Latest news with #ConcordeClub
New Straits Times
10 hours ago
- Business
- New Straits Times
Treasury sec-gen: Govt to monitor potential impact from ongoing geopolitical tensions
KUALA LUMPUR: The government is closely monitoring the ongoing geopolitical situation and its potential impact on the Malaysian economy, particularly in the wake of the Sales and Service Tax (SST) expansion. Treasury secretary-general Datuk Johan Mahmood Merican said the high level of uncertainty due to geopolitical developments in the Middle East may lead to premature conclusions on how it might influence inflation and the cost of living domestically. "I do recall back when we had the Ukraine war, there was just so much uncertainty. We don't know to what extent the situation may escalate and how that might impact the economy. "Initially, we had thought that the Russia-Ukraine war would not affect us much because we do not have much trade with either country. We were quite wrong. "It turned out that Ukraine was the major supplier of feed. Therefore, we suddenly saw an increase in agricultural inputs, which impacted prices," he said at the Concorde Club session. Johan said, given the ongoing conflict is in the Middle East, there will be some impact on oil prices, one of the key factors in Malaysia's inflation outlook. He said oil prices have been fluctuating significantly, having started the year in the mid-US$70 range, dipped to the low US$60s last month and recently climbed again amid regional instability. "But at least, year-to-date, inflation has remained below two per cent thus far. We saw a Maybank estimate of an impact of 0.25 per cent on the consumer price index (CPI) as a result of SST. "Our internal estimates are in that order of magnitude as well. But if the situation escalates, we certainly need to see how that impacts in terms of economic growth," he said. For now, Johan said the ministry will continue to monitor developments and adjust its economic strategies as needed to maintain price stability and protect Malaysians from sudden cost-of-living pressures. The expanded SST to improve national fiscal stability without overburdening the public is set to take effect from July 1. The government expects additional SST to increase by RM5 billion in 2025 and by RM10 billion in 2026 following the review and expansion of the tax scope. On RON95, Johan said the government remains committed to rationalising fuel subsidies through a targeted approach, with the implementation of RON95 petrol subsidy reforms anticipated in the second half of 2025. "The exact timing and structure are still subject to cabinet decision," he said. He said the move mirrors earlier reforms undertaken for electricity tariffs and diesel subsidies, which introduced tiered pricing mechanisms to protect lower and middle-income groups while curbing leakages.
The Star
11 hours ago
- Business
- The Star
Basic needs exempted from revised SST to protect vulnerable households, says Treasury sec-gen
PETALING JAYA: The sales and service tax (SST) expansion is part of the government's strategy to focus taxation on discretionary spending and not basic needs to protect vulnerable households, says Treasury secretary-general Datuk Johan Mahmood Merican. He said the structure of the expansion minimised the burden on the people by exempting basic goods and small service operators from SST. Responding to concerns about affordability for low-income groups, Johan also said the SST's projected impact on inflation is modest and should not negate the benefits of wage reforms. 'Bank estimates show SST would only add about 0.25% to the consumer price index. So yes, there is impact, but not of a magnitude that wipes out wage gains,' he said. ALSO READ: Taxes should prioritise people's overall well-being 'The very basic goods… your chicken meat, vegetables, rice, roti… remain at 0%,' he told media practitioners attending the Concorde Club meeting via Zoom on Monday (June 23), moderated by Bernama chairman Datuk Seri Wong Chun Wai. 'Even for seafood, it's targeted. Kembung and tilapia remain exempt while premium items like salmon and caviar are taxed,' he added. Johan also said imported fruits are subject to 5% SST, while local fruits remain exempt, a move he said was both a matter of consumer choice and policy encouragement for domestic agriculture. 'We feel there is an element of choice. There are local fruits you can buy. It's also about promoting local food production," he said. ALSO READ: Expansion of SST burdens people and raises prices, says Dr Wee Hair and beauty salons have similarly been categorised under non-essential consumption. However, Johan said the government drew a line to protect small businesses from compliance burdens. 'The smaller one-man or two-man barbershops are likely below the RM500,000 annual threshold and won't be taxed. 'Larger establishments offering premium services would fall within the scope,' he said. ALSO READ: RON95 price will not be raised, assures Anwar The government has raised the minimum wage to between RM1,500 and RM1,700, an initiative Johan said would translate into a net benefit, especially when paired with the exemption of basic goods from SST. He also pointed out that most households will see reduced electricity bills under the latest tariff adjustments and will continue enjoying fuel subsidies under the planned RON95 rationalisation. 'This combination of targeted taxation, maintained subsidies and higher wages is meant to ease pressure on the rakyat while ensuring we have the revenue to fund public services,' Johan said. The Concorde Club is an informal group of editors and senior journalists meeting with politicians and key policymakers. Previous guests have included Prime Minister Datuk Seri Anwar Ibrahim, Penang Chief Minister Chow Kon Yeow, Opposition Leader Datuk Seri Hamzah Zainudin, Datuk Seri Mohamad Hasan, Anthony Loke and Nurul Izzah Anwar.
Yahoo
23-04-2025
- Entertainment
- Yahoo
Amarillo singer Tony Christie's local date on his 2026 farewell tour
Instead of looking for the Amarillo sign post, legendary crooner Tony Christie will be navigating his way to Eastleigh next year. The Concorde Club will be one of his stops on his Farewell Tour Up Close and Unplugged on Friday February 20, 2026. He is no stranger to the top Stoneham Lane entertainment venue. Two years ago he took centre stage there for his 80th birthday. READ MORE: Final concert for longest serving group in British pop history The 82 year-old crooner, whose (Is This The Way To) Amarillo hit put him firmly on the map as one of the nation's treasures, will be marking another major milestone in a career spanning more than 60 years. Yorkshire born Tony launched his musical career at the age of 17 in a duo called the Grant Brothers and until 1969 simply fronted bands. That year he signed with MCA records and carved a career as a solo performer with a string of hits including Amarillo, I Did What I Did for Maria, Sweet September, Walk Like A Panther and Avenues and Alleyways. In 2002, (Is This The Way To) Amarillo, which peaked at number 18 in the seventies charts, featured in the TV comedy series, Peter Kay's Phoenix Nights and it led to a resurgence in Tony Christie's popularity. The song was re-released in in March 2005, raising money for the Comic Relief charity and soared to number one in the charts. And the singer's brave battle against dementia has been well documented. He does his best to ignore the condition but does use an autocue when performing live. He says: "I have used the autocue for donkey's years. I am doing stuff from albums and I can't remember all those lyrics from 40 or 50 years ago." Tony believes performing actually helps with his dementia and added: "When I was diagnosed with it the doctor said 'You're in the music business so you are very lucky because that's one of the things that helps." The singer and The Concorde audience will not need an autocue when Amarillo raises the roof. Tickets are on sale now. Call 02380 613 989 or
Yahoo
24-03-2025
- Entertainment
- Yahoo
England's 1966 World Cup hat-trick hero announces Eastleigh fixture
England's 1966 World Cup hat trick hero Geoff Hurst has been booked for a special fixture at Eastleigh's Concorde Club. The football legend will take to the stage for An Evening with Geoff Hurst on Thursday September 4. He will talk about his illustrious West Ham and England career with his great friend and agent Terry Baker. READ MORE: Lonnie Donnegan's sons to pay tribute at The Concorde Club Sir Geoff secured a unique place in history when he became the first player to score a hat trick in a World Cup Final. Knighted in 1998 and inducted into the English Football Hall of Fame in 2001 Sir Geoff has cemented his place as one of the most iconic figures in English football. Sir Geoff is the sole survivor of the team that played at Wembley on July 30, 1966, and lifted the Jules Rimet trophy after beating the Germans 4-2. For tickets, call 023 8061 3989 or visit
