2015 Year End Financial Tips... (Read this before 31st Dec 2015)

Hope this is not too late. With all the impending increases of various prices, we all in Malaysia already feeling the pinch of rising cost of living. The good news is there is a fresh year coming, while the bad news is the situation was expected to persist until mid-2016, at least. Hope some of the financial tips listed in this article may help you a bit.

2015 is coming to an end this Thursday and before we enter into 2016, here are few of the items that you may don't want to missed out. Either it may help you to saved some money, or give you some bargain that you may have overlooked.

• BR1M 2016
  
  
  
  
  The registration already open since 5th Dec 2015 and it will be closed on 31st Dec 2015. Although the amount is not significant enough to offset the rising cost of living, it does help a little for those who qualified. Click here for more info.
  
  
• MPSJ Compound Promotion
  
  
  
  
  For those living in this vicinity, Subang Jaya council has given yet another promotion for offenders to settle their compounds with a flat RM10 only. Wait no more. This offer will end on 31st Dec 2015. You can log on to MPSJ website to check and pay online.
  
  
• MBPJ Compound Promotion
  
  
  
  
  Likewise, Petaling Jaya city council also has its own version of promotion by giving up to 80% discount depending on the year and type of compound. This offer will end on 29th Feb 2016. Don't forget, because after the offer period, all those outstanding offenders will be blacklisted under CTOS. Check your MBPJ compound here.
  
  
• Malindo Air year end sales
  
  
  
  
  For those who are planning for a vacation during 2016 Chinese New Year festive season, you may fly with the airline with discounted prices. Flying to Ho Chi Minh city with just RM129 ???
  
  
• Popular's Purchase with Purchase promotion
  
  
  
  
  For parents whom struggling to find the best bargain for their schooling children, you may consider this deal by Popular. Act fast, because the said deal stated clearly "while stocks last".
  
  
• Nationwide Year End Car Sales
  
  
  
  
  How about car buyer? As announced by various car brands (such as Toyota, Honda, Perodua, Proton...), car prices will be raised starting 1st Jan 2016 to cope with rising production cost due to weakening of Ringgit. Furthermore, many car manufacturers already dishing out attractive perks this month.

Happy New Year !!!

Best New Restaurant 2015 - Dewakan

For a restaurant, located away from city centre ... amidst industrial offices and a plethora of half occupied condos ... to garner full bookings for dinner almost every night for the past couple of months (after opening for less than a year) ... is nothing short of amazing.

Mostly just by the powerful word of mouth. Its an amazing feat by Darren Teoh and the team led by Mohd Hafriz.

Darren Teoh, a molecular gastronomy lecturer at KDU’s School of Hospitality, Tourism and Culinary Arts, this restaurant was two years in the planning. Well-known in culinary circles, Teoh has an impressive background that includes staging (culinary apprenticeships) at restaurants like two Michelin star Noma in Copenhagen and the three Michelin star Restaurant Amador in Germany. Teoh first showcased an imaginative and progressive type of cooking coined as modern Malaysian cuisine in his 2010 book Re-definition: Molecular Cuisine: Traditional Recipes through a Modern Kaleidoscope.

MENU

LUNCH
4 COURSE

LUNCH
3 COURSE

DINNER
10 COURSE

DINNER
5 COURSE

RM207

• BLUE MACKEREL
  Cured Mackerel, Ulam Raja, Pomelo, Local Flowers 

 easily the best dish of the night ... just like the signature "salmon/seaweed" dish by Tetsuya... this should be Dewakan's signature dish ... the cured mackerel retains sufficient saltiness/bite and raw fish freshness elevating it to a spectacular sashimi standard experience  ... the local flowers worked very well with the fish and the acidity of the lime juice added a lasting impression ... mackerel's taste enhanced and elevated ... I could have ten of this ... 10/10

• ROAST MUSHROOMS
  King Oyster Mushrooms, Green Curry Paste, Yoghurt, Dried Mackerel Flakes

the mushrooms were raw on the right side, to slightly grilled in the middles and cooked well to the left ... each had its own sauces ... the green curry paste worked so well with the raw ones without detracting from the freshness of the mushrooms ... remember the flakes ... the mushrooms all tasted like 3 dishes but coming together to one very satisfying dish where the star was the mushrooms  9.5/10

• BRAISED AUBERGINE
  Aubergine braised in Mushroom Stock, Jackfruit Seeds, Black Bean Sauce and Garlic Emulsion
• HOME MADE NOODLES 
  Steamed Ming Prawns, Brined Radish, Dried Vegetables, Cold Prawn Broth
• PIKE CONGER
  Smoked Pike Conger, Custard, Fermented Long Beans Relish, Roasted Okra, Clams Foam

the first of the "main courses" ... like a porridge and a very eggy tasting steamed egg in the middle ... very good dish but may be a tad too big a serving, making us feel a bit full after just the fifth course .. 9/10

• DUCK
  Roast Duck Breast, Duck Leg Rillette, Beetroots, "Blood" Sauce

like a marriage of Chinese and Western style of duck roasting, crispy skin ... almost pink duck breast, juicy and condensed flavour of duck with every bite ... wanted more  9.5/10

• LAMB BREAST
  Confit of Lamb Breast, Spring Onions, Marsala and Onion Puree

not your usual grilled or oven baked lamb ... its more like it has been cooked in its own fat in slowly, hence no charring with a consistency like a "more tender waxed duck" ... the spices used make me think of Middle Eastern flavour, very very satisfying, esp if you like lamb  9/10

• MULBERRIES
  Mulberry Jam, Cardamom Ganache, Cashew Brittles, Pucuk Gajus, Mulberry Snow
• GULA MELAKA
  Gula Melaka Marquise, Sour Meringue, Pulut Ice Cream

looks nothing like gula melaka or pulut ... more like a Monet painting, beautiful to look at, easily the TOP dessert ... its almost heavenly ... pulut ice cream was like taking in the essence without the calories ...but the gula melaka, meringue and cookie kinda like drew out the best aspects of cendol/ondeh-ondeh and elevated the taste to a higher level ... 10/10

• CHOCOLATE TART
  Warm Chocolate Tart, Caramelised Jackfruit and Gandum Ice Cream

Thankfully, at Dewakan, Darren exercised utmost restraint in his molecular cuisine approach, which I think helps diners to focus on his brilliant cooking abilities, and less on the hype and bells& whistles of molecular gastronomy.

The pleasant surprise at the end of the meal ... fresh, organic ice cream potongs with local flavours ... the assamboi one did not gel but the pomelo and pineapple ones were great. Very local, very Malaysian, very nicely done ...






Why Dewakan was the best new restaurant in 2015 for me:

- A definitive strategy to use ONLY LOCAL ingredients ... for far too long whenever we say fine dining, its always the "Western model" of exotic or hard to get ingredients. Malaysians tend to too easily favour anything foreign and too fast to pooh-pooh anything local. At Dewakan, we continued to be marvelled at the amazing variety of produce, condiments and plants that are all around us... being presented on plates worthy of any Michelin starred place.

- There is a strong sense of sincerity and integrity in the food cooked, the way they are presented, to allow for an enhanced appreciation of each and every ingredient used.

- PLUS, the food tasted bloody good. While not all dishes were home runs, the majority were ... and even the lesser ones were more than decent.

Do book way ahead of time for dinner. Corkage for wine is RM50 per bottle. They do have a limited wine list. Get there before they start raising prices.

For me, Dewakan easily bulldozes its way to being among the top 3 best fine dining places in the country. Darren changes almost half his menu every 3 months I think. If he keeps hitting home runs with new dishes in 2016 ... Dewakan may even reign as the best fine dining restaurant in the country in 2016. Its creative, innovative, immerses the diner with the pleasures of the ingredients ... its just bloody well done.


Dewakan will be taking a break from the 1st to the 17th January 2015. During this time, reservations will be closed and will resume on the 15th January. The restaurant will be opened on the 18th January.

OPERATING HOURS

Lunch: Mon to Fri – 12 Noon to 2:30pm
Dinner: Thur to Sat – 7pm to 9pm
Closed on Sundays and certain public holidays.

For Phone Reservations:
Monday to Friday only @
10am to 12pm, and 3pm to 5pm only.

CONTACTS

Lower Ground Floor
KDU University College, Utropolis Glenmarie
Jalan Kontraktor U1/14, Seksyen U1,
40150 Shah Alam, Selangor, Malaysia
 +60355650767
Email: dewakan@kdu.edu.my

Meet Your Second Wife

Saturday Night Live... fun show with elements of adult humour, poking fun at politics and celebrities. Every now and then they hit the nail on the head with a superb sketch on "Meet Your Second Wife". The truths and facts that no one wants to examine or be examined. Its achingly funny but also instructive and enlightening at the same time. Enjoy ...

Christmas Songs and Macroeconomics

At this time of year, there is nothing better than listening to a good Christmas song and thinking (deeply) about the macroeconomy. In the video below, the folks at econstories combine the two in their 'Deck the Bells with Macro Follies' spoof.

I hope that all my blog followers have a prosperous 2016!

US Fed Rate Hike: Good or Bad? How is it going to impact Malaysia?

Everyone are anxiously waiting for the outcome of Federal Reserve of US (FED) tonight. If the rate was really raised, it will be the turning point of the interest rate direction. Should FED make the decision to hike it, is it good or bad for the global economy? And most importantly, how is it going to impact Malaysia?

It's not news anymore since we're talking about this FED rate hike issue one and half year ago. But, the fact is, it does really has a great impact to the world economy, and Malaysia cannot spare from it either.

Generally, below is the 3 possible outcome of 16th Dec 2015 and the possible reactions of global markets:

1. Unchanged
   Although this is unlikely this round, yet FED still has the chance to remained unchanged and keep it for the next round. While most of us already factored in the effect of raising interest rate, this outcome would make the whole global markets to react positively (although it maybe short lived until the next FED meeting). Merry Xmas and happy new year.
   
   
2. Up 0.25 basis points (bps)
   This is the most popular and expected outcome. Since it's already expected by all of us, including all investors and fund managers, the reaction from this outcome would be muted. Meaning, it's business as usual until the next signal on whether how many more hikes in year 2016.
   
   
3. Up more than 0.25 bps
   This is possible also, depends on how confident was FED regarding the US economy is doing currently. Based on the US economy data for past months, it's convincing enough to raise rate. But, how much should be raised it's still in guessing mode. So, if the outcome is more than what most of us are expecting, it will be a 'cautiously pessimistic' mode for the global markets. No more Merry Xmas for investors.

Anyway, either up or unchanged, we can't deny that Malaysian currency MYR will be the worst performing currency in year 2015. But, the impact from tonight's FED outcome would determine whether the worst is over or not for us. For scenario 1 and 2, it's good or neutral for MYR. However, it will be a nightmare again if for scenario 3.

Then, can we revert the situation ???

Yes, if Bank Negara Malaysia decided to raise our OPR rate by following the footsteps of FED. Then, it could strengthen MYR abit or at least minimized the impact from FED rate hike. However, by doing so, BNM's action risks jeopardizing the local economy growth while trying to put a stop on capital outflow. It's a difficult decision to make.

Good Luck.

City of Glasgow Crash

I was interviewed last week by Share Radio in their History of Booms, Busts and Bubbles series about the City of Glasgow Bank crash in 1878. You can listen to the interview by clicking here. I cover this collapse at length in my book Banking in Crisis and I have co-authored a paper with Graeme Acheson on the bank's failure.

Cairo Confidential 2007

Wanna feel like Indiana Jones? Here’s just the place for you ....

A diversion from the norm. Four years back I had the opportunity to go to Cairo. It was part business and some post-conference partying. That was when I still had a 9-5 job. Well, after the uprising in Egypt and ouster of Mubarak, no one should be visiting Cairo anytime soon till things settle down. I am so glad I was there before the whole thing blew up.

The long ride from the airport to the hotel was an eye opener. If you thought the drivers in Malaysia and Thailand were nuts, wait till you get in a car in Cairo. They cannot drive without their horns for sure. Cars slide in and out of lanes like well oiled machines. After ten minutes, I found a way to de-stress myself, just keep looking out the side windows, don't look ahead.

Crossing the roads would be a cinch for Malaysians as we are so used to dancing and weaving through the traffic – Malaysia's national sport? The difference being, its less stressful crossing the roads in Cairo than in KL. At least motorists in Cairo do not accelerate just as they have spotted you trying to cross the road. I have always wondered why Malaysians do that – do we really want to kill or scare the daylights out of pedestrians?

The buildings are in all shades of brown. I asked a colleague why is that and he explained that the buildings were brown, not by design, but as a result of the dust from the desert. Eventually, all the buildings ended up looking the same.

Egypt is an Islamic nation but you can easily find good places to drink yourself silly. Most hotels have a small casino (ten tables or less) but they are opened to foreigners only – still an interesting fact. And it has a fair share of dancing – there's dancing during dinner and at hotel lobbies, people simply break out in song and impromptu dancing in celebration. Extremely refreshing, to say the least. 

Walking around on the tourist trail, visiting the pyramids, the sphinx and museums can easily delude one into believing he or she is having an Indiana Jones moment. You almost feel like stealing some treasure or rescuing some maiden. 

The first impression, like most first impressions of things so widely talked, written and read about ....  is that the pyramids are much smaller than what you had envisioned in your mind. They are barely 10-12 stories high. 

The highlight of my trip was the camel ride. Its not the pussy 5-10 minute camel ride, mind you.

When the bus pulled up to this group of 70 camels and their drivers, I thought it was only going to be a five-minute joy ride and photo opportunity. But hey, it was the real deal. Imagine riding in a huge pack of 70 camels for 45 minutes traversing across the desert. Imagine Lawrence of Arabia leading a band of troopers to conquer some tribe.

In the distance you get to see the setting sun and images of the pyramids as well. That was golden. Many of my friends have warned me about the ruthless camel drivers who will try and fleece you for huge tips at the end of the ride. I was prepared for that.

My guide was a boy, probably 15, or 16 tops. The funny thing was he tries his best to “connect” with his customer with his limited English.

Here was the best memory from the trip. He kept asking me “Are you happy?” ... the first couple of times, I gave my polite short answers. When he gave me the same drivel for the tenth time, I lost it. He was like an old zen master disguised as a young camel driver. For the first few times, you'd answer “Yes, I am happy” but when continuously prodded on, you start to ask yourself “Am I really happy?”
You laugh out in sheer frustration, but against such a glorious backdrop you cannot help but marvel at the same question. 

Here I was on a camel ride watching the sunset, feeling a bit like Lawrence of Arabia, in the historical land of Moses ... seeing the sphinx and the pyramids in a distance ... If you are not happy NOW, right here, when will you ever be? 

But isn't happiness a lot more than just that? Do I have a happy soul? Am I really content? The temporary grandeur and material comforts fade into obscurity. Wow. It was more than just a camel ride (which in itself was excellent). Thanks to my “zen master”, I now “know” that I AM happy.

If you get the chance to go to Cairo, book yourself into one of 3 better hotels on the Nile (the Four Seasons, Hyatt and Sofitel). The room rates have not exploded yet and are about the same as in Malaysia. Funnily, there are about 5 casinos within 5 hotels in Cairo. They are not huge, open only to foreigners. Only 10 odd tables per hotel, but its fun to be in a casino (half empty) with table all to yourself.

Naturally you should go to any one of their museums, its incredible but go to one is more than enough unless you are a big historic buff.

One should also go on a dinner cruise on the Nile. It's frightfully romantic and serene. To think that things existed centuries ago in this exquisite historic city added layers of connectedness and warmth to the experience.

Not all things are wonderful, many of the retail outlets operate much like Petaling Street – you have to bargain like hell. Taxi fares are highly negotiable and many of the tourist destinations will be full of “modern day pirates” – plenty of people dressed in ancient Egyptian garbs wanting to take photos with you for free. But it's never free. 

In that sense the Egyptians are actually fighting with Malaysian taxi drivers for the trophy as the worst place on earth to get a cab. Not a place for two ladies, go in a group of 3-4 for safety in numbers.

 It was a unique experience to go to one where it is still very Egyptian and very local. I was never one to go abroad and clamour for McDonalds or KFCs but honestly, I found myself dying for some KFC after the fourth day. As it turns out, there is only so much of hummus, chickpeas, kebabs and bread one can consume. Can't wait for things to get better to go back to Cairo again.

PRS Funds List Update and How to make PRS Transfer ? (Dec 2015)

Since the first PRS fund was launched in year 2012, many Malaysian already invested in it because of the PRS Tax Relief and PRS Youth Incentive given by the government. After awhile, many of us started to compare different funds from different PRS providers. It's very normal. So, the information below may helps you.

First, there are still 8 approved PRS providers in the market. But, number of funds already increased to a total of 50 PRS funds for us to choose from. CIMB-Principal has the most number of funds with 10, while RHB has the least at 3 only. Please refer to below picture.

Can I transfer from one provider to another?

Answer is YES. This is a stark different if comparing to normal unit trust investment, whereby investors cannot simply change company. In unit trust investment, an investors wish to change company must redeem and buy again. Coupled with higher sales charge imposed by unit trust investment, investors will be at the losing end.

However, with the forming of centralized administrator called Private Pension Administrator (PPA), PRS investors can request to transfer their funds from one PRS provider to another provider easily with minimum fees. Please refer to below table of the fees imposed for each transfer transaction:

* Please take note that the RM25 transfer fee imposed by PPA was waived until further notice



Any conditions before an investor is allowed to make a transfer?

• Transfers are permitted per PRS Provider once only in a calendar year;
• The first transfer is being made after one full year from the first contribution to any fund under any scheme managed by the Transferor Provider;
• There had been no prior transfer with the Transferor Provider in that calendar year;
• There is sufficient units in the fund(s) selected by the member for transfer;
• Each transfer request is only between two PRS Providers which must involve a transfer of one or more funds from the Transferor Provider to one or more funds of the Transferee Provider; and 
• All accrued benefits to be transferred from a particular fund must be transferred correspondingly to one other fund managed by the Transferee Provider. 

* Transferor = the PRS provider that you want to transfer money OUT
* Transferee = the PRS provider that you want to transfer money IN

Example, if you want to transfer your PRS funds from Public Mutual to Affin Hwang. The transferor is Public Mutual and the transferee will be Affin Hwang.

You may download the PPA transfer form here and submit to the PRS provider that you want (Transferee) together with their account opening form.

This article was contributed by Alex Yeoh, a licensed financial planner and corporate PRS distributor who represents multiple PRS providers.

You may contact Alex Yeoh via email alexyeoh@vka.com.my or follow his Facebook fans page.