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Showing posts with the label Budget 2016

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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Malaysia Weekly Highlights

MALAYSIA's REVISED BUDGET 2016, GDP FORECAST TO 4% - 4.5% Malaysia's Prime Minister Najib Razak had made the announcement on the recalibrated Budget 2016, to better reflect the current economic climate, given that oil price had dropped to the $30 dollar range. This was in comparison to the $48 USD assumption when the budget 2016 was announced last October. PM Najib Razak on the recalibrated budget 2016 In the revised budget 2016, the 2016 economic growth forecast has been revised to 4%-4.5%, down from an earlier forecast of 4% to 5%. The fiscal deficit target of 3.1% of gross domestic product (GDP) was maintained. Najib announced 11 measures to spur domestic consumption and increase growth, while saving some RM9 billion in operating and development expenditure. One of the highlights of the recalibrated budget is the optional 3% cut to the individual contribution to the Employee Provident Fund (EPF) for March 2016 to December 2017. INFLATION RANGING FROM 2.5% to 3...
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Malaysia's "Budget 2016" tweak to be announce on 28 Jan

Treasury secretary-general Tan Sri Mohd Irwan Siregar Abdullah said Prime Minister Datuk Seri Najib Razak is set to announce the revisions to Budget 2016 on January 28. He assured the press and the public that the government will not cut the salaries of two million civil servants in the tweaks.  "The prime minister will announce the revised budget on January 28... let’s wait for his announcement to see what the details are," he said at the launch of the World Bank's office in Kuala Lumpur today. The revision was necessary as the current economic climate had changed significantly from when the Budget 2016 was tabled. Back then, the oil was $48 per barrel but the oil price has now fallen to below US$33 per barrel.  The Ringgit has also weakened compared to back then.
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Budget 2016: Highlights

KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak tabled Budget 2016 in the Dewan Rakyat on Friday. Najib, who is also Finance Minister, said the theme of the 2016 Budget is “Prospering the Rakyat”. The following are the highlights of his speech: * RM267.2bil has been allocated under Budget 2016, compared with the revised RM260.7bil in 2015. * There will be nine high-impact domestic projects worth RM6.7bil in total. * The first priority of Budget 2016 is to spur domestic investment to contribute 26.7% to the GDP in 2016. * The Budget aims to increase private investment to RM218.6bil and public investment to RM112.2mil. * The GST sum is to be credited into value of prepaid reloads from Jan 1 next year. * Personal income tax pushed to 26% from 25% for those earning between RM600,000 to RM1mil. Income tax is also pushed up to 28pc from 25% for those earning RM1mil and above. * RM900mil is proposed for the Jalan Tun Razak Traffic Dispersal Project to reduce congesti...
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Malaysia Weekly Highlights

BUDGET 2016: NAJIB ALLOCATES RM267.2 BILLION Budget 2016 was tabled by Prime Minister Datuk Seri Najib Razak last Friday, with the theme "Prospering the Rakyat", allocating RM267.2 billion compared with the revised RM260.7 billion in 2015.  BUDGET 2016 Among his measures to boost revenue was to raise taxes on the country’s richest individuals. Those earning RM600,000 to RM1 million annually will be taxed at 26% from 25% now, while those earning more than RM1 million a year will pay a rate of 28%. In its 2015/2015 economic report, the government forecast that GDP would grow 4% to 5% in 2016, from 4.5% to 5.5% this year. It sees the fiscal deficit narrowing to 3.1% of GDP in 2016 from a revised 3.2% this year. WCT GETS TRX CONTRACT, BUYS TRX LAND   1MDB is on the spotlight again, as 1MDB Real Estate Sdn Bhd has awarded WCT Holdings Bhd a RM754.8 million contract to build infrastructure and roadway works for the Tun Razak Exchange (TRX). WCT’s indirect unit, WCT Pr...
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