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2020-04-07 18:25 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:25 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:24 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:23 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:23 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:22 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
Stock
2020-04-07 18:21 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases
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2020-04-07 07:41 | Report Abuse
Take profit 9.00am~10.30am 3.00pm~3.45pm?
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2020-04-07 04:38 | Report Abuse
KUALA LUMPUR (April 6): Privately-held Golden Skies Ventures (GSV) has made a US$2.5 billion offer to fully take over the holding company of ailing state carrier Malaysia Airlines, with financing from a European bank, its executives told Reuters on Monday.
Malaysian firm GSV made the proposal a month ago, as airlines around the world were hammered by travel restrictions, following the coronavirus pandemic.
“(We have secured) in excess of US$2.5 billion from the bank. We will take about three to four months to get the long-term financing,” Chief Executive Shahril Lamin told Reuters in a phone interview.
GSV also has a commitment from a Japanese private equity firm to inject immediate funds into the aviation group through an equity deal.
The Edge weekly had first reported GSV's proposal over the weekend.
GSV declined to name the firms involved and said it was also in talks with other foreign banks and private equity firms for further funding.
GSV has submitted its proposal to Morgan Stanley, the banker hired by the aviation group’s sole owner Khazanah Nasional Bhd.
Air France-KLM, Japan Airlines and domestic carriers AirAsia Group Bhd and Malindo Air were previously said to have shown interest in Malaysia Airlines.
GSV said it would also assume most of the airline’s debt that is being held by the government in outstanding Islamic bonds.
Khazanah and Morgan Stanley did not immediately respond to emailed requests for comment.
Golden share
The proposal includes keeping the government’s so-called golden share, which allows it majority voting rights and also maintains the flag carrier status of Malaysia Airlines.
GSV expects it will have ample liquidity to help Malaysia Airlines to operate comfortably for up to 18 months.
It intends to reinstate Malaysia Airlines as a premium long-haul airline by expanding its flight network and maximising utilisation of its 81-plane fleet. It also plans to keep other business units such as the budget airline, cargo freighter and maintenance repair and overhaul unit.
“(It) is still a viable venture, it has inherent strengths. We are saying we won’t lay off the 13,000 frontline employees and we are not going to asset-strip the airline,” Deputy Chief Executive Ravindran Devagunam said.
The firm aims to achieve positive earnings before interest, taxes, depreciation and amortisation within three years of taking over, and targets 15 billion ringgit in revenue in 2025.
Plans for listings, "or a string of IPOs", are also on the cards in three to five years, they said.
Ravindran said the firm is banking on pent-up travel demand when the coronavirus is contained. “Regardless of how long (the virus) will take this year, we are looking at an uptick in the business from summer 2021."
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2020-04-06 14:24 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
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2020-04-06 14:23 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:22 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:21 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:21 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:20 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:20 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
Stock
2020-04-06 14:19 | Report Abuse
- U.S. Coronavirus Pandemic Worsens
- Wall Street Braces For More Volatility
- Oil Market Turmoil
- Fed Meeting Minutes
- U.S. Initial Jobless Claims
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2020-04-05 21:49 | Report Abuse
In the past week since the announcement of the highly anticipated Prihatin Rakyat Economic Stimulus Package worth RM250 billion on March 27, a chorus of frustration has been heard from one group — small and medium enterprises (SMEs).
Business associations have appealed to the government to come up with more measures to help them ease their cash flow problems and financial constraints.
Entrepreneurs have taken to the media or social media to voice their concerns, as their businesses have been disrupted like never before because of the Covid-19 pandemic and the 28-day Movement Control Order (MCO) that began on March 18.
In particular, the SMEs are finding themselves among the hardest hit by the coronavirus outbreak, considering that big corporations are at least arguably in a better position to withstand the headwinds.
Before going into details, let us take a step back and look at the bigger picture.
The RM250 billion stimulus is a combination of two packages launched by the government — the first being Pakatan Harapan’s
RM20 billion worth of measures on Feb 27, followed by a RM230 billion booster from Perikatan Nasional exactly a month later.
Of the second package, almost RM128 billion will be channelled to preserve the people’s welfare, RM100 billion to support businesses, including SMEs, and the remaining RM2 billion to strengthen the economy.
According to Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed, the Prihatin package is among the world’s largest and shows the government’s seriousness in mitigating the fallout from Covid-19.
“[The stimulus package] is about 17% of the nation’s gross domestic product [GDP], whereas the UK’s is 16%, and the US’ and
Singapore’s are 11%,” he said on national TV on March 29.
If the Prihatin package is indeed one of the world’s largest — and includes an allocation of 40%, or RM100 billion, to support businesses — why are business owners still so unhappy?
‘Save us to save jobs’
SME Association of Malaysia president Datuk Michael Kang Hua Keong tells The Edge that the Prihatin package did not address the challenges that SMEs face, especially their cash flow problems.
“To many businesses, their cash in hand can last them only until March or April. When they have zero revenue, how are they going to pay all their fixed expenses? And if you think about it, two-thirds of Malaysians are relying on the SMEs [as their source of income]. If the SMEs collapse, many people will lose their jobs,” he warns.
As clichéd as it sounds, SMEs are the backbone of Malaysia’s economy.
In 2018, local SMEs, which comprised 98.5% of the local business population, contributed 38.3% to the overall GDP, 17.3% to total exports and 66.2% to total employment in the country.
National Chamber of Commerce and Industry of Malaysia (NCCIM) secretary-general Datuk Low Kian Chuan points out that the country’s economy is not only slowing down but, to a certain extent, also experiencing almost zero economic activity.
“The government should realise that businesses, be they SMEs or big corporations, are very concerned about the current situation. It’s not just a cash flow problem; we are talking about zero income here,” he tells The Edge.
Johor South SME Association adviser Teh Kee Sin believes a tripartite partnership between the government, employers and employees is needed to save the economy.
“All of us have to survive this crisis hand in hand, even if it means we have to lose money in the next two years. The government needs to save the SMEs to save jobs,” he says.
Although the cash handouts to the B40 and M40 income groups have drawn criticism, Teh says this measure could help boost domestic consumption, given that foreigners are not coming to the country to spend.
“The government’s intention is good. Everybody is closing their doors now. Even if you do have orders in hand, you cannot do anything, because nobody is going to accept the goods,” Teh says.
Nevertheless, he urges the government to come up with more effective measures to rescue the SMEs so that people can keep their jobs.
“I can’t find a better word to describe this, but many businesses will ‘die’. We need at least two years to recover from this crisis,” he says.
Malaysian Institute of Accountants (MIA) president and Baker Tilly Johor partner Huang Shze Jiun concurs. “The most important thing is to save jobs. If you cannot keep people employed, you will have a vicious cycle, as in businesses cannot be sustained. Accounting firms like us are also relying on SMEs to survive. If they fail, all of us will suffer together,” he says.
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2020-04-05 19:15 | Report Abuse
KUALA LUMPUR (April 5): The government’s financial assistance to airlines amidst the Covid-19 pandemic must be carefully structured, and it should be the last resort, says local aviation regulatory body, the Malaysian Aviation Commission (Mavcom).
In a statement today, Mavcom said considering the pressures on the government’s fiscal resources, industry operators must exhaust other options first, including assistance from their respective shareholders, before approaching the government.
It said the government should only act as a lender of last resort for the industry.
“The government should also bear in mind that its main policy objectives should be to maintain essential air connectivity (most notably Public Service Obligation routes) and protect vulnerable parties such as the 50,000 employees in the aviation sector and Malaysian consumers, rather than propping up the commercial performance of airlines,” it said.
Mavcom said instead of outright bailouts, there are more targeted options that reduce the risk of moral hazard and channels money towards their intended use.
This includes funding measures undertaken by airlines to combat the spread of Covid-19 such as flight disinfection, as well as subsidies and incentives for airlines to retain employees on their payroll.
The government could also temporarily waive government-imposed charges such as air traffic control charges, airport departure levies and industry development levies.
On non-fiscal policy and regulatory responses, Mavcom said clarifying and relaxing certain aviation-related policy requirements, such as the policy on ownership, could also provide some relief to airlines without fiscal costs, as it would allow industry players to access a wide range of funding sources from the local and international capital markets.
Nevertheless, it emphasises the importance for such ownership liberalisation to be accompanied by effective regulatory supervision to ensure players are not abusing their liberalisation rights.
Meanwhile, Mavcom said it is aware that shareholders, in assessing their options, might consider industry consolidation via mergers, especially during crises such as the ongoing pandemic.
It noted that Malaysia Airlines and AirAsia have been reported to be in discussions over a potential merger even before the pandemic, adding that the pandemic might provide further impetus for such a merger to proceed.
However, it reminded industry players that merger transactions are subject to the merger control law under Act 771 and that they must submit their proposed mergers to MAVCOM for approval.
“A merger between two domestic airlines will foreseeably result in a high concentration of the Malaysian domestic aviation market. The merged entity will likely hold a monopoly status in many domestic routes.
“Mavcom is concerned that such a merger could have the unintended consequence of distorting the market in the long-term and this could have negative effects on Malaysian consumers as they may experience higher airfares, reduced frequencies and choices, and deteriorating service quality due to the lower degree of competition,” it added.
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2020-04-05 19:14 | Report Abuse
KUALA LUMPUR (April 5): The government’s financial assistance to airlines amidst the Covid-19 pandemic must be carefully structured, and it should be the last resort, says local aviation regulatory body, the Malaysian Aviation Commission (Mavcom).
In a statement today, Mavcom said considering the pressures on the government’s fiscal resources, industry operators must exhaust other options first, including assistance from their respective shareholders, before approaching the government.
It said the government should only act as a lender of last resort for the industry.
“The government should also bear in mind that its main policy objectives should be to maintain essential air connectivity (most notably Public Service Obligation routes) and protect vulnerable parties such as the 50,000 employees in the aviation sector and Malaysian consumers, rather than propping up the commercial performance of airlines,” it said.
Mavcom said instead of outright bailouts, there are more targeted options that reduce the risk of moral hazard and channels money towards their intended use.
This includes funding measures undertaken by airlines to combat the spread of Covid-19 such as flight disinfection, as well as subsidies and incentives for airlines to retain employees on their payroll.
The government could also temporarily waive government-imposed charges such as air traffic control charges, airport departure levies and industry development levies.
On non-fiscal policy and regulatory responses, Mavcom said clarifying and relaxing certain aviation-related policy requirements, such as the policy on ownership, could also provide some relief to airlines without fiscal costs, as it would allow industry players to access a wide range of funding sources from the local and international capital markets.
Nevertheless, it emphasises the importance for such ownership liberalisation to be accompanied by effective regulatory supervision to ensure players are not abusing their liberalisation rights.
Meanwhile, Mavcom said it is aware that shareholders, in assessing their options, might consider industry consolidation via mergers, especially during crises such as the ongoing pandemic.
It noted that Malaysia Airlines and AirAsia have been reported to be in discussions over a potential merger even before the pandemic, adding that the pandemic might provide further impetus for such a merger to proceed.
However, it reminded industry players that merger transactions are subject to the merger control law under Act 771 and that they must submit their proposed mergers to MAVCOM for approval.
“A merger between two domestic airlines will foreseeably result in a high concentration of the Malaysian domestic aviation market. The merged entity will likely hold a monopoly status in many domestic routes.
“Mavcom is concerned that such a merger could have the unintended consequence of distorting the market in the long-term and this could have negative effects on Malaysian consumers as they may experience higher airfares, reduced frequencies and choices, and deteriorating service quality due to the lower degree of competition,” it added.
Stock
2020-04-05 19:12 | Report Abuse
KUALA LUMPUR (April 5): The government’s financial assistance to airlines amidst the Covid-19 pandemic must be carefully structured, and it should be the last resort, says local aviation regulatory body, the Malaysian Aviation Commission (Mavcom).
In a statement today, Mavcom said considering the pressures on the government’s fiscal resources, industry operators must exhaust other options first, including assistance from their respective shareholders, before approaching the government.
It said the government should only act as a lender of last resort for the industry.
“The government should also bear in mind that its main policy objectives should be to maintain essential air connectivity (most notably Public Service Obligation routes) and protect vulnerable parties such as the 50,000 employees in the aviation sector and Malaysian consumers, rather than propping up the commercial performance of airlines,” it said.
Mavcom said instead of outright bailouts, there are more targeted options that reduce the risk of moral hazard and channels money towards their intended use.
This includes funding measures undertaken by airlines to combat the spread of Covid-19 such as flight disinfection, as well as subsidies and incentives for airlines to retain employees on their payroll.
The government could also temporarily waive government-imposed charges such as air traffic control charges, airport departure levies and industry development levies.
On non-fiscal policy and regulatory responses, Mavcom said clarifying and relaxing certain aviation-related policy requirements, such as the policy on ownership, could also provide some relief to airlines without fiscal costs, as it would allow industry players to access a wide range of funding sources from the local and international capital markets.
Nevertheless, it emphasises the importance for such ownership liberalisation to be accompanied by effective regulatory supervision to ensure players are not abusing their liberalisation rights.
Meanwhile, Mavcom said it is aware that shareholders, in assessing their options, might consider industry consolidation via mergers, especially during crises such as the ongoing pandemic.
It noted that Malaysia Airlines and AirAsia have been reported to be in discussions over a potential merger even before the pandemic, adding that the pandemic might provide further impetus for such a merger to proceed.
However, it reminded industry players that merger transactions are subject to the merger control law under Act 771 and that they must submit their proposed mergers to MAVCOM for approval.
“A merger between two domestic airlines will foreseeably result in a high concentration of the Malaysian domestic aviation market. The merged entity will likely hold a monopoly status in many domestic routes.
“Mavcom is concerned that such a merger could have the unintended consequence of distorting the market in the long-term and this could have negative effects on Malaysian consumers as they may experience higher airfares, reduced frequencies and choices, and deteriorating service quality due to the lower degree of competition,” it added.
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2020-04-05 12:36 | Report Abuse
Satay Kajang >RM1
Expensive than Velesto..wait for what..just buy and hold dear
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2020-04-05 12:27 | Report Abuse
Satay Kajang >RM1
Expensive than Minetec..wait for what..just buy and hold dear
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2020-04-05 12:20 | Report Abuse
Satay Kajang >RM1
Expensive than Hibiscs..wait for what..just buy and hold dear
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2020-04-05 12:19 | Report Abuse
KFC >RM15.90
Expensive than Uzma..wait for what..just buy and eat
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2020-04-05 12:17 | Report Abuse
Bundle TShirt >RM5
Expensive than Genting.
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2020-04-05 12:13 | Report Abuse
Satay Kajang >RM1
Expensive than Jag..wait for what..just buy and hold dear
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2020-04-05 12:13 | Report Abuse
Satay Kajang >RM1
Expensive than Focus..wait for what..just buy and hold dear
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2020-04-05 12:11 | Report Abuse
Satay Kajang >RM1
Expensive than Armada..wait for what..just buy and hold dear
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2020-04-05 12:05 | Report Abuse
Satay Kajang >RM1
Expensive than Ekovest..wait for what..just buy and hold dear
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2020-04-05 12:05 | Report Abuse
Satay Kajang >RM1
Expensive than Reach..wait for what..just buy and hold dear
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2020-04-05 12:03 | Report Abuse
Satay Kajang >RM1
Expensive than Jaks..wait for what..just buy and hold dear
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2020-04-05 12:02 | Report Abuse
Satay Kajang >RM1
Expensive than Ifcamsc..wait for what..just buy and hold dear
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2020-04-05 12:01 | Report Abuse
Satay Kajang >RM1
Expensive than Solid..wait for what..just buy and hold dear
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2020-04-05 12:00 | Report Abuse
Satay Kajang >RM1
Expensive than Bjcorp..wait for what..just buy and hold dear
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2020-04-05 11:59 | Report Abuse
Satay Kajang >RM1
Expensive than Keyasic..wait for what..just buy and hold dear
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2020-04-05 11:58 | Report Abuse
Satay Kajang >RM1
Expensive than Icon..wait for what..just buy and hold dear
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2020-04-05 11:58 | Report Abuse
Satay Kajang >RM1
Expensive than Uzma..wait for what..just buy and hold dear
Stock: [PBBANK]: PUBLIC BANK BHD
2020-04-07 18:26 | Report Abuse
Malaysia's Covid-19 cases jump to 3,963 cases with 170 new cases. Meanwhile, 80 more are cured, bringing total recoveries to 1,321 cases or 33.3% of total cases.
One more person has died of the disease, bringing death toll to 63 or 1.6% of overall cases