By Sharon Chang
It’s Friday again, the week just zoomed past despite having to confined to my small unit typing away on my keyboard. Anyways, hoped you have had a smooth week and Happy Ramadan to all our Muslim readers out there.
Looks like we’re going to get another big test to persevere and sustain – both individual and businesses – with the movement control order (MCO) at the tail-end of the third phase and moving into the fourth.
Surprisingly, we’ve got a ton of news today to close off the week.
With the oil price dip being the largest in history, Business Today explores what that could mean to the Malaysian economy. MIER has also released their annual report job indicating that job losses are projected to decline from 2.41 million to 1.46 million if the MCO keep extending.
UOB Kay Hian fears that the extended MCO will create an economically monumental hollowing-out effect which plunders the economy, and reverse reinvestment decisions of both local and foreign investors.
The foreign research house also warned that the long MCO period will be destructive to post-MCO consumption recovery trends as consumers fear job losses and salary cuts. Business failures and consolidations will manifest in the months to come as a slow post-MCO consumption recovery will wilt entrepreneurs’ optimism.
With the coronavirus mowing down bottom lines worldwide, Netflix, the entertainment streaming giant, said 15.8 million more people had subscribed from January to March, as billions were confined to their homes to help stem the spread of Covid-19.
But, sad to say most other business sectors were singing the blues, however.
Dutch brewer Heineken said its net profit was down by more than two-thirds, or 68.5 percent. French hotel giant Accor reported that sales fell by 17 percent as it closed two-thirds of its 5,000 establishments worldwide.
And on the local front, our country’s airline industry faces an estimated USD3.32 billion loss in revenue, affecting some 169,700 jobs.
Lastly, let’s end the note on a lighter side.
The Ministry of Women, Family and Community Development at long last opened their mouth to clarify the issue regarding the government-funded RM100 Covid-19 food baskets.
According to the Ministry’s minister, Rina Harun, the food items in the bundle cost RM35, and the remainder RM65 is for delivery charges.
Wow, I would’nt pay RM65 for delivery charges. That’s my two cents worth. Would you? Let me know your thoughts.
Have a good weekend!