Latest news with #RM6.1
The Sun
6 days ago
- Business
- The Sun
Penang seeks federal tax revenue share amid SST changes
GEORGE TOWN: The Penang state government hopes the federal government will consider sharing tax revenue to support the state's development and social welfare programmes, especially considering the implementation of the revised and expanded Sales and Services Tax (SST) on July 1. Chief Minister Chow Kon Yeow said he had taken the initiative last year to request a 20 per cent share of tax revenue collected within Penang, but the proposal was neither approved nor taken up by the federal government. 'We always welcome approval and allocations from the federal government for infrastructure projects, but we also require funding to implement other state-related projects as well as welfare and social programmes. 'If 20 per cent is a burden, why not start with 10 per cent? We can understand their (the federal government's) position as well, but I think it is an appropriate time for them to consider this seriously,' he told a press conference on Penang's approved manufacturing investment for the first quarter of 2025 (1Q 2025), here today. Chow added that every state faced constraints in terms of getting sufficient revenue to run operations, and that he is mulling the decision to lobby other Menteri Besar and Chief Ministers to raise this matter as a group. Commenting on the state's investment prospects, he said Penang remained optimistic about its short- to medium-term outlook despite ongoing external uncertainties, including the global tariff uncertainty. 'Despite these uncertainties, InvestPenang continues to report strong investor inquiries from various countries every month, signalling sustained interest in both new investments and reinvestments,' he said. In 1Q 2025, the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total, positioning Penang as the second-highest contributor among all states. These investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. Significantly, he said 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign direct investments, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. 'The breakdown further reflects our industrial strengths, with 79 per cent directed to the electrical and electronics sector, and 15 per cent into machinery and equipment. The United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). 'As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity by cultivating innovation, empowering our workforce and building a resilient ecosystem that welcomes high-impact, transformative investments,' he added.
New Straits Times
6 days ago
- Business
- New Straits Times
Penang appeals for tax sharing to boost state development
GEORGE TOWN: The Penang state government hopes the federal government will consider sharing tax revenue to support the state's development and social welfare programmes, especially considering the implementation of the revised and expanded Sales and Services Tax (SST) on July 1. Chief Minister Chow Kon Yeow said he had taken the initiative last year to request a 20 per cent share of tax revenue collected within Penang, but the proposal was neither approved nor taken up by the federal government. "We always welcome approval and allocations from the federal government for infrastructure projects, but we also require funding to implement other state-related projects as well as welfare and social programmes. "If 20 per cent is a burden, why not start with 10 per cent? We can understand their (the federal government's) position as well, but I think it is an appropriate time for them to consider this seriously," he told a press conference on Penang's approved manufacturing investment for the first quarter of 2025 (1Q 2025), here today. Chow added that every state faced constraints in terms of getting sufficient revenue to run operations, and that he is mulling the decision to lobby other Menteri Besar and Chief Ministers to raise this matter as a group. Commenting on the state's investment prospects, he said Penang remained optimistic about its short- to medium-term outlook despite ongoing external uncertainties, including the global tariff uncertainty. "Despite these uncertainties, InvestPenang continues to report strong investor inquiries from various countries every month, signalling sustained interest in both new investments and reinvestments," he said. In 1Q 2025, the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total, positioning Penang as the second-highest contributor among all states. These investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. Significantly, he said 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign direct investments, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. "The breakdown further reflects our industrial strengths, with 79 per cent directed to the electrical and electronics sector, and 15 per cent into machinery and equipment. The United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). "As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity by cultivating innovation, empowering our workforce and building a resilient ecosystem that welcomes high-impact, transformative investments," he added.
New Straits Times
6 days ago
- Business
- New Straits Times
Penang records RM6.7bil in approved manufacturing investments in Q1
GEORGE TOWN: Penang continues to demonstrate its resilience and competitiveness as a leading investment destination, even amid global uncertainties and persistent trade tensions. In the first quarter of this year (Q1 2025) , the state secured RM6.7 billion in approved manufacturing investments, representing 22 per cent of Malaysia's total and positioning Penang as the second-highest contributor after Sabah. Chief Minister Chow Kon Yeow said these investments, stemming from 36 approved manufacturing projects, are expected to create 4,577 new job opportunities, further strengthening Penang's position as an economic powerhouse. He said, significantly, 90 per cent of the total investment, amounting to RM6.1 billion, came from foreign sources, reaffirming Penang's position as a trusted global hub for advanced manufacturing and innovation. He also said the breakdown further reflected the industrial strengths, with 79 per cent directed to the electrical and electronics (E&E) sector and 15 per cent into machinery and equipment. He added that the United States led foreign investments with RM2.4 billion, followed by Hong Kong (RM1.3 billion) and Taiwan (RM1.1 billion). "I remain optimistic about Penang's medium- to long-term investment prospects. "Although we are currently facing uncertainties related to the United States' tariffs, Invest Penang, the state's investment promotion agency, continues to receive strong interest from global investors, both for new investments and reinvestments in Penang. "We are currently filtering through these investor enquiries and hope they will yield positive results once due diligence is completed," he told newsmen when announcing the state's approved manufacturing investment for quarter one here today. In quarter one last year, the state recorded RM1.8 billion in approved manufacturing investments. For the whole of last year, the state recorded RM17.3 billion in approved manufacturing investments. Chow said this sustained interest echoed Penang's strong performance in 2024, when Singapore (RM4.0 billion), the United States (RM2.9 billion), and Taiwan (RM2.1 billion) ranked as our top investing economies, underscoring continued trust from the world's leading technology players. "This upward momentum is the result of Penang's consistent focus on building a resilient, innovation-driven economy. "Our strategic positioning in the global supply chain is strengthened by the alignment of forward-looking policies, industrial infrastructure, and a highly skilled talent pool. "While we continue to excel in manufacturing, Penang is now actively advancing into high-value domains such as IC design, advanced packaging, and precision equipment manufacturing, in support of the National Semiconductor Strategy," he added. At the same time, Chow said the state was nurturing emerging sectors, including medical technology (MedTech) and global business services (GBS), to ensure broader, more sustainable growth. "As we look ahead, Penang remains firmly committed to unlocking new frontiers of economic opportunity. "Our priorities are clear: to cultivate innovation, empower our workforce and build a resilient ecosystem that welcomes high-impact, transformative investments. "Let today's announcement not just be a reflection of past success but a signal of Penang's readiness to lead Malaysia's industrial transformation – boldly, strategically, and collaboratively with all our partners, both local and global," he said. Meanwhile, Chow said the state expected a clearer picture to only emerge in the second quarter figure following the uncertainty over the tariff announcement. "The tariff, announced during the first quarter, is expected to have a greater impact in the second quarter or the second half of the year. "So, it is still too early to determine the full extent of this impact," he said.
Hype Malaysia
6 days ago
- Entertainment
- Hype Malaysia
Singer Ju Haknyeon Claims Former Agency One Hundred Forced Him To Leave THE BOYZ
It looks like former THE BOYZ (더보이즈) member Ju Haknyeon (주학년) is standing his ground against the recent allegations made towards him. The K-pop idol will also take action against several parties, including his former label, One Hundred. Last week, the idol faced rumours of engaging in prostitution after being spotted drinking with Japanese influencer Asuka Kirara. In response to the allegations, Ju Haknyeon's now-former label, One Hundred, announced the termination of his exclusive contract and his departure from THE BOYZ. Ju Haknyeon would later share a brief statement denying the prostitution allegations. However, over the weekend, the 26-year-old shockingly announced his decision to take legal action against One Hundred for unlawful termination. In his statement, Ju Haknyeon claimed that the agency had forced him to sign a termination agreement and demanded over KEW 2 billion (approximately RM6.1 million) in damages. After refusing the demands, One Hundred announced the singer's departure from his group and the label. One Hundred denied Ju Haknyeon's claims, even mentioning a specific reason for terminating his exclusive contract. Following this, Japanese news outlet Shukan Bunshun released alleged photos of the idol and Asuka. Korean news outlet Dispatch also released its own exposé, alleging that Ju Haknyeon spent the night with Asuka and bragged about it to his groupmates. The exposé also claimed that the vocalist had agreed to leave the group but changed his mind. Following these allegations, Ju Haknyeon released another statement to reinstate his innocence. In the new statement, the idol also alleges that someone is trying to frame him for something he didn't do, noting the suspiciously 'planned' revelations from news outlets. Additionally, Ju Haknyeon is taking legal action against news outlets for defamation. He said he would continue fighting to reveal the truth and clear his name. The public's reaction to the situation remains mixed. However, fans continue supporting Ju Haknyeon, hoping he can clear his name. We also hope that justice will prevail and the truth will reveal itself. What are your thoughts on this? Read Ju Haknyeon's statement below: Sources: Instagram (1)(2), Soompi (1)(2), Koreaboo What's your Reaction? +1 0 +1 0 +1 0 +1 0 +1 0 +1 0
BusinessToday
7 days ago
- Business
- BusinessToday
Malaysian Universities Top The QS Rankings, Yet RM6.1 Billion Spent Sending Students Abroad
Sunway University saw its ranking jump 129 places to become the 410th best varsity globally By Dr. Syed Alwee Alsagoff Malaysia achieved the world's highest improvement rate in last week's QS 2026 University Rankings – 70% of our 32 institutions climbed global standings, with Universiti Malaya reaching 58th and Sunway University jumping 129 positions to 410th globally. Yet Malaysian families still spend RM6.1 billion annually sending 75,000 students overseas – equivalent to our top five universities' combined operating costs. Malaysia's best minds build foreign economies while outsourcing their children's education – a self- sabotaging cycle fueled by rankings obsession. This 'gilded cage' of global validation backfired: local tuition now exceeds Australian/Canadian household affordability, burying graduates under 1.33 years' salary debt (outpacing Singapore's 1.10 and Britain's 1.18). We've surpassed the very systems we emulate in financial burden, yet still question our own excellence. Meanwhile, the Western universities we're chasing face unprecedented crisis: the US has frozen student visa processing while universities lose billions in federal funding, the UK's Office for Students warns that 72% of English universities could face deficits by 2025-26, France imposed €900 million in education budget cuts, and Canada's elite institutions struggle with massive shortfalls. Three persistent myths drive our educational paradox, despite mounting evidence to the contrary: Myth 1: Western degrees guarantee success. The UK Higher Education Statistics Agency (2024) shows only 68% of graduates secured high-skilled jobs, while 40% work in non-graduate roles. By contrast, Malaysia's top STEM graduates earn 70-80% of US wages (PPP-adjusted, Bank Negara Malaysia 2023) without the RM400,000 overseas debt burden. The supposed 'global advantage' remains uncertain at best. Myth 2: Rankings equal quality. Our rankings obsession created this gilded cage. UPM's 'Triple Crown' MBA accreditation (held by just 1% of business schools worldwide) proves our excellence, yet we celebrate improvements in Western league tables that systematically favour centuries-old reputations over teaching excellence. Our misplaced reverence for imported credentials blinds us to homegrown excellence. Myth 3: We must undercharge to compete. UPM's Triple Crown MBA costs international students RM37,900 – just over a tenth of Melbourne's RM330,000 or Manchester's RM285,000. Malaysian universities offer equal quality at dramatically lower prices, but these discounts don't compete; they concede. Our own pricing perpetuates the very inferiority myth we seek to overcome. The global education landscape is shifting. China's R&D expenditure reached USD458.5 billion in 2023, contributing 40% of global AI research papers. India surged from USD32 billion to USD75 billion in R&D spending between 2015-2021. South Korea's formed their own University Rankings Forum. These nations stopped seeking Western validation and started defining their own excellence metrics. Malaysia must follow suit – not by copying their models, but by recognising that the improvement rate proves we already have what it takes to compete globally. Malaysia's education revolution begins with three decisive digital reforms: First, Education Malaysia must streamline its global footprint by reducing its twelve international offices to only the most essential – a move proven effective when the British Council saved £185 million after closing twenty locations. Second, we must implement competitive tuition pricing, ensuring international student fees reflect at least 50% of Western rates to balance accessibility with institutional sustainability. Third, TalentCorp's Malaysia@Heart initiative should be transformed into a student-diaspora centred networks platform that rival Germany's DAAD (which now manages €426 million in digital programs) and Australia's OS-HELP (supporting 15,000 students without physical offices). Yet money isn't the barrier – mindset is. True transformation requires more than restructuring – it demands strategic ambition. While other nations rely on physical presence, Malaysia should pioneer digital scholar-diplomacy: cultivating elite networks to secure preferential access at top global institutions, and deploying education envoys to negotiate strategic partnerships. Malaysia has the tools – now we need the nerve. We must stop treating degrees as job tickets and start demanding world-beating standards. This is our moment to stop chasing global benchmarks and start setting them. The world rewards leaders, not followers. Related
