The government proposed another round of special voluntary disclosure programme (SVDP) with full penalty waiver starting June this year till end-2024.

The Inland Revenue Board and the Royal Malaysian Customs Department will be tasked to revive this programme again, said Prime Minister Datuk Seri Anwar Ibrahim during the tabling of revised Budget 2023 to Parliament on Friday (Feb 24).

Govt proposes new round of tax amnesty with full penalty waiver

Revised Budget 2023: Full speech of Prime Minister Datuk Seri Anwar Ibrahim

DE-CIX, a carrier- and data-centre-neutral internet exchange point headquartered in Frankfurt, Germany, believes that the Malaysian government is becoming more committed to advancing its digital infrastructure and its economy.

Putrajaya more committed to advancing digital infrastructure and economy — DE-CIX

Malaysia’s revised Budget 2023 underlined plans to achieve greater savings by reviewing government procurement processes, and spur higher impact investments through targeted incentives for corporations at a time when the nation is “at a critical point in history” to balance fiscal management and growth.

Prime Minister Datuk Seri Anwar Ibrahim, who is in his third month in office, also set the tone for the government’s policy in the budget — themed Membangun Malaysia Madani (Developing Malaysia Madani) — that focuses on the redistribution of wealth through income tax adjustments and the introduction of new taxes targeting the higher income group

Anwar’s Budget 2023 hits the right notes, but the test is in the implementation

KUALA LUMPUR (Feb 25): RHB Investment Bank Research said consistent with its view, the revised Budget 2023 remains mildly expansionary with no major changes in the policies. The total allocation was revised upward to RM386.1 billion versus RM372.3 billion tabled by the previous government in October 2022.

No major surprises in revised Budget 2023, says RHB IB

Banks in Malaysia believe the Madani Budget has a good balancing act on improving the welfare of the rakyat while supporting the growth of businesses to move Malaysia forward, especially in the post-pandemic era and amid inflationary pressures.

Banks view Madani Budget as having fine balance to help businesses and citizens

Middle-income earners, more commonly known as the M40 group, were specifically mentioned in the revised Budget 2023, as they are also bearing the brunt of the rising cost of living, besides the B40 group.

Revised Budget 2023 offers various perks for M40 group

The government is reducing individual income tax by two percentage points for those in the taxable income bracket of RM35,000-RM100,000 starting this year, in a bid to relieve the burden of rising cost of living faced by the middle 40% household income group (M40).

“The B40 (bottom 40%) is often given various forms of aid, while the M40 has been exhibiting their patience despite being squeezed by the rising cost of living,” he told the Dewan Rakyat in tabling the revised Budget 2023 on Friday (Feb 24).

Tax cut for M40, tax increase for T20

The revised Budget 2023 strikes a balance between the need to support the economy and the commitment on fiscal consolidation, said OCBC Bank.

Chief economist of OCBC Bank Selena Ling in a statement on Friday (Feb 24) said the budget tabled was in line with market and OCBC’s expectation, with a resolve to see the budget deficit reduced to 5% from 5.6% of GDP in 2022.

OCBC Bank: Revised Budget 2023 supports economy, prioritizes fiscal consolidation

The Federation of Malaysian Manufacturers (FMM) said that the revised Budget 2023 tabled on Friday (Feb 24) by Prime Minister Datuk Seri Anwar Ibrahim lacked support for the manufacturing industry.

“We are disappointed that Budget 2023 has not provided any assistance to support trade for industries to expand their market access as many face severe impact to their existing markets due to the prolonged Ukraine-Russia conflict,” said FMM president Tan Sri Soh Thian Lai in a statement.

FMM: Revised Budget 2023 lacks support for manufacturing

The revised Budget 2023 enables inclusive and sustainable economic growth, instils confidence through institutional and governance reforms, as well as advance social justice, said Khazanah Research Institute (KRI).

Revised Budget 2023 ensures inclusive growth for individuals and corporates, says KRI and ICDM

The Master Builders Association Malaysia (MBAM) urged the government to implement the Mass Rapid Transit Circle Line (MRT3) project, which will allow the construction industry to benefit from the multiplier effect, following the government’s decision to review the project.

Revised Budget 2023: MBAM urges govt to commence MRT3 project to revive construction sector

The Malaysian Council for Tobacco Control (MCTC) has called on the government to include imposing an excise duty on electronic cigarettes and vaping products that do not contain nicotine as part of the revised Budget 2023 proposals.

In welcoming the government’s move to impose an excise duty on e-cigarettes and vaping products containing nicotine, MCTC said: "The government must also acknowledge that a large part of the e-cigarette and vaping product market consists of products which do not contain nicotine, and the consumption of these products make up a large part of the purported RM2 billion per year income reported by the vape industry.

Consider imposing excise duty on no-nicotine e-cigarettes, vapes, MCTC tells Govt

Some government-linked companies (GLCs) and private companies will take over the Technical Education and Vocational Training (TVET) programme.

Among them are Petroliam Nasional Bhd (Petronas), DRB-Hicom Bhd, Sunway Bhd and Malaysian Resources Corp Bhd, said Prime Minister Datuk Seri Anwar Ibrahim in his speech on the revised Budget 2023.

PM: GLCs and private companies to take over TVET programme

RHB Research says Farm Fresh is out of the woods

MORNING CALL: 30/11/23

(Nov 30): As a rush of Wall Street strategists call for all-time highs in US stocks in the year ahead, JPMorgan Chase & Co. stands apart, releasing the gloomiest forecast so far among its peers.

The S&P 500 Index is set to drop to 4,200 by the end of 2024 — roughly 8% from its c...

JPMorgan’s S&P 500 outlook for 2024 is grimmest on Wall Street

(Nov 30): Warren Buffett’s Berkshire Hathaway Inc. said the billionaire former owner of Pilot Travel Centers sought to influence Pilot executives’ business decisions in order to juice the company’s quarterly earnings and pump up the value of his remaining stake in the truck stop chain.

...

Berkshire says billionaire Haslam promised illicit payments to juice Pilot’s profit

(Nov 30): Alphabet Inc.’s Google struck a deal with Canadian Prime Minister Justin Trudeau’s government over a contentious law requiring digital platforms to pay for news.

Google agreed to contribute C$100 million (US$74 million) in financial support annually, indexed to inflation, for ...

Google strikes deal with Canada to pay for online news

(Nov 30): Federal prosecutors accused an Indian government agent of directing a thwarted plot to assassinate a Sikh separatist with US citizenship in New York, allegations that mirror a killing in Canada and risk inflaming already delicate US-India ties.

The accusations were spelled out...

US accuses Indian agent in plot to kill US citizen in NY

MUNICH, Germany (Nov 30): FC Copenhagen earned a goalless draw at already-qualified Bayern Munich in their Champions League Group A match on Wednesday to snap their opponents' 17-game winning run in group-stage matches and stay in contention for a second-place finish.

The Bavarians have...

Copenhagen snap Bayern's winning run in Champions League with goalless draw

NEW YORK/LONDON (Nov 30): MSCI's global equities index crept higher on Wednesday while Treasury yields fell as third-quarter data provided encouraging signs for the economy even as U.S. Federal Reserve officials provided mixed messages on monetary policy.

Commerce Department data showed...

Equities gain while Treasury yields fall on data, talk of Fed rate cuts

ISTANBUL (Nov 30): Manchester United goalkeeper Andre Onana made two bad errors as hosts Galatasaray twice fought back from two goals down to earn a thrilling 3-3 draw on Wednesday and leave the English side's hopes of reaching the Champions League last 16 in serious doubt.

Alejandro Ga...

Onana woe as Galatasaray fight back to deny Man United

NEW YORK (Nov 30): U.S. stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy.

The Nasdaq joined the S&P 500 in negative territory, ...

S&P 500 ends lower on mixed Fed messages, PCE on deck

LOS ANGELES (Nov 30): Walt Disney Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale.

In a wide-ranging interview at the New York Times Dealbook Conference, Iger also said ...

Disney CEO Iger promises 2026 exit, says ABC not for sale

Here is a brief recap of some corporate announcements that made news on Wednesday: Axiata Group Bhd, Cahya Mata Sarawak Bhd, Berjaya Corp Bhd, Mega First Corp Bhd, QL Resources Bhd, Sarawak Oil Palms Bhd, PPB Group Bhd, PJBumi Bhd, Apex Healthcare Bhd, Boustead Heavy Industries Corporation Bhd, FGV Holdings Bhd, Supermax Bhd, Genetec Technology Bhd, Icon Offshore Bhd, Titijaya Land Bhd, Public Bank Bhd, KSL Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pharmaniaga Bhd.

Axiata, CMSB, Berjaya Corp, Mega First, QL Resources, Sarawak Oil Palms, PPB, PJBumi, Apex Healthcare, Boustead Heavy, FGV, Supermax, Genetec, Icon Offshore, Titijaya, Public Bank, KSL, MHB, Pharmaniaga

Keretapi Tanah Melayu's (KTM) Komuter service and Electric Train Service (ETS) are experiencing disruptions of between 15 and 30 minutes from the original schedule on Wednesday due to a train derailment incident at the Klang Valley Double Tracking project engineering 1 (KVDT1) at KM387.755 between the Kuala Lumpur Station and KL Sentral Station at 4.05am.

KTM Kommuter, ETS services disrupted by derailed train

Supermax Corp Bhd logged a net loss of RM2.05 million in the first quarter ended Sept 30, 2023 (1QFY2024), marking the group's fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices.&nbsp;

Supermax remains in the red, but narrows net loss in 1QFY2024 

Pharmaniaga Bhd, which has been granted seven concessions to provide medical supplies to public hospitals, is making a cash call via a renounceable rights issue of new shares plus private placement, to raise up to RM654.61 million to pare down debts.&nbsp;

Pharmaniaga proposes rights issue and private placement to raise up to RM654.6 mil fresh capital 

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EVENING 5: Five things you need to know today

Pharmaniaga Bhd, which is making a cash call plus private placement to raise RM654.6 million in fresh equity, announced a net loss of RM49.34 million or 3.67 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023), more than double the RM13.99 million net loss, or 1.07 sen per share, it logged a year earlier.

After vaccines impairment, Pharmaniaga makes RM65.2m provision for ‘stock obsolescence’

Property developer KSL Holdings Bhd has posted a 43.1% jump in its net profit for the third quarter ended Sept 30, 2023 (3QFY2023) to RM84.58 million from RM59.12 million a year ago, mainly contributed by the group’s flagship property projects in Johor Bahru, Kluang and Klang.

KSL posts 43% jump in 3Q net profit on contributions from flagship projects 

UEM Sunrise Bhd said its former Canadian unit has been sued for defects in one of its buildings in the mixed residential and commercial use complex located in the province of British Columbia, known as Quintet Tower D.

UEM Sunrise's Canadian unit sued for defects in building

E-government service provider MyEG Services Bhd (MyEG) said it has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates.

MyEG gets JPJ nod to start driving test system on actual candidates

Titijaya Land Bhd reported an accident occurred on Tuesday night (Nov 28) at its purpose-built logistics facility construction site in Barat Daya, Penang, resulting in the death of a worker.

Titijaya Land confirms fatal accident at construction site in Penang

Cahya Mata Sarawak Bhd (CMS)’s net profit fell 93.5% to RM9.98 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM154.36 million a year earlier, due to a lower share of profit from its associates as well as absence of one-off gains recognised during the previous year's corresponding quarter.

Cahya Mata Sarawak's 3Q net profit down on lower contribution from associates, absence of one-off gains

KUALA LUMPUR (Nov 29): Rapid KL has denied a viral post that there was an explosion or fire involving a Mass Rail Transit (MRT) train along the Kajang route this afternoon.

Rapid KL in a statement on Wednesday informed that the incident only involved the sound of a spark from train numb...

Rapid KL denies explosion involving MRT train

Oil and gas (O&amp;G) services provider Velesto Energy Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 91.9% to RM1.22 million from RM14.97 million in the corresponding quarter a year ago, despite higher revenue, as it incurred higher operating and finance costs.

Velesto Energy's 3Q profit drops 91%, dragged by higher costs

Malaysia Building Society Bhd’s (MBSB) net profit dropped 44.3% to RM32.84 million or 0.46 sen for the third quarter ended Sept 30, 2023 (3QFY2023), from RM58.96 million or 0.82 sen a year earlier.

MBSB's 3Q net profit down 44% on higher opex, impairment

Lower tax expenses helped Berjaya Corp Bhd (BCorp) return to the black with a net profit of RM15.77 million for its first quarter ended Sept 30, 2023 (1QFY2024), after incurring a net loss of RM79.33 million in the immediate preceding quarter and a net loss of RM16.42 million in the year-ago first quarter.

Berjaya Corp back in black in 1Q on lower tax expenses

The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending.

US economy grew 5.2% in 3Q, more than first estimated 

Oriental Holdings Bhd's net profit jumped 190.59% to RM297.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM102.35 million a year earlier, thanks to a gain from a bargain purchase on step acquisition of RM102.4 million as well as a gain on disposal of its associate of RM116.4 million.

Oriental Holdings 3Q net profit jumps on gain on disposal of associate

Expressing disappointment over the removal of the generational endgame (GEG) component in the revised tobacco bill, former health minister Datuk Seri Dr Dzulkefly Ahmad has nevertheless called on both government and opposition lawmakers to support the bill.

Ex-health minister Dzulkefly urges MPs to back revised tobacco bill despite dismay over GEG removal

Wall Street's three main indexes rose on Wednesday as US Treasury yields slipped to multi-month lows on growing rate cut optimism, while latest data on economic growth fueled hopes of a soft landing.

Wall Street gains on rate cut prospects, soft landing hopes

NEW YORK/LONDON (Nov 30): MSCI's global equities index crept higher on Wednesday while Treasury yields fell as third-quarter data provided encouraging signs for the economy even as U.S. Federal Reserve officials provided mixed messages on monetary policy.

Commerce Department data showed...

Revised Budget 2023

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