Latest news with #STR
The Star
6 hours ago
- Business
- The Star
'Economy grew better than expected', PM defends reforms
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has defended the government's handling of the economy, asserting that although the reforms may be challenging, they are beginning to yield real and positive results. Speaking at the monthly gathering of Finance Ministry staff, Anwar acknowledged public concerns and online criticism that the government is not managing the economy well, overspending, or making life harder with new taxes and reduced subsidies. "We are burdened with a tired fiscal system, weighed down by old debts and a narrow income base," he said. "But like it or not, we must reform, even if it's tough," said Anwar on Friday (June 20). Anwar stated that the country's economy is improving in several key areas. Malaysia has jumped 11 places to 23rd in the world in the latest global competitiveness ranking — the best score since 2020. "The economy grew by 5.1% in 2024, better than expected. The unemployment rate is down to 3.0%, the lowest in 10 years, and the ringgit has strengthened, gaining over 5% against the US dollar this year. "This shows the world is recognising our reforms and investors are responding positively to the direction we're taking." He said Malaysia's financial discipline is also gaining international praise. The International Monetary Fund (IMF) recently commended the country's efforts to control spending and debts, particularly the introduction of the Fiscal Responsibility Act 2023. "Government spending is now more careful, with fewer new debts and a shrinking fiscal deficit, which dropped to 4.1% in 2024." Anwar also stated that reforms are not about abandoning the people. "Instead, help is being delivered in a more targeted and effective way, where in 2023, 85% of households were unaffected by changes to electricity subsidies. "Diesel subsidies were adjusted in 2024 to reduce government spending without raising the cost of goods, as the logistics sector continued receiving support." He said the expanded sales and service tax (SST) changes starting in July 2025 will not affect essential goods. "We're not just saving money, we're using it better, for the people who truly need it." With more efficient use of funds, the government has been able to increase support where it matters most. Anwar said a record RM13 billion in cash assistance through the STR and SARA programmes will benefit nine million Malaysians, or 60% of the adult population. "Budgets for public services have also grown, with RM64bil allocated for education and RM45bil for healthcare in 2025. We're making sure these savings go back to the people — in the form of better aid, education, healthcare, and public transport." Anwar said Malaysia can no longer afford to do things the old way. Reform is hard, but necessary. "This is a journey of courage and commitment," he said. "With teamwork, understanding, and the will to do the right thing, we can carry out this trust with full responsibility." He urged civil servants and the public to stay united, work hard, and believe in the path the country is taking.
The Star
21 hours ago
- Business
- The Star
PMO: Tax expansion vital to ensure fiscal sustainability
KUALA LUMPUR: The country's revenue generation remains limited, and tax expansion is necessary to ensure fiscal sustainability, according to the Prime Minister's Office (PMO). Senior press secretary to the prime minister, Tunku Nashrul Abaidah, said that Malaysia is among the countries with the lowest tax-to-gross domestic product (GDP) ratio in the world, at about 12 per cent. Tunku Nashrul emphasised that the government's core principle is clear: the burden will not fall on the majority of the people. Instead, tax revenue will be reinvested into programmes that benefit the people. Among these are the RM13 billion allocated for the Rahmah Cash Contribution (STR) and Sumbangan Asas Rahmah (SARA), benefiting nine million recipients. He also said that RM400 million has been allocated to refurbish dilapidated clinics, and over RM600 million to repair more than 8,000 school toilets, benefitting over five million students. "This is the true foundation of every MADANI government policy, to improve the people's quality of life through responsible and comprehensive measures,' he said during the PMO briefing, which was streamed live on Anwar Ibrahim's Facebook page and the PMO Malaysia Facebook page today. On June 9, the government announced a targeted review of the sales tax rate and an expansion of the service tax scope, both of which will take effect from July 1. The sales tax rate remains unchanged for esential goods, while a five or 10 per cent rate will be imposed on selected items. Meanwhile, the scope of the service tax will be expanded to include six new services: leasing or rental, construction, finance, private healthcare, education, and beauty services. Treasury secretary-general Datuk Johan Mahmood Merican reportedly said that revenue from the Sales and Service Tax (SST) collection is expected to increase by RM5 billion in 2025 and by RM10 billion in 2026, following the implementation of the SST revised and expanded scope starting next month. - Bernama
Perth Now
a day ago
- Perth Now
Bali flight update after huge volcanic eruption
Major Australian airlines have provided updates on their services after one of Indonesia's most active volcanoes erupted on Tuesday. Bali's airport has been reopened after dozens of flights to and from Bali were cancelled or delayed after Mount Lewotobi Laki-Laki erupted at 5.35pm local time, spewing ash cloud 10km into the sky. No casualties have been reported but volcanic ash can damage and disable aircraft engines and affect airspace. Airlines have issued an update to services but travellers have been warned to expect further disruptions. A villager watches the eruption of Mount Lewotobi Laki-Laki as seen from Talibura village in Sikka, East Nusa Tenggara, on June 17, 2025. Credit: STR / AFP Jetstar cancelled four flights between Perth and Denpasar on Wednesday morning. The airline said flights would resume on Thursday evening between the two. 'At this stage, conditions are expected to remain clear on Thursday, and our flights are planned to operate,' Jetstar said in a statement. 'We continue to recommend customers check their flight status on before coming to the airport. 'Safety is always our number one priority, and we thank our customers who were impacted by Wednesday's disruptions for their patience and understanding.' Virgin cancelled flights from Brisbane, Sydney, Melbourne, Perth and the Gold Coast to Denpasar. Today's Bali services are unimpacted, a Virgin spokesperson said. The airline said it was working with Denpasar airport to schedule additional services on Thursday, June 19. Qantas had two flights departing from Sydney and Melbourne to Denpasar that were delayed for one to two hours. It is understood the airline's Bali flights are scheduled to operate as normal on Thursday.
Skift
a day ago
- Business
- Skift
Hyatt Acquires Playa Hotels & Resorts
The DJIA fell 44 points while the Nasdaq was up 25, the S&P 500 fell 2 points and the 10-year treasury yield was up a bit at 4.40%. Lodging stocks were mixed. SOHO was the big gainer, rising 10% and popping its head above $1 for the first time in months. In observance of the Juneteenth holiday, there will be no Daily Lodging Report on Thursday, June 19th. STR reported U.S. hotel data for the week ended June 14th. RevPAR was down -1.8% year over year, with occupancy down -2.4%. Group RevPAR was up 1.3%. Hyatt Hotels Corporation announced the completed acquisition of Playa Hotels & Resorts N.V. The transaction included the acquisition of 15 all-inclusive resorts previously managed and owned by Playa. Of these, eight were already represented within Hyatt's system as Hyatt Ziva and Hyatt Zilara properties. As part of the transaction, Hyatt expands its all-inclusive portfolio with the addition of several resorts located in premier beach destinations, including Secrets La Romana and Dreams La Romana in the Dominican Republic; Dreams Rose Hall in Montego Bay, Jamaica; and Hyatt Vivid Playa del Carmen and Sunscape Cancun in Mexico. Correction: Sunday's DLR contained coverage of a story on Jalisco announcing a $1 billion investment to build 38 new hotels. We have been advised by Hyatt that despite what was said in the press release, Hyatt does not have plans to invest in Jalisco but is always open to discussing and considering development opportunities in key leisure markets like Jalisco. The Federal Trade Commission granted Marriott International antitrust approval to acquire the CitizenM hotel brand. CitizenM will continue to own its real estate and operate the hotels following the closing of the transaction. MAR will assume the CitizenM brand and IP. A new $35 million hotel could be coming to Padre Island in Texas. According to blueprints that RGB Hospitality filed with the city of Corpus Christi, the development would include a Marriott Residence Inn and a Courtyard by Marriott attached to each other, making a resort. The resort-hotel design features 205 guestrooms, a spacious conference area, and three bars. RGB Hospitality hopes construction will begin by the end of summer 2025. Once construction begins, the development is expected to take about two and a half years to complete. Key International and Wexford Real Estate Investments announced the June 25, 2025, reopening of the Fort Lauderdale Marriott Pompano Beach Resort, unveiling an extensive multi-million dollar renovation. The resort will emerge from its first phase of renovation with 100 newly appointed guestrooms, including 16 spacious suites, in its North Tower. The remaining 119 guestrooms and suites in the South Tower will debut in late 2025. Anchoring the resort's evolution is a new 3,000 square foot, zero-entry pool; a revitalized beach experience including the resort's Tiki Bar; and two brand-new dining concepts. The resort boasts over 8,000 square feet of versatile indoor and outdoor event space. The first phase of the renovation will unveil a 3,000-square-foot outdoor oceanfront terrace and a 2,800-square-foot ballroom. In late 2025, two additional spaces will be unveiled. Reservations officially opened for Naples Beach Club, A Four Seasons Resort. Debuting in October 2025 in Naples, Florida, the new beachfront property is brought to life through the partnership between BDT & MSD Partners, The Athens Group, and Four Seasons. As the only Four Seasons on the Gulf Coast, the hotel sits within the 125-acre Naples Beach Club residential and golf resort. In addition to the hotel, the expansive development features 58 luxury condominiums in three new beachside residential buildings, and 95 luxury condominiums in five golf-side residential buildings with views of The Gardens, a newly designed 18-hole golf course. With 220 accommodations, including 57 suites, along with 153 residences, the extensive property will feature five diverse dining experiences, a full-service spa, racquet sports facilities, versatile meeting and event venues, the new golf course, and more. Resolute Road Hospitality announced the Holiday Inn Express Astoria, Oregon, has completed a comprehensive renovation. The four-story, 98-room property underwent a significant capital improvement. The project included a full renovation of guestrooms and public areas, including a redesigned lobby, a modernized breakfast area, an upgraded fitness center, a refreshed indoor pool, and an expanded outdoor patio. Omni Las Colinas Hotel, located in Irving, Texas, has completed a $20 million renovation across all 421 guestrooms including 111 suites, and the Las Colinas Ballroom, the property's largest event space. Following the $13 million revitalization of the property's common spaces, this final phase of the property-wide renovation reflects the pioneering vision of Las Colinas. The previous renovation introduced The Lakehouse Waterfront Lounge & Pool Deck and three new dining concepts. Castle Resorts & Hotels announced the Castle Hilo Hawaiian Hotel, on Banyan Drive in Hilo, Hawaii, has joined the Trademark Collection by Wyndham. The Hilo Hawaiian is the first property in Hawaii to be part of the global hotel brand. The property features 286 guestrooms and suites, a pool, meeting spaces, and a signature WSW Steakhouse restaurant. Charlestowne Hotels announced its continued expansion with the takeover of Hotel Nell, located in Washington, D.C.'s Union Market neighborhood. Charlestowne will oversee all management of Hotel Nell, including day-to-day operations, food & beverage programming, revenue optimization, strategic marketing, and creative services. The 106-room property boasts 10,000 square feet of flexible event space and three distinct dining outlets. The Phoenix Hotel in San Francisco will close at the end of the year, according to the San Francisco Chronicle. Chip Conley, longtime hotelier and founder of Joie de Vivre Hospitality, and his partners hold the lease to the property and own the hotel's name and brand but not the land. The San Francisco Baking Institute bought the property for $9.1 million last year. The long-shuttered Gulfstream Hotel in downtown Lake Worth Beach, Florida, will reopen this fall, and would-be guests will be able to book reservations starting on June 19, 2025, for summer 2026. The Gulfstream Hotel will open 90 rooms when it opens this year, with 50 more rooms coming in 2026, according to a hotel news release. It will also have 50 apartments, a rooftop restaurant, bar, spa, gym, and a 273-space parking garage. The hotel is under the ownership of Amy Gill and her husband Amrit Gill. The Mount Vernon Company announced the acquisition of the John Carver Inn & Spa located in the heart of historic Plymouth, Massachusetts. Under Mount Vernon's stewardship, the property will be repositioned and re-imagined. The 80-room inn currently features a full-service spa, indoor pool, meeting and event space, fitness center, game room, onsite dining, and ample parking. Plans for repositioning will include refreshed interiors, enhanced amenities, elevated dining, and curated programming. The John Carver Inn will be managed by Olympia Hospitality and will remain operational during the initial phase of planning, with renovation plans to be unveiled in the coming months. Ruberto, Israel & Weiner's Commercial Real Estate team represented Mount Vernon in this transaction. JLL Hotels & Hospitality represented the seller. HVS Brokerage & Advisory announced the sale of the 60-key La Quinta Inn & Suites Corpus Christi - North Padre Island, located in Corpus Christi, Texas. The property was purchased by Mr. Inderjit Randhawa from South Texas Hotels, LLP. Personnel News Essex Hotel Management has promoted John Kattato to Chief Operating Officer. In his new role, Kattato will continue to oversee the operations team while expanding his responsibilities to include all departments. His focus will include fostering company culture, assisting with strategic initiative development, and providing leadership and guidance to department heads. Additionally, Kattato will increase his visibility outside the company as he continues to develop strong relationships with key clients, hotel owners, and other stakeholders. Kattato has been a key member of the Essex team since he joined the company in 2003, most recently serving as Senior Vice President of Operations. Overseas Highlights IHG Hotels & Resorts and Grupo Poma, through its hotel division Real Hotels & Resorts, celebrated the opening of InterContinental Real Lima Miraflores and Hotel Indigo Lima Miraflores, sister properties located in Lima, Peru. InterContinental Real Lima Miraflores is a 21-story hotel with 321 rooms, including 29 suites, a signature Club InterContinental lounge, 11 multifunctional meeting rooms and over 950 square meters of space, and a stunning rooftop with lush gardens and the destination's largest outdoor hotel infinity pool. Hotel Indigo Lima Miraflores offers 76 rooms, including 10 suites, a rooftop pool and lounge, and versatile gathering spaces. The destination's newest culinary epicenter features five distinct concepts spread across both properties. Additionally, the property offers the Presence Spa and fitness centers. Europe Highlights Hyatt is bringing a new Thompson Hotel to Seville, Spain, in 2026. The 101-room hotel is expected to feature a restaurant, a rooftop bar, a pool, meeting rooms, a co-working space, and a gym. Thompson Seville will be Hyatt's fourth Thompson property in Europe.
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Fiscal reforms will boost social protection funding, says economist
The Sumbangan Asas Rahmah (SARA) programme is one of several government initiatives aimed at easing the burden on vulnerable groups. PETALING JAYA : Fiscal reforms, including the expansion of the sales and service tax (SST), will boost social spending and allow Putrajaya to deliver targeted aid to a wider population, says an economist. Madeline Berma, a senior fellow at Institut Masa Depan Malaysia, said the country would struggle to strengthen its social safety nets without the additional revenue. Malaysia is among the lowest tax-revenue collectors in Southeast Asia. Madeline said Malaysia's tax-to-gross domestic product (GDP) ratio stood at just 12.5% last year, well below the Organisation for Economic Co-operation and Development's average of 34.1%. Madeline Berma. 'Malaysia's inadequate social protection stems from several factors, including low tax revenue and income inequality. 'In terms of social spending as a percentage of GDP, Malaysia lags behind both high- and upper-middle-income countries,' she told FMT. 'Fiscal reforms – including increasing tax revenue – are vital to creating enough fiscal space to boost social spending and deliver more targeted assistance.' Madeline said the SST expansion, which kicks in on July 1, is projected to increase tax revenue by more than RM5 billion. She said this will allow Putrajaya to channel additional funds to direct cash assistance programmes, such as Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA). She also said the higher tax revenue could be used to finance improvements to infrastructure and public services, which would in turn raise productivity levels and help narrow the gap between the rich and poor. Such fiscal reforms, she added, could help resolve two major shortcomings in Malaysia's social protection system – insufficient coverage and inadequate benefits. 'This is especially relevant for informal workers and in addressing gaps in retirement, health and injury coverage,' she said. Treasury secretary-general Johan Mahmood Merican previously said the expansion of the SST was necessary to strengthen Malaysia's fiscal position by increasing revenue for better social protection – without burdening the majority of the population. He said the move was expected to benefit 5.4 million lower and middle-income Malaysians. On June 9, the finance ministry announced that essential goods would remain tax-exempt, while a 5% to 10% SST would apply to non-essential items such as king crab, salmon, truffle mushrooms and imported fruits. The scope of the service tax will also be widened to include rentals, leasing, construction, financial services, private healthcare and private education. However, public healthcare for Malaysians will remain SST-exempt. Addressing the potential impact of the expanded SST, Madeline acknowledged that some companies may pass on the increase in costs to consumers. However, she expects the impact to be minimal, since essential goods are not affected. Expand post-retirement protection Barjoyai Bardai. Meanwhile, economist Barjoyai Bardai proposed that workers who have contributed to the Social Security Organisation (PERKESO) for more than two years be eligible for protection after retirement, as part of a comprehensive long-term social protection plan. The academic at the Malaysian University of Science and Technology called for such contributors to be given a pension equivalent to half of their last drawn salary. He also suggested making contributions mandatory for micro, small and medium enterprise owners and self-employed individuals – including farmers, fishers and service providers – under a takaful scheme, to ensure effective protection.
