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Sundaily (Asia) 10/21/2020 12:10
WASHINGTON: Despite a "heartening" bounceback from the initial hit to the US economy delivered by the Covid-19 pandemic, the recovery is uneven and uncertain and will require continued support to ensure it becomes broadbased and sustainable, Federal Reserve governor Lael Brainard ( pix ) said on Wednesday. The economy's overall improvement, however, masks big disparities among sectors and among Americans that could hold back the recovery. The Fed, she told an online conference of the Society of Professional Economists, is committed to providing "sustained accommodation" to the economy for as long as needed, and won't raise rates if inflation rises temporarily above 2%. That could happen as early as next spring, she said, as data registers y.
Sundaily (Asia) 10/21/2020 12:07
ZURICH: Nestle raised its guidance for 2020 organic sales growth to around 3% and reaffirmed its ambition to return to mid-single digit growth after strong demand for pet food, coffee and health products boosted quarterly growth. Chief executive Mark Schneider told analysts on a call the new full-year guidance was "cautious" after the world's biggest food group posted organic growth of 4.9% in the third quarter. "It's very hard to predict where exactly Covid is going to turn next and what the measures are going to be in key markets for us," he said.
Sundaily (Asia) 10/21/2020 11:36
PETALING JAYA. :. Construction outfit Kerjaya Prospek Group Bhd’s wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, has accepted a letter of award for RM64 million from Tanjung Pinang Development Sdn Bhd, bringing its total contracts secured for the year to RM1.4 billion. The award is for the execution and completion of a sewerage treatment plant and all associated works on plot 20 and infrastructure works on a sewerage reticulation system and roadside surface water drainage for the proposed Seri Tanjung Pinang Phase 2A Development in Penang. Works are slated to be completed within 24 months. In a statement, the group said that while works related to sewerage treatment plants are unorthodox for Kerjaya, the works are expected to be comple.
Sundaily (Asia) 10/21/2020 11:29
KUALA LUMPUR:. The Business Conditions Index (BCI) posted a modest recovery of 25.3 points in the third quarter (Q3) of 2020, settling at 86.3 points compared with a drop of 22.0 points in Q2, indicating a boost in manufacturers’ confidence level. According to the Malaysian Institute of Economic Research’s (MIER) Business Conditions Survey Report, business sentiments remained cautious as the index was below the threshold level as it had been for seven consecutive quarters. Nevertheless on a year-on-year basis, the index expanded at a favourable rate of +17.2 points as compared to -39.7 points in the previous year. “It is a good sign to Malaysia as this nation managed to slowly recover from the Covid-19 pandemic. “This is in line with the act.
Sundaily (Asia) 10/21/2020 11:28
PETALING JAYA:. Malaysia’s Consumer Price Index (CPI) declined 1.4% to 120.1 in September 2020, compared with 121.8 in the same month of the preceding year, attributed to declines in transport (-9.9%), housing, water, electricity, gas & other fuels (-3%) and clothing & footwear (-0.6%) which contribute 41.6% to overall weight. Nevertheless, food & non-alcoholic beverages increased by 1.4% to 135.1 compared with 133.2 in corresponding month of the preceding year.
Sundaily (Asia) 10/21/2020 11:07
KUALA LUMPUR. :. Malaysian Institute of Economic Research’s (MIER) latest Consumer Sentiments Index (CSI) indicates a continuing lack of confidence among consumers over their economic wellbeing currently and for the rest of this year. In its Consumer Sentiments Survey Report for the third quarter (Q3) of 2020, the think-tank said consumers remain in cautious mode as the Covid-19 pandemic continues to wreak havoc in the world. This is reflected in the latest CSI which, at 91.5, has changed little from the prior quarter’s 90.1 and remains below the 100-point optimism threshold, MIER said. Notwithstanding the sluggish labour market, consumers’ financial situation has held up fairly well recently, the institute said. “Going forward, they are also.
Sundaily (Asia) 10/21/2020 11:05
PETALING JAYA:. Mah Sing Group Bhd has started additional piling works to accommodate 12 units of new, high-speed glove dipping machines at its glove manufacturing factory in Kapar, Klang, to meet its targeted production date of April 2021 to meet strong pent-up demand. The piling works are expected to be completed by November 2020, to be immediately followed by installation of the machinery.
Sundaily (Asia) 10/21/2020 10:42
LONDON: PayPal Holdings Inc said today it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network. The new service makes PayPal one of the largest US companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods. The San Jose, California-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop, president and chief executive Dan Schulman said in an interview. "We are working with central banks and thinking of all forms of digital currenc.
Sundaily (Asia) 10/20/2020 22:49
SYDNEY : Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand ( pix ) as it grapples with a plunge in demand from the coronavirus pandemic. The restructuring will cost HK$2.2 billion ($283.9 million) and the airline will also seek changes in conditions in its contracts with cabin crew and pilots, the airline told the stock exchange. Overall, it will cut 8,500 positions, or 24% of its normal headcount, but that includes 2,600 roles currently unfilled due to cost reduction initiatives, Cathay said.
Sundaily (Asia) 10/20/2020 11:47
AMSTERDAM: The European Union (EU) today drew the highest demand for any bond sale ever as it kicked off financing of its SURE unemployment scheme, bankers said, attracting orders nearly 14 times the €17 billion (RM83 billion) it aims to raise. The sale of 10- and 20-year social bonds attracted over €233 billion in demand, a memo from lead managers seen by Reuters showed.
Sundaily (Asia) 10/20/2020 11:39
WASHINGTON: US single-family homebuilding surged in September, cementing the housing market's status as the star of the economic recovery, thanks to record-low interest rates and a migration to the suburbs and low-density areas as Americans seek more room for home offices and schooling. The report from the Commerce Department today reinforced expectations that the economy rebounded sharply in the third quarter after suffering its deepest contraction in at least 73 years in the second quarter.
Sundaily (Asia) 10/20/2020 11:21
PETALING JAYA:. Interoperability between e-wallets is the future of the industry, with three to five major players – similar to the development of the telecommunications sector, according to Boost CEO, Mohd Khairil Abdullah ( pix ). He projected the e-wallet industry to follow the path of the telcos, which has its big three or four players and a number of niche mobile virtual network operators (MVNOs) such as XOX and Tune Talk, which bring a certain value to their consumers which the other players cannot replicate. Khairil opined that the smaller players in the industry have amazing use cases, which he prefers to work with, rather than see them fold. “I want to find out how we can interoperate and collaborate so that their niche use cases ca.
Sundaily (Asia) 10/20/2020 11:17
PETALING JAYA: Five imperatives that CFOs should look at in the new normal are to reimagine and adapt business models, invest in digital transformation, rethink the future of work, increase risk and cyber resilience as well as restructure to stay relevant and seize merger and acquisition (M&A) opportunities, according to Deloitte Malaysia. Its consulting executive directors Timothy Ho and Cheng Yen Chu, and audit & assurance partner Joshua Yan said, first, with consumers forced to use web or mobile banking alternatives, there is no better time to shift focus to digital banking.
Sundaily (Asia) 10/20/2020 11:08
PETALING JAYA:. KIP Real Estate Investment Trust’s (KIP Reit) net profit for its first quarter ended Sept 30, 2020 (Q1’21) fell 52.3% to RM8.85 million from RM18.55 million a year ago mainly on lower net investment income. It noted that the realised profit before tax (PBT) was 65.2% higher at RM8.8 million versus Q1’20’s RM5.3 million, despite the amortisation of rental rebates of RM700,000 during the quarter.
Sundaily (Asia) 10/20/2020 11:04
PETALING JAYA: QuicKash Malaysia Sdn. Bhd, a licensed P2P financing platform wholly owned by ManagePay Systems Bhd, will be providing floor stocking financing to 365 Resources Sdn Bhd-recruited used-car dealers secured by vehicle(s) as collateral and guarantee. As part of the deal, participating used-car dealers will be able to access financing of up to 70% of the transaction value of the used cars. 365 Resources CEO Soh Chee Kang said traditional financing avenues do not usually cater to used-car dealers, often forcing them to raise money from lenders that charge hefty interest rates, which are then passed on to used car buyers, who sometimes fail to find much value in purchasing used cars, instead of a brand new car. “After extensive mark.
Sundaily (Asia) 10/20/2020 10:53
PETALING JAYA:. FGV Holdings Bhd has refuted the Federal Land Development Authority’s (Felda) statement that it should receive RM800 million a year from the land lease agreement (LLA) between Felda and FGV. FGV said the agreement stated that the amount payable to Felda is RM248 million a year plus 15% of the operating profit from LLA land. "To date, FGV’s responsibility towards Felda (according to LLA) amounting to RM248 million a year has been fully met.
Sundaily (Asia) 10/20/2020 10:45
PETALING JAYA:. Malayan Banking Bhd (Maybank) said more than 99% of applications for repayment assistance that have been processed as at Oct 15, 2020 have been approved. The applications comprise applications by both individuals and small and medium enterprises (SMEs) who are seeking additional financial support following the end of the six-month blanket loan moratorium on Sept 30, 2020. Of these approved applications, some 38% have been granted a further moratorium on the repayment of their loans/financing. The repayment assistance packages include additional months’ deferment of loan or financing repayments for those recently unemployed as a result of the Covid-19 pandemic, as well as reduction of loan or financing repayments for those wit.
Sundaily (Asia) 10/20/2020 10:35
LONDON: The world will have a smaller airline industry as a result of the coronavirus crisis with many privately funded carriers set to go under and governments throwing "good money after bad" to keep national champions afloat, Wizz Air's CEO said. Worst hit will be traditional carriers relying on a hub-and-spoke network and business traffic, but Wizz expects demand for its own cheap fares and direct routes to snap back quickly once the pandemic fades, the Hungarian airline's co-founder said. Wizz aims to widen a gap in unit costs compared to the rest of the airline industry thanks to regular deliveries of new Airbus aircraft, chief executive Jozsef Varadi added. Co-founded in 2003 by Varadi, a former head of Hungary's defunct national carr.
Sundaily (Asia) 10/20/2020 10:24
LONDON/BRUSSELS: A frustrated European Union (EU) and piqued Britain both exhorted the other today to compromise to avoid a fast-approaching disruptive finale to the five-year Brexit drama that would add to economic pain from the coronavirus crisis. Failure to clinch a trade deal when Britain leaves a standstill transition period on Dec 31 would sow chaos through supply chains and undermine Europe's economy as it already sees jobs and businesses pulverised by the Covid-19 disease. After an EU demand for concessions, Prime Minister Boris Johnson broke off talks and said it was time to prepare for a no-deal Brexit. The EU has since offered to intensify talks and open discussions on legal texts of a draft deal, but Britain maintains there is n.

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