean, you’ll need to explore your options. Here are six Caribbean…



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What If Your Vacation Rental Is Sold Right Before Your Trip?

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A few days before leaving for a trip, I received an unexpected email from Airbnb: My host had sold my vacation home. “We’re reaching out with the unfortunate news that your reservation was canceled,” it said. “Your refund is on its way.” But wait: I didn’t want my money back. I needed a place to stay while I was out of the country. Airbnb assured me I had nothing to worry about.



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He Fell Ill on a Cruise. Before He Boarded the Rescue Boat, They Handed Him the Bill.

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Vincent Wasney and his fiancĂ©e, Sarah Eberlein, had never visited the ocean. They’d never even been on a plane. But when they bought their first home in Saginaw, Michigan, in 2018, their real estate agent gifted them tickets for a Royal Caribbean cruise. After two years of delays due to the coronavirus pandemic, they set sail in December 2022. The couple chose a cruise destined for the Bahamas…



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Tuesday, May 28, 2024

BNM proposes to embody Maqasid al-Shariah in economic reforms - Governor

KUALA LUMPUR: Bank Negara Malaysia (BNM) proposes to embody Maqasid al-Shariah in economic and sustainable structural reforms as well as to advance innovation in trade and waqf as catalysts to reinforce an inclusive and resilient socio-economic model.

The central bank also proposed to strengthen global integration to propel mutual economic development and shared prosperity among Islamic nations, including through increased intra-trade within the Organisation of Islamic Cooperation, said governor Datuk Abdul Rasheed Ghaffour.

“We look forward to efforts that will support these propositions, including closer engagements with multilateral institutions and investors, as well as initiatives to enhance the regulatory environment to facilitate the application of a more diverse range of Shariah contracts,” he said during his welcoming remarks at the Global Forum on Islamic Economics and Finance (GFIEF) here today.

He said there is a myriad of opportunities and challenges facing the global economy, whereby global trade is expected to strengthen, inflation is moderating, and positive labour market conditions continue to support global growth.

ALSO READ: Islamic wealth management industry set to evolve with changing market trends - SC

Nevertheless, downside risks remain as the threat of further escalation of geopolitical tensions persists, and higher-than-anticipated inflation out-turns might contribute to further volatility in the global financial market, he added.

“The climate crisis and environmental degradation also loom large, not only wreaking havoc in our physical world but also threatening the lives and livelihoods of many.

“It is estimated that if no mitigating action is taken, climate change could slice off up to 18 per cent of global gross domestic product by 2050,” he said.

Abdul Rasheed said these headwinds would no doubt worsen economic inequality, widening disparities not only across but within countries.

ALSO READ: Decoding digital assets through Malaysia’s syariah lens

“The principles of Islamic economics and finance hold the promise of driving value-based growth, beyond mere profit goals -- one that is balanced, progressive, sustainable and inclusive.

“Aligned with the objectives of Shariah, we are called to foster shared prosperity.

“Throughout the history of Islamic civilisation, we have observed that the adoption of Shariah principles as the guiding light has coincided with periods of unparalleled societal advancement, marked by diminishing poverty and robust economic prosperity,” he said.

The two-day GFIEF, themed “Shaping a Resilient Global Islamic Economy through Values-based Reforms”, represents a significant collaboration, bringing together over 2,300 delegates from 75 countries.



Source: The Sun Daily

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This New Car Feature Can Be Downright Dangerous

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When you are driving long distances, partial driving automation systems promise to make the process easier. But the technology is not always safe, according to the Insurance Institute for Highway Safety. In fact, while there is no evidence that these systems make driving safer, it is possible they might make driving more dangerous because they can cause a driver’s attention to wander…



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The Top 10 Medical Fears of Older Americans in 2024

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Money’s likely on your mind when it comes to your top concerns about health care as you get older, a recent survey indicates. The University of Michigan National Poll on Healthy Aging asked more than 3,300…



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Monday, May 27, 2024

14 Places to Sell Photos Online and How to Get the Most Money

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Attention, shutterbugs: Do you bring your camera everywhere you go, snapping perfect shot after perfect shot? You can turn that hobby into a side hustle and make money selling photos. Cash in on your love for photography by selling photos online. Stock photography sites and other online marketplaces offer a great way to turn files sitting untouched on your hard drive into extra cash.



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Pearson Vue says Malaysia is ‘heartbeat’ of SE Asia, keen to expand in country and region

KUALA LUMPUR: Pearson Vue, a computer-based certification and licensure exam delivery provider based in Britain, sees Malaysia as an important market for expansion due to its status as the “beating heart of Southeast Asia”.

Pearson Vue vice-president for Australia and Southeast Asia, Craig McFarlane said the country’s vibrant economy, rapid development and strong knowledge and talent base make it an attractive investment destination.

“We want to be more involved in Malaysia as a market and Southeast Asia as a whole. We see that Malaysia is a hugely important part of our Southeast Asian expansion,” he told SunBiz in an interview.

McFarlane said Pearson Vue is actively engaged in partnerships and collaborations with stakeholders including assessment owners, certification bodies, regulatory authorities and government agencies in Malaysia.

“We also see that there’s a huge opportunity here to work with exam sponsors as there’s more localised certifications becoming present and helping the economy as a whole to grow and to develop,” he shared.

Pearson VUE earlier this month launched a Pearson Professional Centre (PPC) in Malaysia, offering “gold-standard” testing facilities to address the growing demand for secure certification examinations in the country.

In Southeast Asia, Pearson currently has PPCs in Singapore, the Philippines and now Kuala Lumpur.

McFarlane said these centres are the most secure testing facilities, used for high-stakes examinations that require “stringent security measures”.

“For individuals in Indonesia needing to take such exams, they would need to travel to Kuala Lumpur because there isn’t a PPC in Indonesia. Similarly, people in Malaysia previously had to travel to Singapore or other locations to take these exams before the Kuala Lumpur centre opened,” he said.

The PPC provides security measures such as identity management/checks (including palm vein recognition technology), signature pads, camera coverage in the entire facility, proctors with a direct line of sight and camera view and lockers for test-takers.



Source: The Sun Daily

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Sunday, May 26, 2024

EPF external fund managers deliver record income for 2023

KUALA LUMPUR: The Employees Provident Fund's (EPF) panel of external fund managers delivered commendable results in 2023 with a record income of about 22% of overall income despite facing uncertain and challenging markets.

EPF chairman Tan Sri Ahmad Badri Mohd Zahir said as at Dec 31, 2023, a total of RM189 billion had been outsourced to external fund managers to be invested in equity and fixed income instruments, representing 17% of the retirement fund’s total investment assets.

“The total funds under management by external equity and fixed income managers have nearly tripled from five years ago,” he said in a statement yesterday to announce the 11 winners at the EPF External Fund Managers Awards 2023.

Ahmad Badri said that in addition to maximising its portfolio-level risk-adjusted returns, the EPF also seeks to empower all its investee companies and external fund managers to deliver positive societal and environmental impacts.

“Their demonstrated dedication to creating lasting values has contributed to the success of the EPF in delivering sustainable returns as the EPF protects members’ retirement well-being,” he said.

The EPF External Fund Managers Awards 2023 recognises these fund managers’ outstanding performance in their respective mandates that are assessed based on sets of quantitative metrics.

The winners include AIIMAN Asset Management Sdn Bhd in the Best Domestic Equity Fund Manager (Shariah) 2023 category, Pheim Asset Management Sdn Bhd (Best Domestic Equity Fund Manager (Conventional) 2023), BNP Paribas Asset Management Malaysia Sdn Bhd (Best Global Bond Fund Manager 2023), and Principal Asset Management Bhd (Best International Equity Fund Manager for MSCI EM Latin America 2023).

Robeco Institutional Asset Management was named Best International Equity Fund Manager for Factor Investing 2023, Abrdn Malaysia Sdn Bhd won Best International Equity Fund Manager for MSCI Ethical Asia (ex Japan ex Malaysia) 2023, and AHAM Capital Asset Management received the Best EPF Domestic Equity Fund Manager 2023 award.

Amundi Aalam Sdn Bhd and Amundi Malaysia Sdn Bhd clinched the Best International Equity Fund Manager for FTSE Shariah World Developed 2023 and Best International Equity Fund Manager for FTSE Ethical World Developed 2023 awards, respectively.

Meanwhile, Amundi secured both the Best EPF Global Equity Fund Manager 2023 and Best EPF External Fund Manager 2023 awards.

For 2023, the EPF delivered a dividend rate of 5.5% with a payout of RM50.33 billion for Simpanan Konvensional and 5.4% with a payout of RM7.48 billion for Simpanan Shariah. Cumulatively, the total payout for 2023 was RM57.81 billion.

This achievement, Ahmad Badri said, was also attributed to the fund managers’ diversification into different asset classes, markets and currencies that had helped the EPF to maintain resilience against market volatilities and safeguard its investment returns. – Bernama



Source: The Sun Daily

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Ringgit top performer against US dollar among 10 regional currencies as of mid-May

KUALA LUMPUR: The ringgit has recorded the best performance against the US dollar as of mid-May 2024 among 10 regional currencies following the Madani Government’s integrated action to promote inflows into the foreign exchange (forex) market over the past three months.

The Finance Ministry (MoF) said that from Feb 26 to May 17 this year, the local note strengthened 2.0% versus the greenback, while the Singapore dollar, Chinese yuan, Indian rupee, and Thai baht depreciated by 0.2%, 0.4%, 0.7% and 1.0%, respectively.

South Korean won, Taiwanese dollar, Indonesian rupiah, Philippine peso and Japanese yen fell between 1.9 to 3.4% over the same period, the ministry said in a post on X today.

The MoF said the integrated action it took with Bank Negara Malaysia resulted in the average daily forex trading volume rising to US$17.6 billion (RM83 billion) during the period.

Among the measures implemented were encouraging government linked companies and government linked investment companies to bring home income from foreign investments, and increasing interactions with exporters to convert proceeds into the ringgit.

Other efforts included monitoring export and import proceeds conversions as well as strengthening the domestic economy and continuing promised fiscal reforms.

“The prospect of the US Federal Reserve cutting interest rates this year will be a catalyst for the ringgit’s value to recover.

“That notwithstanding, Malaysia has also mobilised various efforts to attract the interest of investors to local assets,” it added.

The rising number of foreign tourists has also boosted demand for the ringgit and hence contributed to the strengthening of the local currency. – Bernama



Source: The Sun Daily

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Malakoff launches biomass co-firing project to accelerate NETR

KUALA LUMPUR: Malakoff Corporation Berhad today launched its Biomass Co-Firing project at its 2,100 MW coal-fired Tanjung Bin Power Plant (TBPP) in Pontian, Johor. This initiative, a flagship project of the National Energy Transition Roadmap (NETR), demonstrates Malakoff’s commitment to supporting the national target of reducing carbon intensity by 45% by 2030 and increasing the Renewable Energy (RE) capacity mix from 40% to 70% by 2050.

Deputy Prime Minister and Minister of Energy Transition and Water Transformation (PETRA), Datuk Sri Fadillah Yusof, launched the project during his working visit to TBPP. Malakoff chairman, Tan Sri Dr. Ahmad Tajuddin Ali, managing director & Group CEO Anwar Syahrin Abdul Ajib were present along with other energy industry stakeholders.

This flagship initiative aims to co-fire up to 15% biomass with coal at TBPP by 2027. After successfully completing a trial run with up to 0.5% biomass co-firing in December 2022, Malakoff completed the construction and commissioning of its 2% biomass co-firing installation in the first quarter of 2024, with the plan to increase further to 3% to 5% in 2025, ultimately reaching a target capacity of at least 15% by 2027.

The full-phase implementation of 15% biomass co-firing with coal is estimated to offset a significant amount of carbon dioxide equivalent (CO2e) emissions that is comparable to 141,536,250 of matured trees planted. It is also intended to enhance grid stability and align with

Malaysia’s commitment to a Just Energy Transition (JET), aiming for an equitable shift to a greener economy, inclusive opportunities, meaningful employment and addressing the Energy Trilemma of security, sustainability, and affordability.

Malakoff is currently actively exploring cutting-edge Japanese and European technologies in biomass co-firing and handling equipment to optimise efficiency during the commercial phase.

Innovations such as ‘smart silo systems’, capable of storing multiple types of biomass fuel, and the utilisation of torrified pellets, are being considered to streamline operations. These advancements have the potential to decrease our dependency on coal firing as the primary fuel

source for power plants, reflecting commitment to adopting new technologies for sustainable energy solutions.

Anwar Syahrin believes this initiative is a crucial step forward for the company to enhance the nation’s energy security while reducing carbon emissions.

“Recognising the importance of sustaining our contribution to Malaysia’s economic growth and ensuring energy security, especially with our 21% share of Peninsular Malaysia’s generation capacity, we made a decisive move. To remain relevant in the power industry, we are committed to transitioning to renewables and neutralising our carbon footprint, responding to the growing emphasis on sustainability and ESG principles,” he said.

In their thermal business, he added they have been focusing on increasing biomass co-firing capacity.

“By continuously evaluating alternative biomass fuels, we aim to gradually elevate co-firing ratios, targeting a minimum of 15% co-firing readiness by 2027. Ensuring the operational reliability of our plants still remains a priority, achieved through rigorous due diligence and planned maintenance outages. This approach not only enhances the stability of Malakoff’s facilities but also leverages and further develops our experienced technical skills,” said Anwar Syahrin.



Source: The Sun Daily

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Pecca’s breaks record, nine-month net profit surpasses that in whole of FY23

PETALING JAYA: Automotive upholstery maker Pecca Group Bhd is on track to deliver record-breaking full-year earnings again.

Within just nine months of fiscal year 2024 (FY24), the group has surpassed its total net profit in FY23. The nine-month period not only saw a stronger net profit margin, but also an increase in Pecca’s cash holding, which crossed RM140 million for the first time, mostly due to operating activities.

Pecca reported a net profit of RM40.5 million in the nine months ended March 31, 2024 (9M’24), largely attributed to higher margin sales and stronger topline contribution from Malaysia and other Asian markets. This represents a 59.8% year-on-year (y-o-y) jump or an increase of RM15.1 million.

Meanwhile, revenue increased by RM21.4 million or 12.8% y-o-y to RM188.3 million in 9M’24. The rise was led by increased sales from the original equipment manufacturer (OEM) car seat cover sub-segment, which rose by 20.4% y-o-y to RM150.3 million in 9M’24.

Notably, revenue from the sewing of fabric car seat covers increased by 29.1% y-o-y to RM9.6 million, while revenue from the manufacturing of leather/PVC car accessories covers increased by nearly 19.8% y-o-y to RM5.9 million. As a result of the improved overall profitability, Pecca’s net profit margin in 9M’24 grew to 21.5%.

For the third quarter ended March 31, 2024 (Q3’24), Pecca reported a record-breaking net profit of RM14 million, up by 63.9% y-o-y. Meanwhile, revenue rose 1.6% y-o-y to RM59.5 million.

The improvements were mainly attributable to higher sales volume and better production cost efficiency achieved in the automotive segment. The OEM leather car seat sub-segment contributed about 88.8% of the total revenue for car seat covers. Revenue generated from the healthcare business was consistent at RM0.82 million compared with the preceding year’s corresponding quarter.

Pecca CEO Foo Ken Nee said, “With vehicle sales in Malaysia forecast to exceed 700,000 units in 2024 for the third straight year, this puts Pecca in a strong position to benefit from increased car seat cover sales. Within the replacement equipment manufacturer (REM) sub-segment, we're working hard to secure more customers by expanding into new markets such as the United States, Australia, New Zealand, Singapore, and Europe. This year, we intend to make key product launches and ramp up our marketing and brand-building activities.”

He added that they continue to make progress on their second plant at the UMW High Value Manufacturing Park in Serendah, Selangor.

“After this new plant comes online sometime in 2025, it will double our production capacity, enabling us to meet demand from both existing and new customers, including those from our Aviation segment,” he said.

Meanwhile, Pecca executive director Teoh Zi Yi said, “At this stage, we are focused on building a strong customer base in the aviation market, with the help of our two partners, Global Component Asia Sdn Bhd and Aero Cabin Solutions (ACS). In the first quarter of 2024, as part of our collaboration with ACS, we achieved a milestone with our first purchase order to service a 180-seat, Europe-registered Airbus A320 passenger aircraft. Pecca Aviation is in the final stage of completing the product development activity prior to mass production, a critical step before the signing of definitive agreements with ACS.”

In the coming quarters, Pecca aims to maintain its growth momentum as the group continues to expand into new markets across four key pillars, namely, OEM, REM, aviation, new business and electric vehicle-related businesses.



Source: The Sun Daily

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Saturday, May 25, 2024

10 Dumb Money Mistakes We Make Every Summer

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Summer is the season for fun in the sun. But as life becomes more carefree this time of year, it’s easy to get a little careless with your finances. Some common financial mistakes during summer can leave you poorer than you should be by the time autumn rolls around. These are budget-busting blunders many people make year after year. Avoiding the following dumb money mistakes can help you get…



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Is the U.S. in a Recession? Most Americans Answer Incorrectly

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Good news! It appears our famously divided nation may be finally agreeing on something: In a new poll, a majority of Americans say they think the United States is currently in a recession. The only problem? It’s, um, not. The survey results, published Wednesday by The Guardian, indicate that folks believe the U.S. economy is doing worse than it is. Not only do 56% of respondents say the…



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The 10 Most Millionaire-Filled Cities in the World

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America is home to the wealthiest city in the world, and it’s also where you’ll find a large chunk of the cities in the top 20. That’s according to the World’s Wealthiest Cities Wealth Report from residence and citizenship advisory firm Henley & Partners. Using data from New World Wealth — a wealth intelligence firm that tracks 150,000 of the world’s wealthiest individuals and property records…



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Friday, May 24, 2024

These 14 Cars Are Least Likely to Be Recalled

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Nobody likes vehicle recalls. Fortunately, choosing the right car model might help you avoid this inconvenience. In 2023, more than 300 recalls were issued, impacting 35 million vehicles, according to automotive website iSeeCars. However, if you buy the right type of vehicle, your odds of a recall can plunge. Recently, iSeeCars analyzed recall data from the National Highway Traffic Safety…



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20 Growing Jobs That Pay Over $100,000

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A lot has changed in recent years. We’ve weathered a pandemic, witnessed a “Great Resignation” and experienced the highest inflation rate in 40 years. All that may have you rethinking how you earn and spend money. If you need a career change, consider one of the following jobs that the U.S. Bureau of Labor Statistics says will grow faster than average in the next several years and that…



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Thursday, May 23, 2024

Buyer Beware: Paying by Phone Could Be Costing You Extra

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It feels like magic: You just wave your phone at checkout or tap it on the payment processor, and you’re done. But the fact it’s so easy might be a problem, research suggests. This technology, part of what’s called “frictionless payments,” could be changing consumer behavior. “Frictionless payments are financial transactions where the payment process is designed to be as easy and quick as…



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Wednesday, May 22, 2024

SkyWorld Development posts FYE2024 revenue of RM688.6 million, declares 1.00 sen dividend

KUALA LUMPUR: SkyWorld Development Berhad, an urban property developer principally involved in investment holding, provision of management services to its subsidiaries and property development, yesterday announced its financial results for the fourth quarter (Q4FYE2024) and unaudited full year ended March31, 2024 (FYE2024).

For Q4FYE2024, SkyWorld Development reported profit before tax (PBT) and profit after tax attributable to owners of the company (PATAMI) of RM39.4 million and RM20.7 million respectively. The earnings were on the back of a revenue of RM158.3 million.

Incorporating Q4FYE2024 financial results, the company reported a revenue of RM688.6 million. The revenue was mainly derived from the progressive revenue recognition from the 3 developments completed during the financial year, namely SkySierra Residences (The Valley), SkyAwani IV Residences and SkyAwani V Residences as well as the on-going developments, EdgeWood Residences, SkyVogue Residences, Curvo Residences and Vesta Residences. Sales of completed inventories, mainly from SkyMeridien Residences, Bennington Residences and SkyAwani II Residences (commercial) further added to the revenue for the year under review. The PBT and PATAMI in turn were RM160.1 million and RM107.0 million respectively.

Commenting on the Company’s performances for FYE2024, SkyWorld Development founder and non-independent executive chairman Datuk Seri Ng Thien Phing said, “We are delighted to highlight that our team has demonstrated unwavering dedication and exceptional effort in delivering top-tier quality products to our valued customers while sustaining the profitability of the company. During the financial year, the company successfully delivered 3 fully sold developments, namely SkySierra Residences (The Valley), SkyAwani IV Residences and SkyAwani V Residences to its valued customers. These developments were awarded high QLASSIC (Quality Assessment System in Construction) scores of 86%, 81% and 84% respectively, which reaffirm our commitment to deliver quality products to our valued customers. For the coming year, we will remain resilient against current challenges and uncertainties caused by local and global economic landscapes.”

On the company’s prospects, Ng said, “We are planning to launch new developments in Kuala Lumpur with an estimated gross development value of more than RM1 billion in FYE2025. Furthermore, we will continue to be on the look-out for strategic lands in Malaysia and Vietnam to sustain our future development. We remain cautiously optimistic moving forward, supported by unbilled sales of RM548.1 million which will continue to provide earnings visibility for the next couple of years.”

The company declared a final single-tier dividend of 1.00 sen per ordinary share in respect of FYE2024, which will be paid on July 15, 2024. Together with the first interim dividend of 1.25 sen per share, SkyWorld Development has declared a total dividend of RM22.5 million, equivalent to 2.25 sen per share for FYE2024.



Source: The Sun Daily

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12 of the Hottest Products on Amazon Today

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9 Everyday Problems You Can Solve With Vaseline

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. One day in 1859, a chemist named Robert Chesebrough visited Titusville, Pa. He noticed that oilfield workers were using something they called “rod wax” to dress minor skin wounds. Rod wax was an oil-drilling byproduct.



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12 Countries That Give Biden the Highest Approval Ratings

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You may have passed enough signs in your town to get an idea of how your neighbors are feeling about America’s leadership. So let’s take a look overseas instead. Gallup, a polling company, recently released its 2024 Rating World Leaders Report, for which it surveyed people age 15 and older in more than 130 countries. Survey questions sought respondents’ opinions on the job performance of…



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Tuesday, May 21, 2024

7 Ways Older Americans Are Cutting Back on Spending

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Over a lifetime, older Americans have learned that you can open their wallet wide when times are good. And when times are bad? It’s time to tighten the purse strings. Today’s inflationary environment has forced many Americans — including those who are older — to rein in their spending. Recently, the Nationwide Retirement Institute talked to more than 2,300 adults with investable assets of $10…



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Costco Just Released Dozens of New Deals

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Costco has released its latest monthly deals — dozens of discounts worth thousands of dollars in savings. They’re available until June 9, although some of these deals are available in clubs only or online only.



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Join the Elite: 7 Tips to Reach the Top 1%

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Have you ever wondered what it takes to join the ranks of the top 1% of earners? While it may seem like an exclusive club, the truth is that with the right strategies and mindset, anyone can work their way up.



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Monday, May 20, 2024

9 Issues Making It Harder for Americans to Retire

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Millions of workers can’t wait to leave the rat race behind. They dream of retiring to a new life where they can do the things they enjoy every day. But finding a way to retire is often a struggle. Unfortunately, there are many obstacles outside our control that make it difficult to leave work behind. Recently, the National Institute on Retirement Security polled more than 1,200…



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3 Countries Where Your Age Is an Asset

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I often get questions from retirees (or soon-to-be retirees) wondering about how older folks are treated internationally, worried that they might not be as respected in their new home. But that’s not at all the case. Frankly, in my 35 years covering this retire overseas beat, I’ve come to discover that it’s just the opposite — the elderly are often held in higher esteem and given more…



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Tax Matters – Exercise vigilance over areas under focus by IRB

THE Inland Revenue Board (IRB) has openly come out that its main areas of focus in carrying out its enforcement activities will cover domestic transfer pricing, offshore accounts, high net worth individuals, digital economy, shadow economy, tax incentives and organisations and institutions that are enjoying Section 44(6) exemptions.

Taxpayers involved in the above need to ensure that they do not cross the line into non-compliance, tax avoidance, tax evasion, shifting profits to lower tax regimes, involved in the black economy where income is hidden and misusing the tax incentives provided.

The IRB will be looking at both individuals and corporates that are involved in the above activities and will attempt to gather data using information within its vast database and connecting it to the external data that is available in the public domain. The availability of artificial intelligence significantly assists the IRB to locate such activities and taxpayers involved.

The intention here is to, firstly, collect extra taxes and penalties and, secondly, the punishment imposed on such taxpayers should serve as a deterrent to others not to follow suit.

Offshore accounts and high net worth individuals

High net worth individuals usually have offshore accounts. The declaration of offshore accounts is now compulsory when you file your tax returns. High net worth individuals can expect queries from the IRB on the source of the income and wealth which is now located overseas. It can be a request in the form of a capital statement or how the foreign accounts were sourced or funded.

It is advisable for high net worth individuals to prepare capital statements for at least the past three years and be ready for any queries by the IRB.

Many high net worth individuals usually do not hold the offshore accounts in their name, but may hold them through layers of offshore companies and trusts. In this case, it becomes more difficult for the IRB to find out ultimately who the beneficial owners are. If those accounts are in countries which have signed up for the exchange of information, the information will be visible to the IRB.

High net worth individuals and those involved in unaccountable money hold such wealth in more opaque instruments such as cryptocurrencies, artwork, antiques, unique valuable collections, expensive watches, non-fungible tokens, etc. It is difficult for the authorities to track these investments unless upon liquidation the monies enter into the banking system.

Digital economy and transfer pricing

These are usually activities carried out by sophisticated corporates using the legal framework to shift profits to low tax or no tax jurisdictions. The taxpayers need to be prepared to defend their position that the pricing between their related parties meet the arm’s length test, and the location of the profits is supported with business substance (i.e. there are real activities to support the generation of the profits in those locations).

If the corporates cannot meet the above requirements, the IRB will challenge such actions and attempt to bring the profits back to Malaysia or remove the profits from the tax shelters available within Malaysia, for example, companies enjoying the Malaysia Digital tax incentive or other tax incentives.

The IRB is already scrutinising companies that are enjoying tax incentives as some of them may be abusing the perks by plugging in income that should not be inside the tax incentive regime. Companies enjoying tax incentives must ensure annually that they meet all the conditions of the benefits.

Section 44(6)

Institutions enjoying this exemption from paying taxes and accepting donations where the payee is entitled to a tax deduction should ensure that their objectives as agreed with the IRB which are mostly charitable are adhered to. Such institutions should not use it as a tool to enjoy a tax benefit without meeting the noble objectives.

Meanwhile, the normal tax audits and investigations are being carred out as usual. Taxpayers need to exercise much greater vigilance over their tax affairs to avoid any surprises.

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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Sunday, May 19, 2024

MDEC wants to boost digital economy’s contribution to GDP to 25% in 2025

KUALA LUMPUR: It is important to maintain the growth of the country’s digital economy and increase its contribution to gross domestic product (GDP) from 23% last year to 25% in 2025, said Malaysia Digital Economy Corporation (MDEC) chairman Syed Ibrahim Syed Noh.

“To ensure that we meet the target, we are getting a lot of foreign investments, in the words of the prime minister and the ministers, I think that can be done and I hope we can surpass the GDP contribution by next year,” he said at the launch of Simplify Networks Sdn Bhd’s Thunderbird 5G Router on Friday.

“The Malaysian Institute of Economic Research projects that 5G will contribute significantly to our GDP in the coming years, with an estimated annual growth of 8% and this growth will extend throughout various key sectors such as agriculture, healthcare, manufacturing, and more in catalysing overall economic advancement,” he added.

Syed Ibrahim said that In conjunction with Malaysia being the chair of Asean in 2025, this will elevate the country as the preferred Asean digital hub.

“Now we have foreign investments coming in from Microsoft, Google, Nvidia and others. I think it’s going to be very reachable and it is good for the country,” he remarked.

By addressing the evolving needs of micro, small and medium enterprises, MDEC aims to fortify its position in today’s dynamic global landscape and this collaboration makes it strive to realise Malaysia’s broader vision of becoming the digital hub of Asean, Syed Ibrahim said.

Simplify Networks, a technology startup that brings the sharing economy to the broadband space, launched its Thunderbird 5G router which appears as a pioneering achievement in telecommunications technology.

Syed Ibrahim said Simplify Networks is a key partner in the MDEC Digital Agtech Ecosystem and has been granted Malaysia Digital status in March, further cementing the support for the company in promoting digital growth in the country.

“MDEC and Simplify Networks provide solutions to help farmers, livestock crops and aquaculture for effectiveness, efficiency and higher quality products through the Internet of Things (IoT),” he added.

Simplify Networks CEO Tay Yen Pei said the deployment of its products will accelerate the rollout of digital solutions and services.

“In the next three to five years, the company will connect not just people but also IoT by 5G and the need to make sure that 5G is deployed as widely available throughout the nation,” he added.



Source: The Sun Daily

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Global trading platform Webull expands to Malaysia

PETALING JAYA: Webull Securities (Malaysia) Sdn Bhd has launched the global trading platform Webull in Malaysia.

Designed for investors of all levels, the platform provides access to trade Bursa Securities and Bursa Derivatives alongside US-listed stocks and exchange-traded funds via the Webull Malaysia app.

In April, Webull Malaysia secured a capital markets services licence for dealing in securities (restricted to listed securities) and dealing in derivatives from Securities Commission Malaysia.

Webull’s entry into the local market comes amid efforts by Bursa Malaysia to promote growth and participation from retail investors, especially the younger generation, in the local stock exchange. As of first quarter 2024, local retail investor participation in the securities market stood at 22%, while participation in the derivatives market stood at 17% for FBM KLCI futures and 25% for CPO futures respectively, Bursa Malaysia data showed.

Built on next-generation global infrastructure and proprietary technology from Webull, the Webull Malaysia trading platform offers an integrated suite of real-time quotes, market information, financial news, industry data, insights and analyst ratings, all from trusted sources in a single touchpoint, to help investors make informed decisions. In addition, Webull Malaysia also features an indicator to help investors identify the syariah-compliance status of stocks before they engage in any transactions.

“We are excited to introduce Webull’s technologically advanced digital investment platform to the growing investor community in Malaysia. Our expansion into the country brings equal opportunities for all investors, irrespective of their investment or trading experience. Making investing more inclusive and accessible to all, Webull Malaysia brings best-in-class tools and information to empower investors of all levels with knowledge and skills to help them make better investment decisions and achieve their investment goals,” said Webull Malaysia CEO Kenneth Chan.

He added that technology is the core of their business, and they are committed to synergising technology with finance to provide secure, reliable, and intelligent products and services within a seamless trade experience.

“Through advanced trading tools and services, best-in-class learning resources and shareable content on the Webull Malaysia platform, investors can grow in their investment journeys in a supportive environment. With these, we expect to reduce the barriers to invest faced by investors in Malaysia and aim to encourage people to build longer-term savings through investment opportunities,” Chan said.



Source: The Sun Daily

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Sultan Mizan officiates Wisma Audit Terengganu

KUALA TERENGGANU: Sultan Mizan Zainal Abidin today officiated the Wisma Audit here in conjunction with the Sultan of Terengganu’s 62nd birthday celebration.

Accompanying him were the Sultanah of Terengganu Sultanah Nur Zahirah and the Raja Muda of Terengganu Tengku Muhammad Ismail.

Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar and Auditor-General Datuk Wan Suraya Wan Mohd Radzi were also present.

Ahmad Samsuri, in his speech, said the National Audit Department (NAD) played a crucial role in public sector administration by ensuring accountability and sound financial management in accordance with existing laws and regulations.

He said this was to help address weaknesses and improve the government’s financial management through advisory services and constructive feedback from audits.

“The establishment of the Wisma Audit building marks a significant development in strengthening the role of audits in governance and financial management of the government and its agencies,” he said.

Meanwhile, Wan Suraya told reporters that the building, completed in 2018 on a 1.42-hectare site, is the eighth NAD building in the country and cost RM18.63 million.

She added that it now accommodates 68 Terengganu audit officers who were previously based at Wisma Persekutuan.

At the same time, she said the NAD is planning to construct the eastern zone National Audit Academy under the 13th Malaysia Plan for capacity building and human resource development for government agencies in Terengganu, Kelantan and Pahang.



Source: The Sun Daily

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