The state Health Department has submitted a risk analysis to the Health Ministry on the Covid-19 situation in Penang to enable the National Security Council (NSC) to decide on whether the next phase of the restricted movement should be implemented here.

Penang logged 305 positive Covid-19 cases today, bringing the total cumulative cases to 20,945.

There are 14 active clusters today, of which eight are from the manufacturing sector, education institution (two clusters), social activity (two clusters) and one cluster each involving a detention centre and a construction site.

Chief Minister Chow Kon Yeow said daily surveillance showed an increasing trend of the Covid-19 cases since the 17th epid week. The R-naught (Rt) had also increased to 1.13 yesterday.

“Also, all five districts are in the red zone, with the northeast district recording 722 active cases in the past 14 days.

“Penang is also beginning to report schools and social activity clusters,” he said today.

Chow said sporadic cases also showed a visible increase since April 30.

“As such, it is everybody’s responsibility to ensure they continue to strictly comply with the standard operating procedures (SOP) in place to break the infection chain.

“We should not let our guard down at any time,” he added.

Source: NST Online

Artist’s impression of STP2

Kerjaya Prospek (M) Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Group Bhd (Kerjaya), has bagged a RM28.4 million contract from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd.

The group said the contract entails the execution and completion of site works and earthworks; foundation piling system and pile caps construction; basement construction and all associated works for the proposed construction of two 35-storey serviced apartment blocks and one level basement in Seri Tanjung Pinang, Penang.

“The contract shall commence on May 18, 2021, to be completed within 12 months from the commencement date,” it said in a filing with Bursa Malaysia today.

The group said the contract would bring its year-to-date contract replenishment for 2021 to RM384.5 million and was expected to provide an additional revenue stream for the group for the next one year.

Kerjaya executive chairman Datuk Tee Eng Ho said the contract was the third job win for the group this year, adding that the contracts were expected to contribute positively to the group’s earnings and net assets per share for the financial years 2021 and 2022.

Source: Bernama

About M Vista @ Southbay

A low density residential development by Mah Sing Group, part of the company’s Southbay township development at Batu Maung. It is located just a stone’s throw away from Free Trade Zone, less than 5 minutes drive to Penang Second Bridge.

This development features 237 residential units with built-up size ranges from 534 sq.ft. to 1,201 sq.ft.

Find out more about M Vista @ Southbay

HSBC Global Research expects Bank Negara Malaysia (BNM) to keep the Overnight Policy Rate at 1.75% at its third Monetary Policy Committee meeting on Thursday.

In a research note yesterday, its chief economist for ASEAN, Joseph Incalcaterra, said despite downside risks to BNM’s economic growth forecast, there was a high bar for further monetary policy accommodation.

“BNM can count on manufacturing growth to provide support to the economy and employment.

“The government has also secured enough vaccine doses to enable the country to achieve some form of herd immunity by end-2021, despite supply challenges and signs of vaccine hesitancy in the short term,” he added.

He pointed out that despite a slow start to vaccinations, Malaysia was one of only a few Asian economies that might reach herd immunity this year.

Incalcaterra said HSBC Global Research expected the upward momentum for export to be sustained after the country recorded a 31% year-on-year increase in March, which was driven by a 47.1% jump in electronics exports.

He added that activity in Malaysia’s manufacturing and export sectors continued to roar, in line with the expectation that export growth would accelerate due to soaring demand for Malaysia’s semiconductor exports.

He attributed this in part to a large share of automotive chip production, coupled with higher commodity export volumes.

Moreover, Incalcaterra said headline inflation was likely to continue rising in 2021 due to base effects and higher energy prices.

“While BNM can look through this volatility, it would reduce the likelihood of further easing as the real policy rate buffer evaporates.

“BNM also remains focused on elevated household debt growth and can rely on still-expansionary fiscal policy to provide targeted support to the economy,” he added.

He noted that Malaysia appeared to be in the midst of a worrying fourth wave of Covid-19 infections, with daily new cases now exceeding 3,000 and hospital occupancy rates around Kuala Lumpur being alarmingly high.

“Some degree of further restrictions appears likely, and mobility and consumer spending may soften further in the coming weeks.

“This could significantly derail the pace of the recovery in the second quarter,” said Incalcaterra.

Source: Bernama

About The Stone

An affordable housing development by PLB Land in Paya Terubong, Penang. It is located immediately opposite Majestic Heights, only 1km away from EcoTerrace condominium by EcoWorld. Featuring 1,000 units of affordable houses, with a standard built-up size of 1,000 sq.ft.

Find out more about The Stone