+ 29/07/2010
THE STAR - Customers will lose out, say workshops
PETALING JAYA: A feud between car repair workshops and insurance companies over repair costs is likely to jeopardise customers following a threat by workshops to use only non-original spare parts.

The move by the Federation of Automobile Workshop Owners Association Malaysia (FAWOAM) came about as it accuses motor insurance companies of deducting sometimes up to 30% in settling claims for repair costs.

Their refusal to use Original Equip¬ment Manufacturer (OEM) parts could depreciate the resale value of the vehicle, besides compromising consumer safety.

However, FAWOAM president Kong Wai Kwong acknowledged that only some motor insurance companies were declaring a cut of between 20% and 30% for OEM parts.

+ 27/07/2010
NGOs slam new standard terms for car repairs
This was the collective opinion of consumer groups to the latest announcement by Federation of Automobile Workshop Owners Association of Malaysia (FAWOAM) and PIAM Approved Repairers Scheme (PARS).

For Federation of Malaysian Consumers Association (Fomca) secretary-general Muhammad Sha'ani Abdullah, motoring insurance companies must have the claim process in order so that no party could take advantage of weaknesses in the current procedures.

"By putting a complete standard system based on Bank Negara's guidelines, any workshop would need to follow the and procedures," Sha'ani said.

+ 21/06/2010
THE STAR - Insurers keeping close tabs on interest rates
Rate changes affect returns on investment

PETALING JAYA: Insurers are keeping close tabs on interest rate movements especially since Bank Negara started to gradually raise rates as part of its normalisation move.

This is because slight changes in interest rates can affect their returns on investment especially in the case of bonds where prices move inversely to interest rates.

Bonds held to maturity for five to ten years would not be impacted, unlike those traded in the secondary market by large institutions such as insurance companies.

“If bonds were purchased when interest rates were lower, the price paid would have been higher.

+ 08/06/2010
THE EDGE - Proton continues slide
KUALA LUMPUR: PROTON HOLDINGS BHD [] share price continued to slide for the second day and fell 2% or nine sen to RM4.46 at 9.35am on Tuesday, June 8 after it had said last weekend that talks with German carmaker Volkswagen AG had collapsed as the latter has "other priorities".

On Monday, OSK Research while maintaining its buy call on the stock cut its target price for Proton to RM5.67 (from RM6.94) as it trimmed its PE from 11 times to nine times on FY11 earnings given this negative development and the lack of positive news development over the near term.

Last weekend, Proton confirmed that it had been informed during preliminary talks between them that as such, a potential collaboration with the Malaysian carmaker could not be pursued.

+ 01/06/2010
BERNAMA - Proton Holdings Confirms Changes To Board Composition
KUALA LUMPUR, May 31 (Bernama) -- Proton Holdings Bhd confirmed Monday there will be changes to the board composition within its group of companies as the national carmaker moved forward with its Asian Multi-Local Original Equipment Manufacturer (OEM) Strategy.

The changes would involve both holdings and subsidiaries level, which in essence, was to focus on expanding its export market, specifically Asean, China, India, Middle East and North African markets, the company said.

"In line with this aspiration, more emphasis will be put on export markets and new technologies," it said in a statement Monday.

+ 18/05/2010
THE STAR : April vehicle sales up
Buyers rushed to take delivery before interest rates hike

PETALING JAYA: Motor vehicle sales for April rose 16.8% to 48,706 units from 41,686 in the same month last year due to buyers rushing to take delivery of their vehicles before the hike in interest rates, according to the Malaysian Automotive Association (MAA).

As a result, year-to-date sales were up to 196,121 units from 162,075 units in the previous corresponding period, it said in a statement yesterday.

However, sales of cars and commercial vehicles in April were down 7,433 units or 13.2% when compared with March as production could not meet the April delivery deadline.Buyers rushed to take delivery before interest rates hike.

+ 11/05/2010
BERNAMA - Sapura Auto To Dispose Property For RM49.054 Million
KUALA LUMPUR, May 10 (Bernama) -- Sapura Auto Sdn Bhd is proposing the disposal of a piece of land in Kuala Lumpur, which presently houses an automobile showroom, to Sime Darby Motor Division Sdn Bhd for RM49.054 million, cash.

Sapura Auto, a subsidiary of Sapura Resources Bhd, said the proposed disposal could result in a net gain of RM22.98 million and address the continued losses arising from the group's automotive business.

"The proposed disposal enables the company to unlock the value of its assets and raise immediate funds which may be channelled towards the acquisition of new businesses, expansion of existing businesses and or pare down the group's borrowings," it said in a note to Bursa Malaysia Monday.

+ 30/04/2010
THE EDGE - Zeti : BNM to relook at GDP forecast
KUALA LUMPUR: Bank Negara Malaysia (BNM) will relook at the gross domestic product (GDP) growth figure for this year following better economic conditions, its Governor Tan Sri Dr Zeti Akhtar Aziz was quoted saying by Bernama.

"We realised there could be an upside potential. The major assessment would be made in the middle of this year where the figure could be used in the Budget," she said on Thursday, April 29.

The central bank had forecast a growth rate of between 4.5% and 5.5% for 2010. It had said that the first quarter GDP growth this year showed indications of being stronger than the previous quarter, when it expanded by 4.5 per cent.

Zeti was speaking to reporters after presenting the Kijang Emas Scholarship Award.

+ 05/04/2010
BERNAMA: Najib Tells Bank Negara To Consult Consumer Groups On Third Party Insurance
PUTRAJAYA, April 4 (Bernama) -- Bank Negara Malaysia must take into consideration the plight of the people when proposing new basic motor insurance coverage for third-party bodily injury and death, just like enacting any other policy.

Prime Minister Datuk Seri Najib Tun Razak said the central bank should consult consumer groups, associations and the public to iron out disagreements before committing to the new policy known as the third-party bodily injury and death (TPBID).

It was reported recently that plans are in the offing to limit third-party motor insurance claims to RM100,000, inclusive of hospitalisation, rehabilitation, pain, suffering, loss of income and future earnings.

+ 30/03/2010
THE STAR: MSIG appoints Chua as CEO
PETALING JAYA: MSIG Insurance (M) Bhd has promoted Chua Seck Guan to chief executive officer (CEO) effective yesterday.

Chua succeeded former CEO Kenichi Fukuhara who will return to Tokyo to take up a new role as corporate planning general manager at parent company Mitsui Sumitomo Insurance Japan.

Chua was deputy CEO of MSIG Malaysia since last April and has served 27 years in the company in various senior positions.

In a statement yesterday, Chua said he would continue to work on the plans laid by Fukuhara which were strategically aimed to strengthen the company’s market presence , including market leadship in marine cargo, fire and engineering insurance.

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