The Star Online: Business
The Star Online: Business |
- French millionaire tax gets constitutional go-ahead
- S. Korea industrial output unchanged in Nov
- KLCI hits all time high, Tenaga, Public Bank up
| French millionaire tax gets constitutional go-ahead Posted: 29 Dec 2013 06:42 PM PST PARIS: France's Constitutional Council gave the green light on Sunday to a "millionaire's tax", to be levied on companies that pay salaries of more than €1mil (US$1.38mil) a year. The measure, introduced in line with a pledge by President Francois Hollande to make the rich do more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike. It was originally designed as a 75% tax to be paid by high earners on the part of their incomes exceeding €1mil, but the council rejected this, saying 66% was the legal maximum for individuals. The Socialist government has since reworked the tax to levy it on companies instead, raising the ire of entrepreneurs. Under its new design, which the Council found constitutional, the tax will be an exceptional 50% levy on the portion of wages exceeding €1mil paid in 2013 and 2014. Including social contributions, its rate will effectively remain roughly 75%. The tax will, however, be capped at 5% of the company's turnover. The Council, a court made up of judges and former French presidents, has the power to annul laws if they are deemed to violate the constitution – Reuters. |
| S. Korea industrial output unchanged in Nov Posted: 29 Dec 2013 07:14 PM PST SEOUL: South Korea's industrial output for November was unchanged from October as falling auto production offset the increase in memory chips and petrochemical products, state data showed Monday. Production in the mining, manufacturing, gas and electricity industries remained flat, after growing at their fastest pace for 11 months in October, Statistics Korea said.Compared with a year earlier, output in November rose 1.3 percent. October's figure was the fastest monthly growth since November 2012. Production of memory chips and related components rose 4.4 percent on-month while petrochemical production also climbed 4.3 percent. But production of cars - one of the country's key export items - fell 2.7 percent, Statistics Korea said in a statement. Asia's fourth-largest economy expanded 1.1 percent on-month in the second and third quarters of this year - the fastest pace since the first quarter of 2011. On-year, it expanded 3.3 percent in the third quarter, accelerating a 2.3 percent gain in the April-June period. The government has predicted that the country's economy will grow 2.7 percent this year and 3.9 percent in 2014. - AFP |
| KLCI hits all time high, Tenaga, Public Bank up Posted: 29 Dec 2013 07:12 PM PST At 11.04am, the FBM KLCI was up 5.41 points to 1,866.47. Turnover was 503.45 million shares valued at RM301.90mil. There were 288 gainers, 226 losers and 283 counters unchanged. Petronas Gas rose 38 sen to RM24.36, Tenaga 20 sen to RM11.80 and Public Bank 16 sen to RM19.16. Plantations also rose with United Plantations up 40 sen to RM26.38 with 100 shares done while KL Kepong gained 24 sen to RM24.84. Among the consumer stocks, BAT added 40 sen to RM63.60 and Dutch Lady 26 sen to RM47.40. |
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