Archive for the ‘ deVere ’ Category

A letter saying you’ve won free airline tickets? Don’t be fooled!

A letter saying you’ve won free airline tickets? Don’t be fooled!

A scam that has recently been popping up frequently in mailboxes is the classic “you’ve won two airline tickets” con.

Scammers send you a letter saying that you’ve qualified for an award of two roundtrip airline tickets, valid for a trip anywhere in Europe. The letter says that to claim the vouchers, you have to call the number listed.

However, when you do call the number, the person who answers will then start asking you a series of extremely personal questions, in an attempt to steal your financial details and possibly your identity.

To avoid being scammed by a phony ticket win, always keep in mind that:

You should be distrustful of someone telling you you’ve won something if you don’t recall entering any draws in the first place.

Always do research on the company that the tickets purportedly come from.
NEVER give out your personal details to anyone, on the phone or online.
Never agree to pay a deposit up front ‘to release the tickets’. This is another way that scammers make money off unsuspecting victims.
Report any potential scams to the authorities immediately to avoid others getting burnt as well.
If it sounds too good to be true – it probably is.


US regulators fine Barclays and four traders $453m for energy market-rigging

They have been accused and fined but no conviction !!

US regulators fine Barclays and four traders $453m for energy market-rigging.

The US Federal Energy Regulatory Commission yesterday decided to fine Barclays and four of its traders $453m (£300m) for alleged involvement in energy market manipulation.

FERC said the bank must pay $435m in civil penalties to the US Treasury within 30 days and forgo $34.9m in profits. The latter will be distributed to low-income aid programmes in four US states.

Traders Scott Connelly, Daniel Brin, Karen Levine and Ryan Smith – who are accused of manipulating an energy price index in the western part of the US – have been ordered to pay a combined $18m.

“We believe the penalty assessed by the FERC is without basis, and we strongly disagree with the allegations made,” Barclays said in a statement. The bank added it would “vigorously defend this matter.”

The fines were initially proposed by FERC staff last October following suspicions that Barclays was manipulating electricity markets in California and other US states between November 2006 and December 2008. The proposal has now been upheld by the body’s board of commissioners.

Regulators built their case against the traders on electronic communications in which they boasted of their ability to manipulate markets. They have all left the bank.

This is the latest scandal to rock Barclays. Last year, it was fined £290m by UK and US regulators after attempting to rig the Libor interest rate.


Professional Pension Article- Young workers must save £800 per month:

Interesting article on research by deVere group and comments by Our CEO Nigel Green–the-cost-to-save-a-decent-pension-125856156.html

Professional Pension Article :Young workers must save £800 per month: deVere


UK economy recovering as unemployment falls

UK economy recovering as unemployment falls.

The Office for National Statistics in London announced today that in June, UK unemployment claims fell at their fastest pace in three years, adding to evidence that the economic recovery is indeed gaining momentum.

Whilst Economists had forecast a decline of 8,000 unemployment claims, data showed that there was a 21,200 drop in June, from a month earlier, 1.48 million – the biggest drop since June 2010.

Moreover, as measured by International Labour Organisation standards, unemployment fell 57,000 to 2.51 million in the three months through May. The UK unemployment rate was however unchanged at 7.8%.

Experts commented that the figures provide a further boost to Prime Minister David Cameron, whose Conservative Party has gained in opinion polls as the economy improves, as the general election is now less than two years away.

Economist Philip Shaw said that, “The labour market numbers are positive and reflect the favorable part of the economy in the first half”. However, he then added that with pay growth running so far below inflation, there is ‘still a question mark over the recovery’.



Goldman Sachs doubles net income from last year

Goldman Sachs doubles net income from last year.

Despite the market volatility that rocked Wall Street at the end of last month, Goldman Sachs laughed all the way to the bank with $1.93 billion in net income for the second quarter of 2013 – overshadowing Analyst forecasts and more than doubling its result for the same period last year.

Goldman Sachs reported in a statement on Tuesday that revenues for the three months to July jumped 23% to $8.61 billion, higher than expected profit equating to earnings per share of $3.70. Today’s results will likely add to an improving mood on Wall Street.

Goldman Sachs’ stock has risen about 28% so far this year, in part thanks to rebounding markets.

Meanwhile, both Citigroup and JPMorgan Chase have also triumphed second-quarter earnings expectations, on the back of higher revenues from trading and investment banking.

Goldman Sachs Chairman and Chief Executive Officer, Lloyd Blankfein, commented that ‘the firm’s performance was solid especially in the context of mixed economic sentiment during the quarter’.

“While the operating environment has shown noticeable signs of improvement, we continue to put a premium on disciplined risk management, particularly in regard to the firm’s strong capital and liquidity levels”, he added.


GlaxoSmithKline in £300m bribery scandal

Isn’t that the pot calling the pot black!

GlaxoSmithKline in £300m bribery scandal.

Britain’s largest pharmaceutical company, GlaxoSmithKline, has been accused of bribing doctors with cash and sexual favours in return for prescribing the company’s drugs.

Chinese authorities have detained four senior Chinese GlaxoSmithKline executives as part of an ongoing investigations stretching back to 2007 involving £320m.

The Chinese investigator leading the probe said the head of GSK’s Chinese operations, Mark Reilly, a British national, left the country on 27th June and has not returned.

Gao Feng, the head of China’s fraud unit, said: “We found that bribery is a core part of the activities of the company. To boost their share prices and sales, the company performed illegal actions.”

GSK is alleged to have used a network of more than 700 middlemen and travel agencies to bribe doctors and lawyers with cash and even sexual favours.

GSK said it was “deeply concerned and disappointed” by the allegations and said it would “co-operate fully” with the Chinese authorities. However, Gao said the Chinese investigators had yet to receive any information from GSK’s British headquarters.

Last week, GSK said a four-month internal investigation into its Chinese operation had found no evidence of bribery or corruption of doctors or officials.

Gao said the GSK probe could be extended to other foreign drug companies. “We have also found some clues of illegal money transfers involving other foreign companies,” he said.


China seeks to seal investment treaty with US

China seeks to seal investment treaty with US.

Following a period of tension, Chinese officials have finally agreed to resume talks on a bilateral investment treaty with the US – in an attempt to open up new opportunities for businesses in both countries.

The decision to restart the talks was reached at high-level negotiations between the two countries held in the US.

China’s Vice Premier Wang Yang said that the US had agreed to accept investment by Chinese state-owned enterprises and sovereign wealth funds.

Such investment treaty is vital to make it easier for US companies to invest in China and will include all sectors in the treaty – the first time Beijing agreed to such notion.

This marks a major milestone for the US, as it has been pushing for such a deal for American firms to get more access to the Chinese market, amid growing consumer demand in the emerging market economy.

Treasury Secretary Jacob Lew said that a high standard US-China bilateral investment treaty is a priority for the United States and will facilitate the opening of new markets for fair competition.

“The commitment made today stands to be a significant breakthrough and marks the first time China has agreed to negotiate a Bilateral Investment Treaty, to include all sectors and stages of investment, with another country”, he added.


More companies getting rid of pensions burden

More companies getting rid of pensions burden.

More evidence is emerging on how large UK companies are buying-out of a British pension fund – with the biggest one yet occurring this week, as £1.5 billion were transferred from the EMI’s scheme to Pension Insurance Corporation.

Citigroup had became the music company EMI’s pension-fund sponsor in 2011, when it seized EMI from Terra Firma. EMI’s operating businesses have already been sold, now the bank has got rid of the pension fund.

Under a buy-out, an insurer is paid to take on the burden of paying the final-salary (or defined-benefit) pensions of current and future retirees, setting the sponsoring company free of all its obligations.

British companies have been getting rid of their pension schemes for several years, but the trend has also spread to America. In fact, both General Motors and Verizon offloaded part of their schemes last year.

When companies are faced with the high cost of paying final-salary pensions, many choose to close their schemes to new members, whilst others have switched current workers into stingier defined-contribution schemes.

The main reason behind such move is that most companies can no longer afford to pay employees their pensions, as legacy pension obligations often overshadow the company’s current business, particularly when earnings are smaller than in the past.

Therefore, it has become more important than ever for individuals to take the time to plan their finances and put money aside for retirement, in order to truly secure a sustainable pension. Speak to a deVere Financial Adviser today to learn more about the options available for private retirement planning.


If there is a global currency war, the USD is losing

If there is a global currency war, the USD is losing.

Ben Bernanke’s comments last night caused major moves in global FX markets, where investors backing the US dollar were caught out after the Chairman of the Federal Reserve said that the stimulus measures are likely to remain in place in the US for some time.

Bernanke stated that, “Highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy”.

Consequently, the USD fell back against a host of other currencies. Both the Pound and the Euro rose against the Dollar, up 0.7% and 0.8% respectively, at $1.51 and $1.30.

Versus the Yen, the Greenback also fell by over 1%, amid stability from the Bank of Japan which left its bond-buying programme on hold.

The Dollar Index, which tracks the price of the USD against a basket of currencies, also swiftly retreated from a three-year peak, dropping 2.7%. Such a dramatic fall has not been seen since the height of the global financial crisis.

Interestingly, however, whilst the USD suffered, miners and other global shares were given a lift as commodity prices climbed, pushing Asian indices higher.


Market Round-up 11.07.13 – 09:00hrs CET

Market Round-up 11.07.13 – 09:00hrs CET.

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