Malaysian's products

What is credit card??

2006-09-10T05:50:00.000-07:00

if you own a credit card, you are authorized to charge purchases against a pre-approved line of credit. Credit cards may be issued by banks, retailers, and other credit grantors. Some card issuers charge an annual fee to cover account-servicing costs, others do not.

After making purchases with a credit card, they become payable after a Grace Period during which no finance charge is imposed. Afterward, the balance due may be paid in full or paid down in monthly installments with interest. This is commonly known as revolving credit.

Some card issuers charge credit card interest from the purchase date whether the cardholder's account has an outstanding balance or not. Credit card interest rates, interest calculations, annual fees and repayment terms may vary considerably among cards.

Credit Cards: Pros and Cons

Credit has both advantages and disadvantages. By understanding your responsibilities and using it wisely, you can capitalize on the advantages and reduce the disadvantages.

Advantages

Ability to buy needed items now
Don't have to carry cash
More convenient and widely accepted than checks
Creates a record of purchases
Receive loyalty points and other rebates

Disadvantages

The cost of the item may be higher if you incur interest
Using a card may incur fees
Financial difficulties may arise if you lose track of how much you spend each month
Provides an avenue for increased impulse buying

How Are Charge Cards Different?

Charge cards are a little different from credit cards. Charge cards usually have no charge limit, unless the local banking regulations impose one.

You can usually charge as much as you want, but you are required to pay off your entire balance when your bill arrives.

If you don't pay your charge card bill in full, your account may be suspended and you will be charged interest rates on the outstanding balance as well as any additional fees. Your bill may also be sent to the collections department.

How they works.

A credit card user is issued the card after approval from a provider (often a general bank, but sometimes from a captive bank created to issue a particular brand of credit card, such as American Express Centurion Bank), in which they will be able to make purchases from merchants supporting that credit card up to a pre-negotiated credit limit. When a purchase is made, the credit card user indicates their consent to pay, usually by signing a receipt with a record of the card details and indicating the amount to be paid. More recently, electronic verification systems have allowed merchants (using a strip of magnetized material on the card holding information in a similar manner to magnetic tape or a floppy disk) to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. Some services can be paid for over the telephone by credit card merely by quoting the number embossed onto the card (the credit card number), and they can be used in a similar manner to pay for purchases from online vendors.

Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, and the total amount owing. The cardholder must then pay a minimum proportion of the bill by a due date, and may choose to pay more or indeed pay the entire amount owing. The credit provider charges interest on the amount owing (typically, a fairly high rate much higher than most other forms of debt). Typically, credit card issuers will waive interest charges if the balance is paid in full each month, which allows the credit card to serve as a form of revolving credit.

As well as profits through interest, card companies charge merchants fees for money transfer. When the companies formally or informally prevent these fees from being passed on to credit card users but instead require them to be spread among all customers, this raises the possibility of a harmful market imperfection through the mechanism of the Tragedy of the commons. Australia is currently acting to reduce this by allowing merchants to apply surcharges for credit card users. Credit card companies generally do provide a guarantee the merchant will be paid on legitimate transactions regardless of whether the consumer pays their credit card bill. However, credit card companies generally will not pay a merchant if the consumer challenges the legitimacy of the transaction and will fine merchants who have a large number of charge backs.

The credit card was the successor of a variety of merchant credit schemes. The concept of paying merchants using a card was invented in 1950 with Diners Club's invention of the charge card, which is similar but required the entire bill to be paid with each statement. Credit card service was first offered in 1951.

In recent times, Credit card portfolios have been exceedingly profitable to Banks, in lieu of the booming economy of the late nineties. However in the case of Credit cards, High returns goes hand in hand with risk.

Features

As well as convenient, accessible credit, the cards offered consumers an easy way to track expenses, which is necessary both for monitoring personal expenditure and the tracking of work-related expenses for taxation and reimbursement purposes. They have now spread worldwide, and are offered in a huge variety of permutations with differing credit limits, repayment arrangements (some cards offer interest-free periods, while others do not but compensate with much lower interest rates), and other perks (such as rewards schemes in which points "earned" for purchasing goods with the card can be reclaimed for further goods and services).

In addition, some countries such as the United States limit the amount that a consumer can be

held liable for fraudulent transactions which shifts the liability to the merchant. This encourages the use of credit cards for electronic and mail order transactions, collectively called "card not present" transactions. They have spread far and wide beyond their initial market of the wealthy businessman and are now ubiquitous amongst the middle class of most Western countries.

Security

The relatively low security of the credit card system presents many opportunities for fraud. However, this does not imply that the system is broken. The goal of the credit card companies is not to eliminate fraud, but to reduce it to manageable levels, such that the total cost of both fraud and fraud prevention is minimised. This implies that high-cost low-return fraud prevention measures will not be used if their cost exceeds the potential gains from fraud reduction. This opportunity for fraud has created a black market in stolen credit card numbers, which must

generally be used quickly before the cards are reported stolen.

Three improvements to card security are being introduced to the more common credit card networks at the time of writing. An additional 3-4 digit code is now present on the back of most cards, for use in "card not present" transactions. The on-line verification system used by merchants is being enhanced to require a 4 digit Personal Identification Number (PIN) known only to the card holder, and the cards themselves are being replaced with similar-looking tamper-resistant smart cards which are intended to make forgery more difficult. The majority of smartcard (IC card) based credit cards comply with the EMV (Europay Visa MasterCard) standard.

Controversy

There is some controversy about credit card usage in recent years. Credit card debt has soared in recent years, particularly among young people. The major credit card companies have been accused of targeting a younger audience, in particular college students, many of whom are already in debt with college tuition and loans. Credit card usage has tripled since 2001 amongst teen-agers as well.

The benefits of using Credit Cards

Using credit cards gives you a number of benefits that you don't get when paying with cash or cheque. The following are the 10 key benefits of using credit cards.

Convenience

Credit cards offer no-hassle shopping - no cash, no checks, no additional identification.

Security

Lost cash can be used by anyone. If you lose a credit or debit card, report it to the bank that issued the card as soon as possible and you may be protected from unauthorized use of your card. However, different banks may have different liability policies, consult your bank if they offer any liability waiver.

Emergency Protection

A credit card will get you through almost any emergency you can think of. It's like a security blanket that will cover you, in most situations.

Universal Acceptance

Some credit cards are accepted at as many as over 20 million merchant locations worldwide. Try that with a personal check! If you need cash, you can get it at ATMs or banks around the world that accept your credit or debit card.

Simplified Record-Keeping

Credit cards give you a record of all your transactions for the month, so keeping track of where your money goes is easier.

Consumer Protection

When you purchase goods or services with a credit card, you have more clout if a product is not satisfactory because your card issuer may intervene on your behalf. Once you have already paid by cash or check for an item, the merchant may not be too interested in making adjustments. Consult your card-issuing bank clearly what are their policies regarding cardholder's disputes with merchants.

Value-Added Benefits

Many credit cards offer rebates, cash refunds, contributions to your favorite charity, or other special value-added benefits that you won't get with paying by cash.

Flexibility

You're at the mall and see something you really need that's on sale for a limited time. You don't have the cash to pay for it right now, but you hate to miss out on the big savings. A credit card allows you to take advantage of sales and special offers, and then pay for your purchases according to your personal spending plan.

Easier Budgeting

With a credit card, you can plan to finance a major purchase and pay it off on a schedule that fits your budget.

Essential for Mail, Phone or Internet Purchases

A credit card is essential for renting a car or booking a hotel room. Wherever you travel to around the world, a credit card is the universal guarantee of your good financial standing. A credit card also simplifies and speeds up mail ordering and currently is the only way to make Internet purchases.

Choosing a credit card

Today's consumers are presented with an array of credit card choices --- cards with low interest rates or no annual fees, rebate cards, gold cards, platinum cards, and more.

How do you choose? Consider the impact a credit card can have on your financial health before deciding on one. The annual percentage rate (APR), fees, late payments all affect the overall cost of credit. Bear in mind your bill-paying habits could also affect your total cost of credit.

Credit information from the issuing bank or financial institution should be your guide through the credit card menu. Read all the terms including the fine print of any offer. Shop around for the card that is best for you.

Go through this check list before you choose a credit card:

Do You Pay in Full Every Month?

Many consumers choose to pay their credit cards in full each month. They use credit cards as a convenient way to track their spending and to make purchases without using cash or checks.

For these card users, the interest rate on a credit card may matter less than the size of the annual fee and the rebates they earn when they use the card. Cardholders who pay the balance in full each month might want to consider a co-branded card. These cards may have relatively high interest rates, but if you pay your bill in full, these rates may not affect you. These cards also provide extras such as rebates, cash rewards, and free or discounted merchandise. But beware that the extras may not last the lifetime of the card.

Think a rebate card might work for you? Read the offers thoroughly to find out how much you have to charge to earn rebates. If you don't think you will charge enough within the specified time to collect rewards, the higher interest rate and annual fee might not be worth it.

Also, check whether the company charges interest from the date of the transaction. If so, those high rates may cause you to pay interest on this type of card, even if you pay your balance in full every month.

Do You Plan Ahead?

You're planning to redecorate, and you spot exactly the furniture you want on sale for hundreds of dollars less than you thought you'd have to pay. You've been having a good year, and you'll be getting your annual performance bonus in a few months. Your plan: charge the furniture to your credit card, pay what you can afford each month until bonus time, then pay off the entire amount.

It's a good plan if:

1. you're sure the bonus will come,

2. you limit your spending to the amount of the bonus (don't treat it like an endless supply of money),

3. you've found a card with a credit limit high enough to accommodate the purchase and with a reasonable interest rate over the period of time you'll need to pay off the balance.

4. If the interest you are paying in the interim is less than the money saved from the discount.

Using a card offering a low introductory rate can be one choice for financing large purchases over a short time if you are certain you will pay off the balance and are comfortable with the terms.

Some retailers may allow customers to open credit account with them, but credit cards issued by financial institutions usually have lower rates than store cards.

Do You Plan to Maintain a Balance?

Some credit card users regularly maintain a balance on their cards. Most card users always pay more than the minimum and they shop for the cards with the lowest rate in order to minimize the amount of interest to be paid every month. Shopping for the lowest interest rate is generally a good strategy for users who expect to carry a balance from month to month.

Do You Need a Gold or Platinum Card?

Gold and platinum cards are the premium tier of credit cards, offering a blend of high credit limits and exclusive benefits. Issuing banks usually require gold and platinum cardholders to meet higher standards of income and creditworthiness. The cards sometimes have higher interest rates, so if the value-added enhancements of a gold or platinum card are attractive to you, you may want to pay the balance each month to reduce your cost of credit.

The higher credit limit and other perks offered to users of gold cards are especially attractive to frequent business and/or leisure travelers. Typical value-added services include rental car damage coverage, travel accident insurance and an extended warranty on items purchased with the card.

Platinum is another choice from the credit card menu. Platinum cards may provide an even richer package of perks than gold cards, and the qualifying standards may be set higher. Some charge an annual fee. It's important to consider a card's terms and ask yourself which perks you'll really use before committing to gold or platinum.

Is a Co-branded or Affinity Card Useful to You?

Did you know that your dream vacation could get closer each time you charge a purchase on your credit card? Did you know that whenever you use your credit card you could contribute to your alma mater?

Sound interesting? Co-branded and affinity credit cards not only help you earn free air travel, but they can also help you support your favorite educational or cultural institution.

Co-branded and affinity cards carry the name of a third party on the card, in addition to the name of the bank or financial institution that issued the card and the card brand. Both co-branded and affinity cards offer additional value from each transaction made with the card. The difference is who benefits.

Co-branded cards

With co-branded cards, you typically benefit by accumulating points for discounts with every charge. Airlines pioneered the co-branded concept more than 12 years ago, awarding tickets, upgrades, and discounts based on frequent flier miles earned for charging tickets to the airline's co-branded credit card. There are many co-branded cards issued by banks in Asia Pacific, with co-brand partners ranging from department stores, airlines, travel agencies to retailers, etc.

Today in some countries, as high as 35 percent of all cardholders have a co-branded card. Co-branded cards sometimes have no annual fee and higher credit limits, but they may also have higher interest rates and annual fees than regular credit cards. If you usually carry a balance on your card, you need to determine if the rebates you earn are worth the higher interest.

Affinity cards

With affinity cards, a third-party organization - an alumni association or a charity or a museum, for example - receives a portion of each transaction made with the card. Some affinity card partners, like professional sports teams or environmental protection foundations, may also offer perks like discounts at selected stores or a free gift with the first purchase you make with the card.

Choosing Wisely - Using Wisely

"Know yourself" should be the motto of anyone shopping for a credit card. A bit of research and a good deal of self-analysis of your credit needs and bill-paying habits should lead you to the right card. Regardless of which card you choose, use your card wisely, and repay your debts on time.

Understand your Credit Cards

You haven't had a vacation for a long time, you've been thinking of a holiday to your dream destination after months of stressful work, but with a price tag of RM2,000, it seems unreachable. One day, you find a special off-season deal at a travel agent at only RM1,000.

With opportunities like these, your credit card can be the most powerful budgeting and money management tool you own. That small but mighty piece of plastic allows you to snap up the things you want when they are on sale -even if you don't happen to have the cash on hand when you run into a bargain. And if an expensive emergency should arise, you can even use your credit card to get a cash advance.

But a credit card is a responsibility and, if misused, can get consumers in over their heads.

Your Cardholder Agreement: No Secrets Here

One of the greatest things about credit cards is that there are no secrets. If you've got a card in your wallet, the issuing bank has already sent you everything you need to know about using the card. If you're shopping for a card, issuing banks will be glad to send you the information you need with your application. Then, it's up to you to read, understand, and live by the rules.

Remember, READ AND UNDERSTAND THE TERMS AND CONDITIONS of your cardholder agreement, which is essentially a contract between you and the bank.

Know Your Rights

Understand clearly your rights as a cardholder and what sort of protection or liability waivers the issuing bank may provide.

Ask questions such as:

What is the procedure for increasing or reducing my card's credit limit?
What happens if my card is lost or stolen and unauthorized transactions are made?
What protection do I have if the goods or services I paid for with my card are defective?
Does my card provide any extra or emergency services when I am traveling overseas?
Does my card offer me insurance coverage when I travel?

Understand Your Responsibilities

As a responsible credit card user, you should understand the terms used by your issuing bank. Among those you're likely to find are the following:

Miscellaneous Fees

Some card issuers require an annual fee - the amount you must pay to get a card or to renew it every year. Some banks also charge fees for submitting an application, for being late with a payment, for taking out a cash advance, for exceeding your credit limit, or for maintaining a zero balance. Read your statement carefully so that you know all of the terms and conditions.

Grace Period

This is the number of days the bank allows you to borrow their money interest-free. Grace periods vary, usually from two weeks to 25 days, depending on the bank that issues the credit card. This period is usually applied to new purchases, but only if there is no old balance being carried forward. After the grace period expires, if you haven't paid your balances in full, interest can be accrued from the date of purchase.

Some cards do not offer interest-free grace periods, and you start incurring interest from the date of any purchase.

Cash Advances

The issuing bank or financial institutions treats cash advances like loans, not like purchases or merchandise. When you take a cash advance, interest begins to accrue differently - sometimes without a grace period and at a higher rate. Check with your card-issuer for cash advance fees and interests.

Interest Calculation

When you use your credit card, the issuing bank or financial institution is really giving you a loan for the amount of your purchases. The bank charges a fee - called interest - for using its money. The credit card company pays the travel agent or the furniture store within a few days of the transaction, and you must begin repaying the loan when your monthly statement arrives in the mail.

All interest charges can usually be avoided by paying the balance in full within the time limit specified on your statement. Check the fine print though, because some banks charge a fee for maintaining a "RM0 balance" or don't have a "grace period".

If you choose not to pay all you've borrowed from the bank - banks call that "revolving the balance" - interest will be charged. Obviously, the quicker the balance is paid in full, the less interest is paid. Be sure to learn about the terms and policies of your credit card. Interest rates will vary by card, some may begin charging immediately without any "grace period". Some start charging interest from the date of transaction or the date when the transaction is processed in the system. Others may start charging interest from the date on your statement.

Banks use various methods to calculate interest, and it's up to you to learn how your bank computes these charges. Unlike a house mortgage or a car loan, credit card interest can be charged by the day or by the month.

If you do not pay the balance in full, interest on the unpaid amount, or revolving balance, will be added to the total amount owed. When this happens, you are paying interest on interest, also called compound interest. Any new purchases you make can be included in the total balance immediately and will begin to accrue interest from the date of purchase. If you have a large balance, paying only the minimum amount each month can be an expensive way to use your credit card.

Try to anticipate your credit needs. A few months before the holidays or before you head off on that dream vacation, start paying down your balance by sending in more than the minimum payment. When you begin charging holiday gifts or charging for your vacation, you won't be piling new bills on top of old ones, and there will be less chance of exceeding your credit limit.

Be sure to know what your APR (annual percentage rate or interest rate) is, and always include the cost of credit in your budgeting or money management.

How Interest Works

Credit card interest rates are set yearly, but calculated monthly. Some credit card interest may be calculated daily and charged monthly. For example, let's say your card has an APR of 18%. If your total purchase is about RM100, it would cost you approximately an additional RM18 in interest if you choose to stretch your payments over a full year, and you do not charge additional purchases on top of your balance. And if your card "compounds" the interest (a practice of charging interest on the monthly interest accrued), the total interest will be several dollars more than the annual rate.

To calculate your monthly interest charge, the bank takes the 18% APR and divides it by 12 months for the year. That comes to 1.5% of the average daily balance for the month.

The average daily balance is a method of leveling out the amount you owe, which may fluctuate from day to day because of payment and purchases. The calculations to determine average daily balance sound complicated, but they're really rather simple.

In effect, the bank adds together the balance on your credit card for each day of the month, and divides the total by 30, the number of days in the month. For a more complete explanation of how the average daily balance is calculated, see the chart.

Yearly Rate = 18%

Monthly Rate = 1.5%

STATEMENT 1

(Based on a RM100 purchase on the first day of the billing cycle)

Previous/beginning balance = RM100

Balance subject to finance charge = RM0

Finance charge = RM0

Payment made 25 days into cycle = RM50

Ending balance = RM50

STATEMENT 2

Previous/beginning balance = RM50

Balance subject to finance charge
(RM100 x 25 days/30 days = RM83.33)
(RM50 x 5 days/ 30 days = RM8.33)
(RM83.33 + RM8.33 = RM91.66 or RM92)= RM92

Finance charge (1.5% of RM92 = RM1.38) = RM1.38

Ending balance (RM50 + RM1.38 = RM51.38) = RM51.38

Let's say you decide to pay the RM100 charge for your dress in two monthly payments of RM50. You receive your credit card statement and see the charge listed. Approximately three weeks after you receive your statement, you mail in your payment of RM50. It arrives at your bank 25 days into your credit card cycle. You make no additional charges and next month's credit card statement arrives.

You see your previous balance of RM50, an interest charge of RM1.38, a balance subject to finance charge of RM92, and an ending balance of RM51.38. Meaning the total cost of purchasing the dress, assuming you pay the ending balance in full, is RM101.38.

But how did the bank arrive at RM1.38 in interest?

If you had paid the RM100 charge in full by the due date on the statement, you would have paid no interest, leveraging the bank's "grace period" - generally 14 to 25 days from the date of purchase. But because you paid only RM50, interest is accrued from the date of purchase using the average daily balance method.

So in calculating the average of your account's daily balance, the bank looks at the number of days carrying any given balance. Since your first RM50 payment was received 25 days into the credit card cycle, you carried a balance of RM100 for 25 days (RM100 x 25 days divided by 30 days in the month = RM83.33, the average daily balance for 25 days).

After your first payment was received, you then carried a balance of RM50 for the remaining five days in the month (RM50 x 5 days divided by 30 days in the month = RM8.33, the average daily balance for 5 days).

If you add both average daily balances from above, you get your balance that is subject to a finance charge of RM92. Therefore, the 1.5% (the monthly interest rate) of RM92 is RM1.38, your interest charge.

How Much Can You Afford?

The 20-10 rule makes a good "rule of thumb" for understanding how much credit you can afford. The 20 refers to: never borrow more than 20 percent of your yearly net income (not including your housing or mortgage debt). The 10 refers: monthly payments should not exceed 10 percent of your monthly net income.

Note:

This is intended as an educational guide. The information presented is not intended to advise you of strategies applicable to your specific situation, but rather to highlight issues for your consideration. Therefore, you should always consult your financial or tax advisors.

Credit Card Issuer in Malaysia

Affin Bank Berhad	www.affinbank.com.my
Alliance Bank Malaysia Berhad	www.alliancebank.com.my
AmBank Berhad	www.ambg.com.my
Bank Islam Malaysia Berhad	www.bankislam.com.my
Bank Simpanan Nasional	www.bsn.com.my
Bumiputra-Commerce Bank Berhad	www.bcb.com.my
Citibank Berhad	www.citibank.com.my
EON Bank Berhad	www.eonbank.com.my
Hong Leong Bank Berhad	www.hlb.com.my
HSBC Bank Malaysia Berhad	www.hsbc.com.my
Malayan Banking Berhad	www.maybank2u.com.my
MBF Cards Malaysia Sdn Bhd	www.mbfcards.com
OCBC Bank (Malaysia) Berhad	www.ocbc.com.my
Public Bank Berhad	www.publicbank.com.my
RHB Bank Berhad	www.rhb.com.my
Southern Bank Berhad	www.sbb.com.my
Standard Chartered Bank Malaysia Berhad	www.standardchartered.com.my
United Overseas Bank (Malaysia) Berhad	www.uob.com.my

Royal Selangor Pewter

2006-09-09T09:59:00.000-07:00

About Royal Selangor

Founded in 1885, the company has a workforce of more than 600 skilled craftsmen. The Royal Selangor factory is reputed to be one of the world's largest. During the 18th century, items were mainly incense burners and candle holders for the oriental market. With the British colonials, the offering expanded to tankards, ashtrays and even tea services. The brand was then known as Selangor Pewter.

In the 1970s, the company started exporting, firstly to Singapore, Hong Kong and then Australia. Towards the 1980s, the market expanded into Europe and then later to Japan.
In 1992, the company changed its name to Royal Selangor to reflect its royal endorsement from His Royal Highness and to reflect its diverse product range, which has extended beyond pewter.

Royal Selangor is the most well-known brand in pewter. Presently, the company offers over a thousand different tableware and gift items, from traditional tankards and elegant tea sets, to captivating photo frames and handsome desk accessories.

Distributed in more than 20 countries around the world through its own retail shops as well as a network of distributors, you will also find Royal Selangor in fine stores such as Harrods and John Lewis in United Kingdom; and Wako and Mitsukoshi in Japan to name just a few.

The company has ten marketing offices complete with warehousing facilities around the world. This includes Australia, Canada, United Kingdom, Unites States, Japan, Hong Kong, Singapore, China, Thailand and Malaysia and a network of exclusive distribution agents in the rest of the markets.

Royal Selangor pewter is composed of tin, with a small proportion of copper and antimony added to strengthen it. Unlike pewter in the olden days, pewter produced by Royal Selangor does not contain lead, and adheres to international standards.

As pewter has a low melting point and relative softness, it is an ideal material for craftsmen and designers to work with. Designers at Royal Selangor are able to express individuality, beauty and character of the material in a variety of finishes and forms. The material also lends itself to different manufacturing techniques, some of which have been handed down through many generations.

Royal Selangor maintains stringent standards of quality control such that any item that does not meet these standards is rejected. It is certainly assuring to know that no Royal Selangor tea or coffee pot will ever drip because each spout has been flawlessly designed and crafted.

One of the reasons for Royal Selangor's success in the gift and tableware market is its commitment to innovative designs and excellent craftsmanship. Every year, the company comes up with new ranges, some of which have received international recognition. For instance, in 1989 and 1991, Royal Selangor received the Design Plus award at the Frankfurt International Gift Fair. And in 1997, Royal Selangor received the Gift of the Year Award in the licensed gifts category, from the Giftware Association of the United Kingdom.

Grand Slam of Design Awards - The Royal Selangor Wine Celebration funnel made history by winning not one but three international design awards; a Red Dot Award from Germany's Design Zentrum, an IDEA2002 Bronze from the Industrial Designers Society of America and a Good Design Award 2002 from the Japan Industrial Design Promotion Organization.

With a talented team of designers and a versatile manufacturing facility, Royal Selangor also custom-manufactures exclusive pieces for corporations and individuals. The company was appointed Official Supplier of Medals and Official License for Pewter for the Kuala Lumpur 98 XVI Commonwealth Games.

Royal Selangor trophies have also graced the winners' podium for other major world class events such as the World Cup Golf 1999 and the Formula One Malaysian Grand Prix. Its latest achievement was its appointment as the License for the Sydney 2000 Olympic Millennium Collection, a pewter range exclusively designed to commemorate this spectacular event.

The brand added yet another milestone to its history with launch of the Royal Selangor Visitor Centre in April 2004 at Setapak Jaya, Kuala Lumpur. From the crafting processes to the brand's rich history, the centre offers visitors a multi-sensory experience of the fascinating world of pewter. As testament to its appeal, within a year of its opening the Royal Selangor Visitor Centre won the Best ASEAN New Tourist Attraction Award. More about the visitor centre can be found at visitorcentre.royalselangor.com

Royal Selangor has some 70 of its own shops in prime locations, especially in major shopping complexes.

Creative merchandising and in-store display, supported by excellent customer service, make shopping at Royal Selangor a wonderful experience. Besides these retail outlets, customers can also enjoy the convenience of shopping at www.royalselangor.com where hundreds of designs are available. This site was chosen as one of the winners of the prestigious CIO Awards in the year 2001, which recognises companies in Asia demonstrating the most effective use of technology in business. In addition to selling online, the site is an effective and efficient tool to promote the company brand name and also functions as a channel to obtain feedback directly from its customers.

Since 1970s, the company has diversified extending its business to the design, manufacture and marketing of precious jewellery and also 925 hallmarked sterling silver. Under the names of Selberan and Comyns, each individual company strives to create things of beauty, maintaining the tradition of excellence and innovation synonymous with Royal Selangor.

A reputation for uncompromising quality, Selberan has a team of qualified gemologists, designers and craftspeople trained by European master jewellers. Renowned for its beautiful designs, Selberan has won more than 20 design accolades. In 1997 the brand won the International Pearl Design Contest and was also the Asia Pacific finalist for the Diamonds - International Award. In 2001, Selberan garnered the Industry Excellence Award for Innovative Product.

Founded in England, Comyns is one of the oldest and more prestigious manufacturing silversmiths in the world. It was acquired by Royal Selangor in 1993, together with its magnificent archive of over 35,000 drawings, patterns and moulds. Comyns continues to make objects of the finest quality for both the world's leading retailers and discerning individuals.

Innovation has always been a strong point for Royal Selangor. In 1996, Royal Selangor together with Victoria and Albert Museum of London, came up with a range of tableware inspired by 17th and 18th century pieces and in the following year, the award-winning William Morris wine accessories were introduced.

More recently Royal Selangor launched a brand new contemporary range by British Young Design Award winner Nick Munro. The launch took place around the world at the top international gift fairs in the United Kingdom, US, Canada and Australia.

The spirit of innovation extends beyond products. Catering to the increasingly sophisticated tastes of its customers, Royal Selangor brings a fresh and contemporary look to its outlets, starting with its flagship store at Suria KLCC. The store offers a chic and comfortable setting where customers can take their time to explore and rediscover pewter at its best.

Real Estate Home Loan

2006-09-09T09:23:00.000-07:00

Real Estate Home Loan

Home Loan in Malaysia has taken great changes in recent years with the drop in Interest rate. Many home owners who has taken home loan many years ago choose to refinance their property and save a great deal of money. The low interest rate also offer opportunity for buyers to repay their loan over a longer period with affordable monthly installment.

As you think about applying for a home loan, you need to consider your personal finances. How much you earn versus how much you owe will likely determine how much a lender will allow you to borrow.

First, determine your gross monthly income. This will include any regular and recurring income that you can document. Unfortunately, if you can't document the income or it doesn't show up on your tax return, then you can't use it to qualify for a loan. Most Banks or lender will ask for your Form J as a way to prove your income. However, you can use unearned sources of income such as alimony or lottery payoffs. And if you own income-producing assets such as real estate or stocks, the income from those can be estimated and used in this calculation. If you have questions about your specific situation, any good loan officer can review the rules.

Next, calculate your monthly debt load. This includes all monthly debt obligations like credit cards, installment loans, car loans, personal debts or any other ongoing monthly obligation like alimony or child support. If it is revolving debt like a credit card, use the minimum monthly payment for this calculation. If it is installment debt, use the current monthly payment to calculate your debt load. And you don't have to consider a debt at all if it is scheduled to be paid off in less than six months. Add all this up and it is a figure we'll call your monthly debt service.

In a nutshell, most lenders don't want you to take out a loan that will overload your ability to repay everybody you owe. Although every lender has slightly different formulas, here is a rough idea of how they look at the numbers.

Typically, your monthly housing expense, including monthly payments for taxes and insurance, should not exceed about 28 percent of your gross monthly income. If you don't know what your tax and insurance expense will be, you can estimate that about 15 percent of your payment will go toward this expense. The remainder can be used for principal and interest repayment.

In addition, your proposed monthly housing expense and your total monthly debt service combined cannot exceed about 36 percent of your gross monthly income. If it does, your application may exceed the lender's underwriting guidelines and your loan may not be approved.

Depending on your individual situation, there may be more or less flexibility in the 28 percent and 36 percent guidelines. For example, if you are able to buy the home while borrowing less than 80 percent of the home's value by making a large cash down payment, the qualifying ratios become less critical. Likewise, if Bill Gates or a rich uncle is willing to cosign on the loan with you, lenders will be much less focused on the guidelines discussed here.

Remember that there are hundreds of loan programs available in today's lending market and every one of them has different guidelines. So don't be discouraged if your dream home seems out of reach.

In addition, there are a number of factors within your control which affect your monthly payment. For example, you might choose to apply for an adjustable rate loan which has a lower initial payment than a fixed rate program. Likewise, a larger down payment has the effect of lowering your projected monthly payment.

When faced with budget restraints, try these ideas for making home ownership possible.

Malaysia Property Financing

2006-09-09T09:19:00.000-07:00

Malaysia Property Financing

Thinking of investing in Malaysia properties? With Maybank Malaysia Property Financing, you can turn your dream investment into reality!

Eligibility
To qualify for our Malaysia Property Financing, you must be:

Singapore Citizen or Permanent Resident, OR
Malaysia Citizen who is a Singapore Tax Resident

Benefits
With our Malaysia Property Financing, you'll enjoy:

Attractive interest rates
Financing of up to 70% of purchase price or valuation price of your property, whichever is lower
Minimum loan tenure of 5 years and a maximum of 30 years or age 65, whichever is earlier
Easy repayment in Singapore Dollars - Auto monthly repayments if you open a Maybank Savings Account
Latest updates on Malaysia's property developments
No facility fee

So turn your property investments in Malaysia into reality today! To apply, visit any of our 22 Branches in Singapore or or make an appointment with our Relationship Managers today! .

Batik Malaysia

2006-09-09T07:47:00.000-07:00

Batik is a resist process employing wax and dye. The block method uses copper or zinc blocks dipped in melted wax and stampled onto two meter lengths of cotton.The cloth is repeatedly dyed and stamped until the finishing step when the wax is boiled out of the cloth.

Batikers have an identifiable style... usually. These thumbnails represent some of the finest-quality batikers in the Kuala Terengganu area (note: subsequent images are large files, necessary to show detail of scanned cloth)		Sarong diagram

W A N A Z H A R	H A J I W A N I S M A I L	H A Z W A N I

Wan Azhar is a highly repected batiker in the village of Sebarang Takir. His elegant designs are noted for their clarity and cool, crisp colors.	Haji Wan Ismail, a well-known producer of traditional--in style and in method--batik, is at the forefront of the silk-screen transformation. (These examples are hand-stamped.)	Hazwani is a factory in Hileran named after the owner's daughter. It produces batik with a bright, contemporary look which appeals to tourists.
S. Z. A. B. A. R.	K R A F T A N G A N	"W H O I S K N O W ?"

S.Z.A.B.A.R. was a batiker in Masjid Tok Ku whose designs were outstanding, whose colors were wonderfully balanced, and whose execution rivalled Wan Azhar. This factory closed in 2001 due to the economic downturn... a great and irreparable loss.	The Kraftangan are government-supported schools whose curricula include block making, batik,... and silk-screen bati

_DSC7771.jpg	_DSC7773.jpg	_DSC7774.jpg	_DSC7777.jpg
_DSC7779.jpg	_DSC7781.jpg	_DSC7784.jpg

T H E P R O C E S S

T H E B L O C K M A K E R S

the market

The best place to buy sarongs
--best in terms of variety, selection,
and price-- is the markets in K.T.

Folded and stacked so that
only a slice of the sarong is
visible, it takes a careful eye to
discern the color and pattern.

The all-over pattern of batik cloth does not have a border or kepala (head).

Malaysia's Cars by Proton

2006-09-09T06:39:00.000-07:00

Proton cars are manufactured by Perusahaan Otomobil Nasional Sdn Bhd (Proton), based in Malaysia.

[edit]

Timeline

1981 Joint venture proposed with Mitsubishi to build a Malaysian car.
1982 National Car Project given cabinet approval.

Heavy Industries Corporation of Malaysia (HICOM) signs agreement with Mitsubishi.

1983 Proton established on 7th May.

Proton factory established in HICOM area.

1984 Prototype model on test.

Edaran Otomobil Nasional Sendirian Berhad (EON) Privatised.

First car named Proton Saga.

1985 Saga launched.
1986 Saga exported to Bangladesh.
1987 Production reaches 50,000 cars.

Agreement to sell Proton cars in UK.

1988 Saga wins 2 gold medals and 1 bronze medal at International Exhibition in Birmingham (UK).
1989 Local engine plant opens.

Production reaches 150,000.

1990 Saga wins 2 more gold medals at Birmingham International Exhibition (UK).

Production reaches 200,000,

Saga enters Thailand Rally and ended as winners.

1991 What Car awards Saga "Best Purchase" accolade.

12 valve engine released in the UK.

300,000 cars produced.

Transmission and Engine Facility opened by the then-Prime Minister - Mahathir bin Mohamad.

1992 Robotic upgrade to the Proton factory.

Saga variant, Proton Iswara launched.

Proton's hat-trick. 2 gold medals at the Birmingham Exhibition for the 3rd consecutive year.

En Adzmi Abdul Wahab appointed Managing Director of EON.

1993 Proton R&D facility opens.

Proton Wira launched.

Datuk Mohd Nadzmi Mohd Salleh appointed Managing Director of Proton.

Production reaches 500,000 cars.

Proton finishes 2nd in Rally of Dubai.

1994 Proton Satria launched.

Agreement to export cars to Indonesia signed.

1995 Proton Perdana launched by the Prime Minister at Putra World Trade Center.

A more sporty Proton Wira called Wira Aeroback was launched.

In June 1995 proton lauuched in Australia with the Wira sedan.

1996 Production of Proton Tiara begins.

Proton now exporting to 31 countries.

Proton Wira 400 Series launched in Zagreb, Croatia.

1997 YB Dato' Saleh Sulong becomes Chairman of Proton.

Production of Lotus Elise begins.

1998 Proton gains ISO 9002 certification.

Satria GTi and Perdana V6 launched.

1999 Perdana V6 and Satria GTi launched in Singapore and Brunei.
2000 Launch of Proton Juara mini-MPV.
2001 Proton Waja launched.
2002 Launch of Proton Arena and Waja 1.8.
2003 Sponsorship of Norwich City Football Club begins.
2004 Proton Gen-2 launched.
2005 Launch of Proton Savvy.
2005 Syed Zainal Abidin Tahir appointed the new MD.
2006 Launch of Waja Campro 1.6 DOHC
2006 Proton reduced car prices in Malaysia along with several other car manufacturers in a move by the government to lower car prices.
2006 Proton holds talks with sources in Pakistan, Indonesia, India, Saudi Arabia, Sudan, Thailand, and China.
2006 Launch of Satria Neo.

[edit]

Model Range

Proton Saga was the first Proton model, based on the Mitsubishi Lancer Fiore. It rolled off the Shah Alam assembly line for the first time in September 1985. The 100,000th Proton Saga was produced in January 1989. It remains the top-selling model even though newer, more advanced models have been launched.[1] There have been a few other face-lifted models: Proton Knight and Iswara Aeroback, Iswara Limited Edition (painted in light purple with power steering and sporty exhaust note). This model is extremely popular with taxi drivers in Kuala Lumpur who repaint the vehicles red and white.

Proton Saga Iswara, is a face-lifted version of the Proton Saga; originally launched way-back in 1992 and is still one of the top selling models for Proton in 2004 because of its low price. In past decades, this model had been well known for its low fuel consumption. However, with the advancement of technology Iswara has lost in this field. Sometime in 2005, the Saga Iswara was facelifted again and renamed back to the Proton Saga. This new version featured remodeled headlamps both front and rear. It also had an Audi TT-inspired dashboard and 1st generation Lotus Elise-derived dashboard display. In 2006, the Saga was facelifted yet again to include a new wau grille to match the rest of the family.

Proton Wira (also known as the Proton Persona in Europe and some other international markets) was introduced in 1993 and is based on Mitsubishi Lancer/Colt. More than 220,000 units were sold between 1996 and 1998 [2]. This car was, and still is, very popular in Malaysia. The word Wira translates into English as "Hero" but instead of using this as the name in English-speaking countries, Proton chose to use the word Persona. However, from about 2001 onwards, the car has been sold as the Wira in the United Kingdom, whilst in 2002 the Wira was put into production in Iran by Zagross Khodro.

Proton Wira Aeroback
Proton Wira SE

Proton Satria, (also called Proton Compact in the UK) a sporty 3-door hatchback based on the Mitsubishi Colt. Proton gained a lot of valuable engineering knowledge from its takeover of Lotus which ultimately led to a special Lotus badged version of the Satria being produced.

Proton Satria GTi is a 3-door sports hatchback. This was Proton's attempt at the sporty, performance hatchback market. Very popular in Malaysia and has a large following in Australia. Powered by a 4-cylinder 1,800 cc DOHC engine and featured Lotus-tuned suspension, it was one of the best Protons ever built.

Proton Satria R3 is a limited edition road-legal race-spec Satria with only 150 units in production. It features a double seam-welded lightened chassis and a tweaked engine with more aggressive cam timing.

Proton Satria SE is the last batch of Proton Satrias to roll out. Featuring Proton Arena sports rims and grille, and many extras in the interior similar to the Proton Wira SE, this would be the last of the Satrias before the long-awaited SRM (Satria Replacement Model) rolls out.

Proton Satria Neo is the replacement model of the previous Satria variants, using all-new design, chassis and powerplant. Launched on 16 June 2006, the Satria Neo will be available in 1.6L and 1.3L variants, where both variants are powered by Campro engine.

Proton Putra, a 2-door sporty coupe based on the Mitsubishi Mirage. Considered by many as one of the better looking of the Mitsubishi-based models, the Putra was well-received and commands good second-hand value.
Proton Perdana, based on the Mitsubishi Eterna, first produced in 1994, intended for the higher-end market.

Proton Perdana V6 was the facelifted version of the Perdana, featuring a more powerful V6 engine and new front and rear look. It was later facelifted to include the Alfa-Romeo-inspired grille that earned it the nickname Alfa-dana among enthusiasts.

Proton Tiara was a compact car based on the Citroën AX, built under licence by Proton from 1996 to 2000. Faced numerous problems due to Proton not supporting the model after it was discontinued.
Proton Juara, MPV based on the Mitsubishi Town Box Wide. This model was the first batch being totally CKD models from Japan. It featured a modern futuristic shape that was considered to be a bit too modern for Malaysian tastes. It was very economical in fuel consumption and was very versatile. It is also one of the best-equipped Mitsubishi-based models, as it was based on a current model Mitsubishi. It featured keyless entry, auto-dim lights, safety lock for gear, child locks for doors and a digital odometer which was later used in other Proton models. It was also the first Malaysian car to offer Mercedes-Benz-style wing mirror-mounted signal indicators.
Proton Waja (Proton Impian in Europe) is the first Proton to be designed and styled in-house. However, the car's chassis and engine were sourced and adapted from Mitsubishi (except for the 1,800 cc variant, which was powered by a Renault engine). The word Waja translates into English as "steel" while Impian translates into "dreams" or "ambition". The name Impian was chosen as it was considered to be a more pleasant sounding word for the international market. In January 2006, the car was fitted with a CamPro engine which has been re-tuned to boost the horsepower to 86 kW (115 bhp) and 155 N-m pf torque. This made it go full-circle, as the CamPro was originally developed for the Waja, but was deemed not ready for production when the Waja was launched, hence debuting in the Proton Gen.2.

Proton Chancellor is a variant of the Waja for the executive market with a longer base, larger interior space and luxury features.
Proton Waja R3 MME Edition

Proton Arena (Called Proton Jumbuck in UK and Australia), a mini utility vehicle. Based on the Wira platform, Proton engineers managed to develop a vehicle that would cater for those who have an active lifestyle and also those who need a small and economical utility vehicle as opposed to a commercial truck. It also sold very well in Australia, where it had no competition and sold more than 1200 units in its first year. The Arena comes in 3 bodystyles, and is one of the more interesting models to come out from Proton.
Proton Gen.2 is the first fully Malaysian-developed (including chassis and engine) Proton car and the replacement model for the Proton Wira; launched on February 8, 2004. It featured a modern sleek shape, with original design cues like crop-circle rear lamps and concave tail. The interior was very modern and minimalist, with a cool meter cluster. Proton still continued to sell the Wira after the Gen.2 was launched, due to having a huge supply of the vehicle still in stock. The Gen.2 is considered by many to be the best-looking Proton. It has a minimalist and modern interior that was designed with the help of Lotus. However, it did face problems with the quality of the interior and therefore seeked the help of TUV of Germany for quality control, with results clearly visible from the Savvy onwards. The Gen.2 was the first to receive the CamPro engine which needed high revs to obtain full power, and this was sorted out with the re-tuning of later units of the car.

Proton Gen 2 R3 MME Edition

Proton Savvy was launched on June 8, 2005. The 1,200 cc 5-door supermini car is the replacement model for the Proton Tiara. The car is fitted with an engine and a gearbox sourced from Renault.

Proton Savvy R3 Zerokit was based on the Proton Savvy R3 prototype and could be added to a Savvy purchase for an additional RM3000. It featured a roof spoiler, front and rear lips and side skirting.

Proton PERT (Petronas-EON Racing Team), a near-identical copy of the Mitsubishi Lancer Evolution. The current model resembles the Evolution VII and participates in the production class of the World Rally Championship.

[edit]

External links

OFFICIAL MANUFACTURER LINKS

CAR ENTHUSIAST CLUB LINKS

About Malaysia ecomomy

2006-09-09T06:17:00.000-07:00

Malaysia

MAIN FEATURES OF ECONOMY

CHARACTERISTICS OF MARKET

SPECIAL AREAS OF GROWTH

PROSPECTS FOR NORWEGIAN TRADE

TRADE STATISTICS NORWAY-MALAYSIA

MAIN FEATURES OF ECONOMY

At the time of its independence from the British Empire in 1957, Malaysia was a country dependent on agriculture and primary commodities, Since then, the Malaysian economy has evolved to become an export driven economy, spurred by knowledge based and capital intensive industries. This structural transformation of Malaysia’s economy over the last 40 years has been the result of aggressive industrialization policies to develop a manufacturing-based, export driven economy.

Today, Malaysia has a diversified economic structure. The main sectors of the economy are services, manufacturing, agriculture, mining and construction. Malaysia is one of the largest exporters of semiconductors, and air-conditioners in the world, and it is also noted for exports of petroleum, liquefied natural gas and agriculture-based commodities such as palm oil and rubber.

This export driven nature of the Malaysian economy has made it vulnerable to regional and global economic conditions such as the Asian Financial Crisis in 1997, the Electronic and Electrical sector downturn in 2001, and more recently, the SARS epidemic and Iraq crisis in 2003. Nonetheless, the Malaysian government has been able to respond quickly and effectively, and through the implementation of various monetary and fiscal policies, mitigated the worst effects of these adverse external environments.

During the last decade, the Malaysian economy achieved average annual growth rates of about 7%. In 2003, Gross Domestic Product grew by 5.3% to RM231,674 million. Going forward, the government is confident that strong macroeconomic fundamentals will see the country’s GDP increasing by 7.0% in 2004 and a around 6.0% in 2005.

CHARACTERISTICS OF MARKET

Malaysia's rapid industrialisation was the result of the country opening itself relatively early in the 1960s to foreign direct investments. In addition to its market oriented economy, educated workforce and well-developed infrastructure, a major point of attraction for foreign investors have been the government’s commitment to maintain a business environment that is conducive for growth and profit. The government has also recently eased equity policies, and effective from mid-2003, 100% foreign equity holding is allowed for all investments in new manufacturing projects. In addition, a wide range of tax incentives is also available to companies in selected industries.

The Manufacturing sector contributes some 31% to the country’s GDP and remains strong, as the industry migrates to higher value-added products. Currently, approximately 52% of the manufacturing sector output comes from export oriented industries such as electrical, electronics and machinery industries whilst the remaining 48% comes from domestic oriented industries such as plastic and chemical products, food, beverages and tobacco and construction related products.

The last decade has seen a deepening and widening of Malaysia's industrial base as well as the further development of its services sector. As such, a strong foundation has been laid for the economy to move forward into the new globalised environment.

In the coming decade, an important policy component in Malaysia's development plans will be to enhance the knowledge content of the economy. There will be intensive research and technology development with support from venture capitalists and with ICT as the enabling technology. The next 10 years will see a greater emphasis on human resource enhancement, skilled and knowledge workers being among the major pre-requisites to transform Malaysia from a production-based into a knowledge-based economy.

SPECIAL AREAS OF GROWTH

Recognising that growth of the future economy lies in technological development, the government has tailored development plans to shift away from input-driven growth strategies to knowledge and technology driven strategies. In line with this drive towards developing a knowledge-based economy, two key sectors that have been identified as special areas of growth are the fields of ICT and Biotechnology.

ICT
The government planned concerted efforts to position Malaysia as a competitive knowledge based economy, with ICT facilitating development.

One of the key efforts in boosting the growth of the ICT sector in Malaysia and accelerating Malaysia’s entry into the Information Age has been the establishment of the Multimedia Super Corridor (MSC). Located at the hub of Asia's fastest-growing markets, the goal of the MSC is to provide an ideal multimedia environment that attracts topflight Malaysian and international IT and multimedia companies, and companies that have the potential to become world-class over time.

The MSC has become the regional launch site for companies developing or using leading multimedia technology, allowing these innovators to harness Malaysia's unique competitive advantages that arise from its multicultural links, committed leadership, and proven track record in developing products and services for regional and global markets.

Companies with strong value-added activities which are providers or heavy users of multimedia products and services can be granted MSC-status, which allows them to enjoy certain privileges and incentives such as freedom of ownership, as well as tax and other financial incentives.

Biotechnology
Biotechnology is another sector that has been identified as a core technology to propel domestic innovation and capability to produce novel products for commercial purposes in areas of medicine, energy, farming and food production as well as environment management.

Malaysia’s formed its National Biotechnology Directorate (BIOTEK) to promote and coordinate R&D activities in biotechnology as well as to develop private-public sector collaboration and to assist the commercialization of research. BIOTEK currently manages seven categories of biotechnology R&D activities, namely molecular, plant, animal, medical, environmental and industrial, biopharmacy and food. The government has also forged a partnership between Massachusetts Institute of Technology (MIT) in 1999 to facilitate the interaction, development and training of scientists in critical areas like genomics, bioinformatics and bioprocessing. This program aims to

nurture a group of professionals capable of spearheading the development of the biotechnology industry in Malaysia.

The government has laid plans for the establishment of BioValley Malaysia, a dedicated zone for biotechnology industries in Malaysia. BioValley will be located within the MSC, and will be the nucleus of the biotechnology industry, adopting a cluster approach to develop biotechnology industries. The establishment of BioValley is aimed at stimulating interests from international centers of excellence for biotechnology to collaborate with the national institutes in terms of research and knowledge. The government reportedly hopes to attract 150 biotech companies and US$10.5 billion in investments in the next decade.

PROSPECTS FOR NORWEGIAN TRADE

In addition to the ICT and Biotechnology fields listed above, there are good prospects for Norwegian companies in the following sectors:

Oil & Gas

The production of natural gas during the first seven months of 2004 increased by 2.3% to 5,098 million standard cubic feet per day (mmscfd) as compared to 4,985 mmscfd during the same period in 2003. Total production for 2004 is projected to increase by 11.3% to 6,094 million standard cubic feet per day with anticipated increase in new operational gas fields. Going forward, Malaysia is set to become the world’s second largest producer of liquefied natural gas (LNG) with the completion of the third liquefied natural gas plant.

Crude oil production in the first seven months of 2003 averaged 754,014 barrels per day (bpd) reflecting an increase of 3.3% as compared with 6% in the corresponding period in 2003. Going forward, the production for the full year is estimated to increase by 2.0% with an average of 753,000 bpd.

Malaysia’s natural gas reserves stand at 87 trillion standard cubic feet and are expected to last 43 years, whilst crude oil reserves are estimated at 4.84 billion barrels. To sustain these reserves, efforts will be taken to develop potential small fields and enhancing the production of matured fields. In addition, exploration in deep-water areas will be continued, especially in the states of Sabah and Sarawak. Murphy Oil has discovered very significant oil reserves at Kikeh field, which lies in the deepwater Block K. Preliminary estimates of recoverable reserves at Kikeh are between 400 million and 700 million barrels.

To attract investments in exploration activities, more favourable terms of the production sharing contracts will also be considered. Acquisition of the state-of-the-art technology in exploration and production, intensification of research in oil recovery and reduction in cost are measures to be undertaken.

During the period 2001-2005, a total of RM61.5 billion will be invested by the petroleum industry. Of this, Petronas and its production-sharing contractors will spend RM41.5 billion for exploration, development and production. Another RM8.1 billion will be expended by Petronas to further develop infrastructure and facilities to attract foreign investments in gas-related industries. Given Norway’s expertise and reputation as a leading oil and gas producer, opportunities exist for Norwegian companies to provide technology, products and services across the spectrum of the oil & gas industry.

Marine Aquaculture

Aquaculture is another sector that presents opportunities for Norwegian companies. The output of the aquaculture industry increased from 117,000 tonnes in 2000 to 197,000 tonnes in 2003, and the government forecasts a further 17.4% growth per annum over the 2004-2005 period.

The Malaysian government aims to increase food production to meet national food requirements and increase export capacity, aquaculture has also emerged as a sector with growth potential. The increase will be contributed by the large-scale expansion of aquaculture activities in gazetted Aquaculture Industrial Zones (AIZs). Towards this end, an additional 4,500 hectares is expected to be developed in Kedah, Melaka, Pahang, Perak, Sabah, Sarawak and Terengganu.

Increased efforts will be undertaken to develop new infrastructure, skills and technologies to promote modern aquaculture, including breeding marketable and highly demanded products. Norway’s expertise in the sector would therefore have a lot to offer.

The government is also looking to increase efforts to encourage private sector participation in large-scale commercial food production, such as the formation of strategic alliances to increase investments in upstream production as well as post harvest activities.

Defence

The Malaysian Ministry of Defence will be spending between RM12 billion to RM15 billion to modernize the Malaysian armed forces during the period 2001 to 2005. Some of the planned acquisitions include multi-role combat aircraft, air defence systems, unmanned aerial vehicles, attack helicopters, submarines, heavy lift helicopters, air defence missiles, maritime patrol aircrafts, offshore petrol vessels, etc.

Fish as food

The demand for fish is expected to increase in the future as a result of population growth, increasing income, health consciousness, and an expanding downstream processing industry.

It is estimated that the total demand for fish and fish products in Malaysia by 2010 is 1,591 million tonnes as compared to local fish supply of 1,500 million tonnes. Therefore, Malaysia needs to import more fish to meet local demand.

Environmental services

As Malaysia strives to become a developed nation, the proper management of the environment and natural resources base will be the major emphasis for the country. Specifically, the major environmental and natural resource challenges include waste treatment (including recycling and incineration), ensuring access to clean air and water; providing adequate food without excessive use of chemicals; providing energy services without environmental degradation; developing healthy urban environments and conserving critical natural habitats and resources.