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Govt may cut Budget 2021 spending on lower revenue

THE government will likely reduce spending in the upcoming federal budget as concerns over a new wave of Covid-19 cases are expected to put further pressure on revenues already hurt by low crude oil prices.Putrajaya had rolled out stimulus packages worth RM305 billion since the start of the pandemic and had raised its debt-to-GDP ceiling to 60% for the first time in over a decade last August.Last year’s budget set aside RM297 billion for both operating and development expenditures, a drop of 5.6% compared to Budget 2019, due to expectations of a revenue shortfall by about 7%. ....

Baharom Abdul Hamid , Perikatan Nasional , Mohd Afzanizam , Petroliam Nasional Bhd , Mohd Afzanizam Abdul Rashid , Adli Amirullah , Ramon Navaratnam , Dewan Rakyat , Zafrul Tengku Abdul Aziz , Bank Islam Malaysia Bhd , Institute For Democracy , Economic Affairs , Services Tax , International Centre For Education , Centre For Public Policy , Islamic Finance , Assoc Prof Dr Baharom Abdul Hamid , Petroliam Nasional , Malaysian Reserve , Islam Malaysia Bhd , Public Policy Studies , Tan Sri Dr Ramon Navaratnam , New Economic Policy , பெட்ரோலியம் நேஷனல் ப்ட் , ராமன் நவரட்னம் , திவான் ரேகியேட் ,

MISC 2Q earnings hit by impairment loss

MISC Bhd’s earnings for the second quarter ended June 30, 2020 (2Q20), fell 29.09% year-on-year (YoY) to RM299.5 million as the energy logistics provider took a heavy toll from recognition of impairments due to the impact of the Covid-19 pandemic and the downturn in the oil and gas (O&G) sector.The reduction in profit was mainly due to the recognition of an impairment loss amounting to RM300 million on property, plant and equipment, and right-of-use assets at its heavy engineering segment.Revenue for the quarter was up 1.1% YoY at RM2.19 billion due to higher contributions from its petroleum segment following improved freight rates and higher-earning days in the liquefied natural gas (LNG) segment. ....

Yee Yang Chien , Petroliam Nasional Bhd Petronas , Movement Control Order , Malaysian Rating Corp Bhd , Yang Chien , Rating Corp Bhd , Petroliam Nasional Bhd , யீ யாங் சீன் , பெட்ரோலியம் நேஷனல் ப்ட் பெட்ரோனாக்கள் , இயக்கம் கட்டுப்பாடு ஆர்டர் , மலேசியன் ரேடிஂக் கார்ப் ப்ட் , யாங் சீன் , ரேடிஂக் கார்ப் ப்ட் , பெட்ரோலியம் நேஷனல் ப்ட் ,