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Cryptocurrency bitcoin marks 10 years

LONDON, Oct 23 — October 31, 2008 marked the birth of bitcoin. Ten years on, the world’s first cryptocurrency is at the forefront of a complex financial system viewed warily by markets and investors. From its first evocation amid a global…


Aston Martin considers flying in components, changing ports to handle Brexit delays

LONDON, Oct 22 — British carmaker Aston Martin is considering flying in components and moving more parts through ports other than Dover if there is any border friction after Britain leaves the EU, its boss told Reuters. London and Brussels hope to…


Ryanair hopes to land deals with major unions by Christmas

DUBLIN, Oct 22 — Ryanair hopes to reach deals with all of its major unions by Christmas, its chief executive said today, in a sign an end may be in sight to disruptions which have hit its profit and shares. The Irish low-cost carrier, Europe’s…


FMM to work closely with govt

KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) in congratulating the government on tabling a comprehensive and pragmatic mid-term review plan last week, hopes that proposals to increase government revenue as part of fiscal consolidation would not lead to additional and unnecessary regulatory burden to the manufacturing sector.

“The priority should be to support and promote expansion of the economic pie to enable the reaping of higher returns to enhance business sustainability, and more importantly, medium and long-term growth,” it said in a statement today.

FMM cited existing tax incentives, such as the reinvestment allowance, accelerated capital allowance, double deduction incentives for research and development, export growth, enhancements to facilitate and spur the manufacturing sector to quickly undertake upgrading, expansion and diversification activities, including investing in Industry 4.0 technologies and innovation to achieve higher productivity and value-add.

The organisation also looks forward to close consultation with the government on its progressive and comprehensive multi-tiered levy system mechanisms to empower human capital development.

“We hope to see critical market-based levers namely, simple and transparent criteria; planned and pre-announced changes, especially in levy rates; removal of discretionary approvals, bureaucracy inconsistencies in policy implementation as well as rent seeking activities; and incentives to reward businesses which have reduced their dependence on foreign workers and unskilled labour. Levy collected should also be ploughed back to help finance industry’s investments in automation and productivity enhancements,” FMM said.

Overall, FMM looks forward to close and regular engagement with the government on the relevant programmes and initiatives under the 19 priority areas and 66 strategies of the six policy pillars. We are optimistic that these economic targets and aspirations would be executed and achievable through close collaboration and consultation between the government and the business sector, in particular the manufacturing sector for better fit of policies in meeting the challenging demands of competition and technological advancements.

Commenting on the government’s target of 4.5-5.5% gross domestic product growth over the 2018-2020 period, FMM said it was most reassured that the government is steadfast in pursuing growth targets despite the impact of fiscal and governance reforms on short-term economic growth.

FMM reiterated its commitment to working closely with the government in helping to meet the economic targets.


FMM hopes govt move to boost coffers won’t add to burden

KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) in congratulating the government on tabling a comprehensive and pragmatic mid-term review plan last week, hopes that proposals to increase government revenue as part of fiscal consolidation would not lead to additional and unnecessary regulatory burden to the manufacturing sector.

“The priority should be to support and promote expansion of the economic pie to enable the reaping of higher returns to enhance business sustainability, and more importantly, medium and long-term growth,” it said in a statement today.

FMM cited existing tax incentives, such as the reinvestment allowance, accelerated capital allowance, double deduction incentives for research and development, export growth, enhancements to facilitate and spur the manufacturing sector to quickly undertake upgrading, expansion and diversification activities, including investing in Industry 4.0 technologies and innovation to achieve higher productivity and value-add.

The organisation also looks forward to close consultation with the government on its progressive and comprehensive multi-tiered levy system mechanisms to empower human capital development.

“We hope to see critical market-based levers namely, simple and transparent criteria; planned and pre-announced changes, especially in levy rates; removal of discretionary approvals, bureaucracy inconsistencies in policy implementation as well as rent seeking activities; and incentives to reward businesses which have reduced their dependence on foreign workers and unskilled labour. Levy collected should also be ploughed back to help finance industry’s investments in automation and productivity enhancements,” FMM said.

Overall, FMM looks forward to close and regular engagement with the government on the relevant programmes and initiatives under the 19 priority areas and 66 strategies of the six policy pillars. We are optimistic that these economic targets and aspirations would be executed and achievable through close collaboration and consultation between the government and the business sector, in particular the manufacturing sector for better fit of policies in meeting the challenging demands of competition and technological advancements.

Commenting on the government’s target of 4.5-5.5% gross domestic product growth over the 2018-2020 period, FMM said it was most reassured that the government is steadfast in pursuing growth targets despite the impact of fiscal and governance reforms on short-term economic growth.

FMM reiterated its commitment to working closely with the government in helping to meet the economic targets.


Federation of Malaysian Manufacturers aims for closer, regular engagements with govt

KUALA LUMPUR, Oct 22 — The Federation of Malaysian Manufacturers (FMM) looks forward to closer and regular engagements with the government on relevant programmes and initiatives under the 11th Malaysia Plan’s (11MP) 19 priority areas and the six…


Australia to double jail terms for white-collar crimes

SYDNEY, Oct 21 — Australia said today jail terms for white-collar crimes would be doubled and penalties against misbehaving companies sharply increased in a further fallout from a scathing inquiry into the finance sector. A Royal Commission was…


China-backed hydro dam threatens world’s rarest orangutan

JAKARTA, Oct 21 — A billion-dollar hydroelectric dam development in Indonesia that threatens the habitat of the world’s rarest great ape has sparked fresh concerns about the impact of China’s globe-spanning infrastructure drive. The site of…


Malaysia to be the second country in Southeast Asia to introduce the digital tax

The upcoming Budget 2019 slated to be announced on November 2, is exceptionally important to provide direction for the country. More importantly, in the direction and support on the growth of the digital sector in Malaysia. This was confirmed by economists and market observers as the government has commenced tabling the 2019 Budget on October […]


Ringgit likely to trend lower against US dollar next week

KUALA LUMPUR, Oct 20 — The ringgit is likely to trend lower against the US dollar next week, mainly weighed by prospects of higher US interest rates. FXTM Research Analyst Lukman Otunuga said with the US dollar heavily supported by the interest…