Friday, December 20, 2013

New Housing Rules (effective Feb 2014) for PENANG

Dec 8 — First-time house buyers in Penang will need to get state approval if they intend to sell their properties within a specified time frame, under new housing rules that will take effect from February 1 next year.
Chief Minister Lim Guan Eng said the new rules - created to clamp down on property speculation - will impose a moratorium of up to 10 years on the sale of houses by first-time homeowners.
The moratorium applies to low-cost homes costing up to RM42,000 and low-medium cost homes worth up to RM72,500 and covers all past and future purchases.
- See more at: http://www.themalaymailonline.com/malaysia/article/penangs-new-housing-rules-to-prevent-property-bubble-cm-says#sthash.QvDuPN9x.dpuf

Good initiative from Pakatan government, I wonder will Selangor State Government follows...

Thursday, November 21, 2013

国家银行再次出招打房 (11/2013)

(吉隆坡19日讯)国家银行再次出招打房,以“实销价”(Net Selling Price)取代“大价”(Gross Selling Price),来计算房屋贷款上限(Loans to Value,简称LTV),令人错愕

料拉低银行房贷增长
初步看来,购屋者的承担能力将因而大受冲击,而银行业房贷增长预料也将被拉低。
据了解,国行已在上周五(11月15日),发出题为“促进房产市场永续措施”(Measures to Promote Sustainability of the Property Market)的通告,通告内的条例从发出当日生效。
对此,《南洋商报》向官方消息求证,证实国行的确已在上周五,向所有金融机构发出上述通告。
总结该通告的内容,有两项值得关注的重点:
(1)以“实销价” 取代 “大价”,来计算房贷上限;
(2)加强限制“利息资本化”计划(Interest Capitalisation Scheme,ICS)的批准,包括“发展商承担利息计划”(DIBS)。

要求银行承担责任
对此,兴业研究分析员指出:“随着2014年财政预算案的相关宣布,禁止DIBS的指南并不算意外。
但以实销售价来计算房贷上限这个新条规,却让我们感到错愕。”
分析员表示,此新条规也要求银行承担相关责任,来制定本身的政策和评估流程,确保由发展商提出的房地产实销价估值合理。

防发展商提供前期现金回扣
此新条例将有效抑制发展商设法以其他优惠方式,取代被禁止的DIBS;事实上,也防止了发展商对购屋者广泛提供的前期现金回扣。回顾此前的方式,银行是根据购屋的买卖协议(SPA)的估值来计算房贷上限。最近公布的2014年财政预算案已志明,发展商目前必须把总价(all-in price)的所有详情公开列明。虽然此新条规目前难以评估对银行业所带来的冲击有多大,但这条例适用于所有的房地产融资方案,包括首次购屋者。

发展商须列明总价
“意味着房地产买家的可承担能力将会受到影响,进而拖累银行业房贷增长走低。” 分析员相信,在今年下半年已经3次祭出打房措施的国行,已清楚表明要抑制我国家庭债务增长的决心。

15日后获批 房产禁令即刻生效
针对禁止“利息资本化”计划(ICS)的措施,凡是在今年11月15日之后取得当局批准的房产项目,禁令即刻生效。 至于在11月15日之前取得批准的项目,禁令则会在明年1月1日开始生效。所谓“获得当局批准”,是指住宅产业发展商执照、行销与广告准证,至于非住宅发展项目,则是指开发令及建筑蓝图。


国行“促进房产市场永续措施”通告要点

●已拥有两个未偿还房屋贷款的个人,第三个房贷的最高上限(LTV)为70%。
●已拥有两个未偿还房屋贷款的非个人,第三个房贷的最高上限为60%。
●在计算个人的房贷上限方面,定期房贷保险(MRTA)的融资或可以不包含在内,但其他如律师费、印花税等成本的融资,则必须包含在内。
●在计算房贷上限方面,房地产价值必须是净估值,不可纳入所有价格折扣、调整、回扣或任何来自发展商且会扭曲房地产实质价值的优惠。
●对住宅和非住宅房地产的购买,加强限制“利息资本化”计划(Interest Capitalisation Scheme)的批准,包括“发展商承担利息计划”(DIBS)。







Sunday, October 13, 2013

What is MLTA?

Last week received a call, this man, let's call him Mr. M, asking question about MLTA.

Mr. M just signed a letter offer from a bank for over RM600k and keen to buy mortgage insurance. He said he received some quotation and done his research online over the insurer's website.

Mr. M question to me is, "Why I can't find a product name MLTA?"

To answer Mr. M.....I said: "MLTA is not a product but a concept coined by insurance agency to sell life insurance."

"MRTA (Mortgage Reducing Term Assurance) is also a form of life insurance", I told Mr. M, "but sold by bank to borrower to protect the bank's interest first."

Both MRTA and MLTA has its pros and cons. I believe MLTA is gaining more market shares because it gives consumer more flexibility. People likes to be in control...

Retirement Savings Comes From Character And Discipline, Not Luck.

If you have not discuss on Retirement Planning with spouse, friend or business partner, soon you will have....
How is your retirement saving plan going?

I guess most people have common problems, like...
We need to earn more....We need more time to save.... We need better return on investment etc....
 So, what is yours reason?

Let's forget about return on investment first. With low balance, however high is your ROI also close to meaningless.

To have a huge retirement saving pot, you should target to increase your saving amount rather than your ROI. It happens only and only if you actually put money away, in a disciplined and serious manner, for years. Then let the compounding effect works on it.




Friday, October 4, 2013

He is planning to sue a Commercial Bank (for force sale his house)....

Mutton-seller A Muthukrishnan is planning to sue a commercial bank for supposedly high-handed selling of his house to a moneylender.
He also claimed that the moneylender had hired thugs to attack him last year when he refused to transfer ownership of the house to the moneylender as he had failed to settle a RM50,000 personal loan that he took in 2006, causing him to lose a thumb.
Muthukishnan bought a unit of double-storey terrace house in Selayang Baru, Batu Caves in 1997 with a housing loan secured from the bank where he paid a monthly installment of RM1,000.
However, he started defaulting on the monthly repayment and the bank sold the property to moneylender.
“In 2008, I was shocked when the bank informed me that a third party has requested for the property redemption sum and later bought the house,” he said, adding that he had approached the bank on the matter and was advised to lodge a police report.
Muthukrishnan also claimed that despite the police report, there was no action.
“I have also made at least 40 complaints to Bank Negara, the police, Tribunal for Consumer Claims, Bar Council, Malaysia Licensed Money Lenders Association and several ministries in hope they are able to help me to resolve this matter,” he said.
When asked if the bank had offered assistance, Muthukrishnan claimed that the bank had offered money on several occasions but declined to reveal the amount.
“With the bank offering me money, it is an indication that something is wrong,” he said, adding that he wanted the house instead which was valued at about RM700,000.
When contacted, a representative of Standard Chartered Bank said that the bank was in communications with Muthukrishan to help him resolve his concerns.
“Standard Chartered cannot comment on any information relating to our customers. As you may know, we are required by both international and local laws and regulations to maintain strict confidentiality about customer information.
“As an international bank, we adhere to these requirements in all our markets for all our customers.
“What we can tell you is that we have been in communications with Mr Muthukrishan to help him resolve his concerns,” said the representative. 


Thursday, October 3, 2013

Bank Negara New Rule - Capping "cash out" on Refinancing

In Q3 of 2013, Bank Negara Malaysia (BNM) issued new guidelines to banks regarding refinancing of mortgages. Prior to this, anyone could refinance their homes with repayment tenures up to 35 years. Under the new guidelines, any cash out amount from mortgage refinancing would be capped at 10 years tenure. 

Many people are now asking, how can you avoid it?

This guideline is part of Bank Negara’s efforts to reduce unnecessary household debt, and also cools any speculative activity in the property sector that is fuelled by lax home loan refinancing.

Effect of the guidelines

Before this, you could refinance your house up to 90% of its market value. The cash out amount can be used for any purpose. This includes investing in other properties, and is a common practice among serial property investors. Maximum loan tenure follows those of housing loans, which is 35 years.

Assuming the house is worth RM400,000, outstanding housing loan balance is RM150,000, interest rate is at 4.6% and Margin of Finance is at 90% of market value.

Example refinancing calculation under the old rules:

Amount to cover outstanding balance = RM150,000
Cash Out Amount = RM210,000
Total Refinance Amount = RM360,000
Tenure = Max 35 years
Total Monthly Installment = RM1,726

Example calculation under the new rules:

Amount to cover outstanding balance = RM150,000
Tenure = Max 35 years
Monthly Installment = RM719

Cash Out Amount = RM210,000
Tenure = Max 10 years
Monthly Installment = RM2,187

Total Refinance Amount = RM360,000

Total Monthly Installment
= RM719 + RM2,187
= RM2,906


That is a difference of RM1,180 per month! MANY people will NOT be qualified due to DSR exceed entitlement*.


Is there any way around it?

Likely no.


* DSR = Debt Service Ratio. Most people maximum entitlement is between 60% to 80%. Once installment amount increases, DSR increase accordingly.

Friday, September 20, 2013

[转帖] 退休生活规划

私人退休计划(PRS)风险比公积金(EPF)高
今年由战略与国际研究中心(CSIS)所进行的《平衡传统与现代化:在东亚退休养老前景》调查中发现,约92%的我国人民在60岁前已经退休。
与新加坡、台湾、香港、中国和韩国等等地区的人民较比,我国的退休人士更担心退休后的生活。
我国人民的平均寿命介于75至80岁之间,而退休年龄则介于55至60岁。换言之,国民退休后还需要应付约20至25年的生活费。退休后虽然可以提出公积金来生活,但是最多也只能维持大约5年。
国家银行在2005年的统计更显示,退休人士一般上在退休后3至5年间就已经把公积金花光。
所以,我国人民对于退休后的生活会有忧虑绝对是无可厚非的,而这种情况是务必受到正视。
为了确保退休后的20年内可以过着“有财而不忧”的安乐日子,我国人民无不“绞尽脑汁”在为未来的生活打算。年轻的打工族努力打拼省吃俭用,为的就是想要存一笔“养老金”。
不过,省吃俭用在这通货膨胀率日愈提高(6%-9%)的时代,成效却不大。而且,钱的价值“越来越小”,养老金是否真的足以养老,大家都心中有数,心里难免有着沉重的负担。
有鉴于此,市场上推出各式各样的投资与退休规划产品,例如:私人退休计划,信托基金、“快速致富计划”、外币投资、加入直销行列等等。
没有固定回酬保障
如此繁多的选择不仅造成人民心猿意马,花多眼乱,更导致人民不知如何做出适合自己的选择,心里更加慌乱。
政府在2012年起推行私人退休计划,旨在促进国民退休的福利,让国民有多一个规划晚年的选择。
在投资私人退休计划可能会给与较高的利息回酬,但长远来说(10至30年)私人退休计划却没有固定的回酬保障,也没有最低回酬的设定。因此,所涉及的未知数和风险会比公积金来得高。
至于,公积金的回报高过通货膨胀率或是定期存款利率(2012年9月:3.05%至3.15%),大体上来说已经算是很好的回酬。
以下图表显示,公积金过去3年所给和2012年的预算(*)的回酬:

公积金保本毋庸置疑
公积金是个全民投资计划,有政府作为后盾,因此母金的保障是无庸置疑的。
退休计划旨在保障国民退休后的生活,让他们无须依靠子女或亲戚朋友,而是靠自己。因此,对于一项退休计划来说,利息回酬是其次,保障所投入的母金才是最重要的。
这样,投资者(人民)在55岁退休时就能够将钱提出来,除了可以作为一笔应付退休生活的养老金,也可选择用来投资生意或购买公寓(每月赚取租金收入)。
另一方面,私人退休计划由私人机构管理,除了要保障其本身股东的权益,还得支付销售代理工资佣金、支出行政管理开销(如:水电费、租金开销等等)等等。
扣除了一切的开销后,余下的盈利才分配给投资的人民(小股东)。在这层层扣减后,小股东所分配到的盈利(回酬)更是有限。因此,长远来说小股东的回酬和所承担的风险不成比例。
税务优惠 最高减免RM6000
从税务角度来说,公积金也比私人退休计划来得吸引。个人为自己缴付公积金(连同人寿保险)最高可以获得RM6,000的减免,而投资获批核的私人退休计划(连同年金计划)则最高可获得RM3,000的减免。
经商人士并没有被强制缴付公积金。有了私人退休计划,对于他们来说,无疑是个好消息。因为私人退休计划提供了多一项选择,让他们可以选择投资给与较高回酬的私人退休计划;或是缴付稳定的公积金计划;或是同时投资两者。
然而,对已经缴付公积金的员工而言,他们是否有需要另外再缴付此私人退休计划,或将部分公积金转进私人退休计划户口呢?对钱不够用的打工族来说,这实在有必要经过一番深思熟虑和良好计划才下决定。
无忧晚年 靠自己钱滚钱
人民在选择退休规划的产品时,务必做出理性的分析和评估。有额外资金而投资私人退休计划,得依据个人自己的分析和评估。
就我个人而言,公积金才是比较有长远保障的退休计划。私人退休计划是个选择,但不是唯一的选择。
总括来说,投资和退休规划产品在个人的退休生活里只扮演着辅助的角色。个人不应该将自己的生活负担硬硬放在他人身上,过于依赖父母、政府机构、私人机构来规划和应付自己退休后的生活。
相反的,应该靠自己,退休后仍然能够自力更生。例如:和友人一同经营小本生意、出租房子等等,每个月收取固定的收入。
年轻人更应从今天,勇于做出适当的改变,克制自己的消费和欲望,开始累积资本投资股票(尤指银行股)和房子。
然后,将股票和房子投资所赚来的资本回酬,投资更高价值的股票和房子,以“钱滚钱”的方式来累积财富。退休后,有了公积金和这些收入,想要过个无需为财而忧的晚年,想必不难。
锺贵发博士 税务顾问兼事务及辩护律师
(来源:南洋网 – 财经周刊

[转帖] 养老误区

生老病死是人生必经的阶段,可是在为退休生活做準备的努力上,我们往往忽略了很多事项,若没有经过周详的策划,则容易踏入误区,无法过着预期中的退休生活。
本期我们来看看养老路上有哪些事项值得我们学习,以防陷入“退休无门”的困局中。
不难发现,退休老人面临的经济问题主要是养老、治病及护理等,安排不好就会直接影响晚年幸福。
说实在的,老去还没有这么可怕,最可怕的是面对退休生活,因为随着生活开销越来越大,真的难以想像未来究竟需要多少养老金才足够。
养老,是我们都要面对的问题,但在现实生活中,养老还有许多误区,甚至做得不足。
误区一:养老计划还太早
很多人可能都会有这样的想法:养老?这问题离我还很远呢!再过几年才来想吧!
许多人认为,为养老做準备,并不是20至30多岁这个年龄层应关心的事,因为离退休仍有一段距离,倒不如先随时行乐,享受一番。
其实,养老计划应越早开始越好,确保能有可观的退休金。有些人拥有不错的收入,但就是喊着不够钱花;有些人月薪虽不是很高,却善于理财,不是买基金、股票就是房子,为日后的生活打稳基础。
误区二:省吃俭用留给下一代
一般上中老年人都是吃过苦头的一群,因而养成了省吃俭用的好习惯。可是,到了一定的年纪,应开始多享受生活,无需对自己太过“苛刻”。
中老年人的退休金不少,市场上的“新玩意”又多,何不好好享受?
毕竟长辈活得开心,子女也感到安心,这比留钱给子女更有意义。
误区三:投资心态太保守
中老年人很喜欢将钱放在银行吃那丁点利息,不但无法增值,而且还在贬值。
为此,年长一辈应在对投资市场有所瞭解的基础上,适当投资一些基金及股票等。
值得注意的“投资规则”包括老年人为了安度晚年,要避免冒险性投资行为、以积蓄的50%作为“养老备用金”以备不时之需。
不过,若积蓄太少则不鼓励投资赚钱;若积蓄较多,可考虑房产,稳稳收租金过日子。
至於剩下的50%积蓄应该多买债券型基金,少买股票,尽量避免做高风险投资。
早点策划退休无忧
对大多数三四十岁的上班族而言,“退休”或许是遥不可及的事,但随着近年社会整体经济能力提昇,个人观念改变,愈来愈多人开始思考如何早点退休,并且在退休后生活得更有品质。
退休生活越早做準备越好,这是大家都晓得的,但问题在于有没有尽早落实,以赶上“退休无忧”的列车,轻松度过晚年生活。
来源:星洲日报 – 投资致富

Tuesday, August 20, 2013

Avoid Estate Planning Disaster!

Gandolfini, the famous actor who starred in the acclaimed HBO series The Sopranos from 1999 to 2007 passed away at the age of age 51 reminds us that we are not immortal and thus we should review or update our estate planning constantly in order to prevent any complications that will arise from the administration of the estate in the event something unfortunate happens to us.

An article published on Private Wealth shows us some of the things that we can learn from Gandolfini’s estate plan ‘Disaster’.

Kindly click *HERE* to view the article.

Thursday, August 15, 2013

Know more about "MSIG Motor Assist"

MSIG Motor Assist: Benefits & Services

Nationwide Coverage
Our panel workshops are strategically located nationwide to provide the best services to our policyholders.

24-Hour Call Centre Service
A dedicated tele-service line manned by experienced customer service officers to provide claims and roadside assistance services. All you have to do for the assistance services is to call our 24-hour Motor Assist Hotline at 1-300-880-833.

24-Hour Towing & Emergency Roadside Repair Services
If your vehicle is immobilized as a result of a breakdown, you may just make a call to the MSIG Motor Assist Hotline at 1-300-880-833. MSIG Motor Assist will arrange to:

  • Organize minor repair on-site, if necessary;
  • Tow your vehicle to your home or your preferred repairer to rectify the problem.

MSIG Motor Assist will bear an amount up to RM300.00 per incident for towing and any labour
costs for on-site breakdown repairs only, excluding replacement of parts.

The above service is specially provided to MSIG’s Private Comprehensive Motor Insurance Policyholders only.

Transmission of Emergency Information
Transmission of information during emergency to the immediate family of the policyholder within Malaysia could be provided upon request. However, MSIG shall not be liable for non-delivery of message if recipient cannot be located.

Alternative Transport Home after a Motor Accident
Transport home could be arranged at reasonable cost for MSIG policyholder or driver from the scene of the accident.

6 Months Warranty for own damage claim
Our panel workshops ensure quality of repairs on the vehicles and provide a 6 months’ warranty for all repairs carried out by them. A Warranty Certificate will be issued by our panel workshops.

Workshop Identification
They are easily identifiable by the certificate displayed in their premises.

Endorsement 106
To better manage and provide good customer claims service, the following clause is incorporated in your policy.
“ In the event Your Vehicle is involved in an accident and give rise to a claim, Your Vehicle must be removed to a PIAM Approved Repairers Scheme (PARS) Workshop selected and approved by Us for repairs. Failure to remove Your Vehicle to an approved workshop would be a breach of Endorsement 106 and We shall have the right to decline liability under Section A of this Policy.”

Click here to download the booklet http://www.msig.com.my/pdf/pi/booklet/motor_assist_booklet.pdf

Will or Trust? Will and Trust? What are the differences?

Difference between Will and Trust

Why your (life insurance policy) nomination may NOT be good enough?

If you have purchased a life insurance policy, congratulations! 

Most of the time, you would name your children as the beneficiaries of your life insurance policy. This is because you are concerned about their maintenance, education, living expenses and medical needs, when you are not there to provide for them. It is good that you put your child's welfare as your paramount consideration.

However merely nominating your spouse and children as beneficiaries may not be as secure as you think. The proceeds from your insurance policy may possibly be more than enough to financially provide for your child when you're no longer around. However, if your child is minor he/she may not be matured enough to handle such a big sum of money or he/ she may pass the money to unscrupulous people to manage.

The solution is to appoint Rockwills Trustee Bhd as Trustee when you name your child as the beneficiaries of the life insurance policy.

As the appointed Corporate Trustee, we will:
  • PROTECT your insurance proceeds against the claims by your creditors;
  • Ensure it would not be frozen and delayed by the legal process;
  • DISTRIBUTE it to your beneficiaries when they reach 18 years old;
  • GUARANTEE your wishes would be realized.

UNormination S.166 Trust Nomination - The Structure 

 



Our S.166 Nomination Trust is a must for parents who regard their child's welfare as their utmost concern, especially those who have insurance policies to benefit minor children. It is only RM188 per policy. Why wait? Contact us today.

Make certain that your children will be able to benefit from what you set out to do for them. Act now. Consult our professional Estate Planner now to achieve the best for your children.

Should I Write My Own Will?

In Malaysia, anyone can prepare a Will, but the question is whether the Will drawn up in accordance with the Wills Act 1959 as well as whether it fulfills the wishes of the testator.  There are also necessary formalities and rules about beneficiaries, witnesses and executors of the Will.

If you have written your DIY Will, is it within the ambit of various laws - such as guardianship, family inheritance, Wills Act and trust? Your DIY Will may be ineffective and invalid if it is improperly written and as a result may cause hardship to your family members. Even a Will with simple mistakes can lead your executors and beneficiaries to unnecessary and costly litigation and distress. You may save money now, but it will cost your family more to repair the damage later.

Therefore, you are recommended to consult a Professional Estate Planner or a lawyer who would be in a better position to advise you and draft a Will for you.

The Will written by Rockwills are drafted and vetted by our in-house Legal Advisors. The Legal Advisors are experts and have written thousands of Wills. Experience and specialization by the Legal Advisors following all the Legal clauses/precedents ensure that the contents of the Wills are valid and fulfill the wishes of the testator.

The Professional Estate Planners are facilitating the finalization of the Wills according to the wishes of the testator meaning we tailor made each Will to each client's position. The service provided by the Professional Estate Planner ensures that instruction given by the testator is in the comfort and convenience of the testator's home or office.

Contact us for free review.

赫赫有名的巴林银行(Barings Bank)是如何倒闭的?

巴林银行(Barings Bank) 创建于1763年,创始人是弗朗西斯·巴林爵士,由于经营灵活变通、富于创新,巴林银行很快就在国际金融领域获得了巨大的成功。其业务范围也相当广泛,无论是到刚果提炼铜矿,从澳大利亚贩运羊毛,还是开掘巴拿马运河,巴林银行都可以为之提供贷款,连世界上最富有的女人 – 伊丽莎白女王也信赖它的理财水准,并是它的长期客户。
故事始于尼克里森于1989年7月10日正式到巴林银行工作。这之前,他是摩根斯坦利银行清算部的一名职员。进入巴林银行后,他很快争取到了到印尼分部工作的机会。由于他富有耐心和毅力,善于逻辑推理,能很快地解决以前未能解决的许多问题,使工作有了起色,因此,他被视为期货与期权结算方面的专家,伦敦总部对里森在印尼的工作相当满意,并允诺可以在海外给他安排一个合适的职务。
1992年,巴林总部决定派他到新加坡分行成立期货与期权交易部门,并出任总经理。尼克里森买卖的是一种最简单的金融衍生工具 – 日经指数225(Nikkei 225)的期货指数,这是日本225种股票的价格指数,类似于美国的道琼斯指数。这种交易并不复杂,里森对价值几十亿美元的日本股票和债券设定一个可随时兑现的赌注,这种方式类似于拉斯维加斯那种被称之为“过或不及”的足球赌博,即赌球赛的结果超过或不及某一比分,而里森赌的是日经指数超过或不及某一点数;所不同的是,在美式足球赌博中,如果他输了,只赔掉他的下注;而在期货市场,交易者只需拿出一个很小的比例(这一比例为6%)压在桌上,所以得失可能超出赌注的许多倍。
巴林银行从新加坡的期货公司赚来的利润主要是内部交易中的套汇,即在东京和新加坡各交易所之间的转手掉期,银行认为这种交易对巴林银行并不构成真正的危险。1993年,年仅26岁的里森已经达到了事业的巅峰,为巴林银行赚得1000万英镑,占巴林当年总利润的10%,颇得老板的赏识和同行的羡慕。当时里森只有25岁,并在新加坡被非正式地封为日经指数之王。他的这一声誉是因为他有本事察觉日经指数微小的变化,无论是在新加坡还是大坂,他总是在价低的地方买进,在价高的地方卖出,从中赚取数百万美元。
由于那个年代并非像现在这样通过网际网络进行下单,而是交易员使用传统的手势方式在场内进行买卖交易,因此错误在所难免,常有人会将“买进”手势误为“卖出”手势;有人会在错误的价位购进合同;有人可能不够谨慎;有人可能本该购买六月份期货却进了三月份的期货,等等。一旦失误,就会给银行造成损失。在出现这些错误之后,银行必须迅速妥善处理。如果错误无法挽回,唯一可行的办法,就是将该项错误转入电脑中一个被称为“错误帐户”的帐户中,然后向银行总部报告。
巴林银行原本有一个“99905”的“错误账号”,专门处理交易过程中因疏忽造成的错误。这原是金融体系运作过程中正常的错误账户。1992年夏天,伦敦总部要求里森另设立一个“错误账户”,记录较小的错误,并自行在新加坡处理,以免麻烦伦敦的工作。于是里森又建立了一个在中国文化看来非常吉利的“88888”错误账户。几周后,伦敦总部升级了原有的电脑系统,因此要求用原来的99905的帐户来与伦敦总部联系,但这个已经建立的88888错误帐户,却没有被关闭。就是这个被忽略的“88888”账户,日后改写了巴林银行的历史。
1992年7月17日,里森手下一名交易员金姆·王误将客户买进日经指数期货合约的指令当做了卖出,损失是2万英镑,当晚清算时被里森发现,但里森决定利用“88888”账户掩盖失误。几天后,由于日经指数上升,损失升到了6万英镑,里森决定继续隐瞒这笔损失。祸不单行,另一个与此如出一辙的错误是里森的好友及委托执行人乔治犯的。刚与妻子离婚的乔治整日沉浸在痛苦之中,并开始自暴自弃,作为自己最好的朋友,也是最棒的交易员之一,里森很喜欢他,但乔治不久后就开始出错了:里森示意他卖出的100份九月的期货全被他买进,价值高达800万英镑,而且好几份交易的凭证根本没有填写。为了掩盖失误、隐瞒损失,里森将其记入“88888”账户。
此后,类似的失误都被记入“88888”账户。里森不想将这些失误泄露,因为那样他就只能离开巴林银行,但账户里的损失数额像滚雪球一样越来越大。如何弥补这些错误并躲过伦敦总部月底的内部审计以及应付新加坡证券期货交易所要求追加保证金等问题,成了里森头疼的事情。为了弥补手下员工的失误,里森将自己赚的佣金转入帐户,但前提是这些失误不能太大,所引起的损失金额也不能太大,但乔治造成的错误确实太大了,急于想挽回损失的里森开始从蓄意隐瞒走向另一种错误 – 冒险。
为了赚回足够的钱来补偿所有损失,里森承担愈来愈大的风险。他当时从事大量跨式部位交易,想从此交易中赚取期权权利金,但如果运气不好,日经指数变动剧烈,此交易将使巴林银行承受极大损失。幸运的是当时日经指数稳定,里森在一段时间内做得还极顺手,到1993年7月,他已将“88888”帐户亏损的600万英镑转为略有盈余。当时里森的年薪为5万英镑,年终奖金则将近10万英镑。如果里森就此打住,那么,巴林的历史也会改变。
人算不如天算,之后的一段时间市场价格破纪录地飞涨,用于清算记录的电脑故障频繁,等到发现各种错误时,里森的损失已将近170万美元。无路可走的情况下,里森决定继续隐藏这些失误,记录到了“88888”账户。
1994年7月,“88888”账户的损失已达5000万英镑。此时的里森成了一个赌徒,他一边将巴林银行存在花旗银行的5000万英镑挪用到“88888”账户中,一边造假账蒙蔽巴林银行的审计人员。他幻想着以一己之力影响市场的变动,反败为胜,补足亏空。
1994年11月下旬或12月,里森决定要赌日经指数不会掉到19000点以下,于是大量买进日经225指数期货合约和看涨期权。这似乎是一个安全的下注,日本经济在30个月的萧条后已开始复苏。私设的88888号帐户还有一个便利之处:里森在伦敦时已学会把现金转入适当的户头,在当时不论是在大坂还是新加坡,都要求在交易日结束时即时交割交易合同的差额。由于“88888”帐户名义上归巴林银行所有,看起来巴林似乎自动地得到支付。
1995年1月16日,日本关西大地震,股市暴跌,里森所持多头头寸遭受重创,损失高达2.1亿英镑。这时的情况虽然糟糕,但还不至于能撼动巴林银行,只是对里森来说已经严重影响其光荣的地位。里森凭其天才的经验,为了反败为胜,再次大量补仓日经225期货合约和利率期货合约,头寸总量已达十多万手。
要知道这是以“杠杆效应”放大了几十倍的期货合约。当日经225指数跌至18500点以下时,每跌一点,里森的头寸就要损失两百多万美元。
1995年2月23日,是巴林期货的最后一日,这一天,日经指数下跌了350点,而里森却买进了市场中所有的合约,到收市时,里森总共持有61039份日经指数期货的多头合约和26000份日本政府债券期货的空头合约,而市场走势和他的操作完全相反,里森带来的损失达到8.6亿英镑,这是巴林银行全部资本及储备金的1.2倍,最终把巴林银行送进了坟墓。
1995年2月23日傍晚,已经赔光了整个巴林银行的里森踏上了逃亡的旅程。但是,惊弓之鸟般的逃亡生涯仅仅持续了4天,1995年2月27日,在德国法兰克福机场,刚刚走下飞机悬梯的里森被捕了。
1995年11月22日,尼克里森再次变成了全球的新闻焦点,他从德国被引渡回新加坡,而仅仅一周之后,被送上了审判台。根据新加坡《证券交易法》,尼克里森因欺诈罪被判有期徒刑6年半,从而变成了新加坡塔那梅拉监狱中的阶下囚。
1999年7月,尼克里森因患癌症被保外就医,他回到了伦敦。此前,他在狱中撰写了《我如何弄跨巴林银行》。在书中,里森描述了整个事件的真实经过。
巴林银行在倒闭后,以1英镑的象征价格卖给荷兰的ING集团,并成为该集团成员之一。

稻盛和夫 与 日本航空公司

日本航空公司于2010年1月19日下午在东京地方法院申请破产保护,成为日本自第二次世界大战结束以来最大一宗非金融企业破产案。

稻盛和夫于2010年1月13日公开表态愿意重新出山。不过他提出了两个条件:一是以零薪水出任日航CEO;二是他将不带团队去日航,因为他公司内部没有人懂航空运输。稻盛和夫说:“对于交通运输业来说,我是一个彻头彻尾的‘门外汉’。我决定接受这份工作,原因是政府和ETIC都希望能以任何方式来阻止日本航空倒闭”。稻盛和夫重新出山的决定,在日本受到了广泛欢迎。鸠山由纪夫因为这个事件显示了日本政府的果断和有为,还提升了在民意调查中的满意度。

2010年2月1日出任破产重建的日航董事长,到2011年3月底共424天。一年创造了日航历史上空前的1884亿日元的利润,是“全日空”利润的三倍,前一年同期日航的亏损额也有约1800亿,这一来一去将近3600个亿日元,超过了为拯救日航日本政府3000亿日元的注资。

因宣告破产,日航的规模缩小到原来的三分之二,销售额缩小到前一年的四分之三,然而却取得了日航历史上空前的高额利润。
从横向来比较,因为缩小规模,日航这一年的乘客数量低于日本另一家航空公司“全日空”,但利润额却是“全日空”的整整三倍,这个奇迹不可思议。

仅仅用了一年时间,日航做到了三个第一,一个是利润世界第一,一个是准点率世界第一,一个是服务水平世界第一。就算稻盛离开日航,日航也能继续健康地发展了。稻盛和夫的哲学理念能一直推动着日航干部思想的前进,从而推动日航的发展。

随时周转不灵或破产 – 中小企业财务3通病

财务管理对于任何生意来说都攸关重要,不过,大马中小企却在这方面染上三大通病,一旦监控不慎,面临的不只是周转不灵、负债累累,甚至有可能步向破产的局面。
信贷咨询与债务管理机构(AKPK)的记录显示,在向该机构求助以进行债务重组的人士当中,有15%因为生意失败而向该机构求助,致命伤多为财务管理不善或金融诈骗。
究竟这三大通病有任何的解套方式?
信贷咨询与债务管理机构理财教育课程导师庄国辉博士特意向《南洋商报》授招,探讨中小企业理财之道,冀中小企业能在群雄林立的市场竞争中做强做大。
居安思危,是所有做生意的人应有的理财概念。
由于向信贷咨询与债务管理机构提出求助的债务顶限不能超过200万令吉,因此,有理由相信,这15%来求助的人士都是来自中小企业。
庄国辉认为,无论在任何情况,企业老板都应紧密跟踪公司账目,不能因生意上轨道而掉以轻心。
他表示:“企业理财应具前瞻且完整的筹备,不应在面临举债问题时才临时抱佛脚。”
他也针对中小企业在财务管理面临的三大问题,个别作出剖析。
求助者多35至45岁 退休生活令人担忧
庄国辉表示,来向信贷咨询与债务管理机构的求助者,有70%属35至45岁年龄层,这些人在黄金时机面临债务问题,意味退休生活将面临一定的担忧。
他表示,这些年龄层的求助者多为男性,大多已婚并负责家中生计,理应在35至45岁的黄金时机努力赚钱。但,却面临债务困难,待他们用10年时间清偿债务后,其退休生活让人堪忧。
庄国辉表示,来寻求该机构帮助的生意人最常面临的一个现象,就是不愿坦承自己面对债务问题,担心这将影响公司业务。
他认为,这些中小企在面临财务管理不当的问题之际,不应因为逃避而让雪球越滚越大,趁早和银行商量,或许还有翻身的机会。
“我们可以在危机发生前,先和银行商量,探讨是否有解决方案,而不是在债台高筑后导致信贷受损后,才寻求银行协助,到时也已于事无补。”
债务不能超过收入四成
庄国辉表示,在财务管理上,无论是个人或企业都应要严谨控管公司账目,债务对收入比率不超过40%,公司账目档属健康的基准水平。
他表示,银行也会根据这项准则来评估公司是否有偿还能力,倘若贷款数额超过持续性收入,无论是个人或商家都要开始谨慎管理财务。
此外,中小企商家也必须要将客户占收入比例分配平衡,尽量不要让单一客户占公司营业额比例过高,才能达到分散风险的策略。
对于最低薪金制,庄国辉不否认,这自然会对以人力资源为基准的公司带来影响。“这些企业会面临相当的挑战,人力成本的增加影响生产成本,但又因营运环境不能贸然起价,最好的应对方式是设法开源节流。”
债务重组需10年
除了不愿坦然面对难题,这15%来寻求信贷咨询与债务管理机构协助的人士当中,大多希望该机构能快速为他们止痛,解决债务难题。
庄国辉表示,债务重组一般需要10年时间,意味需要长时间才能见到显著效果,该机构从2006年成立至今,已有9万人来寻求该机构协助,当中有3000多个或3%已成功脱离债务重组的困扰。
“千万不要小看这3%,他们债务重组数额已来到亿令吉水平。”
庄国辉表示,只要债务未超过200万令吉,且没有陷入官司的个案,都可以来寻求信贷咨询与债务管理机构协助。
他认为,除了协助人们进行债务重组,最为重要的是要推广理财教育,了解如何借贷,才不会让自己陷入高台债筑的窘境。
“即使一些企业现在具足够财力,没有借贷困扰,其实并一定意味他们有理财能力。”
庄国辉在访谈中频频强调居安思危的概念,鼓励中小企在没有大风大浪之际就要做出风险评估,探讨如何将借贷成本减低,才能在每个阶段寻觅适合时机将生意做大。
另外,中小企应该主动吸收资讯,了解各中小企业机构和政府旗下的融资机构的各种消息,了解它们是否有提供优惠中小企的商业贷款配套或一些开发资源的中小企贷款。
毕竟,这些贷款成本较低,相对加强公司的竞争力。
“成功,是留给准备好的人。”
第一:拼搏精神导致过度举债
庄国辉表示,生意人大多有拼搏精神,认为只要咬紧牙关,孤注一掷,就能顺利渡过难关。因此,他们一不小心就会因为过度举债,超过信贷顶限。
“为了解决燃眉之急,他们转向无担保贷款(Unsecured loans)如私人贷款、信用卡等借贷,结果,为了偿还高利息,不小心就陷入生意周转不灵的窘境。”
长远计划也是财务管理的一部分,不过,大部分中小企业的生意人却在这方面没有完整策划,每每在迫于眉睫之际,才寻求银行借贷,却因为时间仓促,无法准备充足时间和文件予银行审核,而仓促寻求高利息的无担保贷款。
目前,信用卡利率为18%,若生意的赚幅只有20%,其实已意味这盘生意已没有获利可言。
不过,大部分人在这方面却不以为意,只希望快速解决问题,往往在仔细盘算后,才察觉通过生意赚取的盈利全数作为偿还贷款和利息用途,变相为银行打工;若届时的生意无法达到预期效果,这些公司将逐渐步入周转不灵的窘境。
无论如何,对于生意人来说,若能跟银行借贷当然最好不过。
庄国辉表示,这些企业必须了解银行的借贷程序,毕竟它们具有一定的程序和操作,还要作出很多预算,并且深入了解借贷者未来的偿还能力,审核时间自然会拉长。
这就意味着,当中小企开始做生意之际,就需要为公司作出至少一年的盘算、规划,预计公司发展到某个程度才需要融资,才不会染上拼搏过度的通病。
第二:押注个人产业易破产
在大马,一些中小企在向银行借贷之际,往往会将私人产业,如汽车、房产作为抵押,一旦生意失败,则会面临破产的窘境。
庄国辉表示,这个现象尤其在个人公司(Sole Proprietor)更为显著;假设以有限公司(Sdn Bhd)形式营运相信能避免这种情况发生,因一切都将以公司账目为准则,但因需要审计等程序,促使营运成本较高。
庄国辉认为,个人生活与公司业务分开,人们的生活水平是从工作中提升,但并不是压垮生活的重担。
“人们应是要从生意上争取生活费,并不能为了生意而把家庭都押上,两者应分开。”
庄国辉表示,中小企不似有规模的企业或上市公司,有许多部门来管理各种事务,相信大部分由老板亲自打理。
“假设自己能力不足,就应聘请专才打理或提升自己的财务知识,不应勉强”
他表示,在所有中小企当中,成功的生意相信只有3至5%,其他或在持续3至4年后就垮掉,大部分都因为现金管理没有作好,收入不足以应付支出。
至于老板本身则应要随时能掌握公司的资产负债表,了解本身的财务情况,切莫到债台高筑之际才如梦初醒,要挽救也为时已晚。
第三: 拖账文化
“拖账”文化也是拖累中小企信誉,一不小心就会周转不灵的主因,庄国辉认为,中小企在这方面的财务管理应相当谨慎,谨记3P政策,即目的(Purpose)、还款记录(Payment History)和还款能力(Payment Capility)。
“首先,你要了解是否需要让对方拖账,清楚了解你放款目的;接下来,要了解对方的还款记录如何,要了解在给予拖账后,对方是否有能力偿还债务。”
庄国辉表示,商家应该主动出击,在本身的生意圈去打探客户背景,甚至可以向大马信贷担保机构(CGC)旗下的大马信贷资料中心(CBM)了解客户的信贷记录,尽量善用这些渠道,以确保自己的现金流能处在稳定水平。
大马信贷资料中心成立于2008年,是为中小企业提供信贷评级和完整可靠信贷资料的中央资料库,至今通过银行和大马公司委员会收集超过60万家中小企业的信贷资讯。
“商家的信贷政策要做好,并且要严谨控制本身的放贷额度,确保现金流充裕。”
(来源:南洋网 – 中小企业

Friday, July 5, 2013

Measures to Further Promote a Sound and Sustainable Household Sector

Bank Negara Malaysia announces today (5th July 2013), the implementation of a set of measures aimed at avoiding excessive household indebtedness and to reinforce responsible lending practices by key credit providers. These measures, which take effect immediately, complements the earlier measures introduced since 2010 to promote a sound and sustainable household sector.
The measures are:
  1. Maximum tenure of 10 years for financing extended for personal use;
  2. Maximum tenure of 35 years for financing granted for the purchase of residential and non-residential properties;
  3. Prohibition on the offering of pre-approved personal financing products.
The limits on financing tenure will not affect applications made before today.
Household debts have continued to increase at a strong pace, averaging at an annual rate of 12% over the recent five years. While this has been supported by positive income and employment conditions, in the more recent period, there has been a growing trend in the offering of financial products that are not in the long-term interest of consumers. This includes extended financing tenures of up to 45 years for house financing and 25 years for personal financing. While this may reduce the monthly repayments, in the long run, this increases the overall debt burden of households. Such practices encourage excessive debt accumulation by households and increase the vulnerability of this sector.
These measures are issued pursuant to section 31(1)(a) of the Central Bank of Malaysia Act 2009 and apply to all financial institutions regulated by Bank Negara Malaysia, credit cooperatives regulated by the Suruhanjaya Koperasi Malaysia, Malaysia Building Society Berhad and AEON Credit Service (M) Berhad. This is to ensure consistency in the financing practices across all the key credit providers.
In addition to the above measures, the key credit providers are required to observe prudent debt service ratios in their credit assessment to ensure households have sufficient financial buffers to protect them against rising costs and unexpected adverse events. Households who have the financial capacity to take on borrowings will continue to enjoy access to financing. To enhance responsible debt management by households, Bank Negara Malaysia will intensify its efforts in financial education to all segments of society including young and first time borrowers from financial institutions. In addition, the framework for consumer protection will continue to be further strengthened under the Financial Services Act and Islamic Financial Services Act.
 
Bank Negara Malaysia
05 July 2013

Thursday, June 20, 2013

用“薪”投资,从“薪”出发!

今天开始用“薪”投资,认真打理您的财富吧,如果您选对了投资的路,并一直坚持着,若干年后您会比别人笑得更灿烂,因为聪明的您早有准备。

Full article - http://money2u365.blogspot.com/2010/02/blog-post_04.html

About start a saving...

You may believe you don’t have extra savings set aside because you don’t make enough money. Or maybe you think you’ll save after you get out of debt. It might be counterintuitive, but unless you start saving regularly, that day may never come.

Wednesday, June 5, 2013

Stamp Duty Waiver for first-time house buyer

The government is extending the 50% stamp duty exemption for first-time house buyers to Dec 31, 2014 under Budget 2013.
The price cap of the residential property will be raised to RM400,000 from RM350,000 under the revised ruling.
The government said the proposal is to reduce the cost of owning the first residential property and also due to the increase in the price of such property.
The effective date is for sales and purchase agreements (SPA) executed from Jan 1, 2013 to Dec 31, 2014.
Under the current regulations, the exemption is only for the SPA signed from Jan 1, 2011 to Dec 31, 2012.
The first residential property applies to an individual who does not own any residential unit or part of a property jointly owned, when applying for the stamp duty exemption.
Residential property includes a terrace house, condominium, apartment or flat.
Source: The Star


Friday, May 31, 2013

Nothing in life is certain but death and taxes ~ Benjamin Franklin

‘Nothing in life is certain but death and taxes’

So goes the quote made famous by American writer and politician Benjamin Franklin. Both are equally
unpleasant subjects that people tend to avoid. It’s not the kind of thing you want to discuss but the
unfortunate reality is that funeral costs are skyrocketing and you may want to consider what this means
for your loved ones.

How much does it really cost?
Depending on your religious beliefs, a typical funeral could cost anywhere between RM2000 to
RM25,000. This is inclusive of prayer services, preparation of the deceased’s remains, cemetery plot,
venue and hearse. A moderate space on a newspaper’s obituary will also set you back an additional
RM300-600 for a modest sized obituary.

There are some funeral homes which offer pre-planned funeral packages so you can roughly gauge the
costs. One of the benefits of getting a pre-planned package is you’ll save a lot of money on inflation as
things will definitely cost more in 30-40 years. You also have the option of paying on instalment.
Taking care of your assets

It’s equally important to make arrangements for your remaining assets. Drawing up a will should be
done every time your material position changes to ensure your property goes to the intended recipients
and not back to the state or bank. Will writing services vary depending on how vast your assets. A simple
will can be drawn up for as little as RM380 but when it involves various estates you’ll need to appoint
legal trustees to manage the execution of your will. The standard rate for an appointed trustee is usually
1% to 2% of the estate value. If a person owns estates that are worth RM1 million, the administration
process could tally up to RM12,000, which includes a token nominal fee.

It is also possible to write your own will. However, it would be advisable to run it by a lawyer to ensure it
fulfils the requirements of the Wills Act 1959.

Taking care of your digital information
Although still unheard of in Malaysia other countries are starting to offer services that take care of all
your social media accounts and private digital information after your death. Most of these digital will
services such as Entrustet are free but do not apply in our country just yet. Until it is, you can indicate a
trustee to handle these through your will.

Devising a plan
An average funeral will cost approximately RM8,000. Considering inflation rates, this number could
increase significantly in the coming years. Here’s a short checklist on steps you can take to plan ahead:

  • Ensure you have a good life insurance policy which can provide for funeral expenses.
  • Start a small savings account for this purpose.
  • Write a will as soon as you can and keep it updated.
  • Pre-plan costs and other details with loved ones. It’s not the nicest subject but you will be glad you undertook to speak about it. You can even buy ‘pre-plan’ funeral packages from select funeral homes on instalment.

(Source: http://my.news.yahoo.com/planning-end-afford-die-003301573.html)


EPF Withdrawal to purchase / build a house

Withdrawal to purchase / build a house

This scheme allows individuals (or joint purchasers) to withdraw money from their EPF Account 2 to purchase a house (type: bungalow / terrace / semi-detached / apartment / condominium / studio apartment / service apartment / townhouse / SOHO) or a shop lot with residential unit, from a developer, individual, or in a public auction.
To apply, the Sale and Purchase Agreement (SPA) as well as the Housing Loan Approval Letter (unless the house was paid for in cash) or Loan Facility Agreement must be submitted at the time of the application. You can walk in to any KWSP office to submit the KWSP 9C (AHL) (D5) Withdrawal Form , along with the supporting documents or submit via postal services.
In most cases, it would mean that you will have to pay for the following upfront costs first and complete the following before applying for a withdrawal:
  1. Booking fee + Down payment for the house.
  2. Lawyer fees and stamp duty for the Sale and Purchase Agreement.
  3. Obtain the at least the letter of approval for the housing loan.

Withdrawal limits

  1. Money from EPF Account 2 can be used to pay the price difference between the SPA house price and the housing loan amount, up to an additional 10% on the price of the house. So if a full housing loan (100%) is obtained, the maximum that can be withdrawn is up to 10% of the price of the house.
  2. If the house was purchased using cash, up to 110% of the price of the house can be withdrawn.
  3. Any withdrawal amount is always subject to whatever money is available in the applicant’s (and where applicable, joint applicant’s) Account 2.

Eligibility for withdrawal

  1. Withdrawal to purchase the first house.
  2. Withdrawal to purchase a second house, provided the first house is sold, or disposal of the property has taken place.
The full list of T&Cs plus the necessary supporting documents can be found at this section for purchase or this section for bulding a house at KWSP’s website.