"SEMBCORP MARINE (SCMN.SI) - Sembcorp Marine said on Wednesday it had agreed with BNP Paribas to settle a $50.7 million dispute stemming from botched foreign currency trades at its Singapore unit last year. Sembcorp said in a statement it would take a charge of about $30 million in the fourth quarter following the settlement. "
How many times have we read about huge foreign exchange trade losses incurred by companies who need to hedge against foreign exchange fluctuations, given that many receive revenues denominated in USD against costs which are often in SGD?
So, when even these big boys incur huge losses, with all the so-called expertise and resources at their disposal, what makes us, the small retail investors, think that we can do better than them and reap huge financial rewards and gain financial freedom, as claimed by so many advertisements by self-professed gurus (some with dubious doctorates bought from unaccredited universities)?
If it's so easy, why don't these gurus offer their expertise and simple winning formulas to the big companies and earn big time, and at the same time benefit our stock markets, so that for once, we read about huge foreign exchange gains instead of losses?
My advice therefore to all my friend and clients is to stay away from foreign exchange trading.
27 December 2008
AIG sells private bank
The asset sale continues relentlessly even as AIG's government loans ballooned from the initial US$85 billion to US150 billion. Its assets were estimated at US$1 trillion before the credit crises and financial meltdowns and scandals hit the global financial markets, crippling and sending many once-venerated institutions to near collapse and bankruptcy. Its liabilities were estimated at US$1.4 trillion (i.e., approx $400 billion more than its assets), hence its near bankruptcy, as it faced difficulties to raise funds in the midst of the credit crunch.12 December 2008
Farrer Park Mediplex to open in 2010
Medical tourism certainly has a huge growth potential here, even as the U.S. and President-elect Obama begins to grapple with high healthcare costs and double-digit increase in health insurance premiums. I am still holding on to my Parkway shares, so I hope that this bodes well for its share price in the uncertain times ahead. 
12 November 2008
AIG asset sale
It is difficult to fetch a good price in a fire sale, especially in this difficult economic climate, where the seller needs and wants cash, whilst the potential buyers prefer to conserve cash to weather the credit crises. Getting financing to buy will also cost more money. Companies all over the world now increasingly look to their respective governments as their godfathers to give some forms of guarantees before they take on additional ventures/risks. But he who dares wins.So, it is good news for AIG that the US Treasury is giving it more time (5 years instead of just 2 years) to repay the loan which has now ballooned to US$150 billion (the single largest loan ever made by the US Government to a private company) from the original US$85 billion. I recall that AIG was asking for only US$40 billion when news first broke that it was heading into bankruptcy.
Where and when can we see light signalling the end of the tunnel and not the headlights of an oncoming train?
05 November 2008
Fewer, Less or Lesser
A short lesson on grammar.
I am often amused by how often people in this region tend to mix up their comparative, in respect of "fewer, less and lesser".
Firstly,
few, fewer, fewest : are used with countable nouns, e.g. people, coins
little, less, least: are used with uncountable or abstract nouns, e.g., money, water, love, honesty
This morning, I just heard a lady speaker who speaks very fluent English say, "... less people ...". I was taught from young to say "fewer people", but it seems that in modern standard English practice, the usage of less here is increasing, rightly or wrongly.
However, what is clearly incorrect is to use lesser to mean fewer or less. It seems many do not know the difference between fewer/less and lesser,
e.g., they say. "I have lesser money", when they should say, "I have less money".
Or, "There are lesser people here" when it should be "there are fewer people here".
Lesser in fact means, "smaller, as in size or importance; inferior, e.g., a lesser evil.
Many years ago, I watched the film, "Children of the Lesser Gods" as a child. Lesser Gods clearly does not refer to fewer gods, but to gods who are inferior (to a higher or more superior god).
I am often amused by how often people in this region tend to mix up their comparative, in respect of "fewer, less and lesser".
Firstly,
few, fewer, fewest : are used with countable nouns, e.g. people, coins
little, less, least: are used with uncountable or abstract nouns, e.g., money, water, love, honesty
This morning, I just heard a lady speaker who speaks very fluent English say, "... less people ...". I was taught from young to say "fewer people", but it seems that in modern standard English practice, the usage of less here is increasing, rightly or wrongly.
However, what is clearly incorrect is to use lesser to mean fewer or less. It seems many do not know the difference between fewer/less and lesser,
e.g., they say. "I have lesser money", when they should say, "I have less money".
Or, "There are lesser people here" when it should be "there are fewer people here".
Lesser in fact means, "smaller, as in size or importance; inferior, e.g., a lesser evil.
Many years ago, I watched the film, "Children of the Lesser Gods" as a child. Lesser Gods clearly does not refer to fewer gods, but to gods who are inferior (to a higher or more superior god).
03 November 2008
AIA Singapore Retrenches
It is a matter of time that AIA Singapore starts trimming off excess fats in an effort to cut costs and increase profits to pay its parent company AIG. More importantly, it has to show good numbers in order to attract "strategic" investors to take up so-called minority stakes in AIA Singapore.I foresee that there will be more such cost-cutting measures, if there is continued loss of confidence in the company leading to a vicious circle of of reduced new businesses, reduced agency strength due to the inevitable migration of agents. And if the business forecast spells more gloom, the faster the sale to strategic investors, the better, or else, the price AIA Singapore can fetch will fall further.
It will get worse before it can get better, which takes time, and time is not on the side of AIG which has to pay back the US$143 billion (up from the original US$85 billion) it now owed the US Government.
"AIG plans to sell of most of its divisions to pay back the debt. Asset sales should be announced by year's end, Chief Executive Edward Liddy told CNNMoney.com last week".
30 October 2008
Another case of car vs tree
Another young man, another crash. Thankfully, this car did not break up into 2 pieces, and the driver escaped death, but not serious injuries. So, is the Mitsubishi Lancer built better (sturdier to withstand crash impact) than the Subaru WRX?In the U.S., the National Transportation Safety Board (NTSB) may investigate and study the safety of the car models and probe into whether there were any design or production defects. Here, I don't think there are any such agencies.
It would fall on The Traffic Police to conduct its studies on how the accident occurred and the State Coroner would determine the cause of death and possibly pass a verdict of misadventure.
The authorities would just rely on the car manufacturers' crash impact studies and presume that all their car models are crashworthy and provide certain levels of safety. Is that adequate?
Should more be done, especially if lives may be saved, and dreams of families preserved?
19 October 2008
Subaru WRX Tragic Crash
Another road accident resulting in the tragic loss of lives of 2 young men.In the industry, many insurers decline to cover Subaru WRX cars. The few who do will likely consider raising their premiums for such models.
The insurer for the late Mr Kerk will not only have to pay for the total loss of the car, but also compensate the late Mr Ng's dependants for the loss of his income, and his pain and suffering during the 1.5 hours from the time of accident till he finally succumbed to his multiple injuries.
There will also be legal fees for the insurer as well as the estate of the late Mr Ng.
All these will pend the results of investigation by the Traffic Police and the verdict by the State Coroner in due course. A post-mortem toxicological test would undoubtedly have been done to establish whether the late Mr Kerk was under the influence of any intoxicating drugs or alcohol.
18 October 2008
If you wait for the robins, spring will be over
My friend, Stanley, pointed me to the above article, written by the Oracle of Omaha.Below is an extract from http://www.streetauthority.com/warren_buffett.asp
Below are a few other characteristics that Buffett looks for when evaluating an investment opportunity:
Easy-to-Understand Businesses
One of Warren Buffet's principles is not unlike Peter Lynch's -- stick with what you understand and choose investments with which you are comfortable.
High Return on Equity (ROE)
Buffett emphasizes return on equity (ROE), a key measure of a company's profitability. He prefers to invest in companies where he can confidently forecast future ROEs at least 10 years out.
Consistently Strong Free Cash Flow
Buffett also seeks companies with significant free cash flow. Always mindful of the risks associated with investing, he ensures that his companies have plenty of money left over to invest in their growth after they have paid the bills.
Limited Debt
In the 1990s, Buffett bought insurers Geico and General Re because he liked how the companies limited and managed their debt.Buffett also likes the "float" that insurance companies offer. Policyholders pay premiums up front, but claims are paid out later -- providing insurance companies with a steady stream of low-cost cash to play with.
Quality Management
Among the most noteworthy aspects of Buffett's stock-picking expertise is that he looks for quality companies with quality management teams. When Buffett buys a business, he buys its management as well. Buffett looks for people who are as passionate about their business as he is about investing.
12 October 2008
Lehman minibonds debacle
The rating agencies played a crucial role in these credit crises. They were the ones who gave these minibonds A+ ratings. The rating was equivalent or even better(safer) than, say, DBS Bank's credit rating, or the recent OCBC Preference Shares which was rated A-.But, who can really blame the rating agencies for giving these high ratings, which was obviously so inaccurate (on hindsight)? The issuer was Lehman Brothers Holdings, ranked no. 37 worldwide on the Forbes' Fortune 500 in 2008, before the shit hit the fan. Its recent years' business performance had certainly looked very reassuring:
Year. Rank. Revenues(USD). Profits(USD)
2006, 62, $32 bil, $3.3 bil
2007, 47, $47 bil, $4.0 bil
2008, 37, $59 bil, $4.2 bil
Now, we know how it (and other such U.S. financial institutions) achieved these seemingly sterling results with 47% (2006) to 26% (2007) increase in revenues. The percentage increase in profits were much lower; the profits likely distributed in obscenely huge bonuses to the senior execs.
The question now arises: just how did they manage to "cover up" the equally obscene huge liabilities from their external auditors, which eventually led to bankruptcy, from a $4.2 billion profit position? Were there widespread "cooking of books" by all these failed corporate giants?
Scandals after financial scandals from the 1980s to the 21st century, is this the American way, that the U.S. politicians are so proud to uphold? Is this the right and moral way in their "pursuit of happyness"? Billions of $ were wiped out from the savings of ordinary U.S. citizens, whilst their corporate "geniuses" made their millions and retired in luxury when the bubble burst.
08 October 2008
Barack Obama: Fire those execs
I am not an American taxpayer, but I was nevertheless filled with anger when I read of such insensitivity and callousness. I have no business criticising the U.S. system, but it looks to me that the core of the financial meltdown has a lot to do with the lack of a moral value system in Wall Street, if not corporate America.My only American brother-in-law and sister are living in Eugene, Oregon, and I have no doubt how they'd feel about such excesses.
AIG Execs head to resort with the US$85 billion bailout
I was greatly relieved when the US Congress finally approved the US$700 billion bailout plan but after reading the above article, I would rather that the U.S. (including the global financial markets) bite the bullet in order to stop the deep rot from spreading to our part of the world. Let all the mismanaged American companies with their unbridled and unchecked greed close down, so that all can re-start with a new slate, instead of being dragged down by old baggage and all the wastefulness!
04 October 2008
MAS can't force banks to compensate
"In this new and changing environment, Singaporeans need to become more self-reliant in their financial affairs. They must acquire the knowledge and skills to manage their day-to-day finances, make prudent investments and plan for their longer-term needs."
- Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, Mr. Lee Hsien Loong in a parliamentary address on 16 October 2003.
- Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, Mr. Lee Hsien Loong in a parliamentary address on 16 October 2003.
So it is Caveat Emptor or Buyers Beware - read the fine prints and ask questions so that you understand the investment products before you put your hard-earned $ in them; don't be rushed into a quick decision, especially when clouded by tempting offers of freebies.
You may have to bear fees, expenses and/or investment losses if you change your mind about purchasing the product, or decide to sell it prematurely.
Key Questions To Ask The Financial Adviser's Representative:
1. Why is this product suitable for me?
2. What type of product is this? Is it a life insurance policy, unit trust or structured deposit? Is it primarily for savings, investments or insurance protection?
3. What benefits does this product offer? Which benefits are guaranteed and which are not?
4. What instruments does the product invest in? How risky are these underlying instruments?
5. Is this product suitable for individuals with low, medium or high risk tolerance levels? What is my risk profile?
6. How long must I stay invested? What are the penalties, restrictions and procedures if I decide to liquidate some or all of my investments earlier?
7. What are the various fees and charges? Does the product provider have the discretion to change the fees and charges at any time or is there a cap?
8. If I were to purchase the recommended product, how can I monitor the performance of my investment? What reports and updates will I receive? How often will I receive these reports and updates?
9. What if I find that the investment product is not suitable after I have purchased it? Can I return the product and get my money back? If so, how soon must I inform the Financial Adviser of my decision to return the product?
As the old saying goes, "A fool and his money is soon parted". Take responsibility for your own money and decision instead of crying foul to regulators when the investment decision turns bad. Don't buy any investment product that you don't understand.
27 September 2008
Mini "Mozart" wows Asia
http://www.reuters.com/news/video?videoId=86130&newsChannel=lifestyleMolt
Born blind, Yoo Ye Eun was abandoned by her natural parents, and adopted by a childless couple who could not have children of their own.
Some times, we are given blessings in disguise but we choose to "see" only the surface and failed to see beyond that. There's beauty, ability, skills or talent inside each of us. We must have self-belief so as to make the best use of our talents and achieve our fullest potential.
In the above video, Ye Eun's adopted mother expressed her concern over her "handicap" but Ye Eun expressed no such self-doubt. She was born blind and does not know the meaning of her handicap.
It's like that in many of us. As children, we knew no fears. As we grew up, adults, including our well-meaning parents and teachers, or some bad experiences, might plant these self-doubts and fears in us.
FEAR is basically False Expectations Appearing Real.
Winners never quit, quitters never win.
Born blind, Yoo Ye Eun was abandoned by her natural parents, and adopted by a childless couple who could not have children of their own.
Some times, we are given blessings in disguise but we choose to "see" only the surface and failed to see beyond that. There's beauty, ability, skills or talent inside each of us. We must have self-belief so as to make the best use of our talents and achieve our fullest potential.
In the above video, Ye Eun's adopted mother expressed her concern over her "handicap" but Ye Eun expressed no such self-doubt. She was born blind and does not know the meaning of her handicap.
It's like that in many of us. As children, we knew no fears. As we grew up, adults, including our well-meaning parents and teachers, or some bad experiences, might plant these self-doubts and fears in us.
FEAR is basically False Expectations Appearing Real.
Winners never quit, quitters never win.
24 September 2008
AIA/AHA uncertain future?
Way back in 2002, Cosmic Insurance hit the regulatory solvency margin set by MAS, and the Press Release below described what happened. Cosmic basically closed down, retrenching all staff except for a skeleton staff to handle all outstanding and ongoing claim matters.
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MAS DIRECTS COSMIC INSURANCE TO CEASE ACCEPTING NEW BUSINESS
Singapore, 20 September 2002. MAS has directed Cosmic Insurance Corporation Ltd ("Cosmic") to cease accepting new business, including policy renewals, with effect from 20 September 2002. This is a pre-emptive move to protect the interests of the policyholders of Cosmic.
Under the directive, Cosmic will confine its activities to honouring all obligations under insurance policies accepted prior to 20 September 2002 and paying off all outstanding and future lawful claims. Cosmic will also appoint India International Insurance Private Limited (III) as its manager to discharge its liabilities to policyholders and claimants. Mr. Athappan, Chief Executive of III, and his team will work with Cosmic to ensure that these claims are handled in a smooth, orderly and timely manner. Cosmic has informed MAS that it will cooperate fully in complying with the directive.
Cosmic is a general insurance company whose principal line of business is offering motor insurance, performance bonds and fire insurance policies. The company has 26,000 policyholders and 15,000 claimants, and its business accounts for 3.3% of gross premiums in the general insurance industry. In view of Cosmic' small market share, the limitations placed on the company should not significantly affect the industry.
Over the past 12 months, Cosmic has experienced serious operational difficulties, including continued losses arising from higher claims, large uncollected premium balances, and inadequate loss reserves. MAS had given Cosmic' time to address these problems, but the company has not succeeded in overcoming them. Cosmic did raise additional capital to strengthen its financial position, but the amount raised was insufficient to restore the regulatory solvency margin that Cosmic was required to maintain under the Insurance Act for its domestic insurance policies.
This solvency margin is a buffer of assets in excess of its estimated liabilities. Its purpose is to protect the interests of policyholders. Financial statements as of 31 August 2002 show that although Cosmic still had a positive solvency margin of $21 million, this was $2 million short of the minimum required under the law.
In view of Cosmic's breach of the regulatory solvency margin and its other continuing operational difficulties, MAS exercised its statutory powers to direct the company to stop accepting new business and to run-off its existing business in an orderly manner.
All insurance policies issued by Cosmic remain valid. Existing policyholders will continue to enjoy insurance protection in accordance with the terms and conditions of their policies with Cosmic.
Cosmic has informed MAS that its directors have been seeking a financially strong partner for the company. While these efforts have to date been unsuccessful, MAS understands that Cosmic is making renewed attempts to find a partner. MAS' action does not preclude these efforts continuing, and if necessary the manager will cooperate in facilitating this process.
Cosmic' problem is an isolated one. No other general insurer in Singapore is in breach of its regulatory solvency margin, even though the industry as a whole faces difficult conditions. MAS will continue to monitor the financial condition of general insurance firms and stands ready to act, wherever necessary, to protect the interests of policyholders.
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MAS DIRECTS COSMIC INSURANCE TO CEASE ACCEPTING NEW BUSINESS
Singapore, 20 September 2002. MAS has directed Cosmic Insurance Corporation Ltd ("Cosmic") to cease accepting new business, including policy renewals, with effect from 20 September 2002. This is a pre-emptive move to protect the interests of the policyholders of Cosmic.
Under the directive, Cosmic will confine its activities to honouring all obligations under insurance policies accepted prior to 20 September 2002 and paying off all outstanding and future lawful claims. Cosmic will also appoint India International Insurance Private Limited (III) as its manager to discharge its liabilities to policyholders and claimants. Mr. Athappan, Chief Executive of III, and his team will work with Cosmic to ensure that these claims are handled in a smooth, orderly and timely manner. Cosmic has informed MAS that it will cooperate fully in complying with the directive.
Cosmic is a general insurance company whose principal line of business is offering motor insurance, performance bonds and fire insurance policies. The company has 26,000 policyholders and 15,000 claimants, and its business accounts for 3.3% of gross premiums in the general insurance industry. In view of Cosmic' small market share, the limitations placed on the company should not significantly affect the industry.
Over the past 12 months, Cosmic has experienced serious operational difficulties, including continued losses arising from higher claims, large uncollected premium balances, and inadequate loss reserves. MAS had given Cosmic' time to address these problems, but the company has not succeeded in overcoming them. Cosmic did raise additional capital to strengthen its financial position, but the amount raised was insufficient to restore the regulatory solvency margin that Cosmic was required to maintain under the Insurance Act for its domestic insurance policies.
This solvency margin is a buffer of assets in excess of its estimated liabilities. Its purpose is to protect the interests of policyholders. Financial statements as of 31 August 2002 show that although Cosmic still had a positive solvency margin of $21 million, this was $2 million short of the minimum required under the law.
In view of Cosmic's breach of the regulatory solvency margin and its other continuing operational difficulties, MAS exercised its statutory powers to direct the company to stop accepting new business and to run-off its existing business in an orderly manner.
All insurance policies issued by Cosmic remain valid. Existing policyholders will continue to enjoy insurance protection in accordance with the terms and conditions of their policies with Cosmic.
Cosmic has informed MAS that its directors have been seeking a financially strong partner for the company. While these efforts have to date been unsuccessful, MAS understands that Cosmic is making renewed attempts to find a partner. MAS' action does not preclude these efforts continuing, and if necessary the manager will cooperate in facilitating this process.
Cosmic' problem is an isolated one. No other general insurer in Singapore is in breach of its regulatory solvency margin, even though the industry as a whole faces difficult conditions. MAS will continue to monitor the financial condition of general insurance firms and stands ready to act, wherever necessary, to protect the interests of policyholders.
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20 September 2008
AIA Singapore, AHA and AIG saga
It is reported that only 2600 policies have been surrendered so far, representing 0.1% of AIA's 2.6 million policies. These would mostly be participating (PAR) or investment-linked policies as these are the ones with surrender cash values. Together, these make up 88% of all of AIA's policies.The diagram on the right is taken from AIA's Participating Fund Commentary for Year 2007, which I received as a policyholder with 2 whole life and 1 endowment policies maturing in Yr 2021.
The total par fund assets were valued at S$14.8 billion as at 31/12/07. 74% are in fixed income assets (or bonds), with 21% very safe in SGS. The 15% in equities would have suffered approx 30% drop in values in Yr 2008, in line with local & global decline in stocks.
This week, Mark Wilson, regional president of AIG Life Companies and AIA president, reiterated that AIA Singapore had capital adequacy ratio (CAR) of more than 200 per cent, well above the regulatory minimum of 120 per cent.
That means AIA is saying it has sufficient capital to pay up the guaranteed benefits and cash values of all policies here.
Back on 10/10/07 , Genevieve Cua reported in the Business Times that
AIA's capital adequacy ratio is expected to fall somewhat. "A higher risk exposure will require us to hold more capital or be satisfied with a lower ratio, but our target is to stay at or above 200 per cent which is well within the strongest band. We're easily within the 230 to 240 per cent range." As at end-2005 when AIA's equity weighting was 11 per cent, its capital adequacy ratio was the industry's highest at about 523 per cent, which suggested that it could well afford to take on more risk.
So, given the fall in market values of the par fund, the CAR is probably closer to 200% than 230%.
In reply to queries about asset sales by AIG, Mr Wilson said: “AIA is the jewel in the crown of AIG ... I can confirm that the Asian life and general operations are not one of the things that are being considered for sale.”
Bu, therein lies the problem and future of AIA Singapore. It will have a hard time convincing people to buy its policies as long as it is linked to AIG, which may be saddled with liabilities of up to US$1.42 trillion, compared to assets of US$1 trillion, and whose books appear so bad that no investment companies/banks dared to invest in it, thus triggering its near-collapse.
Its approx 4000 agents, many of whom also represent AHA (the regional operating arm of AIG) will face a double whammy, trying to convince the public to buy/renew either AIA or AHA policies. I expect many AHA general insurance policyholders to turn to other general insurers when their policies fall due for renewal in the coming weeks or even months.
I also expect that AHA and her agents may start using the brand name of AHA rather than AIG when talking to clients.
AHA president Kevin Goulding recently said, 'Our capital adequacy ratio (CAR) stands at 176 per cent compared to the published CAR requirement per the (Monetary Authority of Singapore) of 120 per cent.'
17 September 2008
The 5 Warning Symptoms of a Stroke
The five warning symptoms of a stroke are:
Promptly recognizing stroke warning symptoms and seeking immediate emergency care can mean the difference between life and death or disability.
Patients whose stroke is caused by an interruption of the blood supply to the brain (blood clot) can be treated with clot-busting drugs, but such medicines should be given within three hours of symptom onset.
Other type of strokes may require immediate surgery to prevent serious disability or death.
- Sudden weakness or numbness of the arms, legs, or face, especially on one side.
- Sudden vision problem in one or both eyes.
- Sudden dizziness, loss of balance or coordination, or difficulty walking.
- Sudden confusion or trouble speaking.
- Sudden severe headache with no known cause.
Promptly recognizing stroke warning symptoms and seeking immediate emergency care can mean the difference between life and death or disability.
Patients whose stroke is caused by an interruption of the blood supply to the brain (blood clot) can be treated with clot-busting drugs, but such medicines should be given within three hours of symptom onset.
Other type of strokes may require immediate surgery to prevent serious disability or death.
14 September 2008
5 Surprising Reasons Why You're Gaining Weight
Extracted from the article of the same title by Kathleen M. Zelman, MPH, RD, LD on WebMD.
It's no mystery that a diet full of fried foods, giant portions, decadent desserts, alcohol, and sugary soft drinks will lead to weight gain. And there's little question why the pounds pile up when you take in more calories than you burn in physical activity. But how do you explain weight gain when your lifestyle includes regular exercise and a healthy diet that is controlled in calories?
Several things should be considered if you are gaining weight while watching calories and being physically active. More than likely, it's a variety of things working together that have resulted in the weight gain.
Here are five factors that can cause the scale to creep up when you least expect it.
1. You May Be Gaining Weight Because of Lack of Sleep
The body functions best when well rested. "When you don't get enough sleep, your body experiences physiological stress and, biochemically, you store fat more efficiently."
When you're tired, you also don't handle stress as well, so you may reach for food as a coping mechanism. Further, you may be taking in extra calories from late-night snacking. Some people think eating might help them get back to sleep, but all it really does is add more calories to their daily total.
Symptoms that you may not be getting enough rest include fatigue, low energy levels, nodding off easily, and feeling irritable.
Strive to get eight hours of sleep each night.
When you develop good sleeping rituals and get regular exercise, you sleep better.
2. You May Be Gaining Weight Because of Stress
We live in a society that demands we do more, be more, and achieve more. Stress moves us forward and helps cope with life's demands, but it also affects our mood and emotions.
Stress response triggers a biochemical process where our bodies go into survival mode.
"Our bodies store fuel, slow down metabolism, and dump out chemicals [cortisol, leptin, and other hormones] which are more likely to cause obesity in the abdominal region."
Many people reach for food to help ease the stress. But, of course, this doesn't work in the long run.
Susan Bowerman, MS, RD, assistant director of the UCLA Center for Human Nutrition, says stress eaters tend to prefer high-carbohydrate foods because these foods trigger an increase in the brain chemical serotonin, which has a calming effect. "It is almost like self-medicating," she says. "Many people binge on starchy foods to make themselves feel better."
Both May and Bowerman recommend relaxation techniques as well as exercise, which also burns calories and provides other health benefits.
3. You May Be Gaining Weight Because of Medications
Some prescription drugs used to treat depression, mood disorders, seizures, migraines, blood pressure, and diabetes can cause weight gain, from a modest amount to as much as 10 pounds per month. Some steroids, hormone replacement therapy, and even oral contraceptives may also cause gradual weight creep.
Your medicine cabinet might be the cause of your weight gain if you've gained 5 or more pounds in a month without a change in your lifestyle.
Every drug works a little differently to cause weight gain, from increasing appetite, altering the way fat is stored, to how insulin levels change.
In the case of antidepressants, weight gain may not even be related to the action of the drug -- feeling better can also result in a heartier appetite.
Some drugs can cause fluid retention that shows up on the scale as weight gain, but is not fat, and is usually easily corrected.
Experts say that some of the most common types of medications that may cause weight gain are: Steroids, Antidepressants, Antipsychotics, Antiseizure medications, Diabetes medications, High blood pressure medications, Heartburn medications.
But it's important to remember that a few extra pounds may be well worth the trade-off of what a particular medication does for your overall health, experts say. Further, even if your medications are the cause of your weight gain, you still need to be mindful of eating a healthy diet and getting regular exercise.
If you suspect your medication is causing weight gain, talk to your health care provider to see about changing your prescription. But whatever you do, don't go off your medication without seeking medical advice. There could be very serious consequences if you stop taking your medication without consulting your physician.
4. You May Be Gaining Weight Because of a Medical Condition
The most common medical condition that causes weight gain is hypothyroidism. A deficiency of thyroid hormone can decrease metabolism, causing appetite loss and weight gain.
If you are feeling fatigued, lethargic, swelling, hoarse voice, intolerance to cold, sleeping too much, or headaches, you should see your doctor for an easy test to determine if you have hypothyroidism.
Much rarer is a condition known as Cushing's syndrome -- a disorder caused by an excess of the hormone cortisol -- that can also result in weight gain.
5. You May Be Gaining Weight Because of Menopause
Women reach menopause at a range of ages, but most are in midlife and are often less physically active than when they were younger. Along with aging comes a natural slowing of metabolism.
At the same time, hormonal changes can trigger hunger, depression, and poor sleep.
When women go through menopause, they lose estrogen, causing their shapes to change -- usually a loss of hip and thigh weight. And they start to gain more in the middle. Estrogen favors fat deposition in the lower body, and when you lose this hormone, fat is more likely to be deposited in the midsection (much like men).
The key to avoiding this extra belly fat is to maintain and increase the amount of lean body mass, which will, in turn, increase your metabolism or calorie burn rate.
"Women need to understand how critically important weight lifting and strength training is to their health," says Bowerman. And don't worry, doing strength training won't make women muscle-bound, experts say.
Exercise also helps offset bone loss that can come with menopause. A combination of exercise and a healthy, calorie-controlled diet rich in calcium and vitamin D is the answer to thwarting menopausal weight gain.
It's no mystery that a diet full of fried foods, giant portions, decadent desserts, alcohol, and sugary soft drinks will lead to weight gain. And there's little question why the pounds pile up when you take in more calories than you burn in physical activity. But how do you explain weight gain when your lifestyle includes regular exercise and a healthy diet that is controlled in calories?
Several things should be considered if you are gaining weight while watching calories and being physically active. More than likely, it's a variety of things working together that have resulted in the weight gain.
Here are five factors that can cause the scale to creep up when you least expect it.
1. You May Be Gaining Weight Because of Lack of Sleep
The body functions best when well rested. "When you don't get enough sleep, your body experiences physiological stress and, biochemically, you store fat more efficiently."
When you're tired, you also don't handle stress as well, so you may reach for food as a coping mechanism. Further, you may be taking in extra calories from late-night snacking. Some people think eating might help them get back to sleep, but all it really does is add more calories to their daily total.
Symptoms that you may not be getting enough rest include fatigue, low energy levels, nodding off easily, and feeling irritable.
Strive to get eight hours of sleep each night.
When you develop good sleeping rituals and get regular exercise, you sleep better.
2. You May Be Gaining Weight Because of Stress
We live in a society that demands we do more, be more, and achieve more. Stress moves us forward and helps cope with life's demands, but it also affects our mood and emotions.
Stress response triggers a biochemical process where our bodies go into survival mode.
"Our bodies store fuel, slow down metabolism, and dump out chemicals [cortisol, leptin, and other hormones] which are more likely to cause obesity in the abdominal region."
Many people reach for food to help ease the stress. But, of course, this doesn't work in the long run.
Susan Bowerman, MS, RD, assistant director of the UCLA Center for Human Nutrition, says stress eaters tend to prefer high-carbohydrate foods because these foods trigger an increase in the brain chemical serotonin, which has a calming effect. "It is almost like self-medicating," she says. "Many people binge on starchy foods to make themselves feel better."
Both May and Bowerman recommend relaxation techniques as well as exercise, which also burns calories and provides other health benefits.
3. You May Be Gaining Weight Because of Medications
Some prescription drugs used to treat depression, mood disorders, seizures, migraines, blood pressure, and diabetes can cause weight gain, from a modest amount to as much as 10 pounds per month. Some steroids, hormone replacement therapy, and even oral contraceptives may also cause gradual weight creep.
Your medicine cabinet might be the cause of your weight gain if you've gained 5 or more pounds in a month without a change in your lifestyle.
Every drug works a little differently to cause weight gain, from increasing appetite, altering the way fat is stored, to how insulin levels change.
In the case of antidepressants, weight gain may not even be related to the action of the drug -- feeling better can also result in a heartier appetite.
Some drugs can cause fluid retention that shows up on the scale as weight gain, but is not fat, and is usually easily corrected.
Experts say that some of the most common types of medications that may cause weight gain are: Steroids, Antidepressants, Antipsychotics, Antiseizure medications, Diabetes medications, High blood pressure medications, Heartburn medications.
But it's important to remember that a few extra pounds may be well worth the trade-off of what a particular medication does for your overall health, experts say. Further, even if your medications are the cause of your weight gain, you still need to be mindful of eating a healthy diet and getting regular exercise.
If you suspect your medication is causing weight gain, talk to your health care provider to see about changing your prescription. But whatever you do, don't go off your medication without seeking medical advice. There could be very serious consequences if you stop taking your medication without consulting your physician.
4. You May Be Gaining Weight Because of a Medical Condition
The most common medical condition that causes weight gain is hypothyroidism. A deficiency of thyroid hormone can decrease metabolism, causing appetite loss and weight gain.
If you are feeling fatigued, lethargic, swelling, hoarse voice, intolerance to cold, sleeping too much, or headaches, you should see your doctor for an easy test to determine if you have hypothyroidism.
Much rarer is a condition known as Cushing's syndrome -- a disorder caused by an excess of the hormone cortisol -- that can also result in weight gain.
5. You May Be Gaining Weight Because of Menopause
Women reach menopause at a range of ages, but most are in midlife and are often less physically active than when they were younger. Along with aging comes a natural slowing of metabolism.
At the same time, hormonal changes can trigger hunger, depression, and poor sleep.
When women go through menopause, they lose estrogen, causing their shapes to change -- usually a loss of hip and thigh weight. And they start to gain more in the middle. Estrogen favors fat deposition in the lower body, and when you lose this hormone, fat is more likely to be deposited in the midsection (much like men).
The key to avoiding this extra belly fat is to maintain and increase the amount of lean body mass, which will, in turn, increase your metabolism or calorie burn rate.
"Women need to understand how critically important weight lifting and strength training is to their health," says Bowerman. And don't worry, doing strength training won't make women muscle-bound, experts say.
Exercise also helps offset bone loss that can come with menopause. A combination of exercise and a healthy, calorie-controlled diet rich in calcium and vitamin D is the answer to thwarting menopausal weight gain.
09 September 2008
Career Seminar 16 Sep 2008
Our next Career Seminar for suitable, self-motivated, entrepreur-minded candidates who would like to find out more about financial planning as a business:
Date : 16 Sep 2008 (Tuesday)
Time : 6.30pm – 9.30pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
Mr Adam Khoo, a self-made millionaire, will share on his Ultimate Business Success factors.
Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 15 Dec 08.
Please email me or call me at 94560418 to register for this life-changing event, free of charge.
Date : 16 Sep 2008 (Tuesday)
Time : 6.30pm – 9.30pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
Mr Adam Khoo, a self-made millionaire, will share on his Ultimate Business Success factors.
Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 15 Dec 08.
Please email me or call me at 94560418 to register for this life-changing event, free of charge.
04 September 2008
Service from the heart
Here is a great story from SimpleTruths.com on service and how we can make a difference in our own small ways.
http://www.stservicemovie.com/
http://www.stservicemovie.com/
02 September 2008
Coffee may lower risk of uterus cancer: Japan study
AFP - Monday, September 1
TOKYO (AFP) - - Women who drink a lot of coffee may have less risk of developing cancer of the uterus, a Japanese study said Monday.
The study led by Japan's health ministry monitored some 54,000 women aged 40 to 69 over about 15 years, during which time 117 women developed cancer in the womb, according to the medical team.
The researchers at Japan's National Cancer Center divided the women into four groups by the amount of coffee they drank.
They found the group of women who drank more than three cups of coffee every day were more than 60 percent less likely to develop uterine cancer than those who had coffee fewer than two times a week, the study said.
"Coffee may have effects in lowering insulin levels, possibly curbing the risks of developing womb cancer," the study said.
The medical team also studied the effects of drinking green tea, but did not find any link to uterine cancer.
According to the US Centers for Disease Control, uterine cancer is the fourth most common cancer in women.
Below info is taken from KK Women's & Children's Hospital website:
Cancer of the uterus is the 3rd commonest cancer of the female genital tract in Singapore. It usually affects the endometrium (lining of the uterus). If it is found and treated early, the cure rate is very good - it can be over 90% when the disease is at an early stage. The more advanced the disease is, the lower the cure rate. This is why early detection is so important.
Who Is At Risk?
In Singapore, the majority of uterine cancer is diagnosed after 40 years of age, most commonly between 50 and 70 years old. Some women have a higher risk of uterine cancer:
•Women who are obese
•Women who do not ovulate regularly and often miss periods
•Women who have late menopause (when menstrual periods end, which is usually around age 50)
•Women with polycystic ovarian disease (in which the ovaries contain many abnormal cysts)
•Women with endometrial hyperlasia (abnormal thickening of the endometrium)
•Women who have had cancer of the ovary, breast or colon
•Women with a close family member (mother or daughter) with uterine cancer
It is also thought that some women who take oestrogen alone after menopause may be at risk for cancer of the uterus. If oestrogen is given along with another hormone, progesterone, this combination protects against the risk of uterine cancer.
Women who have ever used the most common type of birth control pills, combination (oestrogen plus progesterone) birth control pills, have a reduced risk of uterine cancer. This protection persists for at least 10 years after a woman stops taking the pill.
A woman may have some or all of the risk factors described here and never have uterine cancer. But women at risk should be aware of the symptoms of uterine cancer and discuss their concerns with their doctor. Regular check-ups, including pelvic examinations, are important.
Symptoms
At present, there is no simple way to screen for uterine cancer. The key to finding the disease in an early stage is being alerted to its symptoms which include:
•Abnormal bleeding which is not according to the usual menstrual pattern
•Spotting
•Discharge
The cause of any abnormal bleeding needs to be looked into by your doctor. Except when combination hormone therapy is being taken, any bleeding or spotting after menopause is abnormal, no matter when amount or colour. Ask your doctor about any bleeding or spotting you have after menopause.
Prevention And Early Detection
There are several things you can do to lower your risk of uterine cancer and to improve the changes of early detection :
•Report any abnormal vaginal bleeding promptly to your doctor. Most bleeding is not caused by cancer, but only your doctor can perform the tests needed to diagnose the problem.
•Get a yearly pelvic examination.
•Eat a healthy diet. A diet that prevents obesity can help prevent cancer. This means eating foods that are low in fat and cholesterol and high in fibre, such as fruits, vegetables and wholegrain breads and cereals.
Do not take chances if you think you have a problem. See your doctor at once. When uterine cancer is found early, the outlook is excellent. Delay in seeking treatment makes this disease much harder to cure.
TOKYO (AFP) - - Women who drink a lot of coffee may have less risk of developing cancer of the uterus, a Japanese study said Monday.
The study led by Japan's health ministry monitored some 54,000 women aged 40 to 69 over about 15 years, during which time 117 women developed cancer in the womb, according to the medical team.
The researchers at Japan's National Cancer Center divided the women into four groups by the amount of coffee they drank.
They found the group of women who drank more than three cups of coffee every day were more than 60 percent less likely to develop uterine cancer than those who had coffee fewer than two times a week, the study said.
"Coffee may have effects in lowering insulin levels, possibly curbing the risks of developing womb cancer," the study said.
The medical team also studied the effects of drinking green tea, but did not find any link to uterine cancer.
According to the US Centers for Disease Control, uterine cancer is the fourth most common cancer in women.
Below info is taken from KK Women's & Children's Hospital website:
Cancer of the uterus is the 3rd commonest cancer of the female genital tract in Singapore. It usually affects the endometrium (lining of the uterus). If it is found and treated early, the cure rate is very good - it can be over 90% when the disease is at an early stage. The more advanced the disease is, the lower the cure rate. This is why early detection is so important.
Who Is At Risk?
In Singapore, the majority of uterine cancer is diagnosed after 40 years of age, most commonly between 50 and 70 years old. Some women have a higher risk of uterine cancer:
•Women who are obese
•Women who do not ovulate regularly and often miss periods
•Women who have late menopause (when menstrual periods end, which is usually around age 50)
•Women with polycystic ovarian disease (in which the ovaries contain many abnormal cysts)
•Women with endometrial hyperlasia (abnormal thickening of the endometrium)
•Women who have had cancer of the ovary, breast or colon
•Women with a close family member (mother or daughter) with uterine cancer
It is also thought that some women who take oestrogen alone after menopause may be at risk for cancer of the uterus. If oestrogen is given along with another hormone, progesterone, this combination protects against the risk of uterine cancer.
Women who have ever used the most common type of birth control pills, combination (oestrogen plus progesterone) birth control pills, have a reduced risk of uterine cancer. This protection persists for at least 10 years after a woman stops taking the pill.
A woman may have some or all of the risk factors described here and never have uterine cancer. But women at risk should be aware of the symptoms of uterine cancer and discuss their concerns with their doctor. Regular check-ups, including pelvic examinations, are important.
Symptoms
At present, there is no simple way to screen for uterine cancer. The key to finding the disease in an early stage is being alerted to its symptoms which include:
•Abnormal bleeding which is not according to the usual menstrual pattern
•Spotting
•Discharge
The cause of any abnormal bleeding needs to be looked into by your doctor. Except when combination hormone therapy is being taken, any bleeding or spotting after menopause is abnormal, no matter when amount or colour. Ask your doctor about any bleeding or spotting you have after menopause.
Prevention And Early Detection
There are several things you can do to lower your risk of uterine cancer and to improve the changes of early detection :
•Report any abnormal vaginal bleeding promptly to your doctor. Most bleeding is not caused by cancer, but only your doctor can perform the tests needed to diagnose the problem.
•Get a yearly pelvic examination.
•Eat a healthy diet. A diet that prevents obesity can help prevent cancer. This means eating foods that are low in fat and cholesterol and high in fibre, such as fruits, vegetables and wholegrain breads and cereals.
Do not take chances if you think you have a problem. See your doctor at once. When uterine cancer is found early, the outlook is excellent. Delay in seeking treatment makes this disease much harder to cure.
28 August 2008
Crane crash onto neighbour's house
Most professional contractors will take out a Contractors' All Risks policy covering (I) the Contract Works and (II) Third Party Liability before they start such works.Increasingly also, discerning consumers will require that their contractors take out such policies to indemnify themselves from losses/damages/injuries caused to the public (third party) by their contractors. Even if they don't, should the works extend to public roads or drains, LTA will still make it compulsory for the contractors to take out a Public Liability policy to indemnify LTA and its officers against legal suits for losses caused to third parties.
For the above case, it is fortunate that no one appeared to have suffered any injuries. Otherwise, the ensuing expensive legal suits could result in huge losses to both the contractor and his principal (the owner of the neighbouring unit), IF they are not insured.
26 August 2008
Quality of Care at ParkwayHealth hospitals
I hold a few lots of Parkway Holdings shares, so I hope they will be able to reap the benefits of increase in medical tourism. I have also heard good comments on the quality of healthcare at Singapore's private hospitals from some of my expat clients.By subscribing to As Charged Shield plans which provides hospital & surgical coverage in our private hospitals, locals can also have access to such hospital care, without burning a big hole in their pockets.
24 August 2008
Forbes' list of Singapore's Richest
Interesting to note that of the top 40, 35 are of ethnic Chinese origins.Of the five non-Chinese, four people have links to India: Vivian Chandran, Filipino-American widow of Indian origin businessman Robert Chandran, who died in a helicopter crash in Indonesia this January, garment-maker Kartar Singh Thakral, Mustafa Centre owner Mustaq Ahmad and exporter Sunny George Verghese of Olam International Limited, who is also the Chairman of International Enterprise of Singapore (f.k.a. Trade Development Board).
The other non-Chinese is Victor Sassoon, of Jewish descent, who owns about 500 Coffee Bean outlets worldwide, and sells Rolex and other luxury watches in Indonesia.
20 August 2008
More young people at risk of getting brain cancer
Looks like the relentless drive towards increasing mobile wireless communications has its dangers. Some have claimed that even the wireless internet connections give rise to high levels of radiation in the vicinity of the notebook PCs. In light of all these alarming stories, I really hesitate to set up a wireless LAN at home.16 August 2008
Kidney donors & insurance
The above article in My Paper 11/08/08 should provide some reassurance to potential kidney donors.The LIA's general position, as given by the current LIA President, is that the insurability of voluntary organ transplant donors depend on their health conditions after the transplant - for kidney donors, if the remaining kidney shows normal kidney function test results and that if the donors are non-smokers, their life and health insurance premiums will be based on standard rates, without any risk-premium loading.
Great Eastern Life further stated that there is no difference in the average life expectancy between a kidney donor and non-donor, and that they will regard donors as any normal healthy persons.
According to the article, 11% of organ donors in the U.S. face difficulties in buying life, disability or health insurance.
13 August 2008
Some Tax Changes announced in Budget 2008
Some tax changes announced in Budget 2008 that some companies may wish to take advantage of.
1. Supplementary Retirement Scheme
Employers can now contribute to their employees’ SRS accounts, subject to the current contribution limits of $11,475 per year for Singapore Citizens and Permanent Residents, and $26,775 for foreigners for each employee.
Employers will be able to claim full tax deduction for the contributions they make to their employees’ SRS accounts.
SRS members will be taxable on the contributions that their employers make to their SRS accounts. But, they can enjoy a tax relief up to the applicable contribution limit per YA for the SRS contributions which they or their employers make.
2. Encouraging portable medical benefits
With effect from YA2008, employers who provide their employees with inpatient medical insurance benefits in the form of portable medical shield plans can qualify for tax deduction at 2% of the total wage bill for medical expenses they incur for their employees.
Employers can provide such portable medical shield plans, either by paying the insurance premiums on behalf of their employees to the insurance companies directly or by reimbursing the premiums into employees’ Medisave accounts.
To qualify, the employer must provide the portable medical shield plans for at least 20% of existing local employees employed as at the first day of the basis period for the YA, and every local employee who commences his employment during the basis period for that YA.
For more details, pls visit the Ministry of Finance website www.mof.gov.sg.
I'll of course be happy to email to interested parties the related FAQs and Details of these changes, as well as advise and help on these 2 schemes.
Having said that, group medical insurance schemes however generally cost less than portable medical shield schemes, depending on age profiles.
Also, staff with some medical conditions should stay with group medical schemes as these do not underwrite on individual basis for companies with more than 10 staff; whereas, staff of standard health condition should take up portable medical shield plans so that they may have continuous medical coverage without any exclusions, even if their health deteriorates later, and they change employers.
1. Supplementary Retirement Scheme
Employers can now contribute to their employees’ SRS accounts, subject to the current contribution limits of $11,475 per year for Singapore Citizens and Permanent Residents, and $26,775 for foreigners for each employee.
Employers will be able to claim full tax deduction for the contributions they make to their employees’ SRS accounts.
SRS members will be taxable on the contributions that their employers make to their SRS accounts. But, they can enjoy a tax relief up to the applicable contribution limit per YA for the SRS contributions which they or their employers make.
2. Encouraging portable medical benefits
With effect from YA2008, employers who provide their employees with inpatient medical insurance benefits in the form of portable medical shield plans can qualify for tax deduction at 2% of the total wage bill for medical expenses they incur for their employees.
Employers can provide such portable medical shield plans, either by paying the insurance premiums on behalf of their employees to the insurance companies directly or by reimbursing the premiums into employees’ Medisave accounts.
To qualify, the employer must provide the portable medical shield plans for at least 20% of existing local employees employed as at the first day of the basis period for the YA, and every local employee who commences his employment during the basis period for that YA.
For more details, pls visit the Ministry of Finance website www.mof.gov.sg.
I'll of course be happy to email to interested parties the related FAQs and Details of these changes, as well as advise and help on these 2 schemes.
Having said that, group medical insurance schemes however generally cost less than portable medical shield schemes, depending on age profiles.
Also, staff with some medical conditions should stay with group medical schemes as these do not underwrite on individual basis for companies with more than 10 staff; whereas, staff of standard health condition should take up portable medical shield plans so that they may have continuous medical coverage without any exclusions, even if their health deteriorates later, and they change employers.
12 August 2008
Number of breast cancer cases increasing rapidly in Singapore
It is reported on ChannelNewsAsia 12/8/08 that the incidence of breast cancer among Singapore women in their 50s is fast increasing, driven strongly by a low fertility rate.
It seemed that Chinese have the highest breast cancer rates, followed by Malays and Indians.
Even though survival rates have seen steady improvement, more needs to be done as only half of all cases are detected early.
"The important message that we want to get across is that women who are 50 and above, especially those who have started their family late and have a small number of children should go for mammographic screening."
Prevention is just as important as early detection, as shown by a recent study on Chinese women in Singapore, which showed that eating more soy-based food products may reduce the risk of breast cancer.
The risk reduction is also more significant in post-menopausal women with higher body mass index.
Associate Professor Koh Won Puay, Occupational & Family Medicine, NUS, said: "More of the women without cancer were eating soy products, compared to those with breast cancer. We've also found that women who had most protection were women who had been eating soy foods since adolescent days."
Going forward, researchers said they would focus on better methods for early breast cancer diagnosis and encourage more women to go for screening
Just how high is the incidence rate of breast cancer?
It was reported in The Straits Times on 11 Dec 07 that breast cancer is the most common cause of cancer-related deaths in women here - with 1,100 new cases reported each year, and about five deaths each week.
Why is early detection so important?
If detected early and treated, 95 per cent of patients remain cancer-free five years later, experts say.
Myths delay early detection & treatment:
Breast surgeon, Dr Tan Su Ming, said misinformation about the disease and its causes are still keeping women from taking the right steps to reduce their risk and detect the disease early.
A study by the Breast Service at Changi General Hospital (CGH) found that four in 10 women believe that those with larger breasts have a higher risk of breast cancer; and more than four in 10 women thought that radiation from mammography could cause breast cancer.
The survey of 1,000 women, aged between 20 and 65 years, also found that about a third did not know that breast cancer can spread.
More than half surveyed believed that breast cancer lumps are painful. Most of the time they are painless,' Dr Tan said.
Almost the same number also thought mastectomy was the only treatment for breast cancer.
Mastectomy is the surgery to remove all or part of the breast and sometimes other tissue.
Dr Tan explained that there are other treatments available, such as lumpectomy, a procedure to remove just the lump and some of the tissue around it; or radiation therapy to kill cancer cells and shrink tumours.
Note: These treatments are covered by Shield plans under inpatient (hospitalisation & surgical charges) and outpatient (cancer treatment by chemotherapy or radiotherapy) benefits, subject to deductibles and co-insurance.
But it was not all bad news, as it was found that more than half did their self-examination regularly.
------
About breast cancer
This is the most common cancer in Singaporean women, with 200 - 300 women dying from the disease each year. Screening is with mammography.
Signs and symptoms:
- A hard fixed lump in the breast
- Bloody nipple discharge
- Itch and rash on the nipple
- Skin changes on the breast
(Extracted from an 11 Dec 2007 article in The Straits Times)
It seemed that Chinese have the highest breast cancer rates, followed by Malays and Indians.
Even though survival rates have seen steady improvement, more needs to be done as only half of all cases are detected early.
"The important message that we want to get across is that women who are 50 and above, especially those who have started their family late and have a small number of children should go for mammographic screening."
Prevention is just as important as early detection, as shown by a recent study on Chinese women in Singapore, which showed that eating more soy-based food products may reduce the risk of breast cancer.
The risk reduction is also more significant in post-menopausal women with higher body mass index.
Associate Professor Koh Won Puay, Occupational & Family Medicine, NUS, said: "More of the women without cancer were eating soy products, compared to those with breast cancer. We've also found that women who had most protection were women who had been eating soy foods since adolescent days."
Going forward, researchers said they would focus on better methods for early breast cancer diagnosis and encourage more women to go for screening
Just how high is the incidence rate of breast cancer?
It was reported in The Straits Times on 11 Dec 07 that breast cancer is the most common cause of cancer-related deaths in women here - with 1,100 new cases reported each year, and about five deaths each week.
Why is early detection so important?
If detected early and treated, 95 per cent of patients remain cancer-free five years later, experts say.
Myths delay early detection & treatment:
Breast surgeon, Dr Tan Su Ming, said misinformation about the disease and its causes are still keeping women from taking the right steps to reduce their risk and detect the disease early.
A study by the Breast Service at Changi General Hospital (CGH) found that four in 10 women believe that those with larger breasts have a higher risk of breast cancer; and more than four in 10 women thought that radiation from mammography could cause breast cancer.
The survey of 1,000 women, aged between 20 and 65 years, also found that about a third did not know that breast cancer can spread.
More than half surveyed believed that breast cancer lumps are painful. Most of the time they are painless,' Dr Tan said.
Almost the same number also thought mastectomy was the only treatment for breast cancer.
Mastectomy is the surgery to remove all or part of the breast and sometimes other tissue.
Dr Tan explained that there are other treatments available, such as lumpectomy, a procedure to remove just the lump and some of the tissue around it; or radiation therapy to kill cancer cells and shrink tumours.
Note: These treatments are covered by Shield plans under inpatient (hospitalisation & surgical charges) and outpatient (cancer treatment by chemotherapy or radiotherapy) benefits, subject to deductibles and co-insurance.
But it was not all bad news, as it was found that more than half did their self-examination regularly.
------
About breast cancer
This is the most common cancer in Singaporean women, with 200 - 300 women dying from the disease each year. Screening is with mammography.
Signs and symptoms:
- A hard fixed lump in the breast
- Bloody nipple discharge
- Itch and rash on the nipple
- Skin changes on the breast
(Extracted from an 11 Dec 2007 article in The Straits Times)
08 August 2008
Means Testing at Restructured Hospitals
***********************************
Source: www.moh.gov.sg
Minister Khaw Boon Wan has announced the means testing framework in Parliament on 3 Mar 2008. The details are:
Patients whose income is $3,200 and below would receive full subsidy (65% for Class B2 and 80% for Class C)
Patients whose income is $5,201 and above would receive 50% subsidy for Class B2 and 65% subsidy for Class C
Patients whose income falls between $3,201 and $5,200 would receive graduated subsidies between 50-65% for Class B2 and between 65-80% for Class C.
Monthly income is defined as average monthly wage based on last available 12-month data. Patients who are economically inactive will receive full subsidy (65% for Class B2 and 80% for Class C) unless they live in property with Annual Value exceeding $11,000. The latter will receive subsidy at 50% (B2) or 65% (C)
Subsidy for Permanent Residents will be 10%-points less than citizens of equivalent income level.
The implementation date at all public hospitals would be on January 2009.
So, would you rather pay a known amount (insurance premium) every year, or pay an unknown amount (hospitalisation and surgical bills), should illness or injuries strike.
Source: www.moh.gov.sg
Minister Khaw Boon Wan has announced the means testing framework in Parliament on 3 Mar 2008. The details are:
Patients whose income is $3,200 and below would receive full subsidy (65% for Class B2 and 80% for Class C)
Patients whose income is $5,201 and above would receive 50% subsidy for Class B2 and 65% subsidy for Class C
Patients whose income falls between $3,201 and $5,200 would receive graduated subsidies between 50-65% for Class B2 and between 65-80% for Class C.
Monthly income is defined as average monthly wage based on last available 12-month data. Patients who are economically inactive will receive full subsidy (65% for Class B2 and 80% for Class C) unless they live in property with Annual Value exceeding $11,000. The latter will receive subsidy at 50% (B2) or 65% (C)
Subsidy for Permanent Residents will be 10%-points less than citizens of equivalent income level.
The implementation date at all public hospitals would be on January 2009.
***********************************
Referring to my previous blog on Totalshield Plan benefits, the total hospital bill for the 4 days' stay came up to $2,329.17. After the government subsidy of $1,407.07 (60%), the amount payable was $922.10. There was also a charge of $80 for A&E as she arrived there in an ambulance. At 50% subsidy, the amount payable should be approx. $200 more.
But, in this case, the amount of subsidy did not matter, as the full bill was covered by her Totalshield Plan.So, would you rather pay a known amount (insurance premium) every year, or pay an unknown amount (hospitalisation and surgical bills), should illness or injuries strike.
06 August 2008
Career Seminar 21 Aug 08
Our next Career Seminar for suitable self-motivated candidates who would like to find out more about financial planning as a career:
Date : 21 Aug 2008 (Thursday)
Time : 6.30pm – 9.30pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
Mr Adam Khoo, a self-made millionaire, will share on his Ultimate Business Success factors. Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 21 Nov 08.
Please call me at 94560418 to register for this life-changing event, free of charge.
Date : 21 Aug 2008 (Thursday)
Time : 6.30pm – 9.30pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
Mr Adam Khoo, a self-made millionaire, will share on his Ultimate Business Success factors. Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 21 Nov 08.
Please call me at 94560418 to register for this life-changing event, free of charge.
04 August 2008
Sungei Kadut Factory Fire
Photo: SPH
One of the shop tenants said that no insurers wanted to insure them due to the high risk of fire inherent in the wood-working industry. In truth, I have helped write fire insurance for some clients of mine in the furniture-making business.There are probably a couple of reasons why they could not get fire insurance for their factory:
1. Many insurers have "blacklisted" the enitire Sg Kadut area due to the many incidences of fire in the area. There are also lots of flammable materials in the area, like wood and sawdust, and the risks of fire spreading to neighbouring units are very real. In an attempt to prevent the spread of fire, firemen would even spray water on the neighbouring properties, thereby causing water damage.
2. Looking at the above photo taken by an SPH photographer, the building does not appear to be made of Class 1 construction, i.e., brick and concrete. Again, most insurers decline such risks where the buildings are not made of brick and concrete.
I have in fact helped to insure a warehouse unit (to store furniture and household effects) in Sg Kadut Loop because it is of Class 1 construction, although it is sited in this so-called high-risk area.
TotalShield Plan benefits
One of my clients was hospitalised at NUH for 4 days due to giddiness and vomitting. She was taken there by ambulance to the A&E Dept. and admitted. Her total bill came up to $1,002.10.
As she is insured under the Supremehealth Plan A Plus, a CPF Medisave-eligible "shield" plan, together with a cash supplementary plan called Totalshield Plan (Gold Plan), she did not have to pay a single cent for this hospital confinement.
Not only that, she also received $100 cash incentive for each day of hospitalisation. This $400 cash incentive was given to her, as she opted to stay in B2 ward (6-bedded, no air-con) although her Gold plan covers her for A1/A2 wards. In this way, the savings (to the insurer) in terms of a reduced hospital bill was passed back to the Insured.
This case demonstrates the benefits of the Totalshield Plan which is essentially designed to cover the deductible and co-insurance portion of the "shield" plans. Under the "shield" plan, no claim would have been payable as her total bill was $1,002.10 only, which is less than the deductible of $1500, for stay in B2 wards.
All "shield" plans are catastrophic illness policies, which, in order to be approved by CPF Board, must incorporate the 2 features of deductibles and co-insurance, meaning that only bills above the deductible are reimburseable. The small bills for a minor hospital stay have to be paid by cash or Medisave, if the Insured does not take up a supplementary plan.
In essence, the "shield" plan is good for major hospitalisation and/or surgery, but not for a few days' hospital stay, especially where no surgery is required. To have a comprehensive hospital & surgical coverage, one should have both the "shield" plan (premium payable from cash or CPF Medisave) together with a supplementary plan (premium payable from cash). Both the Supremehealth and Totalshield plans offer guaranteed lifelong coverage. :)
As she is insured under the Supremehealth Plan A Plus, a CPF Medisave-eligible "shield" plan, together with a cash supplementary plan called Totalshield Plan (Gold Plan), she did not have to pay a single cent for this hospital confinement.
Not only that, she also received $100 cash incentive for each day of hospitalisation. This $400 cash incentive was given to her, as she opted to stay in B2 ward (6-bedded, no air-con) although her Gold plan covers her for A1/A2 wards. In this way, the savings (to the insurer) in terms of a reduced hospital bill was passed back to the Insured.
This case demonstrates the benefits of the Totalshield Plan which is essentially designed to cover the deductible and co-insurance portion of the "shield" plans. Under the "shield" plan, no claim would have been payable as her total bill was $1,002.10 only, which is less than the deductible of $1500, for stay in B2 wards.
All "shield" plans are catastrophic illness policies, which, in order to be approved by CPF Board, must incorporate the 2 features of deductibles and co-insurance, meaning that only bills above the deductible are reimburseable. The small bills for a minor hospital stay have to be paid by cash or Medisave, if the Insured does not take up a supplementary plan.
In essence, the "shield" plan is good for major hospitalisation and/or surgery, but not for a few days' hospital stay, especially where no surgery is required. To have a comprehensive hospital & surgical coverage, one should have both the "shield" plan (premium payable from cash or CPF Medisave) together with a supplementary plan (premium payable from cash). Both the Supremehealth and Totalshield plans offer guaranteed lifelong coverage. :)
21 July 2008
Former head of Ren Ci Hospital, Ven Shi Ming Yi, charged in court
It's sad that the image of charitable organisations in Singapore has taken yet another beating, casting doubts on the true intentions of those who seek public donations to support the needy.
According to the COMMISSIONER OF CHARITIES ANNUAL REPORT 2006, there are 1,875 charities and IPCs (Institutes of Public Character), out of which, half are religious organisations, and 320 are set up for social & welfare purposes. 64 of these charities had annual income exceeding $10 million, accounting for 77% of the $4.97 billion of total income of all registered charities in 2006.
From its 2006 Annual Report, the NCSS alone supports 63 charities and caters to 350,000 people (close to 8% of Singapore's population!).
Why are there so many needy Singaporeans out there, despite the economic growth and the many good years?
It is contended that if every working adult were to take personal responsibility to do their own financial plans (including cash-flow management, life and health insurance planning), they would be able to live in dignity and not have to depend on the charities of others, should misfortunes strike.
Back to the Ren CI case, a re-cap of the events leading to the criminal charges.
17 months ago
Feb 2007
Ven Ming Yi was told he could not hold the posts of chief executive and chairman concurrently as that was contrary to good corporate governance practices.
10 months ago
Sep 2007
Prominent businessman Chua Thian Poh, head of property developer Ho Bee Group, took over as chairman. Ven Ming Yi became the honorary chief executive.
8 months ago
07/11/07 Ren Ci under probe after MOH found financial irregularities:
MOH added that Ren Ci's past transactions also disclosed other gaps in corporate governance and internal controls.
The Ren Ci's Board of Management Committee stated that it has "a culture of strong corporate governance and transparency", and when complaints are made, they will be fully investigated.
So, how does Ren Ci's Management Committee define strong corporate governance and transparency?
5 months ago
18/02/08 CAD called in to probe Ren Ci's finances
The honorary CEO Ven Ming Yi applied for leave of absence.
Contacted yesterday, the charity's chairman, Mr Chua, told The Straits Times that he planned to improve the charity's 'credibility and sustainability' by bringing in new blood, among other things.
He has roped in Mr Seah Moon Ming, president of Singapore Technologies Electronics, to head the committee on corporate governance, while Mr Tan Huay Lim, a partner with audit firm KPMG, now leads its audit committee.
Last week
15/07/08 Former head of Ren Ci Hospital, Ven Shi Ming Yi, charged in court
The monk faces four charges under the Penal Code involving two counts of alleged criminal breach of trust. He also faces one count of forgery for the purpose of cheating, and one count of abetment for allegedly falsifying accounts.
He also faces six charges under the Charities Act for allegedly providing false information over a decade.
The venerable's lawyer, Andre Yap, said: "Some of the charges relate to matters which the previous board of Ren Ci had discussed at board meetings and had even sanctioned. So we don't believe that there's a criminal element to many of these charges."
Member of Parliament, Dr Ong Seh Hong, took over as CEO.
19/07/08
The charity has also implemented a whistle-blowing policy.
Chairman Chua said: "We have come up with some regulation on checks and balances, and approval system and for corporate governance. Of course, we’re trying to be more transparent and even (have) a more independent director on the board.
"We will ensure... that all these money coming in, every dollar and cent in future, will be spent on the patients."
"From now onwards, we will be more prudent... all the mistakes which we have made, we will correct them," said Mr Chua.
One wonders what is meant by "more independent"? Also, what can one single independent director do to further strengthen the "culture of strong corporate governance and transparency"?
As the Jedi Master Yoda once said, "Try not. Do, or do not. There is no try."
According to the COMMISSIONER OF CHARITIES ANNUAL REPORT 2006, there are 1,875 charities and IPCs (Institutes of Public Character), out of which, half are religious organisations, and 320 are set up for social & welfare purposes. 64 of these charities had annual income exceeding $10 million, accounting for 77% of the $4.97 billion of total income of all registered charities in 2006.
From its 2006 Annual Report, the NCSS alone supports 63 charities and caters to 350,000 people (close to 8% of Singapore's population!).
Why are there so many needy Singaporeans out there, despite the economic growth and the many good years?
It is contended that if every working adult were to take personal responsibility to do their own financial plans (including cash-flow management, life and health insurance planning), they would be able to live in dignity and not have to depend on the charities of others, should misfortunes strike.
Back to the Ren CI case, a re-cap of the events leading to the criminal charges.
17 months ago
Feb 2007
Ven Ming Yi was told he could not hold the posts of chief executive and chairman concurrently as that was contrary to good corporate governance practices.
10 months ago
Sep 2007
Prominent businessman Chua Thian Poh, head of property developer Ho Bee Group, took over as chairman. Ven Ming Yi became the honorary chief executive.
8 months ago
07/11/07 Ren Ci under probe after MOH found financial irregularities:
MOH added that Ren Ci's past transactions also disclosed other gaps in corporate governance and internal controls.
The Ren Ci's Board of Management Committee stated that it has "a culture of strong corporate governance and transparency", and when complaints are made, they will be fully investigated.
So, how does Ren Ci's Management Committee define strong corporate governance and transparency?
5 months ago
18/02/08 CAD called in to probe Ren Ci's finances
The honorary CEO Ven Ming Yi applied for leave of absence.
Contacted yesterday, the charity's chairman, Mr Chua, told The Straits Times that he planned to improve the charity's 'credibility and sustainability' by bringing in new blood, among other things.
He has roped in Mr Seah Moon Ming, president of Singapore Technologies Electronics, to head the committee on corporate governance, while Mr Tan Huay Lim, a partner with audit firm KPMG, now leads its audit committee.
Last week
15/07/08 Former head of Ren Ci Hospital, Ven Shi Ming Yi, charged in court
The monk faces four charges under the Penal Code involving two counts of alleged criminal breach of trust. He also faces one count of forgery for the purpose of cheating, and one count of abetment for allegedly falsifying accounts.
He also faces six charges under the Charities Act for allegedly providing false information over a decade.
The venerable's lawyer, Andre Yap, said: "Some of the charges relate to matters which the previous board of Ren Ci had discussed at board meetings and had even sanctioned. So we don't believe that there's a criminal element to many of these charges."
Member of Parliament, Dr Ong Seh Hong, took over as CEO.
19/07/08
The charity has also implemented a whistle-blowing policy.
Chairman Chua said: "We have come up with some regulation on checks and balances, and approval system and for corporate governance. Of course, we’re trying to be more transparent and even (have) a more independent director on the board.
"We will ensure... that all these money coming in, every dollar and cent in future, will be spent on the patients."
"From now onwards, we will be more prudent... all the mistakes which we have made, we will correct them," said Mr Chua.
One wonders what is meant by "more independent"? Also, what can one single independent director do to further strengthen the "culture of strong corporate governance and transparency"?
As the Jedi Master Yoda once said, "Try not. Do, or do not. There is no try."
Hypertension
High Blood Pressure (HBP) or Hypertension is a common condition here as about 27% of Singaporeans suffer from high blood pressure.
Hypertension, if left untreated, may lead to stroke, heart attack and kidney failure, which can kill or leave one severely disabled.
Risk factors of hypertension are:
- Family history of hypertension.
- Sedentary lifestyle; exercise helps maintain normal blood pressure.
- Stress.
- Smoking
- Weight gains (extra weight increases blood pressure)
- Diet: Fats, cholesterol-rich foods and salt can all lead to raised blood pressure.
- Birth control pills; many women have a slight increase in blood pressure while on the pill. It is necessary to switch contraceptives if dangerously high hypertension arises.
- Alcohol: Heavy alcohol consumption has been linked to hypertension.
If the blood pressure remains high despite a modification in life-style and diet, you will need a drug to bring the blood pressure down. The drug does not cure the hypertension but will control it.
Classification of Blood Pressure Levels for Adults
Category Systolic BP, Diastolic BP
Normal BP: <130, <85
High-Normal BP: 130 – 139, 85 – 89
Grade I Hypertension (mild): 140 – 159, 90 – 99
Grade 2 Hypertension (moderate): 160 – 179, 100 – 109
Grade 3 Hypertension (severe): >180, >110
An important question on most hypertensive people's minds would be, "Can I still buy health insurance at standard rates and standard coverage?"
Most insurance companies will impose a clause in their health insurance plans to exclude coverage for hypertension-related conditions for applicants who are already diagnosed with hypertension.
However, I am glad that I have been able to get standard coverage (without any exclusions imposed) for my clients with only mild hypertension and who have shown that their conditions are under control through regular medication. My insurance principal takes a more liberal view and will offer standard coverage for those who take responsibility to maintain their blood pressure under control through regular consultation with their physicians and regular medication.
So, for those with mild hypertension, it's not too late to review your health insurance coverage.
Hypertension, if left untreated, may lead to stroke, heart attack and kidney failure, which can kill or leave one severely disabled.
Risk factors of hypertension are:
- Family history of hypertension.
- Sedentary lifestyle; exercise helps maintain normal blood pressure.
- Stress.
- Smoking
- Weight gains (extra weight increases blood pressure)
- Diet: Fats, cholesterol-rich foods and salt can all lead to raised blood pressure.
- Birth control pills; many women have a slight increase in blood pressure while on the pill. It is necessary to switch contraceptives if dangerously high hypertension arises.
- Alcohol: Heavy alcohol consumption has been linked to hypertension.
If the blood pressure remains high despite a modification in life-style and diet, you will need a drug to bring the blood pressure down. The drug does not cure the hypertension but will control it.
Classification of Blood Pressure Levels for Adults
Category Systolic BP, Diastolic BP
Normal BP: <130, <85
High-Normal BP: 130 – 139, 85 – 89
Grade I Hypertension (mild): 140 – 159, 90 – 99
Grade 2 Hypertension (moderate): 160 – 179, 100 – 109
Grade 3 Hypertension (severe): >180, >110
An important question on most hypertensive people's minds would be, "Can I still buy health insurance at standard rates and standard coverage?"
Most insurance companies will impose a clause in their health insurance plans to exclude coverage for hypertension-related conditions for applicants who are already diagnosed with hypertension.
However, I am glad that I have been able to get standard coverage (without any exclusions imposed) for my clients with only mild hypertension and who have shown that their conditions are under control through regular medication. My insurance principal takes a more liberal view and will offer standard coverage for those who take responsibility to maintain their blood pressure under control through regular consultation with their physicians and regular medication.
So, for those with mild hypertension, it's not too late to review your health insurance coverage.
20 July 2008
Cancer treatment & Insurance
Cancer is the top killer and the 2nd most common condition of hospitalisation in Singapore. For men, the most common cancer is lung cancer followed by colo-rectal cancer. For women. it is breast cancer followed by colo-rectal cancer.What are the insurance plans that can help?
1. Critical Illness Insurance
When we become ill, our focus should be on recovery and regaining our health. Critical illness insurance pays a lump sum benefit following the diagnosis of major cancers, which is one of the 30 critical illnesses covered. It offers you choices and allows you to recover on your own terms.
Your benefit could allow you to:
- avoid withdrawing money from savings or investments
- pay down debts such as your mortgage or loans
- choose medicine and treatments not covered by health plans
- replace lost income so you have choices
2. Hospital & surgical insurance
As shown in the news clip above, cancer treatment include surgery to remove the tumour followed by chemotherapy to destroy remnant cancer cells.
The many "Shield" plans available in the market today are able to cover both the inpatient and surgical expenses (after the deductible and co-insurance portion which is borne by the Insured) as well as chemotherapy expenses which is usually given as an outpatient procedure. The deductible and co-insurance portion may be covered by taking up a supplementary/rider plan.
3. Disability Income Insurance
As in the above story, chemotherapy may be administered over a period of 12 months. During chemotherapy, the patient may not be able to work full-time, and will suffer a loss of income. Companies may allow medical leave on full pay for up to 2 months, and will probably terminate an employee after 6 months of medical leave.
The Employment Act provides only for 14 days of outpatient sick leave per year and 60 days of hospitalisation leave (including the 14 days of outpatient sick leave).
The disability income insurance will pay a specified amount every month (til a certain age, usually 55 , 60 or 65) when the Insured is medically unfit to work either due to illnesses or injuries, and a reduced amount if working for a reduced pay due to the disability.
Hence the above three policies should be among the top priorities when planning for insurance to cover the ongoing family expenses, hospitalisation & surgical expenses, and other out-of-pocket expenses (including outpatient doctor's and specialist's consultation charges and medication) which would otherwise drain the hard-earned savings and cause much anxiety and financial distress, should a major illness or injury strike.
14 July 2008
Career Seminar 24 July 08
Interested to:
1. make a difference in people's lives?
2. win respect and honour?
3. make more money?
4. enjoy freedom of time and money?
We have a Career Seminar as follows for suitable self-motivated candidates who would like to find out more about financial planning as a career:
Date : 24 July 2008 (Thursday)
Time : 6.30pm – 9.00pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
One of the invited speakers is Mr Adam Khoo who will share on his Ultimate Business Success factors.
Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 23 Oct 08.
Please call me at 94560418 to register for this life-changing event.
1. make a difference in people's lives?
2. win respect and honour?
3. make more money?
4. enjoy freedom of time and money?
We have a Career Seminar as follows for suitable self-motivated candidates who would like to find out more about financial planning as a career:
Date : 24 July 2008 (Thursday)
Time : 6.30pm – 9.00pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre
One of the invited speakers is Mr Adam Khoo who will share on his Ultimate Business Success factors.
Registration will start at 6.30pm followed with a buffet dinner.
SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 23 Oct 08.
Please call me at 94560418 to register for this life-changing event.
12 July 2008
Down Memory Lane
I came across this article from "The Encyclopedia of the Chinese Overseas", compiled and published under the aegis of the Chinese Heritage Centre which was set up in Singapore in 1995. I had borrowed this encyclopedia from the National Library.I was "proud" to learn I had shared the same alma mater, St Thomas's Secondary School with the late Mr Wee Kheng Chiang, reputedly the richest man in Sarawak, if not the region, in his lifetime. I remembered my uncle mentioning his name to me, as a child, when we passed by his mansion, sited on top of a hill in Kuching.
I remember my primary and secondary school with much fondness. Unfortunately, during my latter years in St Thomas's Secondary School, the standard of education dropped drastically when it became politically imperative for the principals of government and government-aided schools in Malaysia to be a bumiputera under the New Economic Policy, introduced in the aftermath of the May 13 1969 racial riots in Malaysia. I still remember the expat principal Mr Nigel Heyward from New Zealand (or was it Tasmania?) who had served the school with distinction.
I was much heartened when one of my best friends and classmate, Chee Sun, assured me that the high standard has been restored since then, and St Thomas's Secondary School is again a premier school in Sarawak. :)
Carpark inside High-Rise Condo
I read this article at my friend Peh SK's blog, and made the following comments, from an insurance practitioner's point of view:There are perils associated with such arrangements. The car is a potential fire & explosion hazard because of the petrol in its tank. Cars have been known to catch fire due to short-circuiting.
I have a client who runs a motor workshop business. His business insurance provides coverage for vehicles parked within the premises but not outside. He is however reluctant to keep them parked within his workshop, as from his personal experience, a lorry, whilst awaiting repair at his workshop, caught fire due to a short-circuit. He would not risk his workshop, the lifeblood of his business, go up in smoke.
Another hazard faced by landed properties is impact by motor vehicles (this is one reason why houses at the end of a T-junction is unpopular). This is one of the standard perils covered in a home insurance policy.
Again, I am able to quote a real life example. A client lent his car to a friend who lost control of the car and collided into the walls of a landed property, whilst drink-driving! The driver was personally liable for the damages as the standard car insurance policies do not provide any coverage for drivers who drive under the influence of alcohol or drugs.
Although these risks may be remote, my personal opinion is that it is a bad idea. There have even been instances in Singapore of cars plunging down multi-storey car parks. I suspect these are cars with automatic gear transmission. Such cars will not 死火, unlike cars with manual transmission.
Although Samuel Johnson once said, "Prudence keeps life safe, but does not often make it happy", we should not throw caution to the wind.
"Caution is the eldest child of wisdom”
Victor Hugo
"Caution is not cowardly. Carelessness is not courage."
Unknown
Life's Priorities
I read this article in My Paper and agreed very much with the good doctor.It also reminded me of an incident a few years ago. I was driving along Upp Bt Timah Road on my way home after a badminton game, and had stopped at a traffic light-controlled intersection. I neglected to pull the hand brake and because I was on the phone (with hands-free set, of course), I didn't notice my car rolling forward due to a slight gradient. It hit the car in front before I realised it. Both of us got out to inspect for any damage done.
Not seeing any damage on both cars, we exchanged names and contact numbers and moved our separate ways. Minutes later, as I was almost home, the other driver called, sounding rather agitated. He claimed he had found a dent on his rear bumper and asked me to meet with him to resolve the matter. When we met, he pointed to a dent on his bumper which I thought was hardly noticeable. It was surreal how upset he was over it!
He went on to claim against my insurance and the repair bill came to more than $400! He had got the whole bumper replaced because of a tiny dent which one would have to examine closely to even see it! He failed to understand what a bumper is really designed to do.
Is it any wonder why motor insurance premiums have increased by about 20% on average this year, as a result of huge losses incurred by the insurance companies last year?
Over the years, within the first months of getting my new cars, someone would invariably scratch them. It seemed that there are always people out there who cannot stand the sight of the perfect paintwork on new cars. I just shrugged it off - life is too short to get a heart attack over such trivialities.
"Fastidious taste makes enjoyment a struggle."
Mason Cooley
10 July 2008
Personal Accident Insurance for Foreign Domestic Workers
Changes w.e.f. 1July 2008
Extracted from Source: www.mom.gov.sg
Frequently Asked Questions
1. What is the rationale for increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers?
With effect from 1 July 2008, Ministry of Manpower (MOM) will be raising the minimum coverage of the personal accident insurance for foreign domestic workers from $10,000 to $40,000. This is part of the broader review of work injury compensation for all employees. It will apply to all new applications for foreign domestic workers submitted from 1 July 2008 onwards. For existing foreign domestic workers, the requirement will apply as long as their Work Permits expires on or after 1 July 2008.
2. Why is the minimum compensation coverage for personal accident insurance increased from $10,000 to $40,000 and not another quantum?
The increase in the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 takes into account the cost impact on employers while enhancing the protection for foreign domestic workers. The quantum also reflects that unlike workmen's compensation, personal accident insurance provides for compensation in the case of permanent disablement or death regardless of whether or not the accident occurs as a result of work.
3. What is the cost impact to employers of foreign domestic workers with the increase in minimum compensation coverage for personal accident insurance?
With the increase in minimum compensation coverage for personal accident insurance, the cost is estimated to increase by about $30-$50 for a 2-year employment term.
4. Why is MOM increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers when employers are now also required to purchase medical insurance for their foreign domestic workers?
The personal accident insurance will complement the existing medical insurance for foreign domestic workers. While the medical insurance requirement provides basic cover for medical expenses, including hospital bills, the personal accident insurance covers accidental death and permanent disablement. Any compensation payable will be made to the foreign domestic worker or her beneficiaries.
5. Why does the requirement for increasing the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 take effect from 1 July 2008 when the requirement for compulsory medical insurance for foreign domestic workers takes effect from 1 January 2008?
The increase in minimum compensation coverage for personal accident insurance is in tandem with the broader review of the work injury compensation for all employees.
Separately, with MOH's withdrawal of hospital subsidies for all foreigners from 1 January 2008, it would be necessary to effect the requirement for compulsory medical insurance for foreign domestic workers from 1 January 2008 to ensure that potentially high medical bills continue to remain affordable for employers.
6. I have already purchased personal accident insurance for my existing foreign domestic worker. Do I need to purchase a new personal accident insurance policy now?
Employers will only need to purchase a new personal accident insurance policy with the new minimum coverage of $40,000 upon renewal of the existing Work Permit, as long as the Work Permit expires on or after 1 July 2008.
7. If I apply for my foreign domestic worker on 1 June 2008 but only bring her in after 1 July 2008 (since the “letter of notification to bring FDW into Singapore” is valid for 3 months), do I have to meet the new $40,000 minimum coverage for personal accident insurance?
The new minimum coverage of $40,000 is only applicable for new applications for foreign domestic workers submitted from 1 July 2008 onwards. Hence, if you apply for the work permit of the foreign domestic worker before 1 July 2008, i.e. on 1 June 2008, the new minimum coverage will not be applicable to you. However, you are still encouraged to cover your foreign domestic worker with the new minimum PAI coverage.
8. My foreign domestic worker's Work Permit expires on 2 July 2008. If I renew her work permit on 3 June 2008, do I have to meet the new $40,000 minimum coverage for personal accident insurance?
The new minimum PAI coverage of $40,000 will be applicable as long as the Work Permit expires on or after 1 July 2008, regardless of when it is renewed.
Extracted from Source: www.mom.gov.sg
Frequently Asked Questions
1. What is the rationale for increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers?
With effect from 1 July 2008, Ministry of Manpower (MOM) will be raising the minimum coverage of the personal accident insurance for foreign domestic workers from $10,000 to $40,000. This is part of the broader review of work injury compensation for all employees. It will apply to all new applications for foreign domestic workers submitted from 1 July 2008 onwards. For existing foreign domestic workers, the requirement will apply as long as their Work Permits expires on or after 1 July 2008.
2. Why is the minimum compensation coverage for personal accident insurance increased from $10,000 to $40,000 and not another quantum?
The increase in the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 takes into account the cost impact on employers while enhancing the protection for foreign domestic workers. The quantum also reflects that unlike workmen's compensation, personal accident insurance provides for compensation in the case of permanent disablement or death regardless of whether or not the accident occurs as a result of work.
3. What is the cost impact to employers of foreign domestic workers with the increase in minimum compensation coverage for personal accident insurance?
With the increase in minimum compensation coverage for personal accident insurance, the cost is estimated to increase by about $30-$50 for a 2-year employment term.
4. Why is MOM increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers when employers are now also required to purchase medical insurance for their foreign domestic workers?
The personal accident insurance will complement the existing medical insurance for foreign domestic workers. While the medical insurance requirement provides basic cover for medical expenses, including hospital bills, the personal accident insurance covers accidental death and permanent disablement. Any compensation payable will be made to the foreign domestic worker or her beneficiaries.
5. Why does the requirement for increasing the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 take effect from 1 July 2008 when the requirement for compulsory medical insurance for foreign domestic workers takes effect from 1 January 2008?
The increase in minimum compensation coverage for personal accident insurance is in tandem with the broader review of the work injury compensation for all employees.
Separately, with MOH's withdrawal of hospital subsidies for all foreigners from 1 January 2008, it would be necessary to effect the requirement for compulsory medical insurance for foreign domestic workers from 1 January 2008 to ensure that potentially high medical bills continue to remain affordable for employers.
6. I have already purchased personal accident insurance for my existing foreign domestic worker. Do I need to purchase a new personal accident insurance policy now?
Employers will only need to purchase a new personal accident insurance policy with the new minimum coverage of $40,000 upon renewal of the existing Work Permit, as long as the Work Permit expires on or after 1 July 2008.
7. If I apply for my foreign domestic worker on 1 June 2008 but only bring her in after 1 July 2008 (since the “letter of notification to bring FDW into Singapore” is valid for 3 months), do I have to meet the new $40,000 minimum coverage for personal accident insurance?
The new minimum coverage of $40,000 is only applicable for new applications for foreign domestic workers submitted from 1 July 2008 onwards. Hence, if you apply for the work permit of the foreign domestic worker before 1 July 2008, i.e. on 1 June 2008, the new minimum coverage will not be applicable to you. However, you are still encouraged to cover your foreign domestic worker with the new minimum PAI coverage.
8. My foreign domestic worker's Work Permit expires on 2 July 2008. If I renew her work permit on 3 June 2008, do I have to meet the new $40,000 minimum coverage for personal accident insurance?
The new minimum PAI coverage of $40,000 will be applicable as long as the Work Permit expires on or after 1 July 2008, regardless of when it is renewed.
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