News by Adam Aziz

IGB’s hotel division reported a loss in 1QFY20, while its property development business, which does not have any project under construction currently, recorded weaker sales of completed Stonor 3 condominium units. As for its construction and others' segments, losses widened.

Last month, Sabah Umno called for the anti-graft agency to investigate allegations that Peter was involved in the issuing of contracts worth RM1.55 billion under the ministry led by Peter, which was done via direct award.

Under this programme, dubbed the SME Go-Scheme, Prime Minister Tan Sri Muhyiddin Yassin announced that SME Bank will provide financing support to contractors and vendors who were awarded small Government projects under the Economic Stimulus Package 2020 and the PRIHATIN stimulus package.

Prime Minister Tan Sri Muhyiddin Yassin: To aid the tourism sector, an RM1 billion Penjana Tourism Financing (PTF) facility will be made available to finance transformation initiatives by SMEs in the tourism sector to enable them to remain viable and competitive in the new normal. Details of this fund will be announced by Bank Negara Malaysia (BNM) in July 2020.

The financing facility will be made available in mid-June 2020 with a maximum loan size of RM500,000 per SME.

The new rates are applicable for purchases made from June 15, 2020 to Dec 31, 2020

Under the wage subsidy programme, eligible employers may receive a subsidy of RM600 per employee. 

Datuk Seri Michael K C Yam is taking over the position from Tan Sri Samsudin Osman following the latter’s retirement.

Minister in the Prime Minister’s Department Datuk Takiyuddin Hassan said the Bill will involve amendments in several existing Acts as part of efforts to rebuild the economy and assist the people after the pandemic. 

This comes as Tadmax refocuses on property development, following its recently announced plan to exit from the RM3.3 billion Pulau Indah power plant project.