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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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China Education Alliance, Inc. (CEAI: OTCQX U.S.) | China Education Alliance Announces First Quarter 2013 Financial Results

Category : Stocks, World News

HARBIN, China, May 15, 2013 /PRNewswire/ —
China Education Alliance, Inc. (“China Education Alliance” or the “Company”,
OTCQX: CEAI), a China-based education resource and services company, today
announced its first quarter 2013 financial results.

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India gets low-cost smartphone boost

Category : Business, World News

The market for low-cost smartphones in India

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Rio’s Maracana stadium ‘privatised’

Category : Business, World News

Three private companies win the right to manage Brazil’s most famous football stadium, which was revamped by the government at a high cost.

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Betfair lifts forecasts to help fend off unwanted CVC bid

Category : Business

Betting group says full year revenues and earnings beat expectations while cost savings rise

Online gaming group Betfair has issued an upbeat trading statement in an attempt to fend off an unwanted £920m bid from private equity group CVC Capital Partners.

Its shares added 16.5p to 861.5p. This is still below the 880p on offer from CVC, although some nonetheless believe the price will have to be raised to win the day.

Betfair said full year estimated earnings were likely to come in at around £73m, at the top end of its previous forecasts. Revenues had reached around £387m while it had £138m of cash on the balance sheet. It reported record new UK customers, and cut 500 staff as part of a restructuring.

Cost savings have been raised from £20m to £30m. But there was no mention of any cash return to investors, which some had been expecting.

Chief executive Breon Corcoran said the company’s new management team had successfully completed the shake-up ahead of schedule, and its new sportsbook was doing well in combination with its existing exchange business. Having bought Blue Square it is planning further targeted acquisitions. In a buy note Simon French at Panmure Gordon said:

The key thrust on strategy is that early indications are that the exchange and sportsbook products are more complimentary than originally envisaged and that “Exchange plus Sportsbook” can deliver a sustainable competitive advantage.

Some investors may be disappointed there is no commitment to return cash to shareholders but the group is looking to accelerate growth through international opportunities and balance sheet flexibility. [We] reiterate our buy recommendation and 1000p target price.

Nick Batram at Peel Hunt kept his hold recommendation but also welcomed the update:

As an initial defence, beating expectations and raising cost savings shouldn’t really surprise anyone, but it is nonetheless a good start for Betfair’s management.

There are three key positives from today’s announcement that suggest to us that CVC will have to significantly up its bid if it wants to secure Betfair. Firstly, while it is early days, the increased focus on the UK appears to be delivering strong customer acquisition numbers. Secondly, what might have been a back-foot defence now firmly looks like a business being positioned on the front foot. Finally, we are glad to see that returning cash to shareholders is not an option at this stage. In a rapidly evolving market and with the strategic opportunities open to Betfair, we believe the cash is better off being deployed in growing the company.

There’s nothing wrong with low-carbon policy that strong government can’t fix

Category : Business

Apocalyptic predictions are circulating about the size of electricity bills in 2030 if the move to green power goes ahead. There is no need for them to come true

The UK’s energy policy is not “plausible” and a “crisis” is inevitable. That is the view of Peter Atherton, a respected utilities analyst who works for Liberum Capital, an investment bank in the City.

Atherton is convinced that successive UK governments have grossly underestimated the engineering, financial and economic challenges posed by the planned move from a high-carbon electricity sector to a low-carbon one.

He believes that the cost of switching from largely coal- and gas-fired power stations to a mix of gas-, wind- and nuclear-generated electricity will cost more than £160bn by 2020 and more than £375bn 10 years later. He warns that it means “electricity bills rising by at least 30% by 2020 and 100% by 2030 in real terms.”

That would be political dynamite and Atherton knows it. He predicts that there will be three groups of “casualties”: the government, consumers and investors.

This apocalyptic scenario – contained in an investment note issued last week – will warm the hearts of many in the City (and possibly some in the Treasury) who believe the green agenda is a giant waste of money.

It will alarm the wider community who accept that climate change must be tackled, and those who believe a “carbon bubble” is developing around fossil fuel companies whose assets are overvalued in a world turning away from coal and oil.

And it is clearly at odds with the ideas of ministers such as Ed Davey, the energy secretary, whose Department of Energy and Climate Change (DECC) calculated last month that “household dual fuel bills are estimated to be on average 11% (or £166) less in 2020 than they would be without policies being pursued.” Those figures do, however, involve some heroic assumptions about energy-efficiency measures being

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Car insurance prices ‘start to fall’

Category : Business

The cost of motor insurance has fallen by 4.1% over the last year, according to an AA survey of the cheapest deals on the market.

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2013 Ford Fusion Wins U.S. News’ "Best Cars For The Money," Lucas Ford in Burlington, NJ Couldn’t Agree More

Category : Stocks, World News

BURLINGTON, NJ–(Marketwired – Apr 23, 2013) – The 2013 U.S. News’ “Best Cars For The Money” award, highlights cars that professional car critics love and are also great values. Lucas Ford in Burlington, NJ couldn’t agree more, as the New Ford Fusion was the clear winner for the “Best Cars For The Money” award and ranked number two overall. TrueCar.com with U.S. News Best Car rankings data proved that after five years of ownership the Ford Fusion is the most cost efficient. The Ford Fusion was introduced to the world in 2006 and now in 2013 Ford is celebrating the Fusion’s first year of second generation Fusions and consumers are loving the new changes as sales have sky rocketed all over the nation in the first quarter of 2013.

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Osborne warned on mortgage scheme

Category : Business, World News

George Osborne’s plan to boost the housing market may not help first-time buyers and could cost the UK large sums, MPs warn.

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Clearer phone charges ‘on the way’

Category : World News

Customers who use phone numbers beginning with 08, 09 or 118 should in future have a much clearer idea of how much their calls will cost, Ofcom says.

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Petrol prices down at supermarkets

Category : Business

Supermarkets announce petrol price cuts following a fall in the wholesale cost and a more favourable exchange rate.

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