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KUALA LUMPUR - It is not the fault of 1Malaysia Development Bhd (1MDB), it is simply not true that the Ringgit’s depreciation of late was entirely caused by 1MDB debt issues”, says President and Group Executive Director, Arul Kanda.

He regretted that there are many parties have attributed the Ringgit’s slump in the value with 1MDB, saying, and “There is no correlation between the two."

"To say the weakening ringgit as a company, I think a bit too much," said Arul when asked whether financial problems 1MDB has put additional pressure on the local currency.

"If you look at this week and evaluate Ringgit fluctuations, and fluctuations in its value, and watch the news about 1MDB, you will find no correlation," he said.

Instead, he said, Ringgit heavily influenced by a sharp fall in oil prices and the devaluation of the Renminbi China that have an adverse impact on the local currency.

Arul said concerns over emerging markets also affects the emerging market currencies, depreciating the currency as the currency of Brazil, Norway and New Zealand.

The combination of falling crude oil prices, devaluation of the Chinese currency and rising US dollar led to a decline in Ringgit by

The Parliamentary Select Committee (PSC) has appointed five lawmakers as Public Accounts Committee (PAC) members, replacing those who has been appointed in the Cabinet positions reshuffling last end of July.

The members of Parliament, of whom all are from the Barisan Nasional are, Datuk Dr [email protected] Mojigoh (Putatan), Datuk Ahmad Hamzah (Jasin), Datuk Nawawi Ahmad (Langkawi) and Datuk Koh Nai Kwong (Alor Gajah).

They were appointed to replace the posts vacated by their colleagues in the

PETALING JAYA: The Government will spend RM4.6bil on fresh vaccines, consumables, and medicines for public hospitals in its efforts to boost the quality of healthcare in 2016.

Prime Minister Datuk Seri Najib Tun Razak said 33 new 1Malaysia clinics would be built nationwide, while Pasir Gudang, Kemaman, Pendang, Cyberjaya, and Maran would get a new hospital each.

“Naturally, which country would not want the best quality in health services? This has always been championed by the Barisan

PETALING JAYA: Changes to income tax rates and various exemptions were announced by Prime Minister Datuk Seri Najib Tun Razak during the presentation of Budget 2016.

Najib, who is also Finance Minister, announced in the Dewan Rakyat on Friday an increase in the tax rate to 26% from 25% for Malaysians who earn between RM600,000 and RM1mil.

Those who earn above RM1mil will have the highest tax rate raised to 28% from 25%.

In line with promoting higher education, Najib said that the maximum tax

KUALA LUMPUR: In 2016, the 1Malaysia People's Aid (BR1M) assistance for households with monthly income of RM3,000 and below, will be increased from RM950 to RM1,000. 

Prime Minister Datuk Seri Najib Tun Razak, when tabling Budget 2016 at the Dewan Rakyat here today, said the BR1M assistance for households with monthly income between RM3,001 and RM4,000, would be raised from RM750 to RM800. 

Najib, who is also Finance Minister, said for single individuals aged 21 and above with monthly income

PETALING JAYA: Goods and Services Tax (GST) relief, tax breaks for spouses, parents and caregivers, education development, healthcare and infrastructure development, and infrastructure development initiatives for Sabah and Sarawak - these are the highlights of Prime Minister Datuk Seri Najib Tun Razak's Budget 2016.

Najib, who presented his budget speech before the Dewan Rakyat Friday afternoon, first shook Parliament when he announced that certain items would be GST-free from Jan 1

KUALA LUMPUR: The 2016 Budget will allocate a total of  RM265.2b to support Development Expenditure and Operating Expenditure

Of this amount RM215 billion is for Operating Expenditure while RM49 billion for Development Expenditure.

Emolument make up the bulk of the country's Operating Expenditure in 2016 with a share of 26.6 percent.

While the biggest portion of the country's Development Expenditure goes to economic programmes at 11.4 percent.

For 2016, the government remains committed to

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