logo
Sabah announces free personal insurance for all residents starting next month

Sabah announces free personal insurance for all residents starting next month

Yahoo09-04-2025

KOTA KINABALU, April 9 — The Sabah state government has approved a new group insurance scheme that will provide free personal accident coverage to 3.5 million state residents, Finance Minister Datuk Seri Masidi Manjun announced today.
The scheme, which will be implemented through Progressive Insurance Bhd, a state-owned company, is fully funded by the state government.
"This initiative underscores our commitment to safeguarding the well-being of Sabahans, particularly those in the B40 income group, and easing their financial burden in times of need," Masidi said.
It will automatically enrol all eligible residents, aged between one month and 80 years, for free personal accident coverage valued up to RM10,000. Additionally, a funeral benefit of RM500 will be provided.
The insurance coverage will be offered for three years, from May 1 this year, until April 30, 2028.
Masidi said claims will be processed quickly, with payouts expected within 14 to 30 days upon submission of complete documentation.
Progressive Insurance will release detailed information on eligibility requirements, claim procedures, and necessary documentation, the minister said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Live Updates: Over 260 Dead After Air India Crash, Official Says, With One Survivor
Live Updates: Over 260 Dead After Air India Crash, Official Says, With One Survivor

New York Times

time41 minutes ago

  • New York Times

Live Updates: Over 260 Dead After Air India Crash, Official Says, With One Survivor

Boeing suffered another setback on Thursday, when a crash of one of its passenger jets in western India renewed scrutiny of the company's safety record following a yearslong quality crisis. It could take months or years to determine the cause of the crash, in which an Air India passenger plane, a Boeing 787 Dreamliner carrying 242 passengers and crew members, slammed into a medical college in Ahmedabad, in the Indian state of Gujarat. Manufacturing issues may ultimately have little to do with what went wrong, but the episode — the first fatal crash involving a Dreamliner — could still lead to more scrutiny into concerns about Boeing's production practices that go back years. 'Our deepest condolences go out to the loved ones of the passengers and crew on board Air India Flight 171, as well as everyone affected in Ahmedabad,' Kelly Ortberg, Boeing's chief executive, said in a statement. Mr. Ortberg also said that he had spoken with N. Chandrasekaran, the chairman of Tata Group, the conglomerate that owns Air India, and offered Boeing's support. The company said it had a team ready to help with the investigation, which is being led by India's aviation regulators. Plane crashes are typically caused by multiple factors that can include things like bird strikes, pilot error, manufacturing defects and inadequate maintenance. Early hypotheses are often ruled out during lengthy, technical crash investigations. The first Dreamliner was delivered in 2011 to All Nippon Airways, Japan's largest airline. There are more than 1,100 in service today, including nearly three dozen operated by Air India, according to Cirium, an aviation data firm. The plane involved in the crash on Thursday was delivered to Air India in January 2014 and had accumulated more than 41,000 flight hours, according to Cirium. The plane had taken off or landed nearly 8,000 times over its life, a typical amount for a Dreamliner of that age. Thursday's crash comes as Boeing is still dealing with repercussions from two deadly accidents involving its 737 Max plane in 2018 and 2019 that killed 346 people. The company reached a deal with the Justice Department last month, which would spare Boeing from taking criminal responsibility for the crashes. Boeing has agreed to admit to obstructing federal oversight, pay a fine, contribute to a fund for the families of the victims and invest in safety and quality programs. The agreement, which requires the approval of a judge, was opposed by some of the families of crash victims. The airplane manufacturer has faced other prominent safety issues in recent years. In January 2024, a hole blew open on a new 737 Max 9 during an Alaska Airlines flight, exposing passengers to forceful winds. Boeing told regulators last August that it would redesign the panels to better detect any malfunctions. That episode prompted widespread reforms at the company. Among them was an overhaul of senior management, including its chief executive, substantial changes in quality processes and procedures, increased regulatory scrutiny and Boeing's purchase of a major supplier of Max bodies. The Dreamliner has been the subject of quality concerns, too. Deliveries of the plane were paused for more than a year until the summer of 2022, when the Federal Aviation Administration approved a Boeing plan to make some fixes that included filling paper-thin gaps in the plane's body and replacing certain titanium parts that were made with the wrong material. Those problems had no immediate impact on the safety of Dreamliners, Boeing said at the time. Last year, the F.A.A. investigated claims by a Boeing engineer who claimed that the company had taken shortcuts around the time of the delivery pause in fitting together parts of the Dreamliner fuselage, or body. The whistle-blower, Sam Salehpour, said that the improper procedures could cause premature damage over years of use. Boeing disputed the claim, including at a briefing last year for reporters at the factory in North Charleston, S.C., where the Dreamliner has been assembled for years. Two top Boeing engineers said then that the company had found no evidence to support the whistle-blower's concerns after conducting exhaustive tests, inspections and analyses of the plane during its development and in recent years. One 787 airframe had been subjected to testing that put it through 165,000 'flight cycles,' the equivalent pressurization and depressurization of that many flights. That figure far exceeded the plane's expected useful life and the airframe still showed no signs of fatigue, Steve Chisholm, a vice president and the functional chief engineer for mechanical and structural engineering at Boeing, said at the briefing in South Carolina. Boeing also said then that nearly 700 Dreamliners had gone through thorough six-year maintenance checks, and eight had gone through 12-year checks. Mechanics found no signs of premature fatigue in those jets, either, according to the company. Other whistle-blowers have raised concerns about the South Carolina factory where the Dreamliner has been assembled for years. Among them was John Barnett, a former quality manager with almost three decades of experience at Boeing, who went public with his concerns about shoddy practices in 2019. Mr. Barnett killed himself last year after a yearslong legal battle with the company, which he accused of retaliating against him for raising his concerns. Last month, Boeing settled a lawsuit with Mr. Barnett's family concerning his death. But the Dreamliner involved in Thursday's crash predated those concerns: It was built years earlier in Seattle and delivered to Air India in 2014, according to Cirium. Mr. Ortberg, who took over as Boeing's chief executive last summer, described 2025 as 'our turnaround year' in a message to employees in April, when the company released better-than-expected quarterly financial results. At the time, the company said it had stabilized Dreamliner production at five planes per month, but planned to increase that to seven later in the year. The company's shares were down about 5 percent in midafternoon trading Thursday. Air India, one of the country's biggest carriers, had a cluster of dangerous incidents about 15 years ago. Before Thursday's crash, the airline's last fatal crash was in August 2020. The airline, which was taken over by the Tata Group in 2022 after decades of government ownership, has been working in recent years to improve its safety record and upgrade and expand its plane fleet. Alex Travelli and Pragati K.B. contributed reporting.

Morgan Stanley says the new 'bull case' for stocks is emerging
Morgan Stanley says the new 'bull case' for stocks is emerging

Yahoo

time7 hours ago

  • Yahoo

Morgan Stanley says the new 'bull case' for stocks is emerging

-- Morgan Stanley analysts said in a note Thursday that they believe a "new 'bull case' is emerging" for stock markets. It follows a rebound driven by a "near complete reversal on 'reciprocal tariffs' and a successful de-escalation of trade tensions with China within the last 30 days." The bank says the recovery has allowed risk markets to fully regain ground from their post-"Liberation Day" drawdown, with year-to-date returns now in the "green." Morgan Stanley notes that the S&P 500 stands at approximately 6,000, roughly 2.3% off its February 19 all-time highs, while the NASDAQ has "surged more than 25% from its lows." Market volatility, as measured by the VIX, "has sharply decreased, with readings now below its five-year average," wrote the bank. According to Morgan Stanley, this emerging "bull case" is premised on several key beliefs. First, the "belief that tariffs are a non-event, manageable unknown," and secondly, the "belief that 2025 earnings don't matter," with "earnings revisions for 2026 turning less negative," and a weak U.S. dollar seen as a positive. Furthermore, there is the "belief that inflation risks are over-estimated; low oil prices a tailwind; Fed will commence rate cutting soon," the "belief in front end loaded corporate tax cuts" driving a "capex and productivity boom," and the conviction that "Gen AI is in the very early innings." Morgan Stanley notes that "2026 S&P 500 earnings are expected to show accelerating growth from 2025's 7-8% to 13-14%." However, they also caution that the recovery of equity valuations has pushed the price-to-forward earnings ratio above "21.5x," and the "equity risk premium sits at a paltry 6bps." Risks are said to include steepening "Global yield curves" and widening U.S. budget deficits, which Morgan Stanley views as a potential "headwind to American Exceptionalism." Related articles Morgan Stanley says the new 'bull case' for stocks is emerging Barclays sees 5-10% upside for U.S. defense on stronger European budgets FTSE 100 today: shares gain as U.K. GDP falls; Pound above $1.35; Tesco gains Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Barclays Rises 32.3% YTD: Is it the Right Time to Buy the Stock?
Barclays Rises 32.3% YTD: Is it the Right Time to Buy the Stock?

Yahoo

timea day ago

  • Yahoo

Barclays Rises 32.3% YTD: Is it the Right Time to Buy the Stock?

Year to date, shares of Barclays PLC BCS have risen 32.3%. The stock has outperformed the S&P 500 index, the Zacks Finance sector, and the industry. Meanwhile, it has underperformed its close peer, Deutsche Bank DB, while outperforming HSBC Holdings PLC HSBC. Year-to-Date Price Performance Image Source: Zacks Investment Research However, lingering uncertainty around tariff policies continues to pose risks. Given this backdrop, let's assess whether Barclays stock is a lucrative bet or not. Restructuring Efforts to Boost Profitability: Barclays has been taking steps to divest unprofitable/less profitable operations and save expenses through business streamlining, while deploying capital into higher revenue-generating February 2025, Barclays sold its consumer finance business in Germany. Last year, the company transformed its operating divisions and divested its Italian mortgage portfolio and $1.1 billion in credit card these efforts, Barclays recorded gross savings of £1 billion in 2024 and £150 million in the first quarter of 2025. The company aims to achieve gross efficiency savings of £0.5 billion this year. By 2026, management expects total gross efficiency savings to be £2 billion and the cost-to-income ratio to be in the high 50s. Its first-quarter 2025 cost-to-income ratio was 57%.The company is investing these savings in high-growth businesses and markets. This April, Barclays entered into a collaboration with Brookfield Asset Management Ltd. to reshape its payment acceptance business with plans to inject roughly £400 million. In March, the bank had announced a capital injection of more than INR2,300 crore (£210 million) into its India operations, following an injection of almost INR3,000 crore (£300 million) in 2021. Last year, the company acquired Tesco's retail banking business, which complements its existing business. In 2023, Barclays acquired Kensington Mortgage, which bolstered its mortgage redeployment of capital into higher-growth businesses and markets through improving efficiency is a multifaceted approach to boosting profitability. Barclays remains committed to this approach, which is likely to help improve profitability over Capital Distributions: As of March 31, 2025, Barclays' liquidity coverage ratio and net stable funding ratio were 175.3% and 136.2%, respectively, well above the regulatory requirements. This indicates a solid liquidity and funding profile. Thus, a solid balance sheet position supports its enhanced capital company has been paying dividends regularly and plans to keep the total dividend payout stable at the 2023 level, with progressive dividend plans to return at least £10 billion of capital to shareholders between 2024 and 2026 through dividends and share buybacks, with a continued preference for bank has increased dividends six times in the past five years with an annualized growth rate of 45.04%. It has a dividend payout ratio of 28%. Barclays Dividend Yield Image Source: Zacks Investment Research Over the past two months, the Zacks Consensus Estimate for 2025 earnings per share has been revised 6.2% and 3% upward to $2.23 and $2.73, respectively. Estimate Revision Trend Image Source: Zacks Investment Research The Zacks Consensus Estimate for Barclays' 2025 and 2026 earnings implies year-over-year growth of 21.2% and 22.6%, respectively. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) BCS stock is currently trading at a forward 12-month price/earnings (P/E) of 7.17X. This is below the industry's 9.4X, reflecting an attractive valuation. Price-to-Earnings F12M Image Source: Zacks Investment Research On the other hand, Deutsche Bank and HSBC have a forward P/E of 8.31X and 8.64X, respectively. This reflects that Barclays is trading at a discount compared to its peers. Entering 2025, a major rebound in mergers and acquisitions (M&As) was expected, with deal-making activities likely to grow in the mid-20s. This optimism stemmed from pent-up demand, stabilizing or declining interest rates, tightening credit spreads, and strong public market valuations. Also, the Trump administration was perceived as business-friendly, with an expected removal of stringent oversight that could mark the end of the prolonged regulatory of these has transpired till now. Deal-making activities have been muted as ambiguity over the tariff and ensuing trade war has resulted in extreme market volatility. These developments have led to economic uncertainty. Against such a backdrop, companies are rethinking their M&A plans despite stabilizing rates and having significant investible management expects investment banking risk-weighted assets (RWAs) to be 50% of the Group RWAs in 2026. Further, the delay in the M&A rebound will impact the IB business of other global banks, including HSBC and Deutsche Bank, impacting revenue growth to some extent. Barclays' restructuring efforts to boost efficiency and redeployment of capital to higher revenue-generating businesses are likely to help the company's financials. Further, a solid liquidity profile enables sustainable capital distributions. Bullish analyst sentiments and attractive valuations are other the bank's core operating performance remains a concern. Net interest income (NII) and net fee, commission, and other income have been witnessing a volatile trend over the last several quarters owing to a tough operating backdrop. Though NII and net fee, commission, and other income rose in 2024 and in the first quarter of 2025, in light of structural hedges and Tesco bank buyout, the uncertainty about the performance of the capital markets might weigh on the company's top line, which makes us apprehensive about its growth prospects. Further, the likelihood of a significant IB rebound this year remains low amid concerns regarding tariff policies, making BCS stock a cautious shareholders may benefit from holding for strong long-term returns, while potential investors should wait for greater macroeconomic clarity before taking a currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Barclays PLC (BCS) : Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store