Governance without guilt

I saw the phrase "Governance without Guilt" used in the Colombo newspaper. It refers to the concept that governance (of the country and business corporation) should be done ethically, i.e. without guilt. I also saw the phrase used for the garment industry, i.e. "Garment without Guilt". This is the Sri Lanka response to the greed and corruption that is now quite prevalent in the business and government sectors.

Unhappy with Singaporean Airlines

I met a Singaporean at the lounge in the hotel in Colombo. He had been travelling first and business class on Singapore Airlines for 20 years. Recently, he gave up on Singapore Airlines and now travelled on Asiana Airlines (from Korea). He was disappointed with using the new SIA website. He also found the counter service (often manned by foreigners) to be unsatisfactory. He now lived in Hong Kong as a permanent resident and travel around Asia for his business. 

Bank charges and anti-trust law

The attempt by some banks to impose debit card charges might violate the anti-trust law, as the banks and the associations might be acting in collusion. http://money.cnn.com/2011/11/22/news/economy/banks_antitrust_review/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

In Singapore, we have the Competition Law, which has similar functions to the anti-trust law in America. I hope that our regulators will also look at the practices of banks, telcos and airlines in Singapore - as they are likely to follow the practices in America.

I prefer an environment where a business charge a package fee for its service and avoid making additional charges for additional items that should be part of the package. By imposing extra charges, the business is making life more complicated for its customers and also adding to the administrative costs. Often, the customers are not aware of the additional fees and are held under ransom - when they need the additional services.

The practice of charging additional fees has promoted a law-maker in the USA to introduce legislation to prevent some of the bad practices. While this legislation is not likely to be supported, due to the strong industry lobby, it goes to show the bad business practices.

http://money.cnn.com/2011/11/22/news/companies/baggage_fees/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

Investing in the stock market

Retail investors have been avoiding the stock market due to uncertainty, but corporations are buying back their own shares, as they represent good value. http://www.cnbc.com/id/45402485

Be educated on financial matters

I received a few requests from consumers asking for my views about specific insurance policies that they are considering. I asked them to attend the financial planning workshop to be held on Saturday 26 November. Details can be found here:
http://easyapps.sg/assn/Org/Event.aspx?id=5

I also asked them to read this document:
http://tankinlian.com/admin/file.aspx?id=444

Living with your parents after college

Hi Tan,
We posted an article that we thought you and your readers might be interested in having a look at, “10 Financial Benefits of Living With Your Parents After College” (http://www.businesscreditcards.com/bootstrapper/10-financial-benefits-of-living-with-your-parents-after-college/). Just thought I'd let you know that you would be interested in featuring or mentioning it in your blog.

Tips on Financial Risk Management

Read these tips to get an idea about the important risks that you have to take care of, and how to make the right decisions.


http://tankinlian.com/admin/file.aspx?id=595&PK=6a384d176546102f919ef4fa093d18bf

Medical records on Picasa

I found a good way to store my medical records that may need to be retrieved in the future. I took photos and uploaded them into Picasa. Here is an example of my spectacle prescription that is stored in this manner:

https://picasaweb.google.com/114697964702306407039/SpectaclePrescription?authkey=Gv1sRgCLnN1YLjtrvQTQ#5676484064970023762

I want to encourage people to keep their medical record on Picasa by taking and uploading the photos. This may come in handy, when they need to refer to another doctor needs to see their old medical records.

Google Maps and iPad

On arrival at Colombo Airport, I bought a pre-paid data card for my iPad. It was a great decision. I was able to use Google Maps during my visit to Kandy and also around Colombo. Google Map tells me where I am at any time (using GPS) and allows me to look at the buildings and roads nearby. I was also able to use Internet connection at any place. Steve Jobs had done a great service to mankind in developing the iPhone and iPad and the Maps from Google are also great!

Selling agents

Contributed by Anthony Hobrow


I had an unsolicited telephone call on my mobile from an Indian outfit purporting to represent HSBC, offering me a loan and/or overdraft facility on great terms. Terms that got instantly much better when I said ”no”! I refused to give my details until I had checked these people out with the bank itself. So I emailed my bank and asked if they were genuine agents; I did this in my interests and in the interests of the bank.


The emailed response I got, 3 days later, was “All banks in general engaged 3rd parties to cross sell their credit products. HSBC does so as well. However I am not sure if Efusion Solutions is one of them, as these are arrangement set up by other departments. “


A wholly disgraceful response. (Nb It subsequently turns out that Efusion is a genuine agent).
Always check out unsolicited calls before revealing any personal details.


Anthony Hobrow
Direct Asia

Logic Challenge

How good is your logic? Try these puzzles: http://tankinlian.com/admin/file.aspx?id=379
More of these puzzles can be found here: http://projects.easyapps.sg/iShop/public/common/File.aspx?file=45
You can buy the book at www.tankinlian.com/ishop

Manage your personal risks

Dear Mr.Tan,

I would like to seek your professional advice on getting the coverage. What happen is because my company's insurance has a maximum claim of only $3000.

As this is too little coverage, I thought of getting additional coverage myself.  Please advise what is adequate and which is the cheapest plan.

REPLY

How old are you?

How much are you earning now?

Are you in good health?

You should attend this workshop and learn how to manage your personal risk

http://easyapps.sg/assn/Org/Event.aspx?id=5 

Medical insurance is just one of the risk. There are more important risk for you to take care of.

Cinnamon Lakeside Hotel, Colombo

I am staying at the Cinnamon Lakeside Hotel. The service is excellent. The staff are knowledgeable and helpful. It is the best service that I have experienced in a hotel. Here are some photos of the view from the balcony overlooking Cinnamon Lake and of the breadfast at the executive lounge of the hotel.

I tried Kiri Bath, which is rice baked with coconut. It was delicious.

I had to connect three devices to the wifi network of the hotel. The I.T. staff came to my room to allow the multi-access. He was knowledgeable and got all of them working soon. He also told me what the issue was and how he solved them.He logged into his server to allow access to the 3 devices.

Make better use of natural resources

During the past two decades, we have been over-consuming our natural resources. We extract the mineral resources at low prices and used the low wages in developing economies of Asia to manufacture products at low prices. The prices are so low that it is better to buy and throw away, rather than repair them, when they become faulty. We neglect to count the cost of disposal, and dispose products in a manner that damages the environment.

The days of low prices is probably over. We now see ballooning prices for mineral oil, gold, silver and other commodities. Food prices are escalating.  Wages are also escalating in many countries are also moving up. The flood in Thailand, tsunami in Japan and other natural disasters are reducing supply and jacking up costs.

The days of cheap manufactured products are over. We have to get used to more expensive products and have to use them more carefully. We have to change our wasteful habits. This education process has to start with our young people, as they are brought up in a wasteful environment.

Make your own flexible annuity

This article explains that you can get a higher annuity when you buy it at a time when interest rate is high. But, the problem is that you do not know whether interest rate will go higher or will fall. So, you may be waiting for a long time.

http://money.cnn.com/2011/11/17/pf/expert/annuity/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

A better way is to have a flexible annuity that you build on your own. This is explained in my Financial Planning workshop that is held on 26 November 2011.

http://easyapps.sg/assn/Org/Event.aspx?id=5

Colombo, Sri Lanka

I will be in Colombo, Sri Lanka for the next five days to attend a conference and also to take a holiday. I am staying at the Cinnamon Lakeside Hotel. The staff are polite and helpful. This is the best service that I have experience in my years of travelling.

Tips on life insurance coverage

A young man asked me, "How much life insurance do I need and what type of policy to buy?" The answer can be found here: http://tankinlian.com/admin/file.aspx?id=589

The world’s local bank... but I wish it wasn’t!

Contributed by Anthony Hobrow


I am trying to get my partner a joint bank account with me and a credit card. This will take two weeks the bank says. BUT worse is that the bank regards this as a new relationship requiring another minimum holding of S$200,000. This is for a customer who has been loyal to this bank for 43 years!! So if I complied I would have S$400,000 on deposit with this bank, earning almost zero interest. Luckily I had my London branch manager fix it for me and I have not had to do the deposits. I am not sure it is good that this bank is the world’s local bank – it seems to me they are hugely better in London than here in Singapore. Ten days on and I still don’t have the new cards or accounts!!


They even told me I couldn’t change my relationship manager unless I started a new account. Believe me, we have no relationship and a fresh start with someone new is in the interests of both me and the bank!


Anthony Hobrow
Direct Asia

How to buy Term Insurance

Enquiry: 
Hi Mr. Tan, I am so happy to find your blog where provides me some good advises for buying insurance. I know that you suggest people to buy "term" and invest " ETF". I agree with your points to do so. However I found it is not easy to find " guaranteed renewal term" policies. Can you please advise. 


REPLY
Read this FAQ

http://tankinlian.com/Admin/File.aspx?id=56