Payday Loan Companies Make Their Money By Trapping Customers In Debt

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Payday Loan Companies Make Their Money By Trapping Customers In Debt

Verizon Reveals More About Federal Spying on Customers

Josh Peterson
Reason.com
March 4, 2014

Verizon updated its transparency report Monday to include orders issued by the nation’s spy court.

During the first six months of 2013, the nation’s spy court, the Foreign Intelligence Surveillance Court, ordered Verizon between zero to 999 times to hand over content for 4,000 to 4,999 customer selectors.

During that same time, the court issued the company between zero to 999 “non-content” orders to hand over information affecting zero to 999 customer selectors.

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This article was posted: Tuesday, March 4, 2014 at 2:28 pm

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Verizon Reveals More About Federal Spying on Customers

Britain"s Lloyds bank customers hit by ATM card glitch

Britain"s Lloyds bank customers hit by ATM card glitch
http://s1.reutersmedia.net/resources/r/?m=02&d=20140126&t=2&i=832836311&w=580&fh=&fw=&ll=&pl=&r=CBREA0P1M5900

Sun Jan 26, 2014 3:55pm EST

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A man walks past the entrance to the head office of Lloyds Banking Group in the City of London December 11, 2013.


Credit: Reuters/Olivia Harris







(Reuters) – Tens of thousands of customers of banks owned by Britain’s Lloyds Banking Group (LLOY.L) were unable to use their debit and ATM cards for several hours on Sunday as an apparent technical glitch hit its system.




“We apologize that earlier today, between 3 p.m. and 6 p.m., some customers were unable to complete their debit card transactions,” Lloyds said in a statement.




“Although the majority of transactions were unaffected, we are very sorry for the inconvenience that this will have caused.”




Approximately half of the company’s 7,000 ATMs were affected, Lloyds said, adding that the problem was resolved by 7.30 p.m.




A similar problem hit Royal Bank of Scotland (RBS.L) in December, leaving 1 million customers unable to withdraw cash or pay for goods on one of the busiest online shopping days of the year. Its chief executive later said the bank had neglected its technology for years.




The Financial Conduct Authority has been scrutinizing the resilience of all banks’ technology to address concerns that outdated systems and a lack of investment could cause more crashes.




A software upgrade gone wrong in June 2012 cost RBS 175 million pounds ($ 286 million) in compensation for customers and extra payments to staff after the bank opened branches for longer in response.




(Reporting by Aashika Jain in Bangalore; Editing by Robin Pomeroy)





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Read more about Britain"s Lloyds bank customers hit by ATM card glitch and other interesting subjects concerning Business at TheDailyNewsReport.com

Oregon Bureau of Labor and Industries: Christian Businesses Must Follow Demands of Gay Customers

Townhall.com:

The owners of a Christian bakery who refused to make a wedding cake for a lesbian couple are facing hundreds of thousands of dollars in fines after they were found guilty of violating the couple’s civil rights.

The Oregon Bureau of Labor and Industries said they found “substantial evidence” that Sweet Cakes by Melissa discriminated against the lesbian couple and violated the Oregon Equality Act of 2007, a law that protects the rights of the LGBT community.

Last year, the bakery’s owners refused to make a wedding cake for Rachel Cryer and Laurel Bowman, of Portland, citing their Christian beliefs. The couple then filed a complaint with the state.

“The investigation concludes that the bakery is not a religious institution under the law and that the business’ policy of refusing to make same-sex wedding cakes represents unlawful discrimination based on sexual orientation,” said Charlie Burr, a spokesman for the Bureau of Labor and Industries.

The backlash against Aaron and Melissa Klein, owners of the bakery, was severe. Gay rights groups launched protests and pickets outside the family’s store. They threatened wedding vendors who did business with the bakery. And, Klein told me, the family’s children were the targets of death threats.

The family eventually had to close their retail shop and now operate the bakery out of their home. They posted a message vowing to stand firm in their faith. It read, in part:

“To all of you that have been praying for Aaron and I, I want to say thank you. I know that your prayers are being heard. I feel such a peace with all of this that is going on. Even though there are days that are hard and times of struggle we still feel that the Lord is in this. It is His fight and our situation is in His hands….Please continue to pray for our family. God is great, amazing and all powerful. I know He has a plan.”

Under state law, the complaint against the bakery now moves into a period of reconciliation. If they can’t reach an agreement, formal civil charges could be filed and the Kleins could face hundreds of thousands of dollars in fines.

Last August, Labor Commissioner Brad Avakian told The Oregonian, their desire is to rehabilitate businesses like the one owned by the Christian couple.

“Everybody is entitled to their own beliefs, but that doesn’t mean that folks have the right to discriminate,” he told the newspaper. “The goal is never to shut down a business. The goal is to rehabilitate.”

Aaron Klein told me there will be no reconciliation and there will be no rehabilitation. He and his wife will not back down from their Christian beliefs.

RELATED:  ‘Bachelor’ Juan Pablo Galavis-GLAAD Release New Apology for Anti-Gay Statements
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Oregon Bureau of Labor and Industries: Christian Businesses Must Follow Demands of Gay Customers

Power companies look at charging customers for solar energy

By Claudia Assis

Utilities in a few solar-friendly states are looking for ways to charge their solar customers for energy, a story by the Associated Press said.

That includes creating extra fees for solar customers, or attempting to roll back or end programs that allow solar customers to trade the solar power they generate on sunny days for grid power the rest of the time.

Rooftop solar panels are becoming more common and cheaper worldwide, and not only as a way to be more environmentally conscious.

IKEA, which this week started selling solar panels in a store in the U.K., said customers could recoup their costs in seven years.

Utilities are afraid they will lose so many customers to solar power that they won’t be able to afford to build and maintain the grid, the AP said.

Power companies reviewing their options include Southern Co.’s /quotes/zigman/241351 /quotes/nls/so SO subsidiary Georgia Power, which is looking at a fee for renewable energy users. Georgia Power has asked state regulators to add a new fee beginning next year.

Arizona Public Service Co., a unit of Pinnacle West Capital Corp. PNW /quotes/zigman/238424 /quotes/nls/pnw PNW , is looking at a fee or at curbing an energy swap program. California utilities were going in the same direction, but state legislators voted to allow the state’s solar rate plan to continue and even expand.

Follow Claudia Assis on Twitter @ClaudiaAssisMW

Follow Energy Ticker on Twitter @EnergyTicker

WHAT REALLY HAPPENED

Power companies look at charging customers for solar energy

Deporting Customers Hurts the Economy

Immigration is mainly about economics. Immigrants are drawn to America’s economic prosperity, and many U.S.-born are anxious that immigrants will somehow ruin it once they arrive. Sen. Jeff Sessions (R-Ala.) went so far as to say the current immigration reform bill before the Senate would “take jobs and pay from U.S. workers.”

Those critics of immigration forget that immigrants aren’t just workers, they are also consumers of products made by Americans.

Hispanic and Asian Americans have around $ 1.9 trillion in annual purchasing power — about 16 percent of total purchasing power, according to a recent report from the Selig Center of Economic Growth from the University of Georgia. Hispanic and Asian immigrants have dominated both lawful and unlawful immigration in recent decades, while their Americanized descendants are responsible for much of American population growth.

Without that $ 1.9 trillion in purchasing power, Americans will have lower wages and fewer employment opportunities. Immigrants and their descendants did not take that $ 1.9 trillion in wealth from Americans — they made it by working, creating businesses, and making the goods and services that people want to buy. In turn, they spend much of it here.

Some critics will say, “But I see immigrants shopping at immigrant owned stores. That doesn’t help Americans.” It actually does. The American economy is so interconnected that even if immigrants mostly buy from immigrant owned businesses, U.S.-born Americans still benefit.

Take agriculture as an example. In some states, most agricultural workers are immigrants — most of them illegal. More lower-skilled immigrant workers allow farmers to plant more food of a greater variety, which reverberates up and down the chain of production.

Truck drivers, mechanics, agronomists, and others see their incomes rise and employment opportunities multiply when farmers increase production because of more immigrant workers. Best of all, American consumers get more food at a lower price, freeing up income for spending elsewhere.

But immigrants also buy goods that they had a hand in producing. From groceries to cell phone contracts to gasoline, immigrants buy goods and services at least partly produced by Americans. Unless immigrants only buy goods and services produced by other immigrants at every stage of production, which is practically impossible in our economy, many Americans end up selling their products to immigrants.

Critics will also say, “Immigrants send billions of dollars to their home countries. That makes us poorer!” Also not true. The wealth that those dollars represent would not have been created in the first place without immigrants working here. Immigrants can’t send all of their money overseas, otherwise how would they live?

But the economic benefits go beyond goods and services. Immigrants, for example, demand an enormous amount of real estate. Whether through renting apartments or buying houses, immigrants pay a lot to landowners, who are overwhelmingly American citizens. Those American landlords and homeowners then see the value of their property increase.

Removing immigrants would therefore lower the value of real estate — understood to be one of the biggest drivers of long-term wealth of any sector.

During the housing bust, Arizona passed two laws that forced businesses and the police to target unlawful immigrants. As a result, around 200,000 of them left the state, mainly from the Phoenix area, and took their purchasing power with them. The jobs they left behind in construction and agriculture remained unfilled along with their vacated apartments and houses.

In the six years after April 2006, the home price index for the 20 largest metropolitan areas in the nation declined by 32.9 percent. In the Phoenix area, the price index declined by a whopping 51.29 percent.

The housing bust, caused by myriad other factors, was exacerbated in Phoenix by forcing 200,000 consumers of real estate out of the region. After those laws were passed, home and rental vacancy rates in Arizona were consistently above those in California and New Mexico. Years after the Arizona laws were passed, Albuquerque and Los Angeles recorded vacancy rates that were 50 to 75 percent lower than those prevailing in Phoenix. For our service economy, where the most valuable asset many Americans own is their home, importing more consumers will be a blessing while removing the ones here will be a curse.

Most immigration critics insist that we need to account for the cost of immigrants when setting policy. They’re absolutely correct. Immigrants contribute to the U.S. economy and create wealth, and ample numbers of them should be allowed to legally come, work, and remain.

RealClearPolitics – Articles

Deporting Customers Hurts the Economy

Central Hudson: Association with Fortis Will Benefit Customers

Central Hudson: Association with Fortis Will Benefit Customers

POUGHKEEPSIE, N.Y.–(BUSINESS WIRE)– CH Energy Group (NYS: CHG) responded today to the Recommended Decision by administrative law judges issued on May 3, 2013 on the Joint Proposal to the New York State Public Service Commission for approval of the acquisition of CH Energy Group and utility subsidiary Central Hudson Gas & Electric Corporation by Fortis Inc. The Recommended Decision is available on the Public Service Commission’s website at www.dps.ny.gov.

The Recommended Decision is an advisory opinion that will be considered by the Commission in determining whether to approve the acquisition. The Recommended Decision maintains that without modification of the terms of the Joint Proposal filed on January 25, 2013, the benefits of the acquisition are outweighed by perceived detriments remaining after mitigation. Submissions responding to the Recommended Decision are due by May 17, 2013 with responses to submissions due by May 24, 2013.

“We intend to participate together with Fortis in further proceedings and discussions with the Public Service Commission and other parties to gain approval of the merger agreement,” said Steven V. Lant, Chairman, President and CEO of CH Energy Group, parent corporation of utility Central Hudson Gas & Electric Corp. He noted that while there can be no assurance that such approval will be granted, Central Hudson believes that the concerns expressed in the Recommended Decision can be successfully resolved, and that the transaction is expected to close during the second quarter of 2013.

About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly a regulated transmission and distribution utility, headquartered in Poughkeepsie, NY. Central Hudson Gas & Electric Corporation serves approximately 300,000 electric and about 75,000 natural gas customers in eight counties of New York State’s Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. CH Energy Group also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated subsidiary composed primarily of Griffith Energy Services, which supplies energy products and services to approximately 56,000 customers in the Mid Atlantic Region, as well as several renewable energy investments.

Forward-Looking Statements -

Statements included in this Quarterly Report on Form 10-Q and any documents incorporated by reference which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by Section 21E of the Exchange Act. Forward-looking statements may be identified by words including “anticipates,” “intends,” “estimates,” “believes,” “projects,” “expects,” “plans,” “assumes,” “seeks,” and similar expressions. Forward-looking statements including, without limitation, those relating to CH Energy Group’s and Central Hudson’s future business prospects, revenues, proceeds, working capital, investment valuations, liquidity, income, and margins, as well as the acquisition by a subsidiary of Fortis Inc. and the expected timing of the transaction, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors, including those identified from time to time in the forward-looking statements. Those factors include, but are not limited to: the possibility that various conditions precedent to the consummation of the proposed Fortis transaction will not be satisfied or waived including regulatory approvals of the proposed Fortis transaction on the timing and terms thereof; the impact of delay or failure to complete the proposed Fortis transaction on CH Energy Group stock price; deviations from normal seasonal weather and storm activity; fuel prices; energy supply and demand; potential future acquisitions; legislative, regulatory, and competitive developments; interest rates; access to capital; market risks; electric and natural gas industry restructuring and cost recovery; the ability to obtain adequate and timely rate relief; changes in fuel supply or costs including future market prices for energy, capacity, and ancillary services; the success of strategies to satisfy electricity, natural gas, fuel oil, and propane requirements; the outcome of pending litigation and certain environmental matters, particularly the status of inactive hazardous waste disposal sites and waste site remediation requirements; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. CH Energy Group and Central Hudson undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Given these uncertainties, undue reliance should not be placed on the forward-looking statements.

Additional Information about the Fortis Transaction and Where to Find It

In connection with the proposed acquisition of CH Energy Group by Fortis, CH Energy Group filed a definitive proxy statement with the SEC on May 9, 2012, and has filed other relevant materials with the SEC as well. Investors and security holders of CH Energy Group are urged to read the proxy statement and other relevant materials filed with the SEC because they contain important information about the proposed acquisition and related matters. Investors and stock shareholders may obtain a free copy of the proxy statement when it becomes available, and other documents filed by CH Energy Group, at the SEC’s Web site, www.sec.gov . These documents can also be obtained by investors and stockholders free of charge from CH Energy Group at CH Energy Group’s website at www.chenergygroup.com , or by contacting CH Energy Group’s Shareholder Relations Department at (845) 486-5204.

CH Energy Group, Inc.
Investors: Stacey R. Renner, 845-486-5730
Media: Denise D. VanBuren, 845-471-8323

KEYWORDS:   United States  North America  New York

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Central Hudson: Association with Fortis Will Benefit Customers

Walmart Senior VP Asks "Where are All the Customers? And Where’s Their Money?"; "February MTD Sales a Total Disaster"

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Here’s an interesting story from Friday regarding sales at Walmart that just came my way: Wal-Mart Executives Sweat Slow February Start in E-Mails.

Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.

“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal-Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. “The worst start to a month I have seen in my ~7 years with the company”

Murray’s comments about February sales follow disappointing results from January, a month that Cameron Geiger, senior vice president of Wal-Mart U.S. Replenishment, said he was relieved to see end, according to a separate internal e-mail obtained by Bloomberg News.

“Have you ever had one of those weeks where your best-prepared plans weren’t good enough to accomplish everything you set out to do?” Geiger asked in a Feb. 1 e-mail to executives. “Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?”

Murray declined to comment and Geiger didn’t return telephone and e-mail messages seeking comment.

Both executives attributed the performance to increased payroll taxes and delayed tax returns, which Geiger called “a potent one-two punch,” according to the e-mails.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Mish’s Global Economic Trend Analysis

Walmart Senior VP Asks "Where are All the Customers? And Where’s Their Money?"; "February MTD Sales a Total Disaster"