Another Money Scam

With ref to the article below in today’s Star, I strongly advise all of you to STAY AWAY from all these scams. Time and again, all of them have been proven to be bogus.

This is not to even mention the cases of online investments with daily returns! Billions have gone down the drain.

I’m sure many of you have also received emails congratulating you on winning a lottery in a foreign land OR asking to use your bank account to ‘help’ these punks ‘transfer’ their so called ‘inheritance’. There is so much of bulls*** going on these days as we move further and further into the frontiers of a border less world.

So please… BEWARE !

The Star Online : Thursday June 28, 2007

Two fall for million-ringgit ‘lucky draw’

By BERNARD SEE

PENANG: A clerk and a contractor were cheated of more than RM50,000 after being told that they had won RM4.8mil in a lucky draw.

The first incident occurred in Air Itam on June 16 when the 31-year-old clerk received a call from a man informing her that she had won RM1mil in a contest.

But in order to collect the winnings, she must deposit a processing fee of RM12,000. After paying that amount, she was told that she had won a further RM3.7mil.

The clerk was then told to bank in another RM28,000 if she wanted the winnings.

She did as instructed and the man later asked for even more money.

She told him that she had no more money and the phone calls stopped. She realised that she had been cheated and made a report at the Patani Road police station on June 20.

The contractor, 28, was cheated of RM10,600 in a similar manner on June 22.

He only realised he had been cheated after depositing the money.

Police are finding it hard to locate the suspects said to be Chinese nationals as they used bank accounts which are “rented” from individuals whom they had befriended.

It was learnt that these individuals are paid between RM200 and RM300 a month so that their bank accounts could be used to accept the deposits from the victims.

A police spokesman said people kept falling for these scams despite cases such as there being reported by the media.

“The local police are working closely with their counterparts in Johor, Kuala Lumpur and Selangor where such scams have also been reported,” said the spokesman.

About Credit Cards and Bankruptcy

Here’s another article on credit cards that i dug out of the Star archives.

There are some alarming statistics that you might want to read at the bottom of this article. Among others is the growth rate of the local credit card business was at a 24% in 2006.

Though it is good for business, the misuse of this financial tool will increase the number of bankruptcy cases among the 24 – 35 year old age group who are just starting their working life.

The Star Online : Saturday May 26, 2007

UOB’s credit card with cash rebates

By THEAN LEE CHENG

IN an age where instant gratification holds the key, Singapore-based United Overseas Bank expects the UOB One Card, which gives cash rebates to card holders, to revolutionise the credit card industry and set the trend for other banks to launch their own cash rebate credit cards.

Its general manager for credit card centre Yap Kok Tee claims this is the country’s first cash rebate card, as others may have some sort of cash programme, but not cash rebates.

Yap Kok Tee with the UOB One Card

He says market surveys conducted showed that consumers prefer cash rebates rather than painstakingly collect loyalty points.

“Consumers today want instant gratification. They are not going to wait around collecting points and redeem those points from a catalogue of products. This restricts them from buying what they want. Every household would already have such appliances.

“With the UOB One Card, a cardholder gets to use the rebate to offset the next bill. We have a spectrum of merchants whom consumers have dealings with on a daily basis,” says Yap.

UOB partners include Carrefour, BH Petrol, Golden Screen Cinemas, Kamdar, all the cell phone service providers and utilities. Cash rebates vary from 2% to 50% for Yoga Zone and Yoga Club daily passes. Most of the cash rebates average around 3%.

The bank expects overwhelming response from the card but decline to disclose numbers.

“We expect to get 100,000 cardholders by the end of this year. This will be a challenge because that is just six months away. This means an average of 15,000 new cardholders a month.”

The card, launched April 24, will not be competing with the bank’s other card.

Yap says they run on different strategies, with Vox Visa targeted at those between 25 and 35 who enjoy the clubbing scene and the Lady’s card.

“UOB One Card is for everyone,” says Yap.

“Although the market is not entirely free-for-life (there are cards where annual fees kick in after the third year), the free-for-life card has become very basic today. The card industry has become very competitive. As the year closes, competition can only heat up and we want to be the first to the market. At one time, it was loyalty points but now it is cash rebates that people want.”

Yap says the infrastructure for the card industry has been well set up in Malaysia, unlike in China. Things are expected to change with Beijing hosting the Olympics.

“That one single event will push China to put in place the necessary infrastructure,” he says.

The bank has half a million cardholders compared to the total market of nine million cards with RM4bil worth of retail sales and RM17bil in receivables transacted as at November 2006.

The credit card industry has been growing about 24% annually for the last several years and is expected to grow 16% this year. The drop is due mainly to market saturation as each bank usually ha several cards to push at different target segments.

As of the middle of last year, Maybank hada 25% share of the total card payment services market.

On the government’s call for banks to approve and issue cards more discriminately to reduce the amount of young bankrupts unable to pay their credit card bills, Yap says education is key to creating responsible card holders.

While banks are trying to increase their market share in the credit card industry with fast approvals and other strategies, the government has voiced concerns over the growing number of cardholders defaulting on their payments.

It was reported earlier this year that more Malaysians were being declared bankrupt. Consumers failing to repay personal or business loans and credit card abuse account for about 40% of the cases.

There were 2,300 cases in the first two months of this year. There was a total of 13,600 cases for the whole of last year, says Prime Minister’s Department deputy minister Datuk M. Kayveas.

Credit card defaulters who turn bankrupt are also getting younger.

After credit card and personal loan defaulters, housing and car loans defaulters made up 25% of bankruptcies followed by guarantors (21%) and the rest were defaulters of scholarships and stock exchange losses.

Credit Counselling and Debt Management Agency, a wholly-owned subsidiary of Bank Negara Malaysia says people generally pay their car and housing loans first and leave the payment of unsecured loans such as credit cards, later. That is why more people have problems with credit cards rather than car or housing loans.

Its chief executive officer Mohamed Akwal Sultan says since the one-year-old agency opened its doors, over 21,000 Malaysians have come by, seeking services such as credit counseling, advice on financial management, basic money management skills and debt management.

“We didn’t expect the outreach to be so great. We have also opened five branches in Johor Baru, Penang, Kuala Terengganu, Kuching and Kota Kinabalu within five months,” says Mohamed Akwal.

According to the National Insolvency Department, a cumulative total of 153,700 bankruptcy cases have been recorded with them. The total debt of these outstanding payments amounted to more than RM300bil, with credit card debts standing at RM20bil.

“Some people have at least three credit cards with an accumulated spending limit of more than 15 times their earning capacity,” says Prime Minister’s Department deputy minister Datuk M. Kayveas.

The minimum debt to initiate a bankruptcy is RM30,000, following a revision to the Bankruptcy Act 1967 in October 2003.

Good News for Credit Card holders

• Do you have thousands of Ringgit on your credit card balance?
• Do you feel its a burden to pay up every month?
• Do you think that there will never be an end to your misery month after month after month?
• Did your credit limit ‘die’ before you?
• Do you feel an URGE to STOP all of this financial nonsense?

Pay on time to save cash

By JAGDEV SINGH SIDHU

KUALA LUMPUR: Credit card holders, who pay their bills on time for 12 consecutive months starting July 1, will be “rewarded” with a lower interest rate.

The interest rate charged on the outstanding balance owed by those who promptly pay their minimum monthly payments will fall to a maximum 15% per year from the current maximum of 18%.

“The objectives are to promote credit cards as a payment instrument and to promote prudent financial management and to inculcate good financial discipline,” Bank Negara assistant governor Nor Shamsiah Mohd Yunus told the media yesterday.

According to the central bank, one third of Malaysians used their credit cards as a payment tool and settled the total amount owed on their credit cards every month.

More than half of the country’s nine million credit card holders also promptly paid at least the minimum amount owed every month.

Those who pay the minimum amount and enjoy 15% interest rate per year fall into what Bank Negara classifies as Tier 1 customers.

Tier 2 customers are those who pay at least the minimum repayment due promptly for at least 10 months out of a 12-month cycle and this category of customers will be charged a maximum interest rate of 17% per annum.

The rest fall under Tier 3 and will be charged a maximum rate of 18%, which is the current rate.

Bank Negara also said defaulters – people who missed payment for one month – will be charged 1% of the total outstanding balance or RM10, whichever is higher. The previous rate was 1% of the minimum repayment due or RM5.

Update on the Xenon issue

I was excited when I first came across this headline in The Star over my kopi O ais & roti bawang this morning. I thought to myself, YEAH ! its time to get those HIDs !

Well think again! Coz its only an explanation by car makers who produce automobiles with built in Xenon lights. And my car manufacturer ain’t 1 of them ! Erm.. not a suprise I guess because not a single model on their production line carries Xenon lights. Duuuuuuh!

Anyway, unless you drive a Merc or Bimmer or any stock car that passes a certain international standards, we are many many discussions away until the banned to be Xenons become legal and non bannable for the all major cars.

The Star Online : Monday June 25, 2007

Carmakers: Xenon lights no danger to road users

PETALING JAYA: Carmakers say that Xenon lights installed on their vehicles meet international requirements and pose no danger to other road users.

DaimlerChrysler Malaysia Sdn Bhd vice-president of sales and marketing Florian Mueller said Xenon lights on Mercedes-Benz models were developed to give better lighting cover.

Mueller said Mercedes-Benz’s Xenon lights were also equipped with headlight washers as dirty headlights could disperse the strong Xenon light beams and dazzle other road users.

Last week, JPJ director of Enforcement Salim Parlan said the department was considering regulations to prohibit the use of Xenon lights on vehicles altogether.

He also said he had received complaints from the public on modified Xenon headlights that “blind” other road users and added that JPJ would take immediate action against modifications beyond the set standard under the Road Transport Act (1987).

BMW Malaysia Sdn Bhd corporate affairs manager T. Vijayaratnam believes that the issue involved Xenon modification kits that did not meet safety standards.

He said the Xenon lights installed on BMW models had been extensively tested and met international safety requirements and regulations.

The Malaysian Automotive Association wants to meet the JPJ to discuss the matter.

Its president Datuk Aishah Ahmad said the association had not been informed by JPJ on the proposal to ban Xenon headlights.

Tourism Ministry may make travel insurance compulsory

For the frequent flyer/traveller : 

The Star Online : Wednesday June 20, 2007

Tourism Ministry may make travel insurance compulsory

By ROYCE CHEAH AND SYLVIA LOOI

newsdesk@thestar.com.my

KUALA LUMPUR: The Tourism Ministry may require travellers leaving the country to have insurance coverage in a move to protect their loved ones.

This will be provided for in an amendment to the Tourism Act, which will also see travellers paying a surcharge to guard them against tour companies that go bust.

“Many Malaysians do not buy extra insurance, as they assume that existing policies will protect them.

“Travellers should remember that anything can happen and they cannot assume the coverage given by credit card companies is sufficient,” said Deputy Tourism Minister Datuk Donald Lim.

He was speaking to reporters after launching the Malaysian Association of Tour and Travel Agencies (Matta) Medi Evac Insurance scheme here yesterday.

Lim said protection for travellers has become an urgent concern following recent events that had left travellers in a lurch.

These included a bus crash involving some Malaysian tourists in China and the recent collapse of tour company Excellence Holiday Sdn Bhd, which caused scores of travellers to lose the money they had paid in advance for tour packages.

Lim said consumer groups would be consulted about the travellers insurance before the proposal is forwarded to the Government.

He commended Matta on its Medi Evac scheme – a cashless insurance that covers medical, repatriation and hospitalisation costs of up to RM100,000 – but added that it was not compulsory for travel agents to subscribe to Matta’s scheme.

He said the ministry encouraged others to also provide solutions for the industry in the short-term.

In the long-term, the ministry was studying a compensation model used in Hong Kong, where travellers contribute 0.3% of the cost of the tour package into a trust fund.

Speaking at another function, Lim said the surcharge based on the Hong Kong model, would protect travellers against tour companies that go bust.

He said a committee comprising representatives from the Government and Matta would handle the fund.

The ministry hopes to implement the plan by the year’s end or by early next year, he told reporters after opening the Tapah MCA division annual general meeting in Perak on Monday.

For all you manual toll payers without SMARTAG

Grab this golden opportunity! I strongly URGE you to do so since it does make life a lot easier. Having been a SMARTAG user for almost 2 years now and paying toll in the thousands of RM every year, it has made my life a lot lot easier.

One word of advice, I do hope that the highway providers will increase the number of SMARTAG lanes on our highways as it would help to ease the daily congestions at bottleneck locations.

GRAB one TODAY ! At RM 50, its a STEAL!

The Star Online : Friday June 15, 2007

RM50 for Smart Tag offer

By SARBAN SINGH

SEREMBAN: The Smart TAG transponder will cost only RM50 for the next three months in conjunction with the 50th Merdeka Day celebrations.

The normal price for a unit is RM100.

The price for a Touch ‘n Go card will also be halved to RM5 during this period.

Works Minister Datuk Seri S. Samy Vellu said the Government, in collaboration with the 22 toll concessionaires and Rangkaian Segar Sdn Bhd, had agreed to offer the package to encourage more motorists to go electronic.

He said 30,000 Smart TAGs and 150,000 Touch ‘n Go cards would be offered.

“However, each motorist will only be allowed to buy one set,” he said, adding that it was a good time to buy the gadget which cost RM240 when it was introduced.

Motorists will now pay RM65 for a set, which will include RM10 prepaid credit.

Samy Vellu said the campaign would be held in stages with 2,000 Smart TAGs and 10,000 Touch ‘n Go cards up for sale in June and July respectively.

In June, the items will be on sale from Mondays to Fridays at the Rawang, Sungai Buloh, Kota Damansara, Jalan Duta and Sungai Besi toll plazas.

Motorists will be able to get them at the Penang Bridge, Elite Expressway and Linkedua in Johor next month.

In August, the items will be available at all toll plazas.

Samy Vellu said that at present, only 40% of motorists passing through toll plazas use the electronic system.

At the Penang Bridge, about 60% of motorists use the facility.

He urged motorists to grab the offer as the Smart TAG lanes could process 900 transactions an hour compared with 240 at the manual lanes.

“Also, the same system would form the basis for the gantry system which we hope to introduce soon,” he told reporters after opening PLUS’ northbound R&R area on the North-South Expressway near here.

Under the gantry system, motorists need not stop to pay toll at the booths. Deductions would be made automatically from their prepaid toll cards, almost similar to the present Smart TAG system.

Ban on Xenon Headlights

I read this over breakfast today. Shoot! I was just about to go out and get a pair for my car… but since it has been declared illegal, I choose to decline.

No wonder the accessories shops are selling these babies at damn cheap prices than ever before lately…

The issue discussed below is for cars that do after market modification. What about those cars that roll out from the factory with the Xenon as standard equiptment?

The Star Online : Thursday June 14, 2007

Crackdown on Xenon headlights

KANGAR: The Road Transport Department (JPJ) will act against vehicle owners who modify their headlamps with bright Xenon lights that are blinding to other motorists at night.

JPJ Director of Enforcement Salim Parlan said the Xenon lights could blind drivers of vehicles coming from the opposite direction or in front of them.

He said the JPJ had received several complaints from the public on these modified headlamps and would take immediate action against modification beyond the set standard under the Road Transport Act 1987.

“These Xenon lights are too bright and can obstruct the visibility of other road users at night.

“This poses a danger to the other road users,” he said during an integrated traffic operation here yesterday.

The Road Transport Act provides for a RM200 fine for modification to a vehicle without the approval of JPJ’s technical authorities.

Salim said the JPJ was considering regulations to prohibit the use of Xenon lights on vehicles altogether.

“We know that vehicles of several manufacturers use such lights. The JPJ will submit its application to introduce such regulations to the higher authorities for consideration,” he said.

Commenting on the two-day traffic operation that began on Monday, he advised motorcyclists in the state to get valid licences and update their road tax.

State JPJ Director Zahari Awang Senik said that during the operation, 123 summonses were issued for various offences.

The operation involved several agencies including the JPJ, Department of Environment, police, National Anti-Drug Agency, Immigration Department, Road Safety Department and Anti-Corruption Agency. – Bernama

Insurance for Travellers

There are many insurers in Malaysia offering Travel Insurance. There are several variations but the basic benefits are roughly the same such as :

• individual PA
• medical benefits
• coverage on flight delay
• coverage for loss of baggage
• curtailment benefits
• loss of cash

Just make sure that in the event of any mishaps such as those listed above, make a police report with the local authorities at your travel destination OR get the necessary documents from your the airline that you’re traveling with.
The Star Online : Thursday June 14, 2007

New insurance plan to protect travellers if trip is called off

By ROYCE CHEAH

PETALING JAYA: Local travellers will soon be able to get tour fare protection under a new insurance scheme endorsed by the Tourism Ministry.

This comes about five weeks after a tour company, Excellence Holidays Sdn Bhd, went bust, causing 336 travellers to lose RM2.4mil in total.

Those instrumental in creating the new scheme said the tour fare protection would cover travellers against services not rendered.

“This is not coverage against a company going bust. It will cover the traveller for up to RM10,000 if the tour package is not carried out for whatever reason,” said a source.

Apart from the tour fare protection, the scheme – which will cost RM15 per person – would also provide insurance against accidental death and permanent disablement (RM25,000), medical expenses (RM5,000), outpatient treatment (RM1,000), repatriation (RM15,000) and personal liability (RM100,000).

“The amount of coverage for the other components is not as high as other insurance packages but travellers are free to top up with any other travel insurance on offer,” the source said.

It is understood that scheme is targeted to be implemented by July 1, initially syndicated across four insurance companies.

“We are proposing to make it mandatory for all tour agents, upon registering or renewal of licence, to participate in this with the insurance premium rolled into the cost of the tour package,” the source said.

The source said the scheme was urgently needed with the rising negative perception and low confidence level of the travelling community towards the travel industry after the Excellence Holidays episode.

“There is also the increasing frequency of accidents happening to Malaysians travelling overseas.”

The insurance scheme, based on a proposal presented by Tahan Insurance (M) Berhad, would be managed via a joint venture between a private company, Timeless Vacation Sdn Bhd, and a wholly owned subsidiary company of the Tourism Ministry, Pempena Sdn Bhd.

Apart from protecting outbound travellers, the scheme would also protect foreign inbound travellers in the same manner with the insured amounts being slightly higher and the premium at US$15 (RM52).

Malaysian Association of Tour and Travel Agencies president Ngiam Foon welcomed the move, as it was good for the industry. However, he said the association would launch its own package that would also have tour fare protection, on June 19.

It was also reported that AXA Affin General Insurance Bhd has been providing cover for loss of deposit or payment made to travel agencies from June 1 with its SmartTraveller policy.

A review on Perodua VIVA

I was looking thru the Star onlinde & found this article. Good to read and I must say that its a handy car to drive around in town.

Compact, easy to park and fuel economy are the main characteristics of this vehicle.

Test drive 1 today!

from The Star Online : Sunday June 3, 2007

Carry on, Viva

By AUDREY EDWARDS

audee@thestar.com.my

There were definitely pangs of sadness when Sophie – my faithful Perodua Kelisa – and I parted more than a year back.

Although I did not shed any tears, the thought of ending a four-year relationship still leaves me sad.

Small wonder: The zippy spirit lives on in the latest of Perodua’s offering. – ANDREW FERNANDEZ / The Star

Especially when I think of all the good and bad times we went through together before I sold her off.

Bad included the many bangs that she endured in the time I owned her and good was when she brought me everywhere in great time.

Sophie was one good car to zip around city streets and highways on.

Yes, I was laughed at many times when I gushed about Sophie (‘it’s only a Kelisa’ was the main comeback line from friends) but to me, she was comfortable enough to bring places.

Room above and below to wriggle about even for this 5’ 7” gentleman.

Whether it was a short drive to pick friends up or going all the way to Johor Baru for an assignment, she was always up to the task.

Besides, of course, the joys of parking her easily in cramped spaces.

And yes, it could fit five adults and one child. Whether it was comfortable or not, it always kept mom quiet about the air-conditioning.

Besides, the baby was a fuel sipper. An important point in this day and age when prices are up.

And now, Perodua has gone one step forward. My dear Sophie is being replaced with the Viva by the powers that be at the manufacturers known to churn out compact and affordable cars.

So, I was naturally very excited when given the chance to check out the new Perodua model.

The Perodua brand has been a mainstay in my family seeing how my parents have Jack (that’s the Kancil) and now there is Ding-Ding (that would be my few months old Myvi).

Now, while Sophie had me feeling wicked and mischievous most of the times I drove her, Ding-Ding somehow has me subconsciously driving at a slightly slower pace.

Plus, it does not help that my new car simply cannot rev it up the way the old Kelisa could.

Anyway, it was the 1,000cc auto version of the Viva that I got acquainted with.

At first glance, the Viva clearly has the Myvi DNA but as Peroduas go, this is more like the diet version of that car.

That’s not necessarily a bad thing. As with all things that are smaller, it sips less fuel.

But what I felt, I liked. It was zippy and brought out the impish glee I felt every time I drove my old Kelisa.

And it felt more stable and assured, even at speeds of 130kph.

One sits quite high in the driver’s seat and enjoys good frontal visibility.

This was Sophie on steroids (by default because of its larger size) and yet managing to keep the “naughty” character. And of course, with many additional goodies.

With its “practical-spacious-compact” selling point, the maker of this new baby promises a complete package.

Meant to be an entry-level car, there is a whole lot more space than the Kancil and Kelisa.

The interior length compared to the Kancil is increased from 1,710mm to 1,845mm while the width is wider from 1,185mm to 1,300mm.

One sits quite high in the driver’s seat and enjoys good frontal visibility.

The tailgate swings high and the rear seat folds down for extra space.

The front seats are quite well contoured, giving good back support and do a decent job of hugging you around corners.

Rear legroom is certainly generous for a 1.0 litre car.

Perodua says five adults can be seated although four would be much more comfortable.

Interior fit and finish are to your usual Perodua standards.

Another selling point is that the doors can be opened up to 90 degrees – a plus point when loading and unloading big items.

The rear seat folds down for more luggage space.Another first for the 1,000cc only is that the driver can raise his seat height by 45mm. Great for vertically challenged drivers who need just that extra push to see more of the road.

Oh, and I can safely say that I love the side mirrors which retract at the touch of a button(1,000cc premium model only).

When it comes to the engine, the Viva is powered by three cylinders and 12 valves.

It is enhanced by dynamic variable valve timing (DVVT), double overhead camshaft (DOHC) and electronic fuel injection (EFI).

Maximum power for the Viva is 35kW @7,200 rpm, 39kW @6,000 rpm and 45kW @6,000rpm for the 660cc, 850cc and 1,000cc respectively.

Anti-lock Braking System (ABS) and Electronic Brakeforce Distribution (EBD) are available in the 1,000cc premium version, as with driver and front passenger airbags.

At the time this article was being written, the writer has hardly seen a Viva on the road.

But it will be just a matter of time before Malaysians find one at every turn, straight, highway and parking lot.

On-the-road with insurance prices range from RM28,400 for entry level 660cc solid-colour manual Viva to RM44,200 for the premium 1.0-litre metallic automatic variant.

Too Much for Education Funds?

I was talking to a neighbor during a recent gathering last week and he expressed his concern on how he is currently spending almost RM 10,000 per year in life insurance for the whole family, whereby half of it goes to the children’s education.

He has plans to terminate some of the policies because he worries that he might not be able to commit to the payments. All his premiums are paid annualy.

I’m sure many of you out there are also facing the same situation.

I do not happen to be this neighbor’s agent but he just asked my personal advice/opinion on whether he should terminate the education policies for all his 4 children.

My advise is this :

Somehow or rather, every kid needs some cash to enter university. The days of scholarships and handouts are almost gone. I say this because even the students who excel in the SPM today do not get to do the field of their choice (with reference to entering public universities or obtaining a corporate scholarship).

A close example is my youngest brother who wanted to do medicine. He obtained straight A’s for all 10 subjects including Physics, Chemistry, Biology and Additional Math…

With that kind of result 10 years ago,  an overseas scholarship would be guaranteed. if it was 20 years ago, he would be flown to do A Levels overseas even BEFORE the results were out.

But alas, in today’s scenario, it’s even tough to get into a public university to do the course of your dreams. What more in the future?

That is why, no matter how you save, using what ever financial tool that you think is BEST, just DO IT! go out there and START your child’s education fund TODAY !

IF 18 years from now your child is a lucky star and ultra bright student who gets offers from 5 different organizations to sponsor him or her university education, you can by all means keep the fund as a backup. It might come in very handy one day.

Good Luck!