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 government is allocating RM322.5 billion for Budget 2021, or 20.6% of the country’s gross domestic product, higher than the previous year’s allocation of RM297 billion.

Operating expenditure (OE) will account for 73.3%, or RM236.5 billion of the government’s expenditure, while development expenditure (DE) will be at RM69 billion or 21.4% of the Budget. On top of that, there is a new item — another RM17 billion or 5.3% of the amount will be reserved for the COVID-19 Fund.

Government to allocate RM322.5b in Budget 2021

A NYSE options exchange has suspended trading, causing other exchanges to disregard quotes from the venue.

NYSE options exchange trading halted by ‘technical issue’

US consumer sentiment edged down to a five-month low in October as high prices and rising interest rates depressed morale.

US consumer sentiment slips to five-month low on inflation

Former Atlan Holdings Bhd (KL:ATLAN) CEO Datuk Lee Kok Khee has become a substantial shareholder in AWC Bhd (KL:AWC) through a share purchase by Mastrack Sdn Bhd, a company he owns.

Former Atlan CEO Lee Kok Khee emerges as substantial shareholder in AWC

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday

Zetrix AI, Astro, Maxis, CelcomDigi, Yinson, Malakoff, Solarvest, YTL Hospitality REIT, Hong Leong Capital, Redtone Digital, Affin Bank & Comfort Gloves

Global data centre spending is expected to hit US$1 trillion (RM4.1 trillion) in 2026 and more than double to US$2.1 trillion by 2028, BofA Global Research estimated in a note on Friday, driven by growing demand for and development of AI services.

Data centre spending to more than double to US$2.1 tril by 2028

Zetrix AI Bhd (KL:ZETRIX) has offered 788.83 million employee share options at a 28% discount to its Friday closing price, with recipients able to exercise them immediately, as the group faces cash flow pressures and a sukuk covenant breach.

Zetrix AI offers 789 mil share options at 28% discount amid cash flow, sukuk pressures

Russia and Ukraine have exchanged 270 people each in the latest prisoner-of-war swap, following talks with US negotiators earlier this week.

Russia and Ukraine swap 270 prisoners each in latest exchange

Bids for billionaire Mukesh Ambani's first IPO in 20 years topped US$77 billion (RM314.5 billion) on Friday, making Jio Platforms India's most subscribed stock offering as it surpassed the 2008 issue of Reliance Power, part of his brother Anil's group.

Ambani's Jio becomes most subscribed Indian IPO with US$77b in bids

The S&P 500 and the Nasdaq touched their lowest in five weeks on Friday as caution prevailed after a sharp selloff in artificial intelligence (AI)-linked stocks, while telecom stocks tumbled on fears that intensified competition from SpaceX could erode their market share.

Wall St dips after AI-led selloff; SpaceX worries hit telecoms

HONG KONG, New York (Oct 23): Global hedge funds were hit by a fresh tech reckoning this week, with major strategies posting their worst ​day since the COVID-era market rout.

A renewed selloff in big tech stocks, driven by ‌growing skepticism over the massive AI buildout spending, ...

Hedge fund returns worsen this week as tech selloff deepens

A former company director, Datuk Seri Liew Kok Leong, has been charged with criminal breach of trust (CBT) of&nbsp;RM5.5 million funds belonging to a private limited entity. In addition, Liew was&nbsp;charged for&nbsp;money laundering.

Former director charged with CBT for misappropriating RM5.5 mil of company funds

Datuk Muhamad Umar Swift, the former head of Malaysia’s stock exchange, will join Hong Leong Investment Bank Bhd as its managing director and chief executive officer.

Ex-Bursa chief Umar Swift to lead Hong Leong Investment Bank

Johor's booming data centre industry could consume more than 90% of the additional electricity generated in Peninsular Malaysia in the next five years, raising concerns over power supply and grid infrastructure constraints, according to a report by BMI, a Fitch Solutions company.

Johor data centres could consume over 90% of peninsula's additional power generation by 2031 — BMI

The government does not rule out the possibility of completely banning the use of the Waze navigation application in Malaysia, said Prime Minister Datuk Seri Anwar Ibrahim.

PM says could ban Waze entirely once alternative apps available, admits TuJu's shortcomings

Zetrix AI Bhd (KL:ZETRIX) said it will hold another sukukholders’ meeting after parties failed to reach a deal on Friday to address a covenant breach involving its RM2 billion sukuk by the deadline.

Zetrix AI sukukholders fail to reach deal, new meeting planned

Pengurusan Aset Air Bhd plans to set up a new sukuk programme worth RM11.64 billion to support its capital expenditure requirements over the next decade.

Malaysia’s state-owned water assets firm lines up RM11.64 bil sukuk

Parti Bersama Malaysia (Bersama) leader Datuk Seri Rafizi Ramli has instructed his lawyers to file a defamation suit against Human Resources Minister Datuk Seri R Ramanan over remarks made at a press conference on Thursday.

Rafizi to sue Ramanan after minister declines legal action over RM9.5 mil claim

Datuk Seri Robin Tan Yeong Ching has been appointed executive deputy chairman of REDtone&nbsp;Digital Bhd (KL:REDTONE).

Vincent Tan’s son named REDtone Digital executive deputy chairman

Astro Malaysia Holdings Bhd (KL:ASTRO) is proposing to dispose of its broadband business to Maxis Bhd (KL:MAXIS) for up to RM83 million in cash, as the group seeks to refocus resources on its core content, advertising and entertainment businesses.

Astro to sell broadband business to Maxis for up to RM83 mil

Comfort Gloves Bhd (KL:COMFORT) said on Friday it will settle a two-year tax dispute with the Inland Revenue Board for RM8.3 million.&nbsp;

Comfort Gloves reaches RM8.3m settlement with Inland Revenue Board over tax bill

Indonesian authorities seized 1.16 tonnes of ketamine on a Mongolian-flagged vessel from Malaysia in the waters of North Sumatra province earlier this week, the country's national police chief Suyudi Ario Seto said on Friday.

Indonesia seizes 1.16 tonnes of ketamine on Mongolian-flagged vessel from Malaysia, police chief says

Zetrix AI Bhd (KL:ZETRIX) has offered 788.83 million employee share options at a 28% discount to its Friday closing price, with recipients able to exercise them immediately, as the group faces cash flow pressures and a sukuk covenant breach.&nbsp;

Two third-generation members of the Yeoh family have taken up alternate executive director roles at YTL Hospitality Real Estate Investment Trust (KL:YTLREIT), with Yeoh Keong Shyan switching from representing his aunt to his father, while Yeoh Pei Xien has been newly appointed to the role.

Yeoh family board changes continue at YTL Hospitality REIT with two alternate director moves

The Sarawak assembly will be dissolved next Monday to enable the state election to be called, said Premier Tan Sri Abang Johari Tun Openg.

Sarawak assembly to dissolve next Monday, paving way for state polls 

Volvo Car AB plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs.

Chinese market is gone for Western automakers, says Volvo CEO

UK-based insurer Prudential plc has emerged as a substantial shareholder in Solarvest Holdings Bhd (KL:SLVEST), with a 5.25% stake in the clean energy and solar photovoltaic specialist.

UK-based insurer Prudential plc emerges as substantial shareholder in Solarvest with 5.25% stake

Bestari Food Bhd has received approval from the securities regulator for its proposed listing on the Main Market of Bursa Malaysia.

Bestari Food gets regulator’s nod, shariah status for Main Market listing

Affin Bank Bhd (KL:AFFIN) on Friday named industry veteran Doreen Choo Choy Wan as the head of its asset management arm, effective immediately.

Affin names Doreen Choo as asset management division CEO

KULAI (OCT 23): Mah Sing Group Bhd (KL:MAHSING) and KLK Land Sdn Bhd have opened Phase 1B of MS Industrial Park @ Kulai in Johor for sale following a 90% take-up rate for Phase 1A.

Mah Sing, KLK Land launch Phase 1B of Kulai industrial park as 90% of Phase 1A sold

Home Minister Datuk Seri Saifuddin Nasution Ismail and the Registrar of Societies (ROS) have appealed the High Court’s decision to temporarily halt the deregistration of Perikatan Nasional (PN).

Budget 2021 Highlight

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Budget 2021 Highlight

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