Melon-aires not required as Japan premium fruit prices plunge
TOKYO: A pair of premium Japanese melons sold Monday for just a slice of the five million yen ($46,000) reached at auction last year, as the coronavirus bites hard. The melons from Yubari on the northern island of Hokkaido sold for a snip at 120,000 yen at the season’s first auction — 40 times less […]
Pressure keeps rising for Apac companies as coronavirus impact becomes clearer
KUALA LUMPUR: Moody’s Investors Service said about 22 per cent of 476 rated non-financial companies in Asia Pacific (Apac) have high exposure to coronavirus disruptions, up from 20 per cent in March, as the effects of the pandemic on companies’ credit quality have become more apparent. “Airlines, automakers and auto part suppliers, casinos, discretionary retail, and hospitality companies […]
Pos Malaysia trying hard to prevent job and salary cuts
KUALA LUMPUR: Pos Malaysia Bhd is trying its best to prevent job and salary cuts following the Covid-19 pandemic, which has been affecting supply-chains worldwide, causing the weakening or closing of businesses and the loss of livelihoods. The postal delivery service provider said it will continue to protect the livelihood of over 15,000 frontliners and […]
US retailer JC Penney files for bankruptcy due to pandemic
HOUSTON: US retail giant JC Penney filed for bankruptcy on Friday due to the impact of Covid-19, China’s Xinhua news agency reported. The company said in a statement that it had entered into a restructuring support agreement with lenders that hold around 70 per cent of its first lien debt “to reduce the company’s outstanding […]
Covid-19 impact could cost global economy $8.8 trillion
KUALA LUMPUR: The global economy could suffer between $5.8 trillion and $8.8 trillion in losses, equivalent to 6.4 per cent to 9.7 per cent of global gross domestic product as a result of Covid-19, according to a new report released by the Asian Development Bank (ADB). The Updated Assessment of the Potential Economic Impact of Covid-19 […]
Local banks under constraints but in position of strength to recover
KUALA LUMPUR: The country’s banking sector is expected to be under constraints this year especially in terms of income and loan growth due to effects from the Covid-19 pandemic which has adversely impacted the local as well as the global economy. Despite this, well-capitalised Malaysian banks will be facing the headwinds from a position of strength and […]
Carlsberg offers coffee shops RM3.5 million subsidy
MIRI: Living up to its brand promise of being ‘Probably the smoothest beer in the world’, Carlsberg Smooth Draught is offering RM3.5 million subsidy and promotion to coffee shop operators to smoothen traditional eateries’ business recovery following the impact of Covid-19. The fund is Carlsberg’s pledge of solidarity and support towards the Malaysia Singapore Coffee […]
Foreign investors offloaded RM325.6 million of local equities
KUALA LUMPUR: Bursa Malaysia saw further deceleration in net selling by offshore investors for the eighth week running with RM325.6 million net of local equities offloaded by international investors compared to RM486 million net disposed of in the preceding week. In its weekly fund flow report, MIDF Research said Malaysia remained as the nation with the third […]
World Bank expects Covid-19 to have impact on Malaysian GDP
KUALA LUMPUR: Malaysia’s gross domestic product (GDP) is projected to contract by 0.1 per cent to 4.6 per cent this year amid negative impact brought by Covid-19, according to the World Bank. Its senior economist, finance, competitiveness, and innovation global practice, Smita Kuriakose, said the impact on Malaysia’ economy was likely to be large looking due to Covid-19’s adverse impact on foreign direct […]
SMEs get RM10 bln economic package
PUTRAJAYA: Prime Minister Tan Sri Muhyiddin Yassin today announced an additional allocation of RM10 billion in the Prihatin Rakyat Economic Stimulus Package (Supplementary) to help ease the financial burden of the Small and Medium-sized Enterprises (SMEs). Speaking in Putrajaya today, he said, the additional stimulus package would guarantee two-thirds of the country’s workforce remain employed. Among the […]
