Wednesday, March 9, 2022

Malaysia will open its borders to international travellers on April 1, 2022

Malaysia to fully reopen borders from April 1 as country transits to COVID-19 endemic phase

Free to travel: Under the new rules, visitors and Malaysians who have been fully vaccinated will no longer have to quarantine when they arrive. — IZZRAFIQ ALIAS/The Star

KUALA LUMPUR: In about three weeks, Malaysia will reopen its borders and those wanting to visit the country will no longer need to apply for the MyTravelPass.
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All travellers have to do is download the MySejahtera application and fill in the pre-departure form under the “Traveller” section, said Prime Minister Datuk Seri Ismail Sabri Yaakob.
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“The reopening of the country’s borders was one of the much-awaited announcements among the rakyat.
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“We believe that the reopening of the borders on April 1 will not only bring freedom for the rakyat to travel abroad but also allow those from other countries to visit Malaysia,” he said at a press conference in Parliament yesterday.
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Visitors and Malaysians who have been fully vaccinated against Covid-19 will no longer have to quarantine when they arrive.
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They must, however, undergo a RT-PCR test two days before departure and a professional rapid test (RTK-Antigen) upon arrival.
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“They can do the RTK test at the airport or at a health facility outside, but it must be done within 24 hours,” said Ismail Sabri.
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As for travellers who have not been fully vaccinated, he said the entry procedures will be explained by Health Minister Khairy Jamaluddin today.
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“The country wants to provide comfort to travellers and not complicate their travel process,” the Prime Minister added.
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As for Malaysians, he said those with valid documents are free to travel to any other country that had reopened their borders to visitors.
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For countries that had yet to fully open their borders such as Singapore, Malaysians could use the Vaccinated Travel Lane (VTL) method, he said.
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He added that the country is also in the midst of implementing the VTL initiative with Thailand, Brunei and Indonesia.
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The country’s borders have been shut since March 2020, while entry of foreign workers has been frozen due to the pandemic.
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Ismail Sabri noted that the reopening of the borders will help revive the country’s economy, especially the tourism industry which was badly hit by the pandemic.
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Some 98.7% of Malaysia’s adult population are fully vaccinated, while 64% have received their booster shots.
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Although the country’s daily cases have shot past the 30,000 mark due to the recent Omicron outbreak, 99% of the infections are mild or asymptomatic.

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SOURCE :

World / Countries / Malaysia

Last updated: March 09, 2022, 06:57 GMT

https://www.worldometers.info/coronavirus/country/malaysia/

Tuesday, March 8, 2022

Experts laud China's economic stability among priorities

Aerial photo taken on Oct 15, 2019, shows a view of the Lujiazui area in Shanghai. [Photo/Xinhua]

Impressive development: Joggers at the Lujiazui financial district in Shanghai. The 5.5% target for economic growth indicates that China’s economy is rebounding after the extensive pandemic-induced lockdowns. — Bloomberg

Experts laud Beijing’s priority on economic stability `

BEIJING: China’s efforts to prioritise its economic stability are significant in many ways, experts say, as the nation’s consistency and policies offer good prospects for benefits through shared development during the post-pandemic recovery.
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On March 5, Premier Li Keqiang delivered the government work report to the fifth session of the 13th National People’s Congress (NPC), in which he expounded on the “milestone” year 2021 and major tasks ahead.
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Gerald Mbanda, a Rwandan researcher and publisher on China and Africa, said the report was “impressive” as most of the socioeconomic development targets had been achieved and some exceeded their goals.
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China “has offered a great lesson that irrespective of political, economic and racial differences, the world community can enjoy the benefits of shared development, rather than competing in isolation,” Mbanda said.
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He praised China’s commitment to peaceful global development and promoting the shared values of all humanity, both of which have been central in global developmental projects like the Belt and Road Initiative, the mega infrastructure project.

New targets
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The premier also announced a series of targets for China’s development in 2022.
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These include gross domestic product growth of about 5.5%, some 11 million new urban jobs, achieving stable macroeconomic performance, maintaining job security, expanding high-level opening-up and achieving peak carbon emissions and carbon neutrality.Muhammad Faisal, a research fellow at the China-Pakistan Study Centre at the Institute of Strategic Studies Islamabad, said this year’s NPC session was “significant in many ways for focusing on national economic recovery and growth after the pandemic”.
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“Although the set target of economic growth of around 5.5% is the second-lowest target during the past three decades, it indicates that China’s economy is rebounding after extensive pandemic-induced lockdowns,” he said.
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The scholar welcomed China prioritising its economic stability in 2022, which he called a “crucial year”, by offering new measures like tax cuts for businesses and the construction sector.
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The premier announced a new package of tax refunds and cuts totalling 2.5 trillion yuan (US$395.62bil or RM1.65 trillion) this year to support enterprises. — China Daily/ANN Source link

Dennis Munene, executive director of the China-Africa Center at the Africa Policy Institute, said the report clearly shows China's commitment to offering its citizens "strategic public goods" to spur economic growth and development in the post-COVID-19 era.
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Munene said the new package of tax-and-fee policies for micro, small, and medium-sized enterprises is conducive to improving their cash flow, promoting consumption-driven investment, and further improving the system for refunding value-added tax credits－credits on a consumption tax levied on goods and services at each stage from production to sale.
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Faisal said as China seeks to return to a normal life and mode of production, this year could indicate the easing of restrictions and the adoption of targeted interventions against the pandemic.
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"Premier Li emphasized that local cases must be handled in a targeted manner and the normal order of work and life must be ensured. This is an important statement, considering the extensively enforced measures during the past 24 months," said Faisal.
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Glenn Wijaya, an adviser to the Center for Indonesia-China Studies, welcomed China's consistent efforts in prioritizing the green sector.
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"Green economy is something that is already ingrained (in China).Thus, this is something that is extremely constant throughout. Low carbon is a good illustration of this. It is something that is mandated by law," Wijaya said.
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China "will lead other major nations in reducing carbon emissions, because, unlike other countries, it is consistent throughout, from political pronouncements to laws and regulations that influence businesses," Wijaya said.
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"Although difficult challenges were met, the work report's great achievements give the Chinese people courage and strength to push forward with confidence in the leadership, for the commitment to improving the lives of the people, as well as giving hope that the country is steadily progressing toward realizing the Chinese Dream of national rejuvenation," Mbanda said.

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TNB mulls legalising Bitcoin mining to prevent illegal electricity tapping

In light of the rampant illegal bitcoin mining operations and financial losses from illegal electricity tapping nationwide, Tenaga Nasional Bhd (TNB) is looking at ways to legalise mining operations by imposing special tariffs. - NSTP file pic

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PUTRAJAYA: In light of the rampant illegal bitcoin mining operations and financial losses from illegal electricity tapping nationwide, Tenaga Nasional Bhd (TNB) is looking at ways to legalise mining operations by imposing special tariffs.
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TNB chairman and chief executive officer Datuk Baharin Din said a proposal has been drawn up with special tariff rates for Bitcoin mining and this had been forwarded to the Energy Commission (EC) for approval.
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"We have made a proposal with our recommendations to legalise Bitcoin mining by charging them a special commercial rate but the proposal is still being reviewed by the EC," he said.
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Baharin said they first discovered the electricity tapping for Bitcoin mining in 2018 when at a time there were only 610 cases.

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"But, last year the numbers jumped to 3,090 premises being used, and the tapping was done haphazardly, with the illegal operations posing a huge risk to the premises as well as others in the vicinity, through electricity sharing.
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"In addition, the (electricity) volume these illegal miners have been tapping was also way too high and detrimental to everyone," he said.
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Baharin said to undertake such tapping exercises, a person must be technically competent because it is a highly risky venture.
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"There are no safety elements included while they tap the electricity illegally for the machines and it can catch fire easily or cause a power outage," he said.
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Baharin was speaking to reporters after sharing the recent success of Op Power, a nationwide joint operation by MACC, police, EC and TNB which managed to cripple 998 illegal Bitcoin mining premises last month.
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Also present at the press conference today were MACC chief commissioner Tan Sri Azam Baki and EC chief executive officer Abdul Razib Dalwood.
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Azam said 18 suspects have been arrested and TNB losses from 2018 until last year are estimated to be RM2.3 billion.
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"The raids were carried out in Perak, Selangor, Pahang, Kedah, Melaka, Johor and Penang whereby 998 premises were found to have tampered to draw electricity (illegally).
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"We also identified 23 suspects paying and accepting bribes to allow these premises to operate but five have not been picked up due to Covid-19," he said.
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He said those arrested were receiving and paying money so that these illegal operations can be carried out.
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"One of the suspects picked up ran 500 premises on his own and on estimation, he pays about RM500 a month for each," he said, adding that the total bribe for the Os Power is estimated to be RM2.37 million.
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Azam said the payments were made either through cash or cryptocurrency monthly to and from these suspects.
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He said MACC has also frozen 126 accounts totalling up to RM4.47 million and seized 1,157 mining machines worth RM2.3 million in last month's nationwide joint operation.
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He said all those arrested will be charged for money laundering under the MACC Anti Money Laundering Act 2001.

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Sunday, March 6, 2022

On the recovery path

Penang property market to rebound amid lingering challenges

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THE Penang property market, which had actually started seeing a rebound in transactions since last year, is expected to resume its recovery path into 2022.
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CBRE|WTW director Peh Seng Yee says the Penang property market can expect a “rebound amid lingering challenges” this year.
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“We do expect a recovery in market activity for 2022. Prices of landed properties will continue to remain resilient.
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“For the high-rise sub-sector, it will continue to be a buyers market,” he says at the launch of CBRE|WTW’s 2022 Market Outlook Report, recently.
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Peh adds that future launches will generally comprise self-sustained developments that will be on a smaller scale, while at the same time fulfilling the demand for affordable units.
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Knight Frank Penang executive director Mark Saw also says the residential sub-sector in Penang has improved, posting higher volume and value of property transactions as of the third quarter of 2021.

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Prop chtProp cht
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“The Penang state government’s commitment to increase home ownership with plans for a range of affordable homes in various strategic locations, extension of the Penang Home Ownership Campaign until June 2022 and enforcement of mandatory installation of fibre optic telecommunication infrastructure for all new developments, will spur the state’s residential property market.”
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EPF payout 6.1% for 2021, Look beyond EPF for retirement EPF posts stronger performance amid economic rebound, focuses on rebuilding members’ savings
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In terms of challenges, Peh says scarcity of sizeable land in Penang will still continue to pose development constraints.
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“Additionally, the prolonging effects of the pandemic, especially with the new Omicron variant, could result in cautious spending and a wait-and-see approach.
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“Stringent lending guidelines and concerns over job security could also potentially derail the market,” says Peh.
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On the outlook of the Penang office market, Peh says the segment is expected to remain healthy this year, with stable rentals and occupancy rates.
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“The prospects of co-working spaces still remain encouraging,” he says.
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As for Penang’s retail sub-sector, Peh says the removal of movement restrictions since last year has been a boost to this sector.
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“We see normalisation amid ‘freedom euphoria’. However, we expect rentals to be flattish and a widening gap between the newer and older shopper complexes.”
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As for Penang’s hotel sub-sector, Peh says this segment is set for a steady recovery if the pandemic is significantly contained.
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“The segment can be spurred further by travel bubbles and other government initiatives.
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“We also see pent-up demand for medical tourism and intensifying market competition for the hotel sub-sector.”
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Meanwhile, Knight Frank Malaysia in its real Estate Highlights for the second half of 2021, says the Penang residential market is expected to pick up this year, supported by a series of measures announced under various stimulus packages and Budget 2022.
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“This will encourage people from various income levels to purchase their dream homes. The overhang of high-rise residential properties, especially in the category of condominiums and apartments, has also been growing.”
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With limited new supply of purpose-built offices in the state (existing and future), Knight Frank says the occupancies and rental rates for better grade purpose-built office buildings are expected to hold steady.
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“Meanwhile, with the growing work-from-home trend, some business premises have been converted into co-working space.”
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Knight Frank noted that the country’s vaccination rate has continued to improve and with further easing of restrictions, the retail segment is expected to slowly recover.
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“Selected retailers are expected to embrace the rise of eCommerce as they head down the path of recovery.”
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It adds that Penang’s industrial segment has continued to remain strong and steady throughout the pandemic.
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“This is especially with the Penang state government’s commitment to expand another two industrial parks in Batu Kawan, with focus on the logistics industry and the remaining phases for mixed industries.
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“This industrial park is set to continue its history of the successful Bayan Lepas Industrial Park.”
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Meanwhile, CBRE|WTW in its 2022 Market Outlook Report says property transaction activities in Penang increased for the period of January to September 2021.

“A total of 11,981 properties valued at RM7.23bil were transacted, reflecting 13.9% and 33.9% increase in volume and value, respectively, year-on-year.
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“As more businesses are allowed to operate, the Penang property market has generally rebounded.”
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CBRE|WTW is optimistic that the rebound will extend into this year.
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“However, the rebound would be gradual as the pandemic lingers on, along with a sluggish economy and higher cost of living.”
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CBRE|WTW also expects to see more bargain hunting for residential units this year.
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“The overhang remains a concern. Prospective purchasers can negotiate for more discounts in addition to the incentives offered,” it says.
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According to the National Property Information Centre (Napic), there were 30,290 unsold completed residential units (overhang) worth RM19.75bil as at September 2021, compared with 30,926 units worth RM19.99bil in the previous corresponding period.
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Of the 30,290 overhang units, 18,829 units (or 62.2%) comprised high-rise units, while 6,803 units (22.5%) consisted of terrace houses.
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The bulk of the overhang units were focused mainly in Johor (6,441 units), Penang (4,638 units), Kuala Lumpur (3,863 units) and Selangor (3,376 units).
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Napic says 33.7% of the overhang properties consisted of units ranging between RM500,000 and RM1mil, while 28.4% comprised units ranging between RM300,000 and RM500,000.
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Units below RM300,000 comprised 25.5% of the total overhang, while units above RM1mil (12.4%) consisted of the remaining unsold units during the period under review.
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Knight Frank concurs that the overall property overhang status continues to remain elevated, especially in the high-rise residential segment.
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“The performance of the residential sub-sector is improving gradually, registering higher volume and value of property transactions as of the third quarter of 2021,” it says.