Category: Financial Literacy EN
Should you buy items on Facebook Marketplace? TSB fraud boss says you should think twice… here’s why
TSB issues warning to consumers over online purchase scams Spike in cases of criminals scamming people into paying for non-existent goods Nearly four in five cases originate on Facebook Marketplace A major bank has issued an urgent warning over online purchase scams ahead of the busy festive season. TSB said it had seen a 35 per cent spike in online purchase fraud, which now accounts for...
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Budget 2024 Gives a Glimmer of Hope
Budget 2024 is generally comprehensive as it included the shift to low carbon economy and forms of sustainable energy. The Budget also touched on wildlife conflict, environmental conservation and preservation besides the extension of stage bus services to low-passenger routes in rural areas. Plans are afoot to provide clean water supply particularly in Kelantan, Sabah, and Labuan. This is the...
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Why Billionaires Don’t Buy Expensive Clothes and What They Do Instead
The top billionaires and millionaires of the world could easily spend money on expensive clothes, but they don't. You'll never see Bill Gates, Mark Zuckerberg, or Warren Buffett decked out in expensive brands, and for good reason. Because they recognise it as a needless expense. After all, wearing designer labels isn’t going to add to their success or enhance their work. Gates spends so little...
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CAP: PRICE TAGGING LAWS MUST BE ENFORCED
The Consumers’ Association of Penang (CAP) calls on the Ministry of Domestic Trade and Cost of Living to enforce the Price Control Act 1946 Amendment 1973, Section 8 (1) which requires traders to display price tags on goods that are meant for sale. Our routine survey around Penang Island showed that many traders are blatantly flouting the Price Control Act. The surveys covered food stalls, wet...
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ELECTRICITY SUBSIDIES
Malaysia is Moving in the Right Direction The Consumers Association of Penang (CAP) welcomes Prime Minister Anwar Ibrahim’s announcement on 15 May 2023 that households that guzzle electricity will no longer be enjoying subsidies. According to a media report in August 2022, the government was expected to spend RM6.51 billion in electricity tariff subsidies for that year. Under...
Read More Bank Negara Calls for Structural Reforms
Bank Negara has urged the government to implement key structural reforms to enhance Malaysia’s competitiveness and growth potential. The central bank highlighted 6 key policy priorities for reforms, namely, digitalisation; fiscal resilience; climate resilient economy; growth potential; future-ready workforce; and social protection. Read more:
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Consumers fleeced by inaccurate weighing scales
Consumers’ Association of Penang (CAP) urges the Ministry of Domestic Trade and Cost of Living to conduct checks and take action against wet market traders using inaccurate mechanical weighing scales (with dial indicators on both sides of the machine) to short-weigh consumers. Our recent survey at all the wet markets in Penang showed that some of the weighing scales have their calibration...
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Regressive idea on duty-free cigarettes for Langkawi
The Consumers Association of Penang (CAP) is shocked that the Langkawi member of Parliament Dato' Haji Mohd Suhaimi bin Abdullah urged the government to allow the sale of duty-free cigarettes. It is myopic of him to push this idea because smoking is a known contributor to premature deaths and the cause of many non-communicable diseases including cancer, cardiovascular diseases, chronic...
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Budget 2023: Prioritising the Environment Through Inclusive & Sustainable Economic Growth?
“Malaysia's Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim retabled Budget 2023 last Friday on the 24th of February, after the first tabling in October 2022 by the previous Ismail Sabri administration was thrown out, due to parliament being dissolved. “With a new unity government at the helm, there are significant changes to what was initially tabled, with the newly...
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