MONEY MASTER

Sluggish Tourism Recovery Weighs on Downtown Malls According to S&P Global Ratings’ latest annual report on Southeast Asia’s major property players, Singapore’s retail sector is set to face  slower growth momentum  in the coming quarters. The drag comes primarily from a  weaker-than-expected tourism recovery , dampened by global macroeconomic uncertainties and the strength of the Singapore dollar. While Singapore’s active  event and business calendar  should lend some support to inbound travel, muted tourist spending is expected to weigh disproportionately on the performance of  downtown malls , where foreign visitors typically account for a significant portion of retail sales. Suburban Malls Show Defensive Strength In contrast,  suburban malls  continue to demonstrate resilience. Their heavy reliance on  domestic demand and recurring footfall from nearby residential populations  provides a stable earnings base. This defensive positi...

Higher Finance Costs, Weaker Revenue Impact Earnings Genting Bhd (KL:GENTING) reported a net loss of RM169.39 million for 4QFY2024 , reversing from a  RM150.99 million profit a year earlier . The group's  first quarterly loss since 4QFY2022  was driven by  higher finance costs, net impairment losses, and increased losses from joint ventures and associates . Quarterly revenue fell 5.3%  to  RM6.88 billion  due to  weaker performance in the leisure and hospitality segment , exacerbated by the  strengthening of the ringgit against key foreign currencies . Dividend Declared at Lower Payout Final dividend of 5 sen per share , down from  9 sen last year , bringing  total FY2024 dividend to 11 sen per share , compared to  15 sen in FY2023 . Financial Performance Breakdown Adjusted EBITDA down 27% YoY  to  RM1.68 billion  from  RM2.29 billion . Finance costs rose 35.1%  to  RM513.36 million . Impairment lo...

AirAsia X Bhd recorded a 41% surge in passenger numbers in 2024 , carrying  over 4 million travelers , while  seat capacity grew 35% year-on-year (y-o-y) to 4.8 million . The airline’s  passenger load factor (PLF) improved to 83% , reflecting  strong demand for travel . 📈 Strong Growth in Passenger Traffic & Capacity 🔹  Total passengers in 2024:   4 million  (+41% y-o-y) 🔹  Total flights:   13,262  (+35% y-o-y) 🔹  Available seat per kilometre (ASK) capacity:   20.37 billion  (+31% y-o-y) 📌  4Q2024 Performance: Passengers carried:   1.1 million  (+20% y-o-y) Seat capacity:   1.3 million seats  (+20% y-o-y) PLF:   82%  (unchanged y-o-y) ASK capacity:   5.79 billion  (+21% y-o-y) Revenue seat per kilometre (RPK):   4.71 billion  (+23% y-o-y) 💬  AirAsia X:   "Demand for travel remains robust, supporting continuous growth in our network expansion." ✈️ Ex...

Philippine Airlines Inc. is scaling back its flights to China, joining other carriers in reducing operations amid sluggish travel demand and deteriorating diplomatic relations between Beijing and Manila. Stanley Ng , the chief executive officer of the Philippines’ national airline, confirmed the reductions to Bloomberg News . The decision comes after similar cutbacks from Cebu Pacific Air and Philippines AirAsia in recent months, along with reduced services from China Southern Airlines Co. to the Philippines. Specific Reductions and Travel Trends The Manila-based airline plans to decrease its services to Beijing and Guangzhou in the coming months, according to scheduling data tracked by AeroRoutes . Flights to China have not rebounded to pre-pandemic levels, indicating a persistent decline in demand for travel to the region. This reduction follows Philippine President Ferdinand Marcos Jr. ’s recent ban on online casinos that catered to Chinese gamblers, citing concerns over crime ...

As China's Golden Week kicks off on October 1, Chinese travelers are flocking to Europe and other international destinations in one of the strongest travel rebounds since the country reopened its borders. According to Qunar and Trip.com , two of China's leading online travel agencies, bookings for overseas flights and hotels have more than doubled from last year. Notably, Europe has emerged as a top destination, with overseas car rentals surging by more than 150% and cruise vacations skyrocketing seven-fold, as reported by Fliggy , Alibaba Group’s travel arm. While Asia remains a favorite, with destinations like Japan and Malaysia seeing high demand, many Chinese tourists are opting for long-haul trips to locations such as Belgium , Croatia , the Nordic countries , and the United Arab Emirates . "We expect this Golden Week to approach pre-pandemic travel levels," noted Dragon Trail International , a firm that monitors Chinese travel trends. The recovery of...

Malaysia is set to enhance its cooperation with Kyrgyzstan, focusing on the halal industry, tourism, and educational development , according to Malaysian Ambassador Ilham Tuah Illias. During an interview with Kabar news agency, Ambassador Ilham Tuah Illias outlined plans to further deepen bilateral ties between Malaysia and Kyrgyzstan . A key point of discussion was expanding trade cooperation and educational exchanges . The possibility of establishing a branch of the University of Malaya in Kyrgyzstan was considered, potentially offering Kyrgyz students opportunities to learn and improve their English language skills. In the realm of tourism, Ambassador Ilham Tuah highlighted Malaysia’s interest in attracting more tourists from Kyrgyzstan. Given Kyrgyzstan’s landlocked status and Central Asian affinity for beaches, Malaysia could be an appealing destination. Additionally, plans are underway for Malaysia Airlines to introduce direct flights between the two countries, further facilita...

South Korea is set to develop a new entertainment hub to rival Hollywood, aiming to capitalize on the global success of its pop culture phenomena like BTS, Squid Game, and Blackpink. Key Highlights: Entertainment City Development : The South Korean government plans to create a large-scale entertainment city by 2035, spanning 3.3 square kilometers. The city will be dedicated to film, television, music, and other arts, featuring specialized schools, content production facilities, and full-scale replicas of Joseon dynasty palaces to support film and drama production while attracting tourists. Government's Strategic Blueprint : South Korea's Culture Minister, Yu In-Chon, stated that the government would provide the necessary infrastructure and draw a blueprint, hoping to attract investments from companies in telecommunications, internet, and financial services. Economic Impact and Tourism Goals : South Korean content generated around 151 trillion won (US$114 billion) in revenue las...