by admin | Mar 25, 2025 | economics, government, government regulations, laws and regulations, politics and government
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Budget plan tackles ‘unequal’ credit card fees
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FURTHER READING: Federal Budget 2025 live coverage: One group of Australians not benefiting from Albo’s spending spree
The Albanese government has indicated the cessation of debit card surcharges, though they have not gone as far as prohibiting the practice entirely.
The 2025 Federal Budget presented on Tuesday evening targeted the unjust fees imposed on Australians as a result of their preferred payment methods.
‘The Government is tackling unjustified high credit card fees to secure a better bargain for customers during transactions,’ as stated in the Budget summary.
‘The administration is ready to
ban debit card surcharges,
Subject to additional efforts by the Reserve Bank of Australia and measures to guarantee that both small enterprises and consumers can enjoy the advantages of reduced-cost transactions.
There was no indication provided about when these additional charges would be prohibited.
Good news continued for bank patrons as per the latest Budget, where the administration has implemented measures to curb the tendency of banks shutting down in rural regions, albeit on a temporary basis.
The announcement stated that they have obtained pledges from leading financial institutions to keep more than 800 of their outlets operational in rural and distant areas of Australia up till at least July 31, 2027.
The banking industry has also committed to increasing its investments in Australia Post’s Bank@Post service, thereby ‘offering more assurance and options for bank customers across approximately 1,800 rural and distant areas’.
Last month, an Australian fed up with paying bank card fees and weekend surcharges wrote a 55-page letter to the Albanese government, asserting that these charges are often unlawful.
This followed the Reserve Bank of Australia (RBA)
solicited inputs from the public last year as part of its examination into merchant card payment fees and surcharging
.
Over 100 entries were submitted — with 79 being disclosed publicly and 22 kept private — however, a missive penned by an individual named McLean Roche caught attention due to its extensive length, meticulous research, and intense indignation towards additional charges.
The Australian not only alleged that illegal and unfair practices were occurring repeatedly with tap-and-go fees; they also asserted that they possessed evidence of this through images of receipts and charge descriptions.
An instance that Roche provided within the filing was about ‘hosting a substantial family gathering during Sunday brunch, only to face an unexpected $101 additional charge – turning a $675 ‘fee’ into $776 because of such extra costs.’
This reflects the situation in Australia where there is rampant unchecked sur charging, a significant portion of which is unlawful.
inflationary
— this is what consumers encounter daily,” they asserted.
An additional element included in the submission was a
Qantas
receipt for airfare charges made with an eftpos card showed a supposed additional fee of $4.53, but Qantas actually levied a charge of $14.60 – representing a 69% hike.
Roche asserted that the airline insisted the booking was properly subjected to a 1.03 percent credit card surcharge, which covered their expenses related to handling the transaction. The company clarified that ‘least cost routing’ was not employed because this method does not apply when using credit cards.
Roche also highlighted numerous other occasions where they were enraged, such as ‘a sandwich with an additional 16.2 percent fee – which includes a 1.2 percent card processing charge for using a debit card, along with a 15 percent weekend surcharge.’
A different receipt included a caption stating that the ‘3.55 percent eCommerce payment surcharge is incorrect and unlawful.’
Other unspecified allegations of illegality involved a ’10 percent levy on takeaway orders,’ a ‘fixed charge of 1.5 percent,’ an additional payment surcharge coupled with a ‘daily fee,’ and a ‘2 percent retail surcharge.’
As stated by the RBA, ‘merchants possess the authority to impose a surcharge on card transactions; however, this charge must not exceed the cost incurred by the merchant for accepting that particular card during the transaction.’
Various payment options and distinct card issuers come with differing fees.
In 2023, the RBA stated that the average expense for a debit-card transaction stood at approximately 0.4 percent, whereas a credit card transaction came out to be roughly 0.8 percent, and a charge card transaction amounted to about 1.3 percent.
Roche’s assertion that the additional charges are unlawful seems to originate from the Competition and Consumer Act 2010, which prohibits stores from imposing overly high fees for credit card transactions.
The Australian Competition and Consumer Commission (ACCC) possesses the authority to probe into and implement enforcement measures in instances where excessive surcharging may be occurring.
Roche stated in the filing that ‘It’s a significant concern that both the RBA and ACCC have not measured the extent and financial impact of all surcharges, along with various forms of exorbitant fees.’
As per their claims, illegal extra fees have cost Australians over $2 billion in total.
This assertion is supported by a report from last November that discovered that
Australians have spent billions of dollars on unlawful charges for governmental services.
for at least twenty years.
The problem was revealed following the discovery by the NSW government that since 2016, approximately 92 million transactions incurred unlawful merchant fees totaling $144 million.
triggering a review by the Albanese Government of federal payments
.
Finance Minister Katy Gallagher stated that starting from January 1, 2025, the government will introduce legislation to prevent merchants from imposing debit card surcharges passed on by the Australian Taxation Office and Services Australia.
‘This new law will grant the finance minister authority to swiftly and effectively modify Commonwealth surcharging regulations, including preventing Commonwealth entities from imposing debit card surcharges,’ she stated.
Nevertheless, the controversial additional fees imposed during weekends and public holidays at numerous eateries fall under the purview of the ACCC to examine individually.
According to legal firm
Freedman and Gopalan
‘, adding an extra fee during weekends or public holidays is entirely permissible, provided the customer is informed’.”
There is no restriction on how high this additional charge can go. It needs to be clearly shown on the menu and should not be any smaller than the tiniest font used elsewhere on the menu.
The ACCC also tackled this concern, stating that ‘restaurants, cafes, and bistros which impose an additional fee on specific days are not required to present you with a distinct menu or pricing sheet, nor must they include the extra charge within a separate price column.’
Nevertheless, the menu should incorporate the phrase ‘a surcharge of [percentage] applies on [the specific day or days],’ with this statement being highlighted equally visibly as the highest-priced item on the menu.
Read more
by admin | Mar 25, 2025 | government, government regulations, news, news media, social media
PETALLING JAYA: According to Deputy Communications Minister Teo Nie Ching, MCMC’s study aimed at verifying whether the count of X users in Malaysia falls under eight million is expected to conclude by the third quarter of this year.
According to Bernama, she stated that the operators of X had earlier mentioned they were ineligible for classification under the application services provider category to function within Malaysia due to their local user count falling short of the eight million-user benchmark.
“MCMC is carrying out a survey to ascertain, through our data and analysis, if X has over eight million users,” she stated in the Senate.
Teo mentioned that MCMC was interacting with the platform’s supplier as well as two additional firms, specifically Meta and Google, neither of which have acquired licenses yet.
She addressed an additional query posed by Senator Robert Lau regarding whether the communications ministry had established a timeline for qualified firms to submit their license applications and what measures would be implemented should these entities fail to adhere to this requirement.
Teo mentioned that there isn’t a strict timeline for social media platforms to obtain their licenses, however, MCMC could implement various actions should these companies fail to submit their applications.
According to Section 126 of the Communications and Multimedia Act 1998, which was amended on February 11, service providers could be subject to a maximum fine of RM1 million or imprisonment for up to 10 years. Additionally, they will incur an extra fine of RM100,000 per day for every day the violation persists post-conviction.
“Furthermore, according to Section 243, we have the authority to impose a penalty not greater than 50% of the highest possible fine,” she stated.
In response to an additional query from Senator Tiew Way Keng regarding the ministry’s actions against fraud and related problems on Meta and Google’s platforms, Teo mentioned that up until March 15, a cumulative figure of 46,929 postings was taken down from Facebook. This includes content associated with scams and illegal online betting activities.
The ministry and government will persist in supporting the liberty of expression.
Nevertheless, the difficulty we encounter lies in the enormous volume of explicit material, fraudulent schemes, and illegal betting operations present on platforms like Facebook.
“Therefore, we must implement stronger measures if Meta continues to be uncooperative,” she stated.
Teo mentioned that both the government and MCMC would ask Meta to strengthen advertisement protocols in Malaysia, akin to what has been done in Singapore.
“In Singapore, advertisers must verify their identity before posting ads or boosting content. The question is: why is this stringent screening applied only in Singapore and not globally?
“If they can strengthen their advertisement screening processes in Singapore, why not in Malaysia, Thailand, and other nations as well? It’s an idea worth contemplating,” she stated.
by admin | Mar 25, 2025 | business, commerce, government regulations, international economics, international trade
US President Donald Trump stated on Monday that he will be announcing auto tariffs within the next few days, possibly including exceptions for specific nations regarding mutual trade levies. Additionally, he suggested that tariff decisions on items such as vehicles, timber, semiconductor chips, and medicines will be made shortly.
Last month, Trump declared his intention to enforce 25% duties on imported automobiles, medications, and semiconductors starting from 2nd April. Additionally, he issued an executive directive to scrutinize trade dealings with plans for implementing extensive retaliatory tariffs anticipated to commence on the mentioned date. Following this announcement, he provided a temporary reprieve of thirty days regarding car taxes within the framework of the United States-Mexico-Canada Agreement (USMCA), effective since 3rd March.
His remarks intensified the bewilderment surrounding the continuously inconsistent tariff policies, prompting other countries to hasten discussions with the White House aiming for exceptions. “I might grant many countries some leeway,” stated Trump.
U.S. stock markets experience a strong recovery as Tesla jumps 13%.
Trump’s remarks on potential tariff exemptions came at a time when investors were seeking bargains in the US stock markets after a four-week selloff. Dip-buys in big tech stocks buoyed Wall Street, with the Nasdaq jumping more than 2% on Monday. All the Magnificent Seven stocks finished higher, with Tesla leading gains, surging 12%. However, the electric vehicle maker’s shares are still down 31% year-to-date, as CEO Elon Musk’s political intervention continues to spark backlash.
The US dollar experienced a recovery for the fourth successive trading session after the previous week’s Federal Open Market Committee (FOMC) gathering. Chairman of the Federal Reserve, Jerome Powell, minimized the effect of President Trump’s tariffs on the economy, stating that the upward push on inflation would likely be “temporary.” The anticipation of a less stringent approach from Trump regarding tariffs coupled with the Fed’s support has aided in boosting both US stock markets and the value of the dollar.
European shares and the euro decline
By contrast, the rally in the US stock markets may have caused profit-taking moments in European equities, with both the Euro Stoxx 600 index and the DAX declining for the third consecutive trading day. Notably, the record-setting rally in Germany’s stock markets lost steam after the European Union leaders failed to secure a €5 billion Ukraine funding package last week. Europe’s defence sector retreated sharply, leading to broad losses.
Furthermore, Trump’s tariff threats could result in countermeasures from the EU, scheduled to be implemented next month. On March 12th, the European Commission declared that they plan to impose tariffs on $30 billion worth of U.S. products starting in April. This escalation in the trade conflict might spark additional sell-offs within the local markets.
The euro continued to lose strength against the dollar for the fourth consecutive day, with the EUR/USD pairing dropping below 1.08 during Tuesday’s trading in Asia—the lowest level since early March. This downturn was fueled by differing trends in government bond yields between the U.S. and Europe. Specifically, the U.S. 10-year Treasury yield surged by 8 basis points amid enhanced optimism about economic expansion, whereas Germany’s equivalent yield increased just slightly by 1 basis point.
by admin | Mar 25, 2025 | commerce, government, government regulations, laws and regulations, politics
KUALA LUMPUR, March 25 — Prime Minister Datuk Seri Anwar Ibrahim has asked the KPDN to enforce strict adherence to the cap prices during the upcoming Hari Raya period.
Tunku Nashrul Abaidah, his senior press secretary, mentioned that Anwar would personally carry out an onsite examination to enable him to assess the circumstances directly.
This will ensure enforcement of pricing regulations, including accurate labeling of regulated products, and assure that consumers can benefit from fair prices throughout the festive season.
This initiative is essential for sustaining equitable pricing periods and fostering a beneficial outcome for both consumers and enterprises,” he stated at the virtual press conference held at the Prime Minister’s Office.
The Festival Season Highest Price Regulation Program, set to be implemented from March 24 through April 7.
The price structure was set following discussions with the Ministry of Agriculture and Food Security as well as various pertinent governmental bodies and sector participants.
He additionally mentioned that Anwar has directed both ministries to keep collaborating closely and to step up their surveillance and law enforcement activities. This includes conducting more regular checks to ensure an adequate provision of crucial items during the festive season.
During this time, consumers are urged to bring any concerns about unusual pricing directly to the relevant authorities.
by admin | Mar 25, 2025 | business, commerce, donald trump, government regulations, international economics
Canada
and
Mexico
might find some solace afterwards
Donald Trump
mentioned that the reciprocal tariffs set for April 2 might turn out less severe than what he initially pledged.
On Monday, earlier, Trump stated that a 25% tariff would be imposed on oil and gas imports from Venezuela.
put into effect on April 2, a date he had been mentioning
will be ‘DAY OF LIBERATION IN AMERICA.’
Nevertheless, during his address to the press in the Oval Office later that same day, he expressed willingness to show flexibility regarding certain other tariffs partly as a means to set an example for their neighbouring countries and allies.
“We might accept less than their asking price since they have overcharged us significantly; I doubt they can demand more,” Trump stated.
“In simpler terms, they have billed us an amount that makes me feel awkward about charging back what we were charged,” he mentioned, although he didn’t mention specific countries he might be looking into for reversals.
Trump
mentioned that some of his additional tariffs on automobiles, wood products, medicines, and chips might be delayed until further into the year.
He remains committed to declaring April 2 as ‘Freedom Day.’ He believes that by then, they will have generated sufficient income to reduce taxes and generate employment opportunities.
The U.S.
stock market
had been recovering on Monday as investors believe the tariffs will likely be more focused than initially anticipated.
The S&P 500 climbed by 1.8%, the Nasdaq Composite gained 2.3%, and Tesla
surged up 12%, continuing a bounce back that began last week, per the Wall Street Journal.
Nevertheless, the S&P 500 index has declined this year due to worries that a trade conflict might impede economic expansion and elevate inflationary stresses.
Canada and Mexico have responded with anger to the tariffs, whereas British Prime Minister Keir Starmer
has been attempting to reduce the tariffs
headed his way.
On April 2, Trump was
anticipated to impose full tariffs of 25% on goods from both Mexico and Canada, which are the biggest trading partners of the United States.
The presidential figure from the Republican party has further heightened the tariffs imposed in 2018 on steel and aluminium to 25% for every imported product. He has also pledged to introduce extra duties on vehicles, medicinal products, timber, semiconductor chips, and copper.
Recently, the United States and Canada have been at odds due to an escalating trade war and tariff disputes.
introduced by Trump, who has persistently criticized the country and its administration,
triggering demonstrations during sports competitions.
The newly appointed Canadian Prime Minister, Mark Carney, delivered a scathing critique of Trump regarding the continuing trade disagreement.
He charged Trump with ‘attempting to undermine our economy’ during his address to a boisterous gathering of Liberal party supporters.
‘As we are aware, Donald Trump imposed unwarranted tariffs
“What we construct, what we market, and how we earn our livelihood,” he stated.
He’s targeting Canadian workers, families, and businesses. We can’t allow him to win. And we won’t.
The harsh statements indicate that he plans to keep following the approach of former Prime Minister Justin Trudeau, engaging in public disagreements with the president.
Trump first began
suggesting Canada’s entry during Trudeau’s tenure, where he mocked him by calling him the ‘Governor of California’
‘.
He has implemented a 25 percent tax on all imports from Canada as part of an effort to ensure the country is held accountable for stopping illegal immigration and adhering to their commitments.
halting the influx of lethal fentanyl and other narcotics into our nation
“, stated a White House announcement.
Present polls indicate that there is minimal backing from Canadians regarding unification with the United States, as approximately 90 percent are against it.
Trump’s provocation similarly ignited numerous demonstrations against the United States among Canadian sports enthusiasts, who have
selected to show their discontent by jeering ‘The Star-Spangled Banner’ prior to matches
.
Before MLS matches in Canada, as well as during WWE events in Toronto and particularly intense Four Nations Face-Off competitions between the two countries in February, Canadians have focused their efforts on the US national anthem.
Nevertheless, a loud minority from Canada’s petroleum-rich regions
inspired by Trump’s ‘Drill Baby Drill’ policy
have emerged and identified themselves as 51st-staters.
On Monday, though, Trump seemed to shift his focus onto Venezuela.
In a Truth Social posting, Trump stated that Venezuela has shown significant hostility towards the United States, and nations buying oil from it will face consequences.
pay the duty on all their commerce with the U.S.
starting April 2.
These duties would probably increase the taxation burden for China, which in 2023 purchased 68% of the oil exported from Venezuela, as per a 2024 report by the U.S. Energy Information Administration.
The report indicates that Spain, India, Russia, Singapore, and Vietnam are some of the nations importing oil from Venezuela.
However, even the United States — notwithstanding its sanctions against Venezuela — purchases oil from that nation.
In January, the U.S. brought in 8.6 million barrels of oil from Venezuela, as reported by the Census Bureau, which makes up approximately 202 million barrels imported during that month.
On Monday, the Treasury Department extended the permission for U.S.-based Chevron Corp. to extract and ship Venezuelan oil until May 27th.
The extension, referred to as a general license, frees the nation from economic sanctions and permits it to keep producing oil.
In February, Trump declared the termination of the business ties between Chevron and Venezuela, which had served as a crucial financial support for the South American nation.
The Venezuelan President Nicolás Maduro countered by blaming the United States for
breaching global commerce regulations through an ‘arbitrarily chosen, unlawful, and hasty action’ aimed at ‘hindering the progress’ of the South American country
.
The president contends that tariffs will revive manufacturing employment, instead of exacerbating inflationary concerns and impeding economic expansion as experts in economics have cautioned.
His most recent personal account emerged on Monday when Hyundai declared at the White House about their plan to construct a $5.8 billion steel mill in Louisiana.
Trump said Venezuela will face a “Secondary” tariff because it is the home to the gang Tren de Aragua . The Trump administration is deporting immigrants that it claims are members of that gang who illegally crossed into the United States.
Read more
by admin | Mar 24, 2025 | government, government regulations, political corruption, politics, politics and government
The ongoing poor governance under PM Paetongtarn continues to push both herself and us toward ruin. For an administration to operate efficiently, equitably, and with transparency while prioritizing the welfare of the public, she needs to emphasize: (1) The Rule of Law — laws must be unambiguous, just, and uniformly enforced to guarantee responsibility and fairness. However, for example, instead of making former anti-corruption official Vicha Mahakun’s report on overhauling the police force and public prosecutors’ offices accessible to the public, she has kept it hidden, not to mention acting upon it.
(2.) Transparency — Government choices, policies, and activities must be accessible to examination, ensuring the public has informational access. However, former convict Thaksin Shinawatra spent several months “incarcerated” in an opulent hospital room, raising significant questions about his actual health condition. Despite this controversy, the administration did not permit medical professionals deemed acceptable by both sides to monitor his treatment without compromising his privacy.
3. Accountability — Leaders and officials should be responsible to the public and oversight bodies that monitor their conduct. However, in 2005, during an incident in Tak Bai, 78 detainees who were bound together died from asphyxiation or being crushed while under Royal Thai Army supervision. No one has faced accountability for this tragedy at Tak Bai; the current prime minister’s party, Pheu Thai, allowed the commanding general at the time to leave the country before legal action could be taken, as the statute of limitations ran out.
4. Participation — There should be chances for citizens to participate in decision-making processes. However, when 120 prominent Thai economists, including former Bank of Thailand governors, publicly rejected the rationale behind the Prime Minister’s plan to distribute B10,000 to millions of Thais, the government chose not to engage in discussion about it.
5. Responsiveness — Government organizations ought to cater effectively to the requirements of every citizen. However, 65% of Thai individuals between the ages of 15 and 65 find it difficult to understand basic directions on medication packaging, yet the administration has not implemented comprehensive educational reforms.
6. Equity and Inclusiveness — The government has consistently fallen short in addressing the requirements of our fellow southerners who face ongoing political instability. Without a comprehensive strategy, we prolong our state of emergency for an additional three months each time—renewing this measure an astounding 79 occasions thus far.
7. Efficacy and Productivity — According to the World Population Review, our educational system was placed at 107th globally due to inadequate teacher quality. The teaching methodology continues to emphasize memorization over critical thinking.
8. Consensus-Oriented — Policies should be based on broad agreement among stakeholders, balancing different interests. PM Paetongtarn repeatedly sought to bend the central bank to her will — even saying that its independence was “an obstacle” to solving economic problems.
Prime Minister, grant us excellent governance.
Burin Kantabutra
Rational reform unlikely
Re: “visa blunder,” (Mailbag, March 22).
While I concur with many points made by Sarah Palin in her piece “visa folly,” the proposed strategy to address illegal behavior through law enforcement rather than visa policies isn’t feasible for Thailand’s ineffective government due to its limited oversight over the also inefficient Royal Thai Police.
Additionally, the suggestion of adding a “10,000 to 15,000 baht infrastructure services fee for each yearly visa renewal” does not hold up because expatriates already contribute through a 7% VAT on purchases and services (potentially increasing to 10% in September). Moreover, most expats regularly inject money into the economy, functioning akin to unofficial foreign direct investment.
The administration may opt to invest in sophisticated digital screening for incoming visitors from nations with high incidences of fraud and criminal behavior. As an illustration, despite being perceived as Thailand’s ally by some uninformed individuals, China possesses extensive individual records on all its citizens. This information could potentially be analyzed through artificial intelligence systems and integrated into the Thai visa application procedure via biometric identifiers such as fingerprints and face recognition technology. Additionally, various other databases hold valuable resources that can enhance this process similarly effectively.
The sole challenge in enacting sensible reforms nationally is persuading the Thai government to prioritize the welfare of the Thai people.
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Syndigate.info
).
