Today Malaysian PM Najib will release more information about ETP,expectedly some new projects will be announced.
It will start at 12:30pm and the official website will make it live to public by twitter.If you’re aware of the future of Malaysia,please follow them to get the updates or just visit the website to watch in the widget there.
Update: The announcement has been completed.Here are the details gathered from official media:
Bank Negara Malaysia(the central bank of Malaysia) regulates the new rules for credit card holders in Malaysia,eventually the new rules are more specific to low income class.By tying up the credit policies,Bank Negara will be able to reduce the risks of inflation in the country and bankruptcy issues on individuals.The details are:
1.Minimum income requirement of applying credit card is RM24,000 per annum.
2.For cardholders earning RM36,000 or less per annum:
(a)only can hold credit cards from two issuers.For those who have more than 2 cards currently,they are given to choose two preferred issuers before the end of this year.Cardholders will be given at least 2 years to pay the debts on the cards cancelled for the purpose of meeting the requirement.
(b)the maximum credit limit should not exceed 2 times of monthly income per issuer.For the outstanding balance over that maximum credit limit,a grace period of 2 years will be given to them to meet the new requirement.
All above rules are affected immediately.
BNM also announced that Further Enhancements to Credit Card Infrastructure Security will run by steps.Effective 1 January 2012, transaction alerts via Short Messaging Service (SMS) will be implemented by card issuers for their cardholders after transactions are performed. This will be followed by the implementation of the Personal Identification Number (PIN) verification for all card transactions from 1 January 2015 onwards.
I support the move of BNM of controlling the credit market to make it grow stable and healthy.
The economic in Malaysia recently has been at crossroads.More competitions in global market brings opportunities as well as risks.The Malaysian government is willing to take the chance to lead the country to be high income nation in 2020.Therefore,ETP was born for that goal.
Up to date,Prime Minister of Malaysia Najib announced 19 transformational projects come from 10 NKEAs, contributing nearly RM67 billion in investment, RM36 billion in GNI and 35,000 new jobs.
More EPPs will be announced by stages from PM Najib in the coming months.I’m looking forward to more great news that may drive Malaysia into a better living country.
Malaysia used to be the richest and most developed country in the region.However,since last 10 years,the economy in Malaysia was lacking of encouragements and so growing quite slow.As the current prime minister in Malaysia,Najib wants to make some revolutions-to unite all nations in the country and create more opportunities to all people by investing some great amount into a few potential industries and markets.Some labs of the government has been studying in the topics and we could see a part of research results through the official statement.
The one I’m interested in is Greater Kuala Lumpur Plan because I may keep living in KL for a number of years.The development of KL will affect my life here.Of course,I believe that will bring to me some opportunities too.
The proposed MRT plan could reduce the expense of travelling.It may also ease the congestions in city areas and so improve the efficiency of transport and logistics industry.
The proposed high speed train service linking Kuala Lumpur and Singapore(may extend to other major cities in the region in long term) will attract more visitors and provide more connections between the two financial cities,effectively promoting the complementarity of resources.
The proposed investment on broadband services and IT will eliminate the digital gap to catch the trends in the world.Moreover,it could speed up the delivery system in either public or private sector to show a much transparent,fair and efficient financial environment.
In fact,more than 100 proposed points are advised by the intelligent units.The formal presentation of the whole project will be announced by PM in the coming weeks.For me,I just hope that what they talk could be run thoroughly.
I have the interest of reading books and financial magazines when I’m free.I think reading is a perfect way to study things and remind ourselves of applying the knowledge to our daily lives.
Personal Money is a good local financial magazine under The Edge which always has discussions about the simple investments,the strategy,the concept of saving money etc and so I can keep my track of growing up my family fund by a right way.I believe the difference between a rich man and a poor man is of their thoughts.Thus,learning towards richness is definitely necessary.
I hope my friends could also know it and learn it from Personal Money.It’s monthly published and only RM9.00 if you are in Peninsular Malaysia.
Malaysian government announced that the prices of oil,gas and sugar will increase into a proper stage effective from 16th July,2010 in order to cut some subsidies.The details are as follow:
From Friday, the subsidies for sugar, petrol, liquefied petroleum gas and diesel will be cut as part of the gradual subsidy rationalisation programme, according to a statement from the Prime Minister’s office on Thursday.
The price of sugar will go up 25sen to RM1.75 per kg; LPG will go up 10sen to RM1.85 per kg; petrol RON95 will be up 5sen to RM1.85 per litre and diesel will be up 5sen to RM1.75 per litre.
RON 97 will no longer be subsidised. It will be subjected to a managed float, where the price will be determined by the automatic pricing mechanism, the statement said.
In fact,I have totally agreed the movements of cutting the subsidies and I had talked about it one month ago.Oil and gas have been limited resources all over the world and they will create a lot of pollutions.By increasing the prices of them,it could reduce such issues.Eating too much sugar will cause diabetes.Higher price of sugar will let people reduce the consumption of it and so being much healthier.However,I also care about how the government will monitor on spending on savings of those subsidies to affirm that the savings will put into places where it could benefit all Malaysians.
I do hope that the accounts of Malaysian government could be more transparent and the officers could also do the jobs hard and think of the citizens in every second as they are public servants.