Latest news with #MalaysiaDay
The Sun
an hour ago
- Business
- The Sun
PM Anwar's economic initiatives reflect strong fundamentals, says Hajiji
KOTA KINABALU: The Sabah government has praised Prime Minister Datuk Seri Anwar Ibrahim's recent economic initiatives, calling them a clear sign of Malaysia's strong economic fundamentals under the MADANI Government. Chief Minister Datuk Seri Hajiji Noor said the measures, designed to ease the rising cost of living, demonstrate the federal government's commitment to public welfare. 'This reflects the Prime Minister's genuine concern for the people's well-being,' Hajiji said in a statement. He highlighted the one-off RM100 aid for Malaysians aged 18 and above, redeemable at 4,100 retail outlets, as well as the expansion of Rahmah MADANI Sales to every state constituency. The reduction of RON95 petrol prices to RM1.99 per litre under the targeted subsidy scheme was another key move, expected to benefit over 18 million Malaysians. 'This has truly fulfilled the people's aspirations,' Hajiji added. The additional public holiday on Sept 15 for Malaysia Day was also welcomed as a recognition of the occasion's national significance. In Sarawak, Premier Tan Sri Abang Johari Tun Openg expressed gratitude for the federal aid, noting that combined state and federal assistance would further ease public burdens. 'The people of Sarawak will receive help from both Kuala Lumpur and the state government,' he said in Bintulu. Earlier, Anwar announced multiple initiatives, including toll hike deferrals and subsidised fuel, as part of the government's appreciation for public support. – Bernama
The Star
4 hours ago
- Business
- The Star
Ringgit extends gains as govt initiatives, US-Japan trade deal lift sentiment
KUALA LUMPUR: The ringgit extended its gains against the US dollar at Wednesday's close, lifted by the latest fiscal support measures announced by the government as foreign funds flocked into the local equity market, said an analyst. The local currency was also supported by optimism following the US-Japan trade deal which boosted Asian equity and foreign exchange markets across the board. At 6 pm, the ringgit rose to 4.2255/2300 versus the greenback compared with Tuesday's close of 4.2300/2370. Earlier today, Prime Minister Datuk Seri Anwar Ibrahim unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption and boosting household spending ahead of the upcoming National Day and Malaysia Day celebrations. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the one-off RM100 cash aid for Malaysians aged 18 and above, given through MyKad under the RM2 billion Sumbangan Asas Rahmah (SARA) programme, would help support economic growth in the second half of 2025. "In a way, it's like a mini fiscal stimulus at a time when external uncertainties have become apparent. Such proactive move bodes well for the ringgit in the near term,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit was supported by regional tailwinds after US President Donald Trump struck a "massive' trade deal with Japan on Tuesday, which included cutting US tariff on the latter to 15 per cent from 25 per cent. Innes noted that the deal has boosted market optimism which lifted stocks and Asian currencies including the ringgit. "There is growing speculation that if Japan could secure softer terms, Malaysia might also seek similar concessions before the Aug 1 deadline,' he added. However, the ringgit was weaker against a basket of other major currencies at the close. It slipped versus the Japanese yen to 2.8837/8870 from 2.8690/8739 at Tuesday's close, weakened vis-a-vis the British pound to 5.7230/7291 from 5.7088/7183 yesterday, and fell versus the euro to 4.9586/9639 from 4.9512/9594. The local note was also easier against some regional peers. It was flat against the Indonesian rupiah at 259.1/259.5 compared with 259.1/259.7 at yesterday's close. However, it slid vis-à-vis the Singapore dollar to 3.3071/3109 from 3.3011/3071 on Tuesday, depreciated versus the Thai baht to 13.1370/1567 from 13.0899/1172 previously, and inched down against the Philippine peso to 7.42/7.44 from 7.41/7.43. - Bernama
Barnama
5 hours ago
- Business
- Barnama
Ringgit Extends Gains As Govt Initiatives, US-Japan Trade Deal Lift Sentiment
WORLD By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 23 (Bernama) -- The ringgit extended its gains against the US dollar at Wednesday's close, lifted by the latest fiscal support measures announced by the government as foreign funds flocked into the local equity market, said an analyst. The local currency was also supported by optimism following the US-Japan trade deal which boosted Asian equity and foreign exchange markets across the board. At 6 pm, the ringgit rose to 4.2255/2300 versus the greenback compared with Tuesday's close of 4.2300/2370. Earlier today, Prime Minister Datuk Seri Anwar Ibrahim unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption and boosting household spending ahead of the upcoming National Day and Malaysia Day celebrations. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the one-off RM100 cash aid for Malaysians aged 18 and above, given through MyKad under the RM2 billion Sumbangan Asas Rahmah (SARA) programme, would help support economic growth in the second half of 2025. 'In a way, it's like a mini fiscal stimulus at a time when external uncertainties have become apparent. Such proactive move bodes well for the ringgit in the near term,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit was supported by regional tailwinds after US President Donald Trump struck a 'massive' trade deal with Japan on Tuesday, which included cutting US tariff on the latter to 15 per cent from 25 per cent. Innes noted that the deal has boosted market optimism which lifted stocks and Asian currencies including the ringgit.
Barnama
5 hours ago
- Business
- Barnama
Latest Fiscal Support Measures Positive For Consumer Sector -- CIMB Securities
BUSINESS KUALA LUMPUR, July 23 (Bernama) -- The latest fiscal support measures announced by Prime Minister Datuk Seri Anwar Ibrahim are expected to bolster Malaysia's consumer sector by reinforcing near-term spending, particularly on essential goods and value-based retail, said CIMB Securities Sdn Bhd. CIMB Securities, however, is keeping its earnings forecasts unchanged at this juncture, noting that the measures would underpin existing revenue growth assumptions for the stocks under its coverage. 'Within the consumer sector, we continue to advocate focusing on companies benefiting from inelastic demand for daily necessities and those well-positioned to capture consumer downtrading trends by targeting the mass-market segment,' it said. CIMB Securities highlighted that food and beverage (F&B) manufacturers, such as Nestle, F&N, QL Resources, and Farm Fresh, are likely to benefit from stronger demand for basic food and beverage products, many of which are likely to be eligible for purchase using the RM100 credit. It opined that other retailers such as Mr DIY ('Buy' call), Padini (Buy), Aeon (Buy), Yoong Onn (Buy), Bonia (Hold), Berjaya Food and SEM (Reduce) could see improved footfall and higher spending per customer as disposable incomes increase, amplified by the recent 25 basis points overnight policy rate cut to 2.75 per cent. 'As such, we maintain our 'Neutral' call on the sector. We believe valuations are fair at this juncture, reflecting the ongoing soft consumer sentiment and higher sales tax on discretionary goods, the impact of boycott activities on selected consumer names and cost pressures from the expanded Sales and Service Tax (SST) on rental costs,' it said. Earlier today, Anwar unveiled a new round of fiscal support measures aimed at alleviating living costs, stimulating domestic consumption, and boosting household spending ahead of the upcoming Merdeka Day and Malaysia Day celebrations. Key measures include a one-off RM100 e-credit via MyKad (SARA scheme), doubling the Rahmah Madani Sales programme budget to RM600 million for 2025, a public holiday on Sept 15, 2025, to encourage domestic travel, a toll rate freeze for 2025 and maintaining RON95 subsidies, with the subsidised price to be reduced from RM2.50 per litre to RM1.99 per litre for all Malaysians. -- BERNAMA
The Star
6 hours ago
- Business
- The Star
Sept 15 holiday good for hotels and F&B but could impact SME productivity, say Sabah business leaders
KOTA KINABALU: The casual holiday declared for Sept 15, providing a four-day weekend for this year's Malaysia Day celebrations, will benefit local hotel operators, says Sabah MATTA chairman Lawrence Chin. "For local tourism, this holiday could see more rooms sold as well as an increase in food and beverage (F&B) sales," he said Wednesday (July 23), commenting on Prime Minister Datuk Seri Anwar Ibrahim's declaration of the eve of Malaysia Day as a holiday this year. However, he said Sabah already has too many holidays. "This will result in an ineffective workforce for the employers since we already have a holiday on Malaysia Day, Sept 16," he added. Plastics Manufacturers Association, Sabah Branch (MPMA Sabah) chairman Liaw Hen Kong said the holiday would increase costs for the industrial sector, especially small and medium industries. "It has an impact on the efficiency and productivity of the SMEs, especially for factories running around the clock," he said. Liaw added that it would help if the private sector were consulted when planning such ungazetted holidays. Kota Kinabalu Chinese Chamber of Commerce and Industry (KKCCI) president Datuk Michael Lui, however, said that although there are already many holidays, "another day wouldn't hurt." "I think... businesses can take a break, and catch up," he said. However, he said too many holidays could make the workforce lazy. Lui said that overall, Wednesday's announcements by the Prime Minister would benefit the people, especially the reduction of RON 95 petrol prices to RM1.99 per litre. This would reduce the burden on the people, he added. He said the special RM100 Sara aid for Malaysians should be opened up to more stores instead of specific supermarkets. "It will help spread the business among more outlets," he added.
