JOHOR BARU: An unemployed man had 10 charges against him in two magistrate’s courts here over an insurance scam involving more than RM1.2mil. Chong Chee Seng, 46, from Taman Soon Chong, in Chaah, Segamat, was alleged to have committed the offences from 1992 to 2002. He pleaded not guilty to all the charges. He was alleged to have committed the offences against two insurance companies at 101, Tingkat 1, Pan Global Plaza, Jalan Wong Ah Fook in Johor Baru, Johor. He was alleged to have submitted false death certificates, burial permits, police reports, attending physician’s statements and medical reports under the names of 10 people. He was also accused of cheating the insurance companies into making policy payouts over the alleged deaths of the policyholders. He was charged with five counts in each of the two magistrate's courts he was brought to. In the first court presided by magistrate Rasidah Roslee, the offences involved a sum totalling more than RM751,000. Rasidah fixed bail at RM39,000 for all the five charges. In the second court presided by magistrate Nor Shahid Abd. Malik, the sum involved in the charges was more than RM499,400 and bail was fixed at RM27,000. Both Rasidah and Nor Shahid fixed March 26 trial. The accused failed to post bail.
13 December 2007, By The Star
Saturday, December 15, 2007
10 charges, two courts for one insurance scam
EPF announces details for housing loan monthly instalment withdrawal
14-12-2007: EPF announces details for housing loan monthly instalment withdrawal
by Lim Yu Min
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: The Employees Provident Fund (EPF) on Dec 14 laid out details for the housing loan instalment monthly withdrawal that was first announced by Prime Minister Datuk Seri Abdullah Ahmad Badawi in Budget 2008 last September. Effective Jan 1 next year, EPF contributors can withdraw from their Account II to finance home purchases, it said in a statement. It said EPF contributors with a minimum balance of RM600 in their Account II could withdraw their savings to make monthly payments towards their housing loans, adding that the minimum monthly withdrawal is RM100 for a period of not less than six months, whilst the maximum amount for monthly withdrawal should not exceed the total monthly housing instalment It said the savings in Account II allocated for this withdrawal cannot be used for other withdrawals. Members must also be below the age of 55, and do not have any housing loan arrears. The EPF said the payments will be made directly to members’ personal bank accounts on monthly basis. It said that the EPF will revoke this monthly instalment withdrawal and members will not be eligible to apply for a similar withdrawal in the future in the event of the following: Currently, members are allowed to withdraw from their Account II for the purpose of building or purchasing a house and settling their housing loan. EPF said the conditions for the withdrawal are as follows: “Members intending to withdraw for the first time are required to complete EPF 9P (AHL) form and provide certified true copies of their identity card with either their bank books or account statements which are still active, confirmation letter on balance of housing loan, sales and purchase or house construction agreement, housing loan approval letter, mortgage form and title deed or deed of assignment." “For subsequent withdrawals, members need only complete the EPF 9P (AHL) form and submit copies of their identity card together with their bank books or account statements which are still active, and also the latest confirmation letter on balance of housing loan,” it said. For more information, visit the EPF website at www.kwsp.gov.my.
by theedgedaily.com
Wednesday, November 7, 2007
Bill Gates’s Wealth
At last count, Bill Gates had an estimated net worth of $42 billion dollars ($42,000,000,000.000). He has earned since his birth an average of $32.31 per heartbeat, and this is escalating. He recently donated $200 million to place computers in libraries across the country. This is 1/210 of his wealth. Here are some other things he could do:
- Pay NBA MVP Michael Jordan’s salary for 1,394 years.
- Give every man, woman and child on the face of the Earth $7.46.
- Pay every California Lottery prize for the next 34 years.
- Fund 158 Mars Pathfinder missions.
- Fund the US Department of Education for 19 years.
- Pay tuition for the residents of Seattle and Tacoma to go to the University of Washington for four years.
- Fund the US presence in the Persian Gulf for 11 months.
- Fund the US peacekeeping forces in Bosnia for 157 years.
- Buy 233,346,297 copies of Microsoft Windows 95.
- Buy 1,680,000,000 copies of his own book, buy more with his royalties from those sales, continuing the cycle and easily the best selling author of all time.
- Make Hanson the most successful musicians of all time by buying 3,529,411,765 copies of “Middle of Nowhere.”
- If he wanted to challenge George Lucas (worth only $2 billion), he could make 227 sequels to “Waterworld,” or 35,000 sequels to “Sling Blade.”
- At the median donation for spending a night in the White House, he could stay in the Lincoln Bedroom for 46,300 years.
- If he wanted to go on a killing spree in Los Angeles County, at the rate that Simpson was charged, he could kill 3,360 people and pay all his attorney fees and punitive damages.
- At the rate of 1/2 ounce per $27 million, he could pay Mike Tyson to eat 1/5 of Evander Holyfield.
- He could fly from Seattle to Paris and back on Air France 45,258,621 times.
- If he wanted to go to a local baseball game, he could buy Seattle Mariners season tickets, all of them, for 411 years, and with his spare change could buy the team and the Kingdome.
- At Denny’s, he could buy a “Grand Slam Slugger Breakfast” for 9,150,326,797 people.
- If he couldn’t get service, he could buy every man, woman and child in China a Big Mac Extra Value Meal, as long as no one “Super Sizes.”
- If they preferred, he could buy 17 billion packages of Top Ramen noodles.
- He must like coffee, and could buy over 6 billion pounds of French roast at his local Starbuck’s.
- Speaking of a cup of coffee, he could support one of those Sally Struther’s foreign kids for 113,341,969 years.
- Perhaps what he need to spend money on most is a new pair of glasses and some hair conditioner.
What do you think? We would appreciate if you could add a comment on this post…
Sunday, October 28, 2007
LIAM Calls For Higher Tax Relief For Medical Insurance - Bernama
According to the association, the current RM3,000 tax relief is not sufficient for a family to plan for their children's education needs and healthcare requirements.
"With the rising costs of education and medical treatment, Malaysians should be encouraged to take up financial planning," it said in a statement Tuesday.
LIAM said the combined tax relief of RM6,000 for life insurance/takaful premiums and contribution to the Employees Provident Fund (EPF) was inadequate.
The association proposed that a separate tax relief be given solely for life insurance premiums.
LIAM also proposed that private pension schemes be established by the government to enable the working population to plan for their retirement.
"The aim is to assist Malaysians to achieve financial independence after retirement. Relying on EPF savings alone is insufficient as retirees would have to ensure their life-time savings could last another 20 to 30 years," the association said.
"There is also a large group of self-employed (about 25 percent of the working population ) who may not have any retirement savings," it added.
Another proposal by LIAM called on the government to review the tax structure of life insurance business by removing the eight percent tax paid by policyholders.
"This is to make life insurance a competitive savings/protection plan compared to unit trusts and bank deposits which are generally tax-free," the association said.
-- BERNAMA
Implement National Health Insurance Carefully, Says Chua
KUALA LUMPUR -- The National Health Insurance Scheme, as proposed in the Ninth Malaysia Plan, has to be implemented carefully to ensure it is accepted by people at all levels of society, Health Minister Datuk Seri Dr Chua Soi Lek told the Dewan Rakyat Thursday. He said while the scheme was proposed with a noble intention to offset the high medical cost borne by the government and the people, the ministry was aware of the implications and obstacles from financing of the scheme. "Planning for the scheme will take into account studies commissioned by the government, inputs and feedback from various parties, including from the public and private sectors and non-governmental organisations. "The government is also studying various models, including experiences of foreign countries," he said in his written reply to Datuk Suhaili Abdul Rahman (BN-Labuan). The scheme, whose implementation mechanism and date have not been finalised, would provide the people better access to medical treatment and help check spiralling medical costs, he said. "The scheme will also provide more flexibility and freedom in opting for the preferred healthcare either in the public or private sector," he said. While the national insurance scheme was compulsory for all Malaysian citizens and permanent residents, the people would not be prevented from buying private health, accident or life insurance, he said. The government would ensure nobody was deprived access to quality, efficient and comprehensive healthcare, he added.
25 October 2007, By BERNAMA
Tuesday, July 24, 2007
Insurance offers protection, savings
18 July 2007, By New Straits Times
KUALA LUMPUR: Less than 40 per cent of Malaysians have insurance protection. Domestic Trade and Consumer Affairs Minister Datuk Shafie Apdal said this was because many did not realise that insurance not only provided protection but was also a form of savings. "This savings element can be used to meet future financial demands such as for education and family needs," he said at the launch of the National Insurance Association of Malaysia’s whole life insurance policy "Bijak Malaysia". The policy offers insurance coverage up to the age of 88 years against death as well as total and permanent disability due to natural and accidental causes. It will be sold by nine banks: Alliance, AmBank, CIMB, EON, Hong Leong, Maybank, OCBC, RHB and United Overseas. NIAM chairman Sonny Tan said: "Bijak Malaysia will be offered by the banks. "This is in line with the government’s effort to improve the insurance penetration rate through banks." Bijak Malaysia’s policy offers four plans with RM100, RM200, RM300 and RM500 monthly premiums. Tan said: "Usually, insurance policies have a fixed sum assured but in this case, our premiums are fixed." Since its soft launch in mid- June, total premium revenue for Bijak Malaysia was more than RM1.5 million from 2,000 policyholders. The two popular plans were the RM100 and RM200 plans. NIAM Bancassurance committee chairman Koh Heng Kong said they expected an annual premium revenue of RM50 million. The entry age for the policy is from 30 days to 53 years and policyholders will stop paying premiums after 55. On top of receiving the full sum assured upon maturity, there is a guaranteed cash payout every three years at five per cent of the sum.
Saturday, July 14, 2007
Henry Butcher unveils new website
In conjunction with Henry Butcher Malaysia Sdn Bhd’s 20th anniversary, the real estate agent company has unveiled a new look for its website – www.henrybutcher.com.my.
Jul 9, 2007
In conjunction with Henry Butcher Malaysia Sdn Bhd’s 20th anniversary, the real estate agent company has unveiled a new look for its website –
www.henrybutcher.com.my.
According to director Long Tian Chek, the new website is easier to use, more informative and boasts a more polished feel.
Visitors to the website are also able to read up on updated news on various topics such as property reviews, articles and market snippets as well as media releases, exhibitions and seminars related to the real estate and property industry, in addition to upcoming auctions listings.
“The website will be constantly updated to keep you informed of our services, track records and contacts,” he added.
Investment - Beware of guaranteed rents
Guaranteed Rental Returns, buy-to-let, leasebacks, buy-to-let, cash back, own-for-free - you may have been tempted by these catch words, but how good are these deals in real term and will there be any rental demand once the guaranteed period is over?
There are many developments to woo investors with guaranteed rental returns and equally many investors have found to their dismay that the returns are not what they have envisaged.
The plan
Guaranteed rental returns (GRR) plans which have become increasingly common, judging from the press advertisements may sound enticing to investors who do not want the trouble of managing their own investments. You buy the property, and you get the rental returns thrown in with some additional perks like free stays.
Developers would agree to pay buyers rentals ranging from 8% to 12% per annum or a proportion of the purchase price for a certain length of time
While GRR could be very attractive, investors need to know that the scheme is not as simple as it seems, much like advertisements that appeal to our desire to lose weight quickly, get rich fast or strike the lottery.
Generally, GRR are best for the laidback investors. Some people will value the 'simplicity' of the deal. However there are issues that buyers have to be aware of and comfortable with before entering into such agreements.
Pitfalls
If a developer is offering GRR, the buyer has no way of knowing whether that property is going to achieve the promised in the open market. The developer may not be able to get the guaranteed rent or the property may not be let out at all during the guaranteed period. Guarantees are often used to market properties that otherwise would not sell and many investors are shocked by the resulting drop in income when the developer is unable to continue with the scheme or worst fail to complete the project.
In addition to this, it is often the case that investors end up footing the rental bill themselves, when developers inflate the price of the property to cover the guaranteed rent. This can provide a further shock when the investors try to sell the property and realise that it is not worth as much as they originally paid for it.
* A typical mortgage lasts 20 years. If you have a guaranteed rental for just three years, what will happen for the next 17 years? You are left to sink or swim on your own.
* A typical table of returns will show potential buyers a surplus income. A potential investor has to take into account the cost of maintaining the property, the taxes that come with being a property owner, the cost of maintaining the mortgage and all other fees related to acquiring the property.
Illustration: A typical GRR scheme's table of 'returns' may look like this:
| Selling Price | RM320,000.00 |
| 10% Downpayment | |
| Loan | RM288,000.00 |
| Loan Period | 30 years |
| Interest on Loan | 6.25% |
| Monthly Installment | RM1,773.27 |
| Gross Rental Return @ 8% | RM2,133.33 |
| Surplus to Buyer | RM360.06 |
| Total Surplus Per Year | RM4,320.72 |
Under most GRR scheme, you will need to buy a furniture package with the apartment and commit yourself to the management charges and sinking fund of the building, on top of the regulatory quit rent & assessment tax. These will often take a substantial bite out of any rental money left each month.
* GRR are specifically aimed at selling units to investors, so you may see a situation of 500 apartments all going to the rental market rather than owner-occupiers at the end of the scheme. You will need to consider how many people will be chasing tenants at the end of the guarantee period and most particularly how many prospective tenants there are. In areas of high competition, landlords will have to reduce the rent to attract available tenants. Consequently, the market value of the properties will go down rather than up. If you decide to sell, you will also be limited to buyers who will also be mainly investors. Sellers will also find themselves competing with developers who are offering higher rental returns with new developments.
* Overpricing - When supply is more than demand, developers always look for ways to avoid having to reduce prices. While GRR may offer attractive secure returns, it will be a false economy in the long run if the buyer ends up overpaying for the property.
* A guarantee is only as good as company who underwrites it. Even if the GRR seem reasonable and are offered with honourable intentions, investors need to be sure that the developer would be able to sustain the returns if the rental or sales market were to take a turn for the worse. If developers were to default on the payments due to buyers, these buyers will likely default on their respective loan repayments, thereby setting off a chain of events with dire consequences.
* Terms and conditions in GRR agreements are not regulated by law. As such, the inexperienced investors may not understand that the fine prints are often written in the guarantors' favour. Example of such clauses: "Provided always and it is hereby agreed between the contracting parties hereto that the Developer reserves its right to terminate the GRR agreement for any reason whatsoever by giving TWO (2) MONTHS written notice to the Purchaser wherein such a case the Developer's obligation to pay the guaranteed return to the Purchaser shall cease from the date of such termination. Such notice is deemed to have been received within three (3) days from the date of the letter".
A wise investor should check the small prints for any hidden clauses that enable the developer to avoid paying the guaranteed rent and it is always a good idea to seek expert advice.
Buyers Beware
The rental market is volatile, depending on current competition and market conditions. People investing in these schemes are not just buying properties that they hope will increase in value in time, but also using 'other people's' money (from rentals) to pay for the purchase. It is, however, a cyclical market, and one is subject to the laws of supply and demand as in any other sector of the economy.
Guaranteed rents offers should be checked carefully against the local market and competition. A simple survey within the location will give an investor a fair idea of the state of the local market. If market prices are lower than the proposed rent, incentives and discounts being offered to woo the buyers, then this are issues to be considered. If guarantees of rentals are higher than the existing market rate, then a rent decline after the end of the guarantee is likely. It is a classic case of caveat emptor - rental guarantees can sometimes guarantee investors nothing but heartache.
 |  | The National House Buyers Association (HBA) is a voluntary, non-governmental organization manned by unpaid volunteers. For more information, check out their website at http://www.hba.org.my |
by, http://iproperty.com.my/articles/bewareofguaranteedrents.asp
Tuesday, June 26, 2007
Alliance to open four northern branches
PENANG: Alliance Bank (M) Bhd is capitalising on the country’s buoyant economy to open up four new branches in the northern region, soon including one in Penang. Three branches would be opened in 12 months. Group chief executive officer and director Datuk Bridget Lai said each branch would cost about RM2mil to set up and require more than 20 staff. She said the investment climate in the country was conducive for banks to grow and Alliance was taking advantage of the positive market trends. Foreign investors were reacting positively to the country’s economic growth, she said after opening the bank's new flagship branch here yesterday.
“Our country is on the right track and we have a very big base of commercial customers and entrepreneurs, especially in the northern region. 
“Our experience shows we have huge opportunities to expand,” she said.
She said the bank’s focus would be on small and medium entrepreneurs.
On the new flagship branch, she said the bank had spent about RM3.5mil to refurbish and set up.
The branch, which was the bank's hub for the northern region, would house the first Alliance Bank Privilege Banking Centre and Business Centre in Penang, she said.
“This signals the state’s growing importance as a business and high network centre for the bank,” she said.
“Penang is one of the most established industrialised states in Malaysia with thriving small and medium entrepreneurs and Alliance Bank will contribute to the island’s continued growth,” she said.
The flagship branch offers facilities like a 24-hour e-Banking lobby and a customer sales and service lobby.
Alliance Bank, a wholly owned subsidiary of Malaysian Plantations Bhd, has seven branches in the northern region, including four in Penang.
Bank Negara Malaysia introduces tiered pricing structure to promote good financial discipline among credit card users
Bank Negara Malaysia wishes to announce the introduction of a tiered pricing structure for credit card users to promote the use of credit cards as a payment instrument. This is part of Bank Negara Malaysia's continuous efforts to promote prudent financial management and inculcate good financial discipline among credit card users in Malaysia.
On average, one-third of credit cardholders use their credit cards as a payment instrument, settling their credit card outstanding amount in full every month. More than half of cardholders pay at least the minimum amount due promptly and roll over the remaining balance. For the benefit of credit card users who have a good track record of settling their credit card balances which are due each month, promptly for 12 consecutive months, the finance charge will be reduced from the maximum of 18% per annum to not more than 15% per annum. The ceiling rate of 18% per annum will still be applicable for other cardholders.
Credit card issuers will begin to track the repayment behaviour of their cardholders with effect from 1 July 2007. The details of the new scheme, including the finance charges and its calculations, will be communicated by individual card issuers. The tiered pricing structure will be implemented by 1 July 2008.
Bank Negara Malaysia also encourages debit cards as an alternative payment instrument. The domestic banking institutions are in the process of upgrading all credit card terminals deployed by them to accept their ATM cards. The exercise, which is expected to be completed this year, will enable the 15.4 million ATM cardholders to use their ATM cards to make purchases at participating merchants.
The greater use of these payment cards is part of Bank Negara Malaysia's drive to accelerate the migration to e-payments. Bank Negara Malaysia and the financial industry will continue to implement initiatives to promote e-payments.
Bank Negara Malaysia
26 June 2007
Friday, June 22, 2007
Higher loading by two motor insurers - MAA Assurance and AmAssurance cite high claims, falling car values
22 June 2007, By The Star By DALJIT DHESI
PETALING JAYA: Malaysian Assurance Alliance Bhd (MAA Assurance) and AmAssurance Bhd are believed to be raising their motor insurance premiums, citing high claims, declining car value and a surge in labour costs.
It isy learnt that the two large insurers have already sent circulars to their respective agents informing them of the higher loading on motor premiums.
Sources told StarBiz that the revised loading would take effect at MAA Assurance by end-June and at AmAssurance next month. A higher loading meant increased motor premiums.
AmAssurance, where privately owned cars compose more than 90% of the portfolio, has not previously imposed any comprehensive loading but has done so for third-party coverage about six months ago.
As for MAA Assurance, it imposed loading on commercial vehicles and third-party motor coverage at the start of the year.
Loading structure now comprises comprehensive and third-party coverage with a fixed ceiling attached.
Currently, the two players each command close to 15% of the local motor insurance market. Among the motor insurance players, Kurnia Insurans (M) Bhd is the largest with about 30% market share.
Sources said the planned increase in loading would be in line the current practices of insurance companies, which is based on the age of the vehicle, age of driver and claims history.
An official at Kurnia said the company was still studying the matter and assessing the market before deciding on the premium loading. He did not give further details.
The official said Kurnia's third-party premium loading came into effect on June 1. For comprehensive loading, the most recent hike was about two years ago but it was not across the board.
“We expect other insurance companies with significant motor portfolios to raise premiums in the next few months. According to Bank Negara statistics, the claims ratio in the motor business last year exceeded 71%.
“If one were to add distribution costs and administrative expenses, the combined ratio on motor business would exceed 95%, hence leaving very little margin for insurance companies,” a source said.
An insurance company official said his firm was looking at imposing higher comprehensive loading, based on its claims experience.
“Motor claims ratio at the company increased to 75% in March 2007 from 66% in March 2006. We also feel that most of the other players in the industry are suffering the same fate.
“The company's high claims ratio is largely due to the increase in the frequency of accidents and severity of claims cost per accident, particularly involving younger drivers.
“The situation has been made worse by the drop in the market value of cars and the increase in labour costs,” the official said.
An MAA Assurance official said because of increased auto theft cases and poor car sales values, individual companies may impose higher loading.
“It is estimated that close to 25% of MAA Assurance's auto claims comprise theft and we foresee higher motor premiums, moving forward,'' he noted.
Thursday, June 21, 2007
LINKS: Week 4 June 2007
1. Special Reserch Report (SBB Securities SDN BHD)
2. Investment Link - The fastest way link to the potential investment website...
Surfing around for more information,
I get this... from lowyat.net
Nice link finance & investment.
Bursa Malaysia (KLSE) Official Web Page:
http://www.klse.com.my/website/bm/
http://www.bursamalaysia.com/website/bm/
Stocks Quote:
http://biz.thestar.com.my/marketwatch/
http://www.investasiaonline.com/
http://www.zoomfinance.com/corporate/nst/index.jsp
http://bursa.n2nconnect.com/StockSummED.htm?LYN=theedge
http://www.klse.com.my/website/bm/market_i...rices/index.jsp
Company Information:
http://biz.thestar.com.my/marketwatch/
http://finance.google.com/finance
http://www.investasiaonline.com/
Company Annual Reports:
http://www.klse.com.my/website/bm/listed_c...annual_reports/
Charts:
http://getcharts.sinchew-i.com/index.phtml
http://finance.yahoo.com/q/ta?s=%5EKLSE
http://www.tradesignum.com/PublicChart.asp...CFQsrTAodzX_yvQ
http://www.asiachart.com/kl.html
KLSE Historical Data/Statistic:
http://finance.yahoo.com/q/hp?s=%5EKLSE
http://www.hlgs.hongleong.com.my/xls/mrktklse.xls
http://www.klse.com.my/research/keyindicators.pdf
KLSE Tools:
http://www.angelfire.com/theforce/klse_analysis/
http://www.ivadvisor.com/Files/StockAnalyser.zip
Business News:
http://biz.thestar.com.my/
http://www.theedgedaily.com/cms/index.jsp
http://www.btimes.com.my/Current_News/BT/
http://www.english.biznewsdb.com/
http://www.nst.com.my/Current_News/nst/Sec...?mysec=Business
http://www.chinese.biznewsdb.com/ (Chinese)
http://biz.sinchew-i.com/ (Chinese)
http://www.nanyang.com/index.php?ch=7&pg=12 (Chinese)
http://www.chinapress.com.my/content.asp?sec=business (Chinese)
Malaysia Bond Market Information:
http://www.bondweb.com.my
http://www.bondweb.com.my/op/O1002.asp
Currency Exchange Rates:
http://biz.thestar.com.my/business/exchange.asp
http://finance.yahoo.com/currency/convert?...&submit=Convert
General Stocks Information:
http://www.investopedia.com/
http://www.investopedia.com/university/buildingblocks.asp (Financial Basics)
http://www.geocities.com/tekyongcari/Howto...ncialreport.pdf (How to Read Financial Report)
Other Finance & Investment Forum:
http://chinese.cari.com.my/myforum/forumdi...p?fid=89&page=1 (Chinese)
http://www.jyhforum.com/forumdisplay.php?fid=16 (Chinese)
http://www.lcmart.com/ (Chinese)
http://forum.cari.com.my/forumdisplay.php?fid=3
http://www.ivadvisor.com/
http://www.oomoney.com/
The World Most Famous Investors:
http://en.wikipedia.org/wiki/Warren_Buffett (The World 2nd Richest Person)
http://en.wikipedia.org/wiki/Al-Waleed_bin_Talal (The World Top 10 Richest Person)
http://en.wikipedia.org/wiki/Peter_Lynch
http://en.wikipedia.org/wiki/George_Soros
Stock E-Books:
http://www.8nn8.com/gpsj.htm (Very big e-book collections, but its all chinese 
)
Broker:
Maybank - http://www.maybansec.com.my/cms/index.jsp
CIMB Bank - http://www.itradecimb.com/bin/home.asp
Public Bank - https://www.pbsec.com.my/pbswecos/default.asp
Hong Leong Bank - http://www.hlebroking.com/v2/Default.asp
AmBank - http://www.amsecurities.com/
RHB Bank - http://www.rhbinvest.com/rhbinvest/default.asp
Alliance Bank - http://www.eallianceshare.com.my/bin/home.asp
OSK - http://www.osk188.com/index.jsp
Hwang-DBS - http://www.einvest.com.my/nettrade/home/home.asp
Kenanga - http://www.kenwealth.com/bin/home.asp
TA - http://www.taonline.com.my/
JF Apex - http://www.apexetrade.com/bin/home.asp
SJ Securities - http://www.sjsec.com/bin/home.asp
Fixed Deposite Rates
| No. | Banking Institutions | With Effect From | Percentage (%) Per Annum | ||||
| 1-mth | 3-mth | 6-mth | 9-mth | 12-mth | |||
| 1. | ABN AMRO Bank Berhad | 15 / 05 / 2006 | 3.10 | 3.10 | 3.20 | 3.20 | 3.70 |
| 2. | Affin Bank Berhad | 28 / 04 / 2006 | 3.10 | 3.20 | 3.40 | 3.50 | 3.70 |
| 3. | Alliance Bank Malaysia Berhad | 31 / 05 / 2007 | 3.10 | 3.10 | 3.50 | 3.60 | 3.70 |
| 4. | AmBank Berhad | 7 / 06 / 2007 | 3.10 | 3.25 | 3.40 | 3.50 | 3.70 |
| 5. | Bangkok Bank Berhad | 3 / 05 / 2006 | 3.20 | 3.30 | 3.40 | 3.50 | 3.75 |
| 6. | Bank of America Malaysia Berhad | 27 / 05 / 2003 | 3.00 | 3.00 | 3.00 | 3.00 | 3.70 |
| 7. | Bank of China (Malaysia) Berhad | 8 / 05 / 2006 | 3.20 | 3.20 | 3.30 | 3.50 | 3.70 |
| 8. | Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad | 2 / 05 / 2006 | 3.20 | 3.20 | 3.20 | 3.20 | 3.70 |
| 9. | Bumiputra-Commerce Bank Berhad | 4 / 04 / 2007 | 3.15 | 3.30 | 3.40 | 3.50 | 3.70 |
| 10. | Citibank Berhad | 1 / 06 / 2007 | 3.00 | 3.20 | 3.30 | 3.35 | 3.70 |
| 11. | Deutsche Bank (Malaysia) Berhad | 8 / 05 / 2006 | 3.10 | 3.10 | 3.25 | 3.40 | 3.75 |
| 12. | EON Bank Berhad | 22 / 03 / 2007 | 3.10 | 3.25 | 3.50 | 3.60 | 3.70 |
| 13. | HSBC Bank Malaysia Berhad | 17 / 01 / 2007 | 3.00 | 3.00 | 3.00 | 3.05 | 3.70 |
| 14. | Hong Leong Bank Berhad | 9 / 05 / 2007 | 3.00 | 3.00 | 3.10 | 3.60 | 3.70 |
| 15. | J.P. Morgan Chase Bank Berhad | 22 / 05 / 2003 | 3.00 | 3.00 | 3.00 | 3.00 | 3.70 |
| 16. | Malayan Banking Berhad | 30 / 03 / 2007 | 3.00 | 3.20 | 3.40 | 3.50 | 3.70 |
| 17. | OCBC Bank (Malaysia) Berhad | 29 / 04 / 2006 | 3.10 | 3.20 | 3.40 | 3.50 | 3.70 |
| 18. | Public Bank Berhad | 30 / 01 / 2007 | 3.10 | 3.25 | 3.50 | 3.50 | 3.70 |
| 19. | RHB Bank Berhad | 23 / 04 / 2007 | 3.10 | 3.10 | 3.50 | 3.50 | 3.70 |
| 20. | Southern Bank Berhad | 4 / 04 / 2007 | 3.15 | 3.30 | 3.40 | 3.50 | 3.70 |
| 21. | Standard Chartered Bank Malaysia Berhad | 16 / 04 / 2007 | 3.00 | 3.20 | 3.30 | 3.45 | 3.70 |
| 22. | The Bank of Nova Scotia Berhad | 12 / 03 / 2007 | 3.20 | 3.35 | 3.50 | 3.60 | 3.75 |
| 23. | United Overseas Bank (Malaysia) Berhad | 4 / 09 / 2006 | 3.10 | 3.18 | 3.38 | 3.58 | 3.70 |
More actuaries needed - The Star
KUALA LUMPUR: More actuaries are urgently needed to ensure the successful implementation of the risk-based capital framework (RBC) and other regulatory policies in the insurance industry, Actuarial Society of Malaysia president Raymond Lai said.
He added that this was because there were a lot of processes, risks, stochastic modelling and other technicalities involved in the implementation of the RBC that only actuaries had the expertise to handle.
Scheduled to be implemented by 2009, the RBC would enhance insurers' risk-management practices and make them more accountable for the products they sell, he said.
It would also provide them the flexibility to launch innovative products and improve capital efficiency as well as boost public confidence.
"Many people do not know what an actuary's main role and responsibility in the insurance industry are. An actuary uses his technical skills to price insurance products and estimate the liabilities of the company.
"In general, he helps ensure that the financial condition of the insurer remains stable, strong and solvent," Lai said in an interview.
According to Lai, of the 51 actuaries currently registered with the society, 42 are working in Malaysia. In the next five years, it expects to register 100 more actuaries.
He said the number of actuaries in Malaysia was very small compared with other countries. For example, Hong Kong had more than 1,000 actuaries and Australia about 3,000.
With more insurers including takaful players coming into the market, demand for these professionals was expected to further rise.
Takaful companies had recently been issued with appointed actuary guidelines, although general insurers had yet to receive one, but would in the near future head in the same direction, he added.
The main challenge facing the profession was the acute shortage of experienced and skilled actuaries as many were working abroad due to better remuneration and benefits, he noted.
Apart from the pull factor, other reasons are the lack of awareness and the arduous journey to obtain full qualification.
The shortage of such professionals would consequently lead to slower development and growth of the industry.
Lai said Singapore, Hong Kong, Taiwan, China and Australia were some of the countries in which Malaysian actuaries tended to work.
To boost the number of actuaries, the society was continuously promoting actuarial science, especially at education fairs and college talks, Lai said.
Wednesday, June 20, 2007
The 5 Mistakes New College Graduates Make
Graduation is an exciting time and you’ll probably experience more changes during the 6 months following graduation than at any other single time in your life. For many people it’ll be the first time you’ve had a full-time job making good money (you hope), the first time you’ve lived on your own, the first time you’ve lived in a different state (or country) and the first time you’ve been in complete control over what you’re going to do with your life. It’s a stressful time but also exhilarating.
Unfortunately, with the first blush of freedom, both personal and financial, many grads jump into situations without fully thinking them out. Below are 5 of the worst mistakes new grads make and hints on how you can avoid them.
It’s understandable, you’re finally receiving real pay checks, you have a shiny new job and it just makes sense to have a shiny new car to match. Unfortunately, financially speaking buying a new car is one of the worst decisions you can make. Most new cars depreciate 25% or more within the first year which means that you’ll be stuck paying full price for something that went on sale 10 minutes after you purchased it.
Instead of buying a new car it’s a much better idea save your money for a few months and pay cash for a used car. A 3-5 year old car can look just as nice as a new one and can cost half the price. If you really think that buying a new car is the way to go, do yourself a favor and try it out first. For 12 months, put the amount of your car payment into a savings account each month. Don’t forget to include the extra money that you’ll pay for the higher insurance coverage which you’ll need with a financed car.
If, after a year, you are able to easily save for retirement, pay your bills in full and on time and still make your ‘car payment’ then go for it. Use the money you’ve saved over the last year as a down payment on the car that you want. However, what you’ll probably discover is that the RM600/month car payment that seemed so easy to make isn’t quite so easy now that you’re paying on student loans, credit cards, utilities, entertainment and all of the other expenses you may never have had. It’s usually about 6 months into the new car loan (when those student loans start coming due) that most new grads begin seriously regretting their purchase.
2. The super sized apartment with a side of furniture
Finally, freedom! No more dorms. No more sharing a bathroom with 20 other people. No more having someone tell you what you can hang on your walls, when you can listen to music and when you can come and go. Why not celebrate by getting a nice big apartment all of your own!
It sounds great, but there are a few drawbacks. First, that great check you’re getting from your employer won’t be quite so great once they’ve taken out taxes and retirement contributions. Add to that student loan payments, credit card payments, the big utilities that go with big apartments and you end up with enough for a couple packets of ramen noodles and some tuna. Tack on all of the furniture you’ll have to buy to fill a 900sf space instead of a 300sf one and you can forget about the tuna.
Instead of opting for the penthouse, consider sharing an apartment with a friend (or three) for the first year or two out of school. This will do a couple of things. 1 – it will help you transition from student to employee while still having a pre-made social life. It’s harder to make friends once you’re out of school so you want to hang on to the ones you have. 2 – it will keep down the cost of living expenses until you get used to having money and learning how to budget it.
If you’re really just ultra sick of living with someone, consider getting a small studio all on your own instead of the 3 bedroom ultra-pad. This will keep rent and utility costs down and limit the amount of spending you can do on furniture and decorations.
You have a great new job and suddenly the jeans and flip flops you lived in during school just don’t work. Time to hit the shops! FUN!! Right? Wrong! There are a few things wrong with this theory. 1 – most people can’t afford a whole new wardrobe without putting a serious hurt on their credit cards. 2 – you may have a skewed idea of what people are actually wearing to work each day so you may buy the wrong stuff. 3 – odds are good that you’ll experience a bit of a weight shift after graduation so you don’t want a whole new wardrobe in the wrong size.
Instead of running out and shopping until you drop, buy just a couple of basics that you can mix and match. A basic suit that you can wear to meetings with clients and then some shirts/pants/skirts/ties that you can mix and match to make any number of outfits is all that you need to get started. Classic pieces will get you far while trendy clothes will make you stick out in 6 months when fashions have changed but your budget to replace them hasn’t. Stick to clothes in the same color palette so that it’s easy to combine them. Shop discount stores like Filenes Basement, TJ Maxx, Marshalls, etc and look for great deals. A wardrobe should be built over time.
To keep your clothes looking good, make sure you treat them well. Dry clean your suits only a couple times a year or you risk ruining them. Hand-wash sweaters to save money, learn to iron and use the correct settings on your washing machine so you don’t ruin delicate fabrics.
4. Retirement? I’m only 23! I’ve got plenty of time!
Of all the financial mistakes that a person can make, not starting their retirement savings early is the one with the worst long-term consequences because you’ll never be able to replace the money you didn’t contribute.
These days most employers offer a retirement plan of some sort and many offer some sort of company match. This means they’re going to give you FREE money. Who doesn’t like free money? Since money is probably going to be tight, odds are good you won’t be able to max out your retirement plan ($15,500 in 2007) but you should at least try to contribute something, ideally enough to get the full company match. Eventually you want to be contributing at least 10% of your pre-tax income to retirement accounts. Since you’ll also have tons of new expenses and loan payments it can be hard to figure out where your money should really be going. This is the general plan you should follow:
- Pay your required bills. This includes rent, utilities, food (not eating out every day), minimum payments on credit cards, student loans, etc. This does NOT include going out partying, buying furniture, going on vacation, etc.
- Contribute to your company retirement plan enough to get the full company match. If your company doesn’t have a match, then continue to step 3.
- Pay off all consumer debt. This includes credit cards, car loans and any high-rate student loans.
- Either start maxing out your employer plan or start saving for another goal, like buying a house.
Following this plan will insure that you are taking full advantage of the retirement options out and help you make good decisions about your money.
5. Credit, credit, who’s got good credit?
Assuming you’re not already knee deep in credit card debt after 4 years of easy credit and late-night pizzas, it’s time for you to get, and correctly use, a credit card. You’ll find that at many companies you’re expected to pay for your own expenses and then get reimbursed. This is when it’s helpful to have a credit card. However, if you’re going to use a credit card, be smart about it!
First, get a rewards card of some sort, but don’t pay for it. There are enough companies out there that offer cards for free that there’s no reason to pay for one. When most people think rewards cards they think airline but those really don’t work well unless you fly A LOT!
Finally, make sure you monitory your credit report. Every person is allowed to get one copy of their credit report free each year from each of the three big credit agencies. What you should do is, every 4 months get your free report from one of the agencies. This will allow you to monitor your credit on an ongoing basis to make sure there’s nothing weird going on. You can get your credit report for free by visiting www.annualcreditreport.com. If you want a copy of your credit score you’re going to have to pay. The best place to get your score is www.myfico.com. That’s the official score that most companies use.
As you’re building your credit, keep in mind that mistakes hurt, a lot, and stay with you for a long time. Negative items stay on your report for 7.5 years from when they happened and with more and more people checking credit these days, good credit has never been more important. The following types of people will check your report to evaluate whether they should work with you or not: employers, insurance companies, banks, apartment complexes, utility companies and more. Having good credit is very important so take care of yours.
by personalfinance101.org
Tuesday, June 19, 2007
10 Reasons You Aren't Rich
The reason why you aren't a millionaire (or on your way to becoming one) is really quite simple. You probably assume it's because you aren't earning enough money, but the truth is that for most people, whether or not you become a millionaire has very little to do with the amount of money you make. It's the way that you treat money in your daily life. 1. You Care What Your Neighbors Think: If you're competing against them and their material possessions, you're wasting your hard-earned money on toys to impress them instead of building your wealth. 2. You Aren't Patient: Until the era of credit cards, it was difficult to spend more than you had. That is not the case today. If you have credit card debt because you couldn't wait until you had enough money to purchase something in cash, you are making others wealthy while keeping yourself in debt. 3. You Have Bad Habits: Whether it's smoking, drinking, gambling or some other bad habit, the habit is using up a lot of money that could go toward building wealth. Most people don't realize that the cost of their bad habits extends far beyond the immediate cost. Take smoking, for example: It costs a lot more than the pack of cigarettes purchased. It also negatively affects your wealth in the form of higher insurance rates and decreased value of your home. 4. You Have No Goals: It's difficult to build wealth if you haven't taken the time to know what you want. If you haven't set wealth goals, you aren't likely to attain them. You need to do more than state, "I want to be a millionaire." You need to take the time to set saving and investing goals on a yearly basis and come up with a plan for how to achieve those goals. 5. You Haven't Prepared: Bad things happen to the best of people from time to time, and if you haven't prepared for such a thing to happen to you through insurance, any wealth that you might have built can be gone in an instant. 7. You Rely on Others to Take Care of Your Money: You believe that others have more knowledge about money matters, and you rely exclusively on their judgment when deciding where you should invest your money. Unfortunately, most people want to make money themselves, and this is their primary objective when they tell you how to invest your money. Listen to other people's advice to get new ideas, but in the end you should know enough to make your own investing decisions. 8. You Invest in Things You Don't Understand: Your hear that Bob has made a lot of money doing it, and you want to get in on the gravy train. If Bob really did make money, he did so because he understood how the investment worked. Throwing in your money because someone else has made money without fully understanding how the investment works will keep you from being wealthy. 9. You're Financially Afraid: You are so scared of risk that you keep all your money in a savings account that is actually losing money when inflation is put into the equation, yet you refuse to move it to a place where higher rates of return are possible because you're afraid that you will lose money. 10. You Ignore Your Finances: You take the attitude that if you make enough, the finances will take care of themselves. If you currently have debt, it will somehow resolve itself in the future. Unfortunately, it takes planning to become wealthy. It doesn't magically happen to the vast majority of people. In reality, it is probably not just one of the above bad habits that has kept you from becoming a millionaire, but a combination of a few of them. Take a hard look at the list, and do some reflecting. If you want to be a millionaire, it's well within your power, but you'll have to face the issues that are currently keeping you from creating that wealth before you will have a chance to call yourself one. 10 Reasons You Aren't Rich
Here are 10 possible reasons you aren't a millionaire:
by Jeffrey Strain
How to Effectively Set and Track Goals
Why set goals?
Setting goals is one of the most important things you can do to ensure financial success, but it is usually the last thing people think about. If you don't set goals, how do you know if you are actually being successful? If you are going to get to where you want to be in life, you have to know the path to take. Goals are your roadmap and if you set them up right, they will take you from point A to point Z with as few detours and as little pain as possible.
How to set goals
The key to goal setting is to make your goals concrete and measurable and to make meeting them automatic. By this I mean, your goal should have a date and amount associated with it. You don't just say “I want to pay down my debt.” You say "I want to reduce my debt by $5,000 over the next 12 months." By giving yourself a set $ amount and date to meet, you will be able to judge whether you are actually meeting your goals or not and make adjustments accordingly.
By making it automatic, I mean using technology to your advantage. Set up automatic payments for all of your bills so that you are never late. Set up an automatic deduction from your pay check that goes directly to your savings account so that you are paying yourself first and will be less likely to spend the money instead of saving it.
Just doing those two things:
1) Making your goals concrete, and 2) Making them automatic,
will drastically increase your chances of success.
The timeline
Goals can be divided into 3 categories: Short-term, Mid-term and Long-term. Short-term goals are goals that will be completed within the next 12 months. Mid-term goals are ones that will be completed within the next 1-7 years. Long-term goals are goals that will be completed 7+ years from now. Some examples could be:
- Short term – establish emergency fund of $1000
- Mid-term – pay off consumer debt within 3 years
- Long-term – have enough for retirement
One of the biggest challenges is being realistic! If you only make $40k/year, it won’t really do you much good to set goals that will cost you $20k/year to meet. Be honest with yourself about what you can do. If you find that you are ahead of your timeline for meeting your goal, you can always add another one or meet your goal early but if you find that you are behind, it can be disheartening and cause you to give up all together.
The process
As I mentioned above, to set your goals you have to set specific criteria as well as an action plan. Please open the accompanying excel workbook and click on the Goal Summary tab. I have taken the liberty of filling in some goals for you that should be on everyone’s list. Remember, that your goals don’t all have to be responsible. Your goal can be to buy a new TV or to go on a vacation. Doing this just means that you will be more likely to meet your goal without sacrificing something else. For your personal goals, fill out the following information for each goal:
- Goal Name
- Start Date
- End Date
- $ Needed
- First Step
If you are married or in a similar relationship, you should do this with your partner.
Once you have set at a few goals in each category, print out that page and put it somewhere you will see it every day. It will remind you of what you are working towards and keep you on the right path. I would also suggest writing your most important goal on a sticky and attaching it to your credit card so you have to see it any time you want to use your card. That way you will know that every penny you spend on that card is a penny that is not taking you closer to your goal.
Make a plan
Now that you know what your goals are you need to plan how to meet them. In the same workbook is a tab called Detailed Goal. You should make as many copies of this as necessary – one for each goal. I would recommend re-naming the worksheet to reflect the name of your goal.
Implement your plan
So, you’ve gone through all the planning, now you just have to execute. The key to achieving your goals is to make them as easy to do as possible. This means making everything automatic. Set up all of your goals so that you don’t even have to think about them. Use auto bill pay and auto deductions to your savings. It takes a bit of time at first but it will be worth it in the long run.
Monitor/Add to your goals
Your goals are always going to be changing. You should keep adding goals as they come up. When you add a new goal, you have to look at your existing ones and figure out which is more important. It may be that your new goal is more important than one of the old ones so your old one gets pushed down the list. Look at your goal list as a fluid thing and don’t try to be too rigid with it. There is nothing wrong with reprioritizing as thing change.
by personalfinance101.org
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Malaysia Life Insurance Company List Contact Number Fax Website
ING Insurance Berhad
Menara ING
84 Jalan Raja Chulan
P.O. Box 10846
50927 Kuala Lumpur
Telephone No : 03-2058 4838
Fax No: 03-2161 0549
Toll Free: 1 800 88 0303
http://www.ing.com.my/
Great Eastern Life Assurance (Malaysia) Berhad
Menara Great Eastern
303, Jalan Ampang
50450 Kuala Lumpur
Telephone No. : 03-4259 8888
Fax No. : 03-4813 0500
Email: wecare@lifeisgreat.com.my
http://www.lifeisgreat.com.my/
American International Assurance Company, Limited
Menara AIA
99 Jalan Ampang
50450 Kuala Lumpur
Telephone No : 03-2056 1111
Fax No : 03-2056 2992
E-mail : corporate-ops.my@aig.com
http://www.aia.com.my/
Prudential Assurance Malaysia Berhad
Level 17, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur
Telephone No : 03-2031 8228
Fax No : 03-2032 3939/2070 6270
E-mail: customer.mys@prudential.com.my
http://www.prudential.com.my/
Allianz Life Insurance Malaysia Berhad
Level 23 & 23A, Wisma UOA II
No. 21, Jalan Pinang
50450 Kuala Lumpur
Telephone No : 03-2162 3388
Fax No : 03-2162 6387
E-mail : partner@allianz.com.my
http://www.allianz.com.my/
AmAssurance Berhad
Level 9, Bangunan AmAssurance
No. 1 Jalan Lumut
50400 Kuala Lumpur
Telephone No : 03-4047 8000
Fax No. 03-4043 8680
E-mail: amassurance@ambg.com.my
http://www.amassurance.com.my/
AXA AFFIN Life Insurance Berhad
8th Floor Chulan Tower
3 Jalan Conlay
50450 Kuala Lumpur
Telephone No : 03-2117 6688
Fax No : 03-2117 3698
Email: customer.care@axa-life.com.my
http://www.axa.com.my/
Uni.Asia Life Assurance Berhad
8th Floor, Bangunan Uni.Asia
16 Jalan Tun Tan Siew Sin
50050 Kuala Lumpur
Telephone No : 03-2072 1775
Fax No : 03-2031 4689
http://www.uniasialife.com.my/
Commerce Life Assurance Bhd
(A member of Bumiputra-Commerce Holdings Berhad Group of Companies)
Suite 3A-15, Level 15
Block 3A, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Telephone No.: 03 - 2264 0412
Fax No.: 03 - 2264 0402/2264 0604
http://www.commercegroup.com.my/
Hannover Life Re, Malaysian Branch
Suite 31-1, 31st Floor
Wisma UOA II
No. 21, Jalan Pinang
50450 Kuala Lumpur
Telephone No : 03-2164 5122/03-2164 6122
Fax No : 03-2164 5129/03-2164 6029
http://www.hannoverlifere.com/
TM Asia Life Malaysia Bhd
3rd - 5th Floors, Asia Insurance Building
2 Jalan Raja Chulan
50200 Kuala Lumpur
Telephone No : 03-2059 6188
Fax No : 03-2072 3742
http://www.tmasialife.com.my/
Malaysia National Insurance Berhad
Level 19, Tower C
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Telephone No : 03-2297 1888
Fax No : 03-2710 2453
http://www.mni.com.my/
Malaysian Assurance Alliance Berhad
11th Floor, Menara MAA
No. 12, Jalan Dewan Bahasa
50460 Kuala Lumpur
Telephone No : 03-2146 8000
Fax No : 03-2142 5863
http://www.maa.com.my/
Malaysian Life Reinsurance Group Berhad
3B/21-3 Block 3B
Level 21, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50470 Kuala Lumpur
Telephone No : 03-2780 6611
Fax No : 03-2780 6622
Email: info@mlre.rgare.com 
Manulife Insurance (Malaysia) Berhad
12th Floor, Menara Manulife RB
6, Jalan Gelenggang
Damansara Heights
50490 Kuala Lumpur
Telephone No : 03-2719 9228
Fax No : 03-2094 0972
http://www.manulife.com.my/
MCIS ZURICH Insurance Berhad
Wisma MCIS ZURICH, Jalan Barat
46200 Petaling Jaya, Selangor
Telephone No : 03-7955 2577
Fax No : 03-7957 4780 / 03-7956 3295
E-mail: info@mciszurich.com.my
http://www.mciszurich.com.my/
TM Asia Life Malaysia Bhd
3rd - 5th Floors, Asia Insurance Building
2 Jalan Raja Chulan
50200 Kuala Lumpur
Telephone No : 03-2059 6188
Fax No : 03-2072 3742
http://www.tmasialife.com.my/
Mayban Life Assurance Berhad
Level 22, MaybanLife Tower
Dataran Maybank
No. 1, Jalan Maarof
59000 Kuala Lumpur
Telephone No : 03-2297 1888
Fax No : 03-2297 1800
E-mail : support@maybanlife.com.my
http://www.maybank2u.com/
if miss out or change of contact, kindly contact me for update...