Summary of top stories on StarBiz Online from Jan 25 to 31

Effendy Shahul Hamid, the group chief executive officer Touch 'n Go Sdn Bhd, says it will launch a product in the first quarter of this year that will allow eWallet users to invest from as low as RM10.

Pharmaniaga signs deal to supply 12 million doses of vaccine to MOH

• Pharmaniaga Bhd has entered into a term sheet agreement with the Government to supply 12 million doses of Covid-19 vaccine developed by China's Sinovac Life Sciences Co Ltd.
• The vaccine fill-finish processing by Pharmaniaga into vials is expected to start in February.
• Its unit Pharmaniaga Lifescience Sdn Bhd (PLS) on Jan 26 has entered into a term sheet agreement with the government, represented by the Ministry of Health of Malaysia (MOH) for the purchase and distribution of Covid-19 vaccine.

Connectivity cheer for TM

• An 8% drop year-on-year on good cost vigilance.
• RHB Research lifted TM's estimated core earnings for financial years 2021 to 2023 (ending Dec 31) by 8% to 12%.
• UOB Kay Hian Research also expects TM to record 4Q20 core net profit of RM315mil, representing a sequential growth of at least 10%.

Touch ‘n Go to remove parking surcharge, plans eWallet reloadable cards

• Touch 'n Go Sdn Bhd will be making two massive changes this year.
• All Touch 'n Go parking surcharges, which have always been a bane among consumers, will be removed by the first quarter this year.
• By the end of 2021, customers can also opt to purchase Touch 'n Go cards that can be reloaded directly from their phones using the Touch 'n Go eWallet.

Disrupting the status quo of financial services

• The Touch 'n Go eWallet is the market leader in Malaysia with more than 15 million registered users and it has since set clear views on moving its infrastructure up a notch.
• Effendy Shahul Hamid, the group chief executive officer of parent company Touch 'n Go Sdn Bhd, says it will launch a product in the first quarter of this year that will allow eWallet users to invest from as low as RM10.
• Bear in mind that Touch 'n Go and TNG Digital operate on an e-wallet licence, meaning it is unable to take deposits nor able to take risks.

Wage Subsidy Programme 3.0 receives additional RM500mil allocation

• With the expansion of scope to include all companies affected by the MCO, the Wage Subsidy Programme 3.0 (PSU 3.0) will receive an additional allocation of RM500mil, making the amount RM1.5 billion under PERMAI.
• Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said apart from the RM3bil under PSU 2021, the government has also allocated RM3.7bil under the job creation programme under Budget 2021 which has just commenced.

MITI: Govt can consider tightening Covid-19 SOPs to prevent outbreaks

• The ministry said this in response to the recent calls for the government to re-impose a total lockdown in order to deal with the massive spikes in the number of infections in the country.
• MITI said it has also been suggested that SOPs for social events could be tightened, while a full ban on interstate travels should be imposed for the interim.
• In any event, the call is for businesses to remain open, on the condition of full compliance with stricter SOPs, it said.

Ge-Shen subsidiary reports 10 Covid-19 cases among workers

• Ten workers of Ge-Shen Corporation Bhd's subsidiary have been tested and confirmed positive for the Covid-19.
• The company said on Monday its 70% owned Demand Options Sdn Bhd, with primary operations in Desa Cemerlang, Johor Bahru, was informed about the Covid-19 infections.
• All affected employees have been placed in quarantine.

S&P assigns BBB minus to Genting NY, outlook negative

• In a statement on Tuesday, S&P Global Ratings said the negative outlook on Genting New York LLC (Genny) reflects that on its ultimate parent, which is Genting Bhd (Gent).
• Accordingly, it expects the group to commit to long-term support for Genny.
• Over the long term, it sees opportunities for Genny to further expand its operations.

UOB Malaysia offers assistance to customers affected by MCO 2.0, floods

• The United Overseas Bank (M) Bhd (UOB Malaysia) remains committed to providing repayment relief to its customers who are affected by the reintroduction of a nation-wide Movement Control Order (MCO 2.0).
• The bank said customers can apply for deferment of loan/financing payments, reduction in monthly instalments or an extension of repayment tenures.
• The acceptance of the targeted repayment assistance during this period will not appear in the customers' Central Credit Reference Information System (CCRIS) report.

Summary of business stories from Jan 18 to 24

• Datuk Seri Nazir Razak is the chairman and founding partner of Ikhlas Capital Singapore Pte Ltd, a private equity firm based in Singapore.
• In a filing with Bursa Malaysia, PLS said it has proposed to place out 19 million new shares to Datuk Seri Nazir Razak at 95 sen per share as part of its private placement exercise.
• The government expects the country to lose RM600 million daily due to the latest Movement Control Order (MCO 2.0), compared to RM2.4 billion daily in March until May, 2020, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.