Hong Leong Bank-The Dreaded VSS

It has to come. 

After all, Hong Leong as a financial grouping isn’t blue-eyed for many as it does not have a sparkling image. Apart from being seen as ‘stingy’ from the shareholders’ viewpoint as no door gifts were ever doled out in the best of years at its AGMs, and even bank charges are seen as ‘cut-throat’ for many of its account holders and clients. Moreover, staff morale for ex-EON Bank staff has been going down the chute with numerous resignations in the past months, so it seems.

Today, dear Yvonne Chia, to the chagrin of Hong Leong Bank’s permanent staff has unveiled an exit plan- the much dreaded VSS- a devil in the deep blue sea and a hard place!

Let’s see what is on offer.

The VSS payment formula is based on a VSS multiplicant that ranges from 1.4 (for executives) to 1.6 (for non-executives) multiplied by the length of service (capped at a maximum of 22 years) multiplied by the basic salary or 50 per cent of total monthly salary until retirement, whichever is lower.

In addition, the bank is also offering medical relief of up to RM1, 000, reimbursable for a period of six months from the date of separation, and continuation of housing and motor vehicle loans at staff preferential rates for a period of 12 months from the date of separation.

Final approval of the VSS applications at HLB will strictly be based on business and operational requirements.

So, it’s a take it or leave it. 

Or worse, do not take it and you may just get the sack if you are a jack-in-the-box undesirable HLB future material!

Social Hypocrisy- Needing It

As we grow old, we must embrace the nuances of social hypocrisy.

Many people nowadays shun social gatherings because they are absolutely tired of listening to ego tripping by those who claim to be materially successful in life.

A  friend related about an incident where someone joined a table of diners only to start talking about his new purchase of a Mercedes. The table crowd suddenly excused themselves and melt away.

However, we cannot do this all the time. We must accept those who we consider our friends in spite of all their bragging, warts and all. A soft humming 'yeah' now and then will help to to neutralize any lopsided conversation. Do not engage and the topic will die a natural death.

Also, changing topics will help to diplomatically shut off the naked pursuit of one upmanship.

Condom Conundrum in China

It's funny that it has never been an issue before.

But now it has reared its humorous head.

As the story goes, some expatriates from Europe and Africa has complained to Shanghai Daily that they are always embarrassed about "ill-fitting" condoms in the city as almost all of them are designed to a standard Asian size and will may not fit them.

Chinese condom suppliers including Durex, Jissbon and Okamoto only supply condoms  with a common size suitable for Chinese men – their target consumer group.

Condom supplier Jissbon reported that the company had received complaints from some foreigners about Chinese condoms that are sometimes a little bit tight for them. They will not supply any bigger size as this group is not their target market. Moreover, they did sell XL sizes before but could not make much profit from doing so

Moreover high delivery costs for condoms mostly manufactured in Thailand has been a negative factor to marketing operations.

Most  condom makers also are persuasive with their argument that it is cost effective to produce condoms of the same size rather than variants of many sizes.

For expatriates in China, it looks like they have to import correct size condoms on their own......

The Prawn Letdown

Yes, this has got to be one of the bad years for AGM goers.

As the economy is expected to show unimpressive growth for the remainder of the year, cautious companies are cutting down on door-gifts.

Here,KAF sticks out like a sore thumb. They whittled down qualified door-gift shareholders to those with a minimum of 1000 shares. This is a bad call as the trade-able lot on Bursa KL is only 100 units. I think the BOD is being ' nasty'. Compared to KAF, Gentings which allowed door-gifts at 100 share-holdings seems to be adorable angels!

Then here we have the fabled Analabs. After giving goodies in the form of kilos of prawns to shareholders over the last few years, this waste-water treatment company gave nada this year! The share-holders who came all  the way to Shah Alam must have been downright flabbergasted at this. Analabs- surely another company  which will go down the annals as a miserable penny pinching company!

Well, we do hope other companies will not cut down on their door-gifts.

If you have to, then pretty please-increase your dividend payout!

Funside of Thailand's Flood

There is always the funny side to things, no matter how bad.

These pictures tell the rib-tickling stories.

Enjoy!

KAF-All By Themselves

KAF Seagrott-Campbell will hold its AGM on 10 November 2011.

So, they put out an administrative note. Only shareholders having a minimum of 1000 shares who attend the meeting will be given a door-gift. This is worse than Genting Berhad which stipulates that only holders of tradeable lots of 100 shares could be given door-gifts!

So all KAF shareholders having less than that magic bullet number of shares will go home empty if they turned up for the AGM on 10 November 2011.

In the past, all attending shareholders will get door gifts and car park endorsements.

I guess it is going to be one quiet meeting  for KAF this year and many more of the same to come in the ensuing years

To the Board of Directors of KAF --enjoy your meeting sama-sama and bersyiok sendiri, fellas!

Jolly Ole' Jobs

These cartoons are really a dig at Jobs and the world.

Stevie will be sorely missed in the technology world!

Have fun!!