9 October 2019: Subsidise public transport, not fuel; Leisure travel priority for retired Malaysians

Jomo: Subsidise public transportation, not fuel
Prominent economist Professor Dr Jomo Kwame Sundaram has urged the government to subsidise public transportation instead of giving fuel subsidies as this would help the masses reliant on the former. He said the government should think about subsidising public transportation for the bottom 70% who depend on public transport, and think less about the top 30%. “The Malaysian government has been trying to reduce this subsidy. Fuel subsidies in all countries are basically benefitting the middle class rather than the low-income group,” Jomo said, adding that Malaysia is one of the countries with the highest car ownership in the world. (The Edge)

SDB hopes for more flexible lending guidelines to revive property sector
Property developer Selangor Dredging Bhd (SDB) wants the government to introduce a policy that provides first-time property purchasers a higher margin of financing and a longer loan tenure of 45 or 50 years. In its wish list for Budget 2020, the company expressed hope that the government would introduce policies and incentives to further revive the local property sector, with emphasis placed mainly on helping Millennials (those born in the ’80s to mid-’90s) to own their first homes. SDB group managing director Teh Lip Kim also urged the government to extend the Home Ownership Campaign (HOC) campaign beyond 2019, and introduce cost-sharing mechanisms with the relevant service providers during development phases. In addition, the company also wished the government could simplify the process of applying for Bumiputera quota release. (The Edge)

Axis REIT buys industrial property in Nilai for RM50m
Axis REIT is buying a property in the industrial area of Nilai from K-Plastics Industries Sdn Bhd for RM50 million in cash. The acquisition will be accretive to Axis REIT’s distributable income, and enable the fund to strengthen its portfolio of industrial properties. The leasehold land with a gross floor area of 246,500 sq ft houses a single-storey factory with a double-storey office annexed. It is currently used for the manufacturing and sale of plastics and packaging products. (The Edge)

Insurance premium discount for careful drivers from January 2020
Careful drivers will get discounts on their insurance premium starting from January, said Transport Minister Anthony Loke. Through this initiative, drivers who do not have any traffic offence will be rewarded with lower insurance premium or additional discount on their No Claim Bonus (NCB), he said. He said the process of updating and sharing of driver information from the record system of Mysikap of Road Transport Department (RTD) and the Royal Malaysia Police (PDRM) is now in the final stage and will be announced by the end of the year. He said discussions were also held with the General Insurance Association of Malaysia (PIAM) whichalso agreed for the move to be implemented to raise the level of safety on the road. (Malay Mail)

KLIA (Source: Rojak Daily)

Leisure travel is top retirement priority among affluent Malaysians
An independent study by Standard Chartered Malaysia has revealed 78% of affluent Malaysians view travel as an ideal retirement lifestyle. However, only slightly more than half of those surveyed felt that they were financially on track to achieve the retirement lifestyle they desire. When it comes to retirement planning, affluent consumers in Malaysia flagged insufficient awareness of the investment opportunities that generate adequate returns, unfavourable global financial climate (46%) and lack of trusted financial advisors (34%) as main factors. About 53% of affluent Malaysians who started planning and feel on track took opportunities to invest in property for rental yield. The study showed that apart from Malaysia, respondents from China, Hong Kong, Singapore and Taiwan would also prefer travelling as the ideal retirement lifestyle. (The Edge)

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