PETALING JAYA: The Cabinet has left it to the Finance Ministry or Security Commission (SC) to sort out an official statement with regard to the controversial share issue surrounding Datuk Seri Azam Baki, said Datuk Seri Dr Wan Junaidi Tuanku Jaafar (pic). "It was discussed at length the pros and cons (related to Azam's share ownership) in the cabinet meeting this morning (Jan 19). "The Cabinet decided that since the SC is under Finance Ministry, the statement is either coming from the SC or the Finance Ministry, and then we will take the thing from there," Wan Junaidi said when contacted by The Star on Wednesday (Jan 19) night. The controversy involved substantial amounts of shares bought from Gets Global Bhd and Excel Force MSC Bhd between 2015 and 2016 when Azam was the MACC director of investigations. There were calls urging the SC to probe the matter and on Tuesday (Jan 18) the commission said it was not able to determine whether there was a breach of regulation in relation … [Read more...] about Finance Ministry or SC to sort out an official statement on Azam Baki share trading issue, says Wan Junaidi
Share to Twitter Share to Linkedin Going through a divorce is an unquestionably stressful and emotional time in a person’s life. Regardless of the surrounding circumstances, protecting your personal finances should always be a priority. If you’re preparing for divorce negotiations, it’s important to educate yourself about your financial options to ensure nothing is overlooked and you are getting the best possible settlement. To help, a panel of Forbes Finance Council members shared some essential financial steps people often overlook during a divorce. Here’s what they believe you should do and why each action is so important. 1. Separate Your Finances Sooner Rather Than Later When going through a divorce, separate your finances as early as possible in the process. Keep a transaction record of everything you spend money on from your personal account. Meticulous record-keeping will serve as your ally should you end up in divorce court. It will also act as … [Read more...] about 13 Crucial Actions To Protect Your Personal Finances During (And Before) A Divorce
Share to Twitter Share to Linkedin Borrowing for a car can feel like a questionable financial decision, but there are definitely scenarios where car loans can help you get ahead. For example, new vehicles often come with 0% APR financing offers, and people with great credit often pay low interest rates that are on par with mortgage rates. Not only that, but borrowing for a car may be the only way for you to line up transportation to and from work. So, what's the problem? By and large, Americans have gotten into the habit of using car loans to finance more than they can reasonably afford. We know this because not only does the average auto loan amount keeps getting bigger every year, but it also keeps getting longer . A 2021 report from Experian — the Q3 State of the Automotive Finance Market — just highlighted all the dreadful facts. Here are some of the most troubling statistics: As of Q3 2021, the average new car loan amount was at $37,280, up from … [Read more...] about Should You Ever Refinance Your Car Loan?
Wall Street was in a foul mood on Tuesday, and major market benchmarks finished the day with substantial losses. The Dow Jones Industrial Average ( DJINDICES:^DJI ) was the best performer on the day despite finishing down more than 500 points, while the Nasdaq Composite ( NASDAQINDEX:^IXIC ) had much larger losses on a percentage basis that pushed that index into 10% correction territory. The S&P 500 ( SNPINDEX:^GSPC ) dropped nearly 2%. Index Daily Percentage Change (Decline) Daily Point Change Dow (1.51%) (543) S&P 500 (1.84%) (86) Nasdaq (2.60%) (387) Data source: Yahoo! Finance. Long-term investors weren't all that shocked to see some popular meme stocks take big hits in the downward-moving market. Yet what was more surprising was the fact that global consumer-products giant Unilever ( NYSE:UL ) saw its stock fall even more than AMC Entertainment Holdings ( NYSE:AMC ) … [Read more...] about This Defensive Consumer Stock Fell More Than 2 Meme Stock Darlings Today
Share to Twitter Share to Linkedin Here’s what Republicans mean for your student loans. (Hint: it’s not what you may think). Here’s what you need to know. Student Loans Student loan forgiveness primarily has been associated with progressive Democrats who are pushing for systemic change in higher education. When you think of wide-scale student loan cancellation, you think of leading advocates such as Sen. Elizabeth Warren (D-MA), Senate Majority Leader Chuck Schumer (D-NY), Rep. Alexandria Ocasio-Cortez (D-NY) and Rep. Ayanna Pressley (D-MA). However, rarely do you read about Republicans and student loan forgiveness . The common perception is that Democrats care about education and Republicans don’t. Or that Democrats want to help student loan borrowers and Republicans don’t. No matter which political party you support, it’s important to understand how Republicans approach student loans and student loan forgiveness. Here’s what Republicans mean for your … [Read more...] about What Republicans Mean For Student Loans
Share to Twitter Share to Linkedin There’s been a lot of talk about whether the backdoor Roth IRA and mega back door Roth conversions will be eliminated. However, this isn’t the only reason to convert money to Roth. The most common reason is to pay taxes on pre-tax money now so the money can grow to be eventually tax-free. Let’s take a look at some pros and cons, starting with reasons why now might not be the time for a Roth conversion: 1) The investments in the account have been doing very well. Considering that you have to pay ordinary income taxes in the tax year when you do the conversion, and the market tends to move in cycles, do you really want to pay taxes when your account balance is particularly high or when the value is eventually lower? 2) You have to withdraw money from the retirement account to pay the taxes. If you have to pay the taxes from money you withdraw from the account, it usually doesn't make financial sense since that money … [Read more...] about Should You Convert To Roth?
- A + A LONDON (Jan 19): British luxury brand Burberry expects to beat profit expectations after its full-price sales accelerated in the third quarter, driven by a strong performance in outerwear and leather goods and a material improvement in Asia and Europe. Known for its camel, red and black check and TB monogram, Burberry has stopped markdowns in its main stores and online as these were damaging its status as a high-end luxury brand. Shares in the group, which have risen by 1% over the last 12 months, significantly underperforming its peers, jumped 6.5% to 1,871 pence on Wednesday after Burberry's bullish outlook. Julie Brown, its finance chief, said full-price sales were up by 26% on pre-pandemic levels, with all product categories growing by double digits, helped by flagship stores that were attracting a new generation of Burberry customers. "The brand is stronger. The product is stronger," she told reporters. "The key product categories leather goods and … [Read more...] about Burberry bullish on profit as outerwear, leather goods sales soar
- A + A BENGALURU (Jan 19): Procter & Gamble (P&G) bumped up its annual sales forecast on Wednesday, as the consumer goods giant benefits from higher prices and resurgent cleaning products demand amid a spike in Covid-19 infections. The company's shares rose nearly 2% in pre-market trading as strong quarterly sales helped cushion the blow from a bigger-than-previously forecast increase in annual freight and commodity costs. Sales of fabric & home-care products, including Tide and Mr Clean, rose 7% in the second quarter, as the rapid spread of the Omicron coronavirus variant led consumers to buy more cleaning products. A more intense flu season also drove organic demand for personal healthcare products up 20%. This, along with price hikes to offset higher commodity and freight costs, boosted net sales by 6% to US$20.95 billion. Analysts had expected US$20.34 billion, according to Refinitiv IBES data. Inflationary pressures are expected to continue … [Read more...] about P&G lifts sales forecast as price hikes, hygiene product demand continue
- A + A KUALA LUMPUR (Jan 19): Coastal Contracts Bhd’s (Coastal) wholly-owned subsidiary, Coastal Marine Pte Ltd (CMPL), is proposing to provide financial assistance of up to US$220 million (about RM924 million) to its joint-venture company Coastoil Dynamic SA de CV (Coastoil Dynamic) following the award of a new onshore gas conditioning plant project in Mexico. Prior to this, Coastoil Dynamic has entered into a service agreement with Pemex Exploracion and Produccion to undertake an RM4.5 billion project at Ixachi field, Tierra Balanca in Veracruz known as EMC Papan Plant. In a filing with Bursa Malaysia Wednesday, UOB Kay Hian Securities (M) Sdn Bhd, on behalf of Coastal, said the proposed provision of financial assistance will provide Coastoil Dynamic with the required funds in an expedient manner to finance the project. “The availability of expedient funding by Coastal Group would allay unnecessary delays throughout the construction period of the Papan Plant … [Read more...] about Coastal Contracts to provide US$220 mil financial assistance to Coastoil Dynamic
- A + A KUALA LUMPUR (Jan 19): The government has obtained the consent of Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah to set up a Royal Commission of Inquiry (RCI) to investigate Lembaga Tabung Haji’s (TH) management and operational issues from 2014 to 2020. Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the setting up of the RCI is in accordance with the Commission of Inquiry Act 1950 (Act 119). Wan Junaidi said in addition, His Majesty has also consented to the appointment of six RCI members, including former Chief Justice Tun Md Raus Sharif as its chairman. The other five are former Chief Secretary to the Government Tan Sri Samsudin Osman, RHB Group founder Tan Sri Abdul Rashid Hussain, former Bank Muamalat Malaysia Berhad chairman Tan Sri Dr Mohd Munir Abdul Majid, Universiti Islam Antarabangsa Sultan Abdul Halim Mu’adzam Shah (Unishams) vice-chancellor Prof Dr … [Read more...] about King consents to setting up of RCI to investigate Tabung Haji issues — Wan Junaidi