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Category: Financial Literacy EN

Speed up the introduction of Lemon Law for old and new vehicles

Consumers’ Association of Penang (CAP) urges the Domestic Trade and Cost of Living Ministry (KPDNKSH) to look into laws related to the sale and purchase of used and new vehicles. Although KPDNKSH had announced that they are looking into the laws related to the sale and purchase of used vehicles, CAP had called on the Ministry to extend the Lemon Law to new cars as well. New cars can be...
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Alarm over rising online financial scams exploiting people’s vulnerabilities

Experts call for urgent campaigns to counter fraudster syndicates in a more holistic and integrated manner. ONLINE financial fraud has become more prevalent across the globe as businesses adopt digital modes of payments and transactions. Malaysia is not spared from this growing threat. Fraudsters are continuously evolving their approaches to exploit the vulnerabilities of the current prevention...
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Commentary: The iPhone 15’s message about mindless consumerism

By Mark Ko When the latest iPhone 15 series was released, tech writer and Apple fan Mark Ko eagerly stood by to pre-order the phone. Then he changed his mind. When the latest iPhone 15 series was released, many people eagerly submitted their pre-orders, hoping to receive it within a week. As a tech writer and enthusiast, I too succumbed to this temptation. I vividly remember setting my alarm...
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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...
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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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