KUALA LUMPUR: These days, Mr Low Chung King, the secretary-general for the Hardware and Building Materials Merchant Association of Kuala Lumpur ...
KUALA LUMPUR: These days, Mr Low Chung King, the secretary-general for the Hardware and Building Materials Merchant Association of Kuala Lumpur and Selangor, often field requests for assistance from members facing supply issues.Advertisement
Although the sales of household DIY items had increased, these only constituted about 20 per cent of retailers' revenue, he explained.Their main earnings were from bulk sales of hardware and construction material to construction projects, which were affected by restrictions to combat the spread of COVID-19.
Even with working from home and keeping overheads low, Mr Veerasamy said without the moratorium, he might have had to default on his home installments by May. Under the moratorium announced by the government, all loans were automatically deferred for six months. But there are now calls for Putrajaya to extend the moratorium.
For the minority who opted out of the moratorium, Mr Kang added, many of them were in essential businesses such as food and beverage, or manufacturing medical equipment. This allowed them to carry on as usual. For some, their revenue went up. An alternative, he added, was for the government to come up with more loan facilities to help SMEs with their cash flow problems during the recovery period.
“The concept is simple, if our household debt is low, they would have more cash in hand, and be able to spend it in the economy during the crisis even without a loan moratorium,” he said.From the business side, Mr Adli explained that companies would struggle to make ends meet, when household spending begins to dry up.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore's 4 Budgets 'effective', residents have felt the 'flow of benefits': Heng Swee KeatSINGAPORE: Singapore's four Budgets have been “effective” in keeping residents employed, said Deputy Prime Minister Heng Swee Keat on Saturday ...
Read more »
PM Abe's name dragged into cash-for-votes scandalTOKYO - Japan's beleaguered ex-justice minister, who has been arrested over election bribery allegations, cited Prime Minister Shinzo Abe when he exerted pressure on recipients to accept cash handouts.. Read more at straitstimes.com.
Read more »
South Africa to reopen casinos, cinemas despite COVID-19 spreadJOHANNESBURG: South Africa will allow casinos and cinemas to reopen and restaurants to resume sit-down meals on Monday in a further easing of ...
Read more »
Coronavirus: South Korea continues to see cluster outbreaks despite strict social distancingSEOUL - First it was an outbreak of the coronavirus in Seoul's nightclub district. Cluster infections detected at a logistics centre, a door-to-door sales company targeting the elderly, a ping ping club, a car enthusiast club gathering near the Han River, and the latest, an overnight church camp, followed.. Read more at straitstimes.com.
Read more »
Tennis: Murray on right track despite Evans defeatAndy Murray insists he is on the right track following his return from injury despite losing to Dan Evans in the semi-finals of the 'Battle of the ...
Read more »