Impact from lockdowns to get more severe

Recession worry: A woman and child walking past shuttered downtown clothing shops in Los Angeles. In the United States, there is a lot of uncertainty on how things will turn out, as the control measures involve social distancing and closure of shops only. — AFP

DAY in, day out, we are warned of “more pain to come”, markets and economies in “free fall”, and “the deepest recession on the record.”

Swift on the heels of news that Covid-19 infections worldwide had hit over a million, came the latest data of 10 million US jobless claims in two weeks.

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Five apps to help you stay calm and connected during MCO

You can form a group of say, four people to have fun MCO-approved game nights. — Houseparty

You don’t have to feel isolated or stressed as you observe the movement control order (MCO), as you can use apps and games to stay in touch virtually, or help you relax.

Here are five apps for Android smartphones and iPhones to get you started.

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MCO: Malaysia extends operating permits for food, healthcare companies

KUALA LUMPUR (April 1): The Ministry of Domestic Trade and Consumer Affairs said today its permits for food and healthcare companies to operate during Malaysia’s Movement Control Order (MCO) has been extended to April 14 after the government decided to continue implementing the MCO to curb the Covid-19 pandemic.

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PM announces six-month postponement of loan repayment, restructuring of credit card balance, biz loans

KUALA LUMPUR (March 25): Prime Minister Tan Sri Muhyiddin Yassin has announced a six-month postponement of loan repayment and restructuring of credit card balance and business loans following the COVID-19 outbreak involving at least RM100 billion.

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Bank Negara grants six-month grace period for loans (updated)

KUALA LUMPUR: Banking customers, including individuals and small and medium sized enterprises (SMEs) will be allowed to delay the repayment of their existing loans, including mortgages and hire-purchases, for a period of six months.

This is part of the central bank’s new measures to assist borrowers experiencing temporary financial constraints due to the Covid-19 outbreak.

In a letter to the heads of financial institutions today, Bank Negara said the automatic moratorium will be effective from April 1.

“Banking institutions should provide individuals and SME borrowers with adequate information on how the suspended loan/financing repayments/payments will be treated during the moratorium period,” the central bank said.

The automatic moratorium is applicable to ringgit-denominated loans or financing that are not in arrears exceeding 90 days as at April 1, 2020.

The moratorium does not apply to credit card balances.

For outstanding credit card balances, Bank Negara said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years.

“For corporate borrowers, banking institutions are strongly encouraged to facilitate requests for a moratorium,” the letter stated.

By: Izwan Idris

Source: https://www.thestar.com.my/business/business-news/2020/03/24/bank-negara-grants-automatic-moratorium-on-loans-by-individual-and-small-businesses-for-six-months#.XnoG8BJN1sY.whatsapp