Latest news with #RM2.05
Free Malaysia Today
8 hours ago
- Business
- Free Malaysia Today
Cutting RON95 price by 6 sen was not easy, says Anwar
Prime Minister Anwar Ibrahim said those who are unhappy over the 6 sen reduction in RON95 petrol 'didn't hear the full explanation'. PETALING JAYA : It was not easy for the government to decide to slash the price of RON95 petrol, even if only by six sen, says Prime Minister Anwar Ibrahim. Anwar, who is also the finance minister, said consideration of the financial implications was why he needed time to deliberate before announcing the price reduction from RM2.05 to RM1.99 per litre on Wednesday. 'Countries like Thailand and Singapore may have adjusted their prices earlier, but ours is still lower, and this is for the benefit of Malaysians. '(You) want to be ungrateful or disagree, it's okay, but please know that this was not an easy decision. 'Some say it's just a six sen difference, but they have not heard the full explanation,' Bernama reported him as saying at the 2025 National Anti-Drugs Day celebration at Dataran Darulaman in Kedah today. Yesterday, opposition leader Hamzah Zainudin said the government's move to lower the price of RON95 petrol to RM1.99 per litre towards the end of the year is 'not thanks to Anwar Ibrahim per se'. Hamzah said the government can only afford to do this because oil prices are dropping globally, adding that many other countries in the region, including Thailand, have lowered their petrol prices over the past few weeks. Anwar also addressed criticism over the government's decision not to extend fuel subsidies to foreign nationals, reiterating that foreigners do not pay taxes. 'I'm puzzled when the opposition says we are burdening foreigners, claiming they too contribute to the country. I don't understand. In what part of the world are foreigners treated the same as citizens?' he said.
Borneo Post
a day ago
- Business
- Borneo Post
Anwar thanks Malaysian for support, apologises for delay in fulfilling promises, says senior aide
Tunku Nashrul reiterates Anwar's apology, delivered yesterday, for the delay in fulfilling some of his earlier promises made before taking office. – Bernama photo KUALA LUMPUR (July 24): Prime Minister Datuk Seri Anwar Ibrahim has expressed his gratitude to all Malaysians for their continued support and patience as the government works to rebuild the country's finances and deliver on reform promises. In the Prime Minister's Office (PMO) Daily Briefing today, senior press secretary Tunku Nashrul Abaidah reiterated the Prime Minister's apology, delivered yesterday, for the delay in fulfilling some of his earlier promises made before taking office. 'Since day one of leading the country at the end of 2022, Prime Minister Datuk Seri Anwar Ibrahim has never stopped working to improve the nation's financial standing for the wellbeing of the people. 'Now that the country's finances are gradually recovering, the government can offer targeted assistance to ease the people's burden amid global economic uncertainty,' said Tunku Nashrul. He also pointed to revelations by investigative journalists Bradley Hope and Tom Wright that Malaysia had lost US$18 billion in the 1MDB scandal, which is a stark reminder of the fiscal damage inherited by the Madani Government from past administrations. Despite relentless attacks and personal insults by certain parties, including Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor and other opposition leaders, Tunku Nashrul said Anwar remains focused and undeterred. 'While some use social media daily to ridicule the Madani Government's efforts, the Prime Minister has neither flinched nor taken these insults personally,' he said. Tunku Nashrul highlighted the government's recent measures to ease cost-of-living pressures, including the reduction of RON95 petrol prices from RM2.05 to RM1.99 per litre, and a one-off RM100 cash assistance to all Malaysian adults. 'This also marks the first time in our history that all citizens, regardless of social status, receive a direct benefit from the government in conjunction with National Day celebrations,' he noted. These initiatives, he said, will begin rolling out this year, starting with the Sumbangan Asas Rahmah (Sara) aid on Aug 31. Tunku Nashrul clarified that these recent announcements are based on the current fiscal capacity of the government and are additional measures to what was planned in Budget 2025, specifically to ease the people's burden of the rising cost of living. He also took a pointed jab at Sanusi's public remarks, saying: 'I'd like to take a moment to help Datuk Seri Sanusi understand the difference between 'assistance' and 'budget' – a basic administrative concept that appears to elude him despite his time in office. 'Everything announced yesterday has nothing to do with Budget 2026. That budget only applies in the year 2026, which is why it's called Budget 2026.' Tunku Nashrul emphasised that details of additional assistance and initiatives for next year will be announced during the tabling of Budget 2026, scheduled for October. He concluded by saying that the Madani Government is committed to sharing national prosperity more broadly, but urged for fewer political distractions that could derail national recovery efforts. 'The Prime Minister's Office remains open should the Kedah Menteri Besar require a concise or detailed briefing to avoid further confusion or distortion when commenting on public finance,' he added. – Bernama
The Star
2 days ago
- Business
- The Star
Bursa stages rebound to close at intra-day high on late bargain-hunting
KUALA LUMPUR: Late bargain hunting of consumer-related stocks pushed Bursa Malaysia to close at its intraday high on Wednesday, allowing the market to recover losses in the previous two sessions. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bounced 10.39 points, or 0.68 per cent, to close at an intra-day high of 1,529.79 from yesterday's close of 1,519.40. The benchmark index opened 0.08 of a point higher at 1,519.56 and moved between 1,519.48 and 1,529.79 throughout the trading session. Gainers led losers in the broader market 627 to 387, while 496 counters were unchanged and 969 untraded, with seven suspended. Turnover jumped to 3.27 billion shares worth RM2.26 billion from 2.82 billion shares worth RM2.05 billion on Tuesday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed the day on a firmer footing as the market sentiment was lifted following Prime Minister Datuk Seri Anwar Ibrahim's announcement of a one-off RM100 cash handout, which drove renewed interest in consumer-related stocks. "As a result, the consumer sector led gains among FBM KLCI constituents,' he told Bernama. Mohd Sedek said regional markets also posted broad-based gains, supported by improved sentiment after the United States agreed to impose a reduced 15 per cent import duty on selected Japanese goods, which exclude strategic items such as steel and aluminium, which remain subject to elevated tariffs. "This marked a de-escalation from the previously threatened 25 per cent levy scheduled to take effect on Aug 1 in the absence of a bilateral agreement,' he added. Similarly, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key index closed higher as major regional bourses staged a strong rebound after US President Donald Trump announced that he had completed a "massive deal' with Japan. "Back home, despite heightened external volatility, we believe Malaysian equities remain fundamentally resilient. The benchmark index is attempting to reclaim the 1,530 level, and a breakout supported by strong volume could pave the way for a sustained upward trajectory. "As such, we maintain our weekly FBM KLCI target at between 1,510-1,540,' he added. Regionally, Hong Kong's Hang Seng advanced 1.13 per cent to close at 25,413.48, Singapore's Straits Times Index improved 0.47 per cent to 4,227.85, and South Korea's Kospi gained 0.44 per cent to 3,183.77. Japan's Nikkei 225 rallied 3.51 per cent to 41,171.32. Of the heavyweight stocks, Maybank earned six sen to RM9.59, Tenaga Nasional was 16 sen better at RM13.94, and CIMB gained 12 sen to RM6.67. IHH Healthcare improved two sen to RM6.62, CelcomDigi added four sen to RM3.83, while Public Bank dropped two sen to RM4.29. Top gainers were led by Nestle, which jumped 94 sen to RM76.90, while Fraser and Neave and Hong Leong Industries added 26 sen to RM28.70 and RM13.26, respectively. UMW was 19 sen better at RM2.24, while Vitrox and Sam Engineering gained 17 sen each to RM4.74 and RM4.19. Among the most active stocks, NexG gained 1.5 sen to 52 sen, while Tanco and Ekovest both added half-a-sen to 91.5 sen and 39.5 sen, respectively. Zetrix was two sen better at 94.5 sen, and Green Packet topped up half-a-sen to five sen.
New Straits Times
2 days ago
- Business
- New Straits Times
Bursa stages rebound to close at intra-day high on late bargain hunting
KUALA LUMPUR: Late bargain hunting of consumer-related stocks pushed Bursa Malaysia to close at its intraday high on Wednesday, allowing the market to recover losses in the previous two sessions. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bounced 10.39 points, or 0.68 per cent, to close at an intra-day high of 1,529.79 from yesterday's close of 1,519.40. The benchmark index opened 0.08 of a point higher at 1,519.56 and moved between 1,519.48 and 1,529.79 throughout the trading session. Gainers led losers in the broader market 627 to 387, while 496 counters were unchanged and 969 untraded, with seven suspended. Turnover jumped to 3.27 billion shares worth RM2.26 billion from 2.82 billion shares worth RM2.05 billion on Tuesday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed the day on a firmer footing as the market sentiment was lifted following Prime Minister Datuk Seri Anwar Ibrahim's announcement of a one-off RM100 cash handout, which drove renewed interest in consumer-related stocks. "As a result, the consumer sector led gains among FBM KLCI constituents," he told Bernama. Mohd Sedek said regional markets also posted broad-based gains, supported by improved sentiment after the United States agreed to impose a reduced 15 per cent import duty on selected Japanese goods, which exclude strategic items such as steel and aluminium, which remain subject to elevated tariffs. "This marked a de-escalation from the previously threatened 25 per cent levy scheduled to take effect on Aug 1 in the absence of a bilateral agreement," he added. Similarly, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key index closed higher as major regional bourses staged a strong rebound after US President Donald Trump announced that he had completed a "massive deal" with Japan. "Back home, despite heightened external volatility, we believe Malaysian equities remain fundamentally resilient. The benchmark index is attempting to reclaim the 1,530 level, and a breakout supported by strong volume could pave the way for a sustained upward trajectory. "As such, we maintain our weekly FBM KLCI target at between 1,510-1,540," he added.
Borneo Post
2 days ago
- Business
- Borneo Post
Limited business impact from aid package, says Sarawak Chinese body chief
Wee says that while the initiatives primarily cover the general public, their effect on the business community remains relatively modest. KUCHING (July 23): The 'Appreciation for the People' financial package is expected to have limited direct impact on the business community, said Sarawak Federation of Chinese Associations (SFCA) president Dato Richard Wee. Commenting on Prime Minister Datuk Seri Anwar Ibrahim's recent announcement, Wee noted that while the initiatives primarily cover the general public, their effect on the business community remains relatively modest. 'From initial understanding of the announcement, the major areas covered are aimed at the rakyat. For the business community, the impact is somewhat minimal,' he told The Borneo Post. However, he said business owners may indirectly benefit from postponed toll fare hikes and electricity savings, while supermarkets and shops may see a boost in sales due to increased spending on sundry goods and groceries. Wee added that the financial package will have more impact on Peninsular Malaysia than in Sarawak and Sabah, stressing that it is crucial for the federal government to ensure benefits are fairly distributed across all states. Among the measures announced was the reduction of RON95 petrol to RM1.99 per litre under a newly targeted subsidy mechanism. Currently priced at RM2.05, the new subsidy is expected to benefit around 18 million motorists nationwide. Additionally, 85 per cent of domestic consumers reportedly saw a reduction of up to 14 per cent in their July electricity bills compared to the first half of the year. The Prime Minister also announced a one-off RM100 cash aid for all Malaysian citizens aged 18 and above in conjunction with the Merdeka Day celebration. The assistance, provided under the Sumbangan Asas Rahmah (Sara) programme, will be credited via MyKad and can be used to purchase essential goods between Aug 31 and Dec 31 at over 4,100 participating stores nationwide. The initiative involves an allocation of RM2 billion and is expected to benefit 22 million Malaysians. As for 'Jualan Rahmah Madani', the government will double its allocation from RM300 million to RM600 million this year. 'This additional allocation will increase the frequency of sales and expand the number of locations nationwide, covering all 600 state constituencies. 'It will also broaden the variety of goods offered to give the people more options,' said Anwar. Additionally, Malaysians will enjoy an additional public holiday on Sept 15 in conjunction with Malaysia Day, allowing more time for rest and family. anwar ibrahim business impact financial aid Richard Wee
