July 5, 2020 8:00 AM
PETALING JAYA: An economist has stated his support for an extension to the six-month moratorium on bank loans, calling on banking institutions to see “the bigger picture” although they might suffer for a while.
Carmelo Ferlito, senior fellow of the Institute for Democracy and Economic Affairs, said helping businesses and households under financial stress to get back on track would pay off in the long run.
The extension of the moratorium might be the best way to prevent customers from defaulting on loans, as banks would lose their credit rating if customers default.
“A moratorium extension could be the best way for the banks to ensure future cash flow; a delay is better than a deletion. In the short run, the extension may create troubles for banks, sure. But it could be the way to grant that profitability comes back in the near future,” he told FMT.
Read more: Pain now, profit later with longer moratorium, says analyst
July 4, 2020 @ 2:11pm
KUALA LUMPUR: Banks must be compelled to extend their Covid-19 loan moratorium for Malaysian consumers and businesses by six months, as failure to do so will see a record number of forfeitures.
Malaysian Trades Union Congress (MTUC) secretary-general J. Solomon said the government and Bank Negara Malaysia (BNM) must implement the extension, as many are unable to service their loans under current conditions.
He said this includes the 800,000 workers who lost their jobs in April, and the thousands more who were forced to go on unpaid leave or take pay cuts.
"There should not be any doubt on the part of the government, especially the Finance Ministry and BNM, that a large slice of the workforce is far from ready to resume servicing their car and housing loans.
Read more: MTUC slams BNM, Finance Ministry for 'mollycoddling' banks
Saturday, 04 Jul 2020 11:10 AM MYT
KUALA LUMPUR, July 4 ― The Malaysian Trades Union Congress (MTUC) has urged the Finance Ministry and Bank Negara Malaysia (BNM) to ask banks to consider extending the moratorium on loan repayments by at least another six months.
In a statement today, MTUC secretary-general J. Solomon said this was needed especially for targeted groups who are still unable to service loans such as for housing and vehicles.
“For banks to adopt a ‘business as usual’ attitude and expect workers who are still mired in job losses and with little or no income, to resume paying their loans, is a downright cruel and inhumane act against the borrowers,” he said referring to many of the 800,000 workers who lost their jobs up until April this year while thousands more were forced to take deep pay cuts or go on unpaid leave.
Citing official statistics, Solomon said it clearly showed that many workers have been rendered unemployed due to the economic downturn caused by the Covid-19 pandemic.
Read more: Extend loan repayment moratorium, MTUC tells government
July 3, 2020 8:54 PM
PETALING JAYA: Bank Negara Malaysia (BNM) has no intention to extend the six-month moratorium for loans, which will end on Sept 30, even as Putrajaya engages with banks to do so.
The central bank’s assistant governor Adnan Zaylani Mohamad Zahid said as of June 19, the moratorium had cost financial institutions some RM47.5 billion since it came into effect on April 1.
Of the sum, RM16.6 billion had benefited the business sector, while the remaining RM30.9 billion was for the public.
“The economy is recovering and we have no intention of extending the moratorium as it would have repercussions that we want to avoid.
“The banking sector finances several economic activities and we are at a crossroads as there are sectors which are still facing challenges,” he said, during a discussion with the Credit Counselling and Debt Management Agency (AKPK) CEO Azaddin Ngah Tasir.
Read more: Moratorium unlikely to be extended, indicates Bank Negara
Julai 03, 2020 07:00
KUALA LUMPUR: Sebanyak 88 peratus atau 2,342 daripada 2,661 responden undian dalam talian yang dijalankan oleh Agensi Kaunseling dan Pengurusan Kredit (AKPK) memilih untuk mengambil moratorium atau penangguhan bayaran balik kewangan yang diperkenalkan oleh Bank Negara.
Ketua Unit Pembangunan Modul Jabatan Pendidikan Kewangan AKPK Nirmala Supramaniam berkata daripada jumlah yang memilih moratorium itu, 48 peratus atau 1,124 responden mahu mewujudkan simpanan waktu kecemasan.
"Ada juga yang mengambil moratorium ini untuk menggunakan duit tersebut membeli keperluan harian 21 peratus (491), pelaburan 16 peratus (375), membuat pinjaman yang lebih rendah 11 peratus (258) dan empat peratus (94) tiada perancangan.
"Bagaimanapun undian ini tidak mengambarkan keseluruhan situasi sebenar kerana ia hanya undian secara rawak yang dilakukan dalam talian melalui Faceboook AKPK dan microsite AKPK, #askAKP dari April hingga Mei lepas," katanya kepada Bernama selepas menjadi tetamu program Ruang Bicara, terbitan Bernama TV, malam tadi.
Dalam pada itu, Nirmala berkata kajian AKPK turut mendapati tahap tekanan kewangan meningkat sebanyak 35 peratus dalam kalangan golongan yang bekerja dalam tempoh Perintah Kawalan Pergerakan (PKP) baru-baru ini.
Thursday, 02 Jul 2020 01:06 PM MYT
KUALA LUMPUR, July 2 ― Tenaga Nasional Bhd (TNB) says its domestic (residential) customers may view the details of the Bantuan Prihatin Elektrik (BPE) received for the months of April, May and June in the Detailed Statement issued in July.
In a statement, TNB said customers would receive the Detailed Statement together with their July bills via mail within seven days after the meter reading.
Customers may also view the statement and bills online via the myTNB website and app 48 hours after receiving the Customer Notice.
“TNB meter readers will commence readings for the July bill at customers’ premises from July 3, 2020, and customers will receive the Customer Notice to inform them that the reading has been done,” it said.
On June 20, 2020, the government with TNB announced the BPE as an additional aid to benefit all 7.66 million domestic customers in the form of free electricity of up to RM231 for the three months during the movement control order (MCO) from April to June 2020.
The aid would be reflected in their actual bill.
In addition, domestic customers who use 601-900 kilowatt-hours (kWh) of electricity per month would enjoy a 10 per cent discount from April to September 2020, which is an additional eight per cent on top of the existing two per cent discount rate that they are currently enjoying.
Read more: TNB: Domestic customers will get BPE details in their July bill
JOHOR BARU: Businessman Md Yazid Saidi will never buy a used vehicle again after having to fork out more money to repair it.
He paid RM80,000 for the second-hand multi-purpose vehicle (MPV) registered in 2011, as the family needed a bigger vehicle.
Md Yazid said the vehicle’s ownership was transferred to his wife’s name Suharnizan Md Sidek, 45, on August 17,2018.
The couple was overjoyed when the vehicle was delivered to them four days later.
They first used the vehicle to visit their hometown in Besut, Terengganu to celebrate Hari Raya Aidiladha.
“The vehicle started giving us problems on the second day after it was handed over to us, ’’ Md Yazid said when met at the Johor Baru Consumer Claims Tribunal in Menara Ansar here.
He said the family left Johor Baru at around 6.30am for Batu Pahat on August 22,2018, to pick up relatives before heading to Terengganu.
Md Yazid said there were no problems with the vehicle while they were travelling to Batu Pahat, about 130km from Johor Baru.
MELAKA: THE increase in electricity consumption and charges during the recent Movement Control Order period may have caught some consumers unaware, as they were in the dark over their actual electricity usage during that time.
However, for a number of consumers who use Tenaga Nasional Berhad (TNB) Smart Metres, they were able to keep tabs on their electricity consumption and take the necessary steps to control their usage, thus preventing from an unexpected increase in their bills.
Rahim Selamat, 59, from Kampung Tehel in Jasin, is one such user. He said the installation of the smart metre at his home has enabled him the flexibility to monitor his electricity usage via the MyTNB app which is downloaded on his smartphone.
"Since we changed to the smart metre system several years ago, I have been able to limit and control the electricity consumption in my house to prevent wastage and excess cost," he said.
"During the recent Movement Control Order (MCO) and Conditional Movement Control Order (CMCO) period, electricity consumption in my household increased two-fold. However, this is to be expected because all residents are at home, consuming energy through electrical appliances such as the air-conditioning, fan, television and lights," he added.
'During the month of Ramadan, our oven was switched on almost everyday as we began preparations for our Hari Raya cakes and cookies. Its no wonder that our overall electricity usage had increased," he said.
Another resident, Omar Asad said the smart metres were an improvement and much better that the previous old metres.
KUALA LUMPUR: Keputusan kerajaan melaraskan mekanisme Pelepasan Kos Tidak Seimbang (ICPT) memastikan pengguna mendapat manfaat daripada harga elektrik yang telus dan adil, kata Presiden dan Ketua Pegawai Eksekutif Tenaga Nasional Bhd (TNB), Datuk Seri Amir Hamzah Azizan.
"Kami menyokong keputusan untuk meneruskan ICPT, iaitu satu mekanisme yang begitu bermanfaat kepada industri elektrik sejak 2014 dan ia kekal relevan dalam persekitaran harga bahan api yang tidak menentu.
"Sebagai syarikat utiliti, TNB dikawal selia oleh Suruhanjaya Tenaga (ST) dan beroperasi dalam persekitaran yang terkawal, termasuk oleh mekanisme ICPT. Seperti yang ditetapkan oleh keputusan ST menerusi ICPT, TNB akan memaparkan perubahan pada kos bahan api dan lain-lain kos penjanaan dalam tarif elektrik pada setiap enam bulan," katanya dalam satu kenyataan.
Kerajaan, menerusi surat daripada ST, memberi kelulusan kepada TNB untuk melaksanakan pelarasan ICPT bagi tempoh 1 Julai 2020 hingga 31 Disember 2020.
Dalam tempoh itu, ICPT akan dikurangkan daripada kadar surcaj 2.00 sen/kWh kepada 0.00 sen/kWh.
Pengurangan surcaj ICPT ini disebabkan oleh pengurangan kos bahan bakar sebenar untuk tempoh Januari hingga Jun 2020 berbanding dengan tempoh enam bulan sebelumnya dari Julai hingga Disember 2019.
Read more: Pelarasan ICPT pastikan pengguna dapat harga elektrik adil
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