How Stanley Thai built Supermax into one of Malaysia’s top companies

KUALA LUMPUR: "One must have the determination and perseverance to conquer challenges,” says Datuk Seri Stanley Thai, founder, executive chairman and group managing director of Supermax Corp Bhd.

The success story of this 50-year-old, Ernst & Young Entrepreneur Of The Year 2010 and Malaysia’s CEO of the Year 2010 is remarkable.

Money was scarce when Thai and his 13 siblings were growing up in Batu Pahat, Johor. He believed that education would give him a better life and went to Canada to further his studies as it was the cheapest destination for students. After obtaining his Bachelor of Commerce degree (Hons) from the University of Windsor, Ontario, he returned to Malaysia at the end of 1982 and worked in the textile and garment division of an international trading company for five years.

In 1987, Thai ventured into the trading of latex gloves, starting a company with a minimum paid-up capital of RM2. “Trading is about buying and selling. Margins are low. To gain more profit, I had to have high volume,” he says. “I traded in currencies and leveraged the interest rate differentials since I dealt with companies around the world. That is how my profit multiplied.”

Since he had no collateral, Thai negotiated with his bank, promising to refer more business and he appointed a representative of the bank as his company’s financial controller.
In the beginning, Thai only had his wife and a secretary to assist him. He doubled up as the company’s dispatch boy. “It was a lot of commitment and hard work. I worked 16 to 18 hours a day and relaxed when entertaining customers. If I had to travel for business, I opted for an overnight train instead of staying in a hotel,” reminisces Thai.

He made his first million at 29. He then decided to venture into a new area – manufacturing gloves. “Manufacturing involves a large number of employees and fixed cost. The only thing I could do was control productivity and efficiency since sales were based on market prices.”

His first foray was a joint-venture plant in 1989. Two years later, he set up his own plant. Seven years later, he had three wholly owned manufacturing plants.

Today, Supermax manufactures, distributes and markets high-quality medical examination and surgical gloves. It has six overseas distribution centres located in Canada, the US, Belgium, Brazil, Australia and Germany.
The company was listed on the Main Market of Bursa Malaysia in October 2003. Profits have been increasing steadily over the years. Profit after tax for the first nine months of 2010 was RM135.47 million, exceeding the RM126.58 million made in 2009.

Last year, Supermax won the inaugural Edge Billion Ringgit Club “Company of the Year 2010” award, beating 163 other billion-ringgit listed companies. Supermax also received the “Highest Return to Shareholders over 3 years” award and “Highest Growth in Profits Before Tax over 3 years” award.

The father of three indulges in branded suits from Prada, Gianni Versace and Ermenegildo Zegna but says he keeps a careful watch on spending. “I feel heartsick if I spend too much because it is hard-earned money.

Some people are born with a silver spoon in their mouth and spend money without feeling anything because it means nothing to them,” says Thai, who does not invest with a professional asset manager. He prefers to remain hands-on with his investing portfolio as he “knows the risks that I am taking and am thus accountable for mistakes if something goes wrong”.


Here, the entrepreneur shares his thoughts on success, money and investment:


Success
I really don’t know if I am successful. Success is relative. Most importantly, success is not about how others see you but how you see yourself. I know I have built intangible success as I am regarded as reliable and trustworthy and a reputable supplier and manufacturer. I do have tangible success, which is my wealth. But, I don’t actually sit back and count my wealth. Staying focused on running the business is more crucial. Other things, including finances, then fall into place.

Money
Money is just an instrument. Money is useful if you know how to spend it wisely. Money can buy a lot but there are certain things that it cannot buy, such as experience, trust, reliability and brand. I believe that when one reaches a certain stage in life, money is no longer one’s focus. Instead, you will treasure your health, family and true friends.

Best investment
My best investment is Supermax, which I started with RM2 and now it has a market capitalisation of about RM1.5 billion. My oldest factory gave me the best returns as the cash it generated allowed me to open other factories, obtain more financing (from banks), buy land to build factories and open distribution centres in the US, Brazil, Belgium and Australia.

Worst investment
In 2005, I was aggressively acquiring two public glove manufacturers, APL Industries Bhd and Seal Polymer Industries. One company turned out to be bad rubbish while the other was not very good but not very bad. Seal Polymer was eventually privatised in 2007 and during the financial crisis in 2008, I decided to cut my investment in APL Industries because I felt that it could not be turned around. I made a loss of about RM3 million on these acquisitions. In business, you make money and you lose money.

Risk
Everything you do comes with risks. I believe that risks can be measured, calculated and controlled. Often, they may seem scary but when you really examine them, you find that you have nothing to lose. By taking calculated risks, you can reduce the rate of failure. In the event the project does not work, you can re-evaluate the situation to see what went wrong and correct it. I am a conservative person. I will think very carefully before investing. If there is no investment avenue, I will just leave my money in the bank. I only invest in Supermax stocks through my company’s employee share option scheme.

Insurance
Insurance is important for the man in the street. However, insurance becomes less important when you have achieved a certain level of wealth. Anyway, the premiums for life and permanent disability cover are too expensive. For instance, how much do I need to pay for life coverage of US$20 million? Moreover, my EPF contribution will be enough to support my family if something were to happen to me.

Debt
Being in debt is not necessarily a bad thing. To build wealth, you must have some leverage. By borrowing, you are able to multiply your money. The key is not to be over-geared. You are vulnerable if you have too much debt and the market is against your position. So, strike a balance between your debt exposure and your ability to service your debt.

Retirement
I am 50 years old now, but I have the heart of a 25 year old. Retirement is not on my mind. I think I will die young if I were to retire. I am active at work and I will continue to be active. I see myself enjoying life and working fewer hours in my 60s.

Money tips
Everyone should treasure the money he has. Make use of your resources to multiple your money. Don’t follow the herd mentality of putting your money into something that everyone is rushing into. Following the lines of the movie, Wall Street: Money Never Sleeps: ‘Bulls make money, bears make money, but hogs just get slaughtered!’?

New Perodua Myvi 2011

New Perodua Myvi set to drive sales

Analysts optimistic new Perodua model will be well accepted

PETALING JAYA: The new Perodua Myvi, due to be launched on June 16, will boost passenger vehicle sales this year, according to automotive analysts.

OSK Research said in a report yesterday that Perodua's revised sales forecast of 195,000 units (previously 171,750 units) this year was easily achievable due to the earlier-than-expected launch of the new Myvi.

The research firm also upgraded its Malaysian automotive total industry volume (TIV) forecast for 2011 by 4% to 597,456 units, which was a year-on-year decline of 1.3% (TIV hit an all-time high of 605,156 units last year).

OSK Research had earlier forecast a 5.1% year-on-year drop in TIV due to supply woes faced by Japanese vehicle marques after the earthquake and tsunami in March.

File pic: Perodua managing director Aminar Rashid Salleh with the Myvi Limited Edition. What will the new MYvi look like? We will know on June 16.

CIMB Research auto analyst Loke Wei Wern agreed, saying that the new Myvi could be a major driver of passenger vehicle sales.

“The sales of the Myvi have been declining over the past year, and this could be due to buyers holding back as they wait for the new model. There could be a lot of pent-up demand for the new Myvi,” he said.

Loke also pointed out the new Myvi could affect Proton Saga sales.

AmResearch concurred, saying in a report that its 2011 TIV forecast had been raised by 1.6% to 599,710 units (from 590,027 units earlier) due to the new Myvi.

OSK Research pointed out that the Myvi was still Malaysia's best selling passenger car.

“Despite being around for five years, the model remains popular amongst the youth and is typically used as a second or third car for most households,” said the report.

AmResearch said it remained bullish on APM Automotive Holdings Bhd, which has Perodua as its largest client accounting for about 30% of earnings.

The research firm maintained its “buy” call, with a fair value of RM6.60 per share on APM.

APM's share price closed yesterday lower by 9 sen to RM4.79, with 59,000 shares traded.

Meanwhile, OSK Research maintained its “sell” call, with a fair value of RM6.61 on UMW Holdings Bhd, which owns a 38% stake in Perodua.

This was despite the group's subsidiary, UMW Toyota Motor Sdn Bhd, announcing last month that vehicle production at its Assembly Services Sdn Bhd plant in Shah Alam had resumed two-shift operations as parts supply from Japan stabilised.

According to the report, Toyota Motor Corp and other Japanese automakers are likely to continue experiencing supply chain disruptions arising from power shortages during the summer as power capacity in Japan has been cut by 8% and air-conditioning demand increases.

However, the higher localisation of content for Perodua cars had cushioned the impact of supply chain disruptions.

UMW's share price closed yesterday lower by 1 sen at RM7.15, with 5,602,500 shares traded.

OSK Research also upgraded its call on MBM Resources Bhd, which has a 20% stake in Perodua, to “buy” with a fair value of RM3.80, and raised its earnings projection for the current financial year by 20.2%.

MBM's share price remained unchanged at RM3.10 at the close yesterday, with volume at 381,800 shares

New Perodua Myvi set to drive sales

Analysts optimistic new Perodua model will be well accepted

PETALING JAYA: The new Perodua Myvi, due to be launched on June 16, will boost passenger vehicle sales this year, according to automotive analysts.

OSK Research said in a report yesterday that Perodua's revised sales forecast of 195,000 units (previously 171,750 units) this year was easily achievable due to the earlier-than-expected launch of the new Myvi.

The research firm also upgraded its Malaysian automotive total industry volume (TIV) forecast for 2011 by 4% to 597,456 units, which was a year-on-year decline of 1.3% (TIV hit an all-time high of 605,156 units last year).

OSK Research had earlier forecast a 5.1% year-on-year drop in TIV due to supply woes faced by Japanese vehicle marques after the earthquake and tsunami in March.

File pic: Perodua managing director Aminar Rashid Salleh with the Myvi Limited Edition. What will the new MYvi look like? We will know on June 16.

CIMB Research auto analyst Loke Wei Wern agreed, saying that the new Myvi could be a major driver of passenger vehicle sales.

“The sales of the Myvi have been declining over the past year, and this could be due to buyers holding back as they wait for the new model. There could be a lot of pent-up demand for the new Myvi,” he said.

Loke also pointed out the new Myvi could affect Proton Saga sales.

AmResearch concurred, saying in a report that its 2011 TIV forecast had been raised by 1.6% to 599,710 units (from 590,027 units earlier) due to the new Myvi.

OSK Research pointed out that the Myvi was still Malaysia's best selling passenger car.

“Despite being around for five years, the model remains popular amongst the youth and is typically used as a second or third car for most households,” said the report.

AmResearch said it remained bullish on APM Automotive Holdings Bhd, which has Perodua as its largest client accounting for about 30% of earnings.

The research firm maintained its “buy” call, with a fair value of RM6.60 per share on APM.

APM's share price closed yesterday lower by 9 sen to RM4.79, with 59,000 shares traded.

Meanwhile, OSK Research maintained its “sell” call, with a fair value of RM6.61 on UMW Holdings Bhd, which owns a 38% stake in Perodua.

This was despite the group's subsidiary, UMW Toyota Motor Sdn Bhd, announcing last month that vehicle production at its Assembly Services Sdn Bhd plant in Shah Alam had resumed two-shift operations as parts supply from Japan stabilised.

According to the report, Toyota Motor Corp and other Japanese automakers are likely to continue experiencing supply chain disruptions arising from power shortages during the summer as power capacity in Japan has been cut by 8% and air-conditioning demand increases.

However, the higher localisation of content for Perodua cars had cushioned the impact of supply chain disruptions.

UMW's share price closed yesterday lower by 1 sen at RM7.15, with 5,602,500 shares traded.

OSK Research also upgraded its call on MBM Resources Bhd, which has a 20% stake in Perodua, to “buy” with a fair value of RM3.80, and raised its earnings projection for the current financial year by 20.2%.

MBM's share price remained unchanged at RM3.10 at the close yesterday, with volume at 381,800 shares.

PM: Subsidies being reduced to improve living standards

KUALA LUMPUR: The government's subsidy rationalisation is not a measure to eliminate subsidies but to provide reasonable amounts of subsidy to the eligible and needy target groups and sectors, Datuk Seri Najib Tun Razak said Saturday.

The prime minister said Malaysia provided among the largest amounts of subsidy in the world for daily essential goods such as sugar and rice, and this did not even include the indirect subsidies given to the education and health sectors.

"The welfare of the people is the highest goal in the administration of the country," he said in his speech at the investiture in conjunction with the birthday of Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin, at Istana Negara.

Najib said a decision that appeared popular might not necessarily be the best measure in the longer term and, as such, in managing the national economy it was important to avoid excessive expenditure.

"In the interest of the people and country, a responsible government will find solutions and make choices for the well-being of the people, not only in the short and medium terms but also in the long term," he said.

The prime minister said decisions, for example, to slash and raise taxable income and provide an average subsidy without regard for target groups might elicit rave response at times, but they might invite problems later.

"In fact, when only less than two million of the 12 million workers pay taxes, the two million taxpayers subsidise the majority who do not pay taxes. This poses more challenges, particularly when health and education services are relatively free.

"Malaysia is not a major power which can print fiat money," he said. (Fiat money is money which has no intrinsic value and cannot be redeemed for any commodity, but is made legal tender through government decree.)

Najib said dependence on natural resources such as petroleum and natural gas would not be for forever, adding that the people should be grateful that the country had a well-managed national petroleum company and the government was able to maximise the profits.

"However, these resources are on the decline. Evidently, much more capital has to be expended to seek new resources," he said, adding that one must realise what would happen to the country if the economy was not well-managed.

Najib cited Greece, a developed nation which faced a budget deficit of 10 percent of GDP and debt to GDP ratio of 137 percent as well as a 14 percent unemployment rate.

"Without prudent management, some 110 billion Euros or RM477bil, equivalent to 2 1/2 times Malaysia's cumulative budget, was needed for its (Greece's) bailout," he said.

He also cited Ireland which faced a budget deficit of 32 percent of GDP last year and a debt to GDP ratio of 113 percent as well as a 15 per cent unemployment rate, and said that country needed 85 billion Euros or RM369bil, equivalent to 1 1/2 times Malaysia's cumulative budget, for its bailout.

"Reportedly, both Greece and Ireland may need a second bailout," he said.

Najib said the Malaysian government would always be responsible and not act rashly or even seek popularity, which would be to its detriment.

"Every decision is studied, considered and scrutinised with prudence for the welfare and prosperity of the people," he said. - Bernama

Top 5 City with the Most Billionaires 2011

When the U.S. economy was riding high for most of the 20th century, it would have been impossible to imagine a foreign city--especially one in a Communist country--with more of the planet's very richest than New York, home of old-money Wall Street. But that indeed is the case. Today Moscow is the city with the most billionaire residents in the world.

The Russian capital boasts 79 billionaires, a stunning increase of 21 in just one year. That more than edges out No. 2 New York, with 59 billionaires, and No. 3 London with 41. Other cities in the top 15 include such rising stars as Mumbai, Taipei, Sao Paolo and Istanbul. Los Angeles manages a tie for No. 8.

The combined fortunes of Moscow's billionaire population top $375 billion, more privately amassed wealth than in any other city in the world.

Despite New York's relegation to second place, the city remains a favored locale of billionaires, whose collective net worth is $221 billion. The Big Apple boasts some of the most expensive ZIP codes in the U.S., due in part to the real estate prices paid by billionaires in this city. Indeed, many Moscow residents own secondary homes in New York, including fertilizer and coal magnate Andrey Melnichenko, whose wife recently closed on a $12.2 million penthouse apartment. Even the world's richest man, Carlos Slim (home: Mexico City), snatched up a $44 million mansion on Central Park last year.

To compile our list, we tallied the primary residences of all 1,210 billionaires on the 2011 Forbes World's Billionaires list, our annual assessment of people sporting seven-figure or higher fortunes in U.S. dollars. We did not take secondary homes into account for this list.

In the U.S. we stuck strictly to city limits. For example, while a smattering of prominent media barons like Viacom founder Sumner Redstone and T.V. tycoon Haim Saban reside in Beverly Hills, they are not included in the pile of Los Angeles residents since Beverly Hills is its own city (although largely surrounded by Los Angeles).

Here are the the world's five top cities for billionaires:

Istanbul, Turkey scores No. 5. Photo: Thinkstock

No. 5: Istanbul
Number of Billionaires: 36
Total combined wealth: $60.5 billion

Billionaires include: Turkey's richest person, Mehmet Emin Karamehmet, chairman of mobile phone company Turkcell; Turkey's former richest, finance and retail scion, Husnu Ozyegin; and Macedonian-born Sarik Tara, founder of construction giant, ENKA.

Hong Kong scores No. 4. Photo: Thinkstock

No. 4: Hong Kong
Number of Billionaires: 40
Total combined wealth: $176.8 billion

Billionaires include: Greater China's richest person, Hutchison Whampoa chairman Li Ka-shing; the Kwok family, the brothers behind Hong Kong's largest real estate developer, SHKP; and Angela Leong, the controversial heiress of Stanley Ho's casino empire.

London scores No. 3. Photo: Thinkstock

No. 3: London
Number of Billionaires: 41
Total combined wealth: $164.3 billion

Billionaires include: Indian citizen Lakshmi Mittal, the world's sixth-richest man thanks to steel-maker ArcelorMittal; daredevil Virgin founder Richard Branson; and Philip & Christina Green, the married couple behind clothing company Topshop.

New York City scores No. 2. Photo: Thinkstock

No. 2: New York
Number of Billionaires: 59
Total combined wealth: $220.8 billion

Billionaires include: media mogul and current mayor Michael Bloomberg; fashion designer Ralph Lauren; and real estate developer-turned-reality T.V. celebrity Donald Trump.

Moscow scores No. 1. Photo: Thinkstock

No. 1: Moscow
Number of Billionaires: 79
Total combined wealth: $375.3 billion

Billionaires include: Russia's richest man, steel magnate Vladmimir Lisin; commodities investor and Chelsea soccer team owner Roman Abramovich; and venture capitalist and Facebook investor Yuri Milner.

Source: Yahoo.com

Malaysia ranked world’s 10th largest consumer of alcohol

KUALA LUMPUR: Malaysia has been named by the World Health Organisation (WHO) as the world’s 10th largest consumer of alcohol despite its small population and size.

Statistics by the international body this year also showed that Malaysians spent over US$500mil (RM1.5bil) on alcohol with a per capita consumption of seven litres.

Beer consumption in Malaysia is 11 litres per capita.

Deputy Women, Family and Community Development Minister Heng Seai Kie said the problem of alcohol consumption in the country was getting serious.

“Alcohol is not only causing a lot of health issues but is also contributing to a significant number of accidents,” she said here yesterday.

Heng was speaking to reporters after launching booklets and seminars on “Promote Healthy lifestyle: Reduce Alcohol Harm” organised by the Kuala Lumpur and Selangor Chinese Assembly Hall (KLSCAH) and supported by IOGT International, a worldwide community of non-governmental organisations, and the National Association of the Prevention of Drug Abuse (Pemadam).

She said the ministry, through the National Population and Family Development Board, would hold a campaign to create awareness on the danger of alcohol abuse.

She said 10 seminars would be held nationwide this year.

They would be conducted in Mandarin, Malay, English and Tamil and were aimed mostly at those from the Chinese and Indian communities, which had a high alcohol abuse rate.

“The public has to understand that alcohol is not part of our culture and it will bring harm if it is abused,” she said.

Earlier, in his speech, KLSCAH secretary-general Yong Yew Wei said the Road Safety Council estimated that drinking and driving caused 30% of road accidents nationwide, with 38% of these resulting in fatalities.

“A study also shows that absenteeism from workplace among alcoholics is 16 times higher than others,” he said, adding that non-governmental bodies played a vital role in promoting a healthy lifestyle.

Petrol RON95 price to be reviewed next month

Come next month, the government will review prices of all petroleum products, including the RON95 petrol, before deciding to retain them or otherwise, Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said today.

He said the price revision to be conducted by the ministry and other agencies such as the finance ministry and the Performance Management & Delivery Unit (Pemandu) would determine whether prices would be maintained or increased, depending on the government's subsidies.

"According to Pemandu's subsidy rationalisation plan, there will be a revision every six months for subsidies on all products.

"The last revision we had for diesel, LPG and RON95 was in December, last year.
"This means that a mid-year revision will be carried out this month or early June...I can't say what will happen but the revision will take place and the government's subsidy burden is high," he told reporters after officiating the Ipoh Umno Division Delegates Meeting today.

He said this when asked on the current price of RON95 petrol, following the increase in price of RON97 petrol to RM2.90 per litre.

On April 2, the price of RON97, which was floated according to current petrol prices, rose 20 sen to RM2.70 per litre, following the Middle East crisis, while the price of RON95 increased by five sen to RM1.90 per litre last December.

Ismail Sabri said, although he had previously stated that petrol prices would not go up at the moment, it did not guarantee petrol prices would stay the same forever, because the government was already burdened with subsidies for petroleum products.

"Last year, the government's subsidy for petroleum products was RM8 billion when world fuel prices shot up, and we don't see signs that it will drop. If this continues, the government will bear RM18 billion in subsidies this year, an increase of RM10 billion," he said.

He said, should subsidies be reduced, the RM10 billion could be used to build more schools, village roads, housing projects and educational aid.-- Bernama

Nazir voted best CEO, Public Bank best-managed company

KUALA LUMPUR: Public Bank Bhd emerged top in four out of nine categories under FinanceAsia's "Asia's best managed companies" country listings, while CIMB Group chief executive officer (CEO) Datuk Seri Nazir Razak was voted the "Best CEO".

Maxis' chief Sandip Dass was the runner-up for the "Best CEO", followed by Public Bank chief Tan Sri Tay Ah Lek in third place.

Malaysia's third largest bank in terms of asset and market capitalisation, Public Bank was polled the "Best managed company", "Best corporate governance", "Best corporate social responsibility" and "Most committed to a strong dividend policy".

The country's second largest lender CIMB Group, which topped the polls in "Best investor relations" category, came second after Public Bank in the four categories.

AirAsia Bhd was voted the "Best mid-cap", while integrated media group Media Prima Bhd came second in that category.
Gloves maker Latexx Partners Bhd was voted the "Best small-cap".

Malayan Banking Bhd chief finance officer (CFO) Khairussaleh Ramli was polled the "Best CFO".

Hong-Kong based FinanceAsia revealed the poll results for India and Malaysia on its website yesterday.

The publication has tallied votes from over 300 investors and analysts across the region for its 11th annual poll of Asia's top companies.

"The remaining results will be published during the course of this week, before finally revealing which companies are viewed as the best managed in the region in 10 key industries," FinanceAsia said on its website.

Read more: Nazir voted best CEO, Public Bank best-managed company 

10 Things Your Boss Isn't Telling You

Part of being a boss is having difficult conversations. But managers are human, and while they should be tackling difficult or awkward topics head-on, in reality plenty of them shy away from it.

Here are 10 things that your boss might be too uncomfortable to say to you:

1. You talk too much in meetings. Before you take up the group's time at the next meeting, ask yourself whether everyone there really needs to hear what you're about to say.

2. You're spending too much time on Facebook. You might think it doesn't impact your productivity, but most managers are sure it does. They don't want to see you logged into Facebook or other social networking sites when you're supposed to be focused on work.

3. You're too emotional. If you routinely get upset, offended, or angry, your boss might dread giving you critical feedback, to the point of avoiding it altogether--which will put you at a huge disadvantage. You want to know what you could be doing better, and you're more likely to hear it if you don't make it difficult for your boss to tell you.

4. You dress inappropriately. Especially if you're a female employee with a male manager, you might never be alerted that your necklines are unprofessionally low. But that doesn't mean that people aren't noticing and taking you less seriously because of it.

5. Your attitude stinks. If you're high-maintenance or complain frequently or don't ever take ownership for your work, your boss probably considers you a pain to deal with. Guess what that means for you? Less interesting assignments, less flexibility, lower raises, and ending up at the top of the list if cuts ever need to be made.

6. There's a reason you're being micromanaged. Your manager might love to back off if only you'd stay more on top of things, stop letting things fall through the cracks, and generally be someone she can rely on more. She's hovering because you haven't given her reason to trust you.

7. You bring your personal life to the office in ways that make people uncomfortable. If you're making personal calls that involve yelling, swearing, or crying, or if you're regularly telling your co-workers about your latest marital fight (or latest hot date), it's a safe bet that people around you are cringing.

8. Your bias shows, and it makes you less credible. Most managers can tell when you're not playing it straight with them. The way to have real credibility with your boss is to be vigilant about putting all the facts on the table when you're talking through an issue, and even be candid about your own biases.

9. Your co-worker earned that special treatment. Sometimes the reason that your co-worker gets to come in late or get better projects than you might be that she worked all weekend and regularly outshines you with her work.

10. You don't need to agree so much. Good bosses want to hear differing opinions. If you can tell that you're on a different page than your boss--about a project, how realistic a deadline is, or the best way to deal with a difficult client--don't ignore that difference. Bringing your different outlooks to the surface and explicitly talking about it may reveal that one of you has information that the other doesn't have, which can result in one of you changing your stance. Plus, if you stay silent and it turns out later that you were right, your boss may be irked that you didn't tell her about the case for proceeding differently.

Now, to be clear, a good boss won't stay quiet on any of these topics. But there are plenty of not-so-good bosses out there. And you probably know if you have one.

world's strongest bank - OCBC Bank

Singapore-based OCBC Bank, whose second largest market after the republic is Malaysia, has topped the list in Bloomberg Markets' inaugural ranking of the world's strongest banks.

"We are delighted to be recognised as the world's strongest bank by Bloomberg.

"It is an honour not just for all of us in the OCBC Group, but also for Singapore as a leading financial centre," said OCBC Bank chief executive officer David Conner.

Bloomberg Markets said OCBC Bank achieved the highest score in its assessment of the financial strength of the top global banks worldwide.
Other banks in the top three spots are Svenska Handelsbanken in Sweden and the National Bank of Canada.

OCBC Bank has been operating in Malaysia for more than seven decades and is today one of the top five foreign banks in the country, offering a range of specialist financial services that include consumer, corporate, investment, premier and transaction banking, as well as global treasury services to meet the needs of its customers across communities. - Bernama

Malaysia 2012 Budget to be tabled on Oct 7: Najib

Prime Minister Datuk Seri Najib Tun Razak said Budget 2012, to be tabled in Parliament on Oct 7, 2011, would be inclusive, people-centric and accelarate the transformation efforts.

It would be another milestone towards a developed and high income economy by 2020, he said.

"Let us work together in making this a reality," he said in his opening remarks at the Budget 2012 Consultation here today.

He said the formulation of Budget 2012 would be challenging indeed.
"We have to rise to the occasion and come up with bold and innovative approaches and solutions," said Najib who is Finance Minister.

He said the focus would be on accelerating the transformation efforts towards enhancing the growth momentum and sustaining the well being of the people.

Last year, the goverment allocated RM212 billion for 2011 Budget, which was 2.8 per cent higher than the allocation for 2010.

Of the amount, RM162.8 billion was for operating expenditure and RM49.2 billion for development expenditure. - Bernama

Sugar price up 20 sen from tomorrow

The government has announced that the price of sugar will be increased by 20 sen, from RM2.10 a kilogramme to RM2.30 a kilogramme, effective Tuesday.

Domestic Trade, Cooperatives and Consumerism Ministry secretary-general Datuk Mohd Zain Mohd Dom said the price increase was to rationalise the retail price of sugar in line with the decision taken by the Economic Council Monday.

"The government took the decision to rationalise the subsidy for sugar following the decision by the Economic Council that the government's subsidy for sugar should be further reduced," he told reporters here.

He said despite the price increase, the retail price of sugar in Malaysia was still low as compared to neighbours Indonesia, Singapore, Thailand and the Philippines.
In Indonesia, he said, the price was RM3.80 a kilogramme, Singapore (RM3.61), Thailand (RM2.31) and the Philippines (RM4.50).

Mohd Zain said prior to this rationalisation exercise, the government had to shoulder sugar subsidy amounting to RM400 million a year.

With this increase, the government would still have to shoulder RM283.4 million in subsidising sugar yearly and that the savings of RM116.6 million accrued could be used for development purposes, he said, adding that the announcement was being made early so as to prevent hoarding and panic buying.

He said consumers should view the move positively as consuming sugar in large quantities was hazardous to health.

He added that most of the sugar sold in Malaysia was imported from Australia and Brazil. -- Bernama