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O&G service providers earnings to remain resilient

O&G service providers earnings to remain resilient
themalaysianreserve.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themalaysianreserve.com Daily Mail and Mail on Sunday newspapers.

Govt may cut Budget 2021 spending on lower revenue

THE government will likely reduce spending in the upcoming federal budget as concerns over a new wave of Covid-19 cases are expected to put further pressure on revenues already hurt by low crude oil prices.Putrajaya had rolled out stimulus packages worth RM305 billion since the start of the pandemic and had raised its debt-to-GDP ceiling to 60% for the first time in over a decade last August.Last year’s budget set aside RM297 billion for both operating and development expenditures, a drop of 5.6% compared to Budget 2019, due to expectations of a revenue shortfall by about 7%.

New heights seen for gold as coronavirus continues to spread globally

GOLD prices are expected to continue trending upwards as investors keep rolling the dice following risks incurred from Covid-19, which has spread into new territories and disrupted economies worldwide.Gold, as a safe-haven asset, has rallied 7% from the uncertainty caused by the Covid-19 virus. In 2019, it posted stellar returns of 19% due to the trade tensions between the US and China.“As the extent of the virus has not been fully quantified and its economic effects are now only surfacing with companies guiding lower earnings, there is more upside for gold,” StashAway Malaysia Sdn Bhd country manager Wong Wai Ken told The Malaysian Reserve (TMR) recently.

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