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

IN Lahad Datu on the east coast of Sabah, a 400 megawatt-hour (MWh) battery storage project is set to be Asean’s largest to be commissioned to date. To be completed in July, the project is also the first in Malaysia, putting Sabah ahead of the other states in setting up such an infrastructure.

Sabah’s high-stakes electricity overhaul

The Competition and Consumer Commission of Singapore (CCCS) has not received notification from ride and delivery companies Grab or GoTo on a proposed merger, it said on Wednesday.

Singapore competition watchdog says no guidance yet on Grab, GoTo merger plans

The Penang government has listed 10 priority projects under the Special Application for Development Projects in the First Rolling Plan of the 13th Malaysia Plan (13MP), with an estimated total cost exceeding RM11 billion.

Penang lists 10 priority projects for application under First Rolling Plan of 13MP

Malaysia Airlines confirmed that Flight MH720, en route from Jakarta to Kuala Lumpur, initiated an emergency response following a cargo fire indication.

Flight MH720 initiated emergency response after cargo fire alert — Malaysia Airlines

Video surveillance company ITMAX System Bhd (KL:ITMAX) has secured a contract from Seberang Perai City Council worth RM26.60 million.

ITMAX bags RM26.6 mil surveillance contract from Seberang Perai City Council

Samsung Electronics said on Wednesday it is looking at major deals to drive growth as it faced tough questions from shareholders after its failure to ride an artificial intelligence (AI) boom made it one of the worst-performing tech stocks last year.

Samsung CEO says company will pursue deals as it struggles for growth

An Indonesian state-owned lender scrapped a planned sale of dollar bonds after a stock market rout in the country quickly spread to other asset classes.

Indonesia's woes spread as bank scraps bond, credit market slumps

Perodua has signed a memorandum of understanding (MOU) with My Digital ID Sdn Bhd (MyDigital ID) to secure user authentication access, as the compact car company further advance its journey in cashless transactions.

Perodua inks MOU with MyDigital ID to secure user authentication access

India is about to join the worldwide wave of steel protectionism, outlining plans for sweeping trade tariffs just a week after President Donald Trump slapped duties on all US imports.

The global steel market is facing upheaval as multiple nations put up defences to fight a flood of metal, particularly from billion-tonne producer China.

India planning tariffs of 12% on steel imports

The Bank of Japan (BOJ) kept interest rates steady on Wednesday in a widely expected move, as policymakers chose to spend more time gauging how prospects of higher US tariffs would affect the export-reliant economy.

BOJ keeps interest rates steady as Trump risk looms

The Court of Appeal (COA) on Wednesday upheld the Kuala Lumpur High Court's decision that quashed the proposed fine of RM86.77 million imposed by the Malaysia Competition Commission (MyCC) on Grab Holdings Inc, together with its subsidiaries GrabCar Sdn Bhd and MyTeksi Sdn Bhd, in 2019.

Appellate court upholds quashing of proposed RM86.77 mil fine against Grab, two others

Malaysian shares fell on Wednesday as investors returned from holiday with caution following overnight losses on Wall Street and sharp declines in neighbouring markets.

The country’s benchmark equity index FBM KLCI fell as much as 15.6 points or 1% to 1,512.21 after three consecutive sessions of gain.

Malaysian shares dip as investors return from holiday with caution

Affin Bank Bhd has signed an agreement with Halogen Capital to distribute the Halogen Shariah Defensive Bitcoin Fund, a digital asset fund with an integrated capital preservation strategy, to investors.

Halogen Capital is a digital asset fund manager licensed by the Securities Commission Malaysia.

Affin Bank to distribute Bitcoin fund managed by Halogen Capital  

US President Donald Trump released material related to the 1963 assassination of President John F Kennedy on Tuesday, seeking to honor his campaign promise to provide more transparency about the shock event in Texas.

Trump releases JFK assassination documents

The Association of Private Healthcare Malaysia (APHM) has rejected the insurance and takaful operators’ (ITOs) proposal for private hospitals to freeze costs for three years and also for the Health Ministry to regulate the pricing of pharmaceuticals or medication. 
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Private hospitals association reject calls for three-year costs freeze, regulation of pharmaceutical pricing

Siemens will cut 5,600 jobs at its Digital Industries business, the engineering company said on Tuesday, in the latest blow for German industry shaken by weak demand at home and abroad.

Siemens to cut 8% of jobs at struggling factory automation business

Corporate figure Tan Sri Mohamad Salim Fateh Din has been appointed as the new chairman of the Malaysian Anti-Corruption Commission (MACC) Anti-Corruption Advisory Board (ACAB) for the 2025-2028 session effective Feb 2.

Salim Fateh Din appointed MACC Anti-Corruption Advisory Board chairman

Bangkok Airways Pcl is gearing up to order as many as 30 new aircraft as it renews its aging fleet and plans for a tourism boost driven by the popularity of television series the White Lotus.

Bangkok Airways seeks 30 new jets as TV series White Lotus boosts tourism

Heavy selling resumed in Wall Street’s largest technology companies, with American shares snapping a two-day rebound amid signs investors are paring exposure in US risk assets. European stocks gained.

US stocks hit by tech rout on eve of Federal Reserve decision day

Asian stocks were subdued on Wednesday and gold hovered near record highs as economic worries and a shifting geopolitical landscape kept risk appetite in check, while the yen was a tad softer ahead of the Bank of Japan's (BOJ) policy decision.

Asian stocks muted, yen softer ahead of BOJ decision

Solarvest Holdings Bhd’s (KL:SLVEST) stock edged up on Wednesday, bucking broader market decline, as investors cheer its biggest job win to-date and analysts see more contract flows in coming months.

Solarvest bucks broader market decline as analysts, investors cheer contract win

Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under chief executive officer Ted Pick.

Morgan Stanley plans about 2,000 job cuts to cut costs — Bloomberg

Bain Capital-owned data centre operator Bridge Data Centres has obtained a US$2.8 billion (RM12.43 billion) loan for its operations in Malaysia, according to people familiar with the matter, marking its largest bank financing deal ever.

Bain Capital-owned Bridge Data gets record US$2.8 bil loan

Indonesia's GoTo Gojek on Wednesday reiterated that there was no agreement with any party about a potential transaction after a media report emerged that Singapore-headquartered Grab was moving forward to buy it.

GoTo reiterates no deal in place with any party as it addresses Grab buyout rumours

Gold rose to hit a record high on Wednesday, as Middle East tensions and trade uncertainties lifted the bullion's appeal, while traders awaited the Federal Reserve's (Fed) decision later in the day.

Gold hits record high on safe-haven demand; Fed decision in focus

Kuala Lumpur Kepong Bhd’s (KL:KLK) stock may have more upside ahead, with the palm oil producer on track for a 40% surge in net profit this financial year, said RHB Investment Bank.

KLK to see jump in earnings with higher output, lower costs — RHB

It wasn’t supposed to unfold this way. Just over a year ago, optimism about Indonesia was running high, with investors expecting Prabowo Subianto to extend former president Joko Widodo’s pro-business policies.

Indonesia’s wild stock moves spark fresh investability concerns

Versa Asia Sdn Bhd (Versa), a financial technology start-up with about 300,000 registered users, has completed its series A funding round led by AHAM Asset Management Bhd (AHAM Capital).

AHAM Capital makes one of its largest investments in Versa’s RM30 mil series A funding round

HE Group Bhd’s (KL:HEGROUP) earnings could decline this year amid delays in contracts roll out, Phillip Capital warned on Wednesday and cut its target price by 48%.

Contracts delays could snag on HE Group’s earnings, Phillip Capital slashes target price by 48%

The Bank of Japan (BOJ) kept interest rates steady on Wednesday in a widely expected move, as policymakers chose to spend more time gauging how prospects of higher US tariffs would affect the export-reliant economy.

Budget 2024

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