The government has pledged to continue its financial commitment to national strategic projects in transport such as the light rail transit and the mass rapid transit, according to the revised 2023 Economic and Fiscal Outlook report.

Putrajaya pledges continued financial support in strategic transport projects in 2023

The Malaysian economy is expected to grow by 4.5% to RM1.57 trillion this year, supported by stable domestic demand, mainly from household spending, in line with the recovery in the labour market, according to the government’s revised 2023 Economic and Fiscal Outlook report.

Malaysia’s 2023 GDP growth seen moderating to 4.5% amid softening global economy

The government said it is exploring options to efficiently manage future pension obligations, including introducing defined contribution schemes.

Given that Malaysia is now an ageing nation by the United Nations definition, pension obligations are expected to continue to increase, according to the Finance Ministry's revised 2023 Economic and Fiscal Outlook report.

Govt exploring defined contribution scheme to manage future pension obligations

KUALA LUMPUR (Feb 24): The Federal Government’s debt is estimated to reach around 62% of gross domestic products (GDP) by end-2023, up from 60.4% or RM1.08 trillion last year, as Putrajaya continues to borrow for the financing of development programmes and projects under the 12th Malaysia Plan, and also as the redemption of 1Malaysia Development Bhd (1MDB) bonds mature in March.

Fed govt debt likely to rise to 62% of GDP by end-2023 on higher borrowings to fund 12MP, 1MDB bond redemption

Petroliam Nasional Bhd (Petronas) is expected to pay about RM40 billion in dividends to the government in 2023, slightly higher than the previous Budget 2023's headline RM35 billion.

Petronas to contribute RM40b dividend payout to govt in 2023

The government has estimated that operating expenditure (OE) in 2023 will decline by 1.2% to RM289.1 billion from RM292.7 billion in 2022, primarily due to lower subsidy allocations as commodity prices are expected to moderate while the targeted subsidy mechanism is gradually implemented.

The RM289.1 billion estimated OE is 15.3% of the gross domestic product, according to the Finance Ministry’s revised 2023 Economic & Fiscal Outlook report.

Govt operating expenditure falls 1.2% to RM289 bil in 2023 on lower subsidy allocations

The government expects to be able to generate higher revenue of RM291.5 billion this year, mainly supported by a further growth of 6.9% in direct tax collection, thanks to improved corporate earnings prospects and “continuous efforts in enhancing auditing and tax compliance”.

With a budgeted expenditure of RM386.14 billion, the government is expecting a fiscal deficit of RM93.94 billion, equivalent to 5% of gross domestic product (GDP) in 2023, down from RM99.48 billion (5.6%) in 2022 and RM98.74 billion (6.4%) in 2021, according to the revised 2023 Economic and Fiscal Outlook report.

Govt sees higher direct tax collection supporting 2023 revenue, expects 5% fiscal deficit

KUALA LUMPUR (Feb 24): Malaysia’s inflation rate is expected to rise to between 2.8% and 3.8% in 2023 amid slower economic prospects and stable commodity prices, according to the Ministry of Finance (MOF)’s revised Economic and Fiscal Outlook 2023 report.

Malaysia’s 2023 inflation seen at 2.8%-3.8%

Maybank Investment Bank has warned Asean investors of potential economic turbulence and a surge in trade tensions, amid anticipation of more import tariff hikes if Donald Trump wins a second term as the US president.

Maybank IB tells clients to go defensive, warns of potential economic risks brought by new US president

The liquidator of Semantan Estate (1952) Sdn Bhd, the firm embroiled in the ‘Duta Enclave’ dispute, is appealing against the High Court’s decision on Sept 12 to allow a stay to the Federal Territory Land Registrar of having to register the transfer of ownership from the Malaysian government to the company within three months of its Aug 7 decision.

Semantan Estate liquidator also appealing stay granted to FT Land Registrar

(Nov 5): Standard Chartered Plc is going to use Wise Plc’s payments platform to offer multi-currency money transfers in Asia and the Middle East.

StanChart partners Wise for faster FX transfers in Asia, Middle East

(Nov 4): U.S. equity funds saw substantial outflows in the week to Oct. 30 as investors exercised caution ahead of Tuesday's presidential election and a Federal Reserve policy decision on Wednesday.

According to LSEG data, investors divested a net $5.83 billion worth of U.S. equity...

US equity funds record biggest weekly outflow in five weeks

In the world of sports, football is a mean business and is not for the faint-hearted. In Sir Jim Ratcliffe, Britain’s fourth richest man, and co-owner of Manchester United Football Club, you have someone who means business.

Reviving Manchester United, since the legendary manager Sir Ale...

My Say: With Ten Hag sacked, what now Manchester United?

(Nov 5): China’s top legislative body reviewed a proposal to move some off-balance-sheet debt of local governments to their official accounts, paving the way for the first mid-year increase in the borrowing limit since 2015.

The National People’s Congress Standing Committee met on ...

China reviews debt swap plan as top legislature meeting begins

(Nov 5): Foreign investors are souring on India’s stock market, selling a record amount of shares amid signs the South Asian nation’s post-pandemic economic boom is losing steam.

Record foreign exodus casts a pall over India’s stock market

New Zealand's central bank painted a bleak economic picture on Tuesday, citing rising unemployment and delayed business investment plans due to financial hardships.

New Zealand central bank paints grim economic outlook

Stock markets moved sideways and an uneasy calm settled over currencies and bonds, as investors waited for the US to choose a new leader on Tuesday, with polls showing the contest on a knife edge.

Stocks, dollar on tenterhooks with all eyes on US election day

KPMG will lay off 4%, or about 330 people, of its audit workforce in the US, a source familiar with the matter said on Monday.

Besides KPMG, Ernst & Young, Deloitte, PricewaterhouseCoopers make up the Big Four of accounting firms.

KPMG to lay off 4% of US audit workforce, source says

WHILE equity analysts are mixed on the possible outcome of the much-anticipated US presidential election on Tuesday (Nov 5), they observe that investors are taking a wait-and-see approach since a Democratic or Republican victory will have a different impact on market sentiments and performance.

Trump or Harris win will impact market differently, say analysts

Stock&nbsp;markets&nbsp;moved sideways and an uneasy calm settled over currencies and bonds, as investors waited for the US to choose a new leader on Tuesday, with polls showing the contest on a knife edge.

KUALA LUMPUR (Nov 5): The method for determining the T15 group, the search efforts for flight MH370 and measures taken by&nbsp;the government&nbsp;to address delays in&nbsp;flood mitigation projects&nbsp;will be&nbsp;among highlights of Tuesday’s&nbsp;Dewan Rakyat sitting.

MH370 search efforts, T15 determination method among highlights of Parliament on Tuesday

IHH Healthcare Bhd (KL:IHH) has completed the acquisition of Island Hospital, a 600-bed facility in Penang, for an equity consideration of approximately RM3.9 billion.

IHH Healthcare completes acquisition of Island Hospital in Penang for RM3.9 bil

SEATTLE/MONTREAL (Nov 4): Boeing’s US West Coast factory workers were voting on an improved contract offer on Monday, that could end a seven-week strike and restart most jet production at the troubled planemaker.

Boeing workers vote on wage deal that could end strike

The liquidator of Semantan Estate (1952) Sdn Bhd, the firm embroiled in the ‘Duta Enclave’ dispute, is appealing against the High Court’s decision on Sept 12&nbsp;to allow a stay to the Federal Territory Land Registrar of having to register the transfer of ownership from the Malaysian government to the company within three months of its Aug 7 decision.

Stocks failed to gain traction and bonds climbed, with polls continuing to depict a tight race in the US presidential election ahead of the Federal Reserve (Fed) rate decision.

Wall Street shuns risk before coin-toss election

Escalating tensions in the Middle East and US relations with China pose the greatest concerns for Big Oil, according to some of the industry’s top executives.

“The conflict in the Middle East is probably the top risk of all right now,” BP plc chief executive officer Murray Auchincloss said during panel discussion at the Adipec summit in Abu Dhabi. “We operate across five or six countries in the region — we are worried obviously about the security of our people and the security of energy supplies.”

Big Oil chiefs see Middle East conflict, China as top concerns

The public have been reminded to be vigilant with the dissemination of invitations for a meeting on the implementation of a 5G tower project and the Jendela 2 project in Sabah, which will allegedly take place at a hotel in the capital on Tuesday.

MCMC warns about fake invitations for 5G tower and Jendela 2 projects

A late season tropical storm predicted to intensify into a category 2 hurricane in the US&nbsp;Gulf of Mexico this week could reduce US&nbsp;oil production by about four million barrels, researchers said.

Late season storm could disrupt four million barrels of US oil output, researchers say

Several industrial firms in China are eyeing investment opportunities in Labuan, particularly within the island's financial and development sectors.&nbsp;

Minister in the Prime Minister's Department (Federal Territories) Dr Zaliha Mustafa emphasised the significance of these interests, underscoring Labuan’s potential as a viable economic hub in Asia.

Chinese industrial firms interested in Labuan, says Zaliha

A security fence rings a Las Vegas building where Nevada tabulates votes. An Arizona sheriff has his department on high alert to guard against potential violence with drones and snipers on standby. Governors of at least three states have called for National Guard troops to help maintain the peace.

US states worried about election unrest take security precautions

ON Tuesday, Nov 5, Americans will go to the polls to elect their 47th president. Incumbent Joe Biden’s four-year term of office ends at noon on Jan 20 next year, when a new president will be sworn in. Since mid-July when Biden, 82, announced that he would not seek re-election, the race has litera...

Who will win the US election and should you care?

KPMG will lay off&nbsp;4%, or about 330 people, of its audit workforce in the US, a source familiar with the matter said on Monday.

Besides KPMG, Ernst &amp; Young, Deloitte, PricewaterhouseCoopers make up the Big Four of accounting firms.

Melaka plans to set up a consortium to develop idle farming land for paddy farming to increase its paddy production, said State Rural Development, Agriculture and Food Security Committee chairman Datuk Dr Muhamad Akmal Saleh.

Melaka plans to set up consortium to develop abandoned land for paddy farming

In the world of sports, football is a mean business and is not for the faint-hearted. In Sir Jim Ratcliffe, Britain’s fourth richest man, and co-owner of Manchester United Football Club, you have someone who means business.

Reviving Manchester United, since the legendary manager Sir Ale...

North Korea fired an unidentified ballistic missile towards the sea east of the Korean Peninsula, South Korea's Joint Chiefs of Staff said on Tuesday.

South Korean military detects ballistic missile fired by North

CapitaLand Investment (CLI) announced on Tuesday that it had secured S$261 million (RM865.14 million) capital commitment from a new Japanese capital partner, Mitsui OSK&nbsp;Lines, for its Southeast Asia and India private funds.

CapitaLand Investment raises S$261m for Southeast Asia and India funds

NEW YORK (Nov 4): A consortium of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital&nbsp;introduced a joint stablecoin pegged to the US dollar on Monday.

Crypto firms including Robinhood, Kraken launch global stablecoin network

(Nov 5):&nbsp;Foreign investors are souring on India’s stock market, selling a record amount of shares amid signs the South Asian nation’s post-pandemic economic boom is losing steam.

Revised Economic Report 2022/2023

‌
‌

Revised Economic Report 2022/2023

‌‌

‌
‌