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Gloves and more

What an idiotic suggestion ... windfall tax . They can perhaps ask these companies to help through so many other ways and offer them tax incentives ... 

 

Economist calls for windfall tax on industries that benefit from Covid-19

KUALA LUMPUR (May 4): The government should consider implementing a windfall tax on industries that benefit greatly from the Covid-19 crisis, according to Khazanah Research Institute senior advisor Professor Dr Jomo Kwame Sundaram.

&ldquo This is precisely the time when you must reform taxes as you have it (windfall tax) all the time amid extraordinarily high petroleum prices or palm oil prices. 

&ldquo Why not for other types of industries?&rdquo the prominent economist said at a panel discussion held in conjunction with the World Bank Group&rsquo s webinar titled &ldquo Aiming High: Promoting Inclusion and Financing Shared Prosperity&rdquo today.

Asked when is the right time to reintroduce the goods and services tax (GST), Jomo opined that now is the best time to introduce taxes that do not generate revenue immediately as many have been badly impacted by the Covid-19 pandemic.

&ldquo As far as tax reforms are concerned, in a situation like this, it is the best time to introduce taxes which do not generate revenue immediately.

&ldquo You do not generate revenue from taxes in the middle of a crisis,&rdquo he said.

The Ministry of Finance (MoF) told Dewan Negara in December last year that the government had no plans to impose a windfall profit levy on rubber glove manufacturers which had been enjoying supernormal profits from higher demand and selling price of rubber gloves worldwide, nor on other businesses that had profited greatly due to the pandemic.

Responding to the same question, Institute of Malaysian and International Studies research fellow Dr Muhammed Abdul Khalid pointed out that policymakers tend to ignore the imposition of capital gains tax when it comes to the issue of tax reform.

&ldquo Taxes must be fair ... and we never talk about the urgency of imposing capital gains tax, maybe because it is going to affect the very well-off in Malaysia,&rdquo he said.

Nevertheless, Muhammed said, the most important thing is to ensure good governance and to make sure taxpayers&rsquo money is used well by the authorities.

Meanwhile, touching on the current taxation framework, Bank Negara Malaysia (BNM) assistant governor Dr Norhana Endut noted that the government&rsquo s tax collection capacity had not kept pace with the economic growth.

&ldquo Malaysia&rsquo s tax policy, or tax to gross domestic product (GDP) ratio, has been on a steady decline over the medium term. It fell to 12% in 2019 from 15.6% in 2012,&rdquo she said.

Norhana noted that Malaysia&rsquo s individual income tax also continued to come from a narrow pool of taxpayers.

For instance, she said that in 2018, among a labour force of 15 million people, only 2.5 million were taxpayers.

&ldquo With this, expanding the tax base should be a priority over the medium term,&rdquo she said, adding that existing tax incentives and exemptions should be reviewed on a regular basis as some of them are outdated and ineffective.

  On plans to introduce new taxes, Norhana said the new taxes should be efficient, simple, fair and progressive with an effective rechannelling mechanism, as well as enhance productivity of the economy.

 

Regulators should send timely and clear messages regarding market conduct

By Mak Yuen Teen

Last week, near the end of a trading day, the share price of a  Catalist issuer went up by 10% and its trading volume by more than 100 times compared to the previous day. This attracted a trading query from SGX. In its response to the query that same evening, the issuer said that at 5.10 pm that day, the board had received an approach letter indicating that a more than 10% stake will be purchased through a married trade, which will be followed by a mandatory unconditional cash offer for all the remaining shares of the issuer. It would appear that some were privy to the information and traded on it before it was announced.

Yesterday, another issuer retracted an announcement made 11 days earlier about a master supply agreement with a large U.S. company. The earlier announcement had said that the agreement will generate substantial revenue over two years which was specifically quantified. The retraction announcement now said that the issuer made the earlier announcement because it believed that the execution of the agreement was &ldquo imminent&rdquo . It added that it was notified after the earlier announcement that the agreement was in fact not signed then and has not been signed since.  However, the earlier announcement and press release said that the issuer had &ldquo entered&rdquo into the agreement &ndash there was no mention about the agreement not having been signed yet. Was the earlier announcement accurate?

When did the board become aware of the fact that the agreement had not been signed? Was the market already aware that the agreement had not been signed before the company&rsquo s retraction, since the share price had fallen by 13% after peaking the day before the original announcement?

In November last year, the  Group CEO of the same issuer gave an  extensive interview in a news article. One of his comments was about the expected profitability of the group for FY2020, with the the CEO saying that he expected the group to be profitable for FY2020.  Three days earlier, the company had called for a trading halt ahead of an announcement of a placement of shares, which was made on the same day as the news article. After the trading halt was lifted, the share price surged by 15% above the last closing share price. Trading volume that day exceeded the total trading volume for the previous five trading days.

The following day, the share price fell back down by 13%. Three days later, the issuer issued a clarification relating to the news article, with one of the clarifications relating to the Group CEO&rsquo s comments about expected profitability for FY2020.

In cases such as the above, the market is left guessing as to whether regulators will investigate if rules have been complied with.

Which brings me to the case of Datapulse Technology, one of many cases where I have highlighted potential rule breaches over the past few years.

On 15 April 2021, SGX announced that the Listings Disciplinary Committee has publicly reprimanded three former executive directors of Datapulse Technology for failing to provide all information in its circular for shareholders to make an informed decision on the disposal of its property at its EGM held on 28 September 2017.  In other words, the public reprimand came more than 3.5 years after the breach. It took market players by surprise judging by the messages I received. Some have become accustomed to rule breaches being unpunished and had assumed that nothing will be done especially since several years have passed. Others were surprised that this was the only outcome from the case, since SGX said nothing about whether other action is pending or whether it has referred any matter to the statutory regulators. Does this mean that the other potential breaches were not breaches at all or did the regulators decide that certain types of breaches do not warrant action?

It is possible of course that private reprimands were issued for some other breaches, but the market is none the wiser in such cases. For this reason, stock exchanges in other markets such as Malaysia have largely discontinued the use of private reprimands. SGX does not even disclose separately the number of private and public reprimands they have issued for issuers. It lumps together private and public actions and those for issuers, intermediaries and their representatives. It provides no information about what these actions are for and no information about ongoing investigations.

Contrast this with countries such as Australia and Hong Kong, where regulators (the Australian Securities and Investment Commission in the case of Australia since enforcement of listing rules no longer rests with the stock exchange) disclose up-to-date statistics on ongoing investigations, including the issues that are the subject of these investigations. Our regulators should do the same. This is particularly important given the length of time it takes for our regulators to investigate and take enforcement actions. Opacity undermines confidence in the regulatory regime and encourages market misconduct to perpetuate. Our regulators should also send timely and clear messages about unacceptable market conduct and commit to investigating all serious breaches.

 

Yep will load up if it weakens further ... selling well absorbed 

 

Just 3 more trading days before results.
UG results will come out first followed by many other Bursa gloves companies next 1 to 2 weeks.
All Bursa gloves companies reversed their morning drop and have turn green.
Is the retracement over?
These few days will be interesting.. Hold tight.
 

 

Stand by for zoom zoom next few days?

jimmysum      ( Date: 04-May-2021 11:02) Posted: Found it. " the Company will be providing a voluntary business update for its third financial quarter and nine months ended 31 March 2021 (&ldquo 3Q FY2021&rdquo ) after the close of trading on 10 May 2021"

 

Found it.
" the Company will be providing a voluntary business update for its third financial quarter and nine months ended 31 March 2021 (&ldquo 3Q FY2021&rdquo ) after the close of trading on 10 May 2021"

 

When is the results?

 

Hey you are right. There are still quite a few sellers out there before the results.

johnsonyew      ( Date: 03-May-2021 17:02) Posted: --- Post Removed by User ---

 

We can' t afford $$$ another circuit breaker.....

Longtermer      ( Date: 03-May-2021 16:03) Posted: Singapore ranks 4th out of 28 in world with most number of B1617 Indian variant cases   03/05/2021 According to the latest information on GISAID website today (3 May), the B1617 double mutation variant found in India has now reached close to 30 countries in the world, including Singapore. In Singapore, there have already been 121 COVID-19 cases reported to have contracted the B1617 Indian variant. In fact, Singapore is now ranked #4 in the world with the most number of cases with this variant. Last Tue (27 Apr), the World Health Organization (WHO) said that the B1617 variant feared to be contributing to a surge in coronavirus cases in India has been found in more than a dozen countries. It said that the B1617 variant first found in India had as of last Tue been detected in more than 1,200 sequences uploaded to the GISAID open-access database &ldquo from at least 17 countries&rdquo . As of today (3 May), it has already spread to 28 countries including India, according to data from GISAID. Most sequences were uploaded from India, the United Kingdom, USA and Singapore, WHO said last week. GISAID is a global science initiative and primary source established in 2008 that provides open-access to genomic data of influenza viruses and the coronavirus responsible for the COVID-19 pandemic. On January 10, 2020, the first whole-genome sequences of SARS-CoV-2 were made available on GISAID, which enabled global responses to the pandemic, including the development of the first vaccines and diagnostic tests to detect SARS-CoV-2. GISAID facilitates genomic epidemiology and real-time surveillance to monitor the emergence of new COVID-19 viral strains across the planet. GISAID was recognized for its importance to global health by G20 health ministers as well as the WHO. Of the 25 imported cases announced by the Ministry of Health yesterday (2 May), 17 were found to be linked to India.   -------------------------------------   Let hope our Sg gov will get the Covid situation under control fast. All of us will need to do our part. practise social distance, wear masks, go out lesser and get your vaccination done when called upon. Singaporean Lives must be treated More important than our economy. Health is wealth. Stay safe and enjoy life.. post covid.

 

Okay got my 20 lots at .72.
Now you can push it up to .78 !

 

oops yes they are clearing the 72.5 , will just have to buy higher later if cant get.

johnsonyew      ( Date: 03-May-2021 15:56) Posted: --- Post Removed by User ---

 

Singapore ranks 4th out of 28 in world with most number of B1617 Indian variant cases
  03/05/2021

According to the latest information on GISAID website today (3 May), the B1617 double mutation variant found in India has now reached close to 30 countries in the world, including Singapore.

In Singapore, there have already been 121 COVID-19 cases reported to have contracted the B1617 Indian variant.
In fact, Singapore is now ranked #4 in the world with the most number of cases with this variant.

Last Tue (27 Apr), the World Health Organization (WHO) said that the B1617 variant feared to be contributing to a surge in coronavirus cases in India has been found in more than a dozen countries. It said that the B1617 variant first found in India had as of last Tue been detected in more than 1,200 sequences uploaded to the GISAID open-access database &ldquo from at least 17 countries&rdquo . As of today (3 May), it has already spread to 28 countries including India, according to data from GISAID.

Most sequences were uploaded from India, the United Kingdom, USA and Singapore, WHO said last week.
GISAID is a global science initiative and primary source established in 2008 that provides open-access to genomic data of influenza viruses and the coronavirus responsible for the COVID-19 pandemic.

On January 10, 2020, the first whole-genome sequences of SARS-CoV-2 were made available on GISAID, which enabled global responses to the pandemic, including the development of the first vaccines and diagnostic tests to detect SARS-CoV-2. GISAID facilitates genomic epidemiology and real-time surveillance to monitor the emergence of new COVID-19 viral strains across the planet. GISAID was recognized for its importance to global health by G20 health ministers as well as the WHO.
Of the 25 imported cases announced by the Ministry of Health yesterday (2 May), 17 were found to be linked to India.
 
-------------------------------------
 
Let hope our Sg gov will get the Covid situation under control fast.
All of us will need to do our part. practise social distance, wear masks, go out lesser and get your vaccination done when called upon.
Singaporean Lives must be treated More important than our economy. Health is wealth.
Stay safe and enjoy life.. post covid.

 

 

I am in queue at 72 as well. Just buy back what I sold earlier 20 lots . 

 

Do not worry, uptrend is still intact.. I am still buying at 72.. :):)...this is a roll-over price... it will reach 75 soon as it attempted to break 74.5 today..be patient..:) 

johnsonyew      ( Date: 03-May-2021 10:37) Posted: Fly to 0.75? @trader1970

 

Oh so are you out yet or just waiting to buy lower ?

johnsonyew      ( Date: 03-May-2021 15:12) Posted: bursa market will not value the company, is betting mode starting from Covid 19.. nobody will care its value or undervalue.. Richardlai      ( Date: 03-May-2021 14:59) Posted: I am quite new to this counter. Those who have been playing this counter over a longer period should know better. But based on the company' s profit performance it is under valued.

 

bursa market will not value the company, is betting mode starting from Covid 19.. nobody will care its value or undervalue..

Richardlai      ( Date: 03-May-2021 14:59) Posted: I am quite new to this counter. Those who have been playing this counter over a longer period should know better. But based on the company' s profit performance it is under valued.

 

I am quite new to this counter. Those who have been playing this counter over a longer period should know better. But based on the company' s profit performance it is under valued.

 

UG Q3 Results coming out next Monday.
Looking fwd to excellent results if using Malaysian gloves companies as reference..
5 days to wait. Cheers
 

Richardlai      ( Date: 03-May-2021 12:34) Posted: I threw out my shares but waiting to buy back. If remains strong no choice got to buy higher ! just follow the trend. Good luck to those waiting for price to move up further. I think it will ... so I am watching like a hawk !

 

I threw out my shares but waiting to buy back. If remains strong no choice got to buy higher ! just follow the trend.
Good luck to those waiting for price to move up further. I think it will ... so I am watching like a hawk !