CALGARY, ALBERTA–(Marketwire – Oct. 29, 2012) - Petrobank Energy and Resources Ltd. (TSX:PBG) is pleased to announce that we have entered into an agreement with PetroBakken Energy Ltd. (TSX:PBN), our 57% owned subsidiary, to complete a corporate reorganization that will see Petrobank shareholders effectively receive Petrobank’s proportionate interest in our PetroBakken share holdings while maintaining their interest in the remaining Petrobank assets (the “Reorganization“). Petrobank and PetroBakken have signed an arrangement agreement detailing the terms and conditions of the Reorganization. The Board of Directors of each Company have approved the Reorganization, which is anticipated to become effective on December 31, 2012 (the “Effective Date“).
Tougher rules on UK mortgage lending have been confirmed by the City regulator, but they will come into force later than anticipated.
Continued here: New mortgage rules set for 2014
Apple launches its widely-anticipated smaller tablet, the iPad Mini, at an event in California.
See more here: Apple launches iPad Mini tablet
Savers in for ‘rough ride’, with cuts to savings rates anticipated before the end of the year if base rate falls
Savers are being advised to lock their money away in fixed-rate savings accounts ahead of an anticipated cut in the Bank of England base rate.
Economic analysts had originally predicted a 0.25 percentage point cut on 2 August but this never came. Many are now expecting a cut before the end of the year, which would bring the base rate down to 0.25%.
Thousands of savers can expect to see the rates on their accounts cut in the weeks following any base rate reduction. Higher-rate taxpayers with large amounts saved will lose out the most from a 0.25% cut. Someone with £50,000 in savings whose rate is cut by 0.25 percentage points will lose £125 a year in interest before tax, according to website Moneynet.co.uk. A basic rate taxpayer would lose £100.
Fixed-rate accounts, or bonds, pay higher rates to savers and guarantee that the rate won’t change for the period of the bond. This makes them unsuitable for people who need instant access to their money, but they work out better for those that don’t.
“Savers might have avoided a base rate cut last week but it looks likely to happen soon and, combined with the impact of Funding for Lending, savers are in for a rough ride,” says Andrew Hagger of Moneynet.
Under the Funding for Lending initiative, the Bank of England will lend money at below market rates to banks and building societies. This will make them less reliant on the money they take from depositors, which could reduce the incentive for them to offer market-leading savings rates.
“If you are considering a fixed-rate account, act now,” says Hagger.
Susan Hannums of website savingschampion.co.uk agrees: “If you want to shield yourself from a change in the base rate a fixed account is the obvious option.”
Accounts that require savers to fix for more than two years barely pay more than one- or two-year accounts, says Hagger. He suggests opting for Aldermore, which is paying 3.45% for a year on a minimum of £1,000. For two years, the AA is paying 3.80% on deposits of £1 or more. Hannums suggests those with Isa money look at Aldermore’s one-year fixed-rate Isa paying 3.3% on £1,000 or over.
ESSEX, ENGLAND–(Marketwire – July 14, 2012) - Essex fire crews are set to take the stage during the Tom Morello/The Night Watchman set at the Hard Rock Calling festival in Hyde Park on 14 July. The set is anticipated to start at 14.50.
NEW YORK, NY–(Marketwire – Jul 2, 2012) – IMG/Poe Boy/Atlantic recording artist Flo Rida has announced an array of activity surrounding the release of his hugely anticipated new album. ”WILD ONES” — which includes the worldwide hit singles “Good Feeling,” “Wild Ones (Feat. Sia),” and “Whistle” — arrives at last tomorrow, Tuesday, July 3rd.
Excerpt from: Flo Rida Is a "WILD ONE"; Superstar MC Celebrates New Album With TV Appearances and U.S. Arena Tour; NBC’s TODAY Set for Friday, July 6th; "R You On The List? Tour" Kicks Off July 3rd in Miami; "WILD ONES" Arrives…
Bond yields are twisting much like they did last fall following the Federal Reserve’s announcement Wednesday that it is extending its so-called Operation Twist program — a widely anticipated move.
Read the rest here: Treasuries twist after Bernanke speaks
LONGUEUIL, QUEBEC–(Marketwire – May 22, 2012) - The eagerly anticipated SpaceX Dragon launched successfully this morning from Cape Canaveral Air Force Station in Florida at 3:44 a.m. EDT.
See the original post: Note to Editors: Canadarm2 Ready to Catch SpaceX’s Dragon