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KUALA LUMPUR: Owners of Offshore Support Vessels (OSVs) in the oil and gas industry, are urging the Government and local banks to look into tax and financing issues affecting their business.

According to Malaysia OSV Owner's Association president Tasripin Masotee, local vessel owners were facing stiff competition from foreign-owned vessels (including Labuan registered vessels) that were offering lower daily-charter rates by as much as US$1,000 (RM3,015) to US$2,000 (RM6,030) per day.

He emphasised that OSV players were not asking for handouts from the Government.

“We want a level playing field and tools for us to be competitive and market-driven,” said Tasripin in a statement.

He said factors that had led to the “uncompetitive” charter rates offered by Malaysian-owned vessels included unfavorable fiscal and monetary legislation on corporate tax, high operation and maintenance costs in Malaysia due to tax, work permit fees for foreign crews, and comparatively high cost of financing from local banking institutions.

Tasripin cited Singapore as offering a more favourable environment for OSV owners.

“Currently Singapore offers fiscal benefits or tax exemption to OSVs registered in Singapore. Income derived from the operating or chartering of such ships in international waters, enjoy tax exemption.

However, sadly this is not happening in Malaysia, where the tax exemption is only applicable to merchant cargo ships.”

He also pointed out that in Malaysia, imports of ship engine spare parts, equipment, machinery, mooring and anchor wires, anchors and navigational equipment were taxable items.

“In Singapore, these items are exempted from tax.”

Tasripin also said the cost of financing with banks in Malaysia was much higher, compared with offshore foreign banking institutions, by almost 50%.

“For example, Singaporean owners are paying 3%, while Malaysian owners pay between 6% and 7%. The interest rates in Malaysia are not competitive while margin of financing is lower and repayment periods are shorter. There is no way for local OSV owners to expand their fleet until they have settled the loan of the previous vessels.”

The association's membership consists of 17 companies with a combined fleet strength of 198 vessels.

Malaysia OSV members are said to have a combined revenue of more than RM15bil, and assets of RM10bil, with about 12,000 employed marine crews serving on offshore vessels nationwide.

Presently, there are 49 Malaysian-registered companies (including those registered in Labuan) that own and operate OSVs, with vessels having an average age of six years.

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Tax on local vessels needs review

NEW YORK, Feb. 28, 2012 /PRNewswire/ -- "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth," a report released today by Credit Suisse and Dr. Helena Yli-Renko, Associate Professor of Entrepreneurship at the Lloyd Greif Center for Entrepreneurial Studies at the University of Southern California, provides an intimate look at the challenges and triumphs of 13 successful entrepreneurs across the US and Latin America. The report highlights these high-growth entrepreneurs and traces the trajectories of their respective companies—which have created jobs, introduced innovations and transformed entire industries. It also examines entrepreneurs' responses to common business issues.

(Logo: http://photos.prnewswire.com/prnh/20091204/CSLOGO )

"At Credit Suisse, we are privileged to serve the wealth management needs of many of the world's leading entrepreneurs and their families," said Bill Woodson, Managing Director and Head of Credit Suisse Private Banking USA's Family Wealth Planning Group. "In 'From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth,' we are pleased to shed light on the war stories entrepreneurs share with each other. It is always heartening to hear how they have all overcome so many challenges to create the high-growth, high-impact firms that are the subjects of this white paper."

Findings:
The report categorizes enterprises into two camps: David and Goliaths, depending on their size.
Entrepreneurs, the authors found, have common challenges that they must address: people, financial resources, business networks and environment jolts.

High-growth entrepreneurs have shared approaches to meeting these challenges:

People: The popular conception of entrepreneurs is that they are lone wolves — fiercely independent individuals seeking to forge their own paths. In reality, successful entrepreneurs tend to be collaborative and humble, skilled in communicating their vision and in getting other people to help them. High-growth entrepreneurs are persistent, but not bull-headed. They are highly responsive and adaptive ("There is No 'I' in Team" Principle). Financial Resources:  High-growth entrepreneurs are extremely resourceful when it comes to capitalizing their growth-- often through unconventional means ("Bird in Hand" Principle). Business Networks:  Entrepreneurs' networks are multidimensional—they include friends, family advisors, customers, suppliers and even competitors.  These diverse networks provide checks and balances for entrepreneurs to adjust their personal approach, their business model or both ("It Takes a Village" Principle). Environmental Jolts: High-growth entrepreneurs have a "little engine that could" mindset.  They have little fear of failure. Persistence is their most defining trait. Experienced entrepreneurs excel in turning the unexpected into the profitable ("The Lemonade" Principle).

However, the most surprising finding of this research, according to the authors, is that smaller companies failed to perceive larger, more established companies as threats—but rather as motivating forces.

According to co-author Yli-Renko,  "The key lies in viewing entrepreneurship and company growth as a learning process where entrepreneurs continually hone their ability to make decisions in rapidly changing, uncertain environments. Entrepreneurs should be viewed as problem-solvers and improvisers, making use of whatever resources they have."

The case studies show how founders of fast-growth companies must continually balance and adjust as their companies grow and change. The report features:

Juan Blum, Efficacitas Consulting – Carving out a new market for environmental consulting in Ecuador Andrew Burgert, Nextive –Scaling up an international software company Daniel Davison, OneNews –Creating a model for real-time news reporting Alejandro Diego, Ollin Studios –Scaling and building a reputation as a Latin American visual effects producer Marco Giannini, Dogswell – Managing inventory and continuous innovation: Growing and selling a pet food company Rhonda Kallman, Boston Beer Company and New Century Brewing – Fighting unexpected battles to bring a new beer to the masses Joe Kaplan, Innovative Merchant Solutions –Leading a payments business to acquisition Jim Marggraff, LiveScribe – Launching a ground-breaking consumer technology product Liz McKinley, Pinnacle Petroleum – Learning to delegate while keeping that personal touch Adam Miller, Cornerstone OnDemand – Business model innovation to drive change in the emerging SaaS market Rafael Soares, Yoguland – Creating an overnight sensation: Building a successful frozen yogurt franchise in Brazil Harry Tsao, MeziMedia – Spurring growth with an offshore development initiative Rob Ukropina, Overnite Express – Growing and selling an overnight delivery company

Please click here for a copy of "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth."

Third Annual Entrepreneurs Summit – Sundance, Utah – March 1-2
Private Banking USA will host its third annual Entrepreneurs Summit in Sundance, Utah on March 1-2. This year's Summit will focus on a theme of the new white paper: "Overcoming the Challenges of Growth." It will feature various keynote speakers and experts who have experienced these challenges first-hand. 

The Entrepreneurs Summit is an opportunity for entrepreneurs to learn from one another, to network with like-minded individuals, and to share best practices in an exclusive and intimate environment.

Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 49,700 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at http://www.credit-suisse.com. View our Corporate Responsibility policy and our full Corporate Citizenship Report at http://www.credit-suisse.com/responsibility.

Private Banking
In Private Banking, Credit Suisse provides comprehensive advice and a broad range of wealth management solutions, including pension planning, life insurance products and wealth and inheritance advice, which are tailored to the needs of high-net-worth and ultra-high-net-worth individuals worldwide. In Switzerland Credit Suisse supplies banking products and services to individual clients, corporates and institutions.

Credit Suisse Securities (USA) LLC is an indirect subsidiary of Credit Suisse. The Private Banking USA business in Credit Suisse Securities (USA) LLC is a U.S. regulated broker dealer. It is not a chartered bank, trust company or depository institution. It is not authorized to accept deposits or provide corporate trust services and it is not licensed or regulated by any fe
deral banking authority.

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Credit Suisse Private Banking Presents "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company ...

OMAHA, Neb. (AP) -- Billionaire Warren Buffett said Monday that stocks remain relatively cheap compared to other investments as the economy continues to improve. He also said that the company he heads is prepared to replace him whenever the need arises.

The chairman and chief executive of Berkshire Hathaway Inc. addressed a variety of topics during an interview on the cable TV network CNBC, two days after his annual letter to the conglomerate's shareholders was released.

Buffett said even though stocks aren't as cheap as they were during the depths of the recession in 2008, they're still a more attractive long-term option than bonds, gold, cash or anything else.

"Equities are still cheap relative to any other asset class," Buffett said. In his letter, he devoted two pages to explaining why he prefers owning a piece of a productive business instead of bonds or gold.

Houses are another attractive investment at current prices, Buffett said. He added he might buy a couple hundred thousand homes if only he could figure out a way to manage them effectively. He said he isn't very handy.

"Single-family homes are really cheap now too," Buffett said.

Buffett conceded in his letter released Saturday that he was dead wrong to predict the housing market would recover by now. He said Monday that he believes conditions will improve in 2012.

The reports Buffett gets from Berkshire's roughly 80 subsidiaries, including utility, insurance, retail and railroad firms, show the overall economy has been steadily improving since the summer of 2009 in every area except businesses related to housing construction.

Over the weekend, Buffett created a stir by writing that Berkshire's board had chosen someone to succeed him as CEO someday with two backup candidates. Previously, Buffett had said only that the board had three internal candidates to replace him.

None of the CEO candidates have been identified, and Buffett said Monday that the likely successor doesn't know he would be the board's pick.

Buffett said Monday that the new language he used to describe the succession plan in his annual letter to Berkshire shareholders wasn't a sign of change but was only trying to clarify the plan.

Buffett, who is 81, said he doesn't think investors should worry that much about who will replace him. He pointed out that Berkshire owns sizeable stakes of more than 5 percent of Coca-Cola Co., International Business Machines Corp., American Express Co. and Wells Fargo & Co., yet he has no idea who would replace the CEOs of those companies.

"I know they have wonderful businesses, and they are developing great talent," Buffett said.

He also said last year's departure of a top executive, David Sokol, did not affect the board's choice for successor. Many investors had speculated that Sokol was the likely successor before he resigned amid questions about stock he bought in the Lubrizol chemical company Berkshire later acquired.

Buffett was also asked about the news business because Berkshire just bought a second newspaper last fall to go along with its sizeable stake in the Washington Post Co. Monday's interview was conducted in front of the presses for Berkshire's newest paper, the Omaha World-Herald.

Buffett says newspapers face challenges because of competition from Internet news sources and the rising cost of newsprint, but they will have a decent future if they continue delivering information that can't be found elsewhere. And they need to stop offering news free online.

"You shouldn't be giving away a product you're trying to sell," he said.

Buffett reiterated his call for tax reforms and a higher tax rate for wealthy investors like himself. He has said for years that he believes his tax rate is too low compared with what middle-income wage earners pay.

"The real question is whether this is a tax code that the United States can be proud of," Buffett said. But he says neither Democrats nor Republicans want to talk about reforms now because it is an election year.

Buffett said the nation's $1.2 trillion deficit won't be fixed by contributions from individuals. He said the country is simply spending too much and bringing in too little revenue, like a rich family that has promised too much.

Buffett said Congress should vote on the proposals developed last year by the deficit-reduction commission led by Republican Alan Simpson and Democrat Erskine Bowles. That package included cutting about $4 trillion from budget deficits over a decade, but few of its recommendations have been embraced.

Buffett said Europe's debt problems remain a concern, and he doesn't think those countries have solved their problem yet.

"The basic problem is they gave up their right to print their own money," he said.

___

Online:

Berkshire Hathaway Inc.: http://www.berkshirehathaway.com

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Buffett says stocks, homes are fairly cheap now

There are plenty of home selections that are available in the Miami Beach real estate if you are thinking of investing a luxury property to experience luxurious lifestyle. Miami Beach a well-known city for being one of the top tourist destinations because of the beaches in the city which is perfect for anyone who want to relax or frolic under the warm tropical sun that the Sunshine State of Florida is known for.

Before you start searching in the Miami Beach real estate for the perfect home and for you and your family, it is important to get to know the selections that are available out in the city. With this you will gain idea about the selections that are available out in the market and be able to pick the one that fits you perfectly with your living specifications and lifestyle. Making your checklist is always an important part of home buying. This will help you arrive at the right property that perfectly suits your taste and lifestyle. Through this checklist you will be able to avoid expensive mistake and regrets in the future. So if you are planning to buy one then you have to do it in advance before you start your search.

Beachside condos

Condos that are in the beachside remain to be the top of being the most sought after homes in the city. Both local and foreign homebuyers are looking forward to the chance of living in a modern luxury home that offers an easy access to the beach.

Condos in the Miami Beach real estate are well-known for modern comfort and convenience that is commonly seen in a 5 star hotels. High-end condos are equipped with all the basic necessities such as furniture and fixtures, appliances, communication lines, internet connection and so on. But there are also some condos that do not come with anything but the location itself are enough to guarantee it as a good investment.

Miami Beach real estate condos also offer recreational and entertainment facilities that will cater to the needs for their residents and guests, especially tourists or vacationers who frequently visit the area and this includes swimming pool, sports centers, health and fitness spa, business centers, in-house bar and restaurants, caf? and so on.

Luxurious Single-Family Homes

You may think that living in a single-family home in Miami Beach real estate only provide you simple living, if you think this way well you are mistaken. Most of the real estate properties that are under this category integrate modern design that you usually see in mansions and expensive luxury homes. These properties usually offer sizable yard, garage, swimming pools, easy access to recreational and entertainment facilities and of course some are walking distance to the beach.

Ella Ayson
Miami Beach Real Estate

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Investing A Luxury Property In Miami Beach Real Estate

We all know the real estate market in Williamsburg is cra-zay, but apparently it's driving the real estate brokers nuts, too update: Justin Farrow returned our email and explained that he is no longer a real estate agent. In this video, area man Justin Farrow shows off his sweet bachelor pad, inside a van in an abandoned warehouse. Crazy, or crazy like a fox? Something to consider when you're signing the rent check in a couple of days. Be sure to check out his view from the roof at the four minute mark (and place bets in the comments on how soon Farrow removes the video after the Internet figures out the location):

And with the money he saves on rent, he can afford plenty of rat traps! Farrow, who also does a lot of street art photography and does not appear to be your average unctuous Glengarry Glen Ross-type realtor, explains:

Don't be scared. This is a simple experiment in housing. In an undisclosed location, inside one of the most desirable neighborhoods to live in the US (Williamsburg, Brooklyn), I am purposefully living inside my van, parked in a 4 story spooky warehouse which is currently for sale for over $25 million dollars. In less than a year, this building will be converted into hundreds of condos. As a real estate agent for over 10 yrs in NYC, I could live anywhere I want, but I chose this. In a round-about-way, this is my statement on Gentrification as New World Colonialism. More to come...

As Farrow boasts at the top of the video, "I got everything I need in here. Flatscreen TV...All of the comforts of home. Kinda." See, this guy knows how to beat the system. By choice.

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Video: Williamsburg Real Estate Broker Shows Off His Sweet Van Bachelor Pad