Public & Business Financial (PBF) Expo 2008

The 4th Public & Business Financial (PBF) Expo, organized by Money Compass Magazine (精明理财), published by Trans Info Media Sdn Bhd), will be held in Kuala Lumpur Convention Centre Exhibition Hall 2 on this coming 10 & 11 May 2008 9am-6pm.

The expo comprises 100 exhibition booths from financial management and investment sectors, and also seminar & forum by 20 local and oversea financial management speakers. Admission to public is free, and there will be free financial counselling and advice provided to the visitors.

The theme for this expo are:
1: Achieving Financial Freedom For A Brighter Tomorrow
2: Smart Financial Solutions For SME Business

Among the speakers are Dr. Wilson Lin Wei Shian (林伟贤博士), Lim Yuen Seong (林敬祥), Lee Teck Meng (李得民), Dato' Aric Ng Wai Sing (拿督伍伟成), Adrian Yeo Eng Hui (杨应辉), Koong Lin Loong (孔令龙), Dr. Ching Tow Fah (陈道华博士), Jackson Ting (陈芳瑞), Ernest Cheong, Phua Lee Kerk (潘立克), Wong Chai Soon (黄凯顺), Carol Yip (叶凯蓉), Dr. Clement Chiang (郑文元博士), Solon Wang (王志钧) and Benson Tseng (曾志尧).

Click here for more information about this event.

Naza Group founder and CEO passed away

Tan Sri S.M. Nasimuddin S.M. Amin, founder, chairman and chief executive officer of the Naza Group, passed away of lung cancer in California at 1.15am (Malaysian time). He was 54 years old and had been receiving treatment for cancer at a private hospital in Long Beach since January this year.

When he was 21, he had RM80,000 in his bank account which he saved from his remunerations from helping out his contractor father. A year later, he made his first million. It was 1975 and he did it by applying for government-issued Approved Permits (AP) to import cars for resell in the country. He was dubbed the "AP King" in the AP controversy event of 2005.

Naza Group, formed in 1974, has been famous for its automobile business. The group currently holds the Malaysian vehicles franchise for Ferrari, Kia, Peugeot, Brabus, Hamann and Ducati. It also holds the import permits for Mercedes Benz and Mazda vehicles.

Tan Sri Nasimuddin was quoted as saying: “I have always loved cars since my teenage years. That is why I am in this business. My father’s construction business was not my cup of tea.”

No more interest free period for credit card holders who didn't make full settlement

A recent article posted by SM Mohamed Idris, president of Consumers Association of Penang on Malaysiakini website alarmed all credit card holders in Malaysia about the change in interest free period of their credit cards, which will take effect on 1 July 2008.

Currently, credit card holders in Malaysia enjoy a 20 days interest free period from the card issuer's statement date for their retail transactions, regardless they've settled their previous month balance in full, partially, minimum, or unsettled. This priviledge of interest free period will soon be changed following the introduction of a new Tiered Interest Rate Structure
on retail purchases imposed by all credit card issuers in Malaysia, so called to be in line with the "latest guidelines by Bank Negara Malaysia".

Under the new structure, the 20 days interest free period for retail transactions is applicable only for card holders who have paid the previous month balance in full on or before the payment due date. If the card holder opts to pay partial or minimum payment, finance charges for retail transactions for the following month will be calculated from the day the transactions are posted to the card account, i.e. there will be no more interest free period for credit card account with any outstanding balance.

This will affect all the Malaysian credit card holders who are not afford to fully settle their balance in due time, and will further increase their burden with even more interest imposed for every transaction made with the credit card thereafter.

Although this will force all Malaysian credit card holders to be more caucious in spending with their credit card, it will also penalize those that need to use their credit card for emergency (eg. repairing broken belongings, hospitalization, baby birth, funeral, urgent turnover need, etc...) and need to take some times to settle out that emergency spending of larger amount than usual.

I hope that the existing 20 days interest free period can be retained, at least for the good credit card pay masters who settled at least their minimum amount without failure.

Click here to read the original article by SM Mohamed Idris.