Summary of top read business stories from July 12 to 17


  • Economy
  • Monday, 19 Jul 2021

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government is confident that the strategies laid out in the National Recovery Plan (NRP) will help to guide the country’s exit from the COVID-19 crisis.

Economy

GKP 4.0 is open for new applications from July 15

  • Registration for new Prihatin Special Grant (GKP) 4.0 applications is open online from today until July 31, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
  • Tengku Zafrul said payments under the RM1 billion GKP 4.0 allocation would be made in September (RM500) and November (RM500) this year for both current GKP recipients and approved new applicants.
  • Overall, a total allocation of RM6.1 billion has been or will be channelled under GKP to almost one million micro SMEs since the COVID-19 pandemic began.
Zafrul: NRP will guide Malaysia to exit the pandemic
  • The government is confident that the strategies laid out in the National Recovery Plan (NRP) will help to guide the country’s exit from the COVID-19 crisis.
  • Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said for now, there is no one perfect solution that can enable Malaysia to exit the stressful and inhibiting lockdowns once and for all..
  • Citing the World In Data Covid-tracking site, he said Malaysia has been among the world's leading countries in administering daily vaccinations, surpassing China, Britain, France and Germany as of July 10, 2021.

Economy on track for recovery

  • Malaysia's economy is now on the path to recovery and is projected to chart better growth this year, says Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.
  • He said the brighter economic prospect was attributable to rising global demand, increased public and private sector spending, as well as continued policy support.
  • Mohamed Azmin believes that due to Malaysia's open economy, enhancement of productivity and economic growth would be further underpinned by an improvement in the global technology upcycle, as well as policy support from various fiscal and monetary measures, including the additional economic stimulus packages.
US$8 trillion and counting
  • The increase in the size of the Fed's balance sheet, which is now at about 36% of the country's nominal gross domestic product (GDP), is worrying, as it raised concerns as to when will the Fed stop expanding its balance sheet and the impact of its policy on markets and asset prices.
  • For the Fed, their key economic data points are the rate of inflation and level of unemployment.
  • For the market, the concern is the Fed's expected tapering move and the Fed Fund Rate.
Corporate News

All smiles for Digi

  • The telco, which is the first company to report the results for the quarter ended June 30, said its total revenue improved by 4.4% quarter-on-quarter (q-o-q) and 11.4% year-on-year (y-o-y) to RM1.62bil, underpinned by better performance of mobile segment and device sales.
  • Its service revenue recovered by 0.2% q-o-q and 1.7% y-o-y to RM1,340mil attributed to better data monetisation alongside favourable response from Jaringan Prihatinoffers.
  • Digi reported improved prepaid revenue of 0.5% q-o-q and 2.6% y-o-y to RM643mill on higher prepaid data revenue to offset lower non-internet usages.
Mohammed Azlan Hashim takes over from Mohd Bakke as TM chairman
  • Telekom Malaysia Bhd (TM) has appointed Datuk Mohammed Azlan Hashim as its new chairman, effective August 1, 2021.
  • He will replace outgoing chairman Tan Sri Mohd Bakke Salleh, who will depart on July 31.
  • In a statement issued today, TM said Mohammad Azlan has extensive experience in investment and financial services, including as a Board member of Khazanah Nasional Bhd and the Employees Provident Fund.
Aviation

Turkish Technic signs deals with Malaysia, mulls investments in Asia-Pacific,

  • Turkish Technic, Turkish Airlines' aircraft maintenance, repair and overhaul company, said on Tuesday it was mulling investment opportunities in the Asia-Pacific region and had signed a series of agreements with companies in Malaysia.
  • In a statement, Turkish Technic said it had signed a deal on Monday with Sapura Technics, a Malaysia n repair and maintenance company, and a subsidiary of Sapura Resources Berhad.
Malaysia Aviation Group opens tender to sell six Airbus A380-800 planes
  • Malaysia Aviation Group (MAG) has launched a tender for the sale of six Airbus A380-800 aircraft or their components, the company said in a post on LinkedIn on Thursday.
  • MAG, which is the parent of national carrier Malaysia Airlines and underwent a restructuring earlier this year, invited interested buyers to send in proposals by noon of Aug 12.
  • Group Chief Executive Officer Captain Izham Ismail said in May MAG was looking to dispose of its A380 fleet, following completion of its debt restructuring.
Covid-19

Malaysia to cut 2021 GDP growth outlook

  • Malaysia will lower its economic growth outlook for this year due to movement restrictions against Covid-19, the country's finance minister said, signalling the government may forecast expansion around 4%.
  • While there's optimism that the current surge in cases can be contained and lockdowns can be eased, the government still expects to lower its gross domestic product estimate for 2021, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said yesterday in an interview with Bloomberg TV.
  • Tengku Zafrul was appointed last week as coordinating minister for the nation's National Recovery Plan, responsible for monitoring the implementation of strategy.
Citi Malaysia extends repayment assistance to customers
  • Citi Malaysia has extended its repayment assistance measures to its customers, in line with the government's announcement of the National People's Well-Being and Economic Recovery Package (Pemulih).
  • Borrowers have the option to choose between a six-month moratorium or a 50% payment programme for their loan facilities, also for a period of six months Citi credit card customers will also be able to convert their card balances into term loan facilities to manage their debt, it said.
  • Citi Malaysia SME borrowers whose operations are impacted can opt-in for a six-month extension to the maturity dates on loans or trade bills or a 50% reduction in instalment payments over six months for term loans.
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