Who Is Droupadi Murmu

For the first time in Indian history, a tribal leader is going to helm the top constitutional post. Droupadi Murmu, the ruling BJP candidate, was elected as the 15th President of India on Thursday by securing over 60 per cent of the total vote value. The President-elect will take oath on July 25.

Incumbent Ram Nath Kovind’s tenure is set to end on July 24 and the next president will take oath on July 25. Nearly 4,800 MP and MLAs cast their votes on Monday to elect the next president of India.

Who is Droupadi Murmu - The 64-year-old Murmu hails from India’s poorest but resource-rich state of Odisha. She spent her childhood in Mayurbhanj district and used to work as a teacher.

She earlier served as the governor of Jharkhand from 2015 to 2021. She was the longest-serving governor of the mineral-rich state which came into existence in 2000.

Her political journey began when she was elected as a councillor from Rairangpur in 1997. She then contested successfully on BJP tickets and became MLA from Rairangpur in 2000 and then in 2009.

From 2000 to 2002, the 64-year-old was made minister of state with independent charge for Commerce and Transport in the Odisha government, which was run by a coalition of BJP and the regional party BJD. Then from 2002 and 2004, she was given the Fisheries and Animal Resources Development portfolio.

She had also served as the vice-president of BJP’s Scheduled Tribes Morcha in Odisha between 2006 and 2009 and was elected party president in the Mayurbhanj district several times.

What is the significance of her elevation - Murmu belongs to the Santhal tribe of Odisha. The tribe is spread over four states and is India's largest scheduled tribe after the Bhils and Gonds.

Her elevation to the top post is being perceived as the triumph of tribal empowerment and the community’s political aspirations, which have long been neglected.

Housewives Social Security Bill

Approximately three million housewives in Malaysia will soon be eligible for a voluntary insurance protection scheme against injuries suffered while tending to their families and homes. This comes after the Dewan Rakyat passed the Housewives Social Security Bill (HSS), which allows husbands to voluntarily contribute to the scheme for their wives who are below the age of 55.

The scheme, to be managed by the Social Security Organisation (Socso), would offer insurance coverage of between RM300 and RM50,000 depending on the seriousness of the injuries sustained by housewives at home.

The government will allocate RM20mil to provide insurance coverage to 150,000 housewives from the B40 group for 10 months under the scheme, and will seek further allocation from the Finance Ministry for the purpose. For a start, HSS would only cover housewives and not husbands who assumed the role of a homemaker.

Contribution - Under the scheme, husbands are required to pay RM120 in advance to Socso to provide protection for their wives over a 12-month period. The contributions can be made through deductions by the husband’s employers.

A husband who has voluntarily registered for the scheme but fails to make the contribution could face a RM10,000 fine. However, a husband could escape liability should he inform Socso in writing that he is unable to continue with contributions due to loss of income or other reasons.

Housewives can also choose to make their own voluntary contributions if their husbands opt not to sign up for the scheme. The scheme, which is open to housewives in all income groups, offers a range of medical benefits and compensation payments of between RM300 and RM50,000 depending on the seriousness of their injuries sustained at home.

HSS Protection - Under the scheme - participating members who suffer total permanent disability such as the loss of a hand or foot, severe facial disfigurement, loss of sight essential for work or absolute deafness will be eligible for RM30,000 in compensation.

Compensation of RM300 will also be paid out to housewives who lose part of their toes. Also provided is a RM250 monthly allowance to housewives requiring constant attendance due to their injuries. This includes RM200 a month for dialysis treatment for those suffering from end-stage renal failure.

A housewife will also be entitled up to RM50,000 for physical rehabilitation due to her injuries.

Awang said housewives would continue to be protected throughout the insurance coverage period should they divorce their husbands. They will still be protected throughout the coverage period as long as the injury sustained occurred before the divorce.

Who is Teow Wooi Huat

A fugitive Malaysian businessman operating in Thailand has been arrested in southern Songkhla province for alleged money laundering. Teow Wooi Huat, the founder of MBI Group International, was arrested in the early hours yesterday. Police also searched his MBI Group office in Sadao district on the Thai-Malaysian border.

His capture came after the recent arrests of local politicians in Songkhla and Nakhon Si Thammarat provinces. Police investigation discovered their links to Teow, police said on Friday. The business tycoon was found to be the major financier of online gambling rings.

MBI Group’s office in Thailand is located on 16ha of land. It is involved in businesses ranging from hotels and entertainment outlets to amusement parks and real estate.

Teow had been arrested in 2017 on the charge of drug dealing. He fled to Songkhla and later managed to escape prosecution. In 2018, Malaysian authorities charged Teow with financial crimes. His assets were seized for his connection with a pyramid scheme. He fled to Thailand last year.

His company MBI Group International made headlines in Malaysia in October 2019 when scores of Chinese nationals rallied outside the embassy in Kuala Lumpur, claiming they had lost their life savings to the firm. The people said they had been “cheated” by an online pyramid scheme allegedly run by MBI Group International.

Teow was also wanted in Malaysia in connection with a RM336mil (US$83mil) money-laundering scam in Macau.

Foreign Insurer - Malaysia - 70% Stake

Malaysia’s central bank is giving foreign insurers until the end of 2023 to either reduce stakes in their local ventures or contribute to a charitable fund. Foreign insurers that do not comply with the ownership limit by the deadline will have to pay into a national health insurance program known as B40 Health Protection Fund, said the people, who asked not to be identified as the information is private.

The initiative, which was piloted in 2018 by the Malaysian government, provides coverage to lower income households needing treatment for critical illnesses. Insurance companies that contribute to the B40 fund will be deemed to have complied with the ownership limit.

Foreign shareholders accepted the divestment condition when they entered the Malaysian market. The central bank continues to engage with foreign shareholders on their divestment plans and does not comment on specific cases.

AIA Group Ltd, Prudential Plc, Tokio Marine Holdings Inc and Zurich Insurance Group AG are among the international insurers with ventures in the country. Singapore’s Great Eastern Holdings Ltd is the only foreign insurer to have publicly announced a contribution to date, pledging RM2bil (US$451mil) to the B40 fund in 2019, according to a stock exchange filing.

70% Cap Foreign Insurer - The deadline would see Bank Negara enforcing the limit it introduced in 2009 with the liberalization of foreign ownership. The ruling mandated that overseas insurance companies were allowed to hold a maximum 70% in local firms, but it was mostly disregarded until 2017 when the regulator issued a directive reminding insurers they have to meet the requirement.

A plan to impose a hard deadline for compliance in 2018 fell by the wayside following a change in government in the general elections that year. Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus told reporters at the time that foreign insurers would be given some flexibility to pursue options, and that the deadline would be determined on a case-by-case basis.

Death Of SLR Camera

Optics and imaging giant Nikon will stop making new single lens reflex cameras — once the technological mainstay of professional photography. The death of SLR cameras has been coming for quite some time, as mirrorless alternatives have increased in image quality while offering consumers the option to use lighter and smaller products.

According to Nikkei, Nikon will continue to produce and distribute its existing SLR models, but will focus development of new models entirely on mirrorless. Nikkei notes that Nikon’s SLR cameras were “widely used by professional cameramen for more than 60 years and have come to be seen as synonymous with the Japanese company.”

Just last month, Nikon announced that it was discontinuing two of its more affordable DSLRs, the D3500 and D5600 to focus more on “mid to high end cameras and lenses, targeted at professional and hobbyist photographers” while strengthening products for younger users “for whom video is the primary focus.” Last year, according to Nikkei, Nikon sold more than 400,000 SLR cameras.

As well as the rise of mirrorless tech, SLR cameras have also been out-competed by smartphone technology, which has shrunk the camera market over decades.

Canon, the market leader in SLR cameras, has been making similar retreats from the technology. Canon’s CEO said that “market needs are rapidly moving toward mirrorless cameras. So accordingly, we’re increasingly moving people in that direction,” but suggested the company would continue make some intro- and mid-range level DSLR cameras in future.

EPF i-Lindung

The Employees Provident Fund (EPF) is targeting 300,000 contributors to take advantage of the i-Lindung platform launched on Tuesday (July 12) within the first year. The premium is as low as RM30 per annum, the total coverage offered for i-Lindung is RM10,000.

The EPF launched the i-Lindung platform under the Members Protection Plan to facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable premium from Account 2, with the protection offerings available to EPF members with immediate effect.

Low Penetration rate - The ownership of insurance policies and takaful certificates among the people in this country is still low, especially those in the lowest 40% monthly income group or B40. This situation is particularly worrying as this segment is more vulnerable to disasters and faces a lack of protection. At the industry level, the ownership rate of insurance and takaful coverage that is low will certainly stunt the growth of the insurance coverage industry overall. 

Citing a study from the Life Insurance Association of Malaysia in 2020, Ahmad Badri said that the insurance penetration rate in the country is only at 56.1% for insurance and takaful, and after deducting the number of policyholders with more than two policies, the rate is reduced to 41%.

Of that total percentage, he said over 90% had not enough coverage for themselves and their families. Only 4% of households from the low-income group have takaful coverage or life insurance. 

In a statement, the EPF said members who wish to purchase insurance and participate in takaful products offered by EPF-approved insurance companies and takaful operators can do so via the i-Lindung platform within the EPF i-Akaun (Member) portal.

Participating insurance companies and takaful operators - are FWD Takaful Bhd, Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Etiqa Life Insurance Bhd and Etiqa Family Takaful Bhd.

Members below age 55 with a sufficient balance in Account 2, who are Malaysian and registered i-Akaun users, are eligible to purchase products under i-Lindung. Those above age 55 can also purchase products under i-Lindung provided that they are within the eligible entry age of related products and maintain a minimum RM100 in their Akaun 55 or Akaun Emas.

The registration of new EPF members rose by 57% to 146,000 in the first quarter of 2022, while voluntary contributors under the i-Saraan programme jumped 77% to 599,000 individuals. This was after the EPF embarked on a long-term strategy to expand the social protection coverage of Malaysians in an effort to strengthen government-linked companies’ support ecosystem.

Lack Of Self-confidence

Four key indicators to look out for. While some offer only whispers of insecurity, others scream it. If you’re doing one or all of them, chances are their impact is greater than you know. And if you’re not even aware that you’re doing them, it’s time to get curious. Be brave and ask. True leadership development cannot happen without (sometimes) excruciating vulnerability.

MICROMANAGEMENT - Little else broadcasts to others that a leader lacks confidence than micromanaging. Hire great people and leave them alone. Onboard them properly. Trust them to do good work. The impact of micromanagement is sorely minimized, and what it actually looks like is definitely misunderstood. If you’re thinking, I don’t literally walk around telling people what to do or offering nonstop feedback all day long. I’m not a micromanager! then you’re thinking too narrowly about micromanaging.

Micromanaging tells everyone around you that you don’t have confidence in yourself or in your team. It’s the antithesis to employee engagement.

ARROGANCE - Remember, we want leadership confidence, not arrogance. Rather than leading a team, an arrogant leader focuses on anything that’s “wrong” with others, or on anything that makes them look “right.”

An arrogant leader can’t share the spotlight. They’ll say, “Here’s what I think” not “What do you think?” They’ll say, “I had that idea last night!” rather than “Nice! And what else?” They’ll “know what the problem is” instead of asking “What’s the real challenge here for you?” They’ll take the recognition for someone else’s ideas (because, ironically, their arrogance is compensation for missing confidence).

A leader’s inability to let someone else shine, contribute, be right, and be seen reveals their low confidence and completely disengages people.

BULLYING BEHAVIOR - Using your position of leadership to make someone else feel bad so that you can feel better or smarter (whether you’re conscious of it or not) screams a lack of confidence. Unfortunately, many on the receiving end of bullying leaders are so traumatized by the experience that they are unable to see where the problem actually lies. But it’s obvious to others!

If bullying behaviors like railroading, humiliation, and threats—or more subtle behaviors like diversion, undermining, and blame projecting—are part of your leadership tool kit, then it’s time for a long and humble look in the mirror. It’s time to get curious with yourself. And it’s time to make some apologies.

WAVERING SUPPORT - While this one isn’t as obvious as the other three examples, it’s still there under the surface. You might not even notice it at first, then you start to see a pattern. It goes something like this: An employee makes a suggestion. The leader isn’t on board. Time goes by. Someone higher up makes the same suggestion and the leader is suddenly on board. Sound familiar?

A leader with low confidence may have trouble putting their full support behind ideas, especially those that might make another person look amazing! They’ll back an idea only if it comes from someone with more power and influence. If they’re also a micromanaging and arrogant leader, they’re much less likely to slow down and ask the necessary questions to build out a good idea with an employee.

Effective leadership is crucial to an organization’s ability to achieve its goals. It’s my genuine belief that almost all leaders who demonstrate these behaviors actually want more for themselves and either don’t even realize they’re behaving this way or they do but don’t know what the alternatives are.

Take some deep breaths. Be candid with yourself. Ask your employees and colleagues for their feedback. Do the work. Your leadership depends on it.

Liberty Bought AmGeneral Insurance

AMMB Holdings Bhd’s 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB).

AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB.

AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB. 

Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase agreement and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agreement entered into between AGHB and LIB last year.

As part of the transaction, AMMB said it will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date.

Based in Kuala Lumpur, LIB has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-agent workforce as well as franchises, car dealers and banca partners.