Employment Scam?

Received the following email from info@ukjob.com which has a subject title of "Golden Opportunity To Work in UK !!! Send Recent Curriculum Vita".

Did a search on KenGeo Alliance Oil and Gas and it doesn't even has a domain haha.

A further search led me to Email Fraud's blog and read that this KenGeo Alliance Oil and Gas was a scam. In this particular blog, the blogger mentioned that KenGeo Alliance Oil and Gas of USA was hiring instead.

You be the judge!

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National Head Office Houston
KENGEO ALLIANCE OIL & GAS COMPANY
14315 Katy Freeway, Suite 100
Houston, Texas 77094-1810 USA

Join Our UK Branch Today!! Send Recent/Update CV Only

KENGEO ALLIANCE OIL & GAS COMPANY has its Origination and main National Head Quater in Texas America. KENGEO ALLIANCE OIL & GAS COMPANY (UK) recruitment excise is currently going on and this is to fill some of the vacant positions we have presently.At KENGEO you can expect professional challenges and consistent support. It’s a combination that encourages growth, progress and long term career opportunities.

KENGEO ALLIANCE OIL & GAS COMPANY has long supported employee networks that provide career development information, act as an advisory group to management, build cultural awareness, and support community outreach for our diverse employees. Networks in the United States include the Asian Connection for Excellence (ACE); Black Employee Success Team (BEST); Global Organization for the Advancement of Latinos (GOAL); People for Respect, Inclusion, and Diversity of Employees (PRIDE); and Women’s Interest Network (WIN).

Here is the list of some of the vacant positions we have currently and some have not been mentioned here.If your area of specialization has not been mentioned here does not mean its not available, just send in your CVand we we look into it.

These Opening is for our Regional Office which have just been estabilished in United Kingdom.

List of Some Vacant Positions
_________________________________________
Consultant
Human Resources Officer
Marketing.
Account Executive.
Chief Accountants
Clerks
Data Processing Officer
All Managerial positions.
Quantity surveyor
Chef
Marine Officer
HSE officer
All Engineering positions
Drilling Engineers
Rig Engineer
Management and Project Management
General Manager/Manager Engineering.
Project Manager
Medical Officers.
Medical Consultants/Specialist
Mining Consultants.
All Engineering field
Engineering consultants
Financial Consultants.
Petroleum Geologist.
Welding and heavy fabrication.
Human Resources, Administration.
Medical Practioners
Professional Executive Secretary
_______________________________________________

This Vacany is to occur newly opened office UNITED KINGDOM which is about to begin from the end of this Quota. Applicant who is ready to relocate can send in CV,PASSPORT PHOTO to our Online HR Divison Email : oneaverecruit@yahoo.com Do contact the department with an update of your resume. Qualified Applicant will be invited to UK for their interview after proper screening of CV and applications.

Regards,
Mr. Henry Peters
Human Resources Officer
KenGeo Alliance Oil and Gas UK
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Tags: KenGeo Alliance Oil and Gas Company, KenGeo, Henry Peters, Greg Morris, Asian Connection for Excellence, Black Employee Success Team, Global Organization for the Advancement of Latinos, People for Respect, Inclusion, and Diversity of Employees, Women’s Interest Network

Merchants Charge Credit Card Users

The Malaysian government has decided to impose a service tax of RM50 for each principal credit card holder wherelse the supplementary card would be penalised with a service tax of RM25.

Reason given for the implementation of the service tax is to 'teach' credit card holders to spend wisely. What else does the government want to teach me where my credit card balances are clean every month? That I reduce my charges to the credit cards in spite of me having settled all amounts every month? You call that teaching but I call it penalising.

As I'm renovating my house, I was able to charge to my credit cards for lots of purchases and raked up lots of points at the same time lately. I do have the cash but I prefer using my credit cards to pay for it owing to the points.

Unfortunately, the government has decided that I'm to be penalised for using the credit cards. Ok, maybe the government has to think of some ways to earn some revenues to maintain the nation's economy.

But what do you say when the merchants, who have signed up with banks to have a credit card facility in their businesses, are also charging consumers like you and me.

Of late, I have been shopping around for many stuff for the house renovation. Certain shops (not all) that accept the usage of credit cards (applies to both VISA and MASTECARD) for payments have told me this - "I have to charge you 3% extra because you are using the credit card to pay". If you pay by cash, it'll be a bit cheaper.

The goverment is taxing me and now the merchants are passing their costs to me as well. In the end, it's the consumers that are dying.

As far as I understand is that merchants arranged to have credit card facilities in their business premises for their customers' conveniences. At the same time, they'll tell their customers that the credit card facilities were set-up for the benefit of the customers but the customers would have to bear that costs. Fair?

One merchant has fixed the amount of money to be paid if you use your credit card. Say RM5 for each credit card transaction.

What does VISA and MASTERCARD have to say about such practises? Does your company explains to the credit card users who should bear that 3% charges?

What does our local banks have to say about such arrangements? Do you all (banks) know about such games being played?

Are the merchants permitted to pass the costs to the customers? What's the answer?
Tags: VISA, MASTERCARD, Service Tax, Credit Card

Buy Your Coffin Online

You can order your own coffin before you rest in peace for good. If you think your time is about to run out, click Wal-Mart.com quickly to order a coffin. Don't worry about the delivery time as they rely on Federal Express to courier the coffin to you.

Who would simply order a coffin for no reason? That's where FedEx come into play and it will reach you within forty eight hours. Hopefully it can reach you on time.

The price ranges from US$895 to US$2,899. The most expensive coffin is 100% bronze and the interior plush velvet is hand made. Wow .......... furthermore, it allows you to pay in twelve installments. I wonder whether you could last that long to pay off the twelve installments?!?!?! Unless you were buying it for another unfortunate person.

The abovesaid coffins are being sold at offer prices and will last till 31 Dec 2009. So, if you want to save some money, die earlier.

Sorry to tell you, you can't return the coffin once delivered to your place unless it due to freight or cosmetic damage from shipping.

Just when you thought this coffin/casket is a taboo product, another similar wholesale company by the name of Costco is giving Wal-Mart a run for their money by selling coffins/caskets too. Costco must have analysed that these products will bring in handsome profits.

Buying tip: If you can't wait up to seventy two hours, don't order from Costco.
Tags: Coffin, Casket, Wal-Mart, Federal Express, FedEx, Costco

Do We Pay When Contract is Breached?

It's sickening to read a newspaper article stating that "not a single reservoir in Selangor was cleaned or washed for the whole of last year". Not only that, even the Sungai Sireh water treatment plant in Kuala Selangor had not been washed for over 10 years.

What's happening? Who's in charge of it?

Let's see:-
* Raw water - State government of Selangor
* Water treatment - Puncak Niaga Holdings Bhd, Syarikat Pengeluaran Air Selangor Sdn Bhd (Splash) and Konsortium Abass Sdn Bhd (ABASS)
* Distribution of clean, treated water to consumers - Syarikat Bekalan Air Selangor Sdn Bhd (Syabas)

Our monthly water bill would have included all the above services - provision of raw water, water treatment and distribution of consumable water to us. Failure on one part of the services would have considered a breach of contract?

If they had not done / completed their works, why do we still need to pay the full amount? It's always at the expense of the consumers. What choice or say do we have when such things happen?

If we protest by not paying, we would be penalised.

If they didn't do their works, how should they be penalised?

Reading: Operators fail to follow clean-up schedule - Star
Tags: Puncak Niaga Holdings Bhd, Syarikat Pengeluaran Air Selangor Sdn Bhd, Splash, Konsortium Abass Sdn Bhd, ABASS, Syarikat Bekalan Air Selangor Sdn Bhd, Syabas, Water Treatment Plant, Reservoir

Barbie Dolls Are Swarming Shanghai

Mattel has found that this is the right time to swarm Shanghai mega city with their Barbie dolls.

And when Mattel decided to do it, they want to give their best. Out came the world's largest Barbie flagship shop that will house 1,600 products at a six storey, 37,000 square feet emporium all dedicated to Barbie alone. All this done at a price of £20 million (wow ...... more than RM100 million????!!?!?!?!?!!).

This shop don't just sell the miniature stuff but dresses that could fit children and adults. Just when you thought that their clothings are not worth buying ........ think again.

What else could you find / do in this shop?
* £10,000 wedding dress designed by Vera Wang
* café's food designed by local celebrity chef David Laris
* a clothing line designed by Patricia Fields, the designer behind Sex and the City
* bar complete with karaoke
* day spa
* get their hair cut
* get their nails done
* the store offers a catwalk space
* shop assistants to teach customers how to sing and dance to the “Barbie Girl” song

Go look for the Barbie Shanghai shop when you are in Shanghai and it's located at No. 55o, Central Huaihai Road.

Reading: World's largest Barbie store to open in Shanghai - Telegraph (source of picture too)
Tags: Mattel, Barbie Doll, Barbie Girl, Barbie Shanghai, Shanghai, Vera Wang, David Laris, Patricia Fields

Fees for Toilet Usage in Aeroplane

Pay for seat reservation ......

Pay for food ......

Pay for usage of blanket ......

Pay for pillow ......

Pay for additional check-in luggage ......

These are the things you may need to pay when you board low cost carrier across the world.

But when I heard that you may have to pay for the usage of the toilet, I think it has really gone too far this time.

I can bear with the running on the airport tarmac to the aeroplane or walk a bit faster than the rest of the passengers ...... so can do without the seat reservation.

I can sneak food into my waistpouch and hence, I don't need to buy food during the flight.

Normally I'm afraid of warm weather or place. So, no blanket is still alright.

No pillow? What difference does it make by trying to sleep with a pillow since you are sitting up.

Lesser clothings, lesser space required for luggage space .... problem with ladies usually ... hehe

But the toilet issue .............. you are asking which airplane is going to do that?

Well, it's the Irish budget airline Ryanair. They won't be placing an additional crew in front of the toilet door to collect money but a coin slot would be installed for your sake. Their sake or yours actually?

No coins? Sorry mate, wait till the plane lands. Meantime, get a plastic bag ready if you are about to let go .......... haha

What else will they think of? Pay for your life jacket ...... ?

Reading: Ryanair mulls charge for toilets - BBC News
Tags: Ryanair, Toilet Usage, Low Cost Carrier

Korean Car Filed Bankruptcy Notice

One by one of those famous companies are packing up or facing financial difficulties in this current world recession. What world recession? It's already happening but not deep into it. Few days ago, I blogged about The Royal Bank of Scotland Berhad ...............

Now another foreign company that is having business interest in Malaysia has filed for bankruptcy at their home base. This time, it's Ssangyong Motor Company ("SMC") of South Korea.

SMC has been bought over by Shanghai Automotive Industry Corp. ("SAIC") which is based in China. SAIC in turn is owned by General Motors Corp. and Volkswagen AG. Pity those SMC staff as their salaries have not been paid since December 2008 and the shares have been suspended in the Korea Exchange.

The only Malaysian company that is distributing the Korean made cars, Competitive Supreme Sdn Bhd, could be faced with a dilemma. Will the distribution be affected? Will current Ssangyong car owners face problems in obtaining their car spare parts?

Just when I fell in love with their Ssangyong Actyon Sports.

Reading: Ssangyong Motor files for bankruptcy - China Daily
Tags: Ssangyong Motor Company, Competitive Supreme Sdn Bhd, Ssangyong Actyon Sports, Shanghai Automotive Industry Corp, Korean Made Car, South Korea

British-Owned Malaysian Bank To Be Sold Off?

I have not heard of this bank before, The Royal Bank of Scotland, until it took over ABN AMRO Bank Berhad in Malaysia (and worldwide too) as part of the Fortis / RBS / Santander consortium in year 2007.

Now, the same bank in Britain has declared an annual loss of £24.14 billion (US$34.4 billion) for 2008 which has been regarded as the biggest in British corporate history. Yeah, worse than the Barings' collapse that involved only £1.3 billion.

Will it be hard for The Royal Bank of Scotland Berhad to convince their customers to stay with them after hearing about this humonguous loss.

Or will the Malaysian operation be reduced or sold off as it was indicated that out of 54 countries that they are in, 36 countries' operations would be affected. Is Malaysia one of the 36?

Reading: RBS reports record corporate loss - BBC News/Business
Tags: The Royal Bank of Scotland, The Royal Bank of Scotland Berhad, Barings' Collapse

Once Rich Becomes More Greedy?

Once a person reaches certain higher status, more options or avenues were opened to them in gaining more financial rewards or even to boost their personal egos .......... sometimes legal, sometimes illegal. Is this a myth?

It does happen to me too ...... once you have more money, your mind tends to float higher and the thoughts of wanting this and that becomes real. The 'want' overruled the 'need'.

Unfortunately, someone couldn't control that thought.

Satyam Computer Services Limited's ("Satyam"), founding Chairman, Ramalinga Raju has been implicated in a scandal where he manipulated Satyam's profits and reserves up to an amount of US$1 billion. He has quit as of now. What a letdown. After bringing Satyam (since 24 June 1987 ) to where they are right now, an intellectual person has to commit such fraud.

For what reason? To show his peers that his company is capable of generating more profits and reserves in the IT industry?

Satyam is already employing 53,000 ++ people and operating in 66 countries ...... how can those inflated profits and reserves help even more in this case?

One thing that baffles me is how did the external auditors, PricewaterhouseCoopers India, missed out or unable to detect those fraud. As a result, the India government would be investigating the auditors' duties and the directors' roles.

Whoever recommended Satyam for the 2008 Global Award for Excellence in Corporate Governance by World Council For Corporate Governance ("WCFCG") must be hitting his head against the wall. WCFGG may revoke the award (read here) amidst the fraud case.

Will Ramalinga Raju's Ernst & Young's 2007 Entrepreneur of the Year award be revoked for this fraud case? The juries in India for the award must be scratching their heads now ....... to revoke or not?

Such prestige status, all down the drain.

Reading: India IT boss quits over scandal - BBC News/Business
Tags: Satyam Computer Services Limited, Satyam, Ramalinga Raju, PricewaterhouseCoopers India, IT Industry, Ernst & Young, Ernst & Young's 2007 Entrepreneur of the Year, Corporate Governance, World Council For Corporate Governance, WCFCG, Fraud

Is Interest Rate Really That Low?

The Bank Negara Malaysia ("BNM"), the central bank of Malaysia, has announced a deduction of 75 basis points on the Overnight Policy Rate. With the cut, the new policy rate is 2.5%.

Besides this, BNM has also lowered the statutory reserve requirement that financial institutions have to place with the central bank, to 2% from 3.5%. Banks will have more liquidity to fund their lendings.

With this new policy rate, banks in Malaysia get to borrow at the rate of 2.5%

This is really good news for existing loans as borrowers will be paying lesser on lower interest rate. But how much will be passed on to the banks' customers?

Bearing in mind that the current Base Lending Rate ("BLR") imposed across the board is 6.5%. A difference of 4%. Banks are expected to reduce the BLR to reflect the cut in the overnight policy rate.

Two major local banks have announced that their new BLR will be 5.95%, only a deduction of 0.55%. Most banks will follow suit. But I find that the banks are still looking for more profits even at this trying times. BNM reduced the rate due to "downside risks to world economic growth as inflation cools amid weakening demand and falling commodity prices".

Banks don't see the same for their profit oriented businesses. Public Bank Berhad ("PBB") had just announced a RM2.58 billion profit for year 2008. That's only superb in the eyes of their shareholders.

Banks borrow at 2.5% and loan out their funds at 5.95%. Whatever rates that BNM decided to lower may not reflect savings for banks' customers as the BLR determines the actual rate that borrowers will pay in the end. 5.95% is still high.

I'm happy with that cut in BLR as my home loan with PBB is BLR minus 2.1%. Effectively, my interest rate is at 3.85% now.

Reading: Interest rates could fall further - The Edge Daily
Tags: Bank Negara Malaysia, BNM, Overnight Policy Rate, Base Lending Rate

Works Halted for World's Tallest Building

The Nakheel Harbour & Tower project in Dubai that was launched in Oct 2008 was indeed an eye catching development which will include the next world's tallest building in the midst of the development.
The US$38 billion harbour front project by the Nakheel Group covers about 270 hectares. Offices to be built could accommodate 45,000 people and housing areas for 55,000.

The Nakheel Tower is the main part of the whole project. It's an engineering feat just to construct this tower as it will be at least a kilometre tall. Besides that, four individual towers will be built within a single structure.

After all the fanfare, the financial crunch has to his Dubai (and the world too). Somehow, it did affect the planning for the world's tallest building - the Nakheel Tower. News came about that the skyscraper will not be built according to the planned schedule.

How bad is it affecting Dubai? Even the condominiums situated in Burj Dubai (the current world's tallest structure) are being sold at 50% discount. So, if you have the funds ...... go get one for yourself. Invite me for a stay when I'm in Dubai.

Reading: Cash Crunch Halts Work on Dubai Skyscraper - New York Times

(Pictures sourced from Nakheel website)
Tags: Dubai, Nakheel Group, Nakheel Harbour & Tower, Burj Dubai

Intel To Streamline Its Malaysian Plants

Intel Corporation, the chip manufacturer that produces your computer's processor, will be consolidating their worldwide manufacturing operations. Their plan is to close two existing assembly test facilities at Bayan Lepas, Penang.

These consolidation exercise will affect Intel's plants in Cavite, Philippines and Hillsboro and Santa Clara, USA respectively. All in all, 5,000 and 6,000 employees will be affected.

The affected employees, in Penang, numbering up to 1,000 people will be transferred to other existing plants in Malaysia. Intel has a total of six plants in Malaysia (including the affected plants) with three in Kulim, Kedah and three in Penang. The six plants employ up to 10,000 employees.

Any Malaysian companies who are ready to absorb these employees if the world economy becomes worse?

Intel is already facing problems and had to close down its plants owing to current market conditions. They reacted even before we could start boycotting them. What if we continue to boycott Intel and cause them to completely shutdown their Malaysian plants ........ that will be powerful indeed! Now, who will support the 10,000 employees?

I did hear that quite a number of foreign owned related manufacturing plants would be streamlining and restructuring their operations too.

Reading: Intel to Consolidate Manufacturing Operations; Company to Halt Production at Five Older Factories - Intel Corporation
Tags: Intel, Intel Corporation, Assembly Test Facility, Bayan Lepas, Penang

The State of Stock Market

Even though we are in the Year of the Ox according to the chinese lunar calender, stock market punters haven't seen a good strong market rally yet.

Maybe the the ox's cousin, the bull, hasn't wake up from its deep sleep from late last year.

Related post - Main Cause of Stock Exchange Meltdown
Tags: Stock Market, Year of the Ox, Chinese Lunar Calender

New KFC Sponsorship Deal

After watching sales falling off for three straight months at Kentucky Fried Chicken, Colonel Sanders calls up the Pope and asks for a favour.

The Pope says, "What can I do? "
The Colonel says, "I need you to change the daily prayer from, 'Give us this day our daily bread' to 'Give us this day our daily chicken'. If you do it, I'll donate $10million to the Vatican."
The Pope replies, "I am sorry. That is the Lord's Prayer and I can't change the words."

So the Colonel hangs up. After another month of dismal sales, the Colonel panics, and calls again.

"Listen your Excellency. I really need your help. I'll donate $20 million if you change the words of the daily prayer from 'Give us this day our daily bread' to 'Give us this day our daily chicken.'
And the Pope responds, "It is very tempting, Colonel Sanders. The church could do a lot of good with that much money. It would help us to support many charities. But, again, I must decline. It is the Lord's Prayer, and I can't change the words."

So the Colonel gives up again. After two more months of terrible sales, the Colonel gets desperate.

"This is my final offer, your Excellency. If you change the words of the daily prayer from, 'Give us this day our daily bread' to 'Give us this day our daily chicken' I will donate $50 million to the Vatican."
The Pope replies, "Let me get back to you."

So the next day, the Pope calls together all of his bishops and he says, "I have some good news and I have some bad news. The good news is that "KFC" is going to donate $50 million to the Vatican." The bishops rejoice at the news.

Then one asks about the bad news. The Pope replies, "The bad news is that we're losing the "GARDENIA" account."
Tags: Kentucky Fried Chicken, KFC, Colonel Sanders, Pope, Bishop, Vatican, Gardenia, Funny, Humour

More Death Leads To More Business

This specialised company, Nirvana Memorial Park (M) Sdn Bhd, dealing in the bereavment sector is really going all out to get business. You book an urn compartment now and your future cremation is FREE!

Malaysians are known for queueing up for free stuff ...... I wonder what was the response like.I remembered my mom's friend wanted to sell her a burial plot at this memorial park but my mom didn't take up the offer. Mom said she's not in a hurry ..... hehe

This is definitely not a sponsored post.
Tags: Nirvana Memorial Park, Urn Compartment, Urn, Cremation, Burial Plot

Bruce Willis Joined Malaysian Investors

The infamous Hollywood actor, Bruce Willis, starring in many action packed movies such as Die Hard joined Malaysian investors, Petra Group, in investing in a USA company known as Elastomer Technologies Ltd ("ETL"). Tried to google the company's name but nothing surfaced. ETL was supposed to venture into the business of devulcanisation of recycled rubber compound .... whatever you call it.

Bruce Willis has finally found someone that matched his robust movie character and required the US court to intervene. Bruce Willis exercised his option in calling back his investment in ETL but the money was delayed which warranted him to issue a legal demand against ETL for the return of his US$900,000. Maybe economy is really bad in USA ............

Rumours were saying that even Al Gore and Mel Gibson were involved in the business too. Anyone can confirm? This could be the reason that pulled Bruce Willis into the investing team.

The case between Bruce Willis v. Elastomer Technologies Ltd is lodged under 08-7670, U.S. District Court, Central District of California.

Reading: Bruce Willis Sues Malaysian Group Over Rubber Venture - Bloomberg
Tags: Bruce Willis, Petra Group, Elastomer Technologies Ltd, Devulcanisation, Al Gore, Mel Gibson, U.S. District Court, Central District of California

Bigger Better Cinemas in Malaysia

If you are thinking that recession is setting in then you are wrong from the perspective of cinema owners. Malaysian movie goers will get to watch their favourite movies in 51 new cinema screens throughout Malaysia in time to come.

TGV, GSC and Cathay Cineplex - here they come. Heard of Bollywood? Yeah, an Indian company by the name of Adlabs Films Limited, a subsidiary of the Reliance Anil Dhirubhai Ambani Group, have bought into a local Malaysian company, Lotus Five Star AV (M) Sdn Bhd, that is currently operating forty cinema screens under Star Screen Cinemas. This Lotus Five Star company is part of the Lotus indian restaurants ............. yeah, the expensive indian restaurant. They have made their profits and is diversifying into the entertainment industry now.

Initial capital outlay for the Malaysian operations would be about RM100 million to expand up to 100 cinema screens within the next fifteen months. There would be a change of name as well ............ BIG Cinemas.

This cinema chain is not new as they have cinemas operating in USA, Mauritius and Nepal at the moment. It's proven! Today it has 155 screens in India and 220 screens in overseas investments. In time to come, the cinemas will show English, Malay, Cantonese, Mandarin, Tamil, Thai, Indonesian, Korean, Japanese, Hindi and other language films, depending on demand from the neighbourhood.

Will it become a BIG bang when it has fully expanded in Malaysia?

Reading: Adlabs Films to operate cinema chain in Malaysia - Reuters India
Tags: Adlabs Films Limited, Lotus Group of Companies, Lotus Five Star AV (M) Sdn Bhd, Bollywood, Reliance Anil Dhirubhai Ambani Group, Hindi Movies, Tamil Movies, Star Screen Cinema, BIG Cinema

AIG Insurance in Trouble

American International Group Inc ("AIG"), with 89 years of history, is in deep financial problem back in USA. The Federal Reserve Board is pumping in US$85 billion to safeguard its operations otherwise it could be the worst corporate bankruptcy incident. With the fund injection, USA government will have a 80% stake in AIG. This fund injection, available for two years, is only to assist AIG to meet its obligations.

In the midst of financial chaos, AIG has to issue a press statement to cool down the concerns of policyholders and annuity holders.

Back home in Malaysia, AIG's presence has been localised since 1 June 2008. A local company by the name of AIG General Insurance (Malaysia) Berhad has taken over the general insurance operations from AIG, the American Home Assurance Company but would still remain as a subsidiary of AIG. Those days they were famously known as American International Assurance ("AIA").

Does AIG Malaysia has to issue a press statement to inform their policyholders that they are still financially sound? Why do I ask this question? Because AIG has ran out of cash! Rumour has it that AIG will be drawing funds from their overseas subsidiaries.

I remembered when I was approached by AIG Malaysia's insurance agent, they would proudly present to me that AIA (those days lah) is the number one in the world and Malaysia and did mention that their worldwide assets at hand exceeds US$xxx billions, larger than a number of countries' assets.

For now, they can't mention the assets as AIG has been completely wiped off and if not for the US$85 billion fund injection, AIG would have been liquidated.

American Home Assurance Company Singapore has seen policyholders / investors queuing up to cash out / redeem their insurance policies and investment products. Better safe than never approach? To allay fears, Monetary Authority of Singapore has issued a press statement to that effect.

In the first place, how could so many USA financial institutions got themselves into such deep shit? I thought they have the best corporate practices as being boasted all the time but now, American citizens aren't sure whether their banks could safeguard their savings kept with the banks. Who will be next?

Hopefully this unfortunate financial situation will not jeopardise their sponsorship for my favourite club, Manchester United ....... hehe

Reading: AIG rescue at hand, government to take stake - Reuters
Reading: AIG Employees on Edge as Once-Safe Company in Turmoil - Insurance Journal
Reading: Is Your Insurance Safe With AIG? - Wall Street Journal
Tags: AIG, AIA, American International Group Inc, American Home Assurance Company, American International Assurance, Corporate Bailout, Corporate Bankruptcy, Federal Reserve Board, Monetary Authority of Singapore

No More Interest-Free Period for Credit Cards

Hear ye! Hear ye!
The financial institutions in Malaysia may soon announce a drastic change in the terms and conditions for the usage of credit cards issued in Malaysia.

What sort of changes? For the better or worse? Now, everybody can apply? (similar tone to a local airline)

As everyone knows, upon purchasing a particular item or service, say RM1,000, the vendor or retail shop will swap your credit card and the issuing bank would be informed of the usage and the details would be listed in your credit card statement.

For example, you bought your stuff on 7 May 2008 and normally, your issuing bank would despatch the credit card statement by the 18th day of each month which would have listed the purchase done on 7 May 2008. Such credit card statement would normally have to be settled by month end (30th or 31st) thus allowing the credit card user a 23 days interest-free for the amount of RM1,000 being charged to the credit card.

Lots of people don't pay the full amount owing to the bank as stated in the credit card statement. Most will opt for partial or minimum payment and thus, rendering additional interest being charged on the amount remaining.

In the drastic act to be implemented, maybe second half of the year 2008, credit card users who don't pay the full amount as stated in the credit card statement may be in for a big surprise, one that will hurt their pockets even more.

When a credit card user doesn't pay the full amount as listed, issuing banks will not grant any interest-free period any more to that fella.

Say, if you have charged RM500 on 10 May, this could be listed in the system on the following day, 11 May. This RM500 would be charged interest (bank's applicable rates) from 11 May till the full payment of it. And if you still chose to make partial payment at month end, additional interest would be charged on top of interest ........................ wow!!!!

With the minimum qualification set so low as condition in applying for the credit card, the mass, if not informed of this piece of news would be hard hit.

I do take advantage of the interest-free period and normally will start charging it to the credit card right after the cut-off date and the payment for it won't be due till end of the following month.

The above is applicable in Malaysia and I'm not surprised if this is going to be practised worldwide. Be a smart consumer ..........
Tags: Interest Free Period, Credit Card, Malaysia, Issuing Bank, Financial Institutions, Credit Card User

Google Buying Up Facebook

Wow, what a revelation! And you still do not know what Facebook is all about (nope, I don't get anything in return for asking this question)?

Google CEO Eric Schmidt and Facebook CEO Mark Zuckerberg have got together to thrash the details to put the transaction through. Google is buying up 98.4% of the equities in Facebook at a consideration of US$25 billion (market value is only around US$15 billion).

Microsoft who bought 1.6% earlier is now out of contention in taking up Facebook. Meaning to say, Li Ka Shing, the Hong Kong billionaire, who bought into Facebook just last week would be selling too. Insider trading tip-off?

Facebook is highly regarded in the eyes of both Google and Microsoft. Microsoft would be baffled with this takeover that didn't come to their notice and I'm sure some top executives would be held accountable for missing out a good buy. Microsoft's plans are of no use anymore.

But I think that the person or persons that would sulk most in this transaction would be the Facebook staff. Reason is because, lots of Facebook's executives were Google's ex-staff. One big round to get out of Google and now they ended up being in the Google group of companies again. What a small small world indeed. When you resign and join a competitor, join a bigger one to avoid such things from happening to you. Too bad.

From this big transaction, Google is adopting the following:-

* New corporate mantra - 'Don't be evil'

* New motto - 'Google: Just because we can'

Interesting reading? FYI, all the above is just one of those April Fool's Day joke. When I read it in InfoWorld, I fell for it too. In my mind I was thinking that "Not bad, at least I have a blogspot account and a Facebook account much earlier. It seems that my view is of the same with Google top management."
Tags: Google, Microsoft, Facebook, Blogspot, Eric Schmidt, Mark Zuckerberg, InfoWorld, April Fool's Day Joke