Friday, August 24th, 2018

 

Fed chief says will do ‘whatever it takes’ for US economy

WASHINGTON, Aug 24 — Avoiding any direct reference to President Donald Trump’s renewed criticism of the Federal Reserve’s handling of the economy, Fed chief Jerome Powell said today the central bank would do “whatever it takes” to head off…


Canadian pot stocks jump after Diageo reported discussing deal

TORONTO, Aug 24 — Marijuana stocks including Aurora Cannabis Inc jumped in Toronto after BNN Bloomberg TV reported Diageo Plc is holding discussions with at least three Canadian cannabis producers about a possible deal. The UK spirits maker has…


Dollar drops before Fed chief speech

LONDON, Aug 24 — The dollar slid against the euro today while stock markets mostly rose before a key speech by the head of the US Federal Reserve. Australia’s dollar meanwhile pared losses and Sydney’s stock market closely slightly higher…


Maersk sends first container ship through Arctic route

COPENHAGEN, Aug 24 — A Maersk vessel loaded with Russian fish and South Korean electronics will next week become the first container ship to navigate an Arctic sea route that Russia hopes will become a new shipping highway. The Arctic voyage by…


Brexit funder’s bid to join PM party rejected

LONDON, Aug 24 — A British businessman who helped bankroll the Brexit campaign has failed in his bid to join Britain’s governing Conservatives to try to ensure the party’s next leader is a hardliner. Arron Banks, founder of the Leave.EU…


Pos Malaysia Q1 net profit falls to RM4.98m

KUALA LUMPUR, Aug 24 — Pos Malaysia Bhd’s net profit fell 86.13 per cent year-on-year (y-o-y) to RM4.98 million for the first quarter ended June 30, 2018 (Q1) from RM35.88 million previously. Revenue also declined 3.46 per cent y-o-y to RM590.46…


As German economy powers on, finance ministry enjoys fiscal largesse

BERLIN, Aug 24 — All sectors of the German economy grew in the second quarter, data showed, with robust domestic activity helping to cushion against risks to exports from an uncertain global trade outlook. Construction and state spending expanded…


Bursa Malaysia to launch first mini futures contract on Aug 27

KUALA LUMPUR, Aug 24 — Bursa Malaysia Bhd’s subsidiary, Bursa Malaysia Derivatives Bhd, is set to launch its first mini futures contract, the Mini FTSE Bursa Malaysia Mid 70 Index Futures Contract (FM70), on Aug 27, 2018. The FM70 is a…


IRB confirms RM16.046b unreturned tax refunds

PETALING JAYA: The Inland Revenue Board (IRB) today confirmed that the previous government did not return a total of RM16.046 billion in excess income tax and real property gains tax as at May 31, 2018 to taxpayers, mainly due to the shortfall in the Tax Refund Fund (TBBC).

This, it said, involves 1.65 million cases comprising companies, individuals, societies and foundations, with some refunds stretching back to six years.

Based on the latest position of TBBC, the priority of refund will be given to individual taxpayers. As at July 31, 2018, IRB already processed more than 90% of tax refund applications for the individual taxpayer category.

For other taxpayer category, the refunds still cannot be paid as there is no additional allocation for the fund. In line with the government's wish to prosper the rakyat and in response to Finance Minister Lim Guan Eng's proposition, IRB will consider allowing taxpayers with tax credit to be refunded by IRB, to be set-off against taxes that need to be paid for the current year. Taxpayers are required to submit the application for set-off to the respective IRB branch that handles their tax files.

For taxpayers who do not apply for their tax credit to be set-off, their refunds will be processed depending on TBBC allocation that is approved by the government and the nation's financial position.

Taking into account the financial constraints due to the nation's liabilities of over RM1 trillion, IRB said Lim is working to identify sources of income for the payment of refunds either this year or the next few years.


Century Software secures DBKL and Socso contracts

KUALA LUMPUR, Aug 24 — Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Bhd (Censof), has secured a RM3.85 million contract from Kuala Lumpur City Hall (DBKL) to provide comprehensive maintenance and support services for…