The national Budget 2024 tabled by the Prime Minister Datuk Seri Anwar Ibrahim at the Dewan Rakyat last Friday (Oct 13) included allocations to support energy transition and biodiversity initiatives, and to spur the voluntary carbon market in the country.

Budget 2024: Support for energy transition, biodiversity and carbon markets

The government needs to provide a "clear mechanism" on the implementation of capital gains tax (CGT) on profits from the disposal of unlisted shares to avoid double taxation, said KPMG Malaysia executive director and head of tax Soh Lian Seng.

Govt needs to provide clear capital gains tax mechanism to avoid double taxation, says KPMG 

The Employees Provident Fund (EPF) in a statement on Monday expressed its support and confidence in Budget 2024, and reiterated its commitment to help members safeguard their savings.

EPF vows to fortify members' savings, retirement security

PRIME Minister Datuk Seri Anwar Ibrahim says Budget 2024, the second Madani Budget, reflects the government's determination to uplift the national economy and the people's well-being. (Read the full Budget 2024 speech here.Or go here for our comprehensive Budget 2024 coverage.)

Here are some of the national budget's key takeaways:

Highlights of Budget 2024

The government has announced several new tax reform measures in Budget 2024, which aims to broaden the country’s revenue base.

Budget 2024: More clarity needed for tax reforms — tax analysts 

The Malaysian Institute of Accountants (MIA) said certain measures introduced in Budget 2024 support the development and ongoing implementation of the institute’s competency framework (CFM).

MIA says Budget 2024 supports development of its competency framework

After years of spending more than it earned, the Malaysian government’s latest budget (Budget 2024) announcement reflected Datuk Seri Anwar Ibrahim administration’s cautious steps in navigating between pressure for more populist measures while maintaining a certain level of fiscal discipline.

Treading a fine line between fiscal discipline and populist measures

Budget 2024 strikes the right balance to bolster Malaysia’s resilience amid global headwinds, while advancing economic transformation and improving socio-economic outcomes for all, said Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir.

Budget 2024 strikes right balance to boost economic transformation, says Khazanah MD

Budget 2024’s focus on sustainability is welcomed by the Consumers Association of Penang (CAP), which also reminded that monitoring of budget allocations would be crucial to avoid leakages and achieve the desired outcomes.

Budget’s sustainability related measures welcomed, close monitoring needed — Consumers Association of Penang

Go here for our comprehensive Budget 2024 coverage.

BUDGET 2024 SPEECH

BY YAB DATO’ SERI ANWAR BIN IBRAHIM
PRIME MINISTER AND MINISTER OF FINANCE

Full Budget 2024 speech

Tax leaders have lauded the proposed reforms of the tax incentive system under Budget 2024, which was tabled by Prime Minister Datuk Seri Anwar Ibrahim in Parliament on Friday.

Tax leaders laud incentive reforms as timely, promoting high-value growth

The Malaysian Palm Oil Association (MPOA) has expressed disappointment that its "carefully outlined" wish list for Budget 2024 did not make it into the government’s budgetary priorities.

MPOA disappointed as Budget wish list unfulfilled

The government will lift the price controls on chicken and eggs, as supply has stabilised and the retail prices now are below the set ceiling prices, according to Prime Minister Datuk Seri Anwar Ibrahim.

Govt to lift price controls on chicken and eggs to allow market to function freely, says Anwar

The Federation of Malaysian Manufacturers (FMM) is of the view that Budget 2024, which it noted was drafted against a still uncertain macro backdrop, is overall a "well-balanced, prudent and forward-thinking" plan that rightly focused on more concrete fiscal reforms, with a notable effort and step in the right trajectory to restore public finances and strengthen the nation's collective resilience.

FMM hails Budget 2024 as 'well-balanced, prudent and forward-thinking', but disappointed it did not address sluggish trade growth

Malaysia and Japan are set to confirm their cooperation in strengthening semiconductor supply chains at a meeting later this week, according to Japanese daily The Mainachi.

Malaysia, Japan set to confirm semicon supply chain tie-up — report

KUALA LUMPUR (May 21): Rakuten Trade said Bahvest Resources Bhd (KL: BAHVEST) is poised for a potential bullish breakout from the U-shape pattern, targeting to surpass the neckline of 61 sen.

In a technical view note on Wednesday, the research said that in view of the increasing trading...

 Bahvest poised for a potential bullish breakout, says Rakuten Trade 

RHB Banking Group has launched Apple Pay for its customers in Malaysia.

RHB brings Apple Pay to customers in Malaysia

RHB sees strong growth potential for Sarawak Oil Palms.

MORNING CALL: 21/5/24

US auto safety investigators said on Monday they will investigate the April crash of a VinFast electric vehicle in Pleasanton, California, in which a family of four died.

US regulator to probe VinFast crash in California in which four died 

Northcape Capital Ltd said a bid by major shareholders to take Malaysia Airports Holdings Bhd private may face opposition due to the low valuation offered.

Malaysia Airports shareholder expresses doubt on takeover bid

Ether surged the most in 18 months, leading a rally in digital assets, amid growing speculation that opposition is easing among regulators toward approving one or more exchange-traded funds that invest directly in the second-biggest cryptocurrency.

Ether jumps most in 18 months on speculation of ETF approval

US Federal Deposit Insurance Corp chair Martin Gruenberg said on Monday he planned to step down, finally succumbing to a months-long scandal over sexual harassment and other misconduct at the top bank regulator.

FDIC chair Gruenberg says he will step down once successor is announced

JPMorgan Chase CEO Jamie Dimon told investors the bank's succession plans were underway, while warning investors on Monday about risks to the economic outlook.

JPMorgan CEO is 'cautiously pessimistic' on economy, successors in focus

The types of business which are most likely to use artificial intelligence are seeing growth in workers' productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said.

AI-intensive sectors are showing a productivity surge, PwC says

Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labour costs and a disastrous unlimited shrimp promotion. 
&nbsp; 
The Orlando, Florida-based company filed for Chapter 11 protection on Sunday (May 19), listing assets and liabilities of US$1 billion (RM4.68 billion) to US$10 billion each in its bankruptcy petition. The filing allows the company to keep operating while it works out a plan to repay creditors.&nbsp;

Red Lobster chain goes bankrupt after unlimited shrimp deal

KUALA LUMPUR (May 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Hubline, Public Bank, Batu Kawan, KLK, Menang Corp, Kotra, Media Chinese, FGV, Magma Binasta, Bright Packaging, Annum, Pertama 

Electronics manufacturing services (EMS) firm Notion VTec Bhd (KL:NOTION) reported a net profit of RM14.04 million in the second quarter ended March 31, 2024 (2QFY2024), a turnaround from the net loss of RM7.77 million a year ago, driven by strong demand for the group’s EMS products.

Notion VTec logs RM14 mil net profit in 2Q amid stronger demand for EMS products

Annum Bhd’s (KL:ANNUM) largest shareholder, Datuk Seri Chin Kok Foong, has disposed of his entire 14.83% stake in the Practice Note 17 (PN17) wood-based products manufacturer.

Annum’s largest shareholder Chin Kok Foong exits group after selling 15% stake to Ageson's Larry Liew

Engineering, procurement, commissioning and construction (EPCC) work has yet to begin on Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) thermal power plant project in Vietnam, said Sunway Construction Group Bhd's (KL:SUNCON) stock exchange disclosure on Monday.

EPCC work yet to start on Toyo’s Song Hau power plant, says SunCon

Northcape Capital Ltd said a bid by major shareholders to take Malaysia Airports Holdings Bhd private may face opposition due to the low valuation offered.

Bright Packaging Industry Bhd’s (KL:BRIGHT) largest shareholder Datuk Ricky Wong Shee Kai, who has been embroiled in a legal battle with the Securities Commission Malaysia (SC), has trimmed his stake in the company after selling 20 million shares or 9.74% stake in the company.

Fugitive businessman Ricky Wong trims stake in Bright Packaging amidst legal woes with SC

The Nasdaq closed at a record high on Monday while the S&amp;P 500 gained slightly as technology stocks advanced ahead of Nvidia's highly anticipated earnings and investors gauged the timing of an interest rate cut by the Federal Reserve.

Nasdaq hits record, S&P ticks higher with Nvidia results eyed

Binastra Corp Bhd's (KL:BNASTRA) managing director and largest shareholder Datuk Tan Kak Seng has sold a 6% stake in the construction outfit for RM36 million.

Binastra MD offloads 6% stake for RM36 mil

Wall Street was mixed on Monday while gold jumped to an all-time high as investors weighed hawkish statements from the Federal Reserve against evidence of cooling US inflation.

US stocks mixed amid cautious Fed comments, gold shines

A court in Sabah has struck out a man’s claim for RM24.92 million damages against FGV Holdings Bhd (KL:FGV) for alleged fraudulent transactions and trespass relating to land in the state held under a native title.

Court strikes out man’s RM25 mil trespassing suit against FGV

China is committed to deepening collaboration with Malaysia across various fields including economics, cultural exchange, tourism, education, and science and technology, said Chinese ambassador to Malaysia Ouyang Yujing.

China ready to broaden partnership with Malaysia across various fields — envoy

Apple has launched an aggressive discounting campaign on its official Tmall site in China, offering discounts of up to 2,300 yuan (US$318) on select iPhone models.

The discounting comes as the US tech giant seeks to defend its position in the high-end smartphone market, where it faces increasing competition from local rivals such as Huawei.

Apple slashes iPhone prices in China amid fierce Huawei competition

The cancellation of the permit for popular comedian Sharul Channa to perform in Malaysia by the Central Agency for Application for Filming and Performance by Foreign Artistes (Puspal) was made after taking into account police reports lodged over an old video of hers that allegedly touched on race, religion, and royalty (3R) issues, says Communications Minister Fahmi Fadzil.

Cancellation of Sharul Channa's permit took into account police reports on video related to 3R issues — Fahmi

Coastal Contracts Bhd (KL:COASTAL) has secured the sale of an offshore support vessel (OSV) and a charter extension for a separate vessel.

Coastal Contracts bags vessel sale, five-year charter extension

Ether surged the most in 18 months, leading a rally in digital assets, amid growing speculation that opposition is easing among regulators toward approving one or more exchange-traded funds that invest directly in the second-biggest cryptocurrency.

The types of business which are most likely to use artificial intelligence are seeing growth in workers' productivity that is almost five times faster than elsewhere, raising hopes for a boost to the broader economy, accountancy firm PwC said.

Copper surged to its highest-ever level, extending a months-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages.

Futures on the London Metal Exchange (LME) jumped more than 4%, taking copper past US$11,000 (RM51,529) a tonne for the first time, before paring some gains in afternoon trading.&nbsp;

Copper hits record above US$11,000 on bets of impending shortage

Malaysia and the People's Republic of China have achieved significant milestones in the half-century of diplomatic relations, said Deputy Communications Minister Teo Nie Ching.

Budget 2024

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