News about economy

KUALA LUMPUR (May 21): Following the temporary closure of the group’s resorts and casinos worldwide due to the Covid-19 outbreak, Genting Bhd sank into the red with a net loss of RM133.

KUALA LUMPUR (May 21): Genting Malaysia Bhd is believed to have announced to its employees that the casino group needs to undertake an unprecedented sizable retrenchment exercise, according to sources.

KUALA LUMPUR (May 21): Severely affected by the Covid-19 pandemic, Genting Malaysia Bhd posted a net loss of RM417.

KUALA LUMPUR (May 21): Sunway Construction Group Bhd’s (SunCon) first quarter net profit fell 47% year-on-year to RM16.

KUALA LUMPUR (May 21): Bars and pubs opened in New Zealand for the first time in months today, as restrictions to limit the spread of the coronavirus were eased further and the government looked to revive economic activity, Reuters reported today.

KUALA LUMPUR (May 14): Hatten Group will be closing its non-performing business units, which would see affected employees being placed on temporary lay-off scheme until the global economic situation recovers, upon which the company will arrange for their potential return.

SINGAPORE (May 12): More than 8,600 business entities in Singapore have closed down in April - more than a double compared to March as well as during SARS in 2003 and economy recession in 2009, as Covid-19 pandemic continues to bite.

KUALA LUMPUR (May 12): Hong Kong’s cash-strapped Ocean Park could go bankrupt next month unless it receives an urgent bailout of HK$5.

KUALA LUMPUR (May 9): The retail and hospitality sectors were among those that have been badly hit as travel had come to an almost complete halt due to Covid-19, The Edge reported today.

KUALA LUMPUR (May 9): Loss-making Pegasus Heights Bhd, which is involved in leasing out commercial properties, has postponed its plans to expand its new F&B business and revamp its Seremban shopping mall in light of the Covid-19 pandemic.