Latest news with #subsidies
Reuters
a day ago
- Business
- Reuters
Indonesia's economic incentives to cost $1.5 billion, finance minister says
JAKARTA, June 2 (Reuters) - Indonesia's economic policy package to stimulate demand, which includes subsidising transportation fares and cash and food handouts in June and July, will cost the government 24.44 trillion rupiah ($1.5 billion), the finance minister said on Monday. State-owned companies will cover costs of around 850 billion rupiah for policies such as subsidising some toll fares, while the rest will be funded from the government's coffers, Sri Mulyani Indrawati said. ($1 = 16,240 rupiah)
Malay Mail
2 days ago
- Business
- Malay Mail
What gas subsidy cut? Armizan tells Wee Ka Siong ministry just cracking down on misuse, policy not new
PUTRAJAYA, June 1 — Datuk Armizan Mohd Ali has urged Datuk Seri Wee Ka Siong to review the regulations introduced during his tenure in the Cabinet before making public statements on government policies related to Liquefied Petroleum Gas (LPG) subsidies. The minister of domestic trade and cost of living said no new policies or subsidy cuts have been introduced under the Ops Gasak, after Wee accused the ministry of restricting the use of subsidised LPG to hawkers. 'Its primary focus is to combat illegal decanting, smuggling, and the use of subsidised LPG by medium- and large-scale industries,' Armizan explained in a statement. 'It is inaccurate to claim that all hawkers and food and beverage traders are prohibited from using subsidised LPG cylinders,' he added. Armizan clarified that Ops Gasak is being carried out under existing laws, including the Control of Supplies Act 1961, the Price Control and Anti-Profiteering Act 2011, and the Control of Supplies (Amendment) Regulations 2021. The 2021 amendment, which took effect on October 15, 2021, requires any party using over 42kg of LPG to obtain a Scheduled Controlled Goods Permit. He noted that this regulation was enforced during the previous administration, in which Wee served as a Cabinet minister. 'Giving him the benefit of the doubt, perhaps he overlooked this regulation as it fell under a different ministry, and his team may not have provided accurate advice before he issued his public statement,' he said. At present, Armizan said the ministry has not taken legal action, issued compounds, or confiscated goods from F&B traders without the required permit, focusing instead on advocacy and compliance awareness. Armizan said the ministry is open to receiving complaints and suggestions and has already received proposals from various parties, including DAP leaders. He added that any proposed improvements, including amendments to the 2021 regulation, would be brought to the Cabinet for consideration. On Friday, the ministry's director-general of enforcement Datuk Azman Adam explained that the inspection under Ops Gasak is only at the advocacy, review, and notification stage of compliance with the relevant laws and regulations.
Malay Mail
2 days ago
- Business
- Malay Mail
What gas subsidy cut? Armizan says ministry just cracking down on misuse, tells Wee policy came during his time in Cabinet
PUTRAJAYA, June 1 — Datuk Armizan Mohd Ali has urged Datuk Seri Wee Ka Siong to review the regulations introduced during his tenure in the Cabinet before making public statements on government policies related to Liquefied Petroleum Gas (LPG) subsidies. The minister of domestic trade and cost of living said no new policies or subsidy cuts have been introduced under the Ops Gasak, after Wee accused the ministry of restricting the use of subsidised LPG to hawkers. 'Its primary focus is to combat illegal decanting, smuggling, and the use of subsidised LPG by medium- and large-scale industries,' Armizan explained in a statement. 'It is inaccurate to claim that all hawkers and food and beverage traders are prohibited from using subsidised LPG cylinders,' he added. Armizan clarified that Ops Gasak is being carried out under existing laws, including the Control of Supplies Act 1961, the Price Control and Anti-Profiteering Act 2011, and the Control of Supplies (Amendment) Regulations 2021. The 2021 amendment, which took effect on October 15, 2021, requires any party using over 42kg of LPG to obtain a Scheduled Controlled Goods Permit. He noted that this regulation was enforced during the previous administration, in which Wee served as a Cabinet minister. 'Giving him the benefit of the doubt, perhaps he overlooked this regulation as it fell under a different ministry, and his team may not have provided accurate advice before he issued his public statement,' he said. At present, Armizan said the ministry has not taken legal action, issued compounds, or confiscated goods from F&B traders without the required permit, focusing instead on advocacy and compliance awareness. Armizan said the ministry is open to receiving complaints and suggestions and has already received proposals from various parties, including DAP leaders. He added that any proposed improvements, including amendments to the 2021 regulation, would be brought to the Cabinet for consideration. On Friday, the ministry's director-general of enforcement Datuk Azman Adam explained that the inspection under Ops Gasak is only at the advocacy, review, and notification stage of compliance with the relevant laws and regulations.
Bloomberg
4 days ago
- Business
- Bloomberg
Congress Could Unravel Biden's Climate Law. Here's What to Watch.
The Republican-led House of Representatives has narrowly passed a giant tax and spending bill that would end Inflation Reduction Act subsidies for clean power years early. The proposed changes threaten to unravel a variety of incentives that would result in higher prices for everything from electricity to solar panels.
Daily Mail
5 days ago
- Business
- Daily Mail
Rachel Reeves is set to betray farmers AGAIN 'by cutting a massive £5billion lifeline'
Thousands of family farms could go bust thanks to a new raid being plotted by Labour, it emerged last night. In a fresh blow to the industry, Chancellor Rachel Reeves is considering slashing lifeline subsidies worth billions of pounds to farms in her spending review on June 11. She is scrabbling to find up to £30billion after leaving herself with little fiscal headroom in last October's Budget and following Labour's U-turn over winter fuel payment cuts. But critics said axing the environmental land management (ELM) fund will be the 'final blow' for many farms. The fund, which is worth around £2.5billion a year, was part of a scheme set up after Brexit to replace around £2.6billion farmers received annually from the EU's common agricultural policy. The Government is committed to settling subsidies worth £5billion for the period between last year and next year. But after that only 'small farms' will continue to receive funds, according to Whitehall sources. It is unclear what this means, how funding will be allocated and on what basis. The ELM scheme gives subsidies to farmers in return for cultivating their land in nature-friendly ways. It is based on the principle of 'public money for public good'. Pre-Brexit, EU subsidies were linked to food production. However, the National Farmers' Union (NFU) said many food producing farms also cultivate parts of their land in line with the ELM scheme to receive the subsidies and boost their income. It said around 40,000 farms receive ELM subsidies. Ministers were already facing accusations of betrayal after introducing the hated 'family farm tax' – which will lumber many farms with huge inheritance tax bills – in the Budget, sparking a series of protests by farmers. In March, the Government closed part of the ELM, the sustainable farming incentive. Defending the ELM yesterday, Andrew Clark, the NFU's policy director, said: 'There is a significant risk that thousands of family farm businesses would be at risk if this scheme were axed. 'What farmers and growers really need from this government is confidence and certainty that what they do for this country is valued. It doesn't feel like that at all at the moment.' Liberal Democrat MP Alistair Carmichael, chairman of the Commons environment, food and rural affairs committee, said that slashing the ELM 'will be the final blow for many farms'. He added: 'Since Labour came to power, they have had basic payments ended earlier than planned, they have seen the shambles of the sustainable farming incentive closed without notice – all on top of the family farm tax and other tax changes – and trade deals that could be devastating for some farming sectors. No matter where farmers turn, there is a Government minister waiting to clobber them. 'Keir Starmer says that food security is national security, but if he treated our security services like he treats our farmers we would all be learning Russian or Chinese.' He added: 'If our farmers are not able to put food on our tables then we shall end up importing it from other countries. Is that what the Government wants?' Former chairman of the committee, Sir Robert Goodwill, who runs a farm, said: 'For many farms their profit line is less than the support they get, so it will push many farms below into the red. Potentially thousands. 'It's very serious indeed, particularly for tenants who have to pay rent. 'My guess is, Labour has decided that not a single farmer will vote Labour at the next election now, so why not just sacrifice the industry.' Victoria Atkins, the Conservatives' environment spokesman, said: 'Labour's lack of understanding about our rural communities is putting our nation's food security at risk.' NFU president Tom Bradshaw said: 'If this story proves correct, it will be another blow not just for farmers and growers but also for the viability of nature-friendly farming and for the environment.' Sources at the Department for Environment, Food and Rural Affairs (Defra) confirmed that ELM was facing the axe. Defra itself did not respond last night.
