Saturday, August 31, 2024

How to Write a Resume for a Part-Time Job

Happy freelance writer
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If creating a resume for a part-time job is giving you full-time stress, we’re here to help. A good part-time job resume must show your qualifications, even if this is your first job or you’re looking to reenter the workforce. This professional document must present you as a desirable candidate — even for a role requiring fewer hours. Whether you’re seeking your first job…



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Money in a Minute for the Week Ending Aug. 30

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Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. U.S. economy shows resilience in second quarter with growth at a revised 3% (Aug. 29, MarketWatch): The U.



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Friday, August 30, 2024

21 Steps to More Leisure — and Less Labor — in Your Life

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The average American should expect to live about 77 years, according to the Centers for Disease Control and Prevention. If you’re lucky, you’re going to spend about one-third of that time sleeping. With the remaining hours, the idea is to spend as many of them as possible doing what you want to do and as few as possible doing what you have to do. How do you maximize leisure hours and minimize…



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The Best Way to Cook Bacon? Americans Have a Clear Favorite

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Bacon is a breakfast staple. And Americans have very particular ideas about how it should be cooked. Recently, Smithfield Culinary surveyed 2,000 adults in the U.S. who eat out or order takeout at least two or three times per month, and who eat pork at least every few months. The survey asked these Americans to offer their opinion on the best way to cook bacon. Here is what they said.



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Thursday, August 29, 2024

Costco Just Released Dozens of New Deals for September 2024

Costco storefront
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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 just released its latest monthly deals — dozens of discounts worth thousands of dollars in savings. They’re available until Sept. 22, 2024, although some of these deals are available in clubs only or online only.



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For Pharma, Trump Vs. Harris Is a Showdown Between Two Industry Foes

2024 American presidential election with Donald Trump and Kamala Harris
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Former President Donald Trump and Vice President Kamala Harris have a rare point of agreement in their otherwise bitter and divisive contest: It’s up to the government to cut high U.S. drug prices. Harris cast the tie-breaking Senate vote in 2022 for legislation that allows Medicare to negotiate drug prices for its more than 60 million beneficiaries. Before that, she was an aggressive regulator…



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5 Billionaires Who Now Back Harris for President — and 5 Sticking With Trump

Donald Trump and Kamala Harris
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Rich folks have louder megaphones than the rest of us. When they speak, the media pay attention — and so do we. That is true even when billionaires are opining about something far outside their realm of expertise, such as politics. With only a couple of months left until the presidential election, billionaires are offering their endorsements for one of the two likely candidates: Democrat Vice…



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Wednesday, August 28, 2024

Why Condo HOA Fees Are Suddenly Surging in Florida

Condos in Florida
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In Florida, condo owners are now facing two ugly realities: Soaring homeowners association fees and falling property values. Condo fees are skyrocketing in the Sunshine State, making it more difficult for owners to meet their monthly obligations. In four cities, fees were up more than 10% year over year as of July, according to a recent report from real estate brokerage firm Redfin.



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25 Places Facing the Greatest Risk As Sea Levels Rise (Half Are in Florida)

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Increasing global temperatures will bring changes to our environment, economy, and society, but one of the most pronounced effects will be the impact on sea level rise. A report from the UN’s Intergovernmental Panel on Climate Change (IPCC) estimated that global mean sea levels will most likely rise between 0.95 feet and 3.61 feet by 2100 due to thermal expansion of water, the melting of glacial…



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Southern Cable Q2 earnings surge on strong demand for cables, wires

PETALING JAYA: Southern Cable Group Bhd continued to deliver solid financial performance amid strong demand for cables and wires, with its net profit rising to RM14.4 million in the second quarter ended June 30, 2024 (Q2’24), more than double the RM5.3 million posted in the corresponding quarter last year.

The profit was driven by a 36% increase in revenue to RM315.3 million, which was up from RM231.8 million previously due to higher sales volume for power, control and instrumentation cables and wires. Additionally, the commendable result was a result of improved margins from lower plastic compound costs and a better product mix.

The increase in revenue was in line with higher raw material prices (copper and aluminium) and was further supported by larger production capacity following the commencement of a new production facility at the cable and wire manufacturer’s headquarters in Kuala Ketil, Kedah, which has an annual capacity of 5,000km, producing low-voltage power cables and wires.

The group is ramping up operations at the new facility, increasing its annual cable and wire production capacity to 45,480km from 41,980km as at March 31. By the end of 2024, full operation of the new facility is expected to raise the group’s annual capacity to 46,980km, allowing it to accommodate more orders and boost revenue.

Managing director Tung Eng Hai said cables and wires are crucial for national development, and Malaysia is progressing rapidly, driven by the government's infrastructure efforts and increased foreign direct investments in the manufacturing sector.

In response to the robust growth, he added, Southern Cable is investing in production capacity to meet the growing demand for cables and wires as it continues to receive enquiries from various industry players, including power transmission and distribution, construction, and infrastructure, as well as data centre builders.

“With the increasing demand for power to support new developments, Southern Cable is poised to see a new leap in the revenue base,” Tung said.

The group’s orders in hand stand at RM923.1 million, which includes a supply contract from Tenaga Nasional Bhd worth RM99.6 million that was secured recently. These orders, expected to be fulfilled by 2026, involve supplying underground cables and conductors to power utility companies, rectifier and battery systems to a major telecommunications company, and purchasing orders from engineering, procurement, construction and commissioning contractors.

Meanwhile, the group’s revenue from overseas in Q2’24 rose 81.3% to RM13 million from RM7.2 million previously, mainly due to higher sales to the United States. The group aims to achieve RM50 million in overseas sales in 2024, with the majority expected from the US.

Tung said: “We are seeing an increase in orders from the US, in line with the rising construction activity there. Moving forward, we anticipate a gradual improvement in overseas revenue. We are also looking into expanding our product line to cater to the US market, aiming for long-term sustainable revenue growth that aligns with the country’s development and supports our growth.”

In the first half ended June 30,2024, the group’s net profit grew 171.8% to RM28.5 million, from RM10.5 million in the same period last year, attributed to lower plastic compound costs and a better product mix. The increase came on the back of a 32.7% higher revenue of RM627.4 million, compared to RM472.8 million previously, on higher sales of power cables and wires.



Source: The Sun Daily

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Tiong Nam delivers solid performance in first quarter of FY25

PETALING JAYA: Tiong Nam Logistics Holdings BHd reported that its net profit attributable to shareholders in the first quarter ended June 30, 2024 (Q1’25) surged 370.5% to RM3.5 million from RM700,000 in the previous quarter, while revenue grew 3.8% to RM200.1 million from RM192.8 million previously.

The logistics and warehousing services segment’s revenue rose 12.9% to RM194.9 million from RM172.6 million previously, driven by increasing business from existing and new domestic and multinational customers. The segment contributes 97.4% of the group’s total revenue.

The segment’s profit before tax recorded a turnaround to RM8.8 million in Q1’25 from a loss before tax of RM3.8 million previously, attributed to increased business activity, and rental income from the long-term lease of a warehouse to Mercedes-Benz Parts Logistics Asia Pacific.

To meet escalating demand for integrated logistics solutions, Tiong Nam is investing an estimated RM460 million in capital expenditure (capex) over the next two financial years. The majority of the capex will be utilised for the ongoing construction of four warehouses in Johor, Kedah, Sabah and Singapore. These warehouses, with a total capacity of 1.3 million square feet (sq ft), are expected to be operational in stages between FY25 and FY26.

The capex also includes planned expansions for three additional warehouses in Johor and Selangor, with a total capacity of 600,000 sq ft. Construction of the expansions is set to commence in FY25, and will be completed in phases until FY26.

The ongoing and planning expansions will boost Tiong Nam’s total warehousing capacity by 26% to 9.7 million sq ft in FY26 from its current level of 7.7 million sq ft.

Managing director Ong Yoong Nyock said: “Our strong first-quarter results demonstrate the resilience of our logistics and warehousing operations and the success of our focus on operational efficiency. Our ongoing warehouse expansions, with new facilities coming online in key regions and secured tenants, allow us to effectively meet our clients’ growing requirements. We are optimistic of achieving at least a 30% increase in revenue for our logistics and warehousing segment in FY2025, driven by increased business activity and contribution from our expanding infrastructure.”



Source: The Sun Daily

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Tuesday, August 27, 2024

Collaborations with global tech giants will spur AI adoption in Malaysia: OpenMinds founder

KUALA LUMPUR: Collaborations with global technology giants such as Google, Ericsson, Microsoft and Huawei are crucial in upskilling Malaysian professionals in artificial intelligence (AI) adoption as they have established a strong presence in Malaysia, provided support and funding and created high-tech job opportunities.

OM Connect Sdn Bhd (OpenMinds) founder Jan Wong said that due to these companies’ global operations, such collaborations will allow local businesses to access advanced tools, expertise and training that have been difficult to obtain.

“This influx of expertise is expected to enhance the quality of the local technology workforce.

“Although smaller companies may face challenges in adopting AI, these partnerships offer long-term benefits by developing local talent, similar to the rise of e-commerce and digital skills in the past,” he told SunBiz.

Wong said specialised training and certification programmes from these tech giants provide transferable skills that can benefit a wide range of businesses. Moreover, these collaborations can address Malaysia’s ongoing talent shortage in tech sectors like AI and big data.

Wong said working with with tech giants offers significant benefits for integrating AI into local businesses. These companies are already compliant with Malaysian regulations, reducing data storage and processing concerns.

Direct collaboration with these giants also connects businesses to the source of advanced technology, potentially achieving better results.

Additionally, tech giants frequently offer valuable resources and support, including workshops, training programmes, and certifications, he said,

These opportunities enhance tech literacy and workforce competence. They may also provide incentives, grants, or credits to lower entry barriers for businesses, making it easier to adopt AI solutions and benefit from structured learning and support.

Wong pointed out that by developing and retaining local talent, Malaysia can attract more tech investments, which have recently surged to more than RM83 billion.

“Local businesses will benefit from these advancements and become more competitive globally, while the increased availability of skilled professionals will promote broader adoption of technology and AI across various industries, including small and medium enterprises,” he said.

When asked what specific support or resources should be made available to local businesses to help them navigate the complexities of AI implementation, Wong said education is paramount in this context.

He said many local businesses still struggle with the thought of using AI beyond generative AI for marketing.

“For businesses already planning to implement AI, access to information on compliant tools and services will be crucial in assisting them to determine what is relevant.

“Financial assistance and incentives like grants, subsidies, and tax breaks from the government will also greatly help, especially when the processes are simplified and accessible.

“AI developers and tech giants can contribute by offering various tiers for businesses, making it easier to start without requiring extensive technical knowledge, complex infrastructures, or high costs – enabling a more hands-on experience,” Wong said.



Source: The Sun Daily

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The New Covid Vaccine Is Out. Why You Might Not Want To Rush To Get It.

Woman getting flu vaccine
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The FDA has approved an updated covid shot for everyone 6 months old and up, which renews a now-annual quandary for Americans: Get the shot now, with the latest covid outbreak sweeping the country, or hold it in reserve for the winter wave? The new vaccine should provide some protection to everyone. But many healthy people who have already been vaccinated or have immunity because they’ve been…



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12 Places Where Home Prices Still Won’t Stop Climbing

Downtown Milwaukee, Wisconsin
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home sale prices were up 6.8% year-over-year in July, the smallest annual increase since January, according to an analysis of the 50 most populous metropolitan areas by real estate brokerage firm Redfin. Prices rose 0.2% from June to July, marking a second straight month of a gain of that size. Those are the smallest gains since January 2023. Overall, 20 of the 50 markets saw prices fall…



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Monday, August 26, 2024

Tax Matters – Interest-free loans blitz is now haunting taxpayers

THE Inland Revenue Board (IRB) across all branches is now focusing on interest-free loans between related parties and imposing retrospectively deemed interest income on the lender on the grounds that interest-free loans are not being provided on an arm’s length basis.

To add salt to the wound, a surcharge of up to 5% of the gross interest is added to the tax bill.

If the interest-free loan is between two domestic companies, there is no guarantee that the section of the IRB that raises the tax on the income side will ensure that the corresponding deduction is given on the deemed interest payment which may be dealt with by a different section of the IRB. There is no specific law that requires the IRB to provide the opposite side the deduction, but in reality the IRB has created an artificial source of income from another related party which is within the tax net. In such a case, the payer should not be denied a deduction provided the payer meets the “wholly and exclusively in the production of income” rule.

Bigger problems are looming ahead

The problem will not be confined only to interest-free loans. Loans are defined in general as advances of money with an absolute promise to repay. This problem will extend beyond loans to advances of money, payments on behalf of related parties, unpaid trade debts over a long term that becomes a loan, etc.

This problem of arm’s length pricing for providing direct or indirect financing support between related companies will extend to any guarantees or securities given by one related company on behalf of another related company to a third party such as a bank (e.g. bankers guarantee, performance guarantees, letters of conform, etc.). The charges for the provision of such guarantees will be largely based on the cost of monies and other factors. The IRB will also be looking into these matters in addition to the interest rate charged between related parties.

What is the position of taxpayers?

Taxpayers should examine whether the loan is really a loan or is it some form of a hybrid equity instrument. There are no clear rules to distinguish between equity and loan. The deciding factor will be dependent on the legal arrangement, the economic substance of the arrangement, and the actual conduct of the taxpayers. Most interest-free loans between related parties state that the loan is repayable on demand without a time limit and without any underlying security. Normally transactions between entirely independent third parties will not be conducted in this manner.

There is a fundamental problem here that under the comparability analysis which is the “heart” of transfer pricing, such interest-free loans could be entirely disregarded by the tax authorities on the basis that such transactions do not reflect the economic and commercial reality that goes on in the marketplace. This will be detrimental to taxpayers.

However, there is a saving grace for taxpayers. Taxpayers need to now re-examine these transactions thoroughly and determine whether the interest-free loan remains a loan or is it some form of capital funding to the related party. It is likely that such transactions are sitting in “no man’s land”. The taxpayers concerned must take a position based on the law, their conduct, the accounting treatment, and the underlying economics in making a stand on this important matter.

Final advice

This is a serious matter affecting thousands of companies within Malaysia undertaking domestic and international transactions. The affected taxpayers must prepare themselves to face the IRB which is now actively looking for taxpayers who may be underdeclaring their taxes.

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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ReSkills plans to expand to Sabah, Sarawak as its MyESG100 initiative gains traction

KUALA LUMPUR: Global online learning platform ReSkills is planning to expand to Sabah and Sarawak, following the growing success of its MyESG100 initiative.

The move is part of its broader strategy to promote environmental, social and governance (ESG) education across Malaysia and beyond.

ReSkills and MyESG100 founder Ken Lim said that following successful implementations in Penang and Taiping, ReSkills is now eyeing expansion to East Malaysia.

“We have received interest from Sabah and Sarawak, while we are still in the planning stages, these regions are certainly on our radar. Expanding to more regions will increase awareness and allow us to reach more people,” he said in an exclusive interview with SunBiz.

Lim highlighted the motivation behind MyESG100.

“We founded MyESG100 because we recognised the importance of sustainability across all business types, from large listed companies to small and medium enterprises. As we navigate our own business journey, we realised we have a role to play in promoting ESG practices, particularly through education. Our goal is to create a platform that facilitates meaningful dialogue and empowers more people to access ESG education,” he said.

As for ESG education, Lim acknowledged the challenges in promoting sustainability, emphasising the vastness of the subject and the lack of in-depth awareness.

“People are familiar with the term ESG, but not everyone understands its components and the reasons for integrating these practices into their business models. Traditionally, sustainability is seen as an added burden, something that requires a separate department to manage. This perception is a major challenge that we’re working to change,” he said.

In response to these challenges, Lim said, ReSkills has developed the concept of MyESG100, alongside the innovative “Smart Learning Hub”.

“The Smart Learning Hub is a physical manifestation of our commitment to ESG. Powered by solar energy and equipped with the latest technology, these hubs provide real-world examples of how businesses can incorporate sustainability into their operations.”

Lim said MyESG100 is built around “SMART Pillars” – sustainability, mobility, accessibility, renewability and technology. “These pillars represent our strategy to make education accessible to all, even in rural areas, by bridging the digital divide with renewable energy and advanced technology.”

Looking ahead, Lim envisions leveraging advanced technologies such as artificial intelligence and blockchain to enhance MyESG100.

“We are developing systems to track energy consumption and user engagement within our hubs, which will provide valuable data to support our ESG goals. Our aim is to form partnerships with global entities and continue leading by example.”

ReSkills’ global online learning platform plays a crucial role in the success of MyESG100, providing flexible, accessible education tailored to various industries, Lim said.

“We have seen significant user growth since integrating ESG elements into our platform. We also offer a range of sustainability-focused courses that educate users about the importance of ESG, thereby driving real change,” he added.

Lim emphasised the importance of starting small and building gradually.

“For businesses that are new to ESG, the recommendation is focusing on key areas of impact, such as energy efficiency and community engagement. By taking small steps, businesses can gradually build a culture of sustainability,” he suggested.

He mentioned that as ReSkills continues to expand its footprint and impact, MyESG100 stands as a testament to the its commitment to making sustainability a priority, one educational step at a time.



Source: The Sun Daily

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Malaysia eyes tourism growth through strategic marketing campaigns

KUALA LUMPUR: Malaysia can diversify its tourism markets and enhance its appeal through strategic marketing campaigns by leveraging new airlines and expanding airport capacity.

Tourism Malaysia director-general Manoharan Periasamy said this approach targets emerging markets such as Pakistan and Bangladesh, emphasising Malaysia’s rich cultural diversity, natural wonders and vibrant modern cities.

“Key target markets can also be prioritised into several tiers apart from traditional markets, as strategically planned in gearing up to Visit Malaysia 2026, led by first-level priorities such as China, India, Indonesia, Vietnam and Australia.

“The second-level priorities include South Korea, Gulf Cooperation Council countries and the United Kingdom, followed by third-level priorities comprising Taiwan and Germany,” he told SunBiz.

Manoharan said Tourism Malaysia is working closely with international airlines, hotels, tour operators and travel agencies to offer joint promotions or tourism packages and campaigns highlighting the diverse attractions and experiences across different states in Malaysia.

In addition, Tourism Malaysia is launching a series of dynamic joint promotion initiatives with airlines and travel agencies to capitalise on the immense growth potential of the Chinese market.

Leveraging the Matching Grant for International and Charter Flights, these programmes aim to position Malaysia as a premier tourist destination and drive a significant increase in Chinese tourist arrivals.

Manoharan said the collaboration aims to enhance accessibility, boost flight frequency, and expand seat capacity in Malaysia by supporting chartered flights, scheduled services and the development of new routes.

He added that the matching grant also complements the existing flight network offered by other carriers, further increasing tourist traffic between Malaysia and China.

“Malaysia has received a few charter flights from second-tier cities, such as Nanjing, China, to Tawau, to cater to tourists during the Spring Festivals. Additionally, China Southern Airlines serves daily flights from a new tier-one city in the Xi’an region, Zhengzhou, to Kuala Lumpur.

“The latest new routes available are from Yantai to Kuala Lumpur (China Eastern Airlines), and Ningbo to Kuala Lumpur and Kota Kinabalu (AirAsia) as well as Shanghai to Penang (Shanghai Airlines),” Manoharan said.

With the resumption of existing routes and the introduction of new ones by both Malaysian-based and Chinese-based airlines, including Air China, China Eastern Airlines, China Southern Airlines, Xiamen Air, Loong Air and Spring Airlines, there are now more than 408 weekly flights connecting China and Malaysia.

“To foster more Chinese tourist arrivals, we emphasise promotions through seminars and networking sessions focusing mainly on the leisure market and niche segments such as education tourism, Muslim-friendly tourism and Malaysia My Second Home programmes,” Manoharan said.

He noted that Tourism Malaysia launched the first China Imam Fam Trip: Discover Muslim-Friendly Malaysia initiative in collaboration with the Islamic Tourism Centre and the Malaysian Inbound Chinese Association.

He said this initiative aims to spotlight Malaysia’s diverse tourism offerings, including its array of halal cuisines and its commitment to providing Muslim-friendly hospitality.

“We also focus on smart partnerships with China’s online travel agencies such as Ctrip.com, Wing On Travel, Tuniu and JD.com, while capitalising on digital marketing promotion via social media platforms such as Xiaohongshu and Douyin,” Manoharan said.



Source: The Sun Daily

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Sunday, August 25, 2024

CelcomDigi, Huawei Malaysia in pact to incorporate AI into telco’s network

PETALING JAYA: CelcomDigi Bhd and Huawei Technologies (Malaysia) Sdn Bhd have formalised a memorandum of understanding to work together on integrating artificial intelligence (AI) into CelcomDigi’s network, paving the way to establish one of Malaysia’s most intelligent 4G and 5G-ready networks in the country.

The collaboration will explore applying AI capabilities to CelcomDigi’s Radio Access Network (RAN) also known as “IntelligentRAN”. This includes the incorporation of a digital twin system to enable rapid experimentation of new network models, alongside implementing proactive network management capabilities through advanced analytics, and leveraging multiple support systems to intelligently provision network services to improve customer experience.

CelcomDigi CEO Datuk Idham Nawawi said, “The country is in prime position to be a regional leader in both 5G and AI development. We are proactively investing to build the most advanced 4G and 5G-ready network in the country to realise this ambition and serve the needs of consumers and enterprises in a new 5G-AI powered age of ‘digital-everything’. With a robust AI-driven network, we believe we are best positioned to deploy a high-performance 5G network to power Malaysia’s digital future.”

Huawei Malaysia CEO Simon Sun emphasised that Malaysia is at the point of inflection for deploying network intelligence as AI technology progresses.

“Our vision is to build intelligent networks across Malaysia, and to achieve this, Huawei Malaysia is evolving beyond being an ICT solutions provider towards a collaborative architect of AI-driven networks. By deploying the IntelligentRAN with CelcomDigi, we will unlock significant business value by allowing for a full integration of AI capabilities across all layers of wireless networks and enable 5G business success,” he said.

Under the collaboration, CelcomDigi and Huawei Malaysia will also explore jointly leveraging cross-domain data convergence from Huawei platforms to gain a comprehensive view of the customer and service lifecycle, enable proactive user experience management and support seamless digital transformation across the company’s network operations.



Source: The Sun Daily

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Here’s the Favorite Grocery Brand of Every Generation Right Now

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Which product brands are your favorites? From cereal to booze, your answer is likely to depend on your age. Recently, The Harris Poll used survey results and its own QuestBrand brand management software tool to name favorite grocery product brands by age group. Specific generations value each of the following brands more highly than the population of U.S. adults as a whole, which is known as…



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This Deal Saves New Costco Members up to $40 (While It Lasts)

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Stack up your savings with Costco’s latest deal for prospective members. Stack Social is an online marketplace that works with partners to provide deals on a variety of goods to a variety of customers. Costco is just one partner they’re currently working with. Use Stack Social to buy a Gold Star Membership and receive a $20 digital Shop Card to spend at Costco. Buy an Executive Gold Star…



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Sports Toto Q4 revenue rises to RM1.65b, pre-tax profit jumps to RM104.2m

PETALING JAYA: Sports Toto Bhd reported revenue of RM1.65 billion for the fourth quarter ended June 30, 2024 (Q4’24), an increase of 2.1% over the RM1.62 billion posted in the corresponding quarter of the previous financial year.

The group registered pre-tax profit of RM104.2 million, which is an improvement of 9.6% from the pre-tax profit of RM95 million in the corresponding quarter of FY23.

The improved results for the quarter ended June 30, 2024 was mainly due to the better performance reported by the group’s principal subsidiary company, STM Lottery Sdn Bhd.

STM Lottery reported stronger revenue growth of 9.8% for Q4’24, mainly attributed to higher sales per draw coupled with an additional draw conducted compared to the previous year’s corresponding quarter (41 draws versus 40 draws respectively). Pre-tax profit increased by 47.6% on the back of higher revenue, coupled with lower prize payout.

Meanwhile, HR Owen plc, the group’s luxury car unit, reported a 5.1% drop in revenue in Q4’24 compared to the previous year’s corresponding quarter, mainly attributed to lower volume of sales which stemmed from the phasing out of models that had come to the end of their product life cycle.

However, with a favourable foreign exchange effect, HR Owen’s revenue dropped only 0.1% when converted into ringgit, the reporting currency of the group. Pre-tax profit was lower at RM17.6 million compared to RM22.8 million in last year’s corresponding quarter due to higher operating costs and depreciation incurred following the completion and full operation of Hatfield Centre in May 2023.

For the full financial year ended June 30, 2024, Sports Toto reported revenue of RM6.3 billion, representing an increase of 3.4% over the RM6.1 billion registered in FY23. The group’s pre-tax profit also increased by 1.2% to RM343.3 million compared to the pre-tax profit of RM339.3 million reported in the previous year, which was mainly attributed to improved performance from STM Lottery but partially offset by the lower results reported by HR Owen.

STM Lottery registered revenue and pre-tax profit growth of 4.3% and 29.6% respectively compared to the previous year despite conducting fewer draws (167 draws versus 175 draws). The revenue growth was due to increased sales per draw driven by higher accumulated jackpot prizes, while the jump in pre-tax profit was aligned with revenue growth along with lower prize payout for the year.

HR Owen's revenue declined 3.3% in the financial year ended June 30, 2024 compared to the previous year, which was mainly attributed to lower car sales with the phasing out of certain models as well as the negative impact of challenging economic conditions in the United Kingdom (UK). However, with the favourable foreign exchange, it reported an increase in revenue of 5% when converted into ringgit. HR Owen posted lower pre-tax profit of RM13.5 million compared to RM41.2 million last year. This was mainly attributed to higher operating costs coupled with higher depreciation following the completion and full operation of Hatfield Centre, as well as the impact of UK interest rate hikes.

The board of directors of Sports Toto has declared a fourth interim dividend of two sen per share for the financial year ended June 30, 2024. The dividend, payable on Oct 18, amounts to RM27 million. The entitlement date has been fixed on Oct 2.

With this, the total dividend distribution for the financial year is 10 sen per share, amounting to about RM134 million.

The management of Sports Toto is cautiously optimistic that the group’s business will remain stable. The directors are of the view that despite the subdued growth of the global economy, the group’s business outlook will remain positive and stable for the financial year ending June 30, 2025.



Source: The Sun Daily

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Saturday, August 24, 2024

Will This Technology Drive Grocery Prices Even Higher? Senators Are Worried

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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. On the surface, the change seems harmless enough: Kroger plans to introduce electronic shelving labels that will replace paper labels on its grocery shelves. But two U.S. senators — Elizabeth Warren (D-Mass.) and Bob Casey (D…



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35 Hazardous Products That Were Recalled This Week

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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. We expect manufacturers to know what they’re stocking the shelves with. We trust those products to be safe. But things have a way of slipping through the cracks. Fortunately, several federal regulatory agencies monitor for…



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Money in a Minute for the Week Ending Aug. 23

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Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. Nvidia Earnings Are Coming. Big Tech Needs Them to Be Good. (Aug. 23, Barron’s): Move over, Fed…



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Friday, August 23, 2024

5 Ways to Save on Air Conditioning

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As the temperature exceeds triple digits in many locations this summer, our electric bills are spiraling upward with the heat index. Except for a hardy few, going without air conditioning is probably not a practical cost-cutting measure. Still, there are ways to save energy and cut your electric bill. Cutting costs on your electricity bill isn’t as hard as you might think. Here are a few tips…



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How to Be a Substitute Teacher — and How Much You Could Make

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If there’s one job that consistently needs people, it’s substitute teaching. All you have to do is open up a tab in your browser and type in “jobs near me,” and you’ll start to see ads offering flexible hours and “no experience necessary” to help fill the gaps in your local school system. Teacher shortages play heavily into the need for substitute teachers, but no matter where you live…



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10 Things Generation Z Is Killing Off

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Every generation has its own needs and habits. That often means ingrained traditions from their elders fall by the wayside. I’ve never owned a buggy whip or Victrola. And an entire generation has grown up without landline phones or VCRs. My daughter, born in 2007, only touched a typewriter back when her pediatrician set some out in the waiting room for curious young patients to hammer on.



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Thursday, August 22, 2024

Malaysia’s approach to AI adoption a reference for other Apac countries: OpenMinds founder

KUALA LUMPUR: Malaysia’s proactive approach to developing a comprehensive artificial intelligence (AI) framework, driven by government policies and public-private collaborations, will set a strong example for the Asia Pacific (Apac) region in terms of AI adoption.

Digital consulting startup OM Connect Sdn Bhd (OpenMinds) founder Jan Wong said Malaysia’s National AI Roadmap outlines specific goals and milestones for integrating AI across sectors such as healthcare, education and manufacturing, providing a valuable reference for other countries.

“Additionally, initiatives such as promoting AI literacy, co-research, and funding for AI startups offer further benefits that other nations can adopt to enhance their AI development efforts,” he told SunBiz.

Wong said Malaysia is already undertaking several initiatives to be a leader in the region for ethical AI use, and the country is headed in the right direction.

Critical steps in advancing AI include developing a national strategy, attracting foreign technology investments, funding ethical research, offering grants and tax incentives for ethical AI businesses, and fostering partnerships with the private sector and academia, according to him.

Additionally, Wong said, promoting AI education and practices in the region is crucial for progress.

“When executed consistently and successfully with good governance, these initiatives should position Malaysia as a regional leader in ethical AI. Achieving all this is no easy feat. I hope that Malaysia will sustain these initiatives to build up the use of ethical AI even at the small and medium enterprise (SME) level, ensuring that growth is widespread and not limited to a few large players,” he said.

When asked what advice he would give to businesses in Malaysia preparing for new regulations, Wong said the first step for companies is to assess their current use of AI tools.

Organisations need to understand the operational details of their AI implementations fully and that it is essential to document how AI is used, including the processes it impacts, data sources, storage methods, potential biases and transparency. This documentation aids in compliance and helps prevent issues from arising later, Wong noted.

“Businesses should focus on data privacy by reviewing how data is collected, stored, and used, ensuring clear disclaimers and terms of use are in place. Understanding AI’s role in data processing allows businesses to create appropriate consumer disclosures.

“Due to the industry’s rapid evolution, staying updated with regulations from Malaysian authorities and international AI bodies is crucial.

“Businesses should also consider appointing a dedicated consultant or team to manage AI-related matters, ensure compliance, optimise AI solutions, and enhance internal competencies. This approach supports business growth and effective AI integration,” he added.



Source: The Sun Daily

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Millennials Are Suddenly Loaded: Here’s How They Did It

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Older folks have pilloried millennials as the ultimate generation of slackers, but it appears that the younger set is having the last laugh. Seemingly out of nowhere, millennials have risen to a level of financial security that in some ways eclipses what their baby boomer and Generation X forebears accomplished, according to a recent report in The Wall Street Journal. The newspaper reports…



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8 of the Best Cheap Organizing Products at Dollar Tree Stores

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Deb Hipp / Money Talks News

There’s no need to wait for spring to get organized when you can find cheap organizational products at Dollar Tree to whip your closets, kitchen and other rooms into shape for good. From drawer organizers and caddies to storage baskets and tubs ,you’ll find an abundance of affordable organizing items starting at $1.25. I went shopping at Dollar Tree to find the best organizational products…



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7 Hand-Washing Mistakes to Avoid While COVID Is Raging Again

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As we head toward another seasonal surge in the coronavirus, it might be time for a little refresher. Washing your hands is one of the best ways to stop the spread of germs, including the virus that causes COVID-19. But are you doing it correctly? Stopping the spread of germs is an important step each of us can take toward keeping our communities and our families safe. So, it’s important to…



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Wednesday, August 21, 2024

10 American Cities That Are Especially Toasty This Summer

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In many parts of the U.S., it has been a scorching summer. Climate change is causing temperatures to rise, especially in many urban areas, according to a CNN report. Buildings, roads and concrete radiate heat, causing additional warming of up to 20 degrees Fahrenheit in those areas. Recently, the International Institute for Environment and Development shared data with CNN that shows that all…



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Will New Rules for Real Estate Commissions Lower the Cost of Selling a Home?

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Homebuyers face a changing housing market this weekend as major shifts to how real estate agents are paid take effect. The National Association of Realtors (NAR) groundbreaking new commission-sharing agreement will end the common practice of home sellers automatically covering the fees for real estate agents on both sides of the transaction. The new rules start on Saturday.



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Mah Sing MD calls for more measures to help first-time house buyers

PETALING JAYA: With Bank Negara Malaysia (BNM) maintaining the Overnight Policy Rate (OPR) at 3% and stable employment conditions, Mah Sing Group Bhd founder and managing director Tan Sri Leong Hoy Kum said he is optimistic about the outlook of the property sector for the year as a stable benchmark interest rate will bring confidence to the real estate market and investing in properties is a good hedge against inflation.

He also attributed this to increased household spending amid positive labour market conditions and larger policy support.

Malaysia's economy grew by 5.9% in the second quarter of 2024 (compared to 4.2% in first-quarter 2024), as announced by BNM on Friday.

According to the Valuation and Property Services Department, there were more than 104,000 property transactions recorded between January and March. This represents a 17% increase compared to the same period in 2023, with the total transaction value rising by 37% or RM56.53 billion.

“We hope the government will implement additional measures to support first-time home buyers, streamline home-buying process and accelerate the recovery of the property industry,” Leong said, adding that this is especially important considering the significant multiplier effect on more than 140 industries, which in turn will positively impact the overall economy.

Leong hopes that the government will consider reviving the Home Ownership Campaign (HOC) to help the rakyat secure their homes and promote homeownership, as part of its efforts to stimulate the property sector and advance its vision for Malaysia Madani.

“We hope that the government will implement additional measures to support first-time home buyers, specifically in home financing, to increase home ownership and impactful measures would include reviving the HOC as the incentives given under the campaign has proven to be vital in helping home buyers secure their home while reducing the housing overhang situation, such as the 100% stamp duty exemption for properties priced from RM300,001 to RM1 million,” he said.

Leong called for the introduction of a 10% discount on the property purchase price for first-time home buyers.

“We hope that the government will introduce a one-off First-Time Home Buyers’ Grant of RM30,000 for properties priced up to RM500,000. This grant would significantly lower the financial burden on first-time buyers, especially in urban areas where property prices continue to rise. With lower and fixed-rate financing, this support would provide essential stability and predictability for young Malaysians and middle-income earners who may be concerned about rising interest rates.”

He also hopes the government will bring back tax deductions for housing loan interest, a policy introduced in 2009-2010.

“This tax relief provided significant financial support to first-time home buyers by allowing a deduction of up to RM10,000 per year on interest paid on housing loans for three consecutive years. Reintroducing this measure would provide substantial financial support to new homeowners to reducing their financial burden and encouraging more Malaysians to invest in property,” Leong said.

In addition, he hopes the government will consider removing or reducing compliance costs and streamlining approval processes to ease the pressure on development costs and house prices.

“Specific measures could include reducing development charges, lowering land conversion premiums, and exempting utilities contribution charges. Simplifying regulatory processes and expediting approvals would help developer reduce project timelines and costs in making housing more affordable for the masses,” he suggested.

Leong said they propose enhancing tax reliefs and grants for developers who incorporate green building technologies and sustainable practices in their projects.

“These incentives will support Malaysia’s environmental goals, including the commitment to achieve carbon neutrality by 2050. By encouraging the adoption of eco-friendly construction methods, the government can help drive the real estate sector towards more sustainable practices and contribute positively to environmental conservation,” he added.



Source: The Sun Daily

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Tuesday, August 20, 2024

These 2 Swing States Are Refusing to Turn ‘Blue’ Despite a Flood of Californians Since 2020

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When a wave of Californians move to your state, it’s reasonable to expect voter registration numbers to shift toward the Democratic Party. After all, the Golden State is famous for tilting in a decidedly progressive direction. But despite evidence that many California residents have picked up stakes and moved to Arizona or Nevada in recent years, those two political swing states have seen the…



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5 Things Your Flood Insurance Policy Does Not Cover

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When floodwaters rise, don’t look to your homeowners insurance policy to protect you. Such insurance does not cover damage from floods. To get protection, you need to purchase a policy from the National Flood Insurance Program of the Federal Emergency Management Agency (FEMA). But even with this coverage, there are some key gaps that could leave you unprotected for specific types of damage.



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Monday, August 19, 2024

Tax Matters – Are audits moving away from educating taxpayers?

WHEN tax audits started in the 2000s, the original objective was to improve and enhance voluntary tax compliance, and to educate taxpayers to avoid mistakes and know their rights and responsibilities under income tax laws.

Initially, tax auditors were focusing more on educating taxpayers in understanding the laws and regulations. However, recently the direction appears to have changed towards collecting taxes and imposing penalties.

Malaysia has a low tax-to-gross domestic product ratio of 11.8%. The World Bank recommends the ratio to be 15% and above.

There is pressure on Malaysian tax authorities to collect more taxes. To meet the gap, the focus should not be on existing taxpayers who are diligently filing their tax returns, but the direction should be to unearth errant taxpayers and bring them into the tax system.

There is a need to accelerate the widening of the tax net, which in a way is happening through the introduction of e-invoicing, which will provide greater transparency and reduce leakages.

What is happening now?

Currently, taxpayers who are within the system are facing increased frequency of audits. The issues arising in the audits are often technical issues or disputes on the reliability of the evidence provided. No doubt there are cases where the taxpayers have not kept proper documentation or taxpayers have intentionally attempted to defraud the Inland Revenue Board (IRB). In such cases, IRB is correct in assessing such errant taxpayers.

However, the relationship between taxpayers and IRB is not improving but perhaps deteriorating because IRB is frequently disputing with taxpayers as opposed to giving the benefit of the doubt to taxpayers. The educational element in tax audits is now missing, and the mission seems to be leaning towards collecting taxes and imposing penalties.

If this climate continues, the reaction from taxpayers would be defensive, and more matters could end up in litigation, which will be unproductive to both taxpayers and IRB. Taxpayers will also be planning their tax affairs to minimise their taxes and be prepared for tax audits.

Where should we be moving?

No one will disagree if IRB imposes additional taxes on taxpayers who fail to follow the law. However, there is no necessity for first-time defaulters to be subjected to penalties. We must go back to the old practice where penalties are only imposed when the same mistakes were being repeated, and the rate will increase as a taxpayer repeatedly makes the same mistakes. However, where the tax issues identified can go both ways, the benefit of the doubt should be given to the taxpayer and no additional taxes should be imposed.

Harmony versus confrontation

Tax audits are excellent to engage taxpayers and to educate them on the application of the law to improve voluntary compliance. It is not a tool to just collect taxes and penalties. We need to change the climate such that taxpayers are encouraged to connect with IRB well before an audit is triggered, and during the audit, IRB officials should be establishing relationships so that taxpayers can reconnect with them whenever they have a doubt.

There should be no fear that there will be adverse consequences if you talk to IRB officials and seek their views and advice and apply them. It is difficult, but this is a process of engagement that needs to be started sometime.

At the moment, if an audit is initiated, there is always a fear with taxpayers with what is the extra tax bill. This should not be the case.

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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