UOB PRVI - 10X the rewards - Is it real?

Dear friends,

My UOB credit card statements for the respective months are as follow:-

• May 2010 - I have spent $3,237.27. I "earned" 1,082 UNI$ and was credited with 3,426 UNI$. 
• June 2010 - I have spent $1,550.12. I "earned" 504 UNI$ and was credited with 3,824 UNI$ and deducted 2,344 UNI$.
• July 2010 - I have spent $1,550.12. I "earned" 777 UNI$ and was credited with 2,313 UNI$.

When I saw the deduction in June's statement, I immediately called for a written and detailed explanation for the deduction. About two weeks after my call, a general letter to all affected cardmembers to apologise for the deduction was received. [Can a bank deduct someone's account before informing the account holder first?]

As that was not the letter I had been waiting for, I called its call centre again. On 16 July 2010, I finally received the letter with detailed computation of UNI$ transaction by transaction.

Here are my confusions:-
a) What is the formula to compute the UNI$ I earned against the amount spent? Based on the letter dated 16 July, it is very apparent that my various transactions earned different UNI$. Example - $930 expenditure earned 372 UNI$ whereas a $174 expenditure earned 68 UNI$.
b) Why the number of UNI$ credited is about 3 times the UNI$ you said I earned based on the 3 statements above? Why is the amount earned and amount credited be different?
c) UOB said (in small print) in its promotional material that only FIRST 5 transactions totalling $1,250 would earned 10X rewards of 2,500 UNI$. So if my first 5 transactions is less than $1,250, then what do I earn?

UNI$ or loyalty points are treated like liabilities and governed by respective Financial Reporting Standards. As a cardmember here, I am having trouble understanding UOB Credit Card's UNI$ rewards system. I wonder whether its auditors and Monetary Authority of Singapore are able to make sense out of all these.

The above is presented as factually as possible for the respective authorities to review and also for fellow credit cardmembers to be more vigilant and aware of issues I am facing.

Paul is talking to Credit Sussie?

July 9 (Bloombirg) -- Top investment bank Credit Sussie is said to be offering US$4m per year for the oracle octopus Paul to head its proprietary trading operations. Credit Sussie says its will convert part of its trading floor into a fish tank for Paul and put boxes of different markets, stocks, indices, equities and bonds for Paul to chose from. They expect this will translate into a more profitable business for them. Paul will also work closely with Head of Global Strategy and formulate recommendations on asset allocation and strategy.

However, rumours are circulating that rival Merrell Lunch is also bidding to sign Paul on in order to replace its entire research team. Paul's agent states "Paul is considering his options carefully" and will allegedly decide after making a call on the general direction of the US Dollar (See attached photo). The decision involving clam filled boxes labeled Credit Sussie and Merrell Lunch will be broadcast live from the NYSE trading floor later today.

P/S - This is written by someone else. I copied and pasted.

Public Transport Woes

if only taking public transport is as peaceful as this...

In the recent days, a lot of monies were spent telling us that we are moving into distance-based fares. There were advertisements in various newspapers, radio and tv; on site promotions and thousands of posters.

So what is distance-based fare? Who actually benefit from this change?

The message from the media seems to be telling me that commuters will benefit given the change. But the opposite side of the coin also tells me that millions of commuters have been paying the non-distance-based fares for years.

Two persons shared their experience about their bus fares today. Both told me that they seem to be paying more. A student told me that her fares to school and back have gone up by about 15cents. 15cents is not peanut money hor!

Another transport woe that has been well documented in recent days arose from a careless comment made by its CEO about MRT rides. Should we be thankful that the company's response to overcrowded trains is to remove seats from the MRT cabins so as to accommodate more commuters. We can now pack more commuters into the same cabin. Wonderful?

More commuters paying the same fares would translate to more profit for company?

I am always hesitant to say I know how you feel. Most often we don't. So please don't make comment that you know how it feels to ride in public transport during peak hours.

Don't do it for one day in a year for show. You go take public transport everyday!!!

NTUC Income taking a punt on Orchard Road flood

On page A11 of Straits Times on June 17, 2010, NTUC Income took out a full page advertisement with this punch line above a picture of a few stranded vehicles trapped by flooded Orchard Road ...
"YOU CAN BE SURE OF ONE THING WITH US - SOMEONE WILL PAY FOR THIS."

Who will pay for those damages I wonder? As you read further, "That's why we've always got you covered..." would means NTUC Income will pay for the damages? A very comforting and reassuring thing indeed for the owners of S350, Lamboghini and 30 other vehicles to hear.

But if NTUC Income pay, who will be ultimately foot the bills? Just a day before the advert, my friend made this remark "Given the flood, we the motorists die la.."

I was puzzled by his remark. He duly explained, " insurance costs go up, insurance premium will go up lor"

A double edge sword played by NTUC Income. A few vehicle owners assured while thousands wonder.

Regeneration/Culling in Singtel?

June 16, Singtel announced that the chief executive of NCS, a subsidiary of Singapore Telecommunications, will retire. Lim Eng, who is 54 and has worked in Singtel for 30 years, will be replaced by Chief Operating Officer NCS Chia Wee Boon.

June 10, Singtel announced that its CEO for international operations Lim Chuan Poh is also set to retire at the end of this year. He has been with Singtel for 12 years. I don't know his age but he should over 50 too.

Or is Singtel doing a a-la-Chelsea recently when Chelsea released three players (over 30s) including a current German international, Michael Ballack under the pretext of making way for youth?

What possible learning points can we get from Singtel's?
1. Don't fret. They are just 2 personnels out of thousands of people working in Singtel. It is just coincidental that they are senior personnels.

2. Anyone over 50 for corporates should look left and right as the axe is coming.

3. Loyalty has very little weightage.

4. Or having a new man with new perspective/new pair of eyes, critical to the respective business?

5. Or is it purely a corporate governance exercise of rotating OUT its key personnels?

6. Any other unmentionables?

Bali Airport at Denpasar

Dear friends,

Firstly, I wish to share with you something I have never done before in my life.

I slept on 2 chairs placed in a row at the Bali airport between 1230am and 2am. I placed on head on a bottle of water and my legs on the stained table.

What happened? Jetstar/Valuejet flight was inadvertently delayed with an unknown reason since 945pm schedule. We were efficiently notified by sms at about 5pm in the evening. My well travelled friend assured me that since Jetstar can notified us so early, he was pretty sure they should be able to fly another plane to Bali from Singapore to pick us up.

We were first promised that we can board the plane at 1230am. Imagine the cursings, swearing and sighings from tired fellow passengers after one whole of fun and laughter at the beaches when we were handed water and some finger food while being told that the flight will be delayed by another hour to 2am.

Second observation - The airport is really crowded for incoming and outgoing. Is Bali benefitting from Thailand's misfortune? See picture above. Very very little air conditioning with so many bodies from Japan, Korea and Australia. Please go to airport EARLY if you are planning your departure.

Thirdly, the immigration officer actually ask me for a "tip" openly when I arrived. It was so loud that his fellow officer was stunned by his request. When we were checking out, we saw a woman trying to pay... Sadly.. this type of thing is still going on..

Competition Commission of Singapore CCS is working hard!

First high profile case as per my memory was CCS who went after the pest control entities rigging the tender process.

Then CCS went after the long distance bus operators operating out Beach Road.

Then CCS has been reported to be dressing down a very big boy in SISTIC.

Then CCS went after a group of electricians who again rigged the tender process. The one company who came forward and "betrayed" the whole group was specifically mentioned.

To encourage more entities ie. including individuals, to come forward to "whistle blow", should CCS consider some anonymity protection for that entity?

Keep up the good work!

Congrats to ladies in table tennis

Whoever you are, wherever you are from, whatever your nationality may be and if you can beat the Chinese National Team, you deserved my applause too.

Well done indeed. This only proved the point that we are only human / everyone and everything has its day off and with a bit of luck (the sun,, moon and all the other planets are in alignment), an undefeated champion can be defeated. 100% consistency in performance is for machines at its best. As machines too are known to fail ie. my car has to be towed to Mitsubishi Centre recently for a leaking radiator. $400 later, problem solved. Pain.

The Jap PM announced its resignation recently. A political suicide/political bravado? from day one when he announced and possibly without checking the facts and the political terrain first, he promised to move a foreign military base. Goodbye to u anyway.

Studio M @ Nanson Road

As we wonder why we are not able to get cab when we need to, they are all queuing up at Studio M for a FREE goody bag filled 2 bottles of water and a packet of peanuts.

Now I know how else it takes to get a cab in Singapore (instead of calling its hotline) - Dangle some peanuts!

Poly Carpark Fee - Ms Glenda Koh

from where I stand yesterday

She is a third year student of Ngee Ann Polytechnic complaining in an open letter in Straits Times page A39 today that she cannot afford to pay $160 a YEAR to park her CAR within the campus.

She pinned the blame on the lecturers whom she SUSPECTS were grouching over the lack of car park space.

One hour journey to school with 2 bus changes each way is too much for her.

As she is in the third year now, the society is ready to WELCOME her into the harsh working with open arms.

Sigh..

What I heard yesterday...

helen in town

Remember the book "In Search of Excellence". The authors profiled 32 companies. And the rest of the world is supposed to learn from these elite 32. Today, 16 of 32 have already disappeared for various reasons.

Illusion of control - is the point of yesterday's lunch. In simple English, we think we know and that we are in control. The truth is that we don't know what we don't know.

The speaker cited another example. The increase in life expectancy of many developed countries is not due to improvement in medication, science nor annual medical check up. The fact is that the improvement is due to simple improvement in hygiene.

Keep it simple is the solution.

20-litre cap on fuel sales

mobile broadband the Malaysian way

The Malaysian rules say;
The cap is applicable to foreign-registered vehicles within a radius of 50km of Malaysian's borders effective December 28, 2009. But vehicles from Singapore are exempted. Shell V Power is excluded from the above rule as it is not a subsidised product.

After so many years of working experience, human should have learned that too many rules and regulations, things are open for abuse.

An article in Malaysia tabloid suggested various ways to beat the system:-

• pump 20 litres first, drive around the petrol station and pump again;
• pay with credit card for first 20 litres and pay cash for the remaining;
• pump at Shell and then go to Petronas (vice versa or etc etc)
• any other brilliant idea?

Even Malaysians are asking the Authority to think through before implementing anything...

Who can enter Singapore casinos?

a casino taking shape

THE National Council on Problem Gambling (NCPG) yesterday announced the launch of Third-Party Casino Exclusion Act.

The Act bars undischarged bankrupts as well as members of households that are receiving public assistance from entering casinos.

According to NCPG, it will bar 28,661 persons covered by the Act automatically from the casinos.

Taking away people who are underaged, people who will never gamble, perhaps civil servants, bank officers, teachers, accountants, doctors.. perhaps we won't have many Singaporeans or Singapore permanent residents left who can enter the casinos here.

Renewing Malaysian passport in Singapore

Yesterday, I spent half and hour recceing the place. Well the Malaysian Embassy is still at Jervois Road. There seems to be some changes. Noted that the notice that December is a busy month with a limit of 160 passports to be issued per day. Hmm.. I guess I go to be early to queue up... 6am? Sigh

The next day, ie. today, raining heavily, in slippers and bermuda, I arrived at 7.45am.. At the Security Counter, I exchanged my expired driving licence for a security pass to enter the premises. Got scanned by a metal detector before proceeding earnestly to the hall. Where to get the forms? A lady told me that I have to get it from the security counter.

@%$#%@ as I walked into the rain again to collect a form from the same security counter. After completing the form, photocopied my expiring passport and identity card (@30cts per page), I joined the queue to get a queue number to submit the application. I was expecting to pay an exorbitant amount for photocoping. 30cts is definitely acceptable. I joined the queue at 8.35am and reached the counter at 10.15am. The officer rejected my two photos on the ground that it is the same as per existing passport issued 5 years ago. I said I still look the same. Officer said no again and issue queue number "1067". I trooped over the photo taking machine and got another queue number. Paid $6 (still acceptable) for 4 instant photographs.

"1067" flashed at 10.45am. I trooped over and handed over the docs. The lady at the counter asked for my Singapore I/C. I said I didn't bring. I am wondering why Malaysian Embassy wants to see another country's document. Perhaps Malaysian government now want to know how many Malaysians and who are actually working in Singapore. Paid $124 for a 32-page passport. By 11am, the submission process completed with minimum hassles. Malaysia has really improved since I was here 5 years ago!!! I was ready for a good lunch given the hard work I put in in the morning!!

At 3pm in the same afternoon, I was back at the Embassy. Got to security counter to do the exchange thingy again. Before entering the Hall, the notice board said the Security Pass number would be the queue number. My number was 123 and currently serving 90. Half an hour later, I got my new passport!! Kudos again to the Malaysian government.

Here are the pertinent details:-
Opening hours - 8am to 11.30am and 2.30pm to 4.15pm on Monday to Friday.
$128 (adjusted to $124 as SGD appreciates) for 32-page - Adult.
$64 for children below 12 years old
130 queue numbers are issued everyday.

Documents needed:-
1. The form (download at www.imi.gov.my / security counter)
2. Two recent photographs with blue background (3.5cm by 5cm)
3. Malaysian I/C (original and photocopy x 1)
4. Expiring passport (original and photocopy x 1)
5. Singapore status documents
6. You must personally be there.

A big task done. Phew....

MCYS foster father

Question - Should MCYS apologise publicly to the 15-year old girl?

Here are the reasons for the apology:-

a) MCYS is essentially responsible for the appointment of the foster parents.
b) Four years after the incident, the girl is still traumatised and dogged by nightmares of the incident.


Here are the reasons against the apology:-
a) The quilty foster father has gone through training.
b) The foster family has been appointed since March 2003. The reported crime happened in 2005.
c) There is a due process by an independent assessment panel to approve the appointment.
d) He committed non-violence crimes (theft/attempted house breaking) more than 20 years ago.
e) The other five children cared for by the same family are unharmed. (Someone please go check with them.)
e) He is seen to be part of a healthy family of wife and 2 children.
f) In 2006, there was another similar case by another foster parent.
g) These are isolated incidents.

The current Prime Minister of Australia apologised publicly for the crimes committed against children in foster care in the last decade. While the situation may not be so prevalent in Singapore, it is a matter of basic human courtesy for someone in MCYS to take some responsibility to and for the girl.

Which country has the lowest birthrate in the world and in history?

Selamat Hari Ray Haji

Answer - Taiwan with a birth rate of 1.05 children per woman (7.04 in 1951).

It is so frightening obvious to a teacher in a middle school (I guess, secondary level).

Five years ago, she was teaching a class of 28 students. Now she is teaching a class of only 20.

The declining birth rate has caused some teachers to leave their job.

Moral of the story - Teaching profession is also no longer an iron rice bowl. Hmm.. Edgar now see a threat to his alternative profession of being an educator.

Source - Business Times, Nov 4, 2009

Dr Martin Huang

It was reported in Saturday's ST that a doctor by the name of Dr Martin Huang, who runs The Cosmetic Surgery Centre at Paragon, has been censured and fined for injecting sheep foetal cells into three of his patients.

For what? The sheep foetal cells is supposed to slow down ageing and to rejuvenate. The process is called cell therapy. He has also done the procedure on himself.

Perhaps a few years later, we could be reading another news article on an interview with Dr Huang and one of his patients.

Journalist - Both of you certainly look very youthful and radiant. But I notice you have a long streak of beautiful white fur like hair from your chin while Mary has some black hairs on her hands. How come?

Doctor - I feel great. I injected myself with the best foetal cells from New Zealand sheeps. As to Mary, she wanted cheap and good... so I gave her the Malaysian goat foetal cells instead..

After the interview, the doctor and Mary were heard to be arguing in the next room.
Click here to listen to their conversation .

Pump prices not affected by one factor

Loh Pin Chuan, Public Affairs Manager of ExxonMobil Asia Pacific attempted to reply to Mr Ryan Tung's query on the less than perfect correlation between pump prices and crude oil.

Loh Pin Chuan listed and explained the following factors affecting pump prices:-
a) internationally traded wholesale prices;
b) operating and capital costs;
c) taxes and duties;
d) currency exchange rates; and
e) market competition.

Essentially Pin Chuan's reply confirmed my usual understanding that there are many cost items affecting final retail price of their products or services.

But this explanation led me to the next question ie. do Shell, ExxonMobil, Caltex and SPC all have the same exact cost structures?

Apparently they do as they generally and largely (until recently) adjust their pump prices at about the same time and by the same amount.

Pin Chuan explained the "same-price" phenomenon - "Competition is keen in geographically small Singapore, and motorists are extremely price-sensitive ... no company will allow the others a price advantage at the retail pumps."

There is pro and con in this situation. Motorists are also at the mercy that at least one of the 4 operators make the first move to adjust prices down. If all 4 operators are "lazy" in adjusting down, who is to tell them to adjust?

Banks try to siam left right and centre?

the beginning of "bridge"

Weeks ago, there were outburst about banks, quietly removing the liability cap from the terms and conditions and the way they handle fraudulent transactions done with stolen/lost cards. Some banks (I think they are Citibank and MayBank) have since chosen to take "honourable road" by re-instating the liability cap.

Today I read about the Law Society president questioning banks' practice of excluding themselves from liability (yes again) for losses suffered by accountholders for forged cheques.

Under the Bills of Exchange Act, your bank is supposed to honour your cheque ie. pay in accordance to written instruction with legitimate approval. The law does not protect the banks from liability from errorneously debiting customer's account without legitimate approval.

Until this unilaterally created confusion is cleared up, you better hang on tighter to your cheque books.

Good bye Singnet from home!

Today is 29th September 2009 ie. 29092009.

My home Singnet broadband account has finally been terminated after more than 10 years. vpacific@singnet.com.sg has been my email address since day one when internet was first introduced.

I remembered the day when Singnet asked for a "name". I didn't know what it was referring to then and I had suggested "apple". Of course I got turned down.

My next step is to terminate my home line and moving to Starhub for my free unlimited digital line. I would save me another $50 per quarter!

Thank you and good bye, Singnet.