PUTRAJAYA, May 31 (Bernama) -- Deputy Prime Minister Tan Sri Muhyiddin Yassin Tuesday reminded traders and businesses not to increase prices of goods following the new electricity tariff effective Wednesday.
Describing the tariff hike as reasonable and one that would not burden the people, he said it should not be an excuse for manufacturers, retailers and traders to gain extra profit.
"There shouldn't be an increase in the prices of consumer goods. The industrial sector and some businesses may be affected, and it's only a seven per cent increase," he told reporters after launching the 10th anniversary celebration of the Energy Commission of Malaysia and opening the Diamond Building here.
Muhyiddin ordered the Domestic Trade, Cooperatives and Consumerism Ministry to closely monitor the prices of basic necessities towards ensuring that they were not increased indiscriminately.
The deputy prime minister said the government had made a careful study and factored in the interest of all people before announcing the tariff revision.
Muhyiddin said the government had looked in depth possible implications of the new power rate on the cost of living, inflation rate and prices of goods.
The deputy prime minister said he was heartened by the attitude of certain traders who were receptive to the electricity tariff hike.
The government yesterday announced that from tomorrow, consumers would pay 33.54 sen per kilowatt hour (kWh) for electricity from 31.31 sen, an increase of 2.23 sen per kWh or 7.12 per cent.
However, the new rate will not affect 75 per cent of domestic users whose consumption is less than 300 kWh per month.
Tuesday, May 31, 2011
Thursday, May 26, 2011
CIMB Net Profit Rises 9.4%
KUALA LUMPUR—CIMB Group Holdings Bhd., Malaysia's second-largest lender by assets after Maybank, said first-quarter net profit rose on lower loan loss provisions even as it reported lower net interest and non-interest income.
The lender, which has sizable operations in Indonesia and Thailand, also said Wednesday that it is indefinitely postponing its plans for a dual listing on the Stock Exchange of Thailand due to regulatory problems.
The Bursa Malaysian-listed firm, which first announced its intention to pursue a Thai listing in November, said the regulatory issues include the tax treatment of investors in foreign companies traded on the Thai exchange.
CIMB said in a stock exchange filing that net profit for the January-to-March quarter rose 9.4% to 916.5 million ringgit ($299.5 million) from 838.1 million ringgit a year earlier.
"We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at [Indonesia unit] CIMB Niaga," CIMB Group Chief Executive Nazir Razak said in a statement.
The lender, which has sizable operations in Indonesia and Thailand, also said Wednesday that it is indefinitely postponing its plans for a dual listing on the Stock Exchange of Thailand due to regulatory problems.
The Bursa Malaysian-listed firm, which first announced its intention to pursue a Thai listing in November, said the regulatory issues include the tax treatment of investors in foreign companies traded on the Thai exchange.
CIMB said in a stock exchange filing that net profit for the January-to-March quarter rose 9.4% to 916.5 million ringgit ($299.5 million) from 838.1 million ringgit a year earlier.
"We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at [Indonesia unit] CIMB Niaga," CIMB Group Chief Executive Nazir Razak said in a statement.
Wednesday, May 11, 2011
Malaysia central bank raises key rate to 3 pct
At the Monetary Policy Committee (MPC) meeting today, Bank Negara Malaysia decided to raise the Overnight Policy Rate (OPR) by 25 basis points to 3.00 percent. The floor and ceiling rates of the corridor for the OPR are correspondingly raised to 2.75 percent and 3.25 percent respectively.
The global economic recovery has continued in the first quarter of the year, but the growth has been highly uneven across regions. Growth in the advanced economies during this period has remained modest.
In the region, despite some moderation, the growth has remained strong, supported by robust domestic economic activity. Global inflation has, however, increased on account of rising energy and commodity prices.
In several countries, further upward pressure on inflation has been exerted by domestic demand conditions. Although the global recovery is expected to continue going forward, downside risks have increased, arising from the potential for higher energy and commodity prices, possible supply disruptions following developments in Japan, and the heightened volatility in capital flows to emerging economies.
In the domestic economy, the latest indicators point towards the continued strengthening of private investment and sustained private consumption expenditure in the first quarter. The export performance also improved, supported by regional demand.
Going forward, the assessment is for the Malaysian economy to remain firmly on a steady growth path, with growth improving gradually during the course of the year. Growth will be underpinned by the firm expansion of domestic demand. Sustained employment conditions and income growth is expected to provide support to private consumption, while private investment is projected to strengthen amidst the improved investment environment. The developments in Japan are expected to have a limited impact on the overall domestic economy.
Positive prospects for the region and strong demand for commodities are expected to continue to support the Malaysian economy. Domestic headline inflation has continued to increase, rising to 3% in March to average 2.8% for the first quarter of 2011. The increase was mainly due to higher food and fuel prices. The assessment is that supply factors will continue to be a key determinant affecting consumer prices. Global commodity and energy prices are projected to remain elevated during the year, with inflation in major trading partners also expected to rise further. There are also some signs that domestic demand factors could exert upward pressure on prices in the second half of the year.
With the economy firmly on a steady growth path, the MPC decided to adjust the degree of monetary accommodation. At the current OPR level, the stance of monetary policy remains supportive of growth. The future stance of monetary policy will depend on the assessment of the risk to growth and inflation prospects.
The global economic recovery has continued in the first quarter of the year, but the growth has been highly uneven across regions. Growth in the advanced economies during this period has remained modest.
In the region, despite some moderation, the growth has remained strong, supported by robust domestic economic activity. Global inflation has, however, increased on account of rising energy and commodity prices.
In several countries, further upward pressure on inflation has been exerted by domestic demand conditions. Although the global recovery is expected to continue going forward, downside risks have increased, arising from the potential for higher energy and commodity prices, possible supply disruptions following developments in Japan, and the heightened volatility in capital flows to emerging economies.
In the domestic economy, the latest indicators point towards the continued strengthening of private investment and sustained private consumption expenditure in the first quarter. The export performance also improved, supported by regional demand.
Going forward, the assessment is for the Malaysian economy to remain firmly on a steady growth path, with growth improving gradually during the course of the year. Growth will be underpinned by the firm expansion of domestic demand. Sustained employment conditions and income growth is expected to provide support to private consumption, while private investment is projected to strengthen amidst the improved investment environment. The developments in Japan are expected to have a limited impact on the overall domestic economy.
Positive prospects for the region and strong demand for commodities are expected to continue to support the Malaysian economy. Domestic headline inflation has continued to increase, rising to 3% in March to average 2.8% for the first quarter of 2011. The increase was mainly due to higher food and fuel prices. The assessment is that supply factors will continue to be a key determinant affecting consumer prices. Global commodity and energy prices are projected to remain elevated during the year, with inflation in major trading partners also expected to rise further. There are also some signs that domestic demand factors could exert upward pressure on prices in the second half of the year.
With the economy firmly on a steady growth path, the MPC decided to adjust the degree of monetary accommodation. At the current OPR level, the stance of monetary policy remains supportive of growth. The future stance of monetary policy will depend on the assessment of the risk to growth and inflation prospects.
Subscribe to:
Comments (Atom)