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

US presidential contender Donald Trump's plan to hike tariffs on imports if he is elected back to the White House in November would send cargo rates soaring and accelerate inflation, just like it did during his 2017-21 term, shipping and retail experts said.

Trump's plan to hike tariffs would spike shipping costs, just like in 2018, experts say

High-wage foreigners are shunning the UK in favour of countries like France and the Netherlands, despite government efforts to attract skilled migrants to boost economic growth.

Britain is struggling to attract skilled workers from abroad

Taiwan’s Taishin Financial Holding Co is seeing a tougher path to completing a merger with Shin Kong Financial Holding Co even after its raised offer, because of a potential counterbid by rival suitor CTBC Financial Holding Co.

Taishin still wary of rival bid after raising Shin Kong offer

SINGAPORE (Sept 12): Pope Francis on Thursday urged political leaders in Singapore, a leading global financial hub, to seek fair wages for the country’s million-plus lower-paid foreign workers. In likely the last major speech of an ambitious 12-day tour across Southeast Asia and Oceania...

Pope Francis, in Singapore, urges fair wages for migrant workers

Financial fraud investigator Richard Templeman said 1Malaysia Development Bhd (1MDB) has only paid Aabar Investment PJS Ltd, also known as the fake Aabar, US$2.2 billion and not US$3.5 billion as the fund claimed, based on his own findings.

Fraud investigator says 1MDB only paid US$2.2 bil to fake Aabar, not US$3.5 bil

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.

FBM KLCI slips 0.09% to 1,638.31 on Sept 12, 2024

Real estate developers in Malaysia are more positive about the country's property industry outlook for the first half of 2025 (1H2025) compared to the second half of 2024 (2H2024), according to Real Estate and Housing Developers’ Association (Rehda) Malaysia during a media briefing of its Property Industry Survey 1H2024 and Market Outlook for 2H2024 and 1H2025 held at Wisma Rehda, Petaling Jaya on Thursday.

More optimism among property developers for 1H2025 compared to 2H2024, says Rehda Malaysia's property industry survey

Signs of gloom are mounting in the US$9.5 trillion (RM41.2 trillion) ETF landscape, threatening to expose Wednesday’s dip buying in stocks as a head-fake with traders cashing out of speculative trading vehicles.

Bearish signals flash in risky parts of US$9.5 trillion ETF market

The United States is considering imposing sanctions as early as this week on prominent Cambodians, including one person close to the ruling party, over alleged links to online scams and human trafficking, two people briefed on the matter by US officials told Reuters.

US plans to sanction prominent Cambodians linked to scam factories — Reuters

Tesco was not entitled to terminate some employees' contracts and offer to rehire them on less favourable terms, the United Kingdom's Supreme Court ruled on Thursday.

Tesco loses UK legal battle over 'fire and rehire' of staff

Concorde Hotel Kuala Lumpur "is not for sale" by its owners and shareholders, said Tan Sri Sallehuddin Mohamed, chairman of its owner Ampang Hotel Sdn Bhd.

In a statement, Sallehuddin said the shareholders "are satisfied with our progress and the direction we are taking" for the hotel.

Concorde Hotel KL not for sale, says owner

Southeast Asian equities have cemented their position as a favourite play of money managers positioning for the US Federal Reserve’s (Fed) policy pivot.

Four of the five best-performing Asian equity benchmarks this month are from the region, with Thailand leading the pack. The buying frenzy has put foreign inflows on track for a fifth consecutive week while the MSCI Asean Index is now trading near its highest level since April 2022.

Global funds rush into Malaysian, Southeast Asian stocks as Fed pivot play

A former aide to Prime Minister Datuk Seri Anwar Ibrahim was charged with drug trafficking at the Magistrate's Court in Kuala Lumpur on Thursday.

Muhammed Yusoff Rawther, who has an ongoing sexual assault suit against Anwar, was charged with one count of trafficking 305 grammes of cannabis at the Kuala Lumpur Police Contingent Headquarters' surau last Friday.

Anwar's former aide, who is suing PM for sexual assault, charged with drug trafficking

Sales of Mazda and Kia vehicles are expected to pick up in the months ahead as analysts shrugged off Bermaz Auto Bhd’s (KL:BAUTO) weaker-than-expected quarter.

Volume-heavy Mazda cars, 10% dividend yield set to prop up Bermaz Auto after weak quarter

China is turning up the heat on its army of 8,700 investment bankers.&nbsp;

After being forced to take big&nbsp;pay cuts&nbsp;and adhere to other belt-tightening measures under President Xi Jinping’s years-long common prosperity campaign, the country’s dealmakers are now in the crosshairs of the nation’s top graft buster.&nbsp;

China detains investment bankers, takes passports in corruption sweep

Any decision&nbsp;on the proposal to make&nbsp;halal certification mandatory for all restaurants and food operators is under the jurisdiction of the Conference of Rulers, according to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

He said the&nbsp;issue should not be turned into polemics, as it is still in the proposal phase and had yet to become&nbsp;a permanent policy.

Conference of Rulers to have final say on mandatory halal certification, says Zahid

Maybank Investment Bank (Maybank IB) advised investors to refocus on property stocks with solid fundamentals and proven execution capabilities amid enthusiasm around the Johor-Singapore Special Economic Zone (JS-SEZ).

Refocus on property stocks with strong fundamentals amid Johor-Singapore SEZ excitement — Maybank IB

SUBANG (Sept 12): SIA Engineering Co Ltd (SIAEC), the maintenance, repair and overhaul (MRO) arm of Singapore Airlines Ltd, said less than 10% of its new hires in the country came from Malaysia Airlines’ engineering arm.

Less than 10% of our technical staff are from Malaysia Airlines, says SIA’s engineering unit amid poaching concerns

In the second quarter of 2024 (2Q2024), Malaysia's retail sales decelerated to 0.6%, falling short of market expectations, according to Retail Group Malaysia (RGM).

In June, members of the Malaysia Retailers Association (MRA) and Malaysia Retail Chain Association (MRCA) projected a growth rate of 1.7%, making the actual result 65% below the estimate.

Malaysian retailers point to 2Q growth slowdown amid rising prices, weak sentiment

The Federal Territory of Kuala Lumpur Land Registrar has been granted a stay by the High Court on Thursday from registering a 263.27-acre plot of land in the ‘Duta enclave’ to the liquidator of Semantan Estate (1952) Sdn Bhd.

High Court grants stay over registration of Semantan Estate

A rally in the world’s largest technology companies spurred a stock-market rebound in a volatile session that had Wall Street traders digesting faster-than-anticipated inflation data.

Stocks wipe out CPI-fuelled slide as Big Tech jumps

Selection of the technology provider for the Kuala Lumpur-Singapore high-speed rail (HSR) is still open, said MyHSR Corporation Sdn Bhd chief executive officer Datuk Mohd Nur Ismal Mohamed Kamal.

Selection still open for KL-Singapore high-speed rail technology provider — MyHSR CEO

Share markets enjoyed a fourth straight day of gains on Thursday as the prospect of another ECB rate cut pinned shorter-term euro zone borrowing costs near to their lowest level since the end of 2022, and the euro to a four-month nadir.

Tech takes stocks higher as ECB prepares for rate cut

First-half earnings in Asia showed how the ripple effects of the Red Sea crisis will continue to be costly for companies that make goods for export, while those that transport their wares benefit from higher freight rates.

Red Sea crisis produces winners and losers in Asia as freight rates spike

Chinese hotpot chain Haidilao said it will focus on expanding further into established foreign markets in the coming years, notably the US, working to draw new customers as diners at home pull back on spending.&nbsp;

Chinese hotpot chain plans US expansion to escape slump at home

KUALA LUMPUR (Sept 12): BIMB Securities has maintained its “underweight” call on the rubber glove sector, citing challenges from strict European Union Deforestation Regulation (EUDR) and persistent overcapacity in the industry.

BIMB Securities flags challenges in rubber glove sector amid EU deforestation rules

China has strongly advised its carmakers to make sure advanced electric vehicle (EV) technology stays in the country, people familiar with the matter said, even as they build factories around the world to escape punitive tariffs on Chinese exports.

Chinese carmakers advised to keep key EV technology at home — Bloomberg

IOI Properties Group Bhd (KL:IOIPG) is going to launch its IOI Industrial Park at Banting, Selangor by the second quarter of next year and is planning another one in Melaka that is expected to be launched two quarters later.

IOI Properties plans more industrial parks as it eyes 20% revenue contribution from the segment

Oil and gas exploration and production group Hibiscus Petroleum Bhd (KL:HIBISCS) is proposing an additional one sen dividend per share for the financial year ended June 30, 2024 (FY2024).

Hibiscus raises dividend payout for FY2024

WTEC Group Bhd, a foam and fabric products maker, filed for an initial public offering (IPO) on the ACE Market to raise funds for acquisition of a new, larger factory in Selangor.

Budget 2024

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