Property owners in Ampang Jaya must update info (The Star, 29th February 2020)
All 170,000 property and landowners in Ampang Jaya will be required to participate in a property re-evaluation exercise this year as part of a review of assessment rates.
Ampang Jaya Municipal Council (MPAJ) is in the process of sending out notices and forms seeking owners to update their records for the exercise.
Inspections will be carried out to obtain the latest information on owners and their properties.
Those who have completed their forms can submit them to MPAJ at its headquarters in Pandan Indah, the Valuation and Property Management Department or through their joint management bodies, councilors or village heads.
The last property rate adjustment was done in 1997.
The review was a directive by the government. Last year, the Housing and Local Goverment Ministry directed all 155 local authorities nationwide to review their assessment tax every five years.
Malaysia 2020 GDP to slow to 4.2%，says Moody’s (theedgemarkets.com, 25th
Malaysia’s 2020 real gross domestic product (GDP) growth should slow to 4.2% from a 10-year low of 4.3% in 2019, with downside risks from ongoing global trade tensions and the coronavirus outbreak, according to Moody’s Investors Service.
Departures from Malaysia’s ruling Pakatan Harapan coalition and resignation of the Prime Minister usher in a period of uncertainty for the country, because it is unclear as to how or when a new government will be formed.
Such uncertainty weighs on private investment and, if prolonged, will compound growth challenges and add downside risks to the country’s credit profile, particularly if the new government changes the policy emphasis away from fiscal consolidation and institutional reforms.
Unemployment in tourism-related sectors may rise on outbreak，says MIER (The Malaysian Reserve, 24th February 2020)
The Malaysian Institute of Economic Research (MIER) expects unemployment to rise in tourism related sectors in the first quarter this year as the Covid-19 outbreak continues to disrupt travel plans and supply chains globally.
Based on projections by the local think tank, unemployment in industries such as recreational services and air travel could spike between 0.5% and 0.8%, and 1.8% and 3.5% respectively, with the latter representing the worst-case scenario.
Companies affected may consider job cuts to cope with the financial impact of Covid-19.
The virus outbreak has put millions of jobs in limbo, especially those involving restaurants, hotels and retail industry. In China, several companies and business operations have announced plans to reduce its workforce despite Beijing saying it would prevent large-scale lay-offs caused by Covid-19.
In Thailand, local news outlets reported a 34% increase in unemployment in Phuket – a province popular with tourists – with 80 people registering as unemployed per day.
About 1,000 people have lost their jobs from January 26 to February 20, the Phuket Provincial Employment Office confirmed.
Malaysia’s unemployment rate remained stable at 3.3% as of last month. There have been no retrenchments in hard hit sectors yet.
Separately, there is possibility of further reductions to the Overnight Policy Rate (OPR) by Bank Negara Malaysia to cushion the impact of Covid-19.
The central bank last month moved to cut the OPR by 25 basis points to 2.75%, bringing it to its lowest level since March 2011.