Daily Archives: September 3, 2010

Business, Financial, Financial Information, Financial Statements, Money, Profits, Revenues

Continued Progress And Growth For The Co-operative Group

Financial and operational highlights

* Strong performance across the Group, driven by continued investment
* Balance sheet strong and cash position well managed
* Somerfield and Britannia integration processes on track and progressing well
* Root-and-branch overhaul of the business continues with ongoing investment in the brand and transformation of the entire estate
* Food business delivers strong result in tough market conditions

o Sales up 11.5% to £3.9bn
o Underlying trading profit up 12.6% to £169.7m
o Total like-for-like sales down 1%, impacted by disruption of Somerfield integration
o Like-for-like food sales in rebranded and refitted stores up 2.5%
o 2,500 food stores converted to new brand including over 50% of Somerfield stores
o Fairtrade made available to millions more shoppers at Somerfield as part of the range integration programme
o 1 billion less carrier bags given away in stores over past three years

* Financial services business produces strong result

o CFS Operating profit up 34% to £109.3m (£81.4m)
o CFS total deposits up by £1.4bn
o New general insurance policies up 32%
o Like-for-like mortgage applications up 31%
o Total impairments down 41%
o Customer funding ratio strengthened further to 110%
o Core products aligned across Co-operative and Britannia channels

Via EPR Network
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Assets, Business, Financial, Financial Services, Security

Experian Launches ProtectMyID

ProtectMyID offers a comprehensive online service to allow consumers to keep track of where their personal information is being used to secure credit. The launch of the service follows research by Experian that shows identity fraud is on the increase and is more widespread than ever. Experian revealed that the number of identity fraud victims who sought help from the company last year leapt by nearly 20% compared to the year before.

ProtectMyID provides credit report monitoring with text or email alerts if any credit is applied for in the user’s name. Details of the activity and advice on what to do is then posted to the user’s personal and secure online account. As part of the service users also have access to a dedicated Experian caseworker who can offer individual advice to help resolve the suspected ID theft or other fraudulent activity. Other benefits of the service include free fraud insurance to cover the cost of resolution up to £75,000 (provided by ARC, underwritten by AXA) and the option for CIFAS Protective Registration.

The Experian research revealed that in 2009, people were taking longer to discover that they have become a victim of fraud, indicating that fraudsters are getting better at covering their tracks; the average time taken is now 416 days, up 17 days compared to 2008. Year on year, reported fraud rose most sharply in early summer, rising by 57% in May and by 74% in June – the highest number ever reported to Experian in any single month. The average financial loss per victim was £1,100 in 2009 and the most extreme loss reported to Experian was for almost £59,000.

Via EPR Network
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Banks, Business, Currency, Financial, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Forex, Investment, Money, Profits, Trading

Saxo Bank Launches New Morning Markets And Trading Notes On TradingFloor.com

Saxo Bank, the specialist in online trading and investment, has launched two new European morning publications entitled the ‘Morning Kickoff @ Saxo Bank’ and the ‘Saxo Bank Charts of the Day’ which will be published through the Tradingfloor.com site.

The trading Morning Kickoff @ Saxo Bank will deliver analysis and trading commentary on both short-term intraday events and the longer-term trends which are important to traders dealing Forex – foreign exchange or equity markets.

The Saxo Bank Charts of the Day, on the other hand, provides a snapshot of key graphical indicators traders should be watching to detect any changes in market trends and sentiment.

David Karsbol, Saxo Bank’s Chief Economist, said, “The creation of these two notes marks our (Saxo Bank / Tradingfloor.com) desire to provide readers with a comprehensive overview of the market drivers without cluttering up an already information-overloaded world.

“We have balanced the need for fundamental information on what has happened, what is about to happen and what could transpire, with a set of charts to help understand the relationships between key instruments and indicators.”

Tradingfloor.com is a website bringing traders insightful commentary, analysis and research to keep them informed on strategies and news in Forex, FX-options, stocks,commodities and CFDs. Some of its key publications and channels include:

Via EPR Network
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Banks, Checking & Savings, Financial, Financial Education, Financial Services, Loans, Money

MidCountry Financial Hires Chief Accounting Officer – Adds Additional Planning, Compliance, And Industry Experience To Seasoned Executive Team

MidCountry Financial Corp. (MCFC) is pleased to announce that Darren Cantlay has joined the executive team as Vice President of Accounting and Finance, and Chief Accounting Officer. In this newly-created position, Cantlay will manage all financial reporting, budgeting, financial systems, and tax functions for MCFC, among other things, and will also assist with strategic planning and overall financial management for the organization. Cantlay begins his new role Sept. 1, 2010.

“We’re extremely excited to have Darren join the MidCountry Financial family,” said David Hall, chief financial officer for MCFC. “He brings a diverse and extensive set of financial skills to the company, and he will be a valuable asset as we continue to grow and expand our organization.”

Cantlay has more than 15 years of experience handling a variety of accounting, compliance, planning, and operational issues for a variety of financial institutions, including McIntosh Bancshares, the Bank of Ellijay, Appalachian Bancshares, and United Bank Corporation. He has previously held the positions of chief financial officer, chief operating officer, controller, and accountant.

A graduate of Valdosta State University, Cantlay has been an adjunct faculty member at Griffin Technical Institute, where he taught both accounting and tax courses. He is a member of the Georgia Society of Certified Public Accountants, the American Institute of Certified Public Accountants, the Institute of Management Accountants, the Georgia Bankers Association Asset Liability Committee, and was Secretary of the Gilmore County Rotary Club from 2008-2009.

Via EPR Network
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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Possible £2.7bn Bill for PPI Reclaim Compensation

The Financial Services Authority has announced that compensation for mis-sold PPI reclaims could reach as much as £2.7bn and involve 2.75 million people in the UK. Complaints regarding PPI reclaims are expected to rise to over 550,000 per year for the next five years, with compensation for PPI reclaims varying from £900 – £1,800 per person.

The FSA found ‘wide and deep evidence of weakness in PPI sales’ over the last five years and warned lenders they have until December 1st 2010 to adopt a new set of rules that deal with PPI reclaim complaints, key features of which include:

  • If the customer would not have bought the policy in the first place, the PPI premiums plus interest should be reimbursed.
  • If the customer was persuaded to buy a premium with a single up-front payment instead of a regular premium policy, the customer should be reinstated to the position they would have been if they had done.

Dan Waters of the FSA said: “The rules are the culmination of months of hard work and now, with these measures, we look forward to consumers being treated fairly whether they are buying or complaining about PPI. Since we took over the regulation of PPI we’ve carried out 24 investigations and three thematic reviews, issued warnings, halted the selling of single premium PPI with unsecured personal loans, visited over 200 firms, and handed out some very significant fines.”

Lenders up in arms about new PPI reclaim rules

Many have argued the new PPI reclaim rules are unnecessary and disproportionate, with lenders waging a behind-the-scenes campaign to stop the new regulations from being instated.

However, the FSA is adamant the new rules are necessary given the behaviour of some lenders when faced with dealing with PPI reclaims. Some lenders have been automatically turning down almost half of the PPI reclaim complaints they receive with others have been rejecting every single one. Of those customers who had their PPI reclaims rejected, 1 in 3 turned to the Financial Ombudsman Service for help and 80% had their complaints upheld. Such is the extent of the problem, last year the FSA instructed lenders to open up 185,000 rejected PPI reclaims and review them.

For claims comparison site, writeoffloan.com, the behaviour of the lenders is nothing new. “The new FSA rules are incredibly welcome, For years lenders have been mis-selling PPI insurance alongside loans to everyone they could. Often they knew the premiums to be unnecessary or that the customer would be unable to claim on the policy because they were exempt from doing so when they took them out. Sometimes they didn’t even bother telling the borrower they were adding a PPI premium. Customers had no idea they even had an insurance policy.”

The spokesperson added; “The numbers of people coming to us for help with PPI reclaims has risen dramatically over the last 12 months and some of the stories we are hearing are quite shocking. It’s quite obvious the lenders are banking on people being disillusioned and put off when they repeatedly reject their PPI reclaims. That’s why many people need a helping hand from companies like ours to deal with the tactics of these unscrupulous lenders who have simply instated a blanket ban on dealing with PPI reclaims regardless of the merit of the customer’s case. Luckily we understand PPI reclaim law and aren’t so easily put off by the tactics of lenders”.

The Competition Commission is also expected to announce a ban on selling PPI policies at the point when someone is granted a loan. Some lenders however have realised the game is up and have already stopped offering polices, including HSBC and Lloyds.

Via EPR Network
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Banks, Business, Currency, Financial, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Forex, Investment, Money, Profits, Trading

Saxo Bank Releases New Monthly Equity Research On Value Stocks In tradingfloor.com

Saxo Bank, the specialist in online trading and investment, has launched a new monthly equity research publication entitled “Global Value Equity Strategy” focused on highlighting the most undervalued stocks from around the world. It will appear each month on the Equities section of www.tradingfloor.com.

The “Global Value Equity Strategy” will highlight a value portfolio on 30 of the most undervalued stocks from around the world according to a proprietary equity screening model. Each issue of the publication will included back testing results and performance evaluation of the live portfolio.

“One of the many advantages of such a value strategy is that the investment horizon is longer, usually one year or more, eliminating short-term volatility currently prevalent in equity markets,” said Christian Blaabjerg, chief equity strategist at Saxo Bank. “Equity related investment letters are widely distributed on the Internet nowadays. Few of them, however, focus on undervalued securities.”

The “Global Value Equity Strategy” report includes a brief introduction to value stocks, how to recognize them and why investing in them is likely to generate superior returns compared to widely used benchmarks. The phrases “growth stocks” and “value stocks” appear fairly often in financial reports and publications and the “Global Value Equity Strategy” explains that a growth stock is a company, often large and well-known, which has generated high and stable earnings growth over a longer period of time. Investors tend to value such stocks higher as they extrapolate historical growth into the future. The problem is that only few stocks are able to maintain such earnings growth for a long time and competition typically results in a slowdown, eroding margins and market share for growth companies. This seems to explain why they tend to be inferior investments.

Via EPR Network
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