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

Traders who impose hidden charges or disclose additional fees only at the final stage of a transaction may face legal action, including fines of up to RM100,000, said Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.

Traders who impose hidden charges to face fines of up to RM100,000, says minister 

Malaysia’s Transport Minister Anthony Loke maintained his decision to step down once home confinement for former prime minister Datuk Seri Najib Razak begins, Nikkei Asia reported on Tuesday.

DAP’s Loke still plans to quit Cabinet, says projects safe — report

A summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.

FBM KLCI edges up 0.14% to 1,621.85 on Nov 3, 2026

Finance Minister II Datuk Seri Amir Hamzah Azizan told Dewan Rakyat that the number of people awaiting tax refunds has been halved to around 550,000 as at Oct 30, from about one million in December last year.

Govt halves tax refund waiting list after RM20.27b paid out as of Oct      

Euro-area governments have been asked to submit nominations for successors to European Central Bank President Christine Lagarde by Friday.

Eurogroup calls for ECB presidency nominations by Nov 6

Chinese neurotechnology firm BrainCo is developing a wearable device that it says could suppress appetite by stimulating the brain, positioning it as a potential non-drug alternative to blockbuster GLP-1 weight-loss treatments.

Neuralink’s China rival targets obesity with ‘electronic’ GLP-1

Yinson Holdings Bhd's (KL:YINSON) green technology arm Yinson GreenTech has partnered with Saxon Renewables to generate carbon credits from its electric vehicle (EV) charging infrastructure in Malaysia.

Yinson GreenTech teams up with Saxon Renewables on carbon credits from EV charging

Tenaga Nasional Bhd (KL:TENAGA), through its subsidiary TNB Renewables Sdn Bhd (TRe), has teamed up with IOI Corporation Bhd (KL:IOICORP) and a consortium of 12 small and medium enterprises (SMEs) to develop a 500MW solar power project in Bahau, Negeri Sembilan.

Tenaga, IOI Corp, SME consortium to develop 500MW solar project in Negeri Sembilan

Datuk Seri Farhash Wafa Salvador Rizal Mubarak has secured a temporary court order to stop Bloomberg from publishing an article that he deems defamatory ahead of a Nov 16 hearing that will determine if the injunction would be permanent.

Farhash gets court order to halt Bloomberg article, news agency to argue case on Nov 16  

NEWS: All-new Lexus ES launched in Malaysia

IOIPG Malaysia Real Estate Investment Trust has priced its shares at 96 sen apiece for its Main Market listing.&nbsp;

IOIPG Malaysia REIT sets Main Market IPO at 96 sen apiece

Malaysia is among potential targets of cyberattacks amid the country’s growing digital infrastructure and positions on international issues, particularly Palestine and Gaza, the government warned.

Malaysia a potential cyberattack target, Anwar warns

Malaysian retailers have warned of an "existential threat" posed by foreign e-commerce in an appeal to the Ministry of Finance (MOF).&nbsp;

Malaysian retailers warn of 'existential threat' posed by foreign e-commerce in appeal to MOF

The Ministry of Transport said that the East Coast Rail Link (ECRL) is projected to generate some 3% annual growth for its passenger services over the next three years, while its cargo services are expected to see a sharp increase in freight income by 2029.&nbsp;

ECRL passenger revenue to grow about 3% annually in 2027-2029, cargo income to surge — Loke

Oil prices rose more than US$1 on Tuesday, as an Iranian official said a deal to end the war was far off, while the US struck Iran's Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies.

Oil rises as peace prospects dim after US hits Iran's Qeshm Island

A fresh bout of artificial intelligence (AI)&nbsp;anxiety pressured global stocks on Tuesday, while investors were on tenterhooks as voting began in crucial US midterm elections.

Global stocks slip as AI jitters, US midterms keep investors on edge

Former prime minister Tan Sri Muhyiddin Yassin will submit a representation to drop the charge of uttering seditious words during the Nenggiri State Legislative Assembly by-election campaign in 2024, after the Pahang Ruler granted him an audience last week.

Muhyiddin to seek withdrawal of sedition charge in 'positive development' with Pahang Palace

PUTRAJAYA (Nov 3): A three-member Court of Appeal bench on Tuesday allowed lawyer Mahajoth Singh’s appeal to have the merits of his judicial review challenge against the Malaysian Anti-Corruption Commission (MACC) heard.

Albert Tei’s lawyer wins appeal to have MACC challenge heard

The High Court has struck out the late Tun Daim Zainuddin's family&nbsp;suit challenging the police investigations against them for allegedly committing activities detrimental to parliamentary democracy.

Court strikes out late Daim’s family legal bid against PM, IGP over allegations to topple govt

The US carried out strikes on Iran's Qeshm Island in the Strait of Hormuz, a US official said on Monday.

US carries out 'defensive' strikes on Iran's Qeshm Island

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Summary

•&nbsp;&nbsp; &nbsp;654 buyers of 8 Conlay units face a vote within days on a RM700 million rehabilitation that would restart construction, wipe out LAD and end the Kempinski brand

<p...

Light at the end of the tunnel for KL’s 8 Conlay?

PUTRAJAYA (Nov 3): A three-member Court of Appeal bench has deferred the hearing of the final appeal by a former magistrate who was convicted of six counts of graft and sentenced to 12 years’ jail and fined a total of RM1.05 million.

Court of Appeal defers former magistrate’s final graft appeal over lawyer’s lack of preparation

Prime Minister Datuk Seri Anwar Ibrahim said on Tuesday that investigations into two failed gas pipeline projects involving a participation loan from the Export-Import Bank of China (China Exim Bank) remain&nbsp;open despite difficulties obtaining information involving both countries.&nbsp;

Probes into two failed gas pipeline projects remain open despite difficulties obtaining information — PM

<h3>Malaysian REITs</h3>

OVERWEIGHT

RHB INVESTMENT BANK (OCT 20): We continue to like the M-REITs sector for its defensive qualities, with underlying fundamentals still healthy d...

Brokers Digest: Local Equities - Malaysian REITs, CIMB Group Holdings Bhd, Gamuda Bhd, Mr DIY Group (M) Bhd

Grab Holdings Ltd&nbsp;raised its full-year revenue and profit forecasts after quarterly earnings beat estimates, signalling confidence that rising ride-hailing and food-delivery demand across Southeast Asia will offset regulatory hurdles.

Singapore's Grab raises sales, earnings forecasts on rising ride demand

KUALA LUMPUR (Nov 3): GDB Holdings Bhd (KL:GDB) on Tuesday said it has secured a construction contract worth RM877 million to demolish an existing factory and build a two-block, five-storey logistics hub in Seksyen 15, Shah Alam.

GDB bags RM877m construction job to build logistics hub in Shah Alam

The Inland Revenue Board (IRB) has audited and investigated a total of 408,726 cases throughout this year, resulting in additional tax assessments amounting to about RM7.7 billion.

IRB: RM7.7 bil in additional assessments discovered after auditing 408,726 cases

<h2>Notable filings</h2>

Between Oct 12 and 16, notable changes in shareholding among companies traded on Bursa Malaysia included those at plantation counter United Malacca Bhd (KL:UMCCA).

The Tee family vehicle, Prosper Trading Sdn Bhd, acquired 28.19 million United...

Insider Moves: United Malacca Bhd, Turiya Bhd, Foodie Media Bhd, AMMB Holdings Bhd, Malakoff Corp Bhd 

Malaysian energy stocks hit a two-week low on Tuesday as oil prices slumped amid news reports of a potential US-Iran peace deal.

Malaysian energy stocks hit two-week low as oil prices slump

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Summary

•&nbsp;&nbsp; &nbsp;Eng Lian group has proposed to take Toyo Ventures private via selective capital reduction (SCR) and repayment scheme at 28 sen per share

•&nbsp;&nbsp; &nbsp;Toy...

Budget 2024

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