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Associations say cashflow is biggest issue
PETALING JAYA: Businesses may find it harder to secure financing as banks are likely to turn more prudent in approving new loans, particularly for the small and medium enterprises (SMEs), warns AmBank Group chief economist Anthony Dass.(pic)
THE Covid-19 pandemic has caused a devastating impact to the world and Malaysia. It has posed immense challenges to businesses as well as ordinary Malaysians – where household incomes continue to decline and jobs are at risk.
To combat the economic fallout from the coronavirus outbreak, Malaysia has unveiled a landmark comprehensive rescue plan worth a total of RM250bil, that’s almost one-fifth of the country’s gross domestic product (GDP). It is the largest-ever stimulus package for the country.
WHEN the conoravirus (Covid-19) first hit the news sometime in December last year, nobody would have thought that it would lead to a global crisis. Two weeks ago, many were staring at a 1930s kind of depression as the world was hit by the perfect storm.
The stimulus package shows the gravity of the situation faced in Malaysia and the rest of the world.
KUALA LUMPUR: Danajamin Nasional Bhd will provide RM50bil in loan guarantees to struggling companies seeking to raise funds for working capital.
PETALING JAYA: Scomi Energy Services Bhd has updated Bursa Malaysia that Hong Leong Investment Bank Bhd, being the facility agent under the Series E of the Guaranteed Serial Bonds (KMCOB Bond) and in relation to the financial guarantee insurance/bank guarantee facility (FGI facility), has issued a notice to KMCOB Capital Bhd, declaring an event of default. KMCOB Capital Bhd is a unit of Scomi Energy.
KUALA LUMPUR: EXSIM Development Sdn Bhd (EXSIM Group) has issued its second sukuk programme worth RM3bil to refinance its existing borrowings, purchase new land and finance its working capital.
KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) and Danajamin Nasional Bhd have received the approval of Bank Negara to commence negotiations under the first phase of the government’s proposed merger involving the country’s development financial institutions (DFIs).