Latest news with #Oon
The Star
11-07-2025
- Business
- The Star
Rate cut not a fix for rising costs
PETALING JAYA: Homeowners are welcoming the Overnight Policy Rate (OPR) cut and the reduced interest it would bring to their housing loans, but they believe that it would only serve as a limited relief to the rising cost of living. Many say they will continue to practise caution and financial discipline. For 32-year-old regional learning and development manager Heshwinder Oon Chee Eng, with the lower OPR, he will channel more disposable income into his savings. 'I will save the additional money. I divide my finances into savings, fixed and variable costs, and daily spending. 'These don't fluctuate much month to month, so it's nice to allocate a bit more to savings,' he said. Despite the benefits, Oon remains cautious about future investments, particularly in property. 'With the uncertainty over the past five years, from Covid-19 to geopolitical tensions and market volatility, I'm not confident about taking on another large financial commitment like buying a new property,' he said. Oon added that any financial gains from the OPR cut are effectively cancelled out by the recent expansion of the Sales and Service Tax (SST), which has made essential items more expensive. 'The expansion of the SST on everyday household items will increase costs and would probably reduce the benefit from the lower OPR, leaving little room for financial improvement,' he said. On Wednesday, Bank Negara announced the reduction of the OPR by 25 basis points to 2.75% at its July Monetary Policy Committee meeting, marking its first adjustment rate since May 2023. For Wan Muhammad Rifa'at Rosli, 33, the OPR rate cut is a welcome breather amid rising living expenses. 'It really helps as costs are climbing, especially groceries, school fees and electricity bills. A lower OPR makes my housing loan repayments a bit more manageable,' the credit consultant said. Wan Muhammad said he plans to use the additional savings to ease other financial burdens. 'I'll be spending some of it and using the rest to settle other debts. It gives me a bit more breathing space,' he said. Lee Xiao Jin, a key account manager in corporate sales, said while the lower OPR would reduce her monthly mortgage payments, it does not dramatically change her financial approach. 'Even saving RM100 a month, which adds up to RM1,200 a year, is not insignificant. It can enhance your lifestyle, but it's not life changing,' she said. With her home loan being her only major financial commitment, Lee, 31, plans to invest the extra funds in shares or save them in a fixed deposit. However, she is not planning any major financial moves just yet. 'I don't think the OPR drop is permanent; I'd rather avoid taking on new risks,' she said. A 40-year-old engineer, who wants to be known as Rahman, said he values extra savings. 'I'll use whatever I save to pay off other debts or build up my savings. Money is tight these days; I can't afford to splurge,' he said. Meanwhile, economics professor Dr Chung Tin Fah of HELP University noted that the OPR drop is good news for borrowers and will directly influence the Standardised Base Rate (SBR), which is the reference rate for most floating-rate loans. 'When the OPR is revised, banks must adjust the SBR by the same amount within seven working days. 'However, while the SBR is directly linked to the OPR, individual banks may reflect different effective rates due to varying business or funding costs,' he said. Chung added that although borrowers can expect lower loan repayments, this does not necessarily translate into a significant reduction in the overall cost of living. 'Paying less on loans is helpful but the rising cost of living is driven by multiple factors, such as the reduction in subsidies and tax charges. 'Lower interest rates also tend to encourage borrowing, which can lead to higher household debt levels over time. 'The overall effectiveness of rate cuts in managing debt needs careful assessment,' he said.
The Star
11-07-2025
- The Star
Trader fined RM500 for not helping critically injured friend
KUALA LUMPUR: A trader was fined the maximum amount of RM500 by the Ampang Magistrate's Court for failing to take his critically injured friend to hospital, which resulted in the victim's death. Magistrate Amalina Basirah Md Top imposed the fine on Oon Tien Yue, 37, who paid it. Oon was charged with acting negligently by endangering a human life when he failed to seek treatment for his friend, e-hailing driver Law Mun How, 37, who was critically injured. The offence took place at a house in Pandan Perdana, Ampang, near here, between 10.33am on June 20 and 7.50pm on June 22, Bernama reported. The charge, under Section 336 of the Penal Code, carries a maximum jail term of three months, a fine of up to RM500, or both, upon conviction. According to the facts of the case, Law, who was believed to have been assaulted and seriously injured, had been sleeping in a car parked in front of Oon's house for a week from June 14. On June 20, Oon brought Law into the house. However, the former left the latter in the living room without seeking medical help. Investigations found that Oon had been negligent in leaving Law to die.
The Sun
10-07-2025
- The Sun
Trader fined RM500 for negligence leading to friend's death
KUALA LUMPUR: A trader was fined RM500 by the Ampang Magistrate's Court for negligence after failing to take his injured friend to the hospital, leading to the victim's death. Oon Tien Yue, 37, pleaded guilty to the charge under Section 336 of the Penal Code, which carries a maximum penalty of three months' jail, a RM500 fine, or both. The incident occurred between June 20 and June 22 at a house in Pandan Perdana, Ampang. The victim, e-hailing driver Law Mun How, 37, had been severely injured and was left unattended in Oon's living room. Investigations revealed that Law had been sleeping in a car outside Oon's house for a week before being brought inside but was never taken for medical treatment. Deputy Public Prosecutor M. Ramanathan Alias Ashwin prosecuted the case, while Oon was unrepresented. Magistrate Amalina Basirah Md Top imposed the maximum fine, which Oon paid immediately. – Bernama
The Star
10-07-2025
- Business
- The Star
Margma calls for tariff talks with US over glove duty hike
KUALA LUMPUR: The Malaysian Rubber Glove Manufacturers Association (MARGMA) has urged the government to promptly enter sectoral tariff negotiations with the United States (US) following Washington's decision to raise import duties on rubber gloves to 25 per cent from Aug 1, 2025. MARGMA president Oon Kim Hung said members were ready to support the government's efforts in engaging with the US to seek an exemption or, at minimum, maintain the existing 10 per cent tariff. "These gloves are not luxury items but essential medical supplies. A 25 per cent tariff will disrupt supply chains, drive up healthcare costs, and hinder patient safety,' he said in a statement today. The association said Malaysia's glove industry has long collaborated with the Malaysian Rubber Board (MRB) and the Ministry of Investment, Trade and Industry (MITI) to curb trans-shipment abuse and maintain its reputation for quality and responsible manufacturing. MARGMA called on Malaysia's trade negotiators to seek the same sector-specific consideration granted to other strategic industries, to ensure continued access for US healthcare providers to Malaysian-made gloves. It noted that Malaysia supplies nearly half of the US demand for natural rubber and nitrile gloves - critical healthcare products subject to strict US Food and Drug Administration (FDA) standards. With US demand projected by MITI to reach US$4.17 billion by 2030, MARGMA warned that higher tariffs could threaten patient care and drive up costs for hospitals and other healthcare providers.(US$1 = RM4.24). "Rather than undermining US manufacturing, Malaysian glove makers have demonstrated their commitment to the American market. For example, Supermax Corporation Bhd has invested US$350 million in a production facility in Texas, highlighting our industry's long-term dedication to supporting US healthcare,' Oon said. He added that MARGMA reaffirmed its commitment to a sustainable global supply and expressed hope for a tariff outcome that balanced fair trade with public health priorities in both countries. - Bernama
The Star
10-07-2025
- The Star
Trader fined RM500 for leaving injured friend to die
KUALA LUMPUR: A trader has been slapped with a maximum fine of RM500 by the Ampang Magistrate's Court here for failing to take his critically injured friend to a hospital, resulting in the victim's death. Magistrate Amalina Basirah Md Top meted out the fine on Oon Tien Yue, 37, who then paid the fine. Oon was charged with acting negligently by endangering a human life in not seeking treatment for his friend, e-hailing driver, Law Mun How, 37, who was critically injured. The offence was committed at a house in Pandan Perdana, Ampang, near here, between 10.33am on June 20 and 7.50pm on June 22. The charge, under Section 336 of the Penal Code, carries a maximum jail sentence of three months or a fine of up to RM500, or both upon conviction. Based on the facts of the case, Law, who was severely injured in an assault, had been sleeping in the car in front of Oon's house for a week since June 14. On June 20, Oon brought Law into the house but left him in the living room without sending him for treatment. The investigation found that Oon was negligent in leaving Law to die. – Bernama
