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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to 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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UK scientists ‘develop superwheat’

Category : World News

British scientists at a research centre in Cambridge say they have developed a new type of wheat which could increase productivity by 30%.

See more here: UK scientists ‘develop superwheat’

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British Gas customers whose ‘special’ tariff cost £800 more

Category : Business

Many British Gas customers on a heavily promoted fixed-price deal would have done better on the standard tariff

Thousands of British Gas customers who signed up for one of its fixed-price tariffs two years ago have, in effect, been overpaying for their gas and electricity since then, it has been claimed. In some cases they have paid £800 more than if they had taken a rival deal.

In May 2011 British Gas contacted many of its long-standing customers to offer them a new tariff called Fixed Price March 2013. At the time, the company was just about to increase prices, but offered this deal on the basis that it was more expensive than standard prices, but there would be no hikes until it expired at the end of March.

It was marketed, in particular, to those coming off previous British Gas fixed-price tariffs as offering them peace of mind. But while thousands of other households coming off rival fixed tariffs will soon be paying more for their energy, those who signed up to this particular deal will see their prices fall after being moved on to British Gas’s standard tariff.

With the average household energy bill having risen to an estimated £1,350 a year, and against a backdrop of energy chief executives constantly warning that bills are only set to increase, experts often suggest that the best bet is a fixed-price tariff.

In recent years all the big energy firms have offered fixed-price and guaranteed-discount tariffs in a bid to keep hold of customers. While those on other British Gas fixed tariffs have done well in the past, those unlucky enough to have signed up to this deal have overpaid.

According to an analysis by the switching comparison site, they have typically paid £480 more than they would have done had they been on the most competitive fixed price tariff offered by rivals.

Those living in households that consume above-average amounts of power could easily have overpaid £800 or more over two years. Had they stayed on the company’s standard tariff they would have still paid less, even though it has seen two price rises in the past two years

Joe Malinowski, founder of says: “This tariff was sold to British Gas customers who were coming off previous fixed-price deals, but it was a just a terrible deal,” he says. “It was offered at an initial 30% price premium over standard prices but was only available direct from British Gas.

“If your energy company phones telling you it’s got a great new fixed-price deal, it should send alarm bells ringing. Go online and do a comparison, and you may find it’s not quite as good a deal as you were led to believe.”

A spokeswoman for British Gas says: “Fixed-price products are offered to customers to insure against price rises and to guarantee the price they will pay for their energy for a fixed period. Customers can make a choice about the product they decide to buy, and in many cases this will prove to be a better long-term option. But prices can go down, as well as

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Cielo SA (CIOXY: OTCQX International Premier) | Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

Category : World News

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Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

PR Newswire

BARUERI, Brazil, May 2, 2013

BARUERI, Brazil, May 2, 2013 /PRNewswire/ — Cielo S.A. (BM&FBOVESPA: CIEL3 / OTC: CIOXY) announces today its results for the first quarter of 2013. The Company’s consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in accordance with the accounting practices adopted in Brazil.


  • Transaction financial volume under the market criterion totaled R$97.6 billion, up 11.6% or R$10.2 billion as compared to 1Q12; under the accounting criterion, the volume was R$98.8 billion, up 12.2% year-on- year, or R$10.7 billion;
  • Net Operating Revenue of R$1.5 billion, up 28.4% or R$342.2 million year-on-year, but down 2.8% or R$45.0 million quarter-on-quarter;
  • EBITDA of R$874.5 million, up 13.8% or R$105.9 million year-on-year and 5.8% or R$48.3 million quarter-on-quarter;
  • EBITDA margin at 56.5%, down 7.3 p.p. year-on-year and up 4.6 p.p. quarter-on-quarter;
  • Cielo’s net income totaled R$640.9 million, up 13.1% or R$74.3 million year-on-year and 5.0% or R$30.6 million quarter-on-quarter;
  • Cielo’s net income margin at 41.4%, down 5.6 p.p. year-on-year and up 3.1 p.p. quarter-on-quarter;

Click on the link below to open the earnings release:

1Q13 Earnings Conference Call

May 03, 2013


10:30 a.m. (NY) | 11:30 a.m. (Brasilia)
Phone: +1 786 924-6977
Code: Cielo


09:00 a.m. (NY) | 10:00 a.m. (Brasilia)
Phone: +55 11 4688 6361
Code: Cielo

Investor Relations Director

Roberta Noronha

+55 11 2596 1735


Continued here: Cielo SA (CIOXY: OTCQX International Premier) | Cielo: 12.2% Increase in Financial Volume and Net Income of R$641 Million in 1Q13

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Thousands to complain about trackers

Category : Business, World News

Thousands of borrowers who took out mortgages through Bank of Ireland and Bristol and West are to complain about a sudden increase in their mortgage rates.

Visit link: Thousands to complain about trackers

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George Osborne boosts funding for lending scheme before IMF visit

Category : Business

Chancellor to beef up £80bn loans scheme amid US calls for Britain to tone down austerity measures

George Osborne will announce an expansion of the Bank of England’s £80bn funding for lending scheme (FLS) ahead of a visit to Britain by the International Monetary Fund next month, as he seeks to head off calls for a softening of government austerity plans.

High-street banks are to be given added incentives to extend credit to small and medium-sized businesses in an expansion to the scheme, due in the next fortnight.

An IMF mission arrives in London for two weeks of talks on 8 May and Osborne plans to launch the beefed-up FLS in an attempt to persuade the fund that the coalition can boost growth without doing a U-turn on its deficit-reduction strategy. Discussions between the Treasury and the Bank have concluded that high-street lenders need further inducement to pass on the benefits of subsidised lending to companies.

The FLS was launched last August and offered subsidised credit to high street banks, provided they passed on the benefits to households and businesses. Figures so far have shown a pick-up in lending for mortgages but no increase in business lending. The Bank always envisaged that it would take time for loans to SMEs to increase, but minutes of the April meeting of its nine-strong monetary policy committee, released last week, signalled support for an expansion of the scheme.

With the business secretary, Vince Cable also pressing for action to help SMEs, Osborne has been keen for the Bank to increase the generosity of the FLS, but the need to target help to the corporate sector has been given added urgency by the imminent arrival of the IMF for its annual article IV consultation.

Last week, the IMF embarrassed the chancellor by urging a rethink of a tax and spending policy that will involve cutting Britain’s structural budget deficit by 1% of national output this year.

The fund has told the chancellor that it is worried about the weakness of demand in the UK and will be asking whether he has any alternatives to changes his budgetary stance.

The chancellor was stung by last week’s criticism from the fund. He argued that he had already taken steps in the budget to boost growth. He pointed out to Christine Lagarde, the fund’s managing director, during talks in Washington last week that the government had already adopted a flexible approach to austerity by pushing back the timetable by two years for debt to peak as a share of national output.

But the IMF is convinced that the UK is still operating well below its full potential. It is keen to discover in its talks next month why the economy has failed to respond to four years of unprecedented monetary stimulus. During this time bank rates have been pegged at 0.5% and the Bank has created £375bn of electronic money through its quantitative easing programme.

The fund believes that its rich-country members have generally been over-hasty in their aggressive approach to deficit reduction, and that less of the fiscal pain should have been front-loaded.On Saturday, a communique released at the end of a meeting of the IMF’s policymaking committee said that where country circumstances allowed, governments should avoid responding to weak growth with fresh attempts to cut deficits, focus on the underlying health of public finances once the effects of the ups and downs of the economic cycle were taken into account, and allow borrowing to rise if activity was depressed.

It added that monetary policy alone was not sufficient to produce a lasting global recovery, noting that a credible medium-term plan to improve the state of public finances together with structural reform were needed.

“Eventual exit from monetary expansion will need to be carefully managed and clearly communicated”, it said, reflecting widespread concerns in Washington last week that central banks faced a tricky task when the time came to raise interest rates and to sell the government bonds purchased under QE programmes.

Apple’s yield hits 2.625% as shares plummet to 2011 levels

Category : Business

Waiting for Tim Cook to increase Apple’s dividend yield? Today the market did it for you.

See more here: Apple’s yield hits 2.625% as shares plummet to 2011 levels

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MPs call for savings safety alert

Category : Business, World News

Banks should tell customers when their savings increase beyond the level that would be guaranteed if the institution collapsed, MPs suggest.

Read more: MPs call for savings safety alert

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Tyre firm drives forward sales

Category : World News

Borders online tyre firm reports a 30% increase in sales and has ambitions to grow into a £100m business.

View original post here: Tyre firm drives forward sales

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Letters: No way to dodge the tax haven issue

Category : Business

It’s sad, sombre, sobering and soulless, when one reads that the aid budgets in most of the wealthy countries are falling, yet so many of the really rich hide their money offshore for personal gain (Secrets of the rich who hide cash offshore, 4 April). Yet the privatising and profiteering 1980s and 1990s seem to have imbued the public with a “me-only” mentality. The really wealthy have fed at our expense, and instead of giving back to their countries, have gouged more private wealth instead of realising their obligations – and how much joy they could get from setting up foundations to aid the poor.

Unless governments set the standards and change their legislation to encourage opinion leaders to value those who give over those who are incredibly rich, we appear doomed to this selfish culture. We need more people like the Australian businessman Dick Smith, who believes that financial magazines should be publishing lists of the top 100 tax payers rather than the top 100 wealthy. In other words, we need to see tax paying as a positive, rather than a negative, and ensure that those who reap untold benefits (often from public licences and permits) contribute their fair share. Sadly, I don’t see this happening.
Peta Colebatch
Pretty Beach, Australia

• Your investigation into offshore account holders reveals the corrosive effects of financial secrecy. But the impacts are neither restricted to a few high-profile cases, nor to rich countries. Developing countries lost an estimated $859bn in 2010 to illicit financial outflows – more than they received in aid, and more than the Food and Agriculture Organisation of the UN estimates would be required to end hunger globally. This year, the G8 should act to end financial secrecy by agreeing to publish a registry of who owns companies, foundations and trusts, automatically share tax information with other countries, and push tax havens to do the same. This would help governments north and south to recover billions of dollars which could transform the lives of millions of people living in poverty.
Sol Oyuela
Christian Aid
Gavin Hayman
Global Witness
Kathleen Spencer Chapman
Brendan Cox
Save the

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At Your Next Party Make the Fun Last, Not the Waste

Category : Stocks

MISSION, KS–(Marketwired – Apr 4, 2013) – (Family Features) When hosting a party, the excitement is often about the guest list, invitations and the menu, but what about the amount of trash that comes out of gathering with family and friends? Actress Tiffani Thiessen and party planner, Heidi Mayne, share innovative and eco-friendly party planning ideas, so you can increase the fun, while decreasing your waste. 

Read more from the original source: At Your Next Party Make the Fun Last, Not the Waste

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