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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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Kodak unveils post-bankruptcy plan

Category : Business, World News

Eastman Kodak says it expects to exit bankruptcy as early as July in its new guise as a commercial imaging firm.

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Greek minister eyes 2014 recovery

Category : World News

Greece’s finance minister is optimistic about his country coming out of recession by the end of 2013 and says chances of a euro exit are “very small”.

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Greece may remain in euro after all

Category : Business

Greece has come a long way. And while the nation’s economy remains deeply depressed, the risk it will exit the euro zone has been greatly reduced.

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No easy answers for a Neiman Marcus IPO

Category : Stocks

The private equity owners of Neiman Marcus are looking for an exit, according to sources, just as the luxury retail market hits a bump.

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Sinofsky’s depature a ‘clear blow’ to Microsoft

Category : Business, Stocks

The surprise exit of Windows chief Steven Sinofsky has investors worried about the future of Microsoft. Sinofsky was thought to be a possible successor to CEO Steve Ballmer.

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US State Dept. welcomes Cuban visa changes – Globe and Mail

Category : Stocks

US State Dept. welcomes Cuban visa changes
Globe and Mail
Cuba says it is getting rid of a decades old rule that requires islanders to apply for an exit permit before leaving the country. The U.S. State Department says it welcomes any changes that will allow the Cuban people to travel more freely. 0 comments

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Lithuania’s budget could bust EU ceiling says party set to win election

Category : Business

Country that has adhered to fiscal discipline might change course, according to Viktor Uspaskich, leader of Labour

The leader of the party set to win Lithuania’s parliamentary election said on Sunday there could be a case for letting the Baltic state’s budget deficit rise above the ceiling set out under European Union rules.

Lithuania has been held up as a model of fiscal discipline inside the EU after it responded to the banking crisis with tough austerity measures and kept its deficit within the threshold of 3% of GDP.

But, according to an exit poll, voters gave their verdict by ejecting the government in an election on Sunday and choosing a coalition that promises to be less strict.

The outcome could be a foretaste of what awaits other European leaders forced by the crisis to impose unpopular measures.

In an interview with Reuters soon after the exit poll put his Labour party in the lead, Viktor Uspaskich outlined a plan which would put generating economic growth ahead of rigid measures of fiscal discipline.

Asked if he would stick to the 3% rule, Uspaskich, a Russian-born businessman, said: “Of course to begin with, let’s put it this way, we will.”

But he said there could be a case later on for widening the deficit to invest in promoting growth, even if that meant exceeding the 3% threshold.

“How otherwise can you generate [growth in] the economy if you only borrow to cover regular expenditure? You need to borrow for generating [growth].”

Uspaskich will not necessarily be the new prime minister because the final shape of the government depends on a second round of voting and negotiations over a coalition. But his party will influence the new government’s policy.

He said joining the euro remained Lithuania’s long-term goal, but he was cautious about the timing.

“The euro is very weak,” he said. “And we also have not yet balanced our budget … These two factors should hold us back. And when those two factors are resolved, then we can talk about accession. But when they will be resolved, no one knows.”

He said he favoured increasing the minimum wage and cutting taxes for businesses which help drive down Lithuania’s import bill. But he said these measures would not have a big impact on the budget.

The wage rises would happen in stages and the tax cuts, he estimated, would cost only about €290m (£233m), or about 3% of budget revenues. He said this money would be recouped through higher growth.

“What we are going to do will generate business a lot more,” he said. “We want to create the conditions so that instead of one factory there are three.”

Fuel bills: it looks like a winter of price rise discontent

Category : Business

Two of the cheapest gas and electrcity deals have just been pulled and the remaining best buys may also end

Householders concerned about record high energy bills over the winter are being urged to switch suppliers now as two of the cheapest deals have just been pulled from the market and the remaining best buys may soon follow suit.

Two weeks before millions of householders are hit by a 9% rise from energy giant SSE, Sainsburys has pulled its market-leading variable rate energy tariff and Scottish Power has stopped offering the cheapest fixed rate deal without exit penalties. Variable rate tariffs let energy companies put prices up or down whenever they like; fixed tariffs set the price for a fixed period, usually a year.

The best deals now come from one company, First Utility. Its online variable rate tariff, iSave v12, will cost a typical household £1,054 a year. This compares with, for instance, £1,274 a year someone who stays on SSE’s standard tariffs and pays by direct debit will be on in a fortnight if they do not switch provider. First Utility’s cheapest fixed rate tariff, iSave Fixed v4, which sets prices until March 2014, costs £1,087.

“Consumers wishing to take advantage of First Utility’s offer should switch now,” said Mark Todd, director of price comparison service Energyhelpline.com. “It’s not clear how long this offer will be around and market predictions show price increases are likely to be imposed by the UK’s leading energy suppliers.”

However, signing up to First Utility does not come without catches. The supplier is charging a £30 per fuel exit penalty for people who sign up to its fixed price tariff then want to leave before March 2014.

Perhaps of more concern, it does not rank highly when it comes to customer satisfaction. According to Which?’s energy companies’ satisfaction survey, First Utility is 11th out of 14 energy companies. Only Scottish Power, NPower and EDF came lower. First Utility got a low customer score of 46% compared with the highest ranked company, Good Energy, which scored 84%. Trust Pilot, a website that collates customer reviews, also gives First Utility what it describes as a “very low” customer satisfaction ranking of 1.5 out of 10.

Experts advise people concerned about bills to opt for the certainty of a fixed rate tariff, especially as price rises from other providers are expected.

“I don’t think there is much chance of avoiding further price rises for much longer,” said Joe Malinowski of theenergyshop.com. “Wholesale prices have been rising and a host of social and environmental factors are putting upward pressure on prices. If energy companies don’t impose increases before the end of the year, prepare for a miserable January when they probably will.”

The next cheapest fixed-rate energy deal after First Utility’s is the New Energy Fix tariff from Ovo Energy, at £1,088 a year. It is not available in Scotland and also comes with £30 per fuel early exit penalties. In Which?’s energy companies’ satisfaction survey, Ovo Energy’s customer score was 76%.

Other energy providers have also been making changes to their deals. E.ON has restructured all its energy tariffs, with half now offering loyalty cash discounts to customers who have been with it for a year or more. The discounts start at £10 and can be taken as money off future bills or as Tesco Clubcard points.

Householders who think they are sitting pretty on cheap deals they signed up to last year should also check prices. According to theenergyshop.com, thousands face gas and electricity price rises of up to 30% as a raft of cheap energy deals come to an end.

Eight popular tariffs from British Gas, E.ON, EDF Energy and Scottish Power that consumers signed up to in the past 18 months are due to expire. The thousands of people who are on those deals will end up on their energy supplier’s standard tariff, resulting in increases of up to £266 a year.

Compare energy prices through the Guardian and Observer’s Money Deals service

Canada and the United States Announce Phase I Pilot Project to Enhance Border Security at Land Ports of Entry

Category : Stocks

OTTAWA, ONTARIO–(Marketwire – Sept. 29, 2012) - The Canada Border Services Agency (CBSA) and the Department of Homeland Security (DHS) announced today that, effective September 30, 2012, both agencies will begin the Phase I pilot of the Entry/Exit initiative as outlined in the Beyond the Border Action Plan.

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Sears to exit S&P 500

Category : Business, Stocks

The ailing retailer, which owns Sears and K-Mart chains as well as apparel brand Land’s End, will exit the index at the close of trading on Tuesday, Sept. 4.

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