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Monday, 5 August 2013

South Korea Trip





Just ended my South Korea trip. It was a nice trip where I visited Jeju Island and Seoul.











The culture at Jeju-do island was rich and there were lots of stories behind many of the things that goes on there. Like the stone culture there, the beautiful nature. Although Jeju is a small island, the bus service is quite an hassle as they are mainly in korean, less the Airport Limo Service. Taking a taxi around the island would be the ideal choice as it would allow you to cover many of the attractions in a short period of time. I hired an taxi guide for the whole day at 150,000 won. 







The seafood is fresh there and very nice. Attractions mainly require a nominal fee for entrance fee. Convenience shops are dominated by GS25 and CVS 4 you. 








As for Seoul city, shopping was good as it was the Korea summer sales. I brought a shirt for 5,000 won (Actual Retail price: 35,000 won) Food wasn't cheap as it goes around for 12,000 won  for a normal set lunch. The interesting thing about shopping in a departmental store in Korea is that Plastic bags are not given. Hence we have to wrap our purchases using discarded cardboard boxes that were provided.

Sunday, 28 April 2013

DBS supports social enterprises with start of sailing event


DBS kicked off the first session of the DBS Marina Bay Sailing Programme today by taking close to 100 beneficiaries and their families from five social enterprises to sail in the Marina Bay Waterfront Promenade.
These social enterprises included A-changin, Bakery Hearts, Bizlink Singapore, BlisSE and Circus in Motion, and their beneficiaries and families were treated to an afternoon of fun and sun as they enjoyed this unique sailing experience.
Over 200 members of the public also had the chance to sail in the Bay today. DBS is the first corporate in Singapore to offer complimentary sailing to the public at the Bay on a regular basis. The programme received strong public interest and tickets for April and May were snapped up within hours when it first launched. Since then, more sessions have been added and more than 3,000 people are expected to participate in this programme from April to November this year. Tickets are available two months prior to the sail date and booking for the 29 June session will open at 10am on 29 April. 
The sailing programme is part of a bigger initiative by DBS Bank to engage the community, enliven the Bay, and to share the vibrancy and dynamism of Singapore’s new financial downtown with the wider population since moving to its new headquarters at the Marina Bay Financial Centre last year. In early April, DBS announced its plans to invest SGD10 million over the next three years to enable people from all walks of life to enjoy the Bay and make it a ‘People’s Bay’ 
Other key activities lined up this year include the DBS Marina Regatta - Singapore's largest water festival - in May, the POSB PAssion Run for Kids in September and a DBS Social Enterprise Special at the end of the year.

Tuesday, 16 April 2013

Opinion article on Interest Rate Swaps


In partnership with various websites, we would be carrying opinion articles on financial news and products from various websites. This is kindly contributed by 

Light at the end of the tunnel after interest rate swaps
The Financial Services Authority has ordered banks to compensate victims of interest rate mis-selling. It’s said that the banks employed underhand tactics when encouraging small businesses to sign up for financial services such as interest rate swaps, which have led to some of their customers being forced to pay out thousands to the banks as a result of falling interest rates.  Some of the products that the banks are accused of mis-selling involved extremely complex terms that the FSA says it wouldn’t expect most customers to be able to grasp easily.

Unfair and immoral?
The banks targeted many small to medium enterprises when selling interest rate swap loans to their customers. Many businesses have been expected to continue to fund the hedges even after the loans have been repaid, often on the basis that the banks expected customers to take out further loans after initial funds were repaid. Many businesses have been hit hard by these complex arrangements and have found that cancellation fees have been marked at around 50% of the original loan, making it not realistic to exit the contracts. Loans and swaps are usually two different products in reality, which is forcing customers to continue to fund the swaps after loans are paid off.

Businesses hit hard
Customers can take on the banks on their own when applying for compensation but there are many firms in existence that can negotiate on their behalf. It’s said that customers may be liable to seriously underestimate the amount of money that is owed to them. Outsourcing negotiations to an expert outside firm may well enable customers to recoup a higher sum. There are a wide range of products that fall under the umbrella term of ‘interest rate swaps’. Some of these are known as ‘caps’ or ‘collars’. An interest rate collar is usually put in place to limit the range in which an interest rate can fluctuate but many customers have been caught out nonetheless by these products.

Left in the dark
The banks sold the products to their customers on the basis that no matter how high interest rates rose to, they would be protected from them by being paid funds that would offset the extra money generated by them. However, the historic fall in interest rates was unforeseen and led to customers having to pay out vast sums of cash back to the banks in order to offset the money that the banks would lose due to falling interest rates. It’s said that the banks did not do enough to explain the risks involved to many of their customers.

A fresh start
It’s said that it’s important that small to medium enterprises affected by interest rate mis-selling are permitted to be freed from the terms and conditions that have been forced on to them as it is these businesses that are being relied upon to get the economic climate back on track. Companies like Lamport Bassitt solicitors have specialist teams for dealing with swap mis-selling claims. The situation is comparable to the scandal of Payment Protection Insurance, yet it’s said that the effects of interest rate swaps are much more cataclysmic than those of PPI.