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

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Treasuries rally as data points to a September rate cut

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce & Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.

Miami condo tower moves on from brokers facing rape allegations

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Deputy PM Fadillah pays courtesy visit to Vietnamese PM, strengthens bilateral cooperation

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street rebounds on tech recovery, small caps jump after benign inflation data

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Malaysia urges Asean dialogue partners to support ceasefire in Gaza

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

US charges Citron's Andrew Left over alleged multi-million fraud scheme

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Malaysia steps up efforts to finalise South China Sea code of conduct

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

AirAsia X, Capital A, Hibiscus, Dagang NeXchange, ViTrox, Ekovest, Knusford, Alam Maritim, Datasonic, Kumpulan Kitacon, DXN, Homeritz, Westport, MGRC 

VIENTIANE (July 26): The Asean Post Ministerial Conference kicked off in the Laos capital here on Friday, as Asean foreign ministers engaged with top diplomats from dialogue partners to discuss various regional and international issues of common interest.

Asean Post Ministerial Conference kicks off in Laos; regional, global issues in focus

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

Ekovest agrees to six-month extension for merger discussion between subsidiary and Knusford

US prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September.

US inflation rises moderately, consumer spending cools

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

EVENING 5: Five things you need to know today

The prestigious five-star Lexis Hibiscus 2 luxury resort is currently under construction by the KL Metro Group and is expected to be completed by 2029, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.

Construction of RM1.6 bil GDV Lexis Hibiscus 2 resort will be completed in 2029

Practice Note 17 (PN17) company Alam Maritim Resources Bhd (KL:ALAM) has announced its regularisation plan, which includes a share capital reduction of RM440 million, 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.

Alam Maritim submits regularisation plan to exit PN17 status

Health and wellness direct selling company DXN Holdings Bhd (KL:DXN) said on Friday its net profit rose 10.26% in the first quarter from a year earlier due to higher revenue recognised from overall operating segments.&nbsp;

DXN Holdings 1Q net profit up 10.26%, targets market presence in Zambia, Ghana  

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Upholstery furniture products manufacturer Homeritz Corp Bhd’s (KL:HOMERIZ) net profit surged 46.37% in the third quarter from a year earlier, thanks to higher sales volume and stronger US dollar. &nbsp;

Net profit for three months ended May 31, 2024 (3QFY2024) climbed to RM9.09 million or earnings per share of 1.96 sen, from RM6.21 million or 1.34 sen per share recorded in 3QFY2023. &nbsp;

Homeritz’s 3Q net profit soars 46.37% on higher sales and strong greenback

Cyberview Sdn Bhd has signed three Memoranda of Understanding (MOUs) with three companies to make Cyberjaya a global technology hub.

Chief executive officer Kamarul Ariffin Abdul Samad said the companies involved were Permodalan Negeri Selangor Bhd (PNSB), Selangor Information Technology &amp; Digital Economy Corporation (SIDEC) and digital infrastructure company Equinix Malaysia.

Cyberview signs three MOUs to make Cyberjaya a global technology hub

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.

Kumpulan Kitacon bags RM54.5m job to build houses in Rawang

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Penang Port Sdn Bhd (Penang Port) on Friday announced the acquisition of five Kalmar container handling machines to optimise operations and improve service levels.

Penang Port acquires Kalmar container handling equipment to enhance services

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies.

Eastern European Union (EU) members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming via Ukraine after sanctions were imposed on the company.

Hungary says it will face fuel shortages from September without Lukoil supplies

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

A new recruitment of 3,950 staff, comprising 3,200 medical officers, 350 dental officers and 400 pharmacy officers, will be made through contract (interim) appointments, the Ministry of Health (MOH) said.

Budget 2024

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