Business news summary Oct 4-9


Statistics from the Inland Revenue Board (IRB) reveal that in essence, less than 20% of Malaysian are subjected to income taxes.

Covid-19

Pfizer/BioNTech Covid-19 vaccine effectiveness drops after 6 months -study

  • The effectiveness of the Pfizer Inc/BioNTech SE vaccine in preventing infection by the coronavirus dropped to 47% from 88% six months after the second dose, according to data published on Monday that U. S. health agencies considered when deciding on the need for booster shots.
  • The data, which was published in the Lancet published medical journal, had been previously released in August ahead of peer review.
  • The analysis showed that the vaccine's effectiveness in preventing hospitalization and death remained high at 90% for at least six months, even against the highly contagious Delta variant of the coronavirus.
Singapore opens quarantine-free travel to major countries, eyes Covid-19 'new normal'
  • From Oct. 19 fully vaccinated people from eight countries, including Britain, France, Spain and the United States, will be able to enter the island without quarantining if they pass their Covid-19 tests, the government said on Saturday.
  • The Southeast Asian nation, one of the world's biggest travel and finance hubs, is home to Asian headquarters of thousands of global companies whose executives have long relied on Singapore's connectivity.
  • The country, with a population of 5.45 million has been reporting record daily Covid-19 infections of more than 3,000 over the past few days, though almost all the cases are asymptomatic or mild.
Corporate News

Property tycoon sits on US$9bil debt mountain

  • THE email lit up inboxes at six of the world’s biggest banks.
  • A wealthy businessman by the name of Cevdet Caner, the anonymous sender wrote, seemed to be headed for trouble.
  • Or rather, headed for trouble again.

M&A to list on Bursa with reverse takeover of SYF

  • Under the proposal, Insas will dispose of its 100% equity stake in M&A to SYF, comprising 100 million ordinary shares and 60 million redeemable convertible preference shares, in exchange for 1.58 billion new SYF shares, valuing M&A at RM222mil.
  • Upon completion of the proposed M&A disposal, SYF will see a name change to M&A Capital Bhd, which will be principally involved in the business of financial services via M&A Group.
  • As part of the overall proposal to transform SYF into a financial services group, SYF has proposed to dispose of its rubberwood furniture manufacturing arm, and two parcels of lands in Cheras for a total consideration of RM71.2mil cash.
Economy

Boosting the logistics sector

  • This is necessary given that Malaysia had fallen behind in the World Bank's Logistics Performance Index (LPI), where the country saw its position drop to 41 out of 160 countries - compared with its ranking of 25 in 2014 and 32 in 2016.
  • The recent LPI 2018 report saw three Asean countries being ahead of Malaysia - Singapore (2), Thailand (32) and Vietnam (39) - while Indonesia (46) is fast catching up.
  • He pointed out that while this is lacking, Malaysia still had an advantage in its infrastructure as it is among the best in the Asean region.
Mall operators gaining momentum
  • Retail Group Malaysia (RGM) has revised downwards its sales growth forecast for 2021 to 0.8% from 4% initially, mainly due to the business disruptions caused by the various movement restrictions imposed this year.
  • In June this year, RGM estimated a 4% growth rate in retail sales for 2021.
  • With the gradual opening of the economy, RGM expects the retail industry to gain momentum and recover by the end of the year.

Perodua car sales doubled in September to 14,160 units

  • The improvement in the automotive supply situation has seen Perodua's sales in September jumping by 102% to 14,160 units from 6,988 units in August while the outlook will be better in the fourth quarter.
  • Perodua president and chief executive officer, Datuk Zainal Abidin Ahmad said on Monday the automotive supply chain has shown improvements but have yet to reach their full potential.
  • He explained that the gradual growth in both production and sales were in keeping with the strict quality control measures throughout Perodua's operations to ensure customer satisfaction.
Debt dependency: A ticking time bomb
  • But as the saying goes, in life there are only two certainties - death and taxes.
  • But at the same time, we enjoy all sorts of tax reliefs that the government provides.
  • Statistics from the Inland Revenue Board (IRB) reveal that in essence, less than 20% of Malaysian are subjected to income taxes.

LBS PRESENTS PROPOSALS TO STIMULATE HOUSING MARKET

  • LBS Bina Group Bhd, which continuously strategises to help the property industry amidst the Covid-19 pandemic, has unveiled its wish list for Budget 2022 which will be tabled in Parliament on Oct 29.
  • Relaxation of requirements for Malaysia My Second Home LBS has been a proud supporter of the Government’s MM2H programme as it has created a positive effect in attracting foreign nationals to settle in Malaysia.
  • Reducing the minimum amount of liquid assets to RM500,000 compared to RM1.5mil.
  • Meanwhile, it advocates the usage of the IBS, a system which has been proven to reduce construction time and cost without compromising on housing quality.
  • LBS lauds the government's initiatives in encouraging the use of IBS by providing investment tax allowances of 60% on qualifying capital expenditure incurred within five years, which can be offset against up to 70% of the statutory income of the company.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

CPO futures likely to trade lower next week
China's industrial profits growth accelerates in Oct
New COVID variant Omicron triggers global alarm, market sell-off
Top US diplomat for Asia to visit Malaysia and three other ASEAN countries
Oil settles down US$10/bbl in largest daily drop since April 2020
Black Friday draws US shoppers but many shun stores for online
Stocks tumble on new coronavirus variant fear
China traders ramp up leverage in bet PBoC to stay on sidelines
Indonesia jobs law ruling may dim investment outlook
Investing in a tough 2022

Others Also Read


Vouchers