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Showing posts with label Business & Economy. Show all posts
Showing posts with label Business & Economy. Show all posts

Tuesday 28 March 2023

China’s opening-up resonates with the values of the world, Boao Forum for Asia

 

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Immediately following the three-day China Development Forum 2023 (CDF) which concluded on Monday, the Boao Forum for Asia Annual Conference 2023 kicks off on Tuesday. Senior political figures from various countries, heads of international organizations, and CEOs of Fortune 500 companies have visited China intensively these days, and their strong expectations for the Chinese economy and their urgent desire to strengthen mutually beneficial cooperation with China are self-evident. The two high-level forums, one in the south and the other in the north, have created a hot atmosphere throughout China, bringing spring warmth to the global economy in the cold wind.

The CDF primarily is a platform for large multinational corporations. This year's theme is "Economic Recovery: Opportunities and Cooperation." The Boao Forum for Asia focuses on inviting more political leaders from various countries to participate, with the theme: "An Uncertain World: Solidarity and Cooperation for Development amid Challenges." Both forums underline the keyword "cooperation" and have received positive responses from the outside world. Despite the continuous gloomy international situation, it cannot conceal the common aspiration that seeks opening-up, cooperation and win-win development, instead of seclusion, confrontation and monopoly. This will effectively hedge against many uncertainties currently arising and provide a stable anchor for the giant ship of human society's shared destiny. 

Currently, the variability and complexity of the international political and economic environment are unprecedented. Problems such as high inflation, high debt, slow economic growth, and energy and food crises have emerged in both Eastern and Western countries. In this circumstance, many countries hope to find a cooperative space to maintain sustainable economic growth. Previously, the G20 Bali summit has proven that cooperation is possible. Although there are still voices hyping decoupling and outsourcing, the global trend of solidarity and cooperation in seeking economic recovery is irresistible. What the world needs is to unite this hope, combine efforts, and involve the maximum range of countries, striving not to let any country fall behind. China is the biggest driving force and certainty factor in this endeavor.

The world has turned its attention to China, and China has also opened its arms to embrace the world. This positive interaction has been deepening. The holding of the two major forums once again proves this point. In the past decade, China's average contribution to global economic growth has exceeded 30 percent, and according to IMF's forecast, China will contribute one-third of global economic growth this year. A 1 percentage point increase in GDP growth in China leads to 0.3 percentage point increase in growth in other Asian economies, on average. In addition, there have been continuous bank failures in the US and Europe recently, and a financial crisis is approaching. However, China does not have significant pressure from inflation or deflation, and its monetary policy has a greater room for maneuvering. The stability of China's economy and finance will also provide positive spillover effects for the volatile international financial market.

As the most active and sensitive tentacles of globalization, moves of large multinational enterprises are representative. We have noticed that many American media outlets are paying close attention to Apple CEO Tim Cook's trip to China and at the same time mentioned the "dramatically different treatment" that TikTok CEO Shou Zi Chew received in Washington a few days ago. In China, Cook "gave an optimistic speech that was met with applause." He described Apple's relationship with China as "a symbiotic kind of relationship that we have both enjoyed." However, in the US, Shou Zi Chew faced several hours of questioning, which was a "politically motivated crowd-pleasing drama." Such a contrast is obviously very strong.

This shows that cooperation has urgent practical significance at present. Because some people continue to create obstacles, the world needs to form a powerful force to overcome and correct them. It requires joint efforts from all parties. China has always stood on the side of peace, development, and cooperation. From the 20th National Congress of the Communist Party of China to the two sessions and to the two major forums, China has sent extremely strong signal to promote high-level opening-up. Multinational enterprises have felt the warmth of being "one family" on this land. This will, in turn, promote the international community's vigilance and resistance toward decoupling. In fact, the more daunting the challenge is, the stronger the collective resistance against it will be, and this is determined by the strong inherent driving force of peace and development.

The holding of the two major forums not only shows China has met the world halfway in the economic field but also represents a resonance of Chinese values with the international community. From Global Development Initiative to Global Security Initiative and to Global Civilization Initiative, the interaction between the world and China has already surpassed the economic and trade level. Chinese values have taken root and are bearing fruits. The appeal and attractiveness it creates have appeared at the venues of the two major forums and in the enthusiastic interactions between multinational enterprises and China. It will appear in every corner of the world in the future. 

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  • China's contribution to regional, global devt in focus at Boao Forum

    Chinese Premier Li Qiang will attend the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2023 and deliver a keynote speech in South China's Hainan Province on Thursday, Foreign Ministry Spokesperson Mao Ning announced on Monday, marking Li's first address at the major Asian forum after becoming the Chinese Premier earlier this month.

 
 

 

 

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High-level dialogue on development forum in China

China reaffirms opening-up, stresses cooperation at Development Forum.

 

China reaffirms opening-up, stresses cooperation at Development Forum

Chinese President Xi Jinping on Sunday reiterated China's commitment to opening-up in a congratulatory letter to a high-level dialogue forum that saw the gathering of officials from international organizations, global executives, and economists, sending a strong signal to participants that ...

While the US has intensified crackdowns on Chinese companies, business representatives from the US called for increased cooperation between the world's two largest economies at the China Development Forum (CDF) 2023, a high-level dialogue platform held in Beijing from Saturday to Monday. 

 

Photo: A screenshot of Apple's Tim Cook's Sina Weibo on March 24, 2023.
 
 "I'm thrilled to be back in China," Apple CEO Tim Cook said during a panel discussion, marking his first visit to China since the outbreak of the COVID-19 pandemic. "Every time I come to China, I learn stuff, I take something back with me. It's primarily about the culture."
 

Apple's Tim Cook in China VS. Tiktok Shou Zi Chew in US Isn't it clear which side supports free trade and which side is against it? 🤔
 

Singapore, Malaysia PMs to visit China, attend Boao Forum, 'China-ASEAN ties to ... Leaders from many countries around the globe are heading to China for the annual Boao Forum and official visits, as ..

 

Singapore's Prime Minister to visit China; trip to highlight potential of bilateral ties: expert 

Singapore's Prime Minister Lee Hsien Loong will make a six-day official visit to China from Monday to Saturday, according to a statement released by the Prime Minister's Office on Sunday

 

Malaysian PM to build on close China ties

 Groups optimistic Malaysian PM's first official visit to China will be fruitful 

Prime movers: Anwar will be leading a huge trade delegation to China, where the Prime Minister will be holding substantive talks with Li (left) and Xi. — AP

Malaysian Prime Minister Anwar Ibrahim starts an official visit to China on March 28, where he is set to attend the

Boao Forum for Asia

in Hainan before visiting Beijing, where he will meet Chinese President Xi Jinping and Premier Li Qiang.   © Reuters  
 

Thursday 16 March 2023

Oppstar soars 225% on ACE Market debut, makes sterling debut on ACE Market

From left: Oppstar chief financial officer Chin Fung Wei, independent non-executive director Datuk Mohd Sofi Osman, independent non-executive chairman Datuk Siti Hamisah Tapsir, executive director and CEO Ng Meng Thai, executive director and chief technology officer Cheah Hun Wah, chief operating officer Tan Chun Chiat, independent non-executive director Datuk Margaret Yeo and independent non-executive director Foong Pak Chee 

Oppstar soars 225% on ACE Market debut

 

KUALA LUMPUR: Oppstar Bhd made its debut on the ACE Market of Bursa Malaysia at RM2.05 a share, a 225.4% premium over the issue price of 63 sen a share.

The stock was the most actively traded with 19.26 million shares exchanging hands.

The integrated circuit design service provider successfully raised RM104.25mil from the initial public offering exercise via the issuance of 165.48 million new ordinary shares.

Oppstar will utilise RM50mil to expand its workforce and RM25.00mil for the establishment of new offices both locally and regionally.

Meanwhile, another RM12mil will go towards research and development expenditure along with RM12.65mil for working capital.

The remaining RM4.6mil will be allocated for its listing related expenses.

“Our vision for the company is simple and clear and it is to show the global players that Malaysia is not only known for its back-end semiconductor value chain, but also has the capability to go into front-end semiconductor IC design.

"I am proud to say that we now serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the USA.

"As we gradually progress, we continually ask ourselves what we can do to expand our business and continue to build up Malaysia’s profile in the front-end semiconductor space. This was where the rationale to go for a listing came about leading up to this today," said Oppstar executive director and CEO Ng Meng Thai said in a statement. 

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Oppstar makes sterling debut on ACE Market

 

PETALING JAYA: Oppstar Bhd will focus on building its human resource capital post-listing, as the technology sector is set to grow from the opportunities presented by 5G, artificial intelligence and the Internet of Things.

The integrated circuit design service provider’s chief executive officer Ng Meng Thai said the bulk of the proceeds raised from Oppstar’s listing on the ACE Market of Bursa Malaysia yesterday would be used for the workforce expansion.

“At the moment we have 220 engineers and we have plans to increase that number to 500 in the next three years. With an enlarged workforce, we also hope to grow our revenue and profitability accordingly,” he said after the company’s listing yesterday.

The group is collaborating with various universities in the country to secure future design engineers.

“We started a programme in 2020 where we hire third-year university students for three months. They work part time for 20 hours a week and are paid RM1,500 a month. Upon graduating, they are required to work for us for a year. This is how we build our talent pool.

“When it comes to business, the multinational corporations (MNCs) are our customers. However these MNCs become our competitors when it comes to hiring. This is why other than fundraising, our objective in carrying out the listing exercise is also about hiring and retention,” said Ng.

Oppstar raised RM104.3mil from the public issue of 165.48 million new shares. The company made its debut in the market opening at RM2.05 per share, or a RM1.42 premium above the offer price of 63 sen per share.

The stock closed its maiden trading day up 285.7% or RM1.80 higher at RM2.43 a share. The share price hit a high of RM2.95 and a low of RM2 in intraday trade. Oppstar’s listing did not have an offer for sale of shares from its shareholders.

Oppstar chief financial officer Chin Fung Wei said the group intends to implement a long-term incentive plan of up to 15% of the total number of issued shares of the company for its employees.

“Prior to our initial public offering (IPO), we already had more than 20 shareholders. In fact, every one of our employees, except for those that came on board after the IPO’s closing date, is a shareholder of the company. This is one of our remuneration methods for our employees, apart from their monthly salary,” he said.

Ng added the group’s listing showed Malaysia was not only known for its back-end semiconductor value chain, but also had the capabilities to go into front-end semiconductor integrated circuit design.

“We serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the US. Our expansion plans will enable us to groom future talent and grow our geographical presence which will progressively help strengthen Malaysia’s front-end semiconductor ecosystem in line with our vision,” he said.

The group plans to payout at least 25% of its annual earnings as dividends. AmInvestment Research said the US-China trade war bodes well for Oppstar because China is compelled to develop its own semiconductor capabilities. 

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Monday 13 March 2023

Silicon Valley entrepreneurs left in the lurch and livid, as banks topple, regulators face reckoning

 

Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corp..
 

 

 

In this photo illustration, Silvergate Capital Corporation

NEW YORK: Last Monday, the head of the Federal Deposit Insurance Corp (FDIC) warned a gathering of bankers in Washington about a US$620bil (RM2.8 trillion) risk lurking in the US financial system.

Last Friday, two banks had succumbed to it. Whether US regulators saw the dangers brewing early enough and took enough action before this week’s collapse of Silvergate Capital Corp and much larger SVB Financial Group is now teed up for a national debate.

SVB’s abrupt demise – the biggest in more than a decade – has left legions of Silicon Valley entrepreneurs in the lurch and livid.

In Washington, politicians are drawing up sides, with Biden administration officials expressing “full confidence” in regulators, even as some watchdogs race to review blueprints for handling past crises.

To his credit, FDIC chair Martin Gruenberg’s speech this week wasn’t the first time he expressed concern that banks’ balance sheets were freighted with low-interest bonds that had lost hundreds of billions of dollars in value amid the Federal Reserve’s rapid rate hikes.

That heightens the risk a bank might fail if withdrawals force it to sell those assets and realise losses.

But despite his concern, the toppling of two California lenders in the midst of a single workweek marked a stark contrast with the years after the 2008 financial crisis, when regulators including the FDIC tidily seized hundreds of failing banks, typically rolling up to their headquarters just after US trading closed on Fridays.

Even in the darkest moments of that era, authorities managed to intervene at Bear Stearns Cos and Lehman Brothers Holdings Inc. while markets were shut for the weekend.

In this case, watchdogs let cryptocurrency-friendly Silvergate limp into another workweek after it warned March 1 that mounting losses may undermine its viability. The bank ultimately said Wednesday it would shut down.

That same day, SVB signalled it needed to shore up its balance sheet, throwing fuel onto fears of a broader crisis.

A deposit run and the bank’s seizure followed. The KBW Bank Index of 24 big lenders suffered its worst week in three years, tumbling 16%.

“With Silvergate there was a little bit of a regulatory blind spot,” said Keith Noreika, who served as acting comptroller of the currency in 2017.

“Because they wound it down mid-week, everyone got a little spooked, thinking this is going to happen to others with similar funding mismatches.”

Representatives for the FDIC and Fed declined to comment.

The drama is already spurring arguments in Washington over the Dodd-Frank regulatory overhaul enacted after the 2008 crisis – as well as its partial rollback under President Donald Trump.

Trump eased oversight of small and regional lenders when he signed a far-reaching measure designed to lower their costs of complying with regulations.

A measure in May 2018 lifted the threshold for being considered systemically important – a label imposing requirements including annual stress testing – to US$250bil (RM1.1 trillion) in assets, up from US$50bil (RM226bil).

SVB had just crested US$50bi (RM226bil) at the time. By early 2022, it swelled to US$220bil (RM994.3bil), ultimately ranking as the 16th-largest US bank.

The lender achieved much of that meteoric growth by mopping up deposits from red-hot tech startups during the pandemic and plowing the money into debt securities in what turned out to be final stretch of rock-bottom rates.

As those ventures later burned through funding and drained their accounts, SVB racked up a US$1.8bil (RM8.1bil) after-tax loss for the first quarter, setting off panic.

“This is a real stress test for Dodd-Frank,” said Betsy Duke, a former Fed governor who later chaired Wells Fargo & Co’s board.

“How will the FDIC resolve the bank under Dodd-Frank requirements? Investors and depositors will be watching everything they do carefully and assessing their own risk of losing access to their funds.”

One thing that might help: SVB was required to have a “living will,” offering regulators a map for winding down operations.

“The confidential resolution plan is going to describe the potential buyers for the bank, the franchise components, the parts of the bank that are important to continue,” said Alexandra Barrage, a former senior FDIC official now at law firm Davis Wright Tremaine.

“Hopefully that resolution plan will aid the FDIC.”

The issues that upended both Silvergate and SVB, including their unusual concentration of deposits from certain types of clients, were “a perfect storm,” she said. That may limit how many other firms face trouble.

One complication is that the Fed has less room to help banks with liquidity, because it’s in the midst of trying to suck cash out of the financial system to fight inflation.

Another is that a generation of bankers and regulators at the helm weren’t in charge during the last period of steep interest-rate increases, raising the prospect they won’t anticipate developments as easily as their predecessors.

Indeed, even bank failures have been rare for a time. SVB’s was the first since 2020.

“We’re seeing the effects of decades of cheap money. Now we have rapidly rising rates,” said Noreika. “Banks haven’t had to worry about that in a long time.” — Bloomberg 

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Friday 7 October 2022

Malaysian Budget 2023 RM372.3bil from last year’s RM332.1bil

    


 

Tengku Zafrul unveils RM372.3bil budget

 Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz announced on Friday (Oct 7) that RM372.3 billion will be set aside for Budget 2023 versus last year’s RM332.1 billion allocated in the previous budget.


 

In tabling Budget 2023, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government has allocated RM15.bil for the Higher Education Ministry and RM6.7bil for various Technical and Vocational Education and Training (TVET) activities.  

Budget 2023: Income tax cut by 2% for RM50,000-RM100,000 taxable range

 The personal taxation rate will be reduced by 2% on taxable income ranging from RM50,000 to RM100,000 for domiciled individuals.

In tabling Budget 2023 in Parliament on Friday (Oct 7), Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said for the taxable income range RM50,001 to RM70,000, the rate will be reduced from 13% to 11%.


 [LIVE] Tabling of 2023 Budget in Parliament

[LIVE] Special programme on 2023 Budget with former finance minister II Datuk Seri Johari Abdul Ghani and PKR deputy president Rafizi Ramli.

What's in the RM372.3bil Budget 2023 - FMT


PETALING JAYA: Finance Minister Tengku Zafrul Aziz has tabled Budget 2023, announcing an allocation of RM372.3 billion. This represents a RM40.2 billion increase compared to the RM332.1 billion allocated for 2022.

Around RM272.3 billion has been allocated for operational expenditure and RM95 billion for development. -Advertisement-

Here are the highlights of Budget 2023:

Education

RM55.6 billion allocated for education, the biggest in the budget for a ministry.

RM825 million in early school aid for students, with students receiving RM150 regardless of their parents’ incomes.

RM777 million for supplementary food programme (RMT), benefiting 800,000 students and 7,300 canteen operators.

RM2.3 billion to ensure students have a conducive and safe learning environment.

RM1.1 billion to repair and maintain all schools, including vernacular and religious schools.

RM430 million to construct five new schools in Sabah, Sarawak, Terengganu, Cyberjaya and Selangor.

RM20 million to improve facilities in special needs schools.

RM188 million to set up 10 Kemas daycare centres.

Development

RM1.5 billion for sustainable development.

RM562 million to implement the Sabo dam project.

RM510 million to improve road infrastructure to Pengerang.

Pan Borneo Highway to be completed by 2024.

RM11.4 billion for maintenance and repair of existing government buildings.

RM5.2 billion for maintenance of state roads.

RM150 million for the development of border towns near Thailand and Kalimantan.

RM3.7 billion for small and medium projects across the nation.

RM500 million on G1-G4 infrastructure projects.

Social Welfare

In total, Putrajaya will spend RM10 billion in welfare and Bantuan Keluarga Malaysia (BKM) aid.

RM2.5 billion in welfare aid benefiting 450,000 households.

RM2,500 in BKM aid for households earning less than RM2,500 monthly.

Up to RM1,250 BKM aid for singles and RM3,000 for single parents.

One-off RM500 incentive for female BKM recipients who give birth in 2023.

RM7.8 billion for BKM which will benefit 8.7 million people.

RM1 billion in welfare aid for the elderly.

RM1.2 billion to support disabled people to be financially independent.

RM10 million in e-hailing vouchers for the disabled.

RM8 million for social support centres.

RM734 million for MySalam programme. This will benefit 1.5 million people from the B40 group.

Voluntary Employees Provident Fund (EPF) contributions raised from RM60,000 to RM100,000 a year.

RM21 million in grants for operators of welfare homes.

Limits for Amanah Saham Bumiputera (ASB) and ASB2 savings to increase to RM300,000.

Government to provide incentives to establish more daycare centres for the disabled.

RM120 million for Kasih Suri Keluarga Malaysia programme, benefiting 200,000 housewives.

Security

RM431 million to procure new assets for the police.

RM42 million to upgrade police quarters.

RM118 million for the maintenance of armed forces homes.

RM28 million to upgrade prison staff quarters.

RM73 million to enhance cybersecurity.

The government will set up a national scam response centre.

Health

Total of RM36.1 billion allocated for the health ministry.

RM11 million for subsidies for mammograms and cervical cancer screening.

RM20 million to promote Malaysia as a medical tourism destination.

RM4.9 billion for public healthcare.

RM420 million to repair dilapidated hospitals and clinics.

RM1.8 billion to purchase new equipment for hospitals and clinics.

The government to set up a mental health centre of excellence.

RM10 million to purchase 3D printing machines for dental health services.

Allocations to treat rare diseases increased to RM25 million.

RM80 million for Socso health screening programme.

RM15 million for Agenda Nasional Malaysia Sihat programme to encourage healthier lifestyles.

RM80 million for the PEKA B40 programme.

Import duty and sales tax exemptions for nicotine replacement therapy products.

Economy

RM235 million to support the development of female entrepreneurs.

RM50 million for young trader scheme under Bank Simpanan Nasional.

2% reduction in income tax of micro SME operators.

One-off RM1 billion grant to all registered MSMEs and taxi drivers. To benefit one million recipients.

RM45 billion Semarak Niaga funds for entrepreneurs.

RM10 billion in funds from Bank Negara Malaysia (BNM) to automate and digitise SMEs.

RM200 million to boost income and productivity of smallholders.

GLCs and GLICs to invest up to RM50 billion in 2023.

Government-linked companies (GLCs) and government-linked investment companies (GLICs) to invest RM50 billion in 2023, including RM45 billion in direct domestic investments.

The government will provide incentives for multinational companies to establish operations in Malaysia.

RM100 million to support development of local technology companies.

RM10 million in matching grants allocated to help SMEs.

RM800 million to provide RM100 e-wallet credit for 8 million people in the M40.

Petronas will contribute RM2 billion to the National Trust Fund (KWAN).

RM1.4 billion to boost connectivity in the five main economic corridors.

Civil service

RM100 subsidy for civil servants for insurance coverage.

RM1.5 billion for RM100 increment for all civil servants between Grade 11 to Grade 56.

RM1.3 billion for one-off RM700 special aid for 1.3 million civil servants under Grade 56.

RM350 one-off aid for one million retired civil servants.

Aidilfitri aid for civil servants increased to RM600.

Special leave for over 500,000 teachers.

Higher education

RM15.1 billion allocated for the higher education ministry.

RM3.8 billion for scholarships and education loans.

RM6.6 billion for Bumiputera education loans.

RM6.7 billion for TVET training and education.

RM180 million to fund TVET training, benefitting 13,000 trainees.

Up to 20% discounts for PTPTN repayments from Nov 1 to April 30, 2023.

Environment

RM15 billion for flood mitigation initiatives.

RM2 billion to build retention ponds.

RM500 million to widen rivers in Kelantan.

RM3 billion for Green Technology Financing Scheme (GTFS).

RM150 million from Khazanah Nasional Berhad to support development of green projects.

RM165 million for Tenaga Nasional Berhad (TNB) to set up solar rooftops and EV charging stations.

Carbon tax to be introduced.

100 million trees to be planted by 2025.

The government will step up forest restoration projects.

RM100 million for ecological fiscal transfer (EFT).

RM36 million to support conservation of elephants and other endangered species.

RM216 million to clean rivers nationwide.

Job creation and community support

The MyStep programme will provide 50,000 jobs including 15,000 in the public sector and 35,000 in government-linked companies (GLCs). RM750 million to upskill 800,000 workers.

RM100 million for Mitra to develop entrepreneurs. Socso to provide incentives for employers to hire the disabled, Orang Asli, ex-convicts and women returning to work. The incentive worth up to RM750 a month will be given for three months per employee.

Socso will provide incentives for employers to hire jobless youths.

RM50 million to boost Bumiputera commercial property ownership.

RM20 million to set up new urban transformation centres (UTC).

RM11 million on mobile bank initiatives.

RM63 million for development of human capital.

RM50 million to support development of female contractors.

RM100 million for Khazanah’s Yayasan Hasanah to conduct various community initiatives.

Sabah and Sarawak

Total RM11.7 billion allocated for Sabah and Sarawak.

RM1.2 billion to improve the infrastructure in dilapidated schools in Sabah and Sarawak.

RM209 million to subsidise air travel to rural areas in Sabah and Sarawak.

RM1.5 billion to improve transport infrastructure in Sabah and Sarawak.

RM100 million to improve the water supply system in Sarawak.

RM250 million for expansion of the Sapangar Bay Container Port (SBCP).

Taxes

Personal income tax reduced by 2% for those earning between RM50,001 to RM100,000.

This will benefit over one million people in the M40.

Income tax exemptions of up to RM3,000 for Tadika and daycare fees.

Tax incentives to attract investors.

Government reiterates implementation of Tax Identification Number to widen tax base.

Tax incentives for local pharmaceutical companies will be extended.

Tax incentives and RM50 million to support development of aerospace components.

The government will provide special incentives for investors in the chemical and petrol chemical industry.

Import duties and sales tax exemptions for the purchase of film equipment.

Tax incentives for NGOs involved in sports at the grassroots level.

Tax incentives for green initiatives extended to Dec 31, 2025.

100% income tax exemption for manufacturers of EV charging parts.

Additional tax deductions for employers who hire former residents of juvenile institutions.

Government to introduce qualified domestic minimum top-up tax.

Tourism

RM200 million to promote tourism recovery.

RM90 million in grants to promote tourism activities.

New chartered flights to and from East Asia and the Middle East.

RM10 million to promote eco-tourism.

RM25 million in incentives to promote domestic tourism.

RM500 million in tourism financing from BNM.

RM10 million for the ThinkCity initiative in Kuala Lumpur.

Arts and Culture

RM50 million to support the local film industry.

RM102 million to support local artists.

RM5 million to strengthen national language programmes.

RM10 million to support preservation of local languages and cultures.

Commodities

RM200 million to subsidise the logistic cost for the distribution of essential goods.

The government will hold Keluarga Malaysia sales offering essential items at more affordable prices.

The government will continue measures to combat the illicit cigarette trade.

RM20 million in matching grants to support development of local products.

RM10 million to support the made in Malaysia campaign.

RM92 million for development of the halal industry.

Approved permit fees for import of EVs extended to Dec 31 next year.

RM256 million in monsoon aid for rubber smallholders.

Agriculture

RM1.8 billion in subsidies for farmers and fishermen.

RM228 million in aid for padi farmers. This will benefit 240,000 people.

The government will introduce an agriculture protection scheme.

RM1 billion to fund agrofood programmes.

RM56 million to support sustainable farming.

RM315 million for rubber planting programmes.

RM40 million to encourage smallholders to diversify their crops.

RM70 million to support the Malaysian Sustainable Palm Oil (MSPO) certification programme.

The government will support automation initiatives in the plantation sector.

Defence

RM17.4 billion for the defence ministry, including RM4 billion for the purchase of new military assets.

RM485 million for the maintenance of all MMEA ships and boats.

RM330 million for EV infrastructure.

Transport

RM180 million to improve bus services in Melaka, Kedah, Kota Kinabalu and Kuching.

Continuation of My50 RapidKL monthly pass to benefit 180,000 users.

RM16.5 billion for major transport infrastructure projects.

RM50.2 billion for the MRT3 project.

RM1 billion for the maritime and logistics industry.

Housing

Stamp duty discounts of up to 75% for houses worth between RM500,000 to RM1 million.

RM10 stamp duty for properties transferred between family members.

RM367 million to build people’s housing projects (PPRs), to benefit 12,400 new residents.

RM3 billion for housing credit guarantees.

RM40 electric bill subsidy to be extended.

Digital connectivity

Phase 2 of the Jendela project to involve RM8 billion in investments, including from industry players.

RM700 million allocated for Jendela to expand digital connectivity in 47 industrial areas and 3,700 schools.

Digital Nasional Berhad (DNB) to spend RM1.3 billion in infrastructure development to widen 5G internet coverage nationwide.

Youth and sports

RM305 million in loans for youths to start businesses.

The government will introduce a special internet package for youths at RM30 for three months.

RM400 million to continue the e-Pemula scheme, which will benefit two million youths aged 18 to 20.

The government will bear the costs of e-hailing, taxi, and motorcycle licences for youths.

RM145 million to improve sporting infrastructure nationwide.

RM154 million to develop the local sporting ecosystem.

RM20 million to develop a drag race circuit.

RM13 million to develop e-sports.

RM12 million to support disabled athletes.

Rural communities

RM305 million for the Orang Asli community.

RM2.6 billion for Felda, Felcra and Risda.

RM472 million to improve rural electricity infrastructure.

RM54 million to build 85 new bridges in rural areas.

Disaster management

Additional RM400 million in allocation for the National Disaster Management Agency (Nadma) to prepare for year-end floods.

RM100 million allocated for the national disaster relief fund.

RM20 million in grants for community associations to assist in natural disasters.

Others

RM1.5 billion for Islamic development.

RM150 million for the maintenance and repairs for educational facilities under Jakim.

RM364 million for research and development for higher education as well as science, technology and innovation ministry.

RM30 million to improve I-Saraan programme that will benefit 100,000 people.

All self-employed people will be required to contribute to Socso from next year onwards.

The government will introduce e-invoice similar to initiatives in France and Brazil.

The government will table a consumer credit bill in the second quarter of 2023.

Related:

Highlights of Budget 2023 | The Edge Markets

 

Budget 2023 highlights - The Malaysian Reserve

 

Comments:

Too-many-goodies-not-enough-strategy-says-think-tank

 https://www.freemalaysiatoday.com/category/nation/2022/10/07/too-many-goodies-not-enough-strategy-says-think-tank/

 

Contractors, tycoons celebrating record budget for development, says MP

 

 

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