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

(Dec 7): President Joe Biden moved to forgive US$4.8 billion in student loans Wednesday, providing relief to more than 80,000 borrowers including public sector employees and Americans who have been repaying their federal debts for decades.

The move implements regulatory changes taken by...

Biden moves to forgive nearly US$5 billion in student loans

NEW YORK (Dec 7): A gauge of global equities rose on Wednesday following consecutive declines to start the week, while longer-dated U.S. Treasury yields fell after economic data kept afloat expectations the Federal Reserve has leeway to cut rates next year.

U.S. private payrolls rose by...

Stocks edge up, 10-year Treasury yield falls as rate cut timing weighed

LONDON (Dec 7): Resurgent Bournemouth climbed further away from the Premier League relegation zone with a comfortable 2-0 victory at Crystal Palace courtesy of goals by Marcos Senesi and Kieffer Moore on Wednesday.

Senesi headed in from a corner in the 25th minute and Bournemouth were r...

Bournemouth's resurgence continues with win at Palace

(Dec 7): U.S. stocks ended down on Wednesday, pulled lower by megacaps and energy shares as signs of a cooling jobs market reinforced expectations that the Federal Reserve could start cutting interest rates early next year.

The ADP National Employment report showed private payrolls incr...

Wall St ends lower as investors weigh fresh employment data

SHEFFIELD, England (Dec 7): Liverpool's Virgil van Dijk scored a first-half volley to put his side on course for a 2-0 Premier League victory over Sheffield United on Wednesday, handing new Blades boss Chris Wilder a losing start on his return to the club.

The Liverpool captain volleyed...

Van Dijk volley sets up Liverpool for 2-0 win over Sheffield United

WASHINGTON (Dec 7): President Joe Biden pleaded with Republicans on Wednesday for a fresh infusion of military aid for Ukraine, warning that a victory for Russia over Ukraine would leave Moscow in position to attack NATO allies and could draw U.S. troops into a war.

Biden spoke as the U...

Do not let Putin win, Biden pleads with Republicans on Ukraine

Here is a brief recap of some corporate announcements that made the news on Wednesday: Gamuda Bhd, Boustead Plantations Bhd, LB Aluminium Bhd, Comintel Corp Bhd, IOI Properties Group Bhd, Malaysian Pacific Industries Bhd, Hiap Teck Ventures Bhd, Heitech Padu Bhd, Sime Darby Bhd, MyEG Services Bhd, UMW Group.

Gamuda, Boustead Plantations, Comintel, IOI Prop, Tropicana, MPI, Hiap Teck, Heitech Padu, Sime Darby, MyEG, UMW Holdings 

(Dec 6): Dalian Wanda Group Co’s founder Wang Jianlin is planning to sell the rest of the firm’s film unit as the troubled Chinese conglomerate faces increasing debt repayment pressure.

 The billionaire plans to transfer his 51% stake in Beijing Wanda Investment Co, which controls ...

Wanda’s billionaire founder sells film unit as debt pressure builds

Airline profits are set to stabilise in 2024 as continued growth in post-pandemic travel is offset by the high cost of capital and capacity constraints, industry group IATA said on Wednesday.

Airlines see stable profits, record traveller numbers in 2024

Wall Street's main indexes gained on Wednesday as investors turned more optimistic about rate cuts from the Federal Reserve early next year, after data showed further signs of a cooling jobs market.

Wall Street rises as soft employment data supports rate cut bets

Here is a brief recap of some corporate announcements that made the news on Wednesday: Gamuda Bhd, Boustead Plantations Bhd, LB Aluminium Bhd, Comintel Corp Bhd, IOI Properties Group Bhd, Malaysian Pacific Industries Bhd, Hiap Teck Ventures Bhd, Heitech Padu Bhd, Sime Darby Bhd, MyEG Services Bhd, UMW Group.&nbsp;&nbsp;

Agrochemical businessman Datuk Eddie Ong Choo Meng has emerged as a substantial shareholder in Hektar Real Estate Investment Trust (Hektar REIT), after acquiring a 28.462% stake, or 143.9 million shares, in the company.

Eddie Ong buys into Hektar REIT, says no plan to merge with KIP REIT for now

(Dec 6):&nbsp;Thailand is on course to meet its target for 28 million foreign tourist arrivals this year, as a surge in visitors from neighbouring Malaysia helps counter a slow recovery in the Chinese market, the biggest source of inbound travellers to Thailand, pre-Covid.

Malaysians top list of tourists flocking to Thailand as Chinese miss target

KUALA LUMPUR (Dec 6): Gamuda Bhd recorded a net profit of RM195.04 million in the first quarter ended Oct 31, 2023 (1QFY2024), compared to RM1.168 billion a year ago.

Gamuda records RM195 mil net profit in 1QFY2024

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EVENING 5: Five things you need to know today

Boustead Heavy Industries Corp Bhd (BHIC) has proposed to undertake a partial debt settlement with three banks totalling RM183.26 million and the full settlement of its RM234 million debt with Boustead Holdings Bhd (BHB), before Dec 31.

Boustead Heavy Industries announces RM417m debt settlement plan with three lenders, Boustead Holdings

SEREMBAN (Dec 6): The Malaysia Vision Valley (MVV) Industrial Park, which is in the planning permission approval stage for development on&nbsp;307.6&nbsp;hectares (ha) in Parcel B, Labu, has the potential to&nbsp;achieve&nbsp;a gross development value (GDV) of up to RM2.8 billion.

MVV Industrial Park project in Negeri Sembilan poised to achieve RM2.8 bil GDV

KUALA LUMPUR (Dec 6):&nbsp;Malaysian police said&nbsp;on Wednesday that they have arrested&nbsp;a 36-year-old man&nbsp;and were conducting a&nbsp;sedition&nbsp;investigation over&nbsp;statements he made, suggesting the country should establish diplomatic relations with&nbsp;Israel.

Malaysian police arrests man over statements backing diplomatic ties with Israel

PUTRAJAYA (Dec 6): Checks have shown that the&nbsp;video of an individual proposing the establishment of diplomatic ties between Malaysia and Israel was&nbsp;a December&nbsp;2021 clip which has been circulated again,&nbsp;said Communications and Digital Minister Fahmi Fadzil.

Fahmi: Video of individual proposing Malaysia-Israel ties old clip

Moody's on Wednesday downgraded its outlook on Hong Kong to negative from stable, a day after cutting China's credit outlook citing costs to bail out local governments and state firms or to control its property crisis.

Moody's changes Hong Kong's outlook to negative from stable 

US private payrolls increased less than expected in November as the labour market gradually cools.

US private payrolls miss expectations in November 

SINGAPORE (Dec 6): Oiltek International has won new contracts worth RM52.5 million from Colombia and Malaysia, bringing its total order book to RM390.6 million.

Oiltek wins RM52.5 mil worth of new contracts from Malaysia and Columbia

Power supply to the Bangunan Sultan Iskandar Customs, Immigration and Quarantine (BSI CIQ) Complex and Johor Bahru Sentral, was fully restored at 9.13am.

Power supply to Johor Causeway checkpoint, JB Sentral fully restored this morning — TNB

Sapura Industrial Bhd's net profit fell 25.68% to RM1.89 million in the third quarter ending Oct 31, 2023 (3QFY2024), compared to RM2.55 million a year ago, mainly due to the provision for deferred tax liabilities.

Sapura Industrial's net profit falls 26% on deferred tax provision

The Italian government has told China it plans to exit the massive Belt and Road Initiative investment programme which Rome signed up to in 2019, according to Foreign Minister Antonio Tajani.

Italy tells China it will exit Belt and Road investment pact

NEW YORK (Dec 7): A gauge of global equities rose on Wednesday following consecutive declines to start the week, while longer-dated U.S. Treasury yields fell after economic data kept afloat expectations the Federal Reserve has leeway to cut rates next year.

U.S. private payrolls rose by...

(Dec 7): U.S. stocks ended down on Wednesday, pulled lower by megacaps and energy shares as signs of a cooling jobs market reinforced expectations that the Federal Reserve could start cutting interest rates early next year.

The ADP National Employment report showed private payrolls incr...

Wall Street's main indexes gained on Wednesday as investors turned more optimistic about rate cuts from the Federal Reserve early next year, after data showed further signs of a cooling jobs market.

McDonald's is planning to open about 10,000 restaurants globally by 2027 and more than double revenue from its loyalty programme, the company said on Wednesday, as it invests heavily to automate processes and speed up service at its stores.

McDonald's plans to add about 10,000 new stores by 2027, double loyalty programme sales

KUALA LUMPUR (Dec 6): The second reading of the Energy Efficiency and Conservation Bill&nbsp; 2023 and the Electricity Supply (Amendment) Bill 2023&nbsp;in Dewan Negara&nbsp;has been postponed by the Ministry of Natural Resources, Environment and Climate Change (NRECC).

Budget 2021 Highlight

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Budget 2021 Highlight

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