The federal government has forked out a total of RM39.74 billion in guarantee commitment grants to repay 1Malaysia Development Bhd (1MDB) debts from 2019 to 2023.

Nearly RM40b in federal grants channelled to 1MDB, says Auditor General

KUALA LUMPUR (Oct 14): The dividends received from 18 companies and two statutory bodies in 2023 amounted to RM46.059 billion, down RM9.756 billion or 17.5% compared with RM55.815 billion in 2022, according to the Auditor General’s Report on Monday.

Dividends received by federal govt from firms, statutory bodies down nearly 18% in 2023 — AG’s Report

A total of 202 of the federal government’s projects under the 12th Malaysia Plan are deemed ailing projects (projek sakit) as at the end of last year, according to the Auditor General’s Report released on Monday.

202 projects delayed at least by over two months under 12MP, says AG’s Report 

The government spent more than budgeted for the implementation of the 12th Malaysia Plan (12MP) projects from 2021 to 2023, according to the auditor general.

Govt overspends on 12MP projects in first three years — AG's Report

The federal government suffered a loss of RM112.53 million on the disposal of Astronautic Technology (M) Sdn Bhd shares, where the nominal value of shares worth RM112.58 million was sold for RM50,000.

Federal govt incurred RM112.5m loss on disposal of Astronautic shares — AG's Report

A total of 3,942 projects, or 45.9% of the 8,593 development projects under the 12th Malaysia Plan (12MP), were in progress as of Aug 26, said the auditor general.

However, 169 of these ongoing projects were experiencing delays or difficulties, according to the AG’s statement regarding the Auditor General’s Report 3/2024 on the federal government’s financial statements for 2023, presented in Parliament on Monday.

AG says 3,942 projects under 12MP in progress as of Aug 26

Five states have received an unmodified opinion certificate from the auditor general for their state government financial statements for the year ended Dec 31, 2023, which were submitted between January and June 2024.

Five states receive unmodified opinion certs from AG for 2023 financial statements

The federal government's financial performance in 2023 improved over 2022, with excess revenue increasing by RM2.028 billion, according to the Auditor General's Report released on Monday.

Federal govt's financials improved in 2023, but rising liabilities need attention — AG's Report

The government has failed to implement the simultaneous issuance of vacant possession with strata titles (VPST), as there was no coordination between the Ministry of Housing and Local Government (KPKT) and other government agencies to fulfill the implementation of the policy, according to the Auditor General’s (AG) Report 2024.

Issuance of strata titles with vacant possession failed due to lack of coordination between ministry, govt agencies — AG's Report

The Mass Rapid Transit Line 1 (MRT1) and MRT2 have failed to meet their targets for daily ridership. They also failed to meet the targeted numbers of trains in operation, and peak-hour frequency, according to the 2024 Auditor General's Report.

MRT Corp's accumulated losses hit RM57.6b while MRT1, MRT2 fail to meet ridership, frequency targets — AG's Report

Human Resource Development Corp (HRD Corp) has acknowledged the shortcomings highlighted in the Auditor-General's (AG) and Public Accounts Committee (PAC) reports released on Thursday, and maintained that levies collected from employers should only be used to train their own employees.

HRD Corp acknowledges audit findings, says collected levies should only be for employee training

Khazanah Nasional Bhd has been advised to evaluate whether i2M Ventures Sdn Bhd should continue operations, having failed to achieve its objective to promote, market and manage businesses in Iskandar Puteri, Johor, according to the Auditor-General's (AG’s) Report 2024.

Khazanah advised to review relevance of i2M Ventures after failure to meet KPIs

The decision to debate the 2024 Auditor General's Report Series 2 (LKAN 2/2024) in Parliament underscores the government's commitment to embracing constructive criticism for better national governance, Communications Minister Fahmi Fadzil said.

Fahmi, who is also the Unity Government’s spokesperson, said the debate session, expected to begin next week, would provide MPs with an opportunity to discuss issues and propose enhancements in the management of ministries, departments and agencies outlined in the report.

Audit report opened for debate to improve governance, says Fahmi

Mara Incorporated Sdn Bhd (Mara Inc) has accumulated losses totaling RM286.3 million, which the auditor general attributes to the ineffective execution of property management activities.

Mara Inc couldn't declare dividends for 10 years as poor management led to RM286m losses — AG

Olaf Scholz, Germany's least popular chancellor on record, is facing growing calls within his Social Democrats (SPD) to step aside and let his Defence Minister Boris Pistorius instead lead the centre-left party into next year's federal election.

Germany's Scholz faces calls in his party for him not to seek re-election

A pullback in the S&P 500 that’s already trimmed about a third off the index’s post-election rally is set to continue on Friday, as sticky inflation and hawkish comments from the Federal Reserve weigh on sentiment.

US stocks have already returned a third of post-election gains

Taiwan President Lai Ching-te is planning to stop in Hawaii and maybe Guam on a visit to Taipei's diplomatic allies in the Pacific in the coming weeks, sources told Reuters, a sensitive trip coming shortly after the US election.

Taiwan president plans Hawaii visit on sensitive trip to Pacific — Reuters

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Friday.

FBM KLCI down 0.51% to 1,592.44 on Nov 15, 2024

Sri Lankan President Anura Kumara Dissanayake's leftist coalition won a thumping victory in a snap general election, gaining power to push through his plans to fight poverty and graft in the island nation recovering from a financial meltdown.

Sri Lankan president's coalition sweeps general election

The government remains firm in its stance to implement a regulatory or licensing framework for social media and internet messaging services on Jan 1 next year, said Communications Minister Fahmi Fadzil.

Fahmi: Govt sticks to Jan 1, 2025 deadline for social media licensing

Pipe-and-valve maker Pantech Group Holdings Bhd (KL:PANTECH) said it has obtained approval from the Securities Commission Malaysia (SC) to list two wholly owned subsidiaries on the Main Market of Bursa Malaysia via a special purpose vehicle.

Pantech Group gets SC's nod for listing of its subsidiaries under Pantech Global

Britain's economy contracted unexpectedly in September and growth slowed to a crawl over the third quarter, data showed on Friday, an early setback for finance minister Rachel Reeves' ambitions to kick-start a sustained pickup.

UK economy contracts in September in blow to Reeves' growth push

(Nov 15): Vietnam Technological & Commercial JSB, known as Techcombank and backed by Warburg Pincus, would consider selling a 15% stake to the right strategic investor, according to chief executive officer (CEO) Jens Lottner.

Vietnam’s Techcombank open to selling 15% stake to right partner, says CEO

HANOI (Nov 15): Chinese defence firms will participate in an arms fair in Vietnam next month, a Vietnamese defence official said on Friday, a possible sign of deepening military ties between the two neighbours.

Vietnam will hold an international defence exposition in Hanoi from Dec...

Chinese defence firms to attend Vietnam arms fair as ties deepen

WASHINGTON (Nov 14): No major US trading partner manipulated its currency in the year to June 30, the Treasury Department said on Thursday in the Biden administration's final semi-annual currency report before turning over policing of foreign exchange practices to President-elect&nbsp;Donald Trump.

US Treasury finds no currency manipulation by major trading partners, drops Malaysia off its monitoring list

KUALA LUMPUR (Nov 15): A consortium led by Khazanah Nasional Bhd and Employees Provident Fund on Friday made a formal takeover offer for Malaysia Airports Holdings Bhd (KL:AIRPORT) at RM11 per share, after securing relevant regulatory approvals.&nbsp;

Khazanah-EPF consortium launches formal offer for MAHB after receiving nod from regulators

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

KUALA LUMPUR (Nov 15): Fertiliser manufacturer Cropmate Bhd has unveiled the prospectus for its ACE Market initial public offering (IPO) to raise up to RM52 million, as part of its plan to purchase new factories and expand operations.&nbsp;

Fertiliser firm Cropmate unveils prospectus for RM52 mil IPO, priced at 20 sen apiece

The proposed merger between Bumi Armada Bhd (KL:ARMADA) and MISC Bhd’s (KL:MISC) offshore businesses is expected to result in MISC holding a 68% majority stake in the new entity, with a combined valuation of RM14.6 billion, according to CIMB Securities.

MISC likely to hold 68% stake in Bumi Armada merger, with RM14.6b combined valuation

MR DIY Group (M) Bhd’s (KL:MRDIY) shares fell to their lowest in three months on Friday amid weaker-than-expected third-quarter earnings, prompting analysts to cut their earnings forecasts due to weak consumer sentiment and lower spending power.

MR DIY shares fall to three-month low as quarterly results miss expectations

KUALA LUMPUR (Nov 15): Shares of Metro Healthcare Bhd (KL:METRO) edged higher on Friday in its trading debut on the ACE Market, after the fertility and maternity specialist raised RM39.16 million from its initial public offering (IPO).

Metro Healthcare ekes out tiny gain on ACE Market debut after RM39 mil IPO

Gamuda Land, the property arm of Gamuda Bhd (KL:GAMUDA), and Taylor's Education Group have collaborated to establish affordable international schools within Gamuda Land's townships.

Gamuda Land partners with Taylor's Education Group to bring affordable private education to its townships

KUALA LUMPUR (Nov 15): Malaysia’s economic growth decelerated in the third quarter as expected though the pace remained brisk, thanks to resilient investments, higher exports and expansion in household spending.

Malaysia’s economy expands a tad slower in 3Q, still on track with 2024 forecast

KUALA LUMPUR (Nov 15): Malaysia’s central bank on Friday liberalised foreign exchange rules to make it easier for international financial institutions to issue ringgit-denominated bonds and sukuk in the country.

Malaysia eases FX rules to allow foreign financial institutions to sell ringgit bonds

Malaysian Prime Minister Datuk Seri Anwar Ibrahim’s government faces criticism after it awarded a tender to build the country’s second 5G network to one of the smallest players in the telecommunications industry.

Anwar faces scrutiny over 5G tender pick

KUALA LUMPUR (Nov 15): Shares of Berjaya Food Bhd (KL:BJFOOD) extended decline to their lowest in six weeks on Thursday, after the café-and-restaurant operator reported its fourth consecutive quarter of losses.

Berjaya Food shares extend decline to six-week low after another quarterly losses

While trade tensions between the US and China are bringing more investments to Southeast Asia, including Malaysia, worries over slower global growth and higher costs loom, according to Malaysia’s trade and investment chief.

Zafrul flags longer term pain from US-China rift

Earlier this week on Monday (Nov 11), the High Court formally dismissed the civil forfeiture of shares in Bright Packaging Industry Bhd owned by businessman Datuk Ricky Wong Shee Kai, his lawyers said.

High Court dismisses civil forfeiture of over 5 mil shares owned by Ricky Wong 

The US dollar was poised for big weekly gains on Friday, towering near one-year highs as a hawkish turn from the Federal Reserve chief sent short-term Treasury yields higher, leaving Wall Street and European futures in the red.

Dollar sits atop one-year peak as Powell sends yields up, China data mixed

&nbsp;Nissan Motor Co will have a year of breathing space in 2025 before hitting a record bond maturity wall as concerns mount about its ability to generate cash.

Nissan faces record debt bill with one year left to fix finances

Thailand is aiming to legalise casinos next year to draw foreign investments and collect more taxes, a potential win for global operators who have for long canvassing for the legislation to benefit from the country’s status as a tourism hot spot.

Thailand aims to legalise casinos next year in win for global players

SHAH ALAM (Nov 15): S P Setia Bhd (KL:SPSETIA) is launching semi-detached homes, named Ambrosia II, in its ongoing Setia Bayuemas township development at Klang, Selangor, this weekend. The new phase has a gross development value (GDV) of RM69.39 million.

S P Setia to launch RM69.39m semidees in Setia Bayuemas, Klang this weekend

Stocks fell after Jerome Powell signalled there’s no need for the Federal Reserve to rush with rate cuts as the economy is holding up.

Stocks get hit as Powell’s remarks curb US Fed wagers

Vietnam President Luong Cuong forcefully warned of the dangers of a world with higher tariffs, one of the strongest criticisms so far of US President-elect Donald Trump’s approach to trade as world leaders gather this week in Peru.

AG's Report 2024

‌
‌

AG's Report 2024

‌‌

‌
‌