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

EVENING 5: Five things you need to know today

The world economy is set to rely even more heavily on the BRICS group of emerging economies to drive expansion, rather than their wealthier Western peers, according to the International Monetary Fund’s (IMF) latest forecasts.

IMF sees growth shift towards BRICS and away from G7 in new outlook

Ireland’s data protection commission has fined LinkedIn €310 million (US$335 million or RM1.46 billion) for illegally processing the personal data of users within the European Union (EU) to deliver targeted advertising.

LinkedIn fined €310m for illegal data practices in EU

EVENING 5: Najib apologises to all M’sians, regrets 1MDB scandal

US business activity increased in October amid strong demand, and firms raised prices for goods and services at the slowest pace in nearly 4-1/2 years, indicating that the economy started the fourth quarter in solid shape.

US business activity rises in October; price pressures easing

Eighteen months after its rescue takeover of rival Credit Suisse, UBS Group AG chief executive officer Sergio Ermotti said his firm is starting to think about what comes next as technology advances sweep through the industry.

UBS CEO thinking about what’s next after Credit Suisse merger

The number of Americans filing new applications for unemployment aid unexpectedly fell last week, but more people were collecting benefits in mid-October, which raises the risk of a rise in the jobless rate this month.

US weekly jobless claims unexpectedly fall

Las Vegas Sands Corp’s planned expansion of its iconic casino resort in Singapore is expected to cost US$8 billion (RM34.78 billion), more than doubling its original estimate as the group seeks to build a new luxury gaming complex to drive growth.

Sands says Singapore casino expansion cost to double to US$8b

The 2030 Sustainable Development Agenda and Sustainable Development Goals (SDGs) will continue to be the core of the preparation for the 13th Malaysia Plan (13MP), said Deputy Economy Minister Datuk Hanifah Hajar Taib.

2030 Sustainable Development Agenda core of 13MP preparation — Hanifah

One of the biggest challenges policymakers face with technology is the unrelenting pace at which it advances, with every year — if not month — bringing changes in areas like artificial intelligence (AI). The balance of keeping up the policy groundwork and nurturing adoption among businesses was the focus of the “Policy, Technology And The Future Of Innovation” session at the Malaysian Digital Xcceleration (MDX) Summit 2024.

Adoption of new technology requires government, private stakeholder collaboration

Malaysia has been recognised as one of 13 nations officially added to BRICS as a partner country, a bloc that collectively accounts for one-fifth of global trade.

According to an update from @BRICSInfo on X, the bloc officially added 13 new nations to the alliance as partner countries, though not yet as full members.

Malaysia, 12 other countries officially added as BRICS partner countries

Healthcare services firm Metro Healthcare Bhd (KL:MHCARE) on Thursday unveiled the prospectus for its initial public offering (IPO) to raise RM39.16 million as part of its listing transfer from the LEAP Market to the ACE Market.

Metro Healthcare unveils prospectus for RM39.16 mil IPO, priced at 25 sen per share

LOCATED just minutes away from Queensbay Mall is the site of the RM10 billion Penang World City (PWC), first unveiled in November 2011. To be built on both existing and reclaimed land, PWC was to be jointly developed by Ivory Properties Group Bhd (KL:IVORY) and Tropicana Corp Bhd (KL:TROP) — then...

Cover Story: Penang World City and the MBI effect

Imprisoned former prime minister Datuk Seri Najib Razak has apologised and expressed regret that the 1Malaysia Development Bhd (1MDB) scandal happened under his watch.&nbsp;

Najib offers unreserved apology, regrets that 1MDB scandal happened under his watch

S P Setia Bhd (KL:SPSETIA) is unveiling new double-storey semi-detached homes named Anggun Villa III in Bandar Kinrara, Puchong this Saturday (Oct 26). The development has an estimated gross development value of RM105.17 million.

S P Setia to unveil double-storey semi-detached homes in Puchong this weekend

THE acronym MBI if spelt backwards is IBM, the US-based computer main frame technology company with a global reach.

Tedy Teow Wooi Huat, the prime figure behind the disgraced MBI, wanted a global reach similar to IBM. In his talks to members, he would always drive home the point why the...

Cover Story: Picking up the pieces from MBI’s collapse

A total of 97,866, or 49%, out of 197,348 active loan borrowers have been blacklisted by Majlis Amanah Rakyat (Mara) for loan defaults.

Nearly 50% of Mara loan borrowers blacklisted for defaults

MKS Instruments Inc, a global technology solutions provider, is investing US$100 million (RM434.80 million) to build a super centre factory in Penang to support wafer fabrication equipment production, both regionally&nbsp;and globally.

MKS Instruments investing US$100m in super centre factory in Penang, says executive VP

MBI Group, founded by Tedy Teow Wooi Huat 15 years ago, was initially presented as a legitimate “members-only” investment programme and loyalty scheme promising investors exceptionally high returns. Unfortunately, it turned out to be a money game, allegedly involving fraud, scams and operating as...

Cover Story: 400 Chinese investors demand RM170 mil in class action against MBI

Cuckoo International (MAL) Bhd, the local unit of South Korean appliance maker, has filed for an initial public offering (IPO) on the Main Market of Bursa Malaysia to raise funds for expansion.

The proposed IPO involves an offer for sale of existing shares and a public issue of new shares at a price to be determined later, according to the draft prospectus.

Cuckoo Malaysia files for Main Market IPO to raise funds for expansion

While former chief minister Lim Guan Eng is on trial related to graft over the Penang undersea tunnel, the focus of his trial on Thursday centred on former prime minister Datuk Seri Najib Razak.

Penang undersea trial suddenly shifts focus to Najib

Singapore temporarily blocked the demolition of the house of its first prime minister, Lee Kuan Yew, as it weighs whether to preserve the property that has sparked a yearslong feud among his children.

Singapore blocks demolition of ex-premier Lee Kuan Yew’s home

Negotiations over the redevelopment of major transport hub Kuala Lumpur Sentral are expected to be completed this year, paving the way for the project's launch in 2025, said Transport Minister Anthony Loke Siew Fook.

KL Sentral redevelopment to kick off next year, says Loke

Two major shareholders of Rexit Bhd (KL:REXIT) were sentenced to jail in a Singaporean court for participating in a conspiracy to illegally obtain data of over 9,000 people.&nbsp;

Two major shareholders of Rexit jailed in Singapore for illegally obtaining data from suspect in cybercrime ring

Capital A Bhd’s (KL:CAPITALA) share capital reduction plan would strengthen its financial position and aid the company’s broader restructuring efforts, said an industry consultant and a sell-side analyst.

Capital A on last leg of journey to exit PN17 with capital reduction plan, analysts say

Technology company ViTrox Corp Bhd (KL:VITROX) saw its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fall 32.5% to RM22.45 million, from RM33.25 million a year earlier, amid a weak US dollar, which led to a notable unfavourable foreign exchange loss.

Forex loss drags ViTrox’s 3Q net profit down 33%

Malaysia’s inflation decelerated in September and was a tad slower than expected, as prices of key food items and utilities remained steady while transport costs eased, official data on Thursday showed.

Malaysia's September inflation moderates amid steady food group, transport index eases

Imprisoned former prime minister Datuk Seri Najib Razak said that he wanted the central bank and AmBank to monitor the flow of monies into his personal accounts, to ensure that everything was above board.

Najib says wanted BNM and AmBank to monitor his accounts, to avoid anything 'untoward'

BUDGET 2025 has sparked mixed reactions within the country’s semiconductor sector, with some industry leaders hailing the initiatives as a significant step forward, while others say they lack the depth and focus needed to truly elevate Malaysia to the status of a global semiconductor hub.

...

Cover Story: 'Best budget ever’ or a major let-down for the semiconductor industry?

The government will continue to promote the use of local currency in international settlements and periodically enhance mechanisms with strategic partner countries.

The Ministry of Investment, Trade and Industry (Miti) said the government remains open to expanding the use of regional local currencies with major Asean countries, including Vietnam and the Philippines, as well as BRICS members such as Russia and India.

Budget 2021 Highlight

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Budget 2021 Highlight

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