Latest news with #RM3.4bil
The Star
3 days ago
- Business
- The Star
Get ready to pay more at eateries
PETALING JAYA: Consumers will ultimately have to bear the cost as all eateries, including hawker stalls, are now required to use the 14kg commercial liquefied petroleum gas (LPG) cylinders, says Datuk Seri Dr Wee Ka Siong (pic). The MCA president said the use of the commercial cylinder is costlier by 170% compared with the household subsidised gas cylinder sold at just RM26. He said the cost of preparing food will be directly affected with the increase in the price of gas. 'What does the 170% increase have to do with the cost of living? 'If you want to eat rice or noodles, you have to cook it first. To cook, you need fire. For fire, you need gas. If the price of gas goes up, then the price of food will also go up. 'Who has to bear this price increase? The answer, of course, is consumers,' said the Ayer Hitam MP in a video posted on social media yesterday. He added that traders also need a permit if they use more than three 14kg LPG cylinders a month, and failing which, are subject to action under Op Gasak by the Domestic Trade and Cost of Living Ministry. According to Dr Wee, there was no need to be too strict on small-time food vendors who barely earn enough to make ends meet. He questioned why the government is unable to provide subsidies to small traders despite being the world's fifth largest exporter of liquefied natural gas. 'What is the point of billions of investments if we cannot cover gas subsidies, said to be RM3.4bil in 2024? 'What is the point of increasing the Sales and Service Tax (SST) rate from 6% to 8% if the revenue collected is not returned to the people through subsidies?' he added. As of May 1, eateries, including hawker stalls, will be required to use the 14kg purple-coloured commercial gas cylinders priced at RM70. The ministry also launched Op Gasak to combat any misuse of subsidised LPG and has so far made seizures amounting to RM883,000. On May 23, Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said the LPG subsidy cost the government RM3.4bil. He said that premises using more than three commercial gas cylinders must apply for a permit under the regulations of the Control of Supplies (Amendment) Act 2021. The government had planned the switch to commercial gas in 2019 but postponed its enforcement.
The Star
3 days ago
- Business
- The Star
Consumers will ultimately pay for eateries' use of non-subsidised gas, says Dr Wee
PETALING JAYA: Consumers will ultimately bear the cost of eateries using liquefied petroleum gas (LPG) for commercial use, which is 170% costlier than subsidised gas for domestic purposes, says Datuk Seri Dr Wee Ka Siong. The MCA president said eateries are required to use 14kg purple-coloured gas cylinders priced at RM70 each, as opposed to the green-coloured gas cylinders meant for domestic use, which cost RM26 each. "What does the 170% increase have to do with the cost of living? "If you want to eat rice or noodles, you have to cook it first. To cook, you need fire. For fire, you need gas. "If the price of gas goes up, then the price of food will also go up," he said in a video posted on social media on Saturday (May 31). "Who has to bear this price increase? The answer, of course, is consumers," he said. He added that traders also need a permit if they use more than three 14kg LPG cylinders a month, and failing which, are subject to action under Ops Gasak by the Domestic Trade and Cost of Living Ministry. Dr Wee also said there was no need to be too strict on small-time food vendors who barely earn enough to make ends meet. He questioned why the government is unable to provide subsidies to small traders despite being the world's 5th largest exporter of liquefied natural gas. "What is the point of billions of investments if we cannot cover gas subsidies, said to be RM3.4bil in 2024? "What is the point of increasing the Sales and Service Tax (SST) rate from 6% to 8% if the revenue collected is not returned to the people through subsidies?" he asked. As of May 1, eateries including hawkers will be required to use 14kg purple-coloured commercial gas cylinders priced at RM70 each. The ministry also launched Ops Gasak to combat any misuse of subsidised LPG and has made seizures amounting to RM883,000 so far. On May 23, the Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said LPG subsidies have cost the government RM3.4bil and said premises using more than 42kg of LPG (which amounts to three 14kg cylinders) must apply for a permit under the Control of Supplies (Amendment) Act 2021.
The Star
3 days ago
- Business
- The Star
Why Elf Beauty is banking big on Rhode, Hailey Bieber's fan-favourite brand
A Rhode pop-up sells products from the beauty brand founded by Hailey Bieber, the fashion model, entrepreneur and wife of pop star Justin Bieber, in New York. Photo: The New York Times Rhode, the upstart beauty brand founded by fashion model and entrepreneur Hailey Bieber, has been acquired by Elf Beauty for US$800mil (approximately RM3.4bil) in cash and stock, an eye-popping sum for a line of blushes and lip glosses that's not yet three years old. In an industry crowded with other celebrity-fronted beauty brands, Rhode has experienced rapid growth, which many attribute to Hailey's considerable influence on social media. Hailey, a daughter of actor Stephen Baldwin and the wife of pop star Justin Bieber, has 55 million followers on Instagram and 15 million on TikTok. 'Rhode has seen exponential growth over the past three years because of deliberate decisions and best-in-class marketing and community building,' Hailey said in a statement. 'To continue to grow strategically, we need the partnership of Elf. Beauty to fuel innovation and global expansion.' On top of the guaranteed US$800mil (RM3.4bil) payout, the Elf deal, which was announced Wednesday (May 28), includes the potential for an additional US$200mil (RM850mil), contingent on Rhode's growth over the next three years. Rhode, which Hailey founded with Lauren and Michael D Ratner, reported net sales of US$212mil (RM901mil) in the year that ended March 31. Read more: Hailey Bieber, known for setting beauty trends, may sell her makeup brand Rhode According to Tarang Amin, the CEO of Elf Beauty, the acquisition had been in the works since October. Amin said he was eager to close on it to marry the Generation Alpha fans Hailey has pulled in with the Millennials and Gen Z consumers whom Elf has traditionally relied on. The expansion includes a partnership with Sephora that will bring Rhode products to physical stores for the first time since the brand's debut. But even without a consistent presence in brick-and-mortar shops, Rhode had built a fan base that Amin found impressive. 'I have not seen another brand where there are communities waiting, or a pop-up event in LA (Los Angeles), willing to camp out overnight for 14 hours in line – not just for product, but to buy into the entire lifestyle,' Amin said in a video interview Thursday (May 29). Last summer, hundreds waited in line in New York to experience the Rhode pop-up – and possibly get a glimpse of Hailey – in a SoHo storefront. Amin said he admired Rhode's ability to 'engage and entertain' its customer base. Compared with Elf, he added: 'They skew younger, but their level of engagement is what really appeals to me.' As part of the deal, Hailey will stay on at Rhode as the brand's chief creative officer, and she will serve as a strategic adviser to both companies. Korinne Wolfmeyer, a senior research analyst at investment bank Piper Sandler who specialises in the beauty and wellness markets, believes that Hailey's ability to translate her connection with her fans into sales is what most aligns with Elf's strategic priorities. Read more: 'I want to be everywhere possible': Hailey Bieber plans on beauty world takeover 'It seems like they really appreciate the way Hailey connects with her followers and her community,' Wolfmeyer said. 'They view it as a similar path as Elf, using that consumer connection to really drive the performance.' While celebrity brands like Kylie Jenner's Kylie Cosmetics and Selena Gomez's Rare Beauty have proved to be significant players in the cosmetics industry, Hailey's fame may not be the biggest attraction for Elf Beauty. Celebrities bring a lot of reputational and trend risk, and companies are usually wary of how much they invest in their brands, Wolfmeyer said. But unlike other beauty companies, Rhode also veers into wellness, marketing many of its products with claims that they promote skin health. 'Rhode was maybe one of the earlier movers in that category,' Wolfmeyer said. 'There is obviously a lot of white-space potential, and it does resonate with the younger consumers. I think that's very appealing.' – ©2025 The New York Times Company This article originally appeared in The New York Times.
The Star
24-05-2025
- Automotive
- The Star
Used Cybertruck prices plunging to 'insane' levels, report says
At one point, Tesla boasted having over one million reservations for the electric pick-up truck, but only about 40,000 people ended up converting their reservations into orders, said the report. — Bloomberg SAN JOSE: Tesla's much-hyped Cybertruck is turning into a financial disaster for owners as prices drop sharply for second-hand examples on the US used car market, US electric transport website Electrek reports. After a year of refusing trade-ins, the EV giant has begun offering deals on used Cybertrucks, but owners are aghast then they hear how little money is on the table. Tesla is offering just US$65,000 (RM 276,464) for a US$100,000 (RM 425,329) electric truck bought in 2024 with 10,000 kilometres (6,000 miles) on the odometer. This was according to an owner who shared the information with the Cybertruck Owners Club, the website said. Another buyer has covered 51,499 kilometres (32,000 miles) in his Cybertruck and received an offer of US$60,500 (RM 257,324) . This equates to a loss of 39.5% over the purchase price. The pick-up already faced criticism for its futuristic stainless-steel-clad body, which some owners say is prone to rust spots. The trucks have also been recalled for minor problems several times and Tesla has dropped plans to offer a useful range extender. Meanwhile Tesla owners have become worried about attracting vandalism after a string of cars in several countries were damaged and set on fire in protest against Tesla boss Elon Musk's support for far-right politics, massive accumulated wealth and sharing of misinformation. Electrek, which first reported the trade-in offers, described the devaluation as "insane" and said the Cybertruck has been "a commercial flop". The low trade-in value appeared to reflect a glut in supply of the vehicle, with Tesla's Cybertruck inventory reportedly reaching a record high of 10,000 units this month. Tesla was reportedly having to offer heavy discounts to shift them. At one point, Tesla boasted having over one million reservations for the electric pick-up truck, but only about 40,000 people ended up converting their reservations into orders, said the report. Data from which tracks listings in the US, suggests Tesla has unsold Cybertrucks worth around US$800mil (RM3.4bil). The Cybertruck was first revealed in 2021 but production only began in November 2023, with customer deliveries following later that month. – dpa/Tribune News Service
