Latest news with #7B
The Star
5 days ago
- Business
- The Star
'Protect the rakyat's money', Dr Wee urges govt on TNB tax dispute
PETALING JAYA: Datuk Seri Dr Wee Ka Siong has responded to Kampar MP Chong Zhemin on the Federal Court's decision regarding Tenaga Nasional Berhad's (TNB) tax dispute, stressing that the issue concerns the people's money, not politics. "This is not about the legal technicalities of Schedule 7A vs 7B. The court has ruled TNB should have applied under Schedule 7B. The issue is not about TNB's status as a utility or manufacturer - the Federal Court has clarified that point," the MCA president stated in a Facebook post on Wednesday (Aug 6). Dr Wee emphasised the concern over RM5bil in public savings, adding that TNB was majority-owned by rakyat savings funds such as ASB, EPF, KWAP and Tabung Haji. "Over 63% of TNB's shares are ultimately rakyat money. If the government enforces this RM8.32bil additional tax and penalties bill, up to RM5bil of the rakyat's savings will be transferred into government coffers. "This is not a political show - it's a real financial blow to ordinary Malaysians," he added. Chong had accused Dr Wee of making a baseless attack on the court decision. Dr Wee argued that the court recognised TNB acted in good faith, acknowledging TNB's long-standing practice of applying for reinvestment allowance under Schedule 7A, previously accepted by the Inland Revenue Board (LHDN) for decades. "The decision now is a change in interpretation, not a finding of fraud or wrongdoing. "The solution lies with the Finance Minister and not the courts. Even after the court's decision, the law gives the Finance Minister absolute power to approve TNB's appeal and re-application under Section 7B to waive the disputed amount," he stated. Dr Wee urged for a clear response from the government: 'Will you protect their savings or take their money? This is not about 'cheap politics' but real people's money." He criticised dismissing concerns over billions in savings as "political theatre" and asserted his commitment to standing up for the people's interests. "The real question is: Will the Madani government protect the rakyat's RM5bil, or will they raid the rakyat's savings to cover their budget shortfall? "The people deserve a clear answer,' he concluded. The Federal Court ruled on July 2 in favour of LHDN in TNB's 2018 tax dispute, deciding that TNB should have applied for an investment allowance under Schedule 7B rather than the reinvestment allowance under Schedule 7A.
Yahoo
26-03-2025
- Business
- Yahoo
Bitcoin Could Replace Tesla In 'Magnificent 7' To Boost Returns, Reduce Volatility: Standard Chartered
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin (CRYPTO: BTC) may have outgrown its status as just a hedge against traditional finance risks and is increasingly behaving like a Nasdaq-listed tech stock, according to new research from Standard Chartered's Head of Digital Asset Research, Geoffrey Kendrick. What Happened: In a note shared with Benzinga Monday, Kendrick highlighted how Bitcoin's short-term trading patterns are highly correlated to the Nasdaq Composite, suggesting BTC is serving a dual role in modern portfolios. While Bitcoin has long been positioned as a buffer against TradFi turbulence—such as the Silicon Valley Bank collapse in March 2023—the report finds that, on shorter timelines, the cryptocurrency moves closely in tandem with U.S. technology stocks. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share! Hasbro, MGM, and Skechers Trust This AI Marketing Firm — Invest Pre-IPO from $0.55 per share. To illustrate this, Standard Chartered created a hypothetical index dubbed 'Mag 7B,' which inserts Bitcoin into the popular 'Magnificent 7' tech-stock basket while removing Tesla. According to Kendrick, this modified index generates both higher returns and lower volatility compared to the original Mag 7. "We find that Mag 7B has both higher returns and lower volatility than Mag 7," Kendrick wrote, adding that the findings suggest Bitcoin can serve as both a TradFi hedge and a technology stock proxy. The 'Magnificent 7' typically includes leading tech names such as Apple, Microsoft, Amazon, Meta, Alphabet, Nvidia, and Tesla (NASDAQ:TSLA). By swapping Tesla for Bitcoin, Kendrick argues the new 'Mag 7B' index provides investors with a portfolio that is more resilient and potentially more It Matters: As Bitcoin's presence in institutional portfolios continues to grow, Kendrick believes that its dual utility—acting both as a hedge and as a growth asset—could fuel additional capital inflows. 'Over time, I think BTC may come to serve multiple purposes in investor portfolios,' Kendrick noted. Kendrick also forecasts positive short-term momentum for Bitcoin, citing expectations of a more favorable U.S. tariff announcement and Nasdaq rebalancing. 'Higher Nasdaq will equal higher Bitcoin. $90,000 in focus now,' he added. Bitcoin is trading up over 3.5% on Monday, lifting the total market cap of the crypto industry by 1.5% to $2.9 trillion. Among major cryptocurrencies, Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), Solana (CRYPTO: SOL) and Dogecoin (CRYPTO: DOGE) are trading up 4%, 3.2%, 6.5% and 3%, respectively. Read Next: This platform is reshaping how you invest in private companies — and you can be a part of it for $0.18 per share. BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates. Image: Shutterstock This article Bitcoin Could Replace Tesla In 'Magnificent 7' To Boost Returns, Reduce Volatility: Standard Chartered originally appeared on Sign in to access your portfolio
