KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
Putrajaya seems to be eager to show to the citizens that they are serious about cost cutting.
The Malaysian government unveiled 53 measures to cut cost.
Some of it are the freeze on hiring of new staff, stricter controls on overtimes, curbs on various expenses and a minimum 30% cut in
spending on all government-organised events. The measures which took effect on March 1st includes a directive to all agencies to cut
down the number of uniforms issued to officers from three sets per year
to two.
The
measures are listed in a Treasury Circular titled "Guidelines on
Measures to Optimise Government Spending" which was uploaded on the
Finance Ministry website. The full list of measures can be accessed
online at the ministry's website at http://1pp.treasury.gov.my/makluman/pindaan/217
The circular ordered all ministry secretaries-general, department heads, heads of statutory bodies, chief executives of companies limited by guarantee and other agency heads who receive allocations from the government to carry out all the measures outlined.
This was in response to the regional and global economic slowdown that have affected the financial position of the government as revenue collection has been impacted.
"To ensure that fiscal targets which have been set are met, measures to optimise government spending is to be implemented across the board so resources can be managed more efficiently and effectively," a circular on this said.
It added that the creation of new positions is not allowed except in critical areas by redeploying existing staff or using a "trade off" method. Vacant positions not filled for more than two years will be abolished.
On overtime, prior written approval by the employee's boss is now required.
A 10% cut in the entertainment allowances for ministers and deputy ministers that was introduced on Jan 1, 2014 is maintained in the circular.
In addition, the circular states that ministers, deputy ministers, ministry secretary-generals and approved department heads can only bring one officer with them on overseas working visits to countries where Malaysia has a mission office. In countries with no Malaysian mission, no more than two officers can be brought along.
When traveling, civil servants will be allowed to buy their flight tickets and book their own hotel rooms to get the cheapest rates.
The circular also directs ministries to limit their number of events, conferences, seminars and workshops and said steps must be taken to cut costs.
The Malaysian government unveiled 53 measures to cut cost.
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| 53 cost cutting measures |
The circular ordered all ministry secretaries-general, department heads, heads of statutory bodies, chief executives of companies limited by guarantee and other agency heads who receive allocations from the government to carry out all the measures outlined.
This was in response to the regional and global economic slowdown that have affected the financial position of the government as revenue collection has been impacted.
"To ensure that fiscal targets which have been set are met, measures to optimise government spending is to be implemented across the board so resources can be managed more efficiently and effectively," a circular on this said.
It added that the creation of new positions is not allowed except in critical areas by redeploying existing staff or using a "trade off" method. Vacant positions not filled for more than two years will be abolished.
On overtime, prior written approval by the employee's boss is now required.
A 10% cut in the entertainment allowances for ministers and deputy ministers that was introduced on Jan 1, 2014 is maintained in the circular.
In addition, the circular states that ministers, deputy ministers, ministry secretary-generals and approved department heads can only bring one officer with them on overseas working visits to countries where Malaysia has a mission office. In countries with no Malaysian mission, no more than two officers can be brought along.
When traveling, civil servants will be allowed to buy their flight tickets and book their own hotel rooms to get the cheapest rates.
The circular also directs ministries to limit their number of events, conferences, seminars and workshops and said steps must be taken to cut costs.
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