News about economy

KUALA LUMPUR (May 5): Bank Negara Malaysia (BNM) has cut its overnight policy rate (OPR) by 50 basis points (bps) to 2%, a level last seen during the 2008-09 global financial crisis.

KUALA LUMPUR (May 5): Hong Leong Investment Bank Bhd (HLIB) said today it sees the likelihood of property developers in Malaysia revising sales and launch value targets as the Covid-19 pandemic takes its toll on the broader economy.

KUALA LUMPUR (April 30): Malaysian publishing company Blu Inc Media announced is ending both its print and digital publications today, effective immediately.

KUALA LUMPUR (April 29): G City Club Hotel Sdn Bhd has ceased operations after a decade of being in the hospitality business, as the Covid-19 pandemic became the last straw for the company, which has been suffering losses over the past few years.

KUALA LUMPUR (April 29): Lauding the government’s decision to allow approved businesses to fully resume their operations from today, Mah Sing Group Bhd said Putrajaya should also consider lifting the lockdown for the property sector.

PETALING JAYA (April 29): Perak state government is currently formulating four strategies to revive the state’s tourism industry, which was badly hit by the Covid-19 pandemic, according to a China Press report.

KUALA LUMPUR (April 27): It has been over six weeks since Malaysia shut down its RM1.

KUALA LUMPUR (April 25): The period between March 15 to April 20 this year saw 7,159 employees retrenched, the first five weeks of the movement control order (MCO), according to statistics provided by the Labour Department.

KUALA LUMPUR (April 24): Malaysian Trades Union Congress (MTUC) secretary-general J Solomon has urged the government to ensure that “irresponsible” employers threatening mass retrenchments during the movement control order (MCO) are reined in, Malaysiakini reported today.

KUALA LUMPUR (April 23): CGS-CIMB Securities Sdn Bhd said yesterday it expects Bank Negara Malaysia (BNM) to cut the overnight policy rate (OPR) by another 75 basis points (bps) in anticipation of a contraction in the country’s economy in 2020 and subdued inflation during the year.