Representative image The GST Council has accepted the recommendations of a group of ministers (GoM) on correcting the so-called inverted duty structure and pruning the list of exemptions, while giving the panel three more months to decide on rate rationalization measures, officials said on June 29. When asked whether rate rationalization could happen given the inflation pressures in the economy, Finance Minister Nirmala Sitharaman said that if the rate rationalisation -- if and when it happens – results in an increase, it will be making up for inefficiencies in the value chain. ALSO READ: GST average rates need correction, finance minister says The council also considered a report by another group of ministers on taxing online gaming, casinos and horse racing and have given the GoM time until July 15 to firm up its report after speaking to stakeholders. The apex decision making body of the indirect tax system will meet in the first week of August in Madurai to … [Read more...] about GST Council gives GoM three months to decide on rate rationalization
Gst tax payment
Byju’s said to offer over US$1 bil for 2U to expand in US - A + A BANGALORE (June 29): Indian online-education provider Byju’s has offered to buy 2U Inc in a cash deal that values the US-listed edtech company at more than US$1 billion, a person familiar with the matter said. Byju’s made the offer of about US$15 a share to 2U’s board last week, said the person, who asked not to be named as the bid isn’t yet public. The offer represents a 61% premium to 2U’s closing price of US$9.30 on the Nasdaq on Tuesday and gives the Lanham, Maryland-based company an enterprise value of about US$2 Byju’s, one of the world’s most valuable startups with backing from Tiger Global Management and Mark Zuckerberg’s Chan Zuckerberg Initiative, is accelerating its expansion globally through acquisitions. Bloomberg reported in May that Byju’s was likely to bid for either 2U or Chegg Inc. Talks with Santa Clara, California-based Chegg haven’t progressed, the person said. 2U surged … [Read more...] about Zuckerberg-backed Byju’s said to offer over US$1 bil for 2U to expand in US
- A + A KUALA LUMPUR (June 29): Bursa Malaysia Securities Bhd has publicly reprimanded Khee San Bhd and nine of the candy maker’s directors for its delayed announcement of default in payments, inaccurate solvency declarations, as well as breaches in regards to corporate governance. In addition to the bourse operator’s public reprimand, a total of RM885,000 in fines have been imposed on the nine directors, Bursa Malaysia said. In a statement, Bursa Malaysia said the company breached Paragraph 9.19A(1)(a) of the Main Market Listing Requirements (Main LR), as the latter failed to make an immediate announcement on its defaults in payment to various credit facilities. Khee San only completely disclosed its default in payment to creditors on July 6, 2020 — a year after the first default in payment which occurred around April 16, 2019 to July 30, 2019, it added. “The total amount outstanding of the defaulted credit facilities of RM73.16 million as at June 30, 2019, … [Read more...] about Bursa reprimands Khee San and nine directors; imposes RM885,000 fines
This article first appeared in The Edge Malaysia Weekly, on June 13, 2022 - June 19, 2022. - A + A STARTING out as a waste management and environmental company before venturing into the renewable energy (RE) space, Cypark Resources Bhd has been the proxy for the RE theme play, given its exposure to the niche landfill-sanitisation market and the fact that it is the only company of its kind in Malaysia. While there have been ups and downs for Cypark since it was listed about 12 years ago, the last three weeks have been arguably the most challenging period for the company, which intends to convert solid waste into electricity. Its share price plunged 55% to 31 sen on June 10, from 69 sen on May 20. Concerns have been raised over the delays of Cypark’s ongoing projects, including its floating solar plant in Tasik Danau Tok Uban (DTU) in Pasir Mas, Kelantan, and its solid waste modular advance recovery and treatment waste-to-energy (SMART WTE) plant in Ladang … [Read more...] about Should Cypark shareholders be worried?
FILE PHOTO General views of the Ahmad Bin Ali Stadium – Ahmad Bin Ali Stadium, Al Rayyan, Qatar, March 30, 2022. General view inside the Ahmad Bin Ali Stadium, a venue for the 2022 Qatar World Cup. REUTERS/Pawel Kopczynski DOHA—Organisers have sold 1.8 million tickets for this year’s World Cup in Qatar, world football governing body FIFA said Wednesday ahead of the next round of ticket sales that opens on July 5. There is a special category of tickets available only to residents of host nation Qatar and fans in the Gulf Arab state have bought the largest number of tickets, FIFA said. Aside from Qatar, the top countries where fans bought tickets are Canada, England, France, Germany, India, Saudi Arabia, Spain, the United Arab Emirates and the United States, FIFA said in a press release. FIFA expects to offer a total of 3 million match tickets during the 28-day tournament, which kicks off Nov. 21, a spokesperson said. Qualifications for the World Cup have now concluded and … [Read more...] about Fifa sells 1.8 million tickets for Qatar’s World Cup
MOSCOW (Reuters) - Russian lender VTB's VTB Factoring subsidiary and fintech company Lighthouse have executed the country's first cash-backed digital financial asset transaction, the bank said on Wednesday. In February blockchain platform Atomyze Russia was legally permitted to exchange digital assets in a country whose central bank has long voiced scepticism of cryptocurrencies, citing financial stability concerns and advocating for a complete ban on trading. Lighthouse and Russia's top lender Sberbank are the only other companies with such a licence. VTB said the transaction was similar to the issue of short-term commercial bonds. Here, the debt pool of the issuer, in this case engineering company Metrowagonmash, was tokenised on Lighthouse's platform and purchased by VTB Factoring. "In this way, the first issue and placement of digital financial assets secured by cash was made," VTB said. Ten thousand tokens were issued at a price of 500 roubles ($9.87) per token, … [Read more...] about State bank VTB, fintech firm execute Russia’s first digital asset deal
TAIPEI (Reuters) - Taiwan's central bank is still working on its digital currency and while it's unclear when the scheme could roll out to the public it will push ahead with it, governor Yang Chin-long said on Wednesday. Taiwan's central bank has been working on a pilot for a government-run digital currency for the past two years, to allow people to use a digital wallet and make payments without using a debit or credit card. Speaking at a forum on digital currencies, Yang said they have been simulating the use of the central bank digital currency, or CBDC, in a closed loop environment. The central bank faces three major tasks next, he added: communicating with the public and winning their support, ensuring the system's stability, and building the legal framework for the currency's operations. "This will take a long time, at least two years, and then we'll have to evaluate it again." As this is a huge project, it's uncertain that even in two years' time the CBDC platform can … [Read more...] about Taiwan central bank says it is working on digital currency, unclear on timetable
Share to Twitter Share to Linkedin With the U.S stock market experiencing its first significant correction in a couple of years, it seems like a good time to discuss some of the psychological biases that can negatively influence investor behavior: 1. Confirmation We all tend to actively seek out information that supports opinions we have already formed and to digest facts which suit our own world view. Investors commonly ignore or avoid reading critical opinions and reports about investments in which they already have large positions and seek confirmation from analysts and the media that the original decisions they made to buy and keep are still good ones. Just as great leaders will listen intently to those with whom they disagree, great investors should listen to the growling bears going in the opposite direction from the thundering herd of bulls. 2. Anchoring The price an investor initially pays for a stock can act as an unfortunate psychological … [Read more...] about An Investor’s Mind: 6 Ways It Can Block The Path To Long Term Wealth
Share to Twitter Share to Linkedin With all the uncertainty in the world, why not plan for success? Financial planning is not a “one-size-fits-all” approach. True financial planning should consider every aspect of your past, present, and future. If done properly, it will help guide you down the best path to achieve the goals that you envision. A comprehensive financial plan can be the rock to anchor your goals in rough waters. The rough waters of market volatility have happened before, are happening now and will happen again. Considering this, financial plans allow people to see the impact of market volatility on their long-term goals, re-evaluate their asset allocation and liquidity needs, then form a plan of action on how to proceed in order to better the outcome of success for their goals. “Most people don’t plan to fail they fail to plan” – John J. Beckley Financial planning should be customized . This personalization helps guide everyone to … [Read more...] about How A Personal Financial Plan Can Set You Up For Success
Share to Twitter Share to Linkedin You’ve maxed out your 401k - now what? Current ﬁgures indicate that just 12% of Americans max out their 401k 1 , but if you’re anything like the people I speak to on a daily basis, you already are and you're wondering what's next. In 2022 the 401k limit increased to $20,500, and here's the truth of the matter: if you're used to making a six or seven ﬁgure income and living an abundant lifestyle, that’s not that much money to save annually for retirement. In addition to this volume concern imposed by the IRS contribution limit, inﬂation has also been on the rise, up from 3% to 6.8% in 2021. So having $3 million dollars in your 401k at retirement might seem ﬁne today (and normally achievable if you max out your 401k for 30 years with an average S&P return), but 30 years from now it’s going to buy a lot less than it can today. If inﬂation averages just 4.97% per year, in 30 years from now $3,000,000 would … [Read more...] about You’ve Maxed Out Your 401k – Now What?