Monthly Archives: October 2011

Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Prudential Reports Britons Favour Spending On Holidays Over Saving For Retirement

Prudential has revealed that nearly three million working age adults will prioritise going on holiday over continuing to save for their retirement as their finances are squeezed.

The survey asked non-retired adults in the UK to outline their spending priorities when faced with a reduction in monthly expenditure as incomes are frozen for many and living costs increase.

Prudential’s research also found that an estimated 2.5 million Britons (or 10 per cent of those who have started saving for retirement would, if forced to make the choice, continue to spend money on nights out with friends and trips to the cinema ahead of maintaining payments into their pensions.

In a similar vein, more than 2 million would choose clothes shopping or going to the hairdresser ahead of payments into their retirement savings.

The figures highlight how saving for retirement is less of a priority for many in the current financial climate. Having previously revealed that more than 1 in 3 non-retired UK adults have no private or company pension, Prudential’s research has also found that almost a quarter wait until they are 31 years old before paying anything into a pension.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Given the choice, many of us would opt for the immediate benefits of a holiday or a night out with our friends over saving for retirement. However, I’m sure we would all like to be able to continue topping up our tans occasionally or going out for meals after we have retired. So it is really important to strike a balance and keep building up a pension that can support the lifestyle we want to have in later life.

“As people tighten their belts it is important to think about the long-term impact of financial decisions and spending patterns. Those looking to maximise their retirement income should start saving as much as possible as early as possible in their working lives. Even small contributions can make a significant difference to a pension if invested early. And a consultation with a professional financial adviser will help you make the right long-term and short-term financial decisions.”

Via EPR Network
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Admiral Staff Win Trip To See Wales Play France

Admiral has given two members of staff a dream trip to Auckland to see Wales play France in the semi-finals of the Rugby World Cup.

Craig Jenkins from Swansea and Julia Pring from Cardiff each won the opportunity to attend the game, which kicks off at 9am GMT in Eden Park on Saturday.

After the Welsh win last Saturday, the car insurance specialist began organising the prize together with the Welsh Rugby Union. On Monday, staff received an email announcing the competition. However, in order to be in with a chance to win, staff had to answer the question “How many WRU/Admiral jerseys will the Welsh National team use for the 4-match autumn series and RBS 6 Nations games each year?”. Not an answer easily found on the Internet.

Craig and Julia were able to work out the number, 256, and were the lucky two chosen to go. They left from Heathrow at about 4pm on Wednesday 12th October and will arrive in New Zealand on Friday.

On winning the prize, Julia from Admiral’s Customer Service department in Cardiff said: “When they told me I just broke down in tears; I was so excited. I had been talking to my friends about how amazing it would be to go to New Zealand for the semi-final and at the time it was just something we could dream about. I can’t believe I’m actually going.”

Ospreys fan Craig Jenkins, who works in the company’s Customer Service department in Swansea added: “I’m still pinching myself. Everyone’s been so excited for me but I think they’re probably quite jealous too. I really am over the moon; it’s like winning the lottery.”

Admiral is the official shirt sponsor of the Welsh national rugby team. The partnership has proved a big hit with staff who have benefited from discount on shirts, tickets to home games and even visits to the office from some of the squad.

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Business, Commodities, Financial, Financial Information, Financial Services, Investment, Money, Trading

Business Monitor International Warns Of China’s Economic Slowdown

Business Monitor International (BMI) has released the latest special report, “China 2012: From Miracle To Meltdown” outlining a case for a severe growth collapse in China driven by declining money supply growth rate, accelerating inflation and external slowdown with a threat of a double dip recession in the US.

According to BMI, the bearish outlook for China’s economy is more credible now than at any point in recent history. With China’s housing market exhibiting characteristics typically seen at the end of a bubble, a steep drop in house prices as developers offload inventory would pose a risk of a cash crunch to businesses operating in China, especially property developers and small and medium enterprises (SMEs). As the repayment capacity of loans given to local government investment vehicles increasingly comes under threat, BMI also expects a pronounced correction in investment spending and instability in China’s banking sector.

From banking sector exposure and weak fiscal and monetary position, the report also focuses on China’s consumer market and its ability to shoulder the burden of growth should Chinese export growth fall due to a weakening US dollar and lower import demand from the US and Europe.

Moreover “China 2012: From Miracle to Meltdown” assesses the impact of a Chinese hard landing on the regional economy. While no country would be immune from a Chinese hard landing, BMI argues that Australia is most precariously positioned to suffer the consequences of this severe economic slowdown. A Chinese hard landing would push the Australian economy over the edge, likely ushering in a recession and potentially triggering a financial crisis.

Given the importance of China to the global economy, the report enables global investors, strategists and decision-makers across the corporate spectrum to identify business growth opportunities, avoid market risks and aid strategic planning activities over the short, medium and long term.

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Confused.com Reveals Motor Maintenance Ignorance Endangers The Safety Of Others

Confused.com has revealed that drivers know very little about car maintenance with a worrying 72% unaware how to check brake fluid levels, leaving them in potential danger at the wheel.

Moreover, 69% of motorists have no clue how to check their engine coolant, a fluid which prevents a vehicle from overheating and if left unchecked can cause serious damage to the motor.

In fact, 57% of drivers don’t even know how to change a tyre, while 47% are also unable to even locate the jack.

As Car Care week kicks off, Confused.com is urging drivers to take the time to get to know their motors and keep their cars roadworthy in a bid to keep Britain’s drivers and pedestrians safe.

Motorists are so laid-back about car maintenance that 48% haven’t even looked at their car manual, but with over 28.5 million cars on the road, Brake the road safety charity and Confused.com are urging drivers to love their cars more in a bid to cut down on accidents.

Katie Shephard, spokesperson for road safety charity, Brake, said: “Driving is one of the most dangerous things people do on a daily basis. It’s vital that all drivers are doing regular maintenance checks of their vehicle to ensure they are safe on the road. Shockingly, five people are killed and a further 65 are seriously injured on UK roads every day. Brake urges all drivers to check their vehicle regularly to ensure they’re not endangering their lives, and the lives of innocent road users.”

Gareth Kloet, Confused.com Head of Car Insurance added: “Car maintenance is essential. We all love a bit of TLC so don’t forget your cars need a helping hand to. A lack of car maintenance can cause road safety issues and 72% of drivers don’t know how to check their brake fluid. If a car has insufficient brake fluid, air can get into the brake lines and your vehicles ultimately could stop working and cause serious problems, not only for you but also for others.

“Make sure you do regular checks on your car and also ensure you have breakdown cover just in case the worst happens.Shop around for the breakdown cover you need as costs can vary greatly between providers; a comparison site is a great way to do this.”

To encourage the nation to care for its cars, Confused.com has put together a car maintenance video offering a solution to some of the problems highlighted.

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Confused.com Research Reveals Weather Conditions Are Affecting Home Insurance Claims

From an Indian summer to predicted snowfall in a matter of weeks, Britain’s weather remains a mystery with adverse conditions severely affecting home insurance claims, Confused.com has found.

In the last year alone, storm related home insurance claims have risen by 68% overall, with policy holders in Central Scotland 117% more likely to claim for a storm.

Storms are not the only weather conditions affecting home insurance claims with lightning striking twice for 1 in 10 unlucky UK residents; particularly in Wales and the West where people are 89% more likely to be hit by lightning than the UK average. Surprisingly, London, known for its lack of green space is the area that is 47% more likely to make claims due to falling trees.

With unpredictable weather likely to continue as winter approaches, Confused.com is reminding customers to check their home insurance and make sure they are covered for adverse weather.

Mark Gabriel Head of Home Insurance said: “The consequences of having insufficient home cover are potentially severe. Many Insurers will offer home emergency cover as an optional extra on their contents policies – you will either be charged extra on your standard annual premium, or pay a monthly subscription fee.But make sure you shop around for cover as premiums can vary greatly between providers; a comparison site is a great way to do this.”

Interested customers can read the full ‘lightning strikes twice’ home insurance research here at Confused.com:
http://www.confused.com/press/releases/lightning-strikes-twice-for-nearly-1-in-10-customers-who-claim.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Launches New eBond Issues

Northern Rock has launched two new issues of its new online fixed rate e-bond account, providing competitive interest rates for those savers who wish to operate their accounts online. e-bond (issues 18 and 19) will are available now.

With a minimum deposit of just £1, customers can benefit from a competitive fixed rate of interest until 20 October 2012 on e-bond issue 18, which pays 3.00% gross*/AER** annually. Alternatively, they can choose e–bond issue 19, which pays 3.25% gross*/AER** pa, fixed until 20 October 2014. Monthly interest rate options are also available on all three products. Accounts must be opened and operated online and initial deposits can be made online by electronic transfer from another bank or building society.

Account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross* annual rate) on the 7th of the month (available next business day).

Additional deposits to the bonds can be made during the offer period up to a maximum of £500,000 per customer. The fixed rate bonds (Issues 18 and 19) are non-redeemable and none of the issues allow any withdrawals or closure during their respective fixed rate periods. The bonds are offered on a strictly limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

Full product details are available at Northern Rock’s website at northernrock.co.uk/savings.

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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Prudential Reveals More Than A Third Put Their Pension Savings On Hold

Prudential has revealed new research which shows more than a third (35 per cent) of British adults who are yet to retire have stopped paying into their pension pots.

The results of the nationwide study show that one in three (33 per cent) of those who have put pension payments on hold have done so because they are out of work, while over a quarter (27 per cent) say that they can no longer afford the contributions.

More than two-fifths (43 per cent) of those who have stopped paying into their pensions do not plan to start again, despite the long-term impact it will have on their retirement income.

Prudential’s calculations show that irregular contributions could reduce the values of savers’ pensions by thousands of pounds. In fact, a saver who misses a year of gross contributions of £2,400 could see their final pension fund reduced by £7,000*.

Vince Smith-Hughes, head of business development at Prudential, said: “Tightening your belt when times are hard is sometimes necessary, and putting pension contributions on hold might seem an easy way to save money; however, neglecting pensions today means throwing money away tomorrow, as savers will miss out on perks, such as tax relief and employer contributions.

“Abandoning your pension pot really should be a last resort when times are tough. By getting into the routine of saving into a pension as early as possible, savers will be able to ensure the comfortable retirement that they deserve.”

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Confused.com Find Bald Tyres Can Mean Insurance Claims Are Denied

Confused.com has revealed that drivers could see their motor insurance claims denied and face fines of up to £10,000, simply by failing to take proper care of their tyres.

One defective or bald tyre could see drivers hit with a fine of up to £2,500 and three penalty points or up to £5,000 and 6 points for two defective tyres.

In fact if all four tyres were defective, the maximum fine could be as much as£10,000 with a whopping 12 penalty points.

As Tyre Safety month kicks off, Confused.com’s new poll of drivers also reveals that many motorists don’t know how to keep their tyres roadworthy. The company interviewed 2,000 motorists and found that:
– 57% of drivers don’t know the correct tread depth for their tyres which is 1.6mm
– 58% don’t know the correct pressure of their tyres
– 18-24 year olds are least likely to know how to put air in their tyres
– 87.4% of people do not change their tyres for the winter weather

According to the poll, 58% of people do not know what the correct tyre pressure is for their vehicle with18-24 year olds being the key culprits. On top of this, 1.4% of people don’t even realise that their tyres need air.

Gareth Kloet, Head of Car Insurance at Confused.com said: “Tyre maintenance may not sound like the most exciting topic on the planet but is important to basic road safety. If your tyres have too much air or too little this can wear the tread of tyres down quickly.”

“If a tyre has a tread of less than 1.6mm it is qualified as an illegal tyre. If the police stop someone with an illegal tyre they will be fined up to £2,500 for each illegal tyre. If someone is in a crash and their tyres are below the legal tread limit, a fine can be issued causing their insurance to be denied.”

“Tyres must be checked on a regular basis to ensure they are up to road safety standards. An easy way of checking tyre tread is the 20p check. Place a 20p coin into the main tread of the tyre and if the rim of the coin is covered by the tread this shows it is a legal road worthy tyre.”

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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Standard Life Reveals Financial Commitments As Significant As Key Emotional Relationships

Financial commitments are as significant as key emotional relationships for people in the UK, according to research from Standard Life. It found that many would liken the majority of their regular financial commitments to the kind of relationship they have with their partner or spouse. Over three quarters (81%) of people paying into a pension view their relationship with their pension in this way and almost half (47%) of gym-goers liken their membership to a ‘husband or wife’ relationship too.

Standard Life’s full ‘Your Commitments, Your Future‘ report can be found at www.knowyourcommitments.co.uk and defines how financial and relationship commitments change during a lifetime. It also investigates the different attitudes people have to different kinds of commitments. It found that while most consider their regular financial commitments, such as paying bills or contributing to a pension, to be significant, on average people spend much more time thinking about their relationship commitments instead.

Other findings include:
– Over three quarters of men (77%) who pay a mortgage are most likely to liken the relationship to the same as with a spouse, rising to four out of five women (83%).
– Three in five men (59%) who have paid-for TV admit that they view their subscription as most like a ‘husband and wife’ relationship.
– While the longest relationship people in the UK have tends to be with a partner or spouse, their longest financial commitment is held for just two years less on average over their lifetime.
– The longest relationship for adults aged 18 to 24 is with a financial product, (two years and ten months, six months more than their longest relationship with a partner).
– Men and women who have a partner spend just 50 minutes a day thinking about their partner and just over half an hour (37 minutes) a day thinking about the financial commitments we listed.

John Lawson from Standard Life commented: “Our financial and relationship commitments change throughout our life and understanding how they are linked is essential when planning for the future. Our research found that although our financial commitments are significant, we devote less time and attention to them than our emotional relationships.

” We’ve identified three core commitment life stages, so people can see where they are in the financial and emotional commitment cycle. In that way, they are in a better place to plan their finances for the future and feel confident about what lies ahead.”

Psychologist Professor Janet Reibstein who worked with Standard Life on the report said: “An interesting aspect of this research is that people regard financial and emotional commitments as separate entities to be treated differently. Yet if people understand that financial and emotional commitments are linked, then they will be able to align their commitments with their aspirations.”

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How To Sell Gold In Floral Park

Now is the best time to sell your gold since the prices are at a record high. Because of the high prices of gold today, there is also an increase in the number of gold buyers. Also contributing to the increase in number of gold buyers is the fact that it is easy to join the business these days. With the proper licenses, you can just set up show anywhere you like. You only need to have a license as a pawn broker or as a second-hand dealer to get started in the business.

But while it’s a good time to sell your gold – be it jewelry pieces or coins – there are gold buyers out there who are only out to make fast and easy money on you. Gold is an expensive item, and people will do anything to have a piece of it. Many gold buyers don’t have your interest in their mind. If you want to sell gold in Floral Park, be sure you know where the legitimate gold traders are.

The gold buy-and-sell business is simple and quick. Just go there and sell your piece of gold, get paid and leave. But that’s only when you don’t aim for the highest value for your gold piece. If you want best possible selling price of your gold, invest time and effort, don’t allow yourself to be taken for a ride.

One golden piece of advice you should heed is to avoid falling for infomercials that promise to make it easier for you. A tragic mistake many people make is to believe in these infomercials as if they are gospel truths and deal his gold without research into the prevailing prices of gold.

In fact, a piece of jewelry oftentimes carries a value higher than its gold content. A 100-year-old watch, for example, can guarantee you a price that is much higher than its gold content.

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Saxo Bank Continues International Expansion With New Office In Moscow

Saxo Bank, the online trading and investment specialist today announced the opening of a new representative office in Moscow in order to respond to growing demand by Russia’s sophisticated investor base.

The opening of the Moscow office is a strategic move by online trading specialist to strengthen and expand its position as a leading provider of online trading and investment solutions. The office will act as a broker boutique offering Russian investors a broad list of exchanges and instruments available through Saxo Bank’s award winning trading platform.

There have been promising developments in Russia this year, with retail sales growth accelerating in August reaching 7.8% year on year (y/y). Unemployment declined whilst real wage growth picked up to 3.9% y/y which has filtered through to every segment from discount to luxury. Consumers’ increasing maturity and sophistication has increased the HNW sector of the market and thus stimulated their risk appetite and desire for better returns, which fits Saxo Bank’s investor profile.

The Moscow office will be headed by newly appointed COO Igor Dombrovan, who said: “Sustainable success is driven by customer focus, and the new representative office will enable us to have greater access to clients in Russia. The Russian retail market has demonstrated solid growth rates over the last several years, making the sector one of the most actively developing markets in the economy. This has been fuelled by growth in the overall economy, growing consumption and an increasingly organised marketplace. The new office will enable us to further support and educate this growing market with its highly sophisticated investor base.”

Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement: “While opening an office in Moscow is a strategic decision to support our European expansion and growth strategy, it has always been a priority for Saxo Bank. Russia has always been a good market for Saxo Bank because Russian clients are highly sophisticated investors. The new office will enable us to provide a more comprehensive on-the-ground service to clients and potential clients in the region.”

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Confused.com Reveals The Rudest Drivers And Launches Etiquette Guide

Confused.com has revealed the results of a new poll which suggests motorists need a fuel injection of mannersConfused.com. The majority of UK drivers consider themselves to be courteous drivers (92%) but think that almost 1 in 3 (31%) of other motorists are in the slow lane when it comes to courtesy in the car.

If motorists could stop other drivers doing one thing while driving it would be using mobile phones at the wheel (27%), tailgating (23%) and showing aggressive behavior (22%). Drivers would also like to see more road users indicating at junctions (35%); less litter thrown out of car windows (17%) and more people letting drivers out at junctions (11%).

London and the North West are home to the rudest drivers (by their own admission), and young drivers, older drivers, people in white vans and in four wheel drives are UK motorists’ biggest bugbears on the road according to the UK poll of 2,000 motorists*.

The poll of 2000 drivers in the UK was carried out by Onepoll on behalf of Confused.com and all figures have been rounded up to the nearest 1%.

For more information on the driving etiquette guide from Sim De La Torre, and other motoring articles, visit Confused.com.

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Confused.com Reveals That Overvaluing Possessions Could Lead To A Higher Insurance Premium

Confused.com has revealed that valuing contents incorrectly could see customers paying more than they need to for home insurance.

According to new research by Confused.com, in 2011, the average amount people are valuing their home contents at is £50,000 with the most expensive value being £5 million.* Some of the most unusual items insured in 2011 included an astronaut autograph collection, a hot tub and a signed 1966 world cup final programme.

But Confused.com are warning that although these possessions may mean the world to their owners, getting them valued correctly is essential as people may be paying more for their home insurance than they should be.

With the economy taking a turn for the worst, Confused.com is urging homeowners to be money savvy and remember that home insurers will only pay out the market value of an item, so it is false economy to insure your contents for more than they are worth.

Mark Gabriel, Head of Home Insurance at Confused.com said: “People always ask whether they need home insurance. Home insurance gives peace of mind should the worst happen. Everyone places a different value on their possessions but getting the right amount of cover is important.

“Do your research when valuing your home contents as you want to make sure you are not over-estimating and paying a larger insurance premium than you should be. On the flip side, one of the most common problems is under-insurance for contents because many people do not realise the value of possessions.

“There is so much competition when it comes to home insurance providers on the market today, so use a price comparison website to ensure that you get a great deal and get your worldly possessions insured, no matter how unusual they are.”

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ForexTrading.net Releases New Videographic on the Forex Market

ForexTrading.net, a new online forex magazine is aiming to keep users updated with all the latest happenings in the world of forex trading, through a videographic that has been published on the site.

The new videographic will give users of the site an overview of the forex trading market, and can even be embedded into users’ personal websites or blogs where it can be shared with other interested internet users.

Recent years have seen a number of changes in the forex trading market; not only has the number of people who trade in this manner shot up, but the way in which trading occurs is constantly evolving as well. For instance, in 2010 alone, cross-border trading transactions constituted 65% of trading activity. This implies the power of technology and its effects on the forex market.There has also been a rapidly growing disparity in algorithmic trading versus manual trading. In 2004, algorithmic trading only ranked at 2% of all trades, however in 2010 it comprised 45% of the trading share. Similarly the global foreign exchange market turnover was 20% higher in April 2010 than in 2007, with average daily turnover of 4 trillion USD compared to 3.3 trillion USD. As such, it’s very important for forex traders and internet users who follow the market to keep updated, and ForexTrading.net videographics will allow users to learn about forex in a manner that’s informative yet fun, and share their findings as well.

Nanna Arnadottir, editor at ForexTrading.net said: “The forex trading industry has some great news and commentary sites, but it can be a bit starved of interesting blogs with real quality content. That’s what we’re aiming for with ForexTrading.net, that and a bit of personality, which I think the videographic really provides.

It’s a fun way to take in a lot of facts and you can share it or post it on your own blog, so everyone is a winner.”

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Payday Express Appoints New Project Manager

A new IT project manager has been appointed at short-term loan provider Payday Express, as the company drives forward its business by prioritising key systems and projects.

Rajeev Chakraborty started work at the instant approval payday loans company on September 15, succeeding contract project manager Femi Awoyemi, who was responsible for the successful deployment of the company’s new loan management system in June.

Rajeev brings with him valuable skills and experience working with agile software development, at a time when the IT team transitions to this new methodology.

His role will include managing a range of projects undertaken by Payday Express’s internal development team, which constantly seeks to improve the service delivered to customers. The team is currently working on developing a system to be able to take customer applications over the phone, and will soon develop a customer portal, to enable customers to log in and easily manage their accounts via the company website.

He will also work closely with digital marketing project manager Nushin Nahidpour, who manages the fast payday loans company’s out-sourced development projects.

These projects include adding new features such as a blog and daily news feed to the website.

“I am really looking forward to working with the teams at Payday Express and growing with the business,” said Rajeev.

“The environment is amazing – there is a real buzz when one enters the workplace, reflecting the enthusiasm of staff and the speed at which the company is growing. The emphasis placed on continual improvement is exciting!”

Nushin added: “We are really pleased to welcome Rajeev on board and can already see that he is an excellent addition to the team, with his enthusiasm and experience with agile project management and software development.

“Our projects are fast-moving and varied, so it is vital these are managed by a dedicated and delivery focused PM.”

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