KUALA LUMPUR (Oct 29): Industries are to shift towards high technologies and high-skilled labour to reduce dependency on foreign workers, the Ministry of Finance (MoF) said.

“As skills and expertise are needed for technology adoption and application, the affected sectors need to invest in upskilling and reskilling initiatives to increase their workers’ productivity and sectors’ performance,” the ministry said in its Economic Report 2021/2022

MOF: Industries to shift towards high tech, and high-skilled labour to reduce foreign labour dependency

KUALA LUMPUR (Oct 29): Malaysia’s capital markets remained vibrant, with gross funds raised increasing by 13.4% to RM163 billion as at the end of July 2021 from a year ago, according to the Economic Outlook 2022 Report published by the Ministry of Finance (MoF) on Friday.

Fundraising activities in the capital markets saw an improvement of 43.1% to RM65.6 billion by the private sector, while the public sector regressed marginally by 0.5% to RM97.4 billion according to MoF.

Malaysian capital markets remain vibrant, gross funds raised increased 16.3% to RM163b as at July 2021

Malaysia's current account balance is projected to record a surplus of RM55.6 billion or 3.5% of the gross national income (GNI) in 2022, according to the Ministry of Finance, down from the RM56.7 billion or 3.8% of the GNI recorded in 2021.

MoF: Robust trade to continue in 2022, current account balance to record RM55.6b surplus, gross exports to increase by 1.5%

Malaysia’s 2021 development expenditure (DE) has been revised lower to RM62 billion from the original budget of RM69 billion.

The 2021/22 Economic Report highlighted that the downward revision is also in line with the reassessment and deferment of several projects.

2021 development expenditure revised to RM62 bil from RM69 bil

The federal government's revenue for 2021 is estimated to be lower at RM221 billion or 14.6% of gross domestic product in 2021, a 6.7% shortfall from the budget estimates earlier.

6.7% shortfall in revenue to RM221 billion estimated for 2021 budget

Federal government's revenue collection in 2022 is estimated to come in at RM234 billion, or 14.3% of gross domestic product, higher than the revised estimate of RM221 billion for 2021.

Federal govt's 2022 revenue collection estimated to be RM234 billion, 14.3% of GDP

The Medium-Term Fiscal Framework (MTFF) for 2022 to 2024 projects the overall fiscal deficit to average at 5% of gross domestic product (GDP), representing a more gradual than initially projected fiscal consolidation trajectory.

Medium-term fiscal framework projects overall fiscal deficit to average at 5% of GDP for 2022 to 2024

A total of RM75.6 billion has been earmarked for development expenditure (DE) in 2022, higher than the RM62 billion revised allocation for 2021 as the country moves into the second year of the 12th Malaysia Plan.

Higher development expenditure of RM75.6b in 2022 vs RM62b in 2021

Budget 2022 will focus on driving economic recovery, rebuilding national resilience and catalysing reforms across the private and public sectors.

The Ministry of Finance (MoF) said in its 2022 Economic Outlook Report that the worst-hit sectors such as tourism and its related industries will be prioritised, while businesses will be encouraged to enhance their competitive edge and venture into new growth areas to build resilience and withstand future adversities.

Budget 2022 to focus on driving economic recovery, rebuilding resilience, catalysing reforms

The government is expecting its consolidated general revenue to decline by 3.3% to RM282.9 billion in 2021, mainly due to lower revenue from the federal government and federal statutory bodies.

Govt expects 3.3% drop in consolidated general revenue for 2021

Domestic demand in Malaysia is expected to expand by 6.6% in 2022 and return to pre-pandemic levels after a 3.1% rebound in 2021.

The Ministry of Finance (MoF) expects pent-up demand to spur economic growth amid expectations of a rebound in private and public consumption and investments.

Domestic demand expected to expand 6.6% in 2022, driven by pent-up private consumption and higher public spending

The government is currently considering options to reduce the reliance on direct taxes and widen the revenue base by shifting to consumption-based tax under the Medium-Term Revenue Strategy (MTRS) framework.

Government to consider consumption-based tax in order to reduce reliance on direct taxes

The Ministry of Finance (MoF) said the Malaysian federal government’s total expenditure is budgeted to be higher at RM332.1 billion in 2022, attributed to higher operating expenditure (OE) at RM233.5 billion and development expenditure (DE) at RM75.6 billion.

MoF: Higher operating, development expenditure in 2022 to revitalise economy

Malaysia's inflation, measured by the consumer price index (CPI), is expected to moderate from current levels to 2.1% next year, following better economic prospects and stable crude oil prices.

Malaysia's inflation set to moderate to 2.1% in 2022 on better economic prospects, stable oil prices

Sarawak certainly had more good reasons to celebrate its 61st year of independence last Monday (July 22).

In conjunction with the celebration, the state saw the inauguration of a new methanol plant in Bintulu and the signing of gas sales agreements — the first after state-owned Petroleum Sarawak Bhd (Petros) became the sole gas aggregator, taking over from Petroliam Nasional Bhd (Petronas).

A major win in Sarawak’s bid to reclaim rights

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 

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

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

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

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.

More than 3,900 contract officers to be appointed in latest recruitment — MOH

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.

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

The government will now determine the locations for distributing subsidised cooking oil packets to retail outlets to prevent further leakage of controlled goods, says Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.

KPDN to set subsidised cooking oil distribution locations to curb leakage — Armizan

Digital Penang has announced the Market Access Thailand programme, which aims to propel Penang’s startups into Thailand’s market and create opportunities for exponential growth and innovation.

Digital Penang announces cross-border startup collaboration with Thailand

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.

（吉隆坡26日讯）德信控股（DXN Holdings Bhd）（KL:DXN）首季净利按年增长10.26%，得益于整体营运业务营业额上涨。&nbsp;

德信控股首季净利升10.26% 放眼进军赞比亚和加纳市场

A weekly round-up of tanker and dry bulk market (July 26, 2024)

Economic Report 2021/2022

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