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 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

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 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

Malaysia's household debt climbed further to RM1.34 trillion as at end-June 2021 from RM1.27 trillion a year ago.

Household debt swells to RM1.34 trillion, 89.6% of GDP

The federal government is expecting its borrowings to swell going forward to fund the RM400 billion development expenditure allocation for the 12th Malaysia Plan (12MP) and its expansionary fiscal policy in Budget 2022.

Federal govt borrows more to fund expansionary budget, 12MP; risk exposure to external shock rises

The Ministry of Finance (MoF) said the Covid-19 pandemic had unveiled in Malaysia several emerging issues, including a sharp decline in gross domestic product (GDP) due to the country’s high dependence on foreign labour and tourism receipts, both of which highlighted the need for a dynamic policy to address long-standing labour market disequilibrium at the industry level.

Sharp GDP drop on labour shortage as Malaysia relies heavily on foreign workers — MoF

The country's economic growth is expected to accelerate to 5.5%-6.5% in 2022 from 3%-4% in 2021, boosted by the continuation of the various stimulus and assistance packages to combat Covid-19.

Malaysian economy to grow faster at 5.5%-6.5% in 2022 vs 3%-4% in 2021

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

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

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

Bitcoin declined even with cryptocurrency stockpiler MicroStrategy Inc planing to issue more shares, a move that would allow it to buy even more tokens.

Bitcoin drops even as MicroStrategy plans to sell more shares

Kawan Renergy Bhd co-founder and managing director Lim Thou Lai has pared his stake in the ACE Market-listed engineering services firm to 67.03%.

Kawan Renergy MD Lim Thou Lai trims stake to 67%

Taghill Holdings Bhd (KL:TAGHILL), formerly known as Siab Holdings Bhd, said on Thursday that its wholly owned unit has received an adjudication claim from its subcontractor, seeking to recover an outstanding amount of RM2.59 million.

Taghill unit faces adjudication claim from subcontractor

EVENING 5: Base electricity tariff for 2025-2027 to see 14% hike

The United Arab Emirates (UAE) will require companies to monitor and report their emissions in an effort to reach a target to become carbon neutral by 2050.

All companies with emissions equivalent to 500,000 tonnes or more of carbon dioxide per year are required to participate, according to legislation that comes into force on Dec 28.

UAE companies to start tracking and reporting carbon emissions

(Dec 26): Iraq, OPEC’s second-largest oil producer, is planning to cut the amount of gas it burns off unproductively to about 20% next year in an attempt to meet rising demand and reduce imports.

The country captured about 67% of the gas that is produced from oil fields at the end of 20...

Iraq plans to cut gas flaring to 20% next year to reduce imports

Boustead Heavy Industries Corp Bhd (KL:BHIC) has appointed former Royal Malaysian Air Force (RMAF) chief Tan Sri Roslan Saad as its independent non-executive chairman.

Boustead Heavy Industries names ex-air force chief as chairman

Peninsular Malaysia's base electricity tariff has been set at 45.62 sen per kilowatt hour (kWh) in the three-year regulatory period 2025-2027 (RP4), said Tenaga Nasional Bhd (TNB) (KL:TENAGA).

Base electricity tariff for 2025-2027 to be adjusted upward, says TNB

Tenaga Nasional Bhd (KL:TENAGA) said on Thursday that its unit has been shortlisted by the Energy Commission (EC) to develop a 500-megawatt (MWac) large-scale solar photovoltaic (PV) plant in Kuala Muda, Kedah.

TNB among LSS5 winners, bags 500MW solar farm project in Kedah

Türkiye’s central bank lowered interest rates for the first time in almost two years after consumer inflation showed signs of easing and said that future easing steps would depend on price data.

The bank’s Monetary Policy Committee, led by governor Fatih Karahan, on Thursday cut its one-week repo rate to 47.5% from 50%, after keeping it on hold for eight months in a row.

Türkiye lowers main rate to 47.5% in first cut since 2023

Peninsular Malaysia's base electricity tariff has been set at 45.62 sen per kilowatt hour (kWh) in the three-year regulatory period 2025-2027 (RP4), said Tenaga Nasional Bhd (TNB) (KL:TENAGA).&nbsp;

Petronas Chemicals Group Bhd (KL:PCHEM) could be close to its turning point, and investors should take position in its stock ahead of a rebound in the industry, said Kenanga Investment Bank.

Kenanga says Petronas Chemicals close to turning point, investors should take position ahead of rebound

Shares of SNS Network Technology Bhd (KL:SNS) rose 17.5% in active trade on Thursday amid broader gains in the sector following the Christmas Eve rally of US technology stocks.

SNS Network rises 17% in highly active trade

THE government has given its blessing to Malaysian Resources Corp Bhd (KL:MRCB) for the redevelopment of Kuala Lumpur Sentral (KL Sentral) as it was the master developer of the transport hub connecting the Keretapi Tanah Melayu Bhd (KTMB) train service, Light Rail Transit, KLIA Transit and Rapid ...

Cover Story: Why MRCB was the choice for KL Sentral redevelopment

Southern Cable Group Bhd (KL:SCGBHD) has bagged a contract worth RM172.57 million to supply cables and conductors.

Southern Cable gets RM173m supply contract

Malaysia’s automotive sector will have to contend with weaker sales of non-national cars&nbsp;amid intensifying competition, while the industry grapples with easing backlog orders, RHB Investment Bank flagged.

Malaysia's auto sector to see intensifying competition among non-national brands, says RHB IB

The Penang government is granting a 100% exemption from quit rent and parcel rent penalty arrears to all land and parcel owners in the state who make payments for the two taxes from Jan 2 to Feb 28, 2025.

Penang grants exemption from land, parcel tax penalty arrears from Jan 2 to Feb 28

SP Manufacturing, an electronics manufacturing services company founded and headquartered in Singapore, has announced its expansion into Senai, Johor.&nbsp;

S'pore-based SP Manufacturing expands into Johor with new facility, acquisition of Ideal Jacobs Corporation

The Ministry of Energy Transition and Water Transformation (Petra) has announced that the Green Electricity Tariff (GET) programme will continue into 2025, maintaining current premium rates while introducing discounted long-term subscription packages to boost renewable energy adoption.

Energy ministry: Current green electricity tariff rates retained, cheaper long-term packages introduced

Honda Motor Co&nbsp;absorbing Nissan Motor Co could give the two struggling Japanese brands the scale they need to take on China’s BYD Co, sales figures released on Wednesday showed.

Honda-Nissan deal may be key in fight against China’s BYD

The South Korean won hit the weakest level since March 2009 in holiday-thinned trading amid the US dollar's continued rally. South Korean stocks fell, while the benchmark bond yield rose.

South Korean won drops to lowest level since March 2009; stocks ease

Alibaba Group Holding Ltd agreed to merge its South Korean operations with E-Mart Inc’s e-commerce platform to better compete in the country’s fast-paced online retail sector.

Alibaba, E-Mart to create US$4 bil e-commerce JV in Korea

Selangor remained the top destination for investments so far this year, as the state drew in RM66.8 billion in approved investments.

Selangor top destination for investments, draws in RM66.8b in January to September

Tenaga Nasional Bhd (KL:TENAGA) said on Thursday that its unit has been shortlisted by the Energy Commission (EC) to develop a 500-megawatt (MWac) large-scale solar photovoltaic (PV) plant in Kuala Muda, Kedah.

Bursa Malaysia Bhd on Thursday issued a consultation paper seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository Sdn Bhd as it moves towards further digitisation in the issuance of securities account statements to depositors (CDS statements).

Bursa Malaysia seeks feedback on depository rules for electronic CDS statements

Elon Musk’s deputy Steve Davis has spent more than 20 years helping the billionaire cut costs at businesses like SpaceX, the Boring Company and Twitter — making the engineer by training a natural choice for his new role at Musk’s Department of Government Efficiency, or DOGE for short.

Elon Musk’s go-to cost-cutter is working for DOGE 

Telegram and Tencent’s WeChat have begun the process of obtaining the requisite licence to operate their platforms in Malaysia next year, according to regulator Malaysian Communications and Multimedia Commission (MCMC).

Telegram, WeChat begin licensing process in Malaysia, as MCMC urges others to follow suit

Jinjiang Group, a contractor for Chinese electric vehicle (EV) maker BYD, said on Thursday Brazilian authorities' portrayal of their employees as "enslaved" was inconsistent with the facts and that there were translation misunderstandings.

BYD contractor denies its construction site employees 'enslaved'

Tune Protect Group Bhd (KL:TUNEPRO), which mainly provides travel insurance, is expected to end 2024 with a small profit following a recent turnaround before a jump in 2025, said TA Securities.

Tune Protect to end 2024 with small profit following 3Q turnaround — TA Securities

CCK Consolidated Holdings Bhd (KL:CCK), a retail chain store and supermarket operator in Sabah and Sarawak, has declared its first-ever special dividend of five sen per share for the financial year ending Dec 31, 2024 (FY2024), payable Jan 22, 2025.

Economic Report 2021/2022

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