Full foreign ownership allowed
By Adeline Paul Raj
The Business Times
2009/10/24
MALAYSIA will allow corporate finance and financial planning companies to be fully foreign-owned as part of plans to liberalise the stock market further and attract more investments.
Previously, such companies were required to have at least 30 per cent local shareholding.
Prime Minister Datuk Seri Najib Tun Razak, in announcing the plans to further ease stock market rules in the federal budget yesterday, also said that commission-sharing arrangements between stockbrokers and remisiers would be fully liberalised in 2011.
Until then, there will be flexible brokerage sharing at a minimum rate of 40 per cent for remisiers.
Bursa Malaysia Bhd said this move would balance the risk-return ratio for remisiers.
"This market-based commission incentive model will motivate the remisiers towards galvanising more interest by investors in the stock market as an investment option. We also hope (it) will see more new blood entering the industry," its chief executive officer Datuk Yusli Mohamed Yusoff said.
Meanwhile, Najib also said that all public-listed companies would be required to offer e-dividends to shareholders. This is seen as a more efficient payment system.
Stockbroking companies will also provide e-payment options for clients to receive and make payments.
Saturday, October 24, 2009
Scholarships For 30 Best Students
Saturday October 24, 2009
Best students will get to further education at top varsities
THIRTY of the country’s creme de la creme students will be awarded National Scholarships strictly based on merit, which will allow them to further their education in world-renowned universities.
Those who get National Higher Education Fund Corporation loans will also see the loans being converted to scholarships beginning next year — if they graduate with first class honours.
All university students will be offered a netbook package of RM50 per month for two years, including free broadband service.
Rapt attention: Universiti Malaysia Perlis students watching the live telecast of Budget 2010 in Kangar yesterday. — Bernama
There are goodies for schoolchildren. A complimentary student discount card will be given by Keretapi Tanah Melayu Berhad for long-distance services. Pre-school education — to receive RM48mil — will be incorporated into the mainstream national education system, aimed at increasing children’s participation from 67% to 87% by 2012.
The Permata Programme will get RM100mil to expand and implement five programmes, including early childcare and education for children under five, training those talented in performing arts and guiding exceptionally intelligent students. It will also have a programme to train youths aged between 18 and 25 years to discourage them from getting involved in social ills.
Twenty high performance schools will be identified next year to produce excellent students, focusing, among others, on academic excellence, overall students’ achievements and curriculum activities.
To enhance the skills of the local workforce, RM2bil will be put aside to upgrade polytechnics and community colleges, provide a RM1.3bil loan fund for 32,000 students, and to build and maintain equipment at various industrial training and skills institutes.
The Sijil Kemahiran Malaysia at level four and above will also be accredited as being equivalent to the academic stream, making the holders eligible for employment in the public sector and salaries equivalent to diploma holders.
Additionally, RM32mil will be used for special modules, student screening and training programmes to increase literacy and numeracy to 100% among Year One pupils.
The Government will also ensure that schools are managed and administered professionally by principals and head teachers.
For excellence schools, it will introduce the New Deal package, whereby rewards in the form of monetary and non-monetary incentives and autonomy in administration will be accorded.
In tertiary education, public higher education institutions will be granted greater autonomy. The Government will also consider relaxing rules and regulations, which has hindered these institutions from generating their own income and thus reducing their financial dependence.
The Star
Best students will get to further education at top varsities
THIRTY of the country’s creme de la creme students will be awarded National Scholarships strictly based on merit, which will allow them to further their education in world-renowned universities.
Those who get National Higher Education Fund Corporation loans will also see the loans being converted to scholarships beginning next year — if they graduate with first class honours.
All university students will be offered a netbook package of RM50 per month for two years, including free broadband service.
Rapt attention: Universiti Malaysia Perlis students watching the live telecast of Budget 2010 in Kangar yesterday. — Bernama
There are goodies for schoolchildren. A complimentary student discount card will be given by Keretapi Tanah Melayu Berhad for long-distance services. Pre-school education — to receive RM48mil — will be incorporated into the mainstream national education system, aimed at increasing children’s participation from 67% to 87% by 2012.
The Permata Programme will get RM100mil to expand and implement five programmes, including early childcare and education for children under five, training those talented in performing arts and guiding exceptionally intelligent students. It will also have a programme to train youths aged between 18 and 25 years to discourage them from getting involved in social ills.
Twenty high performance schools will be identified next year to produce excellent students, focusing, among others, on academic excellence, overall students’ achievements and curriculum activities.
To enhance the skills of the local workforce, RM2bil will be put aside to upgrade polytechnics and community colleges, provide a RM1.3bil loan fund for 32,000 students, and to build and maintain equipment at various industrial training and skills institutes.
The Sijil Kemahiran Malaysia at level four and above will also be accredited as being equivalent to the academic stream, making the holders eligible for employment in the public sector and salaries equivalent to diploma holders.
Additionally, RM32mil will be used for special modules, student screening and training programmes to increase literacy and numeracy to 100% among Year One pupils.
The Government will also ensure that schools are managed and administered professionally by principals and head teachers.
For excellence schools, it will introduce the New Deal package, whereby rewards in the form of monetary and non-monetary incentives and autonomy in administration will be accorded.
In tertiary education, public higher education institutions will be granted greater autonomy. The Government will also consider relaxing rules and regulations, which has hindered these institutions from generating their own income and thus reducing their financial dependence.
The Star
Insurance Penetration Spurred
Saturday October 24, 2009
Scheme to spur insurance penetration
PETALING JAYA: The move to set up a micro insurance scheme as proposed in Budget 2010 will expedite the penetration rate of insurance in the country, according to the Life Insurance Association of Malaysia (Liam).
President Md Adnan Md Zain said it would improve the penetration rate of the life insurance sector, which was currently at 41%.
“This rate was considered low compared with other advanced markets, and there was strong potential for the life insurance industry to develop. A micro insurance scheme with premiums as low as RM20 per month will provide financial protection to many small businesses.
“It is important to realise that insurance plans are not only for the high-income earners, but is affordable to a large majority. In this connection, Liam will work closely with the authorities to introduce this insurance product as quickly as possible,” Adnan said.
He said the Liam was also supportive of the additional RM1,000 tax relief that had been granted for annuity premiums offered by insurance companies.
“This incentive is most apt to support the development of retirement schemes by life insurance companies because by the year 2020, Malaysia would have close to 10% of its population above 60 years. Thus, it is important that Malaysians start their financial planning early to continue to enjoy a comfortable lifestyle in their golden years,” Adnan said.
General Insurance Association of Malaysia (PIAM) executive director C.F. Lim said the move by the Government to restructure motor insurance cover for third-party liabilities was positive for sustainable and affordable third-party motor insurance.
PIAM views the restructuring as a necessary development towards ultimate deregulation and liberalisation of the motor and fire insurance sectors which are currently operated under strict tariff regimes.
“This proposed mandatory insurance scheme will also ensure that victims of road accidents and their dependants will receive reasonable and adequate compensation in an efficient and expeditious manner. We look forward to working closely with the relevant government agencies and authorities to develop and implement the proposed third-party scheme as soon as possible,” Lim said.
The Star
Scheme to spur insurance penetration
PETALING JAYA: The move to set up a micro insurance scheme as proposed in Budget 2010 will expedite the penetration rate of insurance in the country, according to the Life Insurance Association of Malaysia (Liam).
President Md Adnan Md Zain said it would improve the penetration rate of the life insurance sector, which was currently at 41%.
“This rate was considered low compared with other advanced markets, and there was strong potential for the life insurance industry to develop. A micro insurance scheme with premiums as low as RM20 per month will provide financial protection to many small businesses.
“It is important to realise that insurance plans are not only for the high-income earners, but is affordable to a large majority. In this connection, Liam will work closely with the authorities to introduce this insurance product as quickly as possible,” Adnan said.
He said the Liam was also supportive of the additional RM1,000 tax relief that had been granted for annuity premiums offered by insurance companies.
“This incentive is most apt to support the development of retirement schemes by life insurance companies because by the year 2020, Malaysia would have close to 10% of its population above 60 years. Thus, it is important that Malaysians start their financial planning early to continue to enjoy a comfortable lifestyle in their golden years,” Adnan said.
General Insurance Association of Malaysia (PIAM) executive director C.F. Lim said the move by the Government to restructure motor insurance cover for third-party liabilities was positive for sustainable and affordable third-party motor insurance.
PIAM views the restructuring as a necessary development towards ultimate deregulation and liberalisation of the motor and fire insurance sectors which are currently operated under strict tariff regimes.
“This proposed mandatory insurance scheme will also ensure that victims of road accidents and their dependants will receive reasonable and adequate compensation in an efficient and expeditious manner. We look forward to working closely with the relevant government agencies and authorities to develop and implement the proposed third-party scheme as soon as possible,” Lim said.
The Star
Maximum Tax Rate Brought Down, More Relief For Middle Income Group
Maximum tax rate brought down, and more relief for middle income group
BUDGET 2010 will see a personal income tax cut of one percentage point and increase in tax relief.
This should bring cheer to the middle income group, who have often complained about not receiving much good news in past Budgets.
The reduction in personal income tax by one percentage point to 26% will ensure that the individual income tax remains competitive.
To improve the well-being of the rakyat, the Government will raise personal relief from RM8,000 to RM9,000. This means that each taxpayer will enjoy an increase of RM1,000 in disposable income from the 2010 year of assessment.
The cut in personal tax rate is for people earning above RM100,000 per annum.
“Given the amount of stress that the Government has been facing due to the economic crisis, it is heartening to note that it has still allowed for a 1% reduction of the top marginal tax rate for individuals from 27% to 26%,’’ said one tax expert.
The expert said the move to increase the personal relief would allow families with a household income of about RM24,000 a year to be free from income tax.
The biggest drop in personal income taxes, however, is for locals and foreigners who are working and staying in Iskandar Malaysia.
For those who apply and start work in Iskandar Malaysia before 2015, the Government has proposed the maximum tax rate of 15% compared with 26% for the rest of the country.
To be eligible for this tax treatment, they must be engaged in sectors such as green technology, biotechnology, education services, healthcare, creative industry, financial advisory and consultancy services as well as logistic services and tourism.
The innovative and radical tax incentive is seen as a boost to Iskandar Malaysia.
And to encourage people to start saving at a younger age, the Government has declared that the existing personal tax relief of RM6,000 for EPF contribution and life insurance premiums be increased to RM7,000 from January next year for people with annuity schemes.
The Star
BUDGET 2010 will see a personal income tax cut of one percentage point and increase in tax relief.
This should bring cheer to the middle income group, who have often complained about not receiving much good news in past Budgets.
The reduction in personal income tax by one percentage point to 26% will ensure that the individual income tax remains competitive.
To improve the well-being of the rakyat, the Government will raise personal relief from RM8,000 to RM9,000. This means that each taxpayer will enjoy an increase of RM1,000 in disposable income from the 2010 year of assessment.
The cut in personal tax rate is for people earning above RM100,000 per annum.
“Given the amount of stress that the Government has been facing due to the economic crisis, it is heartening to note that it has still allowed for a 1% reduction of the top marginal tax rate for individuals from 27% to 26%,’’ said one tax expert.
The expert said the move to increase the personal relief would allow families with a household income of about RM24,000 a year to be free from income tax.
The biggest drop in personal income taxes, however, is for locals and foreigners who are working and staying in Iskandar Malaysia.
For those who apply and start work in Iskandar Malaysia before 2015, the Government has proposed the maximum tax rate of 15% compared with 26% for the rest of the country.
To be eligible for this tax treatment, they must be engaged in sectors such as green technology, biotechnology, education services, healthcare, creative industry, financial advisory and consultancy services as well as logistic services and tourism.
The innovative and radical tax incentive is seen as a boost to Iskandar Malaysia.
And to encourage people to start saving at a younger age, the Government has declared that the existing personal tax relief of RM6,000 for EPF contribution and life insurance premiums be increased to RM7,000 from January next year for people with annuity schemes.
The Star
RM500 Tax Relief For Broadband Users
Broadband users relieved over RM500 tax relief
BROADBAND Internet users in Malaysia are relieved with the RM500 tax relief granted to them, but they want the Government to go one step further – and compel the service providers to improve the quality of service.
Random interviews revealed that most agreed that the tax relief would help boost the national broadband penetration rate.
But they feared that service quality might suffer with a sudden surge in subscribers.
“I am overjoyed that the Government is going to subsidise my broadband service,” said a housewife who asked to be identified only as Adelina.
“But if my Internet speed is going to stay put as it is now, I think the Government won’t be getting its money’s worth.
“It would be a waste of public funds,” she said.
A media relations executive, who wanted to be known as Belinda, wanted the Government to spend more to get Internet service providers (ISPs) to improve broadband speed.
“If broadband quality goes up markedly, people will be queing up to subscribe to the service,” she said.
“There would then be no need to dangle tax relief as a carrot, she added.
Actor Fish Fazil hoped that any increase in broadband service subscribers would spur ISPs to improve services and infrastructure.
“Broadband is becoming an essential utility now, like electricity and water,” he added.
The broadband tax relief incentive will be implemented from January 2010 to 2012. The current broadband penetration rate in Malaysian households is 26%, against 88% in Singapore and 95% in South Korea.
BROADBAND Internet users in Malaysia are relieved with the RM500 tax relief granted to them, but they want the Government to go one step further – and compel the service providers to improve the quality of service.
Random interviews revealed that most agreed that the tax relief would help boost the national broadband penetration rate.
But they feared that service quality might suffer with a sudden surge in subscribers.
“I am overjoyed that the Government is going to subsidise my broadband service,” said a housewife who asked to be identified only as Adelina.
“But if my Internet speed is going to stay put as it is now, I think the Government won’t be getting its money’s worth.
“It would be a waste of public funds,” she said.
A media relations executive, who wanted to be known as Belinda, wanted the Government to spend more to get Internet service providers (ISPs) to improve broadband speed.
“If broadband quality goes up markedly, people will be queing up to subscribe to the service,” she said.
“There would then be no need to dangle tax relief as a carrot, she added.
Actor Fish Fazil hoped that any increase in broadband service subscribers would spur ISPs to improve services and infrastructure.
“Broadband is becoming an essential utility now, like electricity and water,” he added.
The broadband tax relief incentive will be implemented from January 2010 to 2012. The current broadband penetration rate in Malaysian households is 26%, against 88% in Singapore and 95% in South Korea.
Eyes To The Skies For The "Galilean Nights"
Eyes to the skies for the 'Galilean Nights'
AFP - Friday, October 23, 2009
NASA image shows hot blue stars deep inside an elliptical galaxy. Astronomers around the world are gearing up for three days of intense sky-watching in honour of Galileo, whose observations 400 years ago revolutionised our understanding of the cosmos.
PARIS (AFP) - – Astronomers around the world are gearing up for three days of intense sky-watching in honour of Galileo, whose observations 400 years ago revolutionised our understanding of the cosmos.
The "Galilean Nights" promoted by the International Astronomical Union (IAU) aim at giving hundreds of thousands of people the thrill of looking through a space telescope for the first time.
More than 1,000 public events in over 70 countries are being staged on Thursday, Friday and Saturday nights, according to the website www.galileannights.org.
In October 1609 Galileo Galilei began observations with a two-lens telescope that eventually led him to discover the four main satellites of Jupiter and realise that Earth's Moon was pitted with craters and not a perfect sphere.
These and other discoveries led Galileo to conclude, like Nicolaus Copernicus, that Earth revolved around the Sun and not the other way around.
He was persecuted for heresy by the Vatican and forced to recant. The last ten years of his life were spent under house arrest.
AFP - Friday, October 23, 2009
NASA image shows hot blue stars deep inside an elliptical galaxy. Astronomers around the world are gearing up for three days of intense sky-watching in honour of Galileo, whose observations 400 years ago revolutionised our understanding of the cosmos.
PARIS (AFP) - – Astronomers around the world are gearing up for three days of intense sky-watching in honour of Galileo, whose observations 400 years ago revolutionised our understanding of the cosmos.
The "Galilean Nights" promoted by the International Astronomical Union (IAU) aim at giving hundreds of thousands of people the thrill of looking through a space telescope for the first time.
More than 1,000 public events in over 70 countries are being staged on Thursday, Friday and Saturday nights, according to the website www.galileannights.org.
In October 1609 Galileo Galilei began observations with a two-lens telescope that eventually led him to discover the four main satellites of Jupiter and realise that Earth's Moon was pitted with craters and not a perfect sphere.
These and other discoveries led Galileo to conclude, like Nicolaus Copernicus, that Earth revolved around the Sun and not the other way around.
He was persecuted for heresy by the Vatican and forced to recant. The last ten years of his life were spent under house arrest.
The "Blue" Rose
Why all the excitement about a 'blue' rose?
It has been called the agricultural holy grail, but should we be impressed?
Jane Perrone
The Guardian,
Thursday 22 October 2009
The Suntory blue rose Photograph: YOSHIKAZU TSUNO/AFP/Getty Images
When it comes to the hue of a rose, one person's blue is another's pallid purple. "Applause", the new rose unveiled by Japanese company Suntory this week is said to have "a bluish tinge reminiscent of the sky just after dawn". To my eye, it's just a wishy-washy mauve.
People have claimed the blue-rose title before, with boldly named varieties such as "Blue Moon" or "Rhapsody in Blue", but they're always a bit of a disappointment to those expecting sapphire shades; think lilac, magenta or lavender instead. You could cheat by putting white roses in dyed water to produce a vivid – but undoubtedly odd-looking – blue rose of the kind that graced so many 50s curtains.But a truly blue rose is the horticultural holy grail.
Growers have been breeding roses for thousands of years in search of new hues, but until now, blue petals have evaded them. And for good reason – roses lack delphinidin, a blue plant pigment common to pansies, petunias and (unsurprisingly) delphiniums. There are only a few properly blue flowers – the Himalayan blue poppy, the forget-me-not and the bluebell among them – but the appeal of a blue bloom is its rarity. No wonder, then, that in the Victorian language of flowers, blue roses signify achieving the impossible. In these days of genetic modification, the impossible is within grasp – scientists at Suntory simply added a gene that creates the necessary delphinidin.
Applause roses go on sale in Japan next month priced 2,000-3,000 yen (around £15) a stem. But I tend to agree with Rudyard Kipling, who wrote a poem in which his lover sent him on an impossible quest for blue roses, "Roses white and red are best."
It has been called the agricultural holy grail, but should we be impressed?
Jane Perrone
The Guardian,
Thursday 22 October 2009
The Suntory blue rose Photograph: YOSHIKAZU TSUNO/AFP/Getty Images
When it comes to the hue of a rose, one person's blue is another's pallid purple. "Applause", the new rose unveiled by Japanese company Suntory this week is said to have "a bluish tinge reminiscent of the sky just after dawn". To my eye, it's just a wishy-washy mauve.
People have claimed the blue-rose title before, with boldly named varieties such as "Blue Moon" or "Rhapsody in Blue", but they're always a bit of a disappointment to those expecting sapphire shades; think lilac, magenta or lavender instead. You could cheat by putting white roses in dyed water to produce a vivid – but undoubtedly odd-looking – blue rose of the kind that graced so many 50s curtains.But a truly blue rose is the horticultural holy grail.
Growers have been breeding roses for thousands of years in search of new hues, but until now, blue petals have evaded them. And for good reason – roses lack delphinidin, a blue plant pigment common to pansies, petunias and (unsurprisingly) delphiniums. There are only a few properly blue flowers – the Himalayan blue poppy, the forget-me-not and the bluebell among them – but the appeal of a blue bloom is its rarity. No wonder, then, that in the Victorian language of flowers, blue roses signify achieving the impossible. In these days of genetic modification, the impossible is within grasp – scientists at Suntory simply added a gene that creates the necessary delphinidin.
Applause roses go on sale in Japan next month priced 2,000-3,000 yen (around £15) a stem. But I tend to agree with Rudyard Kipling, who wrote a poem in which his lover sent him on an impossible quest for blue roses, "Roses white and red are best."
Subscribe to:
Posts (Atom)