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

WASHINGTON (April 19): Donald Trump said on Thursday the survival of Ukraine is important to the United States, a shift in tone days before the Republican-led U.S. House of Representatives is due to vote on a $61 billion aid package.

The former president did not endorse the package, and...

Donald Trump says Ukraine's survival is important to US

(April 19): The Indonesian government is working with central bank governor Perry Warjiyo to cushion the country’s economy from the rise in the US dollar, according to its finance minister.

“We work very closely with Governor Perry,” Finance Minister Sri Mulyani Indrawati said in a Bloo...

Indonesian finance chief aims to shield economy from dollar rise

(April 19): A trader accused of exploiting Mango Markets rules to steal US$110 million from the exchange was convicted of fraud in the first US trial involving criminal charges tied to cryptocurrency manipulation.

Federal jurors in New York on Thursday found Avraham Eisenberg, 28, guilt...

Crypto trader convicted in US$110 million Mango Markets fraud

UNITED NATIONS (April 19): The United States on Thursday effectively stopped the United Nations from recognizing a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.

The United States says an independent Palest...

US stops UN from recognizing a Palestinian state through membership

NEW YORK (April 19): U.S. stocks vacillated on Thursday, swinging from red to green and back as investors contended with the push-pull of a strong economy and restrictive Federal Reserve policy.

Benchmark Treasury yields resumed their climb and gold added strength as ongoing turmoil in ...

Wall St closes lower; gold climbs amid economic, geopolitical crosswinds

Nashville, Tennessee (April 19): Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI Director Christopher Wray said on Thursday.

An ongoing Chinese hacking campaign known as Volt Ty...

FBI says Chinese hackers preparing to attack US infrastructure

NEW YORK (April 19): U.S. stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.

Econo...

Stocks end near flat as investors assess earnings, data

BERGAMO, Italy (April 19): Atalanta progressed to the Europa League semi-finals despite losing 1-0 to Liverpool on Thursday as they triumphed 3-1 on aggregate to move one step closer to a first ever European final for the Serie A side.

Atalanta had stunned the Premier League club 3-0 in...

Liverpool eliminated as Atalanta book Europa League semi-final place

LILLE, France (April 19): Aston Villa goalkeeper Emiliano Martinez saved two spot kicks and survived a bizarre red card incident as his side beat French club Lille on penalties to reach the Europa Conference League semi-finals on Thursday.

A chaotic match ended 3-3 on aggregate after Li...

Martinez avoids red card, saves penalties to send Villa into semis

NEW YORK (April 19): A Florida jury on Thursday concluded that Johnson & Johnson's baby powder talc product did not cause the ovarian cancer of a Florida woman who died in 2019.

The lawsuit was brought by family members of Patricia Matthey, a Sarasota County resident who used Johnso...

J&J wins trial over Florida woman who claimed its baby powder caused her cancer

Digital payment and financial technology provider Ant International is going to establish what it calls a new digital business centre in Malaysia, creating more than 500 job opportunities in the first year, with more hirings in the next four years until 2028.

Ant International to set up new business centre in Malaysia, creating over 500 jobs

Malaysia’s current tallest building, the Merdeka 118 tower, has been awarded the Leadership in Energy and Environmental Design (LEED) Platinum certification in the LEED v2009 Core and Shell rating system, marking it as the first megatall building in the country to achieve it, according to a press statement on Thursday.&nbsp;

Merdeka 118 first megatall building in Malaysia to get LEED Platinum certification

KUALA LUMPUR (April 18): AwanBiru Technology Bhd (Awantec) said trading in its shares will be suspended from April 26, after the group failed to submit its regularisation plan to the regulators for approval within the stipulated timeframe.

Awantec faces trading suspension from April 26 after failing to submit regularisation plan

After spending over two years in court due to a suit from Empire Holdings Ltd, MAA Group Bhd, its major shareholder Tunku Datuk Yaacob Khyra and Turiya Bhd have been dropped as parties in the suit over MAA’s purchase of Turiya shares from a Bahrain-based bank. &nbsp;

MAA Group exits legal bout over 2021 Turiya share acquisition under settlement deal

KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

Pansar Bhd has secured a contract worth RM269.1 million to upgrade the capacity of a water treatment plant in Sibu, Sarawak.

The construction and infrastructure outfit secured the job from Lembaga Air Sibu via an open tender, through its wholly owned Perbena Emas Sdn Bhd.

Pansar bags RM269m job to upgrade water treatment plant in Sarawak

Engineering services provider AWC Bhd has bagged two contracts worth a total of RM19.39 million for plumbing works at Hospital Kapar in Selangor and a data centre in Cyberjaya.

In a statement on Thursday, AWC said the Hospital Kapar job was awarded to its wholly-owned subsidiary Qudotech Sdn Bhd by the project's main contractor, IJM Corp Bhd's unit IJM Construction Sdn Bhd.

AWC secures plumbing jobs at Hospital Kapar and Cyberjaya data centre

High-impact projects such as the Johor-Singapore Special Economic Zone (JS-SEZ) and&nbsp;Special Financial Zone&nbsp;(SFZ) in Forest City can spur Johor’s economy to outpace that&nbsp;of other states in the next one to two years, said Prime Minister Datuk Seri Anwar Ibrahim.

Special economic, financial zones can help Johor surpass other states economically, says Anwar

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EVENING 5: Five things you need to know today

Bursa Malaysia Securities Bhd has approved the transfer of UMediC Group Bhd’s listing status from the ACE Market to the Main Market, under the 'health care'&nbsp;sector.

Bursa approves UMediC’s transfer to Main Market

A former technician was brought before the Sessions Court again here on Thursday on a charge of posting offensive messages insulting Islam on his Facebook account in&nbsp;March, regarding the sale of stockings bearing the word 'Allah'.

'Allah' socks insults: Former technician brought before Sessions Court again

The developer of the&nbsp;Petaling Jaya Dispersal Link (PJD Link) expressway will receive an official letter soon, notifying it of the cancellation of the construction project.

PJD Link developer to get official letter soon on cancellation, says Nanta

KUALA LUMPUR (April 18): Global video game commerce company Xsolla, Inc has collaborated with Curine Ventures to launch the Xsolla Curine Academy (XCA) in KL Eco City.

Xsolla Curine Academy launched to foster growth in game development industry

Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.

Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

The allocations that the government has agreed to consider extending to elected representatives from the opposition are subject to terms and conditions, said DAP Parliament chief whip Nga Kor Ming.

Nga: Proposed allocations for opposition reps conditional

KUALA LUMPUR (April 18): 7-Eleven Malaysia Holdings Bhd, known for its extensive network of convenience stores, declared on Thursday an interim dividend of 2.7 sen per share for its financial year ended Dec 31, 2023 (FY2023), after posting a record high net profit.

7-Eleven declares 2.7 sen dividend for FY2023

Surface decorative products company Topmix Bhd reported RM2.84 million net profit on the back of RM21.64 million revenue for the fourth quarter ended Dec 31, 2023 (4QFY2023), ahead of its listing on Bursa Malaysia’s ACE Market.

Topmix posts RM2.84 mil net profit in 4Q ahead of ACE Market listing

(April 18):&nbsp;The world of chocolate is facing such immense cocoa shortages that the wild trading lured an unlikely player&nbsp;—&nbsp;Pierre Andurand, a hedge-fund manager best known for his bets on oil.&nbsp;

Why the world of chocolate is in crisis

Kimlun Corporation Bhd has bagged a construction contract worth RM150 million for a serviced apartment development project in Johor Bahru.

In a bourse filing on Thursday, Kimlun said its wholly-owned subsidiary Kimlun Sdn Bhd received the award as the main contractor for the Aliva Mount Austin residential project from Astaka Development Sdn Bhd, a subsidiary of Singapore-listed Astaka Holdings Limited.

Kimlun bags RM150 mil contract for residential construction project in Johor

FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.

He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.

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