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

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

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

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 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 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

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

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

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

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

The roll-out of dual-class shares on Bursa Malaysia and capital gains tax on disposal of non-listed shares announced in the revised Budget 2023 may aid in reinvigorating the local capital market, MIDF Research said.

Touching on Putrajaya’s intent to review the implementation of a low-rate capital gains tax on the disposal of non-listing shares, the research house said the measure may attract more listings on the local bourse at the granular level.

Budget 2023 measures may aid capital market’s reinvigoration, says MIDF

The government’s plan to impose capital gains tax on disposal of non-listed shares in 2024 has caught the attention of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), which is concerned that it may eventually be widened to cover other asset classes.

Revised Budget 2023: ACCCIM concerned capital gains tax could be widened to cover other asset classes

Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended mostly lower on Thursday in line with the weaker soybean oil performance on the Chicago Board of Trade (CBOT), said palm oil trader David Ng.

CPO futures close mostly lower in sync with weaker soybean oil prices

Police have recorded the statement of blogger Wan Muhammad Azri Wan Deris, better known as Papagomo, regarding his allegedly defamatory and insulting remarks against the Inspector-General of Police and the security forces.

Inspector General of Police Tan Sri Razarudin Husain said Wan Muhammad Azri had his statement recorded at 3pm Thursday at the Setapak police station.

Police record Papagomo's statement over defamatory remarks against IGP, PDRM

A coalition of non-governmental organisations (NGOs) on Thursday called on Prime Minister Datuk Seri Anwar Ibrahim to announce a clear timeline for the separation of the public prosecution function from the Attorney General’s Chambers (AGC).

NGOs urge PM to announce clear timeline for separation of AG-PP's powers after Rosmah's acquittal 

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

MRCB, Pentamaster, UEM Sunrise, Mah Sing, S P Setia, Mynews, UWC, Aeon Credit, United Malacca, Vestland, Uzma, Bonia, Catcha Digital, Southern Steel 

The US Department of Commerce has recently asked Nvidia to look into how the company's products ended up in China over the past year, The Information reported on Thursday, citing a person close to the department.

US asks Nvidia to investigate how its chips ended up in China — report 

As the Russian president, Vladimir Putin, held his carefully stage-managed annual phone-in and press conference to answer questions from journalists and ordinary Russians, EU leaders were hosting Ukraine’s president Volodymyr Zelensky in Brussels at their final meeting of the year. Unsurprisingly, the war in Ukraine loomed large at both events.

Ukraine war: As 2025 approaches, Kyiv is left with few good options and allies in a Trump 2.0 world

The US Congress has two days as of Thursday to avert a partial government shutdown after President-elect Donald Trump rejected a bipartisan deal on federal spending and demanded lawmakers address the nation's debt ceiling before he takes office next month.

US Congress has two days to avert shutdown after Trump rejects spending bill

The script for the biblical epic 'Mary', which tells the story of the Nativity from the perspective of Mary of Nazareth, languished in Hollywood for some 15 years before entering production.

As the independent film approached completion this September, it attracted interest from three major Hollywood studios and streaming giant Netflix, which emerged as the global distributor and released the movie this month.

Hollywood embraces God and the 'cowboy curious' to broaden audience

The third meeting of the third session of the 15th Parliamen adjourned on Thursday after sitting for 12 days since Dec 2, with 26 bills passed.

Dewan Negara adjourns after passing 26 bills in 12 days

Wall Street's main indexes regained some ground on Thursday, a day after the Federal Reserve's projections of fewer-than-expected interest rate cuts and higher inflation next year wrong-footed some investors and pummelled US stocks.

Wall Street bounces back after Fed's hawkish cut triggers sell-off

Companies that spent billions on poorly timed acquisitions in recent years are now offloading those assets at knockdown prices. 
&nbsp; 
Alibaba Group Holding Ltd announced on Tuesday it’s going to sell Chinese department-store chain Intime to a local apparel group for US$1 billion (RM4.47 billion).

Companies that spent billions on M&A are now selling for peanuts

Indonesia will increase its export levy for crude palm oil (CPO) to 10% from the current 7.5% to finance higher biodiesel subsidies, its chief economic minister said on Thursday.

Indonesia to hike crude palm oil export levy to 10%

KUALA LUMPUR (Dec 19): The Malaysian Anti-Corruption Commission (MACC) has announced that no charges will be filed against any parties involved in the 1BestariNet project tender under the Ministry of Education (MOE).

No charges filed in 1BestariNet tender investigation, says MACC

The government’s proposal to introduce a Diagnostic-Related Group (DRG) payment system to regulate private healthcare costs may face significant challenges and feasibility issues, according to Hong Leong Investment Bank (HLIB).

Govt's proposed DRG payment system may face challenges — HLIB

Mynews Holdings Bhd (KL:MYNEWS) reported a significant jump in net profit to RM3.76 million for the fourth quarter ended Oct 31, 2024 (4QFY2024), a nearly fourfold increase compared to RM947,000 in the same period last year. This marks the fifth consecutive profitable quarter for the convenience store operator.

Mynews plans more new stores after 4Q profit jumps nearly fourfold as sales climb

Chai Woon Yun, daughter of Aset Kayamas founder Tan Sri Datuk Chai Kin Kong, has become the largest shareholder of Kanger International Bhd through a private placement.

Daughter of Aset Kayamas founder is now Kanger’s largest shareholder

KUALA LUMPUR (Dec 19): Aluminium products maker Winstar Capital Bhd (KL:WINSTAR) is expecting sales to grow in 2025, with the removal of China’s export tax rebates for aluminium products, and the upcoming implementation of the fifth iteration of Malaysia’s large scale solar programme (LSS5).

Winstar eyes sales growth amid China tax shift, LSS5 opportunities

KUALA LUMPUR (Dec 19): Catcha Digital Bhd (KL:CATCHA) has announced its acquisition of a 70% stake in Tastefully Malaysia Sdn Bhd for RM7.6 million cash, to strengthen its position in the integrated digital and offline advertising space.

In a bourse filing on Thursday, Catcha Digital sa...

Catcha Digital acquires 70% stake in Tastefully to tap into consumer food expo sector

UWC Bhd's (KL:UWC) net profit rose 49.2% to RM6.5 million in the first quarter ended Oct 31, 2024 (1QFY2025) from RM4.35 million a year ago, lifted by increasing orders from the semiconductor industry.&nbsp;

Contributions from its acquired subsidiaries, MCE Technologies Sdn Bhd (MCET) and MCT (Thailand) Co Ltd, also add to the earnings.

UWC's net profit jumps 49% as revenue nearly doubles on increased semiconductor orders 

Malaysian Resources Corp Bhd (KL:MRCB) has confirmed it has withdrawn from a Berjaya-led consortium which is bidding for the multi-billion-ringgit Kuala Lumpur-Singapore high-speed rail (HSR) project.

In a filing, MRCB said the group issued a notice of termination to consortium partner Berjaya Rail Sdn Bhd to terminate the teaming agreement for the submission of a non-binding conceptual proposal to MyHSR Corporation Sdn Bhd in relation to the project.

MRCB confirms withdrawal from Berjaya-led HSR consortium

The US Federal Reserve’s (US Fed) intent to adopt a slower pace of interest rate easing in 2025 is expected to prompt slight downward pressure on the domestic market, analysts said.

US Fed’s hawkish pivot ‘slightly negative’ for Malaysian market, analysts say

There is noticeable shift towards local fast-moving consumer goods amid prolonged boycott of international brands following the Israel-Gaza conflict, according to Hong Leong Investment Bank (HLIB).

HLIB: Consumer trends shift to local fast-moving consumer goods as boycotts persist

Pentamaster Corp Bhd (KL:PENTA) on Thursday proposed to privatise its 63.9%-owned Hong Kong-listed Pentamaster International Ltd (PIL) with a partner in an exercise that would raise its stake to 71%.

Pentamaster, partner to privatise HK-listed unit; confirms The Edge’s report

Smile-Link Healthcare Global Bhd (KL:SMILE), a LEAP Market-listed dental services provider, said its major shareholder has proposed to remove its external auditors, Messrs HLB Ler Lum Chew, following significant delays in the company's financial reporting, which have led to trading suspensions and regulatory scrutiny.

Smile-Link major shareholder seeks removal of external auditor amid financial reporting delays

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Wall Street's main indexes regained some ground on Thursday, a day after the Federal Reserve's projections of fewer-than-expected interest rate cuts and higher inflation next year wrong-footed some investors and pummelled US stocks.

KUALA LUMPUR (Dec 19): Malaysia’s e-commerce income grew by 4% to RM918.2 billion in the first nine months of 2024 (9M2024), with the highest surge recorded in the second quarter (2Q), amounting to RM309.8 billion, the Department of Statistics Malaysia (DOSM) said.

Malaysia’s 9M2024 e-commerce income reaches RM918.2b — DOSM

Britain's water regulator said it would allow bills to rise by just over a third in the next five years to fund a higher level of investment than originally planned, with the aim of fixing the country's broken water sector.

UK water bills to rise by 36% to help fix broken sector

KUALA LUMPUR (Dec 19): Mechanical and electrical (M&amp;E) engineering services solutions provider&nbsp;ES Sunlogy Bhd has entered into an underwriting agreement with M&amp;A Securities Sdn Bhd for ES Sunlogy’s&nbsp;upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

ES Sunlogy signs underwriting agreement with M&A Securities for IPO exercise

PUTRAJAYA (Dec 19): Turkmenistan and Malaysia are poised to strengthen bilateral economic cooperation, focusing on energy, trade, and innovation, said Turkmenistan President Serdar Berdimuhamedow on Thursday.

Revised Budget 2023

‌‌

‌
‌