Budget 2020 is not able to stimulate the Malaysia economy next year as it does not feature any tax relief while the cost of living is expected to continue rising, said former Prime Minister Datuk Seri Najib Razak.

“Budget 2020 is not enough to stimulate the economy, not even materialising their promises. Our plan in the past was to reduce income tax gradually, especially for the middle-income group, and reduce corporate tax, because our corporate tax is higher than Singapore's,” he told reporters at Parliament lobby today.

Budget 2020 not able to stimulate economy, Najib says

PETALING JAYA (Nov 2): The Securities Commission Malaysia (SC) said the Budget 2019 has identified key priorities to support the transition of the Malaysian economy towards a more balanced, sustainable and inclusive growth.

In a press release issued today, it said technology has encoura...

SC supports use of tech such as property crowdfunding platforms in driving economy

PETALING JAYA (Nov 2): It would make more sense for the government to increase the Real Property Gains Tax (RPGT) rates within the first five years instead of imposing a 5% tax rate for Malaysian individuals after the fifth year, said the Association of Valuers, Property Managers, Estate Agents a...

Increase RPGT rates within first 5 years would make more sense, says PEPS

PETALING JAYA (Nov 2): The National House Buyers Association (HBA) has urged the government to take measures to slow down escalating property prices by raising the supply of homes in the affordable housing segment through  government-linked corporations, state economic agencies and  bod...

HBA urges measures to slow down property price growth

PETALING JAYA (Nov 2): The Institute for Democracy and Economic Affairs (IDEAS) senior fellow Dr Carmelo Ferlito has applauded the commitment made by the Real Estate and Housing Developers’ Association Malaysia (Rehda) to reduce house prices by 10% for new projects that are not subject to price c...

IDEAS applauds REHDA’s commitment to lower house prices by 10%

PETALING JAYA (Nov 2): The Malaysian Institute of Estate Agents (MIEA) has described Budget 2019 as a budget with “more answers than questions”.

“At first glance, I feel Budget 2019 is very different from the previous one as it has more answers than questions. The budget has a very clea...

A budget with 'more answers than questions', says MIEA

PETALING JAYA (Nov 2): Kenanga Head of Equity Research Sarah Lim (pictured) said it will be interesting to know how the current government will monitor the selling prices of new houses.

She was commenting on the Budget 2019 announcement that states the Real Estate and Housing Developers...

How will govt monitor new home prices, asks Kenanga

KUALA LUMPUR (Nov 2): The absence of an excise duty hike in Budget 2019 comes as a relief to brewers like Carlsberg Brewery Malaysia Bhd today.

That's because a further hike in excise duties, if any, will lead to a dramatic increase in contraband beers, which already account for approxi...

Carlsberg breathes sigh of relief on no excise duty hike

KUALA LUMPUR (Nov 2): United Oversea Bank (Malaysia) Bhd (UOB) views Malaysia’s higher headline fiscal trajectory as outlined in Budget 2019 as temporary, although it is concerned about execution risks and revenue uncertainties.

“Despite higher fiscal targets, we see it as a temporary d...

Higher fiscal deficit targets seen as temporary

KUALA LUMPUR (Nov 2): The Government will use some RM30 billion in special dividends from  Petroliam Nasional Bhd (Petronas) to partly repay RM37 billion worth of outstanding GST and income tax refunds, said Finance Minister Lim Guan Eng.

Lim has said back in September that the Gov...

Mixed views on taxes refund resolution via Petronas’ cash dividends

KUALA LUMPUR (Nov 2): Following the Government’s guidance of a wider fiscal deficit in 2018 than targeted by the previous administration, rating agencies have voiced concerns over the level of Malaysia’s national debts.

Finance Minister Lim Guan Eng, in presenting Budget 2019 today, ann...

Rating agencies raise concern over widened fiscal deficit in 2018

KUALA LUMPUR (Nov 2): Organisations may not have enough time to implement the new minimum wage by the new year, says recruitment specialist Kelly Services.

“While employees will be celebrating increase in minimum wages from RM1,050 to RM1,100, we are concerned about the impact of this s...

'Short notice for new minimum wage may be problematic for employers'

KUALA LUMPUR (Nov 2): Malaysian Industrial Development Finance Bhd (MIDF) said the initiatives announced in Budget 2019 to assist the Bottom 40% (B40) income earners and measures to improve the well-being of Malaysians will be positive towards reducing the income gap between the rich and the poor...

Budget 2019 measures will help narrow income gap, says MIDF

KUALA LUMPUR (Nov 2): Budget 2019 is likely to improve Malaysia’s social protection system as it balances long-term imperatives with short term economic needs, according to the Employees’ Provident Fund (EPF). 

Notable initiatives under the budget include a reduction in the statuto...

EPF: Budget 2019 improves Malaysia’s social protection

Spritzer Bhd (KL:SPRITZER) said it will spend between RM90 million and RM100 million in 2025 to upgrade and expand its production.

Spritzer to spend up to RM100m in 2025 to upgrade, expand production

US President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the US assets of short video app TikTok by 90 days despite a law that had mandated a sale or a shutdown absent significant progress, the White House said on Tuesday.

Trump will extend TikTok sale deadline for third time, White House says

Ukrainian President Volodymyr Zelenskiy will leave the Group of Seven summit on Tuesday with new aid from host Canada for its war against invader Russia but without a joint statement of support from members or a chance to meet with US President Donald Trump.

The G7 wealthy nations struggled to find unity over the conflict in Ukraine after Trump expressed support for Russian President Vladimir Putin and left a day early to address the Israel-Iran conflict from Washington.

G7 abandons joint Ukraine statement as Zelenskiy says diplomacy in crisis

The S&P 500 declined on Tuesday as fears over a potential US involvement in the conflict between Israel and Iran caused traders to take risk off the table.

The S&P 500 Index closed down 0.8% in New York, while the tech-heavy Nasdaq 100 Index lost 1%.

S&P 500 falls with geopolitics in focus amid Israel-Iran jitters

Rollout of generative AI and agents will reduce Amazon's total corporate workforce in the next few years, Andy Jassy, the CEO of the online retailer, said in a note to employees on Tuesday.

Amazon's corporate workforce may shrink as AI takes over routine tasks

US retail sales dropped more than expected in May, weighed down by a decline in motor vehicle purchases as a rush to beat potential tariff-related price hikes ebbed, but consumer spending remains supported by solid wage growth for now.

Weak US retail sales, manufacturing output point to softening economy

Here is a brief recap of Tuesday’s top local business news and corporate announcements.

Apollo, UWC, Jaycorp, Chin Hin, KPJ Healthcare, Malaysia Marine and Heavy Engineering, Yinson

South Malaysia Industries Bhd (KL:SMI) on Tuesday said it has rejected a proposal to nominate Teh Chee Hoe and three others as directors at its upcoming annual general meeting, citing violations of corporate and securities regulations.

SMI rejects board nominations ahead of AGM over regulatory concerns

Top officials from central banks and finance ministries were forced to call a timeout at a meeting of the world’s most powerful financial watchdog last week, amid clashes over the US stance on climate change.

US draws ire of France, Canada at meeting of finance regulators

Wall Street's main indexes slipped on Tuesday as the Israel-Iran conflict entered its fifth day, denting global investor confidence ahead of the Federal Reserve's upcoming monetary policy decision.

Wall Street slips as Middle East conflict escalates

Here is a brief recap of Tuesday’s top local business news and corporate announcements.

Spritzer Bhd (KL:SPRITZER) said it will spend between RM90 million and RM100 million in 2025 to upgrade and expand its production.

Chinese companies were flying suitcases of hard drives to Malaysia to train their artificial intelligence (AI) models at data centres equipped with advanced Nvidia chips, The Wall Street Journal reported.

Chinese firms training AI models in Malaysia at Nvidia-powered data centres, WSJ reports

Investors will demand a higher risk premium&nbsp;for PPB Group Bhd (KL:PPB) after associate and main profit contributor Wilmar International Ltd was charged by Indonesia's Attorney General Office (AGO), according to Kenanga Research.

PPB faces higher risk premium after Wilmar's US$729m deposit in Indonesia case

The S&amp;P 500 declined on Tuesday as fears over a potential US involvement in the conflict between Israel and Iran caused traders to take risk off the table.

The S&amp;P 500 Index closed down&nbsp;0.8%&nbsp;in New York, while the tech-heavy Nasdaq 100 Index lost&nbsp;1%.

South Malaysia Industries Bhd (KL:SMI) on Tuesday said it has rejected a proposal to nominate Teh Chee Hoe and three others as directors at its upcoming annual general meeting, citing violations of corporate and securities regulations.

US President Donald Trump met with his national security team in Washington for more than an hour on Tuesday to discuss the escalating Middle East conflict, according to people familiar with the matter, fuelling fresh speculation that the US is on the verge of joining Israel’s attack on Iran.&nbsp;

Trump weighs Iran options as Israel ratchets up air strikes

US Federal Reserve (Fed) officials are widely expected to leave interest rates unchanged for a fourth straight meeting on Wednesday, reiterating they want more clarity on the economic impact of a&nbsp;wide array&nbsp;of government policy changes before adjusting borrowing costs. &nbsp;

Fed expected to hold rates steady again as officials wait for more clarity on economy

US President Donald Trump is extending for a third time the deadline for Chinese company ByteDance Ltd&nbsp;to divest the American operations of TikTok, allowing the social media app to keep running in the US while negotiations proceed.

Trump again pushes TikTok sale deadline with 90-day extension

Ukrainian President Volodymyr Zelenskiy will leave the Group of Seven summit on Tuesday with new aid from host Canada for its war against invader Russia but without a&nbsp;joint&nbsp;statement of support from members or a chance to meet with US&nbsp;President Donald Trump.

The&nbsp;G7&nbsp;wealthy nations struggled to find unity over the conflict in&nbsp;Ukraine&nbsp;after Trump expressed support for Russian President Vladimir Putin and left a day early to address the Israel-Iran conflict from Washington.

Rollout of generative AI and agents will reduce Amazon's total corporate workforce in the next few years, Andy Jassy, the CEO of the online retailer, said in a note to employees on Tuesday.

Malaysia remains committed to expanding strategic ties with international partners, including Russia, in areas that can yield mutual benefit and contribute to sustainable development.

Malaysia committed to expanding strategic ties with Russia, focus on renewable energy, says Fadillah

Top officials from central banks and finance ministries were forced to call a timeout at a meeting of the world’s most powerful financial watchdog last week, amid clashes over the US stance on climate change.

US retail sales dropped more than expected in May, weighed down by a decline in motor vehicle purchases as a rush to beat potential tariff-related price hikes ebbed, but consumer spending remains supported by solid wage growth for now.

The top US bank regulators plan to reduce a key capital buffer by up to 1.5 percentage points for the biggest lenders after concerns that it constrained their trading in the US$29 trillion (RM123.22 trillion) Treasuries market.&nbsp;

US planning to ease capital rule limiting banks’ Treasury trades, Bloomberg reports

The Front Tyne oil tanker was sailing through the Gulf between Iran and the United Arab Emirates on Sunday when just past 9.40am shiptracking data appeared to show the massive vessel in Russia, in fields better known for barley and sugar beets.

Oil tankers near Iran appear to be in rural Russia as signals jammed

The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump.

US Senate passes stablecoin legislation in win for crypto, Trump

The UK is looking to restrict the number of visas it gives to countries which refuse to sign returns agreements with Britain, Prime Minister Keir Starmer said, as his government pursues more assertive measures to reduce levels of net migration.

Budget 2019

‌‌

‌
‌