Indonesia's budget deficit this year is forecast to widen to 2.7% of gross domestic product on an estimated rise in spending due to the rupiah's depreciation and as tax revenue from the mining sector declines, its finance minister said on Monday.

Indonesia sees higher 2024 budget deficit at 2.7% of GDP, finance minister says

World stocks held just below record highs on Monday, with sentiment slightly cautious as growth woes in China and the prospect of political deadlock in France took the shine off optimism about a US interest rate cut as early as September.

French political deadlock, dour Asia close take shine off world stocks

Carlsberg has agreed to buy British soft drinks maker Britvic for £3.3 billion (US$4.23 billion or RM19.9 billion), a move the Danish brewer said would forge a UK beverage "powerhouse" and that sent both companies' shares higher.

Carlsberg to acquire Britvic with sweetened US$4.2b offer

Investment bank JPMorgan cut on Monday its forecast of the number of emerging market companies expected to default on their debt, following the biggest improvement in distressed-level market pricing since 2016.

JPMorgan cuts forecast for emerging market corporate defaults 

Hurricane Beryl made landfall on the Texas coast early Monday, bringing heavy rains and life-threatening storm surge after churning across the Caribbean Sea and the Gulf of Mexico.

Hurricane Beryl makes landfall in Texas after raking Mexico

Developed nations such as the US need to invest in countries with vast reserves of critical minerals to reduce supply chain risks as these commodities are “the new oil” driving geopolitics, according to Indonesia’s Deputy Foreign Minister Pahala Mansury.

Indonesia says US must invest as critical minerals race picks up

Hungarian Prime Minister Viktor Orban met Chinese President Xi Jinping on Monday to discuss a potential Ukraine peace deal, paying the unexpected visit to Beijing days after his talks with Russia's Vladimir Putin angered some European Union leaders.

Hungary's Orban unexpectedly visits China, backs Xi's peace plan

The Edge Malaysia Best Managed & Sustainable Property Awards (BMSPA) is the first of its kind, recognising real estate that is sustainable and managed with excellence.

The awards aim to raise the bar on property management practices and sustainable real estate in Malaysia by benchma...

Nippon Paint partners The Edge Malaysia for BMSPA 2024

EAGER to score political brownie points, several parliamentarians could not wait to get a word in edgewise as Finance Minister II Datuk Seri Amir Hamzah Azizan presented data and facts to back up Putrajaya’s decision to retarget diesel subsidies when the Dewan Rakyat reconvened last week.

...

The State of the Nation: Consider the facts on diesel subsidy retargeting minus the emotions 

SKS Airways Sdn Bhd’s plans to become the first operator of the Embraer E195-E2 out of Sultan Abdul Aziz Shah Airport in Subang, Selangor (Subang Airport) appear to have hit a bump. The commercial airline under Johor-based SKS Group — which engages in property development, hospitality and credit ...

SKS Airways in limbo as jet flight plans stall

<p>Indonesia's budget deficit this year is forecast to widen to 2.7% of gross domestic product on an estimated rise in spending due to the rupiah's depreciation and as tax revenue from the mining sector declines, its finance minister said on Monday.</p>


TM One’s commitment to delivering enterprises’ NEXT advantage was recently amplified with the launch of the TM One Sandbox, which aims to accelerate the digitalisation and automation of businesses, communities and the government.

TM One, delivering your NEXT advantage today

Former Baling Member of Parliament Datuk Seri Abdul Azeez Abdul Rahim's appeal in his defamation suit against DAP chairman Lim Guan Eng in relation to the Penang undersea tunnel project will now be heard on May 19, 2023.

Former Baling MP's appeal in defamation suit against Guan Eng set for May

GuocoLand (Malaysia) Bhd has appointed Noorbaizura Hermeyney as its new managing director (MD), succeeding Tan Wee Bee, effective May 18.

GuocoLand names Noorbaizura as new MD

Here is a brief recap of some corporate announcements that made news on Friday (May 12) involving Hap Seng Consolidated Bhd, Tomei Consolidated Bhd, Hong Seng Consolidated Bhd, Revenue Group Bhd, CSH Alliance Bhd, Ageson Bhd, Teladan Setia Group Bhd, SFP Tech Holdings Bhd and Kumpulan Kitacon Bhd.

Hap Seng, Tomei, Hong Seng, Revenue Group, CSH Alliance, Ageson, Teladan Setia, SFP Tech and Kumpulan Kitacon

The gross domestic product (GDP) of 5.6% year-on-year (y-o-y) in the first quarter of 2023 (1Q2023) has delivered an upside surprise, however it shows weakness in the external sector, said OCBC Bank.

OCBC senior Asean economist Lavanya Venkateswaran in a note on Friday (May 12), said the GDP growth came as a surprise on the upside (consensus and OCBC: 5.1%) against 7% in the fourth quarter of 2022 (4QFY2022).

OCBC Bank: Malaysia 1Q GDP growth of 5.6% surprise on the upside but shows external weakness

While the Malaysian economy surprised on the upside in the first quarter of the year, economists believe that external headwinds and rising interest rates domestically will likely slow down growth in the coming quarters.

The first quarter number, while outperformed economists' expectations, still could not mask the fact that the economic expansion is slowing down quarter on quarter, as rising interest rates and global economic challenges dragged both domestic and external demand

Stronger than expected 1Q2023 GDP, but global challenges abound clouding outlook

In less than six months after acquiring a controlling 51% stake in Innov8tif Holdings Sdn Bhd in January to venture into the digital industry, Hong Seng Consolidated Bhd is offloading the stake to Revenue Group Bhd — citing its lack of experience in the digital business as the reason.

The RM36 million disposal, announced via a bourse filing on Friday (May 12), came prior to Hong Seng's payment of the balance consideration of RM24.41 million for the stake. It has paid only RM3.36 million of the RM30.86 million price tag so far, of which RM3.35 million would be retained as security performance of Innov8tif Holdings's key management personnel.

Hong Seng offloads digital biz stake to Revenue Group less than six months after acquiring it

Teladan Setia Group Bhd’s net profit fell 12.28% to RM8.31 million for the first quarter ended March 31, 2023 (1QFY2023) from RM9.47 million in 1QFY2022, mainly due to higher administrative expenses.

Teladan Setia’s 1Q profit falls 12%; aims to launch properties worth RM1.1 bil in GDV

The Joint Committee on Climate Change (JC3) will review the Task Force on Climate-Related Financial Disclosures (TCFD) Application Guide for financial institutions to support enhanced sustainability and climate-related disclosures.

JC3 to review climate-related disclosures to ramp up financial institutions' response to climate change 

KUALA LUMPUR (May 12): Kumpulan Kitacon Bhd has won an RM101.5 million contract for construction work pertaining to a residential development in Gombak, Selangor.

The job won by its wholly-owned subsidiary Kitacon Sdn Bhd from GLM Emerald West (Rawang) Sdn Bhd, involves the main buildin...

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