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2009年10月31日星期六

Credit card agents cry foul over service charge plan

Saturday October 31, 2009
Credit card agents cry foul over service charge plan
By JOSHUA FOONG

Government urged to withdraw service tax on credit cards

KUALA LUMPUR: Applications for new credit cards have dropped by 80% following the Government’s announcement of a RM50 service tax on each card starting next year.

The service tax, which was announced during the tabling of the Budget on Oct 23, is likely to affect more than 5,000 credit card agents and 18 credit card issuers.

With their rice bowls on the line, the agents have urge the Government to reconsider the proposal.
Card convenience: Some of the representatives from over 40 sales agencies holding up credit cards during the joint press conference in Kuala Lumpur yesterday.

Francis Teow, who runs a credit card sales agency in Penang, said banks would not be keen to maintain their large sales force if they were not confident of achieving the desired sales target when the RM50 tax was enforced.

Teow and representatives from over 40 credit card sales agencies highlighted their concerns in a joint press conference here yesterday.

As for the Government’s argument that the RM50 was seen as a way to encourage prudent use of finances, Teow said a better alternative would be to raise the interest on the minimum monthly repayment from the current 5% to 20%.

“However, the Government is well aware there are many cardholders with substantial amount of outstanding balances in their credit cards.

“And if they increase the monthly minimum payment, many will default payment and non-performing loans will increase,” added Teow.

Credit card sales agency director H.K. Tan said the service tax would not only have a negative impact on sales agents but also on card holders as well.

“The newly imposed service tax will affect low and middle-class consumers.

“Many can’t settle their outstanding bills, imagine having to fork out another RM50 for service tax,” he said.

Credit card consultant Kevin Choong said it was not viable to burden the industry that had done much for consumers with the new tax.

“Credit cards have reduced the need to borrow from loan sharks. Imagine, people who do not have credit cards to avoid paying the RM50 service tax, they may need to carry a lot of cash and they will become easy target for thieves.

“Or, if in case of an accident in the middle of the night and you need to be admitted into the hospital, the credit card provides you with financial security,” he said.

Blogger: A RM 50 service charge on each credit card definitely affected the credit card agents.

When the brokerage of the share transaction was reduced from 1% to 0.6%, it also affect the remisiers. Many remisiers actually left the industry.

I have about more than 500 clients, but many have never buy even buy one share from me. Those who used to invest in the stock market, they are still doing it. Many have never come back because they are affected by the 1997 financial crisis and they have never made a come back until today.

I have been thru many unexciting years. When the market come back in 2007, I made some money but never like pre 1997 period. 2008 is bad again. 2009 is picking.

Brokerage is not an issue. They should not reduce the brokerage for retailer players. They can give fund managers discount based on volume. But when the securities industry was liberalised, the retail players and the fund managers enjoyed the same benefits. There is no incentive for the fund managers to play the market. Therefore, the market was not active for so many years.

When retail investors have no idea about the market, when they invest in the stock market, they are charged 0.6%(many years ago was 1%), they said expensive, when they invest in unit trust, they are charged 6%, they said reasonable.

Therefore, brokerage is not an issue to the retail players. All they one is for the share to go up, for the fund managers to be able to play the market and the retailers can make some money and they are happy.

When the remisers made money, they actually pay a lot of taxes. All incomes are recorded. The government benefited in terms of taxes.

The government should be thinking of increased the brokerage for retail players from 0.6% to 1 % so that the securities industry can make more money and the government can benefit more from a active stock market.

112 yr old man marries 17 yr old girl

112 yr old man marries 17 yr old girl

Hundreds of people attended a wedding between a man who says he is 112 years old and his bride who is only 17.

The BBC reported Thursday that Ahmed Muhamed Dore - who already has 13 children by five wives - would like to have more with his latest, Safia Abdulleh.

"Today God helped me realise my dream," Dore was said, after the wedding in the region of Galguduud.

Old groom, teen bride...Dore said he had waited for Safia to grow up before proposing to her

Old groom, teen bride...Dore said he had waited for Safia to grow up before proposing to her

The bride's family said she was "happy with her new husband".

Dore said he and his bride - who is young enough to be his great-great-grand-daughter - were from the same village in Somalia and that he had waited for her to grow up to propose.

"I didn't force her but used my experience to convince her of my love and then we agreed to marry," he said.

The marriage, in the town of Guriceel, is being described by Somali historians as the first of its kind in the Horn of Africa nation for more than a century.

The reaction to news of the marriage has been mixed.

Some people said while it was allowed under Islamic law, they were concerned about the age gap, but others were happy that age was not a barrier to love.

Dore told the BBC he was born in Dhusamareeb in central Somalia in 1897 - and has a traditional birth certificate, written on goat skin by his father.

He joined the British colonial forces in 1941 and served as a soldier for 10 years. He later became a police officer after Somalia won independence in 1960.

Dore has a total of 114 children and grandchildren. His oldest son is 80 years old and three of his wives have died.

He hopes his new bride will give him more children.

"It is a blessing to have someone you love to take care of you," he said.

Published Oct 30 2009

Blogger: This man looks still healthy. We like to know what he eats daily or what he does to become so healthy. Some men reached 50 would have already had some "problem".How come he can do it?

要求重选·还欠4人 廖蔡17中委愿总辞

要求重选·还欠4人 廖蔡17中委愿总辞
2009/10/30 5:45:46 PM
●南洋商报

(八打灵再也30日讯)马华党争方兴未艾,随着廖派昨天呈信要求召开特大,要求重选之后,蔡派今天也表达强烈的重选意愿,甚至重提总辞之计,如今两派只差 4名票选中委,即可通过总辞以促成中央重选。

昨天联署签名要求召开特大的16个中委,有4人是受委中委,意味着只有12名票选中委联署,不过加上未出面的署理总会长拿督斯里廖中莱,有意重选的中委至少已有13人,若再加上蔡派的4个中委,总共已有17人。

三分二中委停职须重选

根据马华党章,只要三分之二票选中委停职,整个中委会便得进行重选。

随着原任署理总会长拿督斯里蔡细历医生被冻结党职,以及拿督李成材于去年往生之后,马华中委会目前共有31名票选中委。要达到三分之二的人数,至少是21人。

王乃志:拉拢更多票选中委总辞

廖派要求重选的特大发起人之一的王乃志说,除了昨天联署签名要求召开特大的票选中委,他们也正在拉拢更多的票选中委总辞,以举行重选。

他今日对《南洋商报》说,只要得到多些票选中委的支持,就可以达到三分之二或21个中委辞职须重选的条件。

马华党章第41条文

如果超过三分之二或更多的中央委员会票选委员同时停职,剩下的委员将在该事件发生的3天内,在他们当中选出一人,在最短的时间内,即最迟不能超过该事件发生后的30天内,召集一项特别代表大会以选出一个新中央委员会。其余的中委必须负责管理党务,直到新中央委员会选出为止。但不能阻止任何前中委被重选连任。

Blogger: In accordance to article 41 of MCA constitution,

If two-thirds or more of the elected members of the Central Committee shall at any time cease to be members of the Central Committee the remaining members shall within
three (3) days of the day when that event occurs elect one of themselves to convene at the shortest possible time and in any event not later than thirty (30) days from the date of that event an Extraordinary Meeting of the General Assembly to elect a new Central Committee. Until a new Central Committee has been elected the remaining
members of the Central Committee shall administer the affairs of the Party. Provided that nothing herein shall prevent the re-election of any ex-Central Committee
Members.

If we were to see the eventual outcome of article 41, we will definitely have a fresh election of the central committee. Then again, who will be the next president of MCA?

2009年10月29日星期四

Trouble in PKR again?Badrul Hisham Abdullah quitting

29/10 Port Klang assemblyman Badrul Hisham Abdullah announces he is quitting PKR, says has lost faith in party leadership.

29/10 Selangor MB Khalid Ibrahim recommends that Port Klang assemblyman Badrul Hisham of PKR resign from his seat because of non-performance.


29/10 High Court grants application by Selangor MB to suspend paying Bank Islam Rm 66 mil pending trial of his claim against the bank.

29/10 Public Accounts Committee will table PKFZ report and its findings in Dewan Rakyat next Wedneday, says its chairman Azmi Khalid

29/10 The MCA must be given time to sort out its problems and the solution achieved should lead to a stronger MCA says PM Najid.

29/10 DPM Muhyiddin keen and call for single stream schools to promote unity and 1Malaysia concept, but says must get feedback from all parties first.

28/10 Former Science, Tech and Innovation ministry sec-gen Abdul Hanan Alang Endut claims trial at Shah Alam Sessions Court to 10 counts of graft.

28/10 Perak Assembly: Speaker R. Ganesan adjourns sitting to 11:20 am.

28/10 Perak: Pakatan reps walk out after ex-Speaker V. Sivakumar is not allowed into assembly wearing Speaker’s robe.

28/10 Perak State assembly sitting: Heavy police presence around state secretariat building in Ipoh. Sitting scheduled to start at 10am.

27/10 Family of political aide Teoh Beng Hock file application at Shah Alam Coroners Court to seek order to exhume his remains for second autopsy.

27/10 Feng Shui Master Wong Shi Lin said the good dates to exhume Teoh’s remains should be between Nov 10 to Nov 20, 2009.

2009年10月26日星期一

Indonesian Maid Mantik Hani dies in ICU, another big case

26/10 Indonesian maid Mantik Hani, rescued on Oct 20 after being imprisoned in a toilet, dies in ICU of alleged abuse.

25/10 Najib:The split in PAS is very serious but Umno is still open to possible Malay and Muslim unity talks with the party.

25/10 Family of Teoh Beng Hock to request for exhumation and second autopsy to be done by Dr Pornthip Rojanasunand, says lawyer Gobind Singh Deo.

24/10 Muhyiddin: PAS facing leadership crisis with PAS’s NIK Aziz calling for special meeting to decide if president Hadi Awang should be retained.

24/10 Raja Nazrin: Malaysia’s judiciary should adopt more international human rights thinking and standards in arriving at legal decisions.

2009年10月22日星期四

FBM KLCI closed down 0.04 at 1260 on Thursday

22/10 FBM KLCI closed down 0.04 pt at 1260; some 761 mil shares were traded valued at RM 1.2 bil. Gainers led loser 343 to 321; 273 counters unchanged.

22/10 Overnight Dow slipped 92.12 points, or 0.92 pct to 9949.36 but crude oil futures jumped USD 2.25 to USD 81.37 a barrel.

22/10 European stocks opened lower in trading in tandem with Wall St. At 4.08pm, DJ Euro Stoxx 50 was down 1.4 % and FTSE 100 Index slipped 1.2%. Would this pull down the Dow later in the night?

22/10 Maxis’ listing prospectus is expected to be released on Oct 28(Wed).

21/10 At 5 pm, FBM KLC closed down 5.7pts at 1260.1; shares of glove makers ended higher – Supermax rose 25 c to RM 3.85, Kossan up 13 c to Rm 5.24.

21/10 CIMB Thai bank sells office block in Sathorn, Bangkok for RM 100 mil as part of a rationalization exercise.

20/10 FBM KLCI closed up 4.2 pts at 1,265.7; 1.2bil shares traded, valued Rm 1.5 bil. Sarawak Energy rose 45 c to RM 2.59,. RHBCap lost 24 c to Rm 5.45.

20/10 Palm oil exports estimated to increase 1.8 % to 812,095 tonnes in the first 20 days of Oct vs a month ago-independent surveyor Intertek.

20/10 MAHB sees 3% to 4 % growth in passenger volume for 2009 vs earlier expectation of flat growth from last year’s 47.4 mil travelers-MD.

20/10 The money market is orderly and the need does not arise for intervention from Bank Negara – Tan Sri Dr Zeti Akhtar Aziz.

20/10 Overnight Dow advanced 96.28 points, or 0.96 pct to 10,092.19; Crude oil prices climbed USD 1.08 to USD 79.61 per barrel.

19/10 At 5 pm , FBM KLCI closed up 4.7pts at 1,261.5; gainers led losers 439 to 291; 244 counters unchanged. Some 1.3 b shares traded, valued RM 1.3b.

19/10 Housing Minister: Renewed buying interest in homers indicates the economic downturn is bottoming out.

19/10 Shares of RHBCap to resume trading tomorrow, Tuesday, Oct 20, after the group announced the acquisition of 80% stake in an Indonesian bank.

19/10 PM: It is more important to ensure people are safe, comfortable and not saddled with economic woes than cutting the national deficit.

19/10 The usage of B5 biodiesel still at early stage; does not mean poor uptake. No Complaint so far for Government vehicles that use B5.

MCA peace pact

22/10 Peace pact: MCA president Ong and his ex-deputy Dr Chua agree to work as a team to unite party, will ask sec-gen to review call for EGM.

Blogger: Suddenly we heard peace pact. This may mean there would not be any EGM.
Politics is a game of possibilities. Would Liow Tiong Lai be sideline? Maybe later on.
We shall see how it goes.

22/10 High Court rules that Dewan Rakyat proceeding in suspending Puchong MP Gobind Singh cannot be challenged in court.

22/10 KL Magistrates Court sentences Tian Chua to 6 months jail and RM 3000 fine for biting cop, the Batu MP is applying for a stay of execution because he wants to appeal.

20/10 PM Najib in Jakarta: Malaysia-Indonesia relationship consistently cordial; Indonesian President Susilo Bambang to visit Malaysia Nov 11.

20/10 Court of Appeal allows application by Dr Mahathir to strike out appeal by Anwar Ibrahim in a RM 100 mil defamation suit against the former PM.

20/10 Education Ministry looking at teaching Science and Maths in BM for Year One students beginning 2011, a year ahead of schedule.

15/10 Umno General Assembly: Najib says Umno must discard image as party being used to find income, must be inclusive and put people’s needs first.

2009年10月16日星期五

UN Security council added 5 new members

16/10 UN Security Council to get five new members in January, for a two-year term: Nigeria, Brazil, Bosnia, Lebanon and Gabon.

16/10 Malaysia sends aid to Philippines as it braces for third typhoon in a month, 773 people killed by first two storms.

16/10 Former minister Zaid Ibrahim, who left Umno for PKR, is going on six-month leave from party; denies this is due to PKR’s internal issue.

Blogger: something is wrong or rather something is happening. Maybe PKR should change.

16/10 Umno General Assembly: Najib says he is leaving his fate as party president to members with the implementation of party constitutional changes.

Ong pushes for polls to settle leadership crisis

Ong pushes for polls to settle leadership crisis

MCA to hold EGM to decide on fresh polls

KUALA LUMPUR: MCA is having another extraordinary general meeting but this time, it’s being called by Datuk Seri Ong Tee Keat in a surprise move to settle the leadership crisis.

In chairing the much-anticipated central committee meeting yesterday, Ong said the EGM resolution that would be put before the central delegates was, whether there was a need for a fresh party election.

The MCA president, who was widely speculated to offer his resignation at the meeting yesterday, said he was always in favour of fresh polls following last Saturday’s controversial EGM “but there were certain quarters who were against this.”

Another major decision made at the CC meeting yesterday was the election of Health Minister Datuk Seri Liow Tiong Lai as the new deputy president, replacing Datuk Seri Dr Chua Soi Lek whose resolution to be re-instated to the post on Saturday was rejected by the delegates.

Secretary-general Datuk Wong Foon Meng will now have to organise the new EGM to be held during the annual general meeting expected next month.

Meanwhile, Liow said only a strong and united MCA could help Barisan Nasional in the next general election.

Blogger: By right, Datuk Seri Ong Tee Keat should resign and let Datuk Seri Liow Tiong Lai to take over. If he were to do that, there might be infighting again

If the EGM wants a fresh election, then there will be another fight. If the EGM were to decide not to have a fresh election, then it is status quo.

Political observers said that Ong Tee Keat should resign after the Oct 10 EGM because of the vote of no confidence. If he does not resign, it would mean he is morally wrong.

Chua Soi Lek was suspended because of moral issue. We have now two top MCA people who have done something which is morally not acceptable.

How about the central committee who had said they will resign together if the vote of no confidence passed against Ong Tee Keat. When the central committee did not resign, they also have done something morally wrong.

Thing is getting confused. Perhaps a fresh election can settle the leadership crisis issue. In anyway, do it fast and quick. Don't play politics again.