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Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today.
1. The Tan brothers of MR DIY Group (M) together with Westports’s Tan Sri G Gnanalingam and Greatech Technology’s Tan Eng Kee join Forbes billionaires list this year.
2. Tan Sri Tony Fernandes and Datuk Kamarudin Meranun sell off Caterham Cars to Japanese retailer VT Holdings.
3. Moody s expects Malaysia s non-performing loan (NPL) level to increase once the various debt relief programmes end.
4. Genting chairman and CEO Tan Sri Lim Kok Thay expects significant challenges to persist in 2021 despite the nascent recovery in the regional gaming market.
Genting Malaysia Cuts Pay Again as Covid Shut Local Casino
Bloomberg 3/3/2021 Yantoultra Ngui
(Bloomberg) Casino-to-hospitality giant Genting Malaysia Bhd. is planning another round of salary cuts as it seeks to slash costs amid the prolonged coronavirus pandemic.
Genting Malaysia, a unit of conglomerate Genting Bhd. that’s controlled by Malaysian tycoon Lim Kok Thay, is asking some employees to agree to a temporary reduction of 15% or 20% in basic salary based on their ranks, according to an internal memo dated March 1 seen by Bloomberg News. Some workers are being asked to take one day a week of no pay leave.