Day: July 31, 2024

KUALA LUMPUR,, Bursa Malaysia’s benchmark index rose further at midday in line with the upbeat performance of regional bourses ahead of the US Federal Reserve’s (Fed) rate cut decision due later in the day. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 6.75 points, or 0.42 per cent, to 1,618.69 from yesterday’s close of 1,611.94. The FBM KLCI opened 1.39 points higher at 1,613.33 and subsequently moved between 1,611.60 and 1,619.94 during the morning session. However, in the broader market, decliners outpaced advancers 686 to 298, while 421 counters were unchanged, 1,044 untraded, and 54 others suspended.

KUALA LUMPUR,, The High Court was informed today that the Attorney General’s Chambers (AGC) has yet to decide on Datuk Seri Najib Tun Razak’s representation to drop three additional money laundering charges involving RM27 million from SRC International Sdn Bhd funds. During case management proceedings today, deputy public prosecutor Mohd Ashrof Adrin Kamarul told Judge K. Muniandy that the representation is pending. “The position is still the same. As of now, I don’t foresee any decision (on the representation letter) in the next few months but I was hoping to get a case management date fixed during the interim period.

KUALA LUMPUR,, Deputy Minister of Entrepreneur Development and Co-operatives Datuk R. Ramanan informed the Dewan Negara today that 1,596 out of 13,304 micro-cluster co-operatives are inactive. He stated that the Ministry, through the Malaysian Co-operative Commission, is committed to enhancing the capability of micro-cluster co-operatives by implementing various initiatives and programmes. “Among others, we have provided specialised record management guidance and advisory services to micro-co-operatives through the Cooperative Account Empowerment Programme (PKASA), involving 4,051 co-operatives with an allocation of RM1.4 million since 2021. “We have also implemented the Accounting and Auditing Assistance Programme (PAKAR), which includes support for account preparation

KUALA LUMPUR,, Malaysia’s official reserve assets amounted to US$113.82 billion (US$1=RM4.61) while other foreign currency assets stood at US$513.40 million as at end-June 2024, according to Bank Negara Malaysia (BNM). In a statement today, the central bank gave the detailed breakdown of international reserves, which provides forward-looking information on the size, composition, and usability of reserves and other foreign currency assets in line with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) format. It also provides the expected and potential future inflows and outflows of foreign exchange by the Federal Government and BNM over the next 12-month period. ‘Overall,

KUALA LUMPUR,, The Inland Revenue Board of Malaysia (IRB) has launched the MyInvois portal, kicking off its implementation of e-invoicing effective Aug 1, 2024. In a statement today, the IRB said the move will strengthen the country’s taxation system, increase transparency, and provide a more accurate assessment of compliance risk. The statement said e-invoicing will be implemented in stages, with the first phase involving 5,000 companies with recorded annual revenue or sales exceeding RM100 million starting Aug 1, 2024. “The second phase will start on Jan 1, 2025, involving companies with annual revenue or sales of between RM25 million and