The opposition failed in its attempt to thwart Budget 2021 as it was passed in the final approval stage in the Dewan Rakyat today via an en bloc vote.

The vote ended with 111 Members of Parliament (MPs) in favour and 108 MPs against the passing of the budget.

Budget 2021 passed in Dewan Rakyat despite opposition's last-ditch efforts to stymie bill

Budget 2021 was formulated with a balancing act in mind, a treasury official said today, adding that it is important for the government to spend on development expenditure to stimulate new growth in the country.

Budget 2021 formulated with balancing act in mind — MoF

The crucial vote on Budget 2021 is scheduled for today in the Dewan Rakyat amid uncertainty as to whether it will garner sufficient support from lawmakers.

Several MPs have threatened to withhold support for the Budget unless their concerns are addressed. Former Prime Minister Tun Dr Mahathir Mohamad (Pejuang-Langkawi), for one, has said that he and “his friends” have decided to reject the Budget

Parliament to decide on the National Budget today

As for now, the schedule for the crucial Budget 2021 vote set for tomorrow is on track, according to a source familiar with the matter.

“Ministers have also been reminded to stick to their 20-minute allocation and not exceed it — as what happened on Monday and Tuesday. Questions that can’t be answered due to time constraints will be answered in writing,” a government source familiar with the scheduled budget vote told The Edge, adding that at present, the budget voting is still “confirmed” for tomorrow as scheduled.

Schedule for budget voting on track — source

Tengku Razaleigh Hamzah will not be participating in the Budget 2021 debate as long as the legitimacy of Prime Minister Tan Sri Muhyiddin Yassin and his Cabinet is not tested.

Ku Li to abstain from Budget 2021 debate as long as no-confidence motion not allowed

Datuk Seri Mohd Shafie Apdal today criticised the government’s controversial decision to allocate RM85.5 million to the Department of Special Affairs (Jasa) during the Covid-19 pandemic, calling it unnecessary.

Following a growing number of lawmakers who have voiced their dissatisfaction at this move, Shafie echoed their calls to use the RM85.5 million in combating Covid-19.

Shafie joins growing list of politicians questioning RM86m allocation for Jasa

While the Budget 2021 has been touted to be the largest budget in Malaysia, four associations have jointly urged the government to revise the national budget to provide “sustainable and meaningful” assistance.

The four associations are Malaysia Retail Chain Association (MRCA), SME Association of Malaysia, Bumiputra Retailers Organization and Malaysia Shopping Malls Association (PPK).

SME, retail and mall associations urge govt for more aid in Budget 2021

The V-shaped recovery that has been attained at this point will be derailed if Budget 2021 is not passed by Parliament, according to EMIR Research.

V-shaped recovery will be derailed if Budget 2021 not passed — EMIR Research

Construction companies are set to benefit greatly from the projects and expenditure outlined in Budget 2021, with the Mass Rapid Transit 3 and the Kuala Lumpur-Singapore High-Speed Rail viewed as being big opportunities.

Builders the key beneficiaries of Budget 2021, but little interest seen

The recently tabled Budget 2021 was "supersized but spread too thin", said Affin Hwang Capital Research, noting that the measures announced were not sufficient to assist the sectors that are badly hit by the Covid-19 pandemic.

Budget 2021 has something for everyone but ‘spread too thin’, says Affin Hwang

Pejuang says the government had used Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s decree as a “blank cheque” to propose a Budget which is populist and does not take into account the interests of the people.

Pejuang: Budget 2021 populist, does not take into account public interest

Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd have confirmed that they are donating to the Government’s COVID-19 fund set up to battle the pandemic.

When contacted by theedgemarkets.com, Top Glove said it is donating RM185 million to the fund, while Supermax will be chipping in RM75 million.

Kossan, Top Glove, Hartalega and Supermax confirm donations to Govt's RM400 mil COVID-19 fund

Human capital management solution provider RAMSSOL Group said employee engagement is key in digital transformation.

Employee engagement key in digital transformation, says RAMSSOL

BIMB Holdings Bhd's Bank Islam Malaysia Bhd has welcomed the enhancement made to the targeted repayment assistance in Budget 2021, saying that the measure addresses the difficulties of most vulnerable groups and provides an opportunity for them to recover from the economic shocks of the Covid-19 pandemic.

Bank Islam welcomes enhancement to targeted repayment assistance

(April 19): South Korea's Hyundai said on Friday that it had paused advertising on X, formerly known as Twitter, and is speaking to the Elon Musk-owned social media platform directly about brand safety issues.

It was not immediately clear why the auto giant had paused the advertisements...

Hyundai pauses ads on X over brand safety issues

Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.

HLIB sees promising prospects for Kimlun’s FY24-25 earnings

TA Securities thinks that KIP REIT will have a good 3Q showing

MORNING CALL: 19/4/24

Rakuten Trade said United U-Li Corporation Bhd may trend higher after breaking out from its two-week bullish flag pattern with a long white candle on Thursday.

United U-Li Corp may trend higher, says Rakuten Trade 

Israel received its first-ever sovereign downgrade as S&P Global Ratings lowered its credit rating to A+ from AA- on heightened geopolitical risks for the region.

S&P downgrades Israel rating on heightened geopolitical risk

RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.

Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

RHB Retail Research said Muhibbah Engineering (M) Bhd may be headed for an uptrend after rebounding strongly from a recent pullback and pushing past the 21-day simple moving average line.

Muhibbah Engineering may be headed for uptrend, says RHB Retail Research 

The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

 Sarawak aiming to transform itself into a centre for clean hydrogen energy

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.

Cocoa soars above US$11,000 a tonne as processing pace holds up

KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.

He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.

RM958 mil high-tech recycling factory puts Melaka on green investors map — Ab Rauf

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

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EVENING 5: Five things you need to know today

High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and&nbsp;Special Financial Zone&nbsp;(SFZ) in Forest City can spur Johor’s economy to outpace that&nbsp;of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.

Special economic, financial zones can help Johor surpass other states economically, says Anwar

Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.

Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

Kimlun Corporation Bhd has bagged a construction contract worth RM150 million for a serviced apartment development project in Johor Bahru.

In a bourse filing on Thursday, Kimlun said its wholly-owned subsidiary Kimlun Sdn Bhd received the award as the main contractor for the Aliva Mount Austin residential project from Astaka Development Sdn Bhd, a subsidiary of Singapore-listed Astaka Holdings Limited.

Kimlun bags RM150 mil contract for residential construction project in Johor

(April 18):&nbsp;The world of chocolate is facing such immense cocoa shortages that the wild trading lured an unlikely player&nbsp;—&nbsp;Pierre Andurand, a hedge-fund manager best known for his bets on oil.&nbsp;

Why the world of chocolate is in crisis

The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

NEW YORK (April 19): US stocks vacillated on Thursday, swinging from red to green and back as investors contended with the push-pull of a strong economy and restrictive Federal Reserve policy.

Benchmark Treasury yields resumed their climb and gold added strength as ongoing turmoil in th...

Wall Street closes lower; gold climbs amid economic, geopolitical crosswinds

The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.

US stops UN from recognising a Palestinian state through membership

With 94% of Malaysian companies gearing up for an artificial intelligence (AI) driven future, National Technology and Innovation Sandbox (NTIS) together with NVIDIA has launched an AI pilot sandbox programme.

MOHE estimates 13,000 new AI talents by 2026

Indonesia discouraged its state-owned enterprises from making huge dollar purchases, showing the all-hands-on-deck approach that the nation has taken to support the rupiah.

State-run firms with large import requirements or foreign currency-denominated debt must avoid buying large amounts of US dollars while the rupiah is under pressure, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a briefing on Thursday.

Indonesia tells state firms to refrain from buying dollars

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day, said palm oil trader David Ng.

He said the weaker soybean oil market and lower crude oil prices continue to pile pressure on prices.

CPO futures end lower for 5th consecutive trading day

Datuk Seri Dr Zambry Abdul Kadir, who co-chairs the Kuala Kubu Baharu by-election machinery&nbsp;coordination for the unity coalition, said its candidate would be deemed to represent the unity government rather than&nbsp;any particular party per se.

Kuala Kubu Baharu by-election: Candidate to represent unity govt rather than any particular party, says Zambry

The life insurance industry recorded a double-digit growth of 11.6% in new business total premiums to RM13.4 billion last year, compared with RM12 billion in 2022.&nbsp;

New business total premiums up 11.6% in 2023, says Life Insurance Association of Malaysia

US stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.

Stocks end near flat as investors assess earnings, data

Dubai Airports Chief Operating Officer (COO), Majed Al Joker announced that Dubai International Airport (DXB) will resume normal operations within 24 hours, signifying a return to its full capacity and regular schedule.

Dubai International Airport set to resume full operations within 24 hours

Healthcare digitalisation and financing reform&nbsp;remain&nbsp;the priorities of the Ministry of Health (MOH) aimed at&nbsp;strengthening and improving&nbsp;the healthcare system across the country.

Healthcare digitalisation, financing reform remain MOH's priorities, says Dzulkefly

The remains of the late Tan Sri Joseph Kurup arrived at the Kota Kinabalu International Airport here at 11.20pm on a commercial flight.

The flight which was initially scheduled at 9.15am on Thursday was cancelled due to ash clouds from Mount Ruang’s volcanic eruption in North Sulawesi, Indonesia, engulfing the air space.

Budget 2021

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