Category Archives: Business

Business

Business, Financial

New .mobi Website Developed, franchises.mobi, For Investors On-The-Go

Often referred to as dotMobi, .mobi is a top-level domain committed to delivering the Internet to mobile devices through the Mobile Web.

Websites that use the .mobi extension are created specifically for mobile devices such as mobile phones and handheld computers to make them easy to browse and reduce download time. If you see a .mobi domain name, then the website on your phone will work. If you see a .com website today, it may work or you may download more content than your phone or budget is set to receive.

Now you can navigate on your cell phone as you search for the perfect website when you are on the go. Thanks to the .mobi concept, users will receive a smooth and enjoyable online experience.

.mobi sites are popping up on posters in subways and on .com sites of corporations advertising their .mobi sites and best of all in EXCLUSIVELY .mobi directories.

.mobi is backed by leading mobile operators, network and device manufacturers, and Internet content providers, including Ericsson, GSM Association, Hutchison 3, Microsoft, Nokia, Orascom Telecom, Samsung Electronics, Syniverse, T-Mobile, Telefonica Moviles, TIM, and Visa and Vodafone.

According to Ipsos Insight’s Latest “The Face of the Web Study”, Mobile Phones are on the brink of surpassing the PC as the major internet platform in many markets.

The study revealed that in the United States,“three in four households own a mobile phone.” Consumers are now demanding better access and a better experience when using their phones to access the internet. With 4 cell phones purchased to 1 pc sale, the number of people that access the internet with a cell phone is expected to increase significantly. To be apart of the .mobi revolution and join our team, please visit franchises.mobi

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Business, Escrow, Financial, Financial Services, Financial Solutions, Investment, IRA, Money, Personal Finance, Retirement

Sunwest Trust, which manages retirement funds for self-directed IRA investors, has continued to expand despite the uncertainty on Wall Street

Sunwest Trust, Inc. the New Mexico Company that acts as an escrow agent and self-directed IRA custodian, claims the self directed IRA funds placed with their firm are FDIC insured through local banks. Sunwest Trust further claims that it is financially sound and is not directly affected by the day-to-day volatility of the stock market. Since Sunwest Trust’s clients are self-directed, their investments are under each client’s direct control and are diversified in non-traditional assets, which are not directly indexed to the ups and downs of the stock market.

“With the current economic scenario being what it is, clients are naturally concerned about the security of their retirement money,” says Terry White, CEO of Sunwest Trust. “Large financial institutions including banks and lending agencies failing at regular intervals make headlines in the print and electronic media quite often, thus creating a suspicion in the mind of the clients about the security of their investments,” White adds.

Sunwest Trust deposits the IRA funds received from its clients into FDIC-insured banks. Although Sunwest Trust, Inc. only requires a minimum account balance of $400, “with the recent passage of the Financial Rescue Legislation this month, Individual Retirement Accounts (IRAs) are now insured by the FDIC up to $250,000 until December 2009,” says White, CEO of Sunwest Trust, Inc., as he attempted to avert growing suspicion among customers on the fate of their deposits.

Sunwest Trust is currently serving 14,000 individuals and companies and covering assets to the tune of $1 billion. “In August, the company had a record-breaking month, in terms of opening new accounts, and September is not far behind. The achievements during both these months were higher than the previous record, which was set in April, 2007,” states Terry, projecting an attractive picture of the company’s achievements.

Company management has very high expectations for making the current year the greatest in its 21 years. The company also claims to have achieved a growth rate of 15% annually and to have provided high-quality services to its customers.

In the world of finance, fortunes are often made in down markets. One only needs to use foresight and fortitude to make the right decisions in time. Retirement plans can succeed with diversification plans. “The self directed IRA could well be one of the best ways to achieve success with post retirement investments,” adds White.

Although the stock market may fluctuate and credit may tighten, it doesn’t mean that the avenues for lucrative investments are all closed. Diversification continues to be paramount to a successful retirement plan, and having a self-directed IRA may be central in achieving this. For example, with real estate property values nearing all-time lows this may be an excellent time to purchase property as part of one’s IRA.

About Sunwest Trust, Inc.
Sunwest Trust is an independently owned private company which offers self-directed IRA custodian and escrow services. The company offers a huge range of financial services providing post retirement benefits, private mortgages, real estate contacts and other related fields for its clients. FDIC insured banks back the self directed IRA funds of their clients.

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Banks, Business, Checking & Savings, Financial, Financial Services, Mobile banking, Money, Online Banking, Personal Finance

Lloyds TSB has launched two new savings accounts in response to the demand for its savings products

Lloyds TSB has revealed the details of two brand new savings accounts, each offering customers the opportunity to earn up to 6% interest on their savings.

The first of the two new savings accounts, the Easy Saver 2012, tracks the Bank of England base rate until 31st December 2012 on a tiered rate up to 5.5 per cent*. The new account can be opened with a minimum balance of £1 and there are no penalties for withdrawals on the account. The account offers customers instant access to their savings and the tiered rate is designed to help consumers maintain their savings habit over the long term.

The one year term deposit rate is the second of Lloyds TSB’s new savings options. It allows customers to earn a guaranteed return of 6.00 per cent on investments of £2000 or more. The rate is guaranteed for the term of the deposit and customers can opt to earn interest on a monthly or annual basis, enabling them to use their savings interest to boost their monthly income.

Janet Pope, director of savings and investments at Lloyds TSB said: “In an uncertain economic environment, security is a top priority for savers. Our term deposit range** has proved extremely popular, as the guaranteed return gives customers the security to plan ahead, knowing exactly how much interest they will receive and when they will get it.”

Janet continued: “Whilst some savers may want to ring fence funds in a term deposit account, others want instant access to their cash. The Easy Saver 2012 encourages customers to build their nest egg over time, safe in the knowledge they can access funds at any point if they need it.”

The new Easy Saver 2012 account can be managed through any Lloyds TSB branch or via the telephone network. Existing Lloyds TSB customers can manage their account using internet banking and funds can be transferred instantly between savings and current accounts via the new mobile banking service.

Janet Pope continued: “We continue to see strong demand from customers for our deposit products as our savings range offers customers great rates combined with the accessibility of our 1,900 strong branch network and familiarity of a high street brand. Recently, we have seen a significant increase in deposits and in the last week alone, double the average numbers of term deposit accounts have been opened.”

About Lloyds TSB:
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB offer a full range of financial services including savings and investments, current accounts and insurance. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

* Based on the current Bank of England base rate of 4.5 per cent. Interest will be compounded annually to the account or can be taken as a monthly income.
** On the term deposit range. No withdrawals or additional deposits are allowed during the term of the deposit. The minimum opening balance is £2000 and the maximum balance is £1 million.

 

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Business, Financial, Financial Services, Financial Solutions, Insurance, Investment, Personal Finance, Retirement

Highway Insurance Group Acquired by LV

LV=, the UK based insurance, investment and pensions group, has announced its acquisition of the Highway Insurance Group, which includes Highway Insurance and Hero Insurance Services, further expanding the fast growing general insurance division of LV=.

The initial offer of 73.35p per share, which was recommended by the Highway Board, was made in August. Highway shareholders also received their interim dividend of 1.65p, payable at the start of October 2008. This gives an overall value of the entire issued share capital of Highway of £150m.

Fenchurch Advisory Partners acted as exclusive financial adviser to LV while Shore Capital Stockbrokers acted as corporate broker to LV=.

Mike Rogers, Group Chief Executive of LV= said: “We are pleased to have completed this deal quickly and we look forward to welcoming Highway into the LV= Group. This acquisition makes sound strategic sense and will assist us in our stated ambition to become a top five insurer in our chosen markets by 2012.”

He continued, “Highway is highly complementary to our existing general insurance operations and will provide a strong platform for growth. Putting the strengths of LV= and Highway together will enable us to compete even more effectively in the insurance broker market.”

Highway Insurance will become part of the LV= General Insurance business which is led by Managing Director John O’Roarke, who formerly headed up the Churchill and RBS Insurance businesses.

Andrew Gibson, Chief Executive of Highway, will be staying on in an advisory capacity until the end of the year, when he will be leaving to explore opportunities outside the LV= Group.

As LV= is a mutual organisation, owned by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.

About LV=:

LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies. LV= employs over 2,700 people, serves more than 2.5 million customers and members, and manages more than £7.7 billion on their behalf. LV= is the UK’s largest friendly society and a leading mutual financial services provider, providing home insurance and car insurance well as travel and pet insurance direct to consumers. It also offers insurance products exclusively to brokers via the Highway and ABC Insurance brands.


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Business, Career, Financial Education, Financial Services

Quest CE Hires Jim Hoehn As Vice President Of Business Development

Quest CE’s President & CEO, Alan Krenke recently announced the hiring of Jim Hoehn as Vice President of Business Development for Quest. Jim brings over 15 years of Sales and Relationship Management experience to Quest working previously for Principal Financial Group as Regional Director, Goldman Sachs as Regional Vice President , Curian Capital as Regional Business Consultant and Strong Capital Management as Regional Vice President.

Jim received both his undergraduate degree and MBA from the University of Wisconsin. Additionally Jim holds the Certified Investment Management Analyst (CIMA) professional designation.

Jim will be working directly with Quest’s Sales and Marketing Team to aggressively expand Quest’s market share in the continuing education and compliance education arena.

Jim resides in Slinger, WI with his wife and two daughters (ages 5&7). An avid sports fan, he follows both the Green Bay Packers and Wisconsin Badgers closely. He and his family also take advantage of the many outdoor activities Wisconsin has to offer.

About Quest CE:
Quest CE offers customized continuing education and online compliance management programs to financial service firms across the country. With over 100 clients in the insurance, mutual fund, and banking industries, Quest has the resources and expertise necessary to create and administer successful training programs for organizations of all sizes.

For more information about Quest CE you may also contact Quest CE at 877-593-3366 or visit our website at www.questce.com.

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Business, Financial, Financial Management, Funding, Investment, Money

Venulum’s Master Fund Has Risen Up The Bloomberg Ranks To Third Place Overall

Venulum, a multinational private wealth management firm, has reported that its Master Fund, consisting of Venulum Property Investment Limited, Venulum LLC and Venulum Property Limited, is now ranked third by Bloomberg across all mortgage backed arbitrage funds in all jurisdictions.

The excellent returns produced by Venulum Property Investment helped lift the overall performance across the funds. The performance was considered to be a strong reflection of the group’s strength by Giles Cadman, Chairman of The Venulum Group.

“We have an established team who utilise their skill and experience to create value,” Mr Cadman explained. “In rising markets it can be very easy to make strong returns, but when market conditions deteriorate you need to have the ability to add value. We often get criticised by our competitors in the property market for not taking enough risk, but as the last few months have proved, markets can change and wipe out value very quickly.”

CFO of Venulum Group, Richard Lowden, was instrumental in the listing of Venulum’s funds with Bloomberg. “Venulum is a private company owned by a family trust and we invest on behalf of private individuals, so the opportunities to compare our returns with competing funds are limited” he explains. “When our administrators, Folio suggested we register our funds with Bloomberg we thought it would be a great opportunity. The listings are not in the public domain because the funds are privately held, but brokers and independent financial advisors who subscribe to a Bloomberg terminal have access.”

The process involves significant due diligence carried out by Bloomberg on Venulum and the Private Placement Memorandums of the funds, and it is then the responsibility of Folio to update the monthly share prices.

Mr Lowden is confident that the funds will hold up well in the downturn. “Our wine business is run by exceptional people who have a very clear investment strategy to take advantage of price movements and we have taken the risk out of our property business by focusing on the public sector housing market and investing exceptionally cautiously over the past two years, in expectation of the current downturn.”

About Venulum:
The Venulum Group is a multinational private wealth management firm headquartered in the British Virgin Islands. The Group manages the wealth of high net worth individuals, and specialises in alternative investments often not available to the general public. Venulum helps high net worth individuals balance their portfolios.

The Venulum Group was formed in 2002, and has expanded to include offices in four countries, with service offices in a further two. Since 2002 Venulum’s client base has expanded rapidly, and now has a substantial number of United States based clients.

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Business, Financial, Financial Management, Hedge Funds, Investment, Profits

Venulum’s September Client Was A Great Success With Over 40 Clients And Their Partners Of The Private Wealth Manager Attending From All Across America

The Venulum September client conference was held on Friday morning and set out to clarify Venulum’s strategy for 2009 together with a review of performance of the Mutual Wine and Property Funds in 2008. Giles Cadman, Chairman of the group, was pleased to announce the overall returns for the Group had exceeded 15% in 2007 and was positive about 2008-2009 in light of the opportunities presenting themselves because of the deteriorating economic climate in the US and the impact felt in the UK and Europe.

“We are well placed to take advantage of the weakening property market in the UK as we have strong liquidity in the Property Fund,” explained Cadman, “We have been waiting for three years for the property market to cool so that we can acquire property within our yield criteria of between 7% and 9%.” The property team are now analysing three opportunities where values have fallen by over 50% in the past twelve months.

Rob Spalding, Business Development Officer from Pensco Trust Co was also a speaker at the conference. Pensco started trading in 1989 in New Hampshire and are an independent custodian of self directed IRA’s, specialising in non traded assets. Rob Spalding explained that as a regulated IRA custodian, Pensco are independent and are never in conflict with investors’ goals because they do not sell investment products nor provide investment or tax advice.

“At Pensco Trust, we combine proprietary technology, built specifically to facilitate smooth, safe processing of investment transactions with the greatest depth of in-house expertise in the industry” explained Spalding, “Clients benefit from our expertise on non-traditional IRA investing that comes from our singular focus. We are proud of our philosophy of sharing this expertise with our clients and prospects by providing free education on self directed IRA investing.”

Daniel Cann, Director of Folio Administrators Limited was also on hand to answer specific questions from clients throughout the weekend. Folio administers all of the Venulum funds. Having been founded in 2001, they have grown to be the largest fund service provider in the British Virgin Islands, currently providing full administration services to over 130 funds with approximately $5.5 billion of net assets under administration.

Daniel commented “We focus on tailoring our services to match individual requirements by employing specialist, highly qualified accountants and administrators. We utilize the best in fund administration solutions with PFS-Paxus and Bloomberg.”

The second session of the Friday morning presentation focussed on Venulum Wine Ltd and the different ways that Venulum invest in wine. “Wine is an asset class that Venulum believe is perfect for use in IRA and 401K investment vehicles,” Giles Cadman explained, “It can produce strong consistent returns as it benefits from diminishing supply as it gets drunk whilst demand increases as it improves with age.” Venulum Wine Limited has a team of experts and consultants who attend the annual tastings in Bordeaux and Burgundy to unearth those wines they think will provide the strongest investment returns. The company offers clients the opportunity to invest with different levels of gearing, from a straight forward full physical purchase to instalment contracts, En-Primeur agreements or forward purchase agreements.

Venulum are already planning conferences for 2009 on the West Coast and back at Greenbrier in the fall.

About Venulum:
The Venulum Group is a multinational private wealth management firm headquartered in the British Virgin Islands. The Group manages the wealth of high net worth individuals, and specialises in alternative investments often not available to the general public. Venulum helps high net worth individuals balance their portfolios.

The Venulum Group was formed in 2002 and has expanded to include offices in five countries with service offices in a further two. Since 2002 Venulum’s client base has expanded rapidly, and we now have a substantial number of United States based clients.

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Business, Financial, Financial Services, Financial Solutions, Revenues

RMS Networks (RMS) And World Capital Markets (WCM) Form A New Company For Strategic Advertising, Promotion, Research And Technology

RMS is the leading Internet-based, digital media and marketing agency that develops, manages and delivers the most relevant video advertising segments to millions of consumers daily. RMS has served the nation’s most respected and recognizable brands, including AutoNation, Blockbuster, Subway, Accenture and Advance Auto Parts.

WCM is the premier resource for private companies that want to go public, raise capital, or present themselves more effectively to interested parties

The new company being formed by RMS and WCM will promote effective capital raising techniques through rich advertising, metrics, non-traditional advertising outlets and Internet-based social networks. The name of this new entity will be announced in the near future.

Clients of the new company will gain market visibility designed to secure private investments or to take their company public through an initial public offering or reverse merger by targeting strategic audiences through addressable marketing services and campaigns. RMS President and Founder, Jason M. Kates, said: “The RMS platform offers an extremely powerful tool for these companies, one that is especially timely given the current state of the financial markets. Teaming with WCM will bring the power of digital media and targeted social investing to our clients, thereby enhancing the reach and impact of their marketing and investor relations efforts.”

About RMS Networks Inc.
RMS is the leading internet-based, digital media and marketing agency that develops, manages and delivers the most relevant video advertising segments to millions of consumers daily. Through rVue®, RMS’ proprietary addressable advertising technology, high-traffic venues and consumers can access HD video content, create playlists and dramatically enhance the shopping experience. From its headquarters in Fort Lauderdale, FL., RMS has served the nation’s most respected and recognizable brands including AutoNation, Blockbuster, Subway, Accenture and Advance Auto Parts – all with a simple proposition: Where ROI meets awareness. That’s RMS. Learn more atwww.rmsnetworks.com.

About World Capital Markets, Inc.
WCM is the premier resource for private companies that want to go public, raise capital, or present themselves more effectively to interested parties. WCM’s program combines an ever-expanding Internet social network dedicated to investments, acquisitions, divestitures and financings with world-class support for our clients’ capital-raising programs. WCM’s value-added services include experienced consulting, cutting-edge media technology, expert public relations, legal and audit resources – a comprehensive program unique in the industry. WCM is dedicated to creating a community of people who make key investment decisions and then present our client companies to them in a way that is both compelling and persuasive.

WCM’s Chairman and CEO, Richard J. Sullivan, is an entrepreneurial pioneer. He served as Chairman and CEO of Applied Digital Solutions, where he executed a technology rollup involving 42 acquisitions that succeeded in increasing the company’s share price from $2.50 to a peak of $18 per share. During Sullivan’s decade-long tenure as Chairman and CEO, Applied Digital was one of the highest volume traded stocks on NASDAQ. Sullivan also served as Chairman and CEO of Digital Angel Corporation and led the effort to spin off VeriChip Corporation. In 1970, he was a founding member of the management team of Manufacturing Data Systems, Inc., which listed at $7.50 per share and was sold to Schlumberger N.V. in 1980 at $65 per share.

WCM’s Chairman and CEO, Richard J. Sullivan, commented: “We’re extremely pleased to join forces with RMS. Working together, we’ll be able to accelerate investment and growth opportunities for a wide range of financially solid private and public companies. Our approach builds on the successful growth strategies we have executed in the past. RMS’ innovative digital capabilities and cutting-edge technologies will be of enormous benefit to our clients.”

The new company will have a strategic relationship with Accretive Exit Capital Partners, Boston, MA, and West Palm Beach, Fl., www.Accretiveexit.com, a liquidity producing secondary investment firm, whose investment strategy targets a diversified pool of late-stage growth companies from vintage 1999-2003 buyout funds. The two companies will explore innovative ways to expand the new company in the future.

Regarding the licensing of rVue®, WCM and RMS have signed a definitive agreement to offer the platform on a worldwide, exclusive basis. rVue® is RMS’ proprietary digital content and advertising platform that connects advertising agencies with digital destinations such as digital signage, mobile and web outlets.

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Business, Career, Financial, Financial Management, Financial Services, Investment

Dubai International Capital has appointed David Smoot as Managing Director of DIC private equity

Dubai International Capital LLC, the international investment arm of Dubai Holding, announced that it has appointed David Smoot as Managing Director of Private Equity. David will be based in Dubai and report to Sylvain Denis, Chief Executive Officer of DIC Private Equity.

David, aged 38, joins Dubai International Capital from Morgan Stanley Private Equity, where he was a member of the investment committee who led portfolio investments and helped to build a 35-person team located in New York and London. Key transactions include the acquisition of Tops Markets from Royal Ahold and the firm’s co-investment with JLL Partners in the acquisition of McKechnie Aerospace.

David has a 14-year track record in investment banking and private equity, of which 11 years were spent with Morgan Stanley. Before co founding the Private Equity Group he was Managing Director of Financial Sponsors at Morgan Stanley, where he advised clients including Bain Capital, Blackstone, First Reserve and Warburg Pincus on M&A, IPOs, debt and equity financings. Before joining Morgan Stanley, David spent three years at Salomon Brothers where he specialised in energy and chemicals investment banking.

Sylvain Denis, Chief Executive Officer of Dubai International Capital Private Equity said, “David has exceptional experience and relationships in the private equity field as well as expertise in building a best-in- class team. I look forward to working with him on the development of our growth strategy for DIC’s business in North America.”

David Smoot, Managing Director, DIC Private Equity commented, “Since its launch in 2004, DIC has made outstanding progress in building a profitable business that manages combined assets in excess of $12 billion. DIC’s Private Equity division has established a strong reputation as a specialist in European secondary buyouts and I look forward to working with Sylvain to expand the portfolio in North America.”

David Smoot’s appointment as the managing director of DIC private equity comes shortly after DIC and its CEO, Sameer Al Ansari, was named MENA Private Equity Firm of the Year in the 6th annual Awards for Excellence in Private Equity Europe 2008, organised by Dow Jones Private Equity News.

About Dubai International Capital:
Established in 2004, DIC is an international investment company focused on both private equity and public equity, with its current CEO being Sameer Al Ansari. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.

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Banks, Business, Credit Cards, Financial, Financial Services, Money

According To The Latest Annual Barclaycard Business Travel Survey Cost Conscious Businesses Travellers Are Driving Budget Airline Sales

According to the latest annual Barclaycard Business Travel Survey, increasingly cost conscious UK business travellers are opting for no-frills airlines over traditional carries as they seek to maintain current levels of business travel in a bid to grow their businesses. Rail travel has also increased with a quarter of respondents (26%) claiming to have travelled by rail more than in previous years.

The newly released Barclaycard Business Travel Survey, now in its 12th year, canvasses the views of more than 3,000 business travellers across the country, building a comprehensive picture of the UK’s business traveller, gauging views on business travel and travel behaviour.

These current Barclaycard results show that 64% of business travellers have flown internationally on business in the last 12 months with 12% of respondents claiming to have flown on an international flight more than 11 times. This breaks down to an average of eight international flights per traveller in 2007. Domestic flights are less popular however, with only 43% claiming to have flown domestically in the last year. On average the business traveller takes six domestic flights a year. Only a few (4%) flew more than twenty times internationally (4%), while 5% flew more than ten times
domestically.

While British Airways remains the most used airline for business travel (28%) both easyJet (ranked 2nd) and Ryanair (ranked 3rd) have increased their market share. British Airways has for the seventh year running retained its status as the business traveller’s favourite business travel airline as voted by almost a third (28%) of the business travellers surveyed.

When selecting a class of travel, 44% of respondents cited cost as the overriding purchasing decision factor, with 17% claiming class is dictated by company policy, 12% by length of flight and only 7% down to personal preference. Despite the heavy investment of some airlines in premium economy products, standard economy is the most popular class with more than half (55%) of respondents claiming to use it the most often, an increase of nine percentage points from last year’s survey.

Denise Leleux, Director of Commercial Cards, Barclaycard Business said: “Our latest survey shows that business travel numbers continue to climb as businesses seek economic growth however travellers appear to be downshifting to economy class travel as they attempt to maximize increasingly pressured business travel budgets. “

The 12th annual Barclaycard Business Travel Survey was conducted in December 2007, amongst a nationwide sample of Barclaycard Business commercial card holders. A total of 3397 respondents (CEOs, chairmen, company directors, managers and executives) provided their thoughts on all aspects of business travel including airlines and hotels preferences to online bookings. Keeping in line with key public interests and new industry developments, this year saw the introduction of a new subject area, the environment, and also the continuation of two topics introduced in last year’s survey – security and advanced travel technology.

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Business, Financial, Financial Management, Financial Services, Money

Identity Check Providers Will Tackle Deceased Fraud Head On

Tracesmart Ltd, leading providers of identity fraud prevention tools and data cleansing services, have today announced that they are the first company to be approved to receive UK death registration information (DRI) as part of the General Register Office’s (GRO) disclosure of death registration information (DDRI) scheme. The DRI will be stored in Tracesmart’s secure data facility and employed in the firm’s range of services which allow their customers to conduct comprehensive identity checks to aid in the prevention of impersonation of the deceased (IOD) fraud – a rapidly growing form of identity fraud.

The Home Office estimate that identity fraud currently costs the UK economy over £1.7 billion a year, so to help tackle this ever growing crime recent legislation includes provisions to combat IOD fraud. Under the Police and Justice Act 2006 and the Local Electoral Administration and Registrations Services (Scotland) Act 2006 the Registrars General for England and Wales, Scotland and Northern Ireland have been granted the power to release DRI to assist in the ‘prevention, detection, investigation and prosecution of offences’. In light of this the DDRI scheme was launched on 16th January 2008 to support the fight against IOD fraud. Administered on behalf of the three Registrars General by the GRO for England & Wales, the DDRI scheme provides successful applicants with an electronic file of deaths registered in the UK on a weekly basis – this will ensure that fraudsters can be quickly identified and dealt with before they can do any fiscal or emotional damage.

Tracesmart will be utilising the DRI in their electronic identity verification and mortality screening services which are employed by a host of different industries as Michael Trezise, Managing Director of Tracesmart, explains, “The majority of businesses can be affected by impersonation of the deceased fraud and as such we provide a variety of services which allow companies to protect themselves and consumers from this threat. Whether it is a solicitors firm conducting identity checks as part of their anti-money laundering obligations or a credit card company carrying out know your customer due diligence, our clients can rest assured that our services will remain in the vanguard of fraud prevention – a fact that is reinforced by our being the first company to be approved by the GRO and our active acquisition of new data.”

Prior to being approved by the GRO, Tracesmart had to fulfil a variety of stringent prerequisites and underwent a full security audit of their site and storage systems. The GRO implemented these measures to ensure that the DRI is only accessed by appropriate persons and organisations for the purposes prescribed by law. The release of DRI is also welcomed by the UK’s fraud prevention service – CIFAS – as their Head of Communications, Kate Beddington-Brown notes, “IOD fraud is unspeakably cruel, adding immeasurably to the grief of bereaved individuals at the worst possible time. The emotional harm and financial strain that it can add to the sadness of bereavement is unimaginable. Having campaigned for years for reform that would put an end to IOD fraud, CIFAS was delighted when the Registrars General responded to the problem by working together to provide a practicable solution. Now that their hard work is finally coming to fruition, we welcome this announcement and are confident that this will help to stamp out IOD fraud once and for all.”

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Business, Costs, Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Falling sales of new cars are another indicator that today’s economic troubles are affecting people in every part of British society

Dropping sales of new cars should serve as a reminder that economic downturns can affect everyone, whatever their socioeconomic status, said debt management company GregoryPennington.com.

Figures from the Society of Motor Manufacturers and Traders (SMMT) reveal that the number of new cars registered in August 2008 was down 18.6 per cent compared with August 2007. August is usually a quiet month for new car sales, but this year saw the worst August for new car sales since 1966 – just 63,225 registrations.

Premium brands, according to The Times, ‘were among the hardest hit, with Aston Martin suffering a 67 per cent drop to just 19 cars sold’. Land Rover sales dropped 58 per cent, and Jaguar sales 41 per cent.

“This kind of news challenges an often-held assumption that the impact of economic turbulence is more likely to felt among lower-income individuals,” said a spokesperson for the debt management company. “Even less-expensive new cars, while not ‘luxury’ products, tend to be purchased by people who enjoy a reasonably comfortable standard of living.”

Following, as they do, the news about declining sales in other market segments, the SMMT figures are a stark reminder of the decreasing spending power of the population as a whole. According to a report from comparison site uSwitch, the average UK household is £2,500 worse off than last year.

“While it’s good to see people taking sensible steps to reduce their non-essential spending,” the spokesperson for the debt management company continued, “that reduced spending will clearly have an effect on the health of British industry – in this case, the car industry.”

Furthermore, the savings people make are often ‘swallowed up’ by rises in essential bills, such as food and utilities. By definition, these bills can only be reduced up to a certain point.

Under certain circumstances, however, there may be ways to reduce monthly payments to secured and/or unsecured debts.

“Homeowners may find there are ways their mortgage provider could help them service their mortgage debt during a difficult period. Even temporary concessions can make all the difference to a household struggling to keep up with mounting bills, shrinking income, or both.”

Nonetheless, any change to the way they repay their mortgage can have a substantial impact on the borrower’s long-term finances. It may make more sense to look into the various forms of debt help which can could free up the necessary money by reducing their payments to unsecured debts.

Many people enlist a debt management company to negotiate with their unsecured creditors on their behalf: “Unsecured creditors may be willing to take a flexible approach to repayment agreements if this is the best way for the individual to repay the debt as soon as realistically possible.”

A debt management company will talk to each of their client’s creditors, explaining how their financial situation has changed, and negotiating concessions: “They may agree to accept lower payments, for example, freeze interest and / or waive charges, helping the borrower bring their expenditure back in line with their income.”

“Debt management is by no means the only option. Nor is it always the most appropriate – many people with financial problems could benefit more from a debt consolidation loan or IVA (Individual Voluntary Arrangement), either of which could help them reduce their monthly expenses, freeing up the money they need for essential bills. The important thing is to seek professional debt advice sooner, rather than later.”

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Business, Career, Financial, Financial Management, Financial Services, Money

The Latest Joslin Rowe Research Shows Investment Management Firms Resist Credit Crunch And Continue To Recruit

According to new research from Joslin Rowe, a City recruitment consultancy, whilst the investment banking sector has been hit hard by the credit crunch, investment management firms have suffered less from market volatility.

The figures from the latest Joslin Rowe research shows that despite the difficult financial climate, there are still a number of pockets of hiring, particularly within performance analysis jobs.

“There’s been a real surge in performance measurement jobs and there just aren’t enough job seekers in the market to satisfy demand”, commented Ms Jalpa Chandarana, manager of the Joslin Rowe investment management job recruitment division, “For every 10 performance analysis jobs on the market, there are just 2 candidates.”

According to the research, the demand for performance analysts is having a positive impact on the length of the recruitment process, salaries on offer and progression opportunities. The premium for a performance analyst to move jobs is, on average, at least £5,000 more which is exceptionally competitive.

Ms Chandarana explained, “This is a big rise. Most employers in other sectors just can’t offer this and even within the investment management world, which is doing comparatively well, there still needs to be some caution – so salaries are remaining steady. So it’s clear just how in demand candidates are for performance analysis jobs, if this is the increase on offer.”

Hiring time is also much faster across performance analysis jobs than within other finance jobs and investment management roles at around 2-3 weeks rather than 4-5 weeks. Investment managers are also keen to tempt new jobs seekers to their firms with better than usual career progression prospects – particularly moves from performance analysis into more front office positions.

“Moving from a performance analysis job to the front office is usually very tricky. Investment managers realise this so are trying to build clearer progression plans between the two areas to tempt people on board”, Chandarana confirmed.

Another area feeling the benefits of increased demand across the investment management industry are business analysis contractor roles. The position of investment management firms in the overall financial services space means it’s an attractive proposition for contractors.

James Guttridge, the head of Joslin Rowe’s interim recruitment offering, explained,“The asset management and global custody clients are a lot busier than banks. Any interim jobs coming in from the banking community are generally project related, whereby the client is conducting preparatory analysis of existing processes or systems to determine whether a project should go ahead – or they have already committed to implementing a new system, and the position is focused on the planning, delivery and post-implementation phases of that new system.”

According to Joslin Rowe, the difference on the investment management side, is that whilst many contractor jobs are again project implementation related, business analyst contractor jobs have also come in that focus more on market research and product development.

“Where organisations are looking to use this time to stabilise and maintain their assets under management, they also see this as a good time to find seek out market opportunities for the future,” explained Guttridge, “Put simply, business analyst contractors and project managers are really in demand.”

About Joslin Rowe
Established in 1982, Joslin Rowe is one of the leading UK banking jobs and financial services recruitment firms and a Randstad company. In 2008, the company won the UK Recruiter award for “Best Secretarial Recruitment Agency”

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Whatever Financial Problems An Individual Is Facing, It’s Crucial They Seek Debt Advice As Soon As Possible

Debt specialists GregoryPennington.com remind consumers with debt problems of the need to seek debt advice on time.

“Whatever their nature, virtually all financial problems have one thing in common: they get worse if left unaddressed,” says a Gregory Pennington spokesperson. “Whether someone’s behind on their mortgage payments or struggling to keep up with credit card bills, all the experts agree that the sooner they seek debt advice, the better their chances of clearing their debts as quickly and painlessly as possible.”

At the moment, mortgage payments are at the forefront of many homeowners’ worries. “The Council of Mortgage Lenders (CML) has reported 18,900 repossessions in the first half of the year, signifying a year-on-year increase of 48%. Given their forecast of 45,000 repossessions in 2008, this means they expect over 25,000 more before the end of the year.”

With timely debt advice, however, many of those potential repossessions needn’t happen at all. In a video on the BBC’s website, Judge Stephen Gold (Kingston-upon-Thames County Court) states: “The big message which I think needs to be screamed from the rooftops of the County Courts is this: that if you get into difficulty with your mortgage, don’t bury your head in the sand. Engage with the lenders. Pay what you can.”

“For unsecured debts,” the Gregory Pennington spokesperson continues, “the principle is essentially the same. When people contact us for debt advice, we stress that simply talking to a lender – whether they do it themselves or we do it on their behalf – can often produce results. A lender might agree to accept lower payments, for example, or to reduce the interest rate on a loan. It’s in the lender’s interest to arrive at an arrangement which the borrower can afford, so the money can be repaid as soon as realistically possible.

“Before they grant any concessions, of course, most lenders will want to see that the borrower is doing their utmost to order their finances and repay the debt. So the debt advice we provide goes a long way beyond ‘Talk to your lender’: we help people with all sorts of financial issues, from improving their budgeting skills to understanding their rights and responsibilities in relation to different kinds of debt.”

“If the individual’s situation has reached the point where debt advice simply isn’t enough, we can help them choose the debt solution that offers the best way out of debt. Depending on their circumstances, that could be a debt management plan, in which we talk to their unsecured lenders on their behalf, negotiating changes to their repayment terms so they can clear their debt at a rate they can afford.”

In cases where debt management isn’t appropriate, an IVA (Individual Voluntary Arrangement) or Trust Deed could be the answer: helping people reduce their monthly debt payments, these debt solutions can free up the money they need for mortgages payments, food bills and other essential living costs.

“Everyone’s circumstances are different, and no debt solution is ‘better’ than another – it’s a question of which is the most appropriate for that particular person under those particular circumstances. As always, the most important thing is for them to seek debt advice as soon as possible, before any further financial problems restrict the range of options open to them.”

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Joslin Rowe Recruitment Reports Banks Recruiting In High Volumes For Senior Business Unit Controllers Within Commodities

Pockets of high volume product control recruitment still exist within the City, despite wider doom and gloom. In particular, senior business unit control jobs within commodities are increasing.

Simeon Hall, a senior consultant in the Joslin Rowe senior accountancy and finance recruitment division, stated: “Commodities is one of the fastest growing product areas of the moment. As credit is down, commodities is up. A number of investment banks are rapidly expanding their desks, whilst others are effectively starting up a commodities division from scratch. This means excellent opportunities for senior product/business unit controllers.”

According to Joslin Rowe research, the commodities product control jobs on the market will appeal to those professionals looking for senior accountancy jobs, who are keen to shape the future of a new division and develop, from scratch, the product control infrastructure.

“These product control positions are highly desirable,” stated Hall, “You’re not inheriting the status quo and instead can implement new ideas with the support of strong resources, as banks pump money into the commodities arena. All the banks are keen to get the very top people on board to set up or expand their offering.”

This keenness is translating into the finance jobs recruitment process. Joslin Rowe‘s product control recruitment desk has seen the times to hire within commodities slashed by around 30% in comparison to product control jobs in other areas, such as equities. Salaries are also strong for those moving within the market. Senior product controllers are typically securing around 10-15% more – a big premium when most other remuneration packages are rising in small increments because of the credit crunch. In fact, according to Hall, recent salary jumps for the most in demand product controllers have been from £65,000 to £75,000, with a £10,000 sign-on bonus on top.

Hall also points to excellent career progression. “It’s really a chance to write your own job spec and an opportunity to rocket up the career ladder. In these start up divisions progression will revolve around success – not just dead man’s shoes. One of the most desirable aspects of these commodities product control jobs are their exposure to the front office. Being able to move out of business unit control and into a front office desk job is much more likely.

About Joslin Rowe
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK and Ireland. In April 2006, international staffing services company Vedior (headquartered in Amsterdam, the Netherlands) raised its stake in Joslin Rowe’s parent company, The Blomfield Group, from 18% to 70%. Joslin Rowe recruits for banking HR jobs across London, Edinburgh and Glasgow including long-term contracts, temporary and permanent roles.

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Hays Insurance Reports London Staffing Trends Conflict With Recent Layoffs By Insurance Companies

The specialist insurance division of Hays recruitment consultancy in London has announced that despite general trends in the job market, it has experienced a record month in July for introductions of permanent candidates into the insurance marketplace.

David Carr, Regional Manager for London at Hays Insurance, said: “Whilst many commentators are saying there is a slowdown in activity within the insurance industry, we haven’t seen this to be the case. We put this rise in recruitment down to a re-prioritisation of the roles that insurance companies are hiring for. They are hiring more staff in roles where people are either protecting or generating revenue. Although our clients are being more cautious than ever when making decisions on recruitment there are some very good jobs out there at the moment that would suit ambitious jobseekers.“

Roland Seddon, Regional Director at Hays Senior Finance, commented, “Over the last two months we have seen a sharp increase in demand for senior level candidates in the Insurance sector, and over 20% of our role registrations in 2007/08 have been in the last 8 weeks.”

Hays Insurance has recently filled some high profile roles in the capital, including senior positions within a Big 4 consultancy firm, senior underwriter jobs within global insurers and director roles in specialist insurers and brokers. In fact, given the current Hays Recruitment figures on the state of the market, the insurance sector appears to possibly be benefiting from the present credit crunch.

Carr observed: “We have also noticed a vast increase in temporary and contract placements for experienced qualified individuals, which has highlighted the importance of the senior interim market during such uncertain times – and illustrates the value that the industry is placing on experienced people that can come in and offer something different.”

Hays Insurance is a subdivision of Hays Plc, the FTSE 250 Company which employs 7,753 staff operating from 376 offices in 27 countries across 17 specialisms. Hays Plc placed circa 68,000 candidates into permanent jobs and paid circa 46,000 temporary workers weekly during the year ending June 07.

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Debt Solutions Company Debt Advisers Direct Have Warned That There May Be Tougher Times Ahead, And Advise People To Make Sure They Are Protected

Responding to the news that average bank balances are down by 5% compared to last year, a spokesperson for debt solutions company Debt Advisers Direct said that this is a clear sign that the credit crunch and fast-rising inflation is starting to truly affect consumers.

HSBC reported that average balances of its 8.2million customer accounts had fallen by 5% in the first six months of 2008, as rising costs of living and inflation at a 16-year high puts increasing pressure on consumers’ disposable incomes.

The Debt Advisers Direct spokesperson commented: “This is one of the first clear signs that people are feeling the pressure of the credit crunch, even if 5% is a relatively small figure.

“It’s been said many times that the impact of the credit crunch would take a while to filter through, and it would appear that time has come. Prices and living costs have reached the point where they are beginning to have a clear effect on bank balances – and that should be taken as a warning that it’s time to act.”

The spokesperson continued that while many people may not feel they have been significantly affected by inflation just yet, many leading economists have suggested the worst is yet to come.

“Economists have been predicting a more severe downturn for some time, and while that hasn’t happened yet, there are clear signs that the economy as a whole is slowing down,” he said. “This is likely to lead to further cuts in disposable incomes, especially with the sharp rises in gas and electricity prices due to come in shortly.”

HSBC had also suggested that some of the reduction in disposable incomes might be due to more people transferring money into savings accounts. In reaction to this, the Debt Advisers Direct spokesperson commented: “It would be reassuring to think that a large part of the lower disposable incomes is due to savings – and some of it probably is – but research suggests that most people do not save enough money for their future.

“Saving will become increasingly important in the next few months. Just a few hundred pounds put aside can be a useful financial buffer when money gets really tight.

“Of course, there are some people whose income simply does not stretch far enough once all their living costs are taken into consideration – particularly people struggling with debt – and those people are most at risk.”

The spokesperson added that for anyone who finds themselves struggling with debt, or thinks they might be about to, it’s essential that they seek professional debt advice as soon as possible.

“There are several solutions out there for people who find themselves struggling with debt,” he said. “For people with multiple debts who are getting by but want to simplify their finances, a debt consolidation loan could help.

“Debt consolidation loans involve combining all your existing debts into one, meaning you pay only one lender instead of many, and you may be able to reduce your monthly payments this way. However, you are likely to pay more in the long run if you do reschedule payments.

“Debt consolidation is a good way of freeing up extra funds each month – which could be crucial if the economy does hit hard times.”

He continued that even for those with unmanageable debt problems, there is help available. “For more severe debts, a debt management plan or an IVA (Individual Voluntary Arrangement) might be more suitable. Both can reduce your monthly payments in line with what you can afford.

“Before making any decisions, though, you should always contact an expert debt adviser. They will talk you through your situation and decide which debt solution is appropriate for you.”

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Despite The Reduced Availability Of Credit, A Debt Consolidation Loan May Still Be A Viable Option For Worried Borrowers

Amid worries about the reduced availability of credit, debt consolidation experts DebtAdvisersDirect.co.uk stress that lenders are still offering debt consolidation loans and other forms of credit.

A spokesperson commented: “With inflation more than twice the Bank of England’s target, people in debt are particularly worried about stretching their household budget further and further, especially when talk of an economic slowdown is threatening to reduce many consumers’ income levels as well. When there simply isn’t enough money in the monthly budget, a debt consolidation loan or other debt solution could take the pressure off.

“In recent years, the easy availability of credit has led many people to turn to debt consolidation loans as a way of reducing both their monthly debt repayments and the complexity of their finances. So the Bank of England’s Q2 2008 Credit Conditions Survey makes disturbing reading.”

The Survey provides a summary of what ‘bank and non-bank’ lenders have seen over the past three months, and what they expect for the coming three months. It reveals that lenders had reduced the availability of both secured and unsecured credit to individuals and expected ‘some additional reductions in credit availability over the next three months’.

“The key word here is ‘reduced’,” the spokesperson continued. “The Survey shows that the availability of secured credit, for example, was down around 45% in Q2, with lenders tightening credit scoring criteria and decreasing maximum LTV (loan to value) ratios. Although it’s a significant reduction, it does not mean credit is unavailable. As long as they have sufficient equity in their home – and as long as they approach a lender who specialises in helping people in their situation – many people still stand an excellent chance of obtaining a secured debt consolidation loan.”

Looking ahead, however, lenders do anticipate a further reduction in the availability of secured credit. Even though they expect Q3’s reduction to be smaller (just over 20%), the cumulative effect could well make it harder for certain people to access the debt consolidation loans they need in the months ahead.

Where debt consolidation isn’t an option, alternative debt solutions may still be available. Debt management, for example, can be an effective way for someone in debt to bring their expenditure back in line with their budget without accessing any further credit. “When someone joins a debt management plan, they essentially ask debt specialists to renegotiate their repayment terms. This can bring their monthly debt repayments down to an affordable level, freeing up the funds they need to cope with the rising cost of living.”

Should debt management not be appropriate, an individual may still be eligible for an IVA (Individual Voluntary Arrangement), a legally binding agreement with their creditors. “In an IVA, the individual agrees to make fixed monthly payments, based on what they can afford after essential living expenses, for the duration of the IVA – normally five years. If 75% of the creditors (by debt value) consent to the terms of the IVA, they’ll agree not to take any legal action against the individual, and to write off any remaining debt once the IVA has successfully concluded.”

Whatever an individual’s circumstances, the spokesperson stressed, their first move should be to contact a debt specialist as soon as possible: “In the vast majority of cases, debt problems only get worse when they’re ignored. The important thing is to seek professional debt advice as soon as you realise you have a potential problem.”

About Debt Advisers Direct
http://debtadvisersdirect.co.uk helps people with financial difficulties, providing debt advice and tailor-made debt solutions.

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DebtAdvisersDirect.co.uk warn that recent large increases in the price of gas could seriously affect people in debt.

Following recent increases in the price of gas, debt consolidation experts DebtAdvisersDirect.co.uk warned of the probable impact on those already struggling to cope with higher living costs, economic uncertainty and record levels of personal debt.

Shortly after EDF Energy’s announcement of its decision to raise gas prices by 22%, British Gas owner Centrica announced an increase which would see the average gas bill rise by 35%, taking a ‘standard’ annual £650 bill up to almost £900.

“In itself,” said a spokesperson for DebtAdvisersDirect.co.uk, “this increase could be enough to push certain households into debt – or further into debt – but this is by no means an isolated instance. Today’s consumers are facing substantial increases across the board, from food and petrol to gas and electricity. The cumulative effects can be devastating: for many, there may simply be no way of finding another £227 per year, which works out to almost £5 per week.”

Zoe Mcleod of independent charity National Energy Action summed it up as follows: “Centrica is the second energy supplier to put its prices up. We expect this sequence to continue across all suppliers forcing more than 1 million households in England into fuel poverty. Across the UK fuel poverty could affect 6 million households by the end of the year.”

Despite British Gas’ reassurance that the increase would be postponed until April for the 340,000 customers who qualify for its ‘Essentials’ tariff, the effect on millions of other customers will be immediate. “With so many demands on their budget, consumers are facing some tough decisions,” the DebtAdvisersDirect.co.uk spokesperson continued. “They may feel forced to ‘juggle’ their debts using credit cards, or even to neglect some bills so they can pay others.

“As debt advisers with 15 years’ experience, we strongly advise against either course of action. However serious someone’s debts are, there are far better ways of handling them. The important thing is to seek expert debt advice – and to do it sooner, rather than later.”

In many cases, the right debt advice can help people cope with the extra strain on their finances: “Some people may be able to free up the necessary extra funds by learning to budget more effectively, or by renegotiating payments to their creditors. For others, however, no amount of debt advice will be enough – if their budgets are already stretched to the limit, they may need to look into professional debt solutions, such as a debt management plan or debt consolidation loan.

“In today’s economic climate, of course, the kinds of debt help available may be limited, as problems in today’s credit market are keeping some people from accessing the debt consolidation loans that could help them regain control of their finances. In cases like this, an alternative debt solution may be more appropriate.

“Debt management, for example, relies not on access to further credit but on negotiations between an individual’s creditors and the debt management professionals who ask them to accept lower monthly payments and grant other concessions. As always, we would recommend that anyone in financial difficulty seek professional debt advice as soon as possible.”

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Gregory Pennington advise people to stay on top of their finances

As the credit crunch reaches the end of its first year, debt management company Gregory Pennington (http://www.gregorypennington.co.uk) have advised people to keep on top of their finances, and warned that there may still be tough times ahead.

A spokesperson for Gregory Pennington said: “While studies suggest some of the country feel they have not yet been affected too badly by the credit crunch, these people may begin to feel the effects as future events unfold.”

A recent survey in The Times revealed that 66% of those asked felt their family would fare badly over the next year, while 77% felt the country as a whole will suffer. The spokesperson said that while these views are probably justified, there is still a lot people can do to lessen the effects of the credit crunch.

“The most important thing is staying on top of your finances,” says the debt solutions company. “Make sure you are meeting all your priority financial commitments before anything else, and try to build a budget around that. If you find you can’t meet those commitments, seek expert advice as soon as possible.

“We would also advise people to save as much as possible, because that little bit extra could come in very useful if things get tight.”

The fact that the remaining 34% of people questioned in the survey did not feel (or weren’t sure) that their family would suffer over the next year suggests that the credit crunch has not necessarily affected everyone. But the Gregory Pennington spokesperson warned that other problems linked to the credit crunch may start to kick in over the next few months.

“It’s important to distinguish between the different elements of the economic downturn we’re currently experiencing,” he said. “The credit crunch primarily affects people looking for credit – particularly homeowners, who may be faced with large arrangement fees or higher payments when they remortgage, and also those looking to obtain loans and new mortgages.

“People who aren’t reliant on credit, or homeowners who have a long-term fixed rate on their mortgage, may well have been largely unaffected – so far.

“But it’s now very possible that we will see the knock-on effects of the weak housing market combined with rising costs of living – higher unemployment, increasing amounts of people struggling to meet their comments, and more people facing problems with debt.

“Even if it does get to that stage, there are still things you can do. Seeking professional debt advice from an expert debt adviser is essential if you find yourself in financial difficulty.

“There are a range of debt solutions available to meet different situations, including debt management plans, IVAs (Individual Voluntary Arrangements), debt consolidation loans and remortgages, etc. One of these could be a lifeline if you find yourself with unmanageable debt, which is a growing threat in the current economic climate.”

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