MBI International Kantoi Chinese Investors

Over 100 China nationals who claimed to have lost their savings to a local investment company staged a peaceful protest near the Embassy of the People’s Republic of China today.

The protesters urged the Chinese government to assist them in recovering hundreds of millions of ringgit they had invested in MBI International Holdings, a Penang-based company blacklisted by Bank Negara Malaysia.

The alleged victims, who arrived in Malaysia on Monday from various parts of China, claimed many of them had borrowed money from relatives and other sources to make the investments.

The group gathered early yesterday and their numbers swelled to over 100 by noon.They chanted and sang songs, calling on the Chinese embassy to intervene. They claimed the lives of hundreds of victims had been adversely affected, and some had committed suicide after failing to recover their money.

Police kept a close watch on the group before they dispersed later without incident.

MBI International had been in the news in recent years after being busted by Bank Negara and other enforcement agencies for promoting investment plans that were found to be pyramid schemes.

In May last year, its founder Tedy Teow Wooi Huat, 52, was charged for issuing electronic money without Bank Negara approval. He and his company are also facing multiple probes by Bank Negara, the police and the Domestic Trade, Cooperatives and Consumerism Ministry.

Do You Feel Being Manipulated

Have you ever walked out of a meeting or get-together feeling thrilled and amazed...only to reflect 15 minutes later and groan, "I can't believe I agreed to do that!"? That is the power of charisma. A truly charismatic person can almost hypnotize those around them, quickly influencing opinions, changing minds, even bending you to their will. While personal magnetism is generally considered a positive trait, and it can be used to do great things, it can also be used to cause great harm.

How can you avoid being taken in and manipulated by another person's charm? The first step is to realize that charisma is something anyone can learn. Yes, some people have more natural charm than others, but there are emotional and psychological buttons that anyone can learn to push. Once you know what they are, and can recognize that someone is working hard to push yours, it will be harder for them to take you in. Here's what to watch for and how to respond.

The messenger outshines the message - Cambridge scholar Jochen Menges calls this the "awestruck effect." Magnetic leaders and powerful public speakers often have it. Their personal energy is so strong that they could be reading the phone book and you would be captivated. If you walk away from a presentation amazed, but you can't remember the speaker's 2-3 key points, you have hit by the awestruck effect. Beware buying anyone's argument if you can't recall and explain what it was. Try doing some research and reading on their ideas on your own, without the distraction of their physical presence.

The stories hit home fast - A key trait of charisma is the ability to quickly trigger specific emotions in others. They often have a whole arsenal of stories--funny, sad, or distressing--and listening to them is as good as any Hollywood movie. Hey, there are few things more enjoyable than a good story well told! But check in with yourself. Do you feel your anger rising? Or are your heartstrings being tugged? The teller may be preparing to sell you on something, so they're manipulating you into a vulnerable emotional state. Take a step back and a few breaths. Ask some polite follow up questions before you commit to anything. 

They always have the perfect compliment...for a price - Who doesn't like to hang out with people who make them feel good about themselves? One sign of a true friend is that they see your best qualities and help you see them, too. But a talented charmer can use that same ability to lower your defenses. It is possible to become addicted to their approval, and you will do anything to get it. Beware the person who is full of your praise at first, then begins demanding favors, loyalty, or support in exchange. If they start to withhold their approval until you deliver, it's time to step away.

They never let you forget they're on your side - Most people long for someone to say, "I get what you're saying," "You're absolutely right," or "You deserve better." This is especially true when a feeling of injustice or unfairness is involved. Charismatic people know that a little empathy goes a long way, however. Many people are satisfied just hearing "I'm on your side" without seeing any behavior to back up that claim. If someone swears over and over that they understand and support you, measure their actions against their words. If they don't match up, you might need to move on.

The mood and the moment make it hard to think - They're too smart to say "don't think, just feel" but a charismatic manipulator is totally focused on making sure you do just that. Many scientific studies show that good decisions come from a balance of emotional and rational processes in the brain. They also show that strong emotions, especially negative ones, make it harder to think clearly. If someone is working hard to wind you up, it is time to start asking hard questions. Then get some space so you can think about their responses with a clear mind.

Buying Insurance - Typical Mistakes

Although life insurance policies are crucial to keep your life and family members’ lives safeguarded, narrowing down a suitable one might get tricky. This is because there are a ton of underlying aspects that determine how effectively you’re able to leverage a specific insurance plan. So, if it’s your first time taking the plunge, read the following tips to know how you can keep yourself from a multitude of prevalent mistakes. This way, you will not only be able to get the most promising insurance policy but also avoid holes getting drilled in your pocket. Make sure you only proceed with your insurance company once you’re assured on all fronts regarding the plan.

Not understanding the policy clearly - Most policyholders have a little idea of all the clauses pertaining to their existing insurance plans. Subsequently, it becomes arduous to readily claim an amount without having to be troubled about it being approved by the insurer. There are lots of conditions that might make your insurance plan go void, and it’s imperative to be mindful of these beforehand. When you’re signing up for an insurance plan, be it for your family or your own; make sure you proactively understand what you’re getting your hands on. Diving into the details of an insurance policy will assist you in avoiding several unforeseen legal anomalies.

Skipping market research - Another mistake people non-deliberately commit is failing to pay adequate heed to the prevailing market conditions. This means narrowing down to several insurance companies and then deciding which one suits your needs and budget the most. Apart from it, market research also involved aspects like gaining sufficient knowledge about various terms related to life insurance. For this, you need to head to credible sources that can help break down complicated jargon of this industry and make things seamless for you. While you’re busy with your research. 

Hiding your medical conditions - Life insurance companies have a well-articulated way of proceeding with policyholders who have any underlying medical conditions. This includes everything from blood pressure issues to critical diseases and ailments.

However, when a person tends to keep these conditions from their insurer, the company becomes liable to reject the claim afterward. Thus, you have to be transparent on this front when it comes to proceeding with your life insurance policy.

Not assessing the insurer’s credibility - The company providing you with the insurance plan will decide the benefits you can extract out of the same. This is why you need to be utterly confident about handpicking an insurance provider that can keep you covered on all fronts. Although this might seem a daunting task, going for already reputable organizations can keep you from the hassle that comes with diving into unreliable user reviews. For this, you can turn to several third-party organizations that tend to assign ratings to insurance companies depending on their extent of customer satisfaction.

Group Insurance Is Inadequate

Many non-government workers have access to life insurance through work. It’s a valuable benefit that employers often offer at no cost to employees. Plus, coverage is guaranteed so you don’t have to submit to a medical exam. 

If you get life insurance for free through work, there’s no reason not to take advantage of it. But it still may not be enough, particularly if you have a spouse, kids, or other family members that rely on you for financial support.

Here’s why you may want to consider buying an individual life insurance policy too:

It’s probably not enough coverage - Group life insurance is broad and there’s no opportunity to customize your policy. Employers typically offer coverage amounts that are a multiple of your salary. The median worker with access to group life insurance receives $200,000 in coverage. That’s a reasonable amount, but anyone with a family to support, debt to pay off, or big future expenses will likely need a larger death or disability benefit.

You can’t add riders to your policy - You also can’t add riders to a policy you get through work. Riders are additional terms and conditions that enhance your coverage for specific situations. There are riders that allow you to accelerate the death benefit in the event of illness, get an additional benefit for the death of a spouse or child, or add more coverage for accidental death or dismemberment.

You can’t take your Group Insurance policy with you - Most group life insurance policies aren’t portable when you leave your job. While you may have the chance to convert it to an individual policy, you’ll have to pay the premiums your employer previously covered. Since a group life policy is guaranteed coverage – there’s no evaluation of your health, age, or overall risk to determine your premium – it will likely be more expensive than an individual policy if you’re low risk (e.g. you have no major health conditions).

You may want a permanent policy - Most group life insurance policies are term, meaning they last for a set number of years and then expire. Financial experts often recommend term life insurance for most people because it’s affordable and acts as a safety net while you build up your savings, but it’s not the only option.

If you want to build cash value and/or leave money behind for your spouse, kids, or grandkids, a whole life policy could be a better fit.

Malaysia Healthcare System - Challenges

For Budget 2020, a total of RM30.6 billion as compared to RM28.7 billion in 2019, has been allocated for healthcare; an increase of 6.6 percent. Fomca fully supports the increasing investment in public healthcare. Further, it fully supports the continuing strengthening of public healthcare. With this increasing investment, more hospitals can be built as well as health and dental clinics can be upgraded. Currently, public hospitals have a 16,000 bed shortage. The increase in allocation could help to reduce the bed shortage in government hospitals, enabling more patients who need critical treatment to be warded.

However, one of the greatest limitations in public hospitals is the shortage of specialists. Currently, about 30 percent of specialists and 45 percent of doctors serve 65 percent of the population in public hospitals. The rest of the specialists and doctors serve about 25 percent of the patients in private hospitals. Certainly it is more lucrative to serve in private rather than the public service. 

Further, there are some specialised areas in which there is an acute shortage of specialists in public hospitals, for example, in areas of nephrology and neurology. Thus it is proposed that the government should take active measures to train and recruit specialists for the public sector. More importantly, there needs to be better measures to ensure that trained and specialised doctors continue to serve in public service. Healthcare is an essential service, special measures to keep specialists in the public service should be supported.

In addition, to ease the burden on public healthcare services, the government should play a robust role in regulating the private sector. Private healthcare is exorbitantly expensive. Prices are not regulated, thus consumers end up paying a hefty sum they can ill-afford for treatment. What is worse, many consumers do not have medical insurance. In fact, 38 percent of consumers pay their hospital bills by "out-of-own-pocket", considered the riskiest form of payment. "Out-of -own-pocket" payments have risen from RM2.93 billion in 1997 to RM17.44 billion in 2013, a rise of about 29 percent per year. 

Further, medical insurance premiums have been skyrocketing, making it unaffordable to low and middle-income consumers. For a start, Fomca suggests greater transparency in pricing by the private hospitals so that consumers make an informed decision when choosing private-sector treatment as well while being well aware of the potential costs.

Some of the major private hospital chains are government-linked companies or GLCs. As hospitals are directly or indirectly owned by the government, their first priority should be to the rakyat not to the investors. Unfortunately, currently, they appear to be more interested in making profits rather than providing services to the rakyat, especially the low and middle-income groups. 

Fomca suggests that GLC hospitals have a dedicated wing for the rakyat, where they provide services at a basic level, certainly charging more than public hospitals but not as much as private hospitals. This would certainly ease the burden on the public healthcare system while providing an alternative healthcare system for those who cannot afford private hospitals but can still afford to pay to get their treatment faster.

With relation to the MySalam system, Fomca certainly appreciates the extension of the coverage to increase the age of those who qualify from 55 to 65 as well to include those whose incomes are below RM100,000. However, as a project of the government which espouses universal healthcare coverage, it should enable all patients, including those whose incomes are below the set thresholds, for participation and not exclude those with pre-conditions and those aged 65 and above. Insurance companies exclude people; the government should not.

Source: CEO of FOMCA.

The Art Of Bullying

Ever been bullied at the office? You’re not alone.Nearly 94% of worked admitted to being bullied in the workplace — and more than half of respondents said the culprit was their boss or manager, according to a new survey.

Job-search website Monster asked more than 2,000 workers if they had ever been bullied in the workplace. Respondents were asked to answer which scenario best described their experience and an astounding  51% said that their boss or manager bullied them.

It was the most popular response ahead of being bullied by a coworker or colleague, while just 5% said that they had never been bullied at work and little over 1% admitted to being the actual bully. 

The art of bullying - In terms of how workers were bullied, it varied. Nearly a quarter said it came through aggressive email tone or language used at the office. Twenty percent said it was coworkers gossiping negatively behind your back, while 18% said it was a verbal confrontation when someone raised their voice or yelled directly at them.

Others said it was someone being overly critical, yet not constructive and some said it was people demanding work to be done but stealing credit for it themselves.

“A manager who bullies you is the definition of a toxic boss,” Monster career expert Vicki Salemi said in a statement. “When your boss is the bully, your best solution is to fast track to the exit by looking for a new job immediately. Don’t wait or hope it will get better. Do something you can control–look for a job with a much better boss!”

Salemi said the best way to deal with bullying at the office is to access it and realize you have options, like looking for a new job that will offer a fresh start.

“Just because bullying is common–too common, doesn’t mean it’s normal. This is unacceptable behavior and it should not be normalized,” she said. “If this is happening to you and you’re on the receiving end, you deserve better! The good news is there are better bosses and companies who do treat you with respect, and colleagues who don’t gossip out there. The only way to discover them is to start looking for a new job.”

She said the right fit means a positive environment for you to grow, with a boss who respects you rather than one who belittles or even ignores you. Other traits to find in a new opportunity include accessing the office culture and overall camaraderie while understanding the new job’s responsibilities, pay and benefits, and seeing if they offer options that benefit a healthy working culture like flexible work arrangements such as working remotely.

But ultimately, it’s up to the employee to make a decision — and take action.

“If your work environment is conducive to upward feedback, speak to your boss and/or human resources department,” Salemi said. “Document it in writing and keep a file. Bullying is not acceptable behavior in any form, so we need to chip away and work to change workplace cultures.”

Be Big Or Get Out

“Be big or get out,” Walter Jopp, Zurich Middle East chief executive and keynote at International Adviser’s Fund Links Forum 2019, told the international life insurance and asset management industries. 

Brexit, the US-China trade war, low returns and market volatility are just some of the issues that have plagued the financial services industry over the course of 2019. These challenges have left many wondering what the sector can do to power through these difficult times.

But Jopp believes the current disruptive climate has a bright side, namely, opportunities the sector can embrace to evolve.

Think of the clients - He said the industry has lost some of its entrepreneurial spirit over the last decade, and it’s time for it to make a comeback.

“We are going to have to be bold.”

While the cost of implementing regulatory developments is affecting those in the sector, Jopp firmly believes that focusing on clients is the way forward, as their current experience “is painful, difficult and not what they want”.

“We need to embrace technology and give the customers what they want.

“The regulators feel that maybe the industry hasn’t been as good as it should’ve been at providing customer outcomes.”

Jopp think that is because “we [the international life sector] have got lost in the industry”. 

Collective effort - That is why Jopp encouraged senior decision-makers at IA’s Fund Links Forum to engage with smaller firms, particularly when it comes to technology.

“Small companies are agile and the greatest opportunity for us is to partner up with them,” he said. 

These firms have found a niche in the market, with Jopp citing businesses such as Lemonade and Ping An, that can complement international life insurers’ offerings and services.

But all this has to come back to the customer; the sector has to build products that customers want to buy, Jopp emphasised.  

And that, of course, comes at a cost: “Value is important but it’s not cheap.” 

Future sustainability - He added: “The margins in the international life business for insurance companies have been very, very high.

“We, as businesses, have to get used to that we are now moving into a mature level and some of those margins will not be sustainable in the future. And that’s where technology comes in. We can take some of the costs out, if we have less margins, if we provide better value to the customers, everybody will be happy.”

While the sector is “in the middle of a storm”, Jopp believes that getting back on its feet will depend on how willing the industry is to embrace the current turmoil and benefit from it, rather than cave in.