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

Taiwan’s interest-rate swaps are nearing record highs on expectations the island’s monetary authority may tighten cash levels in the banking system by once again raising the reserve ratio for banks.

Taiwan’s one-year interest rate swaps are just five basis points (bps) away from an all-time high.

Taiwan swaps near record highs on tighter liquidity bets

KUALA LUMPUR (Oct 18): The Malaysian Investment Development Authority (Mida) is on track to achieve its target of RM2.5 billion in investments from green investment leads at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024.

Mida on track to achieve goal of RM2.5b green investments at IGEM 2024

Gold topped US$2,700 an ounce for the first time, as concerns over escalating conflicts in the Middle East saw investors flock to safety.

Spot gold extends its record-breaking run to top US$2,700

Shares of Heitech Padu Bhd (KL:HTPADU) were suspended with effect from 9am to 5pm on Friday, pending an announcement relating to a material contract.

Heitech Padu shares suspended for material contract announcement

(Oct 18): Thailand’s 38-year-old prime minister is working on a plan to alleviate the economic drag from a household debt bill topping US$500 billion (RM2.15 trillion) — a figure that has ballooned since her father first took office in 2001.

A US$500b pile of household debt weighs on new Thai leader

China’s September home prices fell at almost the same pace as the previous month, despite the country’s efforts to stabilise the real estate sector. 

New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.71% from August, in line with a 0.73% decline a month earlier, National Bureau of Statistics figures showed on Friday.

China home price slump drags on despite revival efforts

(Oct 18): In the countdown to the weekend inauguration of Indonesia’s new president, Jakarta’s political elite has been huddled at the incoming leader’s private ranch outside the capital, deep in the last-minute haggling that will determine the shape of the country’s government for the next five years.

Indonesia’s fixer-in-chief bows out as Prabowo takes the helm

BMI, a Fitch Solutions company, holds a positive outlook for consumer spending in Malaysia for 2025, supported by an ongoing economic recovery that fuels stable real consumer spending growth, according to its note on Friday.

The research firm said easing inflationary pressures and a stable labour market will sustain consistent consumer spending.

Positive 2025 consumer spending outlook for Malaysia, but high household debt poses risk — BMI

(Oct 18): China’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability.

Major banks including Industrial & Commercial Bank of China Ltd. and China Construction Ba...

China’s mega banks trim deposit rates as stimulus hits profits

BEIJING/SHANGHAI (Oct 18): China's central bank and financial regulators have held meetings with key financial institutions, urging them to swiftly implement expansive policies to support the economy and the capital markets.

The People's Bank of China (PBOC) said in a statement on its w...

China urges swift implementation of expansive financial policies

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

Genting Malaysia, Varia, Salcon, SC Estate Builder, AME Reit, AME Elite, Ancom Nylex, MAHB, HPP Holdings, LKL, Bintai Kinden 

The National Budget is set to be tabled on Friday. Regardless of what will be announced, Malaysian corporates must continue to focus on several areas, apart from wave two of e-invoicing.

Focusing on tax areas that matter most

PPG Industries&nbsp;will lay off 1,800 employees in the US and Europe and close various facilities as part of a cost-reduction programme, the paints and coatings maker said on Thursday.

PPG to lay off 1,800 employees in US, Europe in cost-cut push

Meta is laying off employees across units including Instagram, WhatsApp and Reality Labs, the Verge reported on Wednesday, citing people familiar with the matter.

Meta lays off employees at WhatsApp and Instagram — report

(Oct&nbsp;18) :&nbsp;The world’s biggest bond market got hit as a solid retail sales report had traders trimming their bets on Federal Reserve rate cuts this year.

Wall Street dials back Fed-cut bets on solid data

Shares of Heitech Padu Bhd (KL:HTPADU) were suspended with effect from 9am to 5pm on Friday, pending an announcement relating to a material contract.

(Oct&nbsp;18) :&nbsp;The yen fell below the psychological mark of 150 per dollar, after robust US economic data led traders to dial back bets on Federal Reserve interest-rate cuts, boosting the greenback.&nbsp;

Yen falls to key 150 level after solid US retail, labor data

(Oct 18):&nbsp;US government bonds slumped after strong September retail-sales figures fanned doubts over how quickly the Federal Reserve will continue to lower interest rates.

The selloff pushed Treasury yields higher by as much as seven to 10 basis points. Initially, short maturities ...

Treasury yields climb as strong data sow doubt on Fed rate cuts

BMI, a Fitch Solutions company, holds a positive outlook for consumer spending in Malaysia for 2025, supported by an ongoing economic recovery that fuels stable real consumer spending growth, according to its note on Friday.

The research firm said easing inflationary pressures and a stable labour market will sustain consistent consumer spending.&nbsp;

(Oct 18):&nbsp;Thailand’s 38-year-old prime minister is working on a plan to alleviate the economic drag from a household debt bill topping US$500 billion (RM2.15 trillion) — a figure that has ballooned since her father first took office in 2001.

JERUSALEM/CAIRO (Oct 17): Hamas leader&nbsp;Yahya&nbsp;Sinwar, a mastermind of the Oct&nbsp;7, 2023&nbsp;attack that triggered the Gaza war, has been killed by Israeli forces in the Palestinian enclave, Israel said on Thursday.

Hamas leader Sinwar killed by Israeli troops in Gaza, Netanyahu says war will go on

Deere &amp; Co is laying off an additional nearly 300 people in Iowa and Illinois as demand for farm equipment slows from the peak production of recent years.

Deere announces more layoffs in Iowa, Illinois during farm slump

Sage Therapeutics&nbsp;said on Thursday its finance chief will leave the company and the drugmaker plans to lay off more than 165 employees as part of a reorganisation plan that aims to focus on the launch of its postpartum depression pill.

Sage Therapeutics' CFO to leave, drugmaker to lay off over 165 employees

(Oct 18):&nbsp;In the countdown to the weekend inauguration of Indonesia’s new president, Jakarta’s political elite has been huddled at the incoming leader’s private ranch outside the capital, deep in the last-minute haggling that will determine the shape of the country’s government for the next five years.

(Oct&nbsp;18) :&nbsp;Traders are adding to bets that the European Central Bank (ECB) will need a bumper interest-rate cut in December, after policymakers&nbsp;flagged&nbsp;risks to growth as they lowered borrowing costs on Thursday.

Traders see 20% chance of half-point ECB rate cut in December

(Oct 18): China’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability.

Major banks including Industrial &amp; Commercial Bank of China Ltd. and China Construction Ba...

(Oct 18):&nbsp;The economic policies being proposed by Republican presidential candidate Donald Trump would fuel inflation and harm businesses, U.S. Treasury Secretary Janet Yellen plans to warn in a speech, according to a report in the New York Times on Thursday.

Yellen's crit...

Yellen to warn sweeping tariffs would ignite inflation, NYT reports

BEIJING/SHANGHAI (Oct 18): China's central bank and financial regulators have held meetings with key financial institutions, urging them to swiftly implement expansive policies to support the economy and the capital markets.

The People's Bank of China (PBOC) said in a statement on its w...

China’s September home prices fell at almost the same pace as the previous month, despite the country’s efforts to stabilise the real estate sector.&nbsp;

New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.71% from August, in line with a 0.73% decline a month earlier, National Bureau of Statistics figures showed on Friday.

Revised Budget 2023

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