October 19th, 2011 by admin

The credit rating of two top UK banks was cut by Moody’s recently because of the likelihood of less state support in a future crisis.

Moody’s cut its rating on Royal Bank of Scotland by two notches, downgraded Lloyds by one notch, and cut its ratings on Santander UK, the Co-Operative Bank, Nationwide Building Society, and seven other smaller British building societies.

From in.finance.yahoo.com:

Banks had been on review for possible downgrade as part of a trend where state support for lenders is being reduced, and reforms proposed last month by Britain’s Independent Commission on Banking (ICB) had been expected to have a negative influence.

“The market’s central expectation around the ICB impact had been for a 2-notch downgrade across the board, so it’s better than expected,” said Gareth Hunt, analyst at Investec.

But concern is growing that banks may need more capital as part of a wider European move to shore up the industry to tackle a debt crisis and restore investor confidence. The European Union plans to present a plan for member state to coordinate a bank recapitalisation.

“I am confident that British banks are well capitalised, they are liquid, they aren’t experiencing the kind of problems that some of the banks in the euro zone are experiencing at the moment,” UK finance minister George Osborne said in an interview with BBC radio.

Tags: credit rating, debt crisis

October 15th, 2011 by admin

According to a recently released U.S. government report, employment grew more than expected in September and job gains for the prior months were revised higher that could ease fears the economy was heading into recession.

The Labor Department said nonfarm payrolls rose 103,000, while the unemployment rate held steady at 9.1 percent as an increase in household employment offset a rise in the participation rate.

From in.finance.yahoo.com:

Part of September’s relative strength reflected the return of 45,000 Verizon Communications workers who had dropped off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000.

The tenor of the report was strengthened by revisions that showed 99,000 more jobs added in July and August than initially reported. In addition, hourly earnings rebounded and the average work week rose.

Economists had expected nonfarm employment to increase 60,000 last month and the jobless rate to hold steady at 9.1 percent.

The government’s closely followed employment report was another sign that the world’s largest economy was likely to skirt a recession despite weakness over the summer.

Private employment increased 137,000 last month, which is acceleration from August’s meager 42,000 count.

Tags: government report, nonfarm payrolls, recession

October 13th, 2011 by admin

The latest in a string of settlements with major financial creditors has been unveiled by Lehman Brothers Holdings Inc.

It will reach deals with Bank of America Corp and Merrill Lynch that will reduce the banks’ claims against Lehman by a combined $7.5 billion.

From in.finance.yahoo.com:

As part of the settlement, the banks have pledged support for Lehman’s $65 billion bankruptcy exit plan, according to court papers filed late on Wednesday in U.S. Bankruptcy Court in Manhattan.

Bank of America will reduce its derivatives claims against Lehman entities by $4.5 billion, Lehman said. Merrill Lynch, a Bank of America subsidiary since 2008, will lower its claims by an additional $3 billion, court papers show.

The deal still requires bankruptcy court approval, and is set for hearing on October 19.

Tags: Bank of America, Lehman Brothers, Merrill Lynch

October 5th, 2011 by admin

Stocks ended little changed recently as investors are waiting cautiously to see if the Federal Reserve would offer more economic stimulus and if Greece made progress in talks to avoid a default.

The market gave up earlier gains of about 1 percent as investors, in the lowest volume session since late August, as investors were wary of going home with long positions after overnight downgrade of Italy’s credit rating.

From Reuters.com:

Semiconductors were among the worst performers with the PHLX semiconductor index .SOX off 1.3 percent, dragging the Nasdaq down, after Xilinx (XLNX.O) cut its second-quarter outlook. Shares of the chipmaker fell 4.5 percent to $30.03.

Helping temper some European debt worries, Greece promised further cuts to its public sector before a second conference call with international lenders, whom Athens must persuade to extend more loans to avoid bankruptcy next month.

At the end of its two-day meeting on Wednesday, the Fed is expected to announce plans to intervene in the bond market to push long-term interest rates — already near historic lows — even lower in a move known as Operation Twist.

The Dow Jones industrial average .DJI gained 7.65 points, or 0.07 percent, to 11,408.66 at the close. The Standard & Poor’s 500 Index .SPX fell 2.00 points, or 0.17 percent, to 1,202.09. The Nasdaq Composite Index .IXIC lost 22.59 points, or 0.86 percent, to 2,590.24.

August 17th, 2011 by admin

A mobile security expert recently remarked that he has identified new ways for hackers to attack phones running Google Inc’s Android operating system.

Riley Hassell told Reuters he and colleague Shane Macaulay decided not to lay out their research at the gathering for fear criminals would use it attack Android phones.

From in.news.yahoo.com:

“App developers frequently fail to follow security guidelines and write applications properly,” he said.

“Some apps expose themselves to outside contact. If these apps are vulnerable, then an attacker can remotely compromise that app and potentially the phone using something as simple as a text message.”

He declined to identify those apps, saying he fears hackers might exploit the vulnerabilities.

“When you release a threat and there’s no patch ready, then there is mayhem,” said Hassell, founder of boutique security firm Privateer Labs.

Hassell said in an interview he identified more than a dozen widely used Android applications that make the phones vulnerable to attack.

Tags: Android applications, Android operating system, Android phones, mobile security

July 29th, 2011 by admin

Traffic cones could be more than just useful when it comes to facilitating smooth flow of vehicles on congested roads and parking exits or maintaining high standards of traffic management.

Two of the best things about these road safety equipments (also known as traffic pylons, road cones, highway cones, safety cones, construction cones, and road safety cones) are flexibility and ease of use.

These traffic safety cones are light in weight, extremely durable, and portable that means that they can easily be carried inside a vehicle and used for varied reasons. They can be used at workplaces to suggest a wet floor for avoiding slippages and suggest a vehicle breakdown and inform oncoming traffic to take a different lane & drive carefully while avoiding the site. These cones are also used by vehicle driving schools for educating new drivers on parking in tight spaces. Furthermore, they can also be used for creating separation or merging lanes during automobile accidents and road construction or repair projects.

Nowadays, these safety cones are also used for issuing a warning to birds, especially the endangered black-browed albatross, so that the birds avoid colliding with fishing gear and can be timely protected against deadly entanglements.

If you want to buy traffic cones, it is highly recommended that you opt for a reputed provider of road safety tools and equipments, preferably with a Better Business Bureau (BBB) A+ rating such as Bostonsafety.com. This will not only help you find the best deals on traffic cones but you will always be better positioned than ever to expect and use premium-quality traffic safety cones at affordable pricing.

Tags: best deals on traffic cones, Bostonsafety.com, buy traffic conesroad safety tools, construction cones, highway cones, road cones, road safety, road safety cones, safety cones, Traffic cones, traffic management, traffic pylons, traffic safety cones

July 17th, 2011 by admin

According to a company spokeswoman, Barclays Plc has cut jobs in India as a result of merging the client relationship teams of its commercial and investment banking units.

The investment banking unit of the UK-based bank, and the company’s commercial banking division, Barclays Capital, and the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India, Clare Williams, a Hong Kong-based spokeswoman for Barclays, told Reuters.

From in.finance.yahoo.com:

The bank plans to axe 50 jobs in India as it narrows its focus on large companies there, Bloomberg reported earlier, citing two people with direct knowledge of the situation.

The bank has just cut 25 jobs and will get rid of a similar number in coming months, the two sources told Bloomberg.

Karan Bhagat, managing director and country head for Barclays Corporate, the commercial banking unit, will leave the firm, while Jaideep Khanna, managing director and head of investment banking, will lead the merged team, Williams said.

The bank has 2,000 commercial clients including large Indian corporates, small and medium enterprises and Indian companies looking to grow overseas, according to its website. It employs 5,000 people in India.

“Last week a small number were informed that as a result of the decision to combine the two teams that, regrettably, their jobs fell away,” Williams said, without specifying how many.

Tags: Barclays, Barclays Capital, Barclays Corporate, Bloomberg, commercial banking, investment banking, jobs in India

July 13th, 2011 by admin

If the urgent state of your financial affairs have been ambushing you and you do not have enough time to gather sufficient financial resources to deal with such situations, a payday loan (also known as a pay back a pay loan) could help you in more than just a way.

Also known as a paycheck advance, a pay back a pay loan is a small and short-term loan that is meant to cover urgent expenses of the borrower. An application to get such a loan could easily be made online and the same is processed within a matter of few hours. This means that the borrower does not have to face a long haggard loan process and gets the loan without any credit check and lengthy formalities. The loan amount, once approved, gets transferred to the borrower’s saving or checking account. Any one with a steady source of income and a valid bank account can get this loan, subject to certain conditions.

Before you apply for a payday loan, it is important for you to find reputed online lenders and access their terms and conditions so that you can find the best payday loan without putting a hole in the pocket. This extensive online search would help you in saving a lot of interest and fee on the payday loan sought by you. However, it is important for you to use the loan amount in a sensible way so that the purpose of such loan does not get defeated at any point of time while you maintain standards of financial stability and reputation with it.

Tags: best payday loan, loan process, pay back a pay, pay back a pay loan, paycheck advance, payday loan

July 12th, 2011 by admin

Mobile handset vendor Micromax yesterday said it has deferred the launch its 2.1-crore-share initial public offer because of volatile market conditions.

Micromax spokesperson told PTI, “Due to volatile market conditions, the Board of Directors of Micromax Informatics Ltd (Company) has taken a decision to defer the proposed initial public offering.”

From in.finance.yahoo.com:

“With a view to allow the Company to focus on new product launches and product development, the Board of Directors has also recommended the withdrawal of the Draft Red Herring Prospectus filed with the Securities Exchange Board of India,” she added.

The company had filed draft red herring prospectus on September 29 last year and was given the market regulator’s approval on January 14 this year.

The firm was raising funds for establishment of a new handset manufacturing plant, enhancement of the Micromax brand and investment in acquisitions and other strategic initiatives, and for general corporate purposes, it said in DRHP.

The company was to offer 2.15 crore shares through the IPO.

Tags: initial public offering, Micromax, product development

July 10th, 2011 by admin

A cash advance or online payday loan could help you rebuild your credit standing if you have a history of bad credit.

Before we read any further, it is important for us to note that cash advances should only be used for financial emergencies. These emergencies could range from payment of utility bills to medical bills, or urgent study expenses to urgent household expenses.

By opting for a cash advance, you would be taking a financial assistance that is known to only you and the lending company. Moreover, online cash advance application is a discreet transaction and processed online for speed and confidentiality.

One of the best things about cash advances is that they get approved without a credit check and thus extremely useful for those trying to avoid a financial emergency. If that is not all, these advances could help individuals attain their long-range financial goals when used as part of a larger financial plan. It is also important for you to note that cash advances are not the answers to your financial woes but valuable tools when it comes to rebuilding your credit standing. However, you must resist yourself from taking too many cash advances and use them only for financial emergencies

By opting for an online cash advance, you can get loans from $100 to $2,500 deposited overnight in your bank or credit union account. The requested financial assistance is provided in your personal direct deposit checking account overnight and you do not have to undergo cumbersome formalities and paperwork.

Tags: cash advance, cash advance application, cash advances, online cash advance, online payday loan