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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.
BEIJING: China’s big banks posted record earnings last year, beefing up their capacity to cope with the virus outbreak that is threatening to throw the nation into the worst economic slump in four decades.
FROM Damian Pheny
WITH the extended movement control order, Bank Negara’s announcement of the moratorium on repayment of loans is certainly a much welcomed move to alleviate the financial burden of the rakyat, small and medium-sized enterprises (SMEs) and corporates affected by the Covid-19 outbreak.
PETALING JAYA: This year is poised to be the worst year since the 1930s and Schroders has forecast the world economy to contract by 3.1% before rebounding by 7.2% next year.
Suspension of short-selling also helped market
KUALA LUMPUR: Bursa Malaysia and key Asian markets climbed in early Tuesday trade, underpinned by the US Federal Reserve pledge to stabilise the financial system and also the regulators’ decisive action to halt short selling until April 30.
SYDNEY: Asian stocks rallied on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilize the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
PETALING JAYA: Banking stocks, which have seen sharp falls in their values, will continue to see volatility in trading on expectations of further policy easing by Bank Negara to address the impact of the Covid-19 pandemic.