Leaders from the banking fraternity are encouraged that the government has again prioritised the rakyat’s well-being as a key focus pillar when formulating Budget 2022.

Bankers laud inclusive Budget 2022 that prioritises rakyat's well-being while spurring post-pandemic recovery

KUALA LUMPUR (Oct 27): Pakatan Harapan (PH) has proposed 12 key strategies for Budget 2022, including an immediate injection of the RM45 billion Covid Fund as agreed in the memorandum of understanding between the opposition coalition and the government.

PH proposes 12 strategies for Budget 2022, including RM45 bil Covid fund

KUALA LUMPUR (Oct 29): The Employees Provident Fund (EPF) supports the government’s measures tabled in Budget 2022, which it sees as conducive towards fostering economic recovery, improving livelihoods, as well as spurring employment — all of which will pave the way for Malaysians to rebuild their retirement fund.

EPF: Budget 2022 measures to spur economic recovery the key to rebuilding retirement savings

KUALA LUMPUR (Oct 29): A one-off additional company income tax was announced in Budget 2022, whereby earnings above the RM100 million mark will be taxed at a rate of 33%, instead of 24% for the first RM100 million.

Prosperity tax of 33%, property gains tax exemption among Budget 2022 tax measures

KUALA LUMPUR (Oct 29): Tune Protect Group Bhd has applauded Budget 2022 for not only maintaining the Perlindungan Tenang Voucher (PTV), but increasing the value to RM75 from RM50 currently for the Bottom 40% (B40) income group.

Tune Protect lauds move to increase Perlindungan Tenang Voucher to RM75

KUALA LUMPUR (Oct 28): After almost two years battling the pandemic, many small businesses are tired, frustrated and at the end of their tether. What do they expect from the present budget?

Here is a selection of wishlists from various businesspeople and the heads of government agencies:

Budget 2022: What’s on your wishlist?

The one-off corporate tax of 33% to be levied on companies with chargeable income of more than RM100 million is likely to be the Budget 2022 proposal that would have the biggest financial impact on the insurance and takaful industry, said Deloitte Malaysia.

After looking at the tax measures proposed in Budget 2022 and Finance Bill 2021, Deloitte Malaysia said the one-off tax would have an impact on the insurance and takaful sector from both a fiscal and operational perspective.

Cukai Makmur will be the Budget 2022 proposal that will impact the insurance industry most — Deloitte Malaysia

KUALA LUMPUR (Nov 3): Investors should expect dividend suppression after the government unveiled the one-off "Cukai Makmur (prosperity tax) in the recently announced Budget 2022, according to Maybank head of Malaysia and regional equity research Anand Pathmakanthan.

Dividend suppression seen with prosperity tax in Budget 2022 — Maybank Investment

Malaysia's plantation sector, which is the most highly taxed sector in the country, is likely to be subjected to the recently-announced "Cukai Makmur" (prosperity tax) under Budget 2022, according to Maybank Kim Eng's head of regional equity research Anand Pathmakanthan.

Highly-taxed plantation sector unlikely spared from Cukai Makmur, says Maybank

Maybank Kim Eng has applauded the government’s decision to give full exemption of import duty, excise duty, as well as sales tax for electric vehicles (EVs) as it seeks to support the local EV industry, according to its head regional equity research Anand Pathmakanthan.

Maybank lauds govt decision on EV incentives in Budget 2022

The national budget should not be designed to give short-term boosts to the local bourse but it should be seen as the enabler for the economy to grow, whether in the short, medium or longer term, according to Member of Parliament for Damansara Tony Pua.

National budget should be seen as enabler of economic growth, says Tony Pua

Malaysia’s Budget 2022 brings a ray of hope for Bursa-listed companies that were affected by the Covid-19 pandemic as viable candidates may receive financial support from the government in the form of equity injection.

Finance Minister Tengku Datuk Seri Zafrul Aziz said in his 2022 Budget speech last Friday that a government-owned special purpose vehicle (SPV) will be set up to support companies through equity injection or other related instruments.

Which companies need Khazanah's RM3 bil help?

Investors' fear of a surprise corporate taxation came true when Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz announced a one-off 33% "Cukai Makmur" (Prosperity Tax) on companies with chargeable income over RM100 million for the assessment year of 2022.

These companies may be subject to the one-off 33% prosperity tax

KUALA LUMPUR (Nov 1): Veteran tax expert Dr Veerinderjeet Singh said he is surprised that the government has moved so fast to propose the removal of tax exemption for foreign sources of income.

Describing it as a knee-jerk reaction, he said: “I would like to encourage the team at the Finance Ministry to reconsider this particular point on the removal of the exemption on the foreign source income.”

Proposal to remove foreign source income exemption comes as a surprise, says tax expert

The Bank of Japan (BOJ) must tread cautiously in raising interest rates, as some indicators of inflation expectations remain short of its 2% target, the International Monetary Fund's Japan mission chief Nada Choueiri said on Friday.

IMF urges Bank of Japan to tread cautiously in raising interest rates

Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.

Israel's Iran attack carefully calibrated after internal splits, US pressure

The Nasdaq and the S&P 500 dipped on Friday, with Netflix among the biggest drags on a dour quarterly forecast, while all three indexes stared at weekly losses amid diminishing hopes that the Federal Reserve would cut interest rates anytime soon.

Nasdaq lags peers as Netflix, chip stocks drag; AmEx lifts Dow

Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.

Anwar's plane landed at Terminal Two, Kota Kinabalu International Airport at 11.40pm, where he was greeted by Chief Minister Datuk Seri Hajiji Noor.

Anwar arrives in Kota Kinabalu for one-day visit

Parties in the Unity Government have their methods to ensure a win in the Kuala Kubu Baharu by-election next month, Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid, who is also Barisan Nasional (BN) chairman, said this was discussed at the Unity Government secretariat meeting on Wednesday.

Unity Govt parties have ways to ensure victory in Kuala Kubu Baharu polls — Ahmad Zahid

All travellers entering or leaving Singapore carrying Physical Currency and Bearer Negotiable Instruments (CBNI) that are valued more than S$20,000 or its equivalent in a foreign currency, must submit the necessary declarations electronically with effect from May 13.

Travellers to and from Singapore carrying over S$20,000 must submit online declaration from May 13

KUALA LUMPUR (April 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Shares of Sapura Energy Bhd have been suspended from trading, pending a material announcement. The suspension took effect from 2.30pm onwa...

Sapura Energy, PIE Industrial, LSH Capital, YX, Westports, Yinson, Sime Darby Property, MISC, Meta Bright, EG Industries, Hextar, Uzma, Nova MSC and Iconic Worldwide

YX Precious Metals Bhd, a 70%-owned subsidiary of Tomei Consolidated Bhd, has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.

In a bourse filing, the gold jewellery wholesaler and manufacturer said it has also satisfied the Securities Commission Malaysia (SC) and Main Market listing requirements on financial position, public shareholding spread and Bumiputera equity.

YX Precious Metals proposes to transfer listing from ACE Market to Main Market

(April 19): Oyo Hotels is in talks to raise up to US$450 million via dollar bonds, a person familiar with the matter said, as the once-high-flying Indian startup seeks to replace an existing high-cost loan amid delays in its stock-market debut.

Softbank-backed Oyo eyes US$450 mil bond sale for refinancing

CIMB Thai Bank PCL’s net profit for the first quarter ended March 31, 2024 (1QFY2024) dropped 24.6% year-on-year to 626.1 million baht from 830.1 million baht, as it reported lower operating income and higher expenses.  

The group recorded an 8.4% drop in operating income and an 11.8% increase in operating expenses. The effects of these were partially offset by a 36.9% decline in expected credit loss, according to CIMB Thai president and chief executive officer Paul Wong Chee Kin in a statement. CIMB Group Holdings Bhd has a 94.83% interest in CIMB Thai.

CIMB Thai's 1Q earnings drop 24.6% as operating income falls while opex climbs

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.

In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.

MIDF confirms cyber security incident

Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.

Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

Automotive electronic parts manufacturer MCE Holdings Bhd has commenced the construction for its MCE Auto Hub, the company’s new manufacturing facility in Serendah, Selangor, with an initial investment of RM50 million for the first phase of the development.&nbsp;

MCE Holdings commences construction for RM50 mil manufacturing facility in Serendah 

KUALA LUMPUR (April 19): Oil-and-gas services firm Yinson Holdings Bhd said on Friday that its indirect wholly owned subsidiary Yinson Production Offshore Pte Ltd (Yinson Production) has successfully placed a US$500 million five-year senior secured bond issue.

Yinson’s unit places US$500 mil five-year senior secured bonds

PUTRAJAYA (April 19): Payment of fees&nbsp;for training or classes in esports, equestrian, swimming, motorsports and taekwondo is&nbsp;eligible for&nbsp;tax relief of up to RM1,000 from next year, said Youth and Sports Minister Hannah Yeoh.

Payment of fees for sports training eligible for tax relief from next year — Hannah

KUALA LUMPUR (April 19): Meta Bright Group Bhd is forming a joint venture company (JVco) with a Bumiputera firm to bid for renewable energy (RE) projects with a Bumiputera equity requirement.

Meta Bright forms JVco with Bumiputera firm for RE projects

DUBAI/JERUSALEM (April 19): Explosions echoed over an Iranian city on Friday in what sources described as an&nbsp;Israeli attack, but Tehran played down the incident and indicated that it had no plans for retaliation — a response that appeared gauged towards averting region-wide war.

Tehran signals no retaliation against Israel after drones attack Iran

Batik Air will suspend its operations to Istanbul, Turkiye, effective May 1, 2024, and affected passengers will be notified via email and text, said the airline operator, Malindo Airways Sdn Bhd.

Batik Air to suspend operations to Istanbul from May 1

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 19): Construction company Lim Seong Hai Capital Bhd (LSH Capital) said it has obtained approval from its shareholders to transfer the group’s listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.

Lim Seong Hai Capital gets shareholder nod for transfer of listing to ACE Market

Bursa Malaysia ended the week mixed on Friday with buying in selected heavyweights and commodity-related stocks amid the negative sentiment on regional markets, said an analyst.&nbsp;

Bursa ends mixed amid weak regional sentiment

EG Industries Bhd has secured a second letter of intent (LOI) from US-based Cambridge Industries Group (CIG) to produce a new 1.6 terabit optical signal transmitter and receiver for a 5G wireless network at EG Industries’ new smart factory 4.0 in Penang.

EG Industries expands partnership with US-based Cambridge Industries Group

A group of investors led by a Dubai-based real estate developer is in talks to build a mixed-use tower in Thailand that may vie for the mantle of the world’s tallest building.

Thailand in talks with group of investors from Middle East, China to build world’s tallest tower

(April 19):&nbsp;Hedge funds and other international investors are sounding alarms after a profitable education company from China defaulted on its convertible bonds in March.&nbsp;

Hedge funds cry foul over Chinese education firm’s default

Mah Sing Group Bhd's M Oscar development in Sri Petaling has achieved an 85% Quality Assessment System in Construction (Qlassic) from the Construction Industry Development Board (CIDB). The certification was presented by CIDB Malaysia CEO Datuk Mohd Zaid Zakaria at an appreciation night for the completion of M Oscar recently.

Mah Sing's M Oscar awarded 85% Qlassic score

SINGAPORE (April 19): CGS-CIMB Securities has officially rebranded as CGS International Securities (CGS International), as the integrated financial services provider launched its new identity in Singapore on Thursday (April 18).&nbsp;

CGS-CIMB Securities rebrands as CGS International, aims to double revenue to S$700 mil by 2030

KUALA LUMPUR (April 19): UEM Sunrise Bhd has launched The Beat 2.0, an extension of The Beat retail hub at its Kiara Bay development in Kepong, during a groundbreaking ceremony held at the Kiara Bay sales gallery on Friday. The Beat 2.0 measures 2.6-acres and will comprise a net lease area (NLA) of 73,566 square feet (sq ft), according to a press statement on Friday.

UEM Sunrise launches The Beat 2.0 at Kiara Bay, welcomes Harvey Norman as anchor tenant

Shares of IT services firm Infomina Bhd fell on Friday to its lowest in nearly one year as its latest results disappointed investors even as analysts largely remained bullish.

Infomina shares near one-year low as earnings miss expectations

KUALA LUMPUR (April 19): Fajarbaru Builder Group Bhd said it has secured a RM13.33 million contract to upgrade fire engineering systems at the Kuala Lumpur International Airport’s Terminal 1 satellite building.

Budget 2022

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