Malaysia holidays

Share to Twitter Share to Linkedin Topline President Joe Biden proposed Wednesday a federal gas tax holiday, as gas prices hover around record highs nationally, in a move that would instantly provide some relief to consumers—though some warn may not be the cure-all Biden seeks. Key Facts Biden called on Congress to pass a three-month federal gas tax holiday, which would suspend federal taxes on gas during the period. This would make gas 18 cents cheaper per gallon and diesel 24 cents cheaper. The proposal actually comes as prices are slightly decreasing: the national average price per gallon of gas is $4.955 Wednesday, according to the American Automobile Association, a slight drop from its peak of $5.016 last Tuesday but still a sharp increase from a year ago, when it was $3.069 average per gallon. Despite the holiday likely providing some quick relief at the pump, it may contribute to further inflation by providing an indirect … [Read more...] about What Is A Federal Gas Tax Holiday? Here’s How It Could Impact Prices At The Pump.

Share to Twitter Share to Linkedin I believe many of our political leaders have a comic book view of how gasoline prices are set. They envision oil companies adding up all of their input costs, and then tacking on a profit margin. Oddly, sometimes the oil companies are really generous and sell gasoline for under $2.00 a gallon. Other times, the belief must be that they are super greedy and sell it for $6.00 a gallon. Adding to all of the input costs and profit margins are the taxes. State and federal governments get a cut of each gallon of gasoline sold. Since 1993, the federal portion of the gasoline tax has been 18 cents a gallon. Add on the costs, profit margin, and taxes, and you end up with the price of gasoline. Or, so the belief goes. Some politicians have floated the idea of a gas tax holiday to help ease prices at the pump. President Biden is reportedly weighing this idea now. One of the problems in such a scheme is that these taxes help … [Read more...] about Why A Gas Tax Holiday Probably Won’t Work

Share to Twitter Share to Linkedin Topline President Joe Biden on Wednesday called on Congress to suspend the federal gas tax for three months, a move that the White House hopes will help ease some of the pain caused by high gas prices across the country. Key Facts In a statement released by the White House, Biden urged lawmakers to suspend the current 18-cent tax per gallon of gasoline and 24-cent on diesel until the end of September. The president also urged states to act, either by pausing their own gas taxes, deferring any planned hikes, or offering rebates and relief payments, in a bid to alleviate the burden of high prices at the pump. Biden asked lawmakers in Congress to ensure that the three-month tax freeze does not negatively impact the Highway Trust Fund—which is funded by these taxes—by using other revenues to cover its $10 billion cost. In the statement, Biden once again blamed Russian President Vladimir Putin and his … [Read more...] about Biden Calls On Congress To Approve 3-Month Federal Gas Tax Holiday

Share to Twitter Share to Linkedin Topline President Joe Biden urged states to suspend their gas taxes Wednesday—while also calling for a federal gas tax holiday —as a way to provide some relief as gas prices hover at record levels nationally, though gas taxes vary widely state by state, with Pennsylvania the highest and Alaska the lowest. Key Facts Pennsylvania has the highest state gas taxes in the nation at 57.6 cents per gallon, according to data from IGEN tax software company. The other states with the highest tax rates are California (51.1 cents), Washington (49.4), New Jersey (42.1) and Illinois (39.2). Alaska has by far the lowest tax rate at 8.95 cents per gallon, followed by Hawaii (16), New Mexico (17), Mississippi (18) and Arizona (18). Biden’s call comes after several states have already suspended their gas taxes this year: Maryland ’s gas tax holiday lasted from March 18 to April 16, while Connecticut suspended … [Read more...] about These States Have The Highest—And Lowest—Gas Taxes, As Biden Pushes Tax Holiday

Travelling by train is an adventurous way to explore a destination. Some might even consider long train journeys to be romantic or idyllic. This is because on many scenic train journeys, passengers are often taken through the countryside, hills and valleys. For avid traveller Andrew T. Post, though, it’s the old-fashioned quality of rail travel that makes the journey even more rewarding. “Nobody travels by train any more, at least not anyone who’s interested in getting anywhere in a fast or efficient manner,” he said in a post on Quora. While there may be many advantages to taking other modes of transportation (“It’s far cheaper to drive, and it’s far faster to fly”), Post said nothing beats the joy of travelling by train. It’s a more comfortable option too, he said. “They’re like hotels on wheels. You have a big seat with plenty of legroom and a huge window, or possibly even a cosy cabin all to yourself. Not to mention there’s a tastefully appointed dining car in which to … [Read more...] about 5 epic train journeys in Malaysia you should get on track for

A general view of condominiums at Forest City, a development project launched under China's Belt and Road Initiative, is seen in Gelang Patah in Malaysia's Johor state on June 14, 2022. (Photo: AFP) KUALA LUMPUR: Malaysia is expected to spend 77.3 billion ringgit (US$17.6 billion) in subsidies and cash aid this year, the largest amount in history, to help temper the effects of rising prices, its finance minister said on Saturday. Prices of goods have jumped in Malaysia in recent months due to supply chain disruptions, labour shortages and the impact of war in Ukraine. Food inflation rose 5.2% from a year earlier in May, the highest since November 2011, government data showed this week. Malaysia is projected to spend 51 billion ringgit on consumer subsidies including for fuel, electricity, and food, assuming that commodity market prices remain at current levels, Finance Minister Tengku Zafrul Aziz said in a statement. The government will also distribute 11.7 billion ringgit in … [Read more...] about Malaysia plans record $18 bln subsidy spend in inflation fight

As Thailand Pass prepares to meet its end come July 1, it looks as if Malaysia is in line to replace the kingdom’s current tourist king, India. Tourism and Sports Minister Phiphat Ratchakitprakarn said yesterday that once Thailand Pass is no more, a larger number of Malaysian tourists than Indians is expected to make their way to the ‘Land of Smiles.’ Indians have so far made up Thailand’s biggest tourist group this year, with 100,884 arriving between January 1 and May 24. But earlier this month, Malaysians flooded into Phuket . Daily AirAsia flights from Kuala Lumpur to Phuket were fully booked. Other hotspots for Malaysian travellers were Bangkok, Krabi, Koh Samui, Phattalung, Pattaya, Chiang Mai, Chiang Rai, Dannok, Had Yai, Betong, and Sungai Golok – the final three on or near the northern Malaysian border. The Tourism Authority of Thailand says 78,523 Malaysian visitors entered the kingdom in the first 5 months of the year. But the Minister failed to take into … [Read more...] about Malaysia set to replace India as tourist king of Thailand

SHANGHAI: China's central bank (pic) said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include the Central Bank of Malaysia (Bank Negara), Bank Indonesia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool. ($1 = 6.6878 Chinese yuan renminbi) - Reuters … [Read more...] about China’s central bank renminbi liquidity arrangement includes Malaysia

- A + A KUALA LUMPUR (June 22): Malaysia will on Wednesday receive the first group of Indonesian migrant workers since reopening its borders, with the hopes of easing a major labour shortage in palm oil plantations. The world's second-largest palm oil producer lacks at least 1.2 million workers across its manufacturing, plantation and construction sectors, a shortage worsening daily as economic activity bounces back from the pandemic. The country has not seen a significant return of migrant workers despite reopening borders in April due to slow government approvals and protracted negotiations with Indonesia and Bangladesh over worker protections. "As of today, we have approved requests for 4,699 workers for plantation (sector) only," Indonesia's ambassador to Malaysia, Hermono, told Reuters . About 40 workers for a palm oil plantation are scheduled to arrive on Wednesday, said Hermono, who like many Indonesians goes by only one name. He did not give details of … [Read more...] about Indonesian palm oil workers to arrive in Malaysia after bureaucratic hiccups

- A + A (June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter. The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early as next year, said the people, who asked not to be identified as the process is private. The Kulim listing would come as a three-year rally in crude palm oil prices has begun to sputter, falling from its peak in March as Indonesia ramps up exports. Deliberations are ongoing and details of the IPO such as size and timing could change, the people said. Johor Corp is continuously reviewing its investments, and is committed to improving the value proposition of Kulim, said Hasnina Hafiz, … [Read more...] about Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm