Global wealth surges as China overtakes US to grab top spot
Global wealth tripled over the last two decades, with China leading the way and overtaking the US for the top spot worldwide. That’s one of the takeaways from a new report by the research arm of consultants McKinsey & Co that examines the national balance sheets of 10 countries representing more than 60% of world income. Net worth worldwide rose to US$514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization (WTO), speeding its economic ascent. The US, held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion. As computed by McKinsey, 68% of global net worth is stored in real estate. The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents. Financial assets are not counted in the global wealth calculations because they are effectively offset by liabilities. (The Star)
Singapore-Malaysia land VTL expected to be launched in few weeks’ time
A land Vaccinated Travel Lane (VTL) with Malaysia is expected to be launched in a few weeks’ time, says the Singapore Multi-Ministry Taskforce on Covid-19. “Our discussions with Malaysia on a VTL-like arrangement for our land links has progressed well,” co-chair Gan Kim Yong said. Both countries had, on Nov 8, announced that they will launch a VTL between Changi Airport and Kuala Lumpur International Airport (KLIA) from Nov 29, 2021. The Malaysian High Commissioner to Singapore Datuk Azfar Mohamad Mustafar had recently said the relevant agencies in Malaysia and Singapore were ironing out related issues such as health, testing regimes and cross-border processes. “For a start, we would need to have a controlled opening. That means limiting the number of daily commuters,” he was quoted as saying. To a question that as an initial move, the land VTL would be open to those using public transport such as trains and buses, Dr Azfar said: “I think this will be easier to manage instead of allowing people to drive their own cars and motorcycles across the Causeway.” (The Star)
Health minister urges vigilance after cholera case confirmed in Petaling district
Health Minister Khairy Jamaluddin today asked members of the public to watch their personal and food hygiene after a cholera case was detected in the Petaling district of Selangor. “Members of the public are advised to only drink treated/boiled water, watch personal hygiene, do not eat raw food/not properly cooked,” he tweeted, adding that more details would be released later. Cholera is an intestinal disease typically resulting from bacterial infection. Though usually mild, infection can be severe and potentially lethal if not properly treated. In September, Science, Technology and Innovation (Mosti) minister Datuk Seri Dr Adham Baba said that a locally produced cholera vaccine will begin its first clinical trials by the end of this year. (Malay Mail)
Kedah’s 4D outlet ban a slippery slope for Malaysia and investors
Kedah’s ban on numbers forecast operators will have far-reaching consequences for Malaysia’s larger economy and its reputation as a moderate Islamic country, according to economists. They warned that the move should not be seen only as a state issue, but one that would have ramifications on federal coffers at a time revenue was shrinking, on investor confidence in the middle of economic downturn, and which would fuel illegal activities. Aside from driving gambling activities underground and causing the federal government to lose out on tax revenue, the state’s move would also affect how Malaysia was viewed both by its own citizens and foreigners, they explained.” Together with the recent Timah incident, the banning of liquor sale in some Kuala Lumpur outlets and so on, it paints a uniformly intolerant image of the country that would no doubt make foreign investors think twice about committing investments here,” said one economist. (Malay Mail)
Landlord123 launches Lite version for simplified rental property management
Rental property management for landlords has become even easier with the launch of Landlord123 Lite mobile application. Landlord123 Lite is a simplified version of their full-fledged rental property management app, Landlord123. The Lite version is targeted towards landlords who need a simple rental management app that allows them to keep track of rental collection and record expenses for their rental property. It has three main features, which is rental collection, expense recording, and financial reporting. The app has a user-friendly and intuitive interface which is easy for landlords to use, especially those who are just starting their property management business. (Yahoo Finance)
Property expo in Negri Sembilan to feature 12 developers
The Negri Sembilan Malaysia Property Expo (Mapex 2021) Home Ownership Campaign is back after a two-year hiatus with 2,383 units worth RM1.29bil up for sale. Twelve developers will take part in the three-day event to be held at Seremban Prima from Nov 19. State Rehda chairman Desmond Yap said apart from encouraging home ownership, the event was also being held to clear some of the unsold properties in the state. He said various types of properties would be up for sale at Mapex Negri Sembilan. These include single, double and three-storey terrace houses and semi-D units, single and double-storey bungalows, bungalow lots, townhouses and apartments. Among the incentives offered by some of the developers are legal fee exemptions for sale and purchase and loan agreements, a year’s free security and maintenance fee, complimentary club subscription fee, zero per cent instalment plan and a year’s Unifi service. Stamp duty will also be borne by the developers. (The Star)
