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New Straits Times
12 hours ago
- Automotive
- New Straits Times
Tax expansion poses limited direct impact on auto sector
KUALA LUMPUR: The upcoming expansion of the service tax scope, effective next month, will have a limited direct impact on Malaysia's automotive sector, according to CIMB Securities Sdn Bhd. The firm said this is because vehicle sales are already subject to a 10 per cent sales tax, while maintenance and repair services incur an eight per cent service tax. "That said, there may be a slight increase in dealership and showroom rental costs due to the measure, although we believe the impact will be minimal. "Indirectly, however, weaker consumer sentiment could weigh on new vehicle sales in the second half of 2025 (2H25)," it added. CIMB Securities also highlighted that the Malaysian Automotive Association has forecast a 4.5 per cent year-on-year (YoY) decline in total industry volume (TIV) to 780,000 units in 2025. This is attributed to demand normalisation and a reduced industry order backlog. The firm said MAA also flagged global economic uncertainty, exacerbated by US-China trade tensions, as a risk to Malaysia's economic outlook. In addition, the government has postponed the implementation of the revised open market value (OMV) calculation from January 2025 to January 2026. CIMB Securities views this delay as a short-term positive for the sector, as the new OMV formula could raise the average selling price of locally assembled vehicles by 10–30 per cent, based on MAA estimates. The firm also expects a sharper seven per cent YoY decline in TIV to 760,000 units, mainly due to potential headwinds such as the planned removal of the RON95 petrol subsidy in 2H25. "Despite this, we expect demand in the sub-RM100,000 segment to remain resilient, supported by national brands and selected entry-level Japanese models. "The government's plan, outlined in Budget 2025, to retain subsidies for at least 85 per cent of RON95 users should help cushion the impact and support affordability in the mass-market segment. "Consequently, we project national brands to retain a dominant 64.5 per cent market share in 2025, with non-national marques accounting for the remaining 35.5 per cent," it said. Furthermore, CIMB Securities believes the removal of fuel subsidies could further accelerate battery electric vehicle adoption. The firm also expects a potential spike in electric vehicle (EV) demand in the fourth quarter of 2025 as buyers rush to benefit from tax savings. Full duty exemptions for imported EVs are set to expire by the end of 2025, and the government is unlikely to extend them beyond the December 31, 2025 deadline. "Within our coverage, Sime Darby Bhd is well-positioned to ride this wave, supported by its expanding EV line-up across brands like BMW, Mini, Porsche, BYD, and Volvo," it said. Overall, CIMB Securities has maintained a "Neutral" rating on the auto sector due to a subdued growth outlook amid intensifying market competition. It noted that Sime Darby remains its top sector pick, supported by earnings recovery in the Australian mining sector, a broad EV portfolio, its stake in Malaysia's auto market leader Perodua, and the potential monetisation of non-core and land bank assets. Moving forward, the firm said key catalysts for the sector include the strengthening of the ringgit against the US dollar and Japanese yen, a reduction in interest rates, and favourable government policies aimed at reviving domestic demand. Key downside risks to its call include depreciation of the ringgit, interest rate hikes, and weaker consumer sentiment stemming from the potential subsidy rationalisation programme and new taxes.
Yahoo
06-06-2025
- Yahoo
Louisiana Office of Motor Vehicles says another text message scam is circulating. Here's what to know.
BATON ROUGE, La. (Louisiana First) — Louisiana residents should be aware of another text message scam circulating that has the potential to steal personal information and charge unnecessary fees. Louisiana State Police (LSP) and the Louisiana Office of Motor Vehicles (OMV) say in the latest scam attempt, residents have received text messages claiming the recipient has an 'outstanding traffic ticket' and must pay a fee or face penalties. The OMV recommends that customers ignore and delete the text messages. Here are tips to help avoid scams: DO NOT click on links in an unsolicited message from an unverified source DO NOT respond or send your personal information via text Delete all suspicious texts and emails and report them to Exercise caution with all communications you receive from anonymous sources Confirm the message was generated from a legitimate source Keep an eye out for signs of scams (rewards, vague URLs, incorrect grammar) The Louisiana OMV does not send text messages or emails threatening prosecution for traffic or fee violations. To process legitimate online services safely and securely, Louisiana residents can visit the official OMV website at Lawmakers sit back to watch Trump-Musk blowup drama What We Learned: Casan Evans is him, LSU fans are spoiled Customers report getting punctured Nintendo Switch 2s from NYC GameStop Former Ascension Public Schools employee arrested for felony theft Louisiana Office of Motor Vehicles says another text message scam is circulating. Here's what to know. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Scoop
03-06-2025
- Politics
- Scoop
$200 Million For Oil And Gas An Affront To The Youth Of Aotearoa
Press Release – Climate Justice Taranaki Driven by corporate greed, Jones, McLeod and the current government are quite happy to sacrifice the future of a liveable climate for coming generations for short-term profits for their mates in the oil and gas industry, says Urs Signer, from the community … 'The government's budget announcement to use $200 million of taxpayers money to subsidise the oil and gas industry while we are in the middle of a climate crisis is completely out of touch with the global scientific community's call for drastic action to reduce greenhouse gas emissions' says Urs Signer, from the community group Climate Justice Taranaki. 'It is obvious that MPs like Shane Jones and our local New Plymouth MP David McLeod are stuck in the dark ages when it comes to taking urgent action on climate change and have demonstrated once again that they do not understand that there is no economy on a dead planet. For decades, the neoliberal agenda of resource extraction to accumulate more and more wealth for the rich and powerful has driven us into what is now called the sixth mass extinction. Driven by corporate greed, Jones, McLeod and the current government are quite happy to sacrifice the future of a liveable climate for coming generations for short-term profits for their mates in the oil and gas industry. It is an absolute affront to the youth of Aotearoa that this government is happily throwing their future away for fleeting economic gain.' 'We all know the fossil fuel industry has no future. The government needs to get real and invest in transition jobs like Jobs For Nature, rural health clinics, sustainable timber milling for local markets and fossil-free technology for small-scale local agriculture.' 'We will also be organising against Todd Energy's new application to explore for oil and gas off the coast of Kawhia or the government's proposed new offshore wells near Maui.' 'Climate Justice Taranaki has been holding weekly Friday pickets outside oil and gas giants like OMV, Beach and Todd Energy in New Plymouth to highlight our community's opposition to their agenda of drilling us into extinction. We will keep pushing back against this government's mining agenda. Seabed mining, oil and gas drilling and coal extraction have no future in Aotearoa' concludes Signer. To join the Fossil Fool Fridays for Future pickets, meet 8am on Gill St outside oil and gas miners: OMV, Todd and Beach Energy with a banner or placard. The picket will visit the ANZ bank afterwards due to their investment in Bathurst Resources coal mining in the South Island.
Scoop
03-06-2025
- Politics
- Scoop
$200 Million For Oil And Gas An Affront To The Youth Of Aotearoa
Press Release – Climate Justice Taranaki Driven by corporate greed, Jones, McLeod and the current government are quite happy to sacrifice the future of a liveable climate for coming generations for short-term profits for their mates in the oil and gas industry, says Urs Signer, from the community … 'The government's budget announcement to use $200 million of taxpayers money to subsidise the oil and gas industry while we are in the middle of a climate crisis is completely out of touch with the global scientific community's call for drastic action to reduce greenhouse gas emissions' says Urs Signer, from the community group Climate Justice Taranaki. 'It is obvious that MPs like Shane Jones and our local New Plymouth MP David McLeod are stuck in the dark ages when it comes to taking urgent action on climate change and have demonstrated once again that they do not understand that there is no economy on a dead planet. For decades, the neoliberal agenda of resource extraction to accumulate more and more wealth for the rich and powerful has driven us into what is now called the sixth mass extinction. Driven by corporate greed, Jones, McLeod and the current government are quite happy to sacrifice the future of a liveable climate for coming generations for short-term profits for their mates in the oil and gas industry. It is an absolute affront to the youth of Aotearoa that this government is happily throwing their future away for fleeting economic gain.' 'We all know the fossil fuel industry has no future. The government needs to get real and invest in transition jobs like Jobs For Nature, rural health clinics, sustainable timber milling for local markets and fossil-free technology for small-scale local agriculture.' 'We will also be organising against Todd Energy's new application to explore for oil and gas off the coast of Kawhia or the government's proposed new offshore wells near Maui.' 'Climate Justice Taranaki has been holding weekly Friday pickets outside oil and gas giants like OMV, Beach and Todd Energy in New Plymouth to highlight our community's opposition to their agenda of drilling us into extinction. We will keep pushing back against this government's mining agenda. Seabed mining, oil and gas drilling and coal extraction have no future in Aotearoa' concludes Signer. To join the Fossil Fool Fridays for Future pickets, meet 8am on Gill St outside oil and gas miners: OMV, Todd and Beach Energy with a banner or placard. The picket will visit the ANZ bank afterwards due to their investment in Bathurst Resources coal mining in the South Island.
Scoop
02-06-2025
- Politics
- Scoop
$200 Million For Oil And Gas An Affront To The Youth Of Aotearoa
'The government's budget announcement to use $200 million of taxpayers money to subsidise the oil and gas industry while we are in the middle of a climate crisis is completely out of touch with the global scientific community's call for drastic action to reduce greenhouse gas emissions' says Urs Signer, from the community group Climate Justice Taranaki. 'It is obvious that MPs like Shane Jones and our local New Plymouth MP David McLeod are stuck in the dark ages when it comes to taking urgent action on climate change and have demonstrated once again that they do not understand that there is no economy on a dead planet. For decades, the neoliberal agenda of resource extraction to accumulate more and more wealth for the rich and powerful has driven us into what is now called the sixth mass extinction. Driven by corporate greed, Jones, McLeod and the current government are quite happy to sacrifice the future of a liveable climate for coming generations for short-term profits for their mates in the oil and gas industry. It is an absolute affront to the youth of Aotearoa that this government is happily throwing their future away for fleeting economic gain.' 'We all know the fossil fuel industry has no future. The government needs to get real and invest in transition jobs like Jobs For Nature, rural health clinics, sustainable timber milling for local markets and fossil-free technology for small-scale local agriculture.' 'We will also be organising against Todd Energy's new application to explore for oil and gas off the coast of Kawhia or the government's proposed new offshore wells near Maui.' 'Climate Justice Taranaki has been holding weekly Friday pickets outside oil and gas giants like OMV, Beach and Todd Energy in New Plymouth to highlight our community's opposition to their agenda of drilling us into extinction. We will keep pushing back against this government's mining agenda. Seabed mining, oil and gas drilling and coal extraction have no future in Aotearoa' concludes Signer. To join the Fossil Fool Fridays for Future pickets, meet 8am on Gill St outside oil and gas miners: OMV, Todd and Beach Energy with a banner or placard. The picket will visit the ANZ bank afterwards due to their investment in Bathurst Resources coal mining in the South Island.
