Details

KUALA LUMPUR (July 7): Will the overnight policy rate (OPR) dip below 2%?

Both households and business owners are waiting to see if Bank Negara Malaysia at its Monetary Policy Committee meeting today will trim OPR further to stimulate growth in current economic trying times. Furthermore, lower interest rates will ease the debt burdens on companies and consumers.

While the OPR is already at a low never seen since the Global Financial Crisis in 2009, economists are divided on what BNM will do next.

According to Bloomberg data, seven out of 17 economists are forecasting that BNM will cut OPR by 25 basis points (bps) to 1.75%, while four foreign research firms have said they expect an aggressive slash of the rate to 1.5%. The remaining six research firms are projecting BNM to maintain the OPR at 2%.

So far this year, the central bank has slashed the OPR by 100bps, with the latest cut of 50bps in May. How significant is the marginal benefit of another rate cut?

RHB Research Institute's chief Asean economist Peck Boon Soon, who believes that BNM is likely to keep the OPR for the rest of the year, commented that interest rates are already low enough in stimulating growth so the impact of another rate cut is "unlikely to be significant".

Details

Monday, 06 Jul 2020 09:43 PM MYT
JASIN, July 6 — The country’s largest electricity utility company, Tenaga Nasional Berhad (TNB) will expand the National Optical Fiberisation and Connectivity Plan (NFCP) project nationwide to enable more consumers to benefit from the service.

Communications and Multimedia Minister Datuk Saifuddin Abdullah said, to date, five states, namely, Melaka, Perak, Penang, Kedah and Johor would enjoy the high-speed broadband services by the first quarter of next year.

“This is a pilot project by TNB and I am led to understand that they are preparing to expand the development of the optical fibre nationwide under NFCP to other strategic states throughout peninsula Malaysia.

“We laud TNB’s involvement in this area. Most importantly, is that I see this as a complementary project between TNB and the telecommunications company to provide benefit to the people,” he told reporters after visiting the NSCP pilot project here, today.

He said, to date, the NFCP pilot project in Melaka encompassed 1,100 homes in three areas, namely, Felda Kemendor, Taman Merbau Perdana and Taman Maju in Jasin district.

Meanwhile, TNB’s wholly-owned unit, Allo Technology Sdn Bhd, in a statement, informed that the open access services network for the NFCP project was being expanded gradually to urban and rural areas in Malacca especially in areas with limited fiber optic infrastructure such as Alor Gajah, Malim Jaya and extended to additional area involving 15,000 homes in Jasin.

Details

July 6, 2020 8:33 PM
PETALING JAYA: Several areas in Selangor and Kuala Lumpur will face water supply disruptions when the Sungai Selangor phase three water treatment plant is temporarily shut down next week for improvement works.

Syarikat Bekalan Air Selangor Sdn Bhd (Air Selangor) said the shutdown will affect 472,000 consumers in 290 areas in Petaling Jaya, Klang, Gombak, Kuala Lumpur and Kuala Langat.

Air Selangor director Abas Abdullah said the duration of the disruption will vary in different areas.

He said the improvement works will be carried out on July 14 and water supply is expected to resume in stages from 9am the next day.

The supply is expected to be restored in 48% of the affected areas by 9am on July 16, and 80% by 9am on July 17, before it is fully restored by 5pm the same day.

Abas said Air Selangor will mobilise 91 water tankers to the affected areas from July 16 with priority given to critical premises such as hospitals and dialysis centres.

Details

Isnin, 6 Julai 2020 | 5:49pm
KUALA LUMPUR: Hasil mesyuarat Jawatankuasa Dasar Monetari (MPC) Bank Negara Malaysia (BNM) esok akan diperhatikan dengan penuh minat untuk mendapatkan penilaian terkini mengenai kedudukan ekonomi negara.

Reaksi berbeza diterima daripada ahli ekonomi berhubung keputusan sama ada untuk mengekal atau menurunkan kadar dasar semalaman (OPR), yang menjadi penanda aras kadar faedah pinjaman, ke paras terendah dalam sejarah.

Ketua Ahli Ekonomi Bank Islam Malaysia Bhd, Dr Mohd Afzanizam Abdul Rashid, berkata beliau berpendapat OPR bakal dikekalkan pada kadar 2.0 peratus.

Katanya, tanda pemulihan ekonomi mula kelihatan seperti peningkatan jualan kenderaan kepada 22,960 unit pada Mei lalu berbanding 141 unit pada April, yang mana angka itu adalah paras terendah dalam sejarah.

"Selain itu, sentimen perniagaan yang ditunjukkan oleh Indeks Pengurus Pembelian (PMI) bagi bulan Jun sudah pun melepasi paras 50 mata. Ini bermakna, peniaga berasa optimistik setelah kegiatan ekonomi beransur-ansur dibuka pada awal Mei lalu.

Details

Isnin, 6 Julai 2020 | 1:00pm
KUALA LUMPUR: Pelbagai aksesori kenderaan yang menjadi kegilaan pemandu kini, hanya kerana mudah dipasang dan kelihatan cantik, tanpa menyedari ia berisiko mencetuskan kemalangan dan meragut nyawa sendiri.

Permintaan tinggi menyaksikan, aksesori kenderaan sama ada yang mematuhi undang-undang atau sebaliknya, dijual secara meluas dalam pasaran termasuk di kedai serbaneka dan dalam talian.

Antara aksesori dikenal pasti berbahaya oleh Institut Penyelidikan Keselamatan Jalan Raya Malaysia (MIROS) ialah 'dummy buckle' atau alat nyah aktif penggera tali keledar, kerusi keselamatan kanak-kanak (CRS) mudah alih, lapisan cermin gelap pekat dan penggunaan lampu utama serta belakang yang diubah suai.

Ketua Pengarah MIROS, Dr Khairil Anwar Abu Kassim, berkata 'trend' terbaharu dikesan pihaknya dalam kalangan pemandu kenderaan adalah penggunaan aksesori nyah aktif penggera tali keledar yang boleh didapati pada harga serendah RM2 di kedai serbaneka atau portal beli-belah dalam talian.

Mereka menggunakan aksesori ini untuk untuk menghentikan sistem bunyi peringatan daripada mengenakan tali keledar di dalam kereta.

Details

Sunday, 05 Jul 2020 l 4:00 PM MYT
KOTA BARU (Bernama): The Environment and Water Ministry will seek a RM7bil allocation under the 12th Malaysia Plan (12MP) from the Federal Government to resolve water issues in Kelantan holistically.

Its minister, Datuk Tuan Ibrahim Tuan Man said this involved three major areas, namely, flood mitigation including the construction of four new dams; replacement of water pipes which are more than 40 years old to reduce non-revenue water; as well as upgrading plants and integrated sewage projects.

"The decision was made after taking into consideration the increasing population and to settle water supply problems in Kelantan for the next 30 to 40 years.

"By 2030, we are confident 95% of the water supply problems in the state will be resolved, ” he said after a meeting with Kelantan Mentri Besar Datuk Ahmad Yakob at Kota Darul Naim Complex here Sunday (July 5).

Also present were the state Public Works, Infrastructure, Transportation and Utilities Committee chairman Datuk Azami Mohd Nor and Ministry secretary-general Datuk Seri Dr Zaini Ujang.

Details

July 5, 2020 8:00 AM

PETALING JAYA: An economist has stated his support for an extension to the six-month moratorium on bank loans, calling on banking institutions to see “the bigger picture” although they might suffer for a while.

Carmelo Ferlito, senior fellow of the Institute for Democracy and Economic Affairs, said helping businesses and households under financial stress to get back on track would pay off in the long run.

The extension of the moratorium might be the best way to prevent customers from defaulting on loans, as banks would lose their credit rating if customers default.

“A moratorium extension could be the best way for the banks to ensure future cash flow; a delay is better than a deletion. In the short run, the extension may create troubles for banks, sure. But it could be the way to grant that profitability comes back in the near future,” he told FMT.

Details

July 4, 2020 @ 2:11pm

KUALA LUMPUR: Banks must be compelled to extend their Covid-19 loan moratorium for Malaysian consumers and businesses by six months, as failure to do so will see a record number of forfeitures.

Malaysian Trades Union Congress (MTUC) secretary-general J. Solomon said the government and Bank Negara Malaysia (BNM) must implement the extension, as many are unable to service their loans under current conditions.

He said this includes the 800,000 workers who lost their jobs in April, and the thousands more who were forced to go on unpaid leave or take pay cuts.

"There should not be any doubt on the part of the government, especially the Finance Ministry and BNM, that a large slice of the workforce is far from ready to resume servicing their car and housing loans.

Details

Saturday, 04 Jul 2020 11:10 AM MYT

KUALA LUMPUR, July 4 ― The Malaysian Trades Union Congress (MTUC) has urged the Finance Ministry and Bank Negara Malaysia (BNM) to ask banks to consider extending the moratorium on loan repayments by at least another six months.

In a statement today, MTUC secretary-general J. Solomon said this was needed especially for targeted groups who are still unable to service loans such as for housing and vehicles.

“For banks to adopt a ‘business as usual’ attitude and expect workers who are still mired in job losses and with little or no income, to resume paying their loans, is a downright  cruel and inhumane act against the borrowers,” he  said referring to many of the 800,000 workers who lost their jobs up until April this year while thousands more were forced to take deep pay cuts or go on unpaid leave.

Citing official statistics, Solomon said it clearly showed that many workers have been rendered unemployed due to the economic downturn caused by the Covid-19 pandemic.

Details

July 3, 2020 8:54 PM

PETALING JAYA: Bank Negara Malaysia (BNM) has no intention to extend the six-month moratorium for loans, which will end on Sept 30, even as Putrajaya engages with banks to do so.

The central bank’s assistant governor Adnan Zaylani Mohamad Zahid said as of June 19, the moratorium had cost financial institutions some RM47.5 billion since it came into effect on April 1.

Of the sum, RM16.6 billion had benefited the business sector, while the remaining RM30.9 billion was for the public.

“The economy is recovering and we have no intention of extending the moratorium as it would have repercussions that we want to avoid.

“The banking sector finances several economic activities and we are at a crossroads as there are sectors which are still facing challenges,” he said, during a discussion with the Credit Counselling and Debt Management Agency (AKPK) CEO Azaddin Ngah Tasir.

  1. Consumer groups laud move to extend electricity discount
  2. Black market a drag on Malaysia’s economy
  3. 88 peratus pilih moratorium - AKPK
  4. What Happens To Your Home Loan If You Lose Your Job?
  5. Gov’t extends electricity bill discount to Dec 31 for all domestic users
  6. TNB: Domestic customers will get BPE details in their July bill
  7. Smart meters to monitor electricity usage
  8. Businessman regrets buying second-hand MPV
  9. Impian Percutian Musnah Ditipu Sindiket Pelancongan - NCCC
  10. MyKNP Sediakan Khidmat Nasihat untuk Pembiayaan