Zambia's Record Corn Crop Signals Inflation Is Set to Cool
Farmers produced an estimated 3.66 million tons of the staple crop, from 1.5 million tons a year earlier, Acting Statistician-General Sheila Mudenda told reporters Thursday in Lusaka, the capital. The harvest follows improved rains as the southern African nation recovers from the effects of last year's El Niño-induced drought, the worst in more than a century. Food prices soared, leading to costly imports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Finance Ministry: More than 1,800 items exempted under SST, triple the number under GST
KUALA LUMPUR, Aug 20 — The Finance Ministry (MOF) said the Sales and Service Tax (SST) covers a larger number of exempted or zero-rated items compared to the former Goods and Services Tax (GST). In a Parliamentary written reply, it explained that 1,826 items are exempted under the SST, more than triple the 607 items that were tax-free under GST before it was abolished in 2018. 'The items exempted under both SST and GST include a wide range of essential goods commonly used by the public,' the ministry wrote. 'These cover unprocessed food such as chicken, beef, mutton, fish, vegetables, local fruits and rice, as well as processed food including flour, sugar, salt, white bread, milk and palm cooking oil. Medicines and medical devices are also exempted, along with reading materials.' It was responding to Segamat MP Yuneswaran Ramaraj, who sought clarification on the number of items exempted from tax under SST in comparison to GST. It then said the livestock feed, basic construction materials, fertilisers, pesticides and agricultural or livestock machinery will not be subject to SST. The ministry also explained that the service tax will apply to about 70 per cent of services in the economy, compared to 76 per cent under GST, based on the Malaysia Standard Industrial Classification Codes. It said that several basic services will continue to remain exempted from service tax which include land and sea passenger transport such as school buses, express buses, LRT, trains and ferries, as well as air passenger transport under the Rural Air Services in Sabah and Sarawak. 'Other services such as prepaid telecommunications, food and beverage delivery through e-commerce, residential rental, residential maintenance and cleaning, water supply and electricity below 600 kilowatt-hours for households will not be taxed,' it said. It added that measures have been put in place to minimise double taxation and reduce living costs, while still promoting sustainable economic growth. According to the ministry, the larger list of exempted items and the smaller scope of taxable services under SST compared to GST reflect the government's concern for the welfare of Malaysians. 'This approach demonstrates the government's commitment to safeguarding public well-being while strengthening fiscal sustainability, in line with the principles of the Madani Economy framework,' it said.
Yahoo
an hour ago
- Yahoo
Woodlot owners say they're suffering financially because of wildfire restrictions
The province says it will allow some forestry operations to resume under strict conditions on Crown land, but some producers say the recent wildfire restrictions have hurt their bottom line.
Bloomberg
an hour ago
- Bloomberg
Intel's $24 Billion Rally Sends Valuation to Dot-Com Levels
After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock's sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago. Shares of the struggling chipmaker have rallied 28% this month, adding about $24 billion in market value, on reports that the US government is in talks for a potential equity stake, as well as plans for a $2 billion investment from Japan's SoftBank Group Corp. The jump has Intel trading at 53 times profits projected over the next 12 months, the highest since early 2002, according to data compiled by Bloomberg.
