2011年12月29日 星期四

SEBI bars 7 companies from capital market for violation of IPO norms

SEBI on Wednesday barred seven companies, their directors, merchant bankers and other related entities from participating in the securities market till further order for not complying with the disclosure norms in their IPO prospectus

Cracking whip against seven firms for not complying with the disclosure norms in their initial public offer (IPO) prospectus, the Securities and Exchange Board of India (SEBI) on Wednesday barred the companies, their directors, merchant bankers and other related entities from participating in the securities market till further order, reports PTI.

The merchant bankers who have been prohibited from participating securities market include “PNB Investment Services, the book running lead manager of IPO of Taksheel Solutions and Almondz Global Securities (PG Electroplast and Bhartiya Global Infomedia)”. Their CEOs too have been barred from participating in the capital market till further order.

“...by not complying with the regulatory obligation of making the disclosures, the company and its directors had not provided the vital information which is detrimental to the interest of investors in securities market,” SEBI order against Taksheel Solutions said.

It said that proceeds of IPO invested by the company in the Indiabulls Mutual Fund-Liquid Fund (amounting to Rs5 crore) be deposited in an escrow account, till further directions.

“Taksheel Solutions is prohibited from raising any further capital, in any manner whatsoever, till further directions,” it added.

Similar orders were passed against the other six firms.

The market regulator has asked them to deposit the proceeds from the IPOs in escrow bank accounts and also call back the IPO proceeds to their cash credit accounts.

Talking about the importance of lead book running mangers in an IPO, SEBI said if the merchant banker fails to act diligently and comply strictly with the letter and spirit of the regulations, the investors are put to grave danger, which may not be in the interest of the capital market.

“This is precisely what has happened in this (Taksheel) particular issue where lack of adequate and independent due diligence by the merchant banker has resulted into shenanigans on the part of the company and its promoters/directors,” the SEBI order said.

In its order against Tijaria Polypipes, SEBI said “the fraudulent, abusive, manipulative and illegal activities committed by the company Tijaria Polypipes and certain entities/persons to the detriment of the genuine investors and adversely affecting the integrity of securities market...SEBI as a regulator should immediately intervene...to stop further harm to investors...”

The other companies against which orders were passed, include, Bhartiya Global Infomedia, RDB Rasayans, Brooks Laboratories and PG Electroplast. Similar order too has been passed against Onelife Capital Advisors.

2011年12月28日 星期三

The Growth of Mobile Money

Mobile payments, also referred to as m-commerce or mobile money, offers merchants an opportunity to accept a new method of payment. The Center for Retail Research released some interesting findings recently that clearly showed a rapid growth in the amount of customers making mobile payments. There are some estimates that mobile money will account for over 119 billion dollars of transactions in retail by the year 2015.

It is projected that 1 out of every 10 holiday shoppers will buy a present through a mobile transaction this season. This trend is likely to continue its upward growth as new technology emerges, customers become more acclimated to m-commerce and become more confident in the security of mobile money. In 2013, mobile money is expected to become more mainstream as mobile devices and m-commerce services become more affordable.

Some economic experts have projected that m-commerce will reach upwards of a trillion dollars by 2020. Merchants may want to think about implementing ways to accept mobile money in order to capitalize on this booming trend. The steady move away from using cash has been happening at a rapid pace as credit and debit cards become easier, safer and more convenient to use. Small business owners who still do not accept plastic are virtually non-existent, and in a world that is more swipe happy than ever, the last remaining few will not succeed without accepting credit cards.

Top m-commerce merchants include E-bay and Amazon, but that does not mean a small business owner cannot cash in on this growth trend. There are countless benefits for a small business accepting mobile payments. Accepting mobile money increases profits, expands the customer base and creates new business opportunities.

If your small business does not accept mobile payments, now may be a good time to start. Traditionally, merchants who accepted credit card transactions would have to go through a merchant services provider or a credit card processing company. They would also have to lease expensive swipe machines, terminals and enter into long-term contracts. With the advent of mobile device applications like Intuit’s GoPayment and Square, merchants can simply attach a small card reader to their mobile device and pay a per transaction fee each time a card is swiped.

There are also countless choices for merchants that would rather have a merchant services account. Some applications do require a mobile merchant account; primarily, this would a cheaper option for small businesses expecting a greater rate of mobile money than small businesses using m-commerce sporadically.

There are two basic methods for physically accepting a mobile payment. The first way allows for a credit or debit card to be swiped through a small reader attached to a mobile device and the second way calls for the credit card number to be entered into the application and then a stylus is used to capture the card owner’s signature.

M-commerce will continue its growing trend as it is accepted by merchants and consumers alike. In today’s competitive business industry, a small business may need to accept mobile payments in order to survive.

2011年12月27日 星期二

Top five stories of 2011

Boxing had another year more notable for what didn’t occur than what did. The bout that fans have been clamouring to see for at least three years, a welterweight showdown between Floyd Mayweather Jr. and Manny Pacquiao, the two best fighters in the world, never materialized.

Both of boxing’s brightest stars did compete in 2011 and their work was big news.

So was a stunning admission from one of the sport’s greatest icons, as well as the death of some notable boxers. Here are the top five boxing stories of 2011, as chosen by Yahoo!

A quarter century ago, the odds were great that Bernard Hopkins might not even be alive at 46, let alone setting boxing records. He was in a Pennsylvania prison on a strong arm robbery conviction and was clearly rolling down the wrong path. But Hopkins turned his life around to become one of boxing’s greatest champions, defending the middleweight title successfully 20 times. He set a record on May 21 in Montreal when, at 46, he defeated Jean Pascal for the WBC light heavyweight title to become the oldest man ever to win a world championship.

In early November, the news broke that the legendary heavyweight champion Smokin’ Joe Frazier was fighting liver cancer. Only a few days later, on Nov. 7, the sad news broke that Frazier had died. He was a 1964 Olympic gold medallist best known for his victory over Muhammad Ali in their epic 1971 bout of unbeaten heavyweight champions. Among the other boxing notables who died in 2011 were Genaro Hernandez, Sir Henry Cooper, Billy Costello, Butch Lewis and Scott LeDoux.

Floyd Mayweather Jr. has long been one of the sport’s elite fighters, but his greatest talent may be to get people talking about him. He did that again on Sept. 17, when after taking a head butt from Victor Ortiz in their welterweight title fight, Mayweather clocked Ortiz with a 1-2 just as the bout resumed, while the referee looked away. Many, including HBO commentator Larry Merchant, called it a cheap shot. Mayweather, though, said it was a part of the business and celebrated the win. “Money” added to his 2011 headlines in late December, when he was sentenced to 90 days in a Nevada jail for misdemeanour battery domestic violence and harassment.

It shouldn’t have been a surprise that Manny Pacquiao had a hard time with Juan Manuel Marquez in their welterweight title fight on Nov. 12. They’d fought two extremely close bouts before. But since that second bout, Pacquiao had improved dramatically and had become, in the estimation of many, the top fighter in the world. He was not, however, able to conclusively beat Marquez, winning a hotly disputed majority decision. Many fans in the MGM Grand Garden Arena in Las Vegas that night agreed that Marquez won and began showering the ring with trash and shouting obscenities. Pacquiao, though, insisted he’d clearly won.

While Hopkins was becoming the oldest champion in boxing history, his partner at Golden Boy Promotions and one-time in-ring rival Oscar De La Hoya entered a rehabilitation centre for drug and alcohol abuse. He spoke openly of his drug and alcohol abuse, admitted he harboured thoughts of suicide, and said he had been unfaithful to his wife, Latin pop singer Millie Corretjer. It was a stunning admission for a guy who had a squeaky clean image and was the face of boxing.

2011年12月26日 星期一

Outside advisers culled as ALP cuts spending

An analysis by The Australian of spending on consultants shows the federal government spent $441 million in 2010-11 on independent experts and technical knowledge, down from the $485m it spent in the final year of Kevin Rudd's tenure.

The achievement, if sustained, will help Ms Gillard and her ministers as they begin a crucial budget process in the new year, with further savings measures in prospect to counter softer revenues due to a weakened global economy.

The hefty cut in consultancies was achieved through a $20m reduction by the Department of Defence and a similar-sized trim by the Department of Broadband, Communications and the Digital Economy, which has scaled down reviews associated with the implementation of the National Broadband Network.

At first glance, the Environment Department accounted for almost the entire reduction - from $60m in 2009-10 to $18m last financial year - as some of the scientific work on water policy came to an end. Still, a $16m increase in consultancies for the National Water Commission offset the department's savings.

Growth in consultancy spending was most pronounced in areas associated with Ms Gillard's reform priorities, including climate change, workforce participation, infrastructure, regional development and social welfare reforms.

In releasing the Mid-Year Economic and Fiscal Outlook last month, Finance Minister Penny Wong said an additional, one-off 2.5 per cent efficiency dividend would apply to the federal bureaucracy next financial year. She urged departments and agencies to achieve savings by reducing spending on consultants, contractors, travel and advertising.

The $44m reduction in consultancy spending by the minority Labor government in 2010-11 almost matches the commitment Tony Abbott made at the 2010 election. As part of a savings regime to offset its own promises, the Coalition vowed to cut spending on consultants by $50m in each of the four years to 2013-14.

It was a modest target cut of $200m compared with Labor's $395m pledge in opposition in 2007. In its first three full financial years of stewardship, Labor has managed a cumulative reduction of about $136m from the Coalition's 2006-07 high-spending mark.

Both sides of politics have proved that pledging to cut both consultancies and the size of Canberra's bureaucracy to rein in spending is a task that looks easier in opposition.

The Rudd government was often criticised for a lack of policy action and an over-reliance on official reviews led by high-cost experts from the major consulting firms, academics and market researchers.

When Labor came to office in November 2007 it had a vast policy agenda across key areas such as health reform, climate change, broadband, economic infrastructure and education.

But under Mr Rudd's governing style and mantra of "evidence-based policy", the new administration increasingly turned to hired experts in the private sector and the academy to determine its reform options.

The Rudd government increased spending on consultants by 7.5 per cent in 2008-09, the year the global financial crisis began and when Labor's fiscal stimulus packages were launched, and by 3.4 per cent the following year.

The reliance on outside experts came at a time when many senior advisers in Canberra expressed a frustration that the strategic capability of the federal public service had been eroded under the Howard government.

According to The Australian's analysis of spending by 51 federal departments and agencies since 2005-06, taking into account recent revisions, the peak year for consultancy spending was 2006-07, the final full year of the Howard government, with a bill of $511m.

As a rule, comparisons of consultancy spending between political administrations is becoming more difficult as agencies change the definition of "consultancies" within their accounting frameworks.

Some very large contracts in defence, information technology and social policy, for instance, which were classed as consultancies during the Howard years, have been rebadged as general contracts.

The stricter definition has meant that an agency such as the Immigration Department, which declared a record $92.5m in consultancies in 2006-07, has been able to pare back its recorded spending on outside experts to about $11m in each of the past two years. The actual spending on activities previously judged to be "consultancies" has not necessarily fallen by that amount.

In general, consultancy spending was overstated in some areas during the Howard years, and it has been somewhat understated in those same areas under Labor.

Yet the reverse is true in an agency such as AusAID, which recently reported that a change in policy in the way it viewed contracts meant its consultancy spend jumped fourfold, or by $2m, in a single year.

According to federal guidelines, whether a contract is classed as a consultancy requires it to pass two crucial tests. First, is the work produced an intellectual output that helps in agency decision making? Second, is the advice independent?

What can be said with confidence is that the Coalition spent huge amounts of consultancy fees on merchant bankers and lawyers for privatisation deals, while Labor has tended to spend money on government functions once performed in-house: economic and scientific modelling and system-wide service delivery reforms in education and health.

The figures on consultancy spending were disclosed in departmental and agency annual reports. The agencies included in the analysis are those that have spent up to $1m on consultancies in at least one of the past six years.

2011年12月25日 星期日

Small Business Owners Now Making Accepting Credit Cards A Priority

Today's customers have high demands when it comes to convenience and a lot of local small business owners are quickly discovering that the old methods of doing business are no longer appropriate in many areas.

Today's customers have high demands when it comes to convenience and a lot of local small business owners are quickly discovering that the old methods of doing business are no longer appropriate in many areas. Today's entrepreneurs can get set up and started doing business so quickly that businesses which do not adapt to the current commercial environment are going to be beat out fairly rapidly by competition that is willing to cater to the demands of today's customers. For those that want to be able to get the right type of customer into their business today, the type that is ready to do business right away, being able to process credit and debit cards is an absolute must. There really is no other way to explain the rising popularity of merchant accounts among today's small business owners. The fact that these are so easy to obtain via a service such as Pay Pal definitely makes it a great deal easier for many business owners who are looking to accept these cards without needing to pay extreme fees in the process. Since there is so much business to be done for those who accept such cards, more and more companies are coming to the idea that finding the right set up is worth it.

USBSwiper is one of the most popular names among small business owners looking to scan credit and debit cards. With a wide variety of swiping machines available that can be hooked up to a laptop PC for easy payment processing, the company is able to offer a total solution for businesses and make having a low cost, hassle free merchant account through a service like Pay Pal something they are more than willing to do. When the average business owner considers just how many sales they could miss if they are not able to process these cards they quickly see exactly why it is a good idea to look for a solution that fits their needs. Since portable technology such as this makes everything so much simpler on the business owner, it is often going to be their first choice for card processing. That allows them to deliver products and services straight to a customer's home if need be and even print up professional receipts on the spot.

2011年12月22日 星期四

It Just Happened to Me

I didn’t think much of a phone message I received when checking my voicemails at my office last week. The other voice on the line said something to the extent that they just wanted to verify a recent purchase. It’s the holidays, so I put it into my mental to-do list and called back a day or so later.

That was my first mistake.

I have now joined the ranks of those who are victims of identity theft.

The 2011 Identity Fraud Survey Report, released by Javelin Strategy & Research reports that in 2010 the number of identity fraud victims has decreased by 28 percent which is three million fewer victims than 2009. Approximately 8.1 million adults in the United States were still victimized in 2010. I’ll be included in the 2011 statistics as of now. Hopefully I might help to keep you out of this loop.

Here’s what happened. After my phone call from an online shoe company, I later received an email from my bank telling me my account was frozen because of “uncharacteristic purchasing behavior.” Okay, a big red flag—so I started six hours and counting of phone calls to rectify my situation.

I called my bank and discovered there had been five purchases on my Schilling Media Inc. business account which included size 13 tennis shoes, cologne or perfume, a few hundred dollars in men’s sports clothes and a take-out dinner purchase. Some of the items were shipped to New York and the dinner was ordered in Toronto Canada. It was frustrating and a bit unnerving how quickly it all transpired.

Luckily, the purchases were made on my business debit account so shoes, clothing and perfume stood out like a sore thumb. If they had been made on my personal account—especially during the holidays—who knows how long the perpetrators would have had a party with my credit card.

So what did I do wrong? I did make some online purchases, yes—but when I began researching ways to prosecute—I called the local FBI office who suggested I call the Secret Service and then file a complaint with the Internet Crime Complaint Center, which is a partnership between the FBI and the National White Collar Crime Center.

When talking to the FBI agent, she told me that my perpetrator may not even have gotten my credit card online. In fact she told me she had shopped at a local mall in Virginia, and someone had taken her card info, forwarded it to another state where perpetrators had created a fake plastic card and purchased groceries—within one hour!

I figured if it happened to an FBI agent, I wasn’t doing too badly.

So, I have called my bank, my credit card has been cancelled and re-issued. As it turns out one of the orders was not shipped and stopped, but the thief still gets to enjoy some clothes, cologne and great meal. And because the rate of identity theft crime is so high, he or she may never be prosecuted.

However, with everything that has transpired, there is a great thing that happened as a result of this incidence of theft against me, I was suddenly inspired to write this article in hopes that ICTMN readers might further protect themselves and not fall prey to thieves after our credit cards.

I looked for some tips online and have added a few myself that I have learned from this experience. Happy Holidays—but just be cautious out there, a little bit of careful action on your part could save your identity.

2011年12月21日 星期三

SEC revises merchant banker, portfolio manager rules

The securities regulator has revised the Merchant Banker and Portfolio Manager Rules 1996, incorporating some provisions concerning, among others, appointment, termination and suspension of chief executives of the merchant banks.

The move comes after surfacing of some allegations about chief executives of some merchant banks playing 'controversial' roles during the recent stock market debacle.

The Securities and Exchange Commission (SEC) issued a gazette notification on December 20 on the revised merchant banker and portfolio manager rules.

The revised rules have imposed restrictions on the direct or indirect connections of managing directors (MDs) or chief executive officers (CEOs) of the merchant banks with any securities-related business.

At the same time, their involvement with any stock exchange, its members or issuer companies will also not be allowed under the new rules.

The tenure of the chief executives will be a three-year period and this tenure can be extended only after approval by the securities regulator. But no CEO will be allowed to continue his job, if his age reaches 65.

The revised rules have empowered the board of directors of the merchant banks to terminate or suspend the chief executives, if they fail to discharge their responsibilities or they are found guilty of any misconduct or for reasons of moral turpitude or degradation.

However, two-third members of the board of directors of a merchant bank will have to approve such a decision and the accused CEO must be provided a reasonable period of time to put forward his written and verbal opinions in response to the allegation(s).

About the vacancy of the posts of CEOs, the revised rules said the next seniormost executive of a merchant bank will carry out the responsibility of its CEO until the next one is appointed.

The SEC will appoint the chief executive for a merchant bank, if its board of directors fails to appoint its CEO within three months following the departure of the erstwhile chief executive. In that case, the merchant bank concerned will have to bear the salary and other financial costs on account of other facilities that are allowed for the newly-appointed CEOs.

Under the revised rules, the securities regulator will also issue directives from time to time about the qualifications required for becoming a CEO. But the appointment of chief executives in the subsidiary merchant banks of ICB and other state-owned banks will not come within the purview of such rules, the gazette notification added.

The SEC executive director and spokesman Mohammad Saifur Rahman said the securities regulator has incorporated the new conditions in the revised rules, after a careful consideration of the overall situation in the country's capital market.

"The stock exchanges have to take the consent of the regulator while appointing their chief executives. That is why the approval by the regulatory body is also necessary for the merchant banks in appointing their CEOs, as these institutions are also important stakeholders," Rahman told the FE.

He said the SEC has already formed a committee for making recommendations to help bring about overall changes to the merchant banker and portfolio manager rules to ensure proper transparency and accountability of the merchant banks.

Earlier, experts and investors made allegations against the merchant banks, as they are most engaged in lending operations and do hardly offer any portfolio management services, upon proper exercise of their due diligence and discretionary power, to their clients which, according to them, are also responsible for exposure of a vast majority of investors in the stock market to some unwarranted risks and also market manipulations by the vested interests.

2011年12月20日 星期二

Shop safe for the holidays and after

Whether you're still doing some last-minute shopping for the holidays or looking forward to after-holiday bargains, the FBI has tips to keep shoppers safe.

If you are buying goods online, be wary of buying items that are sold on auction sites or through classified ads. Scammers sometimes will collect credit card numbers, bank account numbers or other financial information directly from the buyer, and then they will turn around and use that information to make their own purchases. If you are purchasing online, check the seller's rating or reviews. Be cautious if the seller has a high rating, but few total feedback postings and/or all the feedback was posted about the same time and date.

If you are giving gift cards, make sure you purchase them directly from a reputable merchant. If you buy a gift card from a third-party website or auction site, it is possible the card was stolen or obtained fraudulently. The merchant will likely deactivate the card, and you are out your money.

A scammer may send you an email or text indicating there is a problem with your credit card, bank account, or other merchant account. It will ask you to follow a link to a spoofed site that looks like the merchant's site to update your personal information. Don't do it! No reputable merchant will, unsolicited, ask you for your account number, password or PIN. When in doubt, call the merchant or bank's published customer service number.

There are plenty of holiday deals from legitimate merchants, but if the deal is really "too good to be true" - watch out. Fraudsters often use the hot items of the season to lure bargain hunters into providing credit card information.

Scam artists are known to use pressure, guilt, and the threat of an "emergency situation" to create a sense of urgency. Don't act impulsively. For instance, if someone calls to tell you your credit card has been stolen and you must give him your PIN so he can deactivate it, hang up and call your bank directly.

Consumers should be wary of opening attachments, even if you think you recognize the sender. Run a virus scan before opening any attachments, including pictures.

Buyers and sellers can both be caught in this scam, usually involving online goods. For buyers, they pay for an item but never receive it. For sellers, they send an item, but the payment ends up being fraudulent, and they are out the cash. Always use a reputable online retailer and a reputable money transfer service.

Many people like to make year-end charitable contributions for tax purposes. Do not respond to unsolicited emails or texts, and do not give personal information to someone who contacts you via email or text. Make your contributions directly to known, legitimate organizations instead of relying on someone you do not know to make the donations for you.

Consumers' use of social media tools, including texting and networking sites, can also be targets for scammers. Just because you received the link or information from a "friend" on a social networking site does not mean it is any more reliable or trustworthy.

Crowded parking lots are a prime target for scammers staging auto accidents. The perpetrators stage accidents in vehicles or on foot and claim medical injuries and auto damages against the victim's insurance. An example is the victim is backing out of a parking place in a crowded shopping center and the perpetrator is "hit" either while walking or in their vehicle.

2011年12月19日 星期一

A CTA’s perspective

As a commodity trading advisor (CTA) you constantly take risks and try to manage those risks. One thing that you don't want to manage is the risk of your client’s futures commission merchant (FCM) failing. This is what happened on Oct. 31, 2011 when MF Global melted down. Here is what it's like to be a CTA when you're FCM melts down.

On Wednesday, Oct. 26, I got a call from a competing FCM; “Hi Robb, I know you have some business over at MF global. You may have heard that they have been having some problems. We’d certainly like your business. You might want to consider what is happening over there and we’d be happy to help.”

I hadn't really thought that much about MF Global’s credit rating being downgraded that week because that shouldn’t affect the futures division; all customer accounts are segregated. I didn't think much of the call because as a CTA I constantly have brokers and FCM's that want me to just move all my business over to their company with all kinds the promises of glory and how much money they can raise for me or how much better or cheaper they’ll do executions.

People in the industry get confused with the difference between a commodity pool operator (CPO) and CTA. With a CPO, all the money is pooled together into one or more accounts. This gives the CPO a lot of authority and power as to where it places the funds.

In the past, one of the dangers of having money pooled together was a Bernie Madoff type scandal. I remember decades ago a CPO manager telling me that he had so much control over the “account” that he could write a check and leave the country; that it would be a while before anybody knew what happened. The industry has learned from these mistakes and now implement many more safe guards, such as the use of an administrator and outside accounting firms.

To move accounts, the CPO can sign one set of paperwork and then inform the investors of the change in a timely manner.

A CTA doesn’t get to pool money, they manage each account individually.   Each client would have to make this decision and then re-paper the account at the new FCM if the client decided to move their money there. This can create fear, uncertainty and doubt.  Clients will wonder what the problem is. It’s just not worth it.

So when I got the call from the competing FCM, I didn’t think of it beyond just another competitor wanting my clients’ business. There was no reason, based upon rumor and innuendo, to cease my five-year relationship with MF Global, liquidate all positions, and have my clients re-paper their accounts. This also would delay any trading and create opportunity costs.

There was nothing to worry about. All the client funds are “segregated,” meaning that the firm could lose every dime, but those client funds are in separate accounts and not used for the FCM’s business operations.  These segregated funds are sacrosanct to the industry.  They provide a level of protection for all clients.

The futures industry is a relatively small industry. Especially because the Mecca is Chicago and many industry people have been in the business two to four decades. Reputation permeates the business. If somebody does something wrong, it will follow them.

I had a very good brokerage group at MF Global; I had no reason to change ships. Plus, many other CTA and CPO operations had long-standing business with them. The group I dealt with handled 24-hour trades through their Chicago and London desks. Sometimes I would put option trades on overnight. They handled them with total professionalism. When they made a mistake, which was rare, they paid for it without argument. I had a very good situation at MF Global.

2011年12月18日 星期日

Faceless net giants writing own rule books

Australians use them more than any other websites and to many they have become essential services, oiling the wheels of life and commerce at the click of a mouse.

But when Google or Facebook no longer wants you, it can be all but impossible to find out why, as internet entrepreneur Mark Bowyer and others have found to their cost.

Earlier this year Google banned ads from his travel website, Rusty Compass, because it said the site "poses a risk of generating invalid activity".

Almost four months and an appeals process later Bowyer is none the wiser as to what that means but is acutely aware of his dependence on an "arbitrary, algorithmic, human-free" service.

At every step Bowyer has been forced to communicate with the company through its website.

"I feel utterly powerless," says Bowyer, who says he is daunted by how much he depends on Google's services for his fledgling business - a website that offers independent travel advice to travellers to south-east Asia - from powering the search engine, providing analytics and directing traffic its way.

He is still unable to fathom what ''invalid activity'' Google is referring to, speculating that because a large proportion of his traffic comes from Asia - where ''click farms'' are often located - Google suspects he might be paying people to click on his ads.

"Of course, Google has the right to decide who it does business with. It doesn't have the right to terminate commercial arrangements mid-stream, withhold funds due, and run a closed appeal process that provides no information to the appellant," says Bowyer, a co-founder of the travel firm Travel Indochina.

Google has "redistributed" the $120 he earnt from advertising back to advertisers. He has consistently denied click fraud, even posing the rhetorical question to Google in his appeal: "Why would I take such a risk for such a low return?

"Since Google enjoys such extraordinary market power, it should be serious about its internal processes and the transparency and credibility of its appeal processes. And, pardon my naivety, but the introduction of a human face would be a good start."

Bowyer's dispute is similar to the three-year-long one the founder of the Aussie Tech Head podcast and website, Glenn Goodman, has had with Google over his Adsense account.

In 2008 Goodman accrued $100 in revenue from Google ads in the first six months of his business. But on the eve of getting the first payment he was suspended. Since the suspension he has submitted online appeals once every 12 months up until this year, when he phoned Google's Sydney reception. The receptionist merely advised him of the Adsense appeals procedure. ''I have given up,'' he says.

Like Bowyer, he says he's never clicked on his own ads and has no idea why he was suspended.

"It is very frustrating and to this day I do not know why my account was targeted," he says, adding that it has affected other methods of receiving ad revenue through Google such as through the video-sharing website YouTube and Feedburner, which inserts ads into RSS feeds.

"I was well aware of fraudulent clicks, and it wasn't due to this. It is due to another reason that at this stage is only known to Google.''

2011年12月15日 星期四

Bay merchant exposes hundreds of Aussies

Beware when shopping online this holiday season as at least one eBay merchant has been found to have exposed the personal information of hundreds of Australians on the internet.

Detailed information about a particular eBay seller's customer transactions - including their phone numbers, postal addresses, email addresses and what a customer purchased - were found on the web for anyone to access via a Google search.

In a statement the merchant's owners apologised to customers and said they didn't realise Google had indexed their website containing customer information.

The total database of 791 customer transactions, which includes 228 transactions with customers in the US, was found to have been left wide open after an Australian eBay user discovered the page after doing a Google search for her name.

The customer, who didn’t want to be named because she feared people could still Google her name and find her personal information, said she recently bought Christmas presents from the eBay seller.

"I found that my personal details have been comprised and are floating around in internet land for all to see," she said.

"It sends a clear warning to eBay buyers that you may think your details are safe but they are not."

After being contacted for comment this afternoon, eBay's Australian head of communications, Sandy Culkoff, said the auction company was successfully able to shut down the page which was hosted on the merchant's own website, not eBay's.

"No personal financial information, such as credit card details, were provided by eBay or exposed by the seller," she said.

Culkoff added that the merchant was "cooperating" and eBay believed the exposure was "inadvertent" but nonetheless had decided to "immediately suspended" its account as it was in violation of the company's privacy policy and user agreement.

"eBay is in the process of identifying data that may have been exposed on the seller's website," she said. "eBay will continue to evaluate the functionality of the seller's website and work with the seller and any impacted buyers."

The Australian Privacy Commissioner, Timothy Pilgrim, said he was aware of the incident "and it is concerning".

“eBay have contacted us about this matter and are keeping us informed," he said.

Anyone who visited the merchant's page which wasn't secured by a password could search its customer database based on a customer's eBay ID, item number, country or status.

"It's not just a lapse in security but a total absence of it," said Australian security expert at Sophos, Paul Ducklin.

"This isn't even a 'direct object reference' vulnerability, where you guess a user's ID or a sequence number to insert into a URL. It's just an online order processing system which is completely open to anyone, including search engines."

Full-time owners of the compromised merchant which has been operating since 2005 on eBay, husband and wife Shahizan and Zaini Hashim, said in an email to Fairfax that they would like to apologise for exposing customers' information.

"We will not be using the online data again," they said. "This is a hard lesson for us."

They said they would let customers "know later" about the issue.

The website containing customer information was created by them because "eBay has limited functionality for us to track the records of our customers' needs," they said.

"The reason why we put [it on] the web [was] because we can access the information easily from anywhere, as we do travel a lot."

By having the data on web, they said they could "manage easily" packages being shipped. "Our business ship[s] hundreds of packages every month and it is very hard to keep track of them just by using what [is] available on eBay."

They said they didn't realise the website exposing customer data had been indexed by Google and thought they were the only ones who could access it as they were the only ones who knew the URL.

"The [person] who found this [information] must be typing the address [in a] browser and [got] it by chance."

They said they were not "aware that keeping the information would be an offence".

2011年12月14日 星期三

Senate Agriculture, Nutrition and Forestry Committee Hearing

Recognizing the enormous impact on many peoples' lives resulting from the events surrounding the MF Global bankruptcy, I appear at today's hearing with great sadness. My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors have suffered as a result of MF Global's bankruptcy. Their plight weighs on my mind every day - every hour. And, as the chief executive officer of MF Global at the time of its bankruptcy, I apologize to all those affected.

Before I address what happened, I must make clear that since my departure from MF Global on November 3, 2011, I have had limited access to many relevant documents, including internal communications and account statements, and even my own notes, all of which are essential to my being able to testify accurately about the chaotic, sleepless nights preceding the declaration of bankruptcy. Furthermore, even when I was at MF Global, my involvement in the firm's clearing, settlement and payment mechanisms, and accounting was limited.

The Members should also understand that the Committee turned down my request to testify voluntarily in January. I had hoped that, by that time, I would have obtained and reviewed relevant records so that I could be more helpful to the Committee.

As a consequence of my situation, not every fact of which I am or may have been aware that may be relevant to your inquiry is contained in this statement. While I intend to be responsive to the best of my ability today, without adequate time and materials to prepare, I may be unable to respond to various questions members might pose. Other questions, given my specific role in the company, will be questions for which I simply have no personal knowledge. Many of your questions may well be ones I myself have.

Considering the circumstances, many people in my situation would almost certainly invoke their constitutional right to remain silent - a fundamental right that exists for the purpose of protecting the innocent. Nonetheless, as a former United States Senator who recognizes the importance of congressional oversight, and recognizing my position as former chief executive officer in these terrible circumstances, I believe it is appropriate that I attempt to respond to your inquiries.

I was born in 1947 and raised in the rural community of Taylorville, Illinois. After high school graduation in 1965, I attended the University of Illinois, from which I graduated in 1969. In the summer of 1969, I joined the United StatesMarine Corps Reserve, in which I served until 1975. In 1970, I enrolled in the University of Chicago Business School. I took classes at night while working at a bank during the day, and I and received my MBA in 1973.

2011年12月13日 星期二

SCAMMERS TARGET SMALL BUSINESSES IN OCEAN CITY

Several merchants are speaking out after scammers have continuously attempted to victimize their businesses.

Skip Tolomeo, the owner of Sea Oats, a Children's clothing store on Asbury Avenue in Ocean City, said a Toronto based scammer has been exploiting his company for the past 2 years.

As part of the scam, Tolomeo's account information was stolen and people throughout the country, who were told they had won a secret shoppers sweepstakes, cashed bogus checks with Tolomeo's account information on them worth $4,500.

In order to complete the sweepstakes the victims were instructed to use $150 to buy merchandise at a retail store, fill out a form critiquing the store's service, and then mail the critique to a P.O. box number according to Tolomeo.

He said the "sweepstakes winners" were then asked to wire $1,500 to an account number. After the money was sent the victims would get their money but instead they found out the checks were bogus leaving them without their "prize winnings" and their $1,500.

"How they ever got a hold of that check and reproduced it, I just will never know and that's the scary part, you have to be very vigilant on all things you do," said Tolomeo.

Sea Oats received calls about the bogus checks from people in 48 states according to Tolomeo. The owner said he had to shut down the account to stop the scammer from trying to exploit his business.

Tolomeo estimates that if all the checks had been processed, his company would have lost nearly $300,000 in the last 2 years.

John Szabo, the owner of Positively 4th Street Café & Coffee Bar in Ocean City has also been targeted by scammers.

Szabo said the business receive 3 calls a week from a person placing a large order for chicken salad sandwiches.

"What happens is they dial a number and they get a deaf relay operator and the deaf relay operates as a middle person so I never hear the scammer," said Szabo.

The scammer orders around 200 sandwiches, pays with a stolen credit card and then asks to have the sandwiches delivered to a personal deliveryman.

"What they want us to do is run the charge, but in addition they want us to wire them money to pay for the delivery fee which is often $1000 to $2000," said Szabo.

Szabo said he caught on to the scam and will not follow through with the order unless enough identification is produced to prove it is not a scammer.
In wake of the local scam attempts the Ocean City police are asking all merchants to be very cautious of how they do business.

"If you are a merchant, and something doesn't feel right, you need to call us right away, you can't wait a day, you can't wait 2 days," said Captain Steven Ang with the Ocean City Police Department. "Get that reported to us immediately and we can get on top of it."

2011年12月12日 星期一

Start-Ups Bring Needed Disruption to Banking

These start-ups have a common dilemma. On the one hand they're seeking to disrupt the financial services industry by doing what banks don't; on the other hand, bank partnerships are often necessary to deliver the broad range of new services to a national customer base.

Many start-up founders are calling for regulatory change to allow nonbank innovators to operate nationally under a Federal charter, but they recognize that regulatory change is not going to happen over night. Congress moves slowly and deliberately; and lawmakers and financial industry participants are still dealing with Dodd-Frank and its intended (and unintended) consequences.

Bankers should welcome the opportunity to benefit from the billions invested in innovation and partner with the hundreds of start-ups that are building world-class products that banked customers clearly want.

WV United Federal Credit Union, a two-branch credit union based in Charleston, West Virginia, is actively promoting both Square and Dwolla on its home page as payment solutions for business customers. The credit union is likely not anticipating significant revenue from these referral relationships, but it will win big in the customer satisfaction stakes by expanding its product offerings and responding to its customers’ needs.

There are a number of compelling offerings that banks can bring to their consumers with little investment: PayNearMe's cash payment service can turn any under-used teller window into a busy bill payment station much like they’re doing in 7-11 stores.

Kabbage and OnDeck Capital offer small business loans online, and can just as easily offer loans to bank customers in store, increasing the productivity of loan officers and retaining small business customers.

Dwolla, Square and WePay are changing the payments landscape by offering simple to deploy and cost competitive alternatives to the merchant processing offers available through traditional channels.

Alternative credit providers Lending Club, Prosper, Progreso Financiero, and BillFloat (my own company) have built systems that can allow banks to compete in the underserved near-prime and sub-prime credit markets.

BancBox is offering data interfaces to banking systems, making it easier for partner banks to integrate their core account offerings into new solutions developed by technology providers.

The regulatory environment is ready for these relationships. As far back as 2001, the OCC published detailed risk managed principals for third-party relationships in bulletin 2001-47. The guidance covers all the prudent elements of a successful business plan and partnership: an assessment of a bank's needs and requirements; proper due diligence; written contracts that clearly outline responsibilities and obligations; and ongoing oversight of the third party and its activities by the bank.

Clashing worlds of banks and innovative disruptors can converge and deliver high demand and affordable financial services solutions to consumers. Both groups will benefit. The start-ups will grow their businesses and deploy their technologies. The banks stand to retain and satisfy their customers while increasing account activity and revenue.

2011年12月11日 星期日

Bid to change law to block scrap metal thefts

THE president of an Oxfordshire rail campaign group is aiming to curb the surge in scrap metal thefts by getting the law changed.

Lord Faulkner, who heads the Cotswold Line Promotion Group, wants to make cash transactions for scrap metal illegal.

He has tabled a Private Member’s Bill and a series of amendments in the House of Lords to try to secure a ban.

Metal theft has surged in recent years due to record prices for copper and other metals, combined with a boom in demand in China, India and other Asian countries.

Thefts of copper signal cables have disrupted train services on the Cotswold Line between Oxford and Worcester several times in recent weeks.

Thieves have also struck at other public services and buildings around Oxfordshire in the past year.

Telephone and internet users in Eynsham and Chinnor were cut off this summer when cables were stolen, lead worth 100,000 was stripped from the roof of St Mary’s Church in Warkworth, near Banbury, in August, while schools, churches and council offices were targeted by lead thieves in Abingdon in September.

While the value of the metal stolen may be small, the costs of disruption and repairs can be huge.

The rail industry estimates cable thefts over the past three years have caused 16,000 hours of delays to trains and cost 43m, while the Association of Chief Police Officers says metal thefts cost the UK 770m a year.

Announcing his proposed amendments to the Legal Aid, Sentencing and Punishment of Offenders Bill, Lord Faulkner told the House of Lords: “The move to cashless transactions (for scrap) is seen by all the interested parties as an essential step in the process of getting this business under some sort of control.”

As well as banning cash deals for scrap, the peer wants sentencing guidance revised, so courts take into account the cost of disruption and repairs caused by scrap thieves, not just the value of the metal they take.

Scrap merchant Jonathan Smith, of AV Smith and Son, of Frogs Island, off Old Didcot Road, Wallingford, said: “I think cashless transactions would help cut down on the problem of metal thefts. I think it would be a good idea.

“I would like the trade to be as clean as possible.”

He added: “I would love to stop the thieves. It’s not just churches and businesses being raided, 3,500 of metal was stolen from our yard a year ago by someone who came in across the fields.

“But you also need to do something about people who are buying the metal without any checks. I always ask for photograph identification and take details of people’s vehicles, and record every delivery coming into the yard, so everything I buy is there in black and white.”

Oxford East MP Andrew Smith said: “Metal theft is a huge problem, hitting householders, local businesses and churches.

2011年12月8日 星期四

Corzine ‘never intended to break rules' as MF Global CEO

WASHINGTON, Dec. 8- What led to the misuse of MF Global customer funds is unknown, largely due to the enormous number of transactions made in the hours before the firm’s collapse, said Former MF Global CEO Jon Corzine when he testified before the House Committee on Agriculture today.

“I never intended to break any rules,” he said in response to questions from Chairman Frank Lucas (R-Okla.). “I am not in a position, given the number of transactions, to know anything specifically about the movement of any specific funds. I can only say I know I had no intention to ever authorize the transfer of segregate moneys.”

Farmers and ranchers across the country used MF Global to make commodity market trades as financial hedges intended to protect them against volatile market prices. An estimated $1.2 billion in customer funds went missing after the firm’s collapse.

“I think about this every day,” Corzine said. “I could not be more regretful of the distress we’re bringing into people’s lives.

Corzine departed MF Global on Nov. 3 after the firm declared bankruptcy on Oct. 31. He told the Committee he did not become aware of un-reconciled customer accounts until the evening of Oct. 30.

“I was stunned when told MF Global could not account for millions of clients’ money,” he said. “I simply do not know where the money is.”

Executive Chairman of the CME Group Inc., Terrence Duffy, said that MF Global reported stable segregated accounts until reports on Monday, October 31 indicated otherwise.

Investigators described the state of the firm’s records during the last days before the bankruptcy as “a mess.” Corzine cited the unusually high number of transactions taking place during the last few hours before Oct. 31.

"It's my understanding that our books and records were reflecting the chaos that occurred in the last two or three days as the firm was under severe pressure," he said.  "It's clear that in the last hours there were many, many more transactions than before."

During the hearing, Corzine discussed the firm’s choice to invest in European sovereign debt. According to Corzine’s testimony, he met with MF Global’s senior traders in 2010 to discuss ways to improve the company’s profitability. One of those ways was to purchase European sovereign debt using “repurchase transactions to maturity,” or RTMs, which he said would reduce finance and market risk at a time when the spread on European sovereign debt securities appeared favorable.

“Through these discussions, I became an advocate of purchasing European sovereign debt using RTMs,” he said. “At the time that MF Global entered into the transactions, I believed that its investments in short-term European debt securities were prudent.”

Several members characterized the firm’s investment in sovereign debt as irresponsible. Ranking Member Collin Peterson (D-Minn.) questioned the MF Global betting strategies. “They just seem pretty risky,” he said.

Corzine emphasized that during his tenure at MF Global, the firm actually reduced leverage from 37.3 to 30.

MF Global existed jointly as a futures commission merchant (FCM) and a broker-dealer firm before the bankruptcy. The broker-dealer firm of MF Global placed the investments in sovereign debt. Corzine stated repeatedly during the hearing that he has no recollection of ever authorizing customer funds from the FCM to be used in the sovereign debt investments.

Commodity Futures Trading Commission (CFTC) Commissioner Jill Sommers said during her earlier testimony that this investigation would result in policy changes and “lessons learned.”

“We might consider that operating as a combined broker-dealer and FCM should not exist,” said Vice Chairman of the Financial Industry Regulatory Authority, Stephen Luparello.

“We need to seriously examine whether we should put these segregated accounts into a third party,” Peterson said. “Hopefully the committee can spend some time looking at this and working with people to determine what a solution should be.”

A court-appointed trustee is attempting to transfer and distribute $2.1 billion in MF Global funds frozen by the bankruptcy. A New York bankruptcy judge is expected to consider the transfer Friday.

“Many firms still will have significant amounts of margin funds and excess cash tied up with the trustee-- or missing,” said Central Missouri Agri-Service manager, John Fletcher, on behalf of the National Grain and Feed Association. “Even at a relatively small firm like Central Missouri Agri-Service, we are trying to manage a $600,000 deficit in the value of our account.”

The CFTC adopted a rule earlier this week that eliminates foreign sovereign debt as a permitted investment by an FCM. The rule updates regulation 1.25. However, Corzine and Commissioner Jill Sommers testified that the regulation 1.25 never made customer funds available for sovereign debt investments, except if the customer made deposits in foreign currency and authorized an amount.

CFTC initially proposed the update to the regulation in October 2010, but deferred it after multiple financial firms, including MF Global, objected the change as too costly.

Whether this rule would have prevented the consequences of MF Global’s collapse is not certain. The investments MF Global made in Europe were not made by its FCM, but by the MF Global broker-dealer firm. The location of the misplaced customer funds, as well as the timing, is still unknown.

“My impression is that in the chaos of the last few hours and days, either a miscalculation occurred or money that was expected to come in did not.” Corzine said.

The Dodd-Frank Act, enacted to enhance regulatory oversight of large financial institutions, is in the stages of final rule approval. House Agriculture Committee members debated during the past few months whether these rules are being enacted too quickly. Some are using MF Global’s failure and the recent bankruptcies of Lehman Brothers and Refco as examples that these new regulations are urgent.

“There have to be some rules in place that limit high risk and give the farmers and ranchers confidence in these markets,” said Rep. Joe Courtney (D-Ct.). “Our job here is to try to figure out the right way to balance rules to prevent these events form occurring again. I think implementing these rules can create a structure of stability in our economy.”

2011年12月7日 星期三

Red Cross urges fire safety after responding to recent Winfield fire

The American Red Cross Midway-Kansas Chapter is urging families to be cautious when using space heaters and other heating sources and to make a plan in case of a home fire.

The safety alert comes after Red Cross volunteers responded to a house fire at 517 E. 15th Ave. at 4:54 a.m. on Friday that affected four people. It appeared the fire started around a heating unit in the attic, but according to the Winfield Fire Department, an exact cause of the fire is still undetermined. Red Cross responders helped the family recover by providing things like food, shelter, clothing and stuffed animals for children.

“We’re deeply saddened for those who’ve been affected,” said Bev Morlan, American Red Cross Midway-Kansas Chapter regional executive director.

“As we continue to provide support for those who need us, we also encourage others to take action to minimize the risk of a home fire.”

Heat sources such as space heaters, fireplaces or wood and coal stoves can pose a fire hazard. To reduce the risk of heating-related fires, the Red Cross recommends keeping anything that can burn — such as paper, bedding or furniture — at least three feet away from heating equipment and fireplaces and to never leave these unattended.

“Unfortunately, during the holidays, it is typical to see an increase in house fires because of colder temperatures,” said James Williams, American Red Cross Midway-Kansas Chapter Public Relations manager.

The Red Cross recommends the following steps to help protect your home and loved ones from a fire:

All heaters need space. Keep all things that can burn (paper, matches, bedding, furniture, clothing, carpets, and rugs) at least three feet away from heating equipment.

Never leave a fire in the fireplace unattended, and use a glass or metal fire screen to keep fire and embers in the fireplace.

Never use a cooking range or oven to heat your home.

Turn off portable space heaters every time you leave the room or go to sleep.

Have wood and coal stoves, fireplaces, and chimneys inspected annually by a professional, and cleaned if necessary.

If you must use a space heater, place it on a level, hard and nonflammable surface (such as ceramic tile floor), not on rugs, or carpets or near bedding or drapes. Plug power cords directly into outlets and never into an extension cord.

Red Cross volunteers on the scene were members of the chapter’s Disaster Action Team, a group of specially trained volunteers who respond to the scene of a local disaster when called upon at any time of the day or night. Last year, Red Cross responded to 186 fires in south-central Kansas.

2011年12月6日 星期二

FSDC to firm up framework to deal with global crises

A high-level FSDC panel will firm up a crisis management framework to deal with the impact of global financial problems at its meeting in Kolkata later this week.

“We will discuss the Financial Stability Report and decide steps to deal with the global crisis,” said a senior Finance Ministry official ahead of the meeting of the Finance Stability and Development Council (FSDC) sub-committee.

The FSDC sub-committee, which is headed by Reserve Bank Governor D. Subbarao, is scheduled to meet on December 8. The panel includes the heads of regulating agencies like SEBI, IRDA, PFRDA and Finance Ministry officials.

According to sources, the FSDC will also be discussing various scenarios with regard to the sovereign debt crisis in euro zone countries and the possible steps to neutralise the impact of global problems on India.

The agenda for the meeting includes “creation of a framework for decision-making involving the agencies that will be involved in the decision-making process, with clearly defined responsibilities and a mechanism for information exchange and coordination.”

The effort, sources said, would be to develop a mechanism to deal with “sudden shocks” in the balance sheets of financial institutions, which could be on account of natural or man-made crises. The institutions would include banks, non-banking financial companies, mutual funds, primary dealers, merchant bankers and pension funds.

At its earlier meetings, the FSDC sub-committee had asked the regulators to make an assessment of the impact of the sovereign debt crisis on the Indian financial system.

With worsening of the sovereign debt crisis in Europe, especially in countries like Greece and Italy, it has become imperative for India to develop a framework to deal with the problems as the government is not in a position to provide a stimulus to boost growth.

Finance Minister Pranab Mukherjee had recently said, “I am not in a position to provide that level of fiscal stimulus which I was able in 2008-09, but certain policy changes can improve the situation a little bit, which we are doing.”

According to Reserve Bank Deputy Governor Subir Gokarn, “In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites.”

“This has led to increased instability and volatility in financial markets, particularly currency markets... While overall macroeconomic conditions may cause concern, we need to take an integrated and forward looking view of positive and negative indicators and future risks while thinking about appropriate policy responses,” he said.

2011年12月5日 星期一

Small businesses turn to Square for credit transactions

Cabbie David Mendoza reaches for his iPhone and plugs in a spiffy Square Reader to process a ride's fare.

"When customers see it, they either say 'What is that cool device?' or 'Hey, that's Square,' " says Mendoza, 32, who used to struggle with a bulky payment device that was slow to pay him and hard to store records on.

Within a week of using Square, Mendoza was sold on the device — as were his customers, many of whom would rather pay with a credit card instead of cash. "I wanted simple, and got it," says the cab driver.

Mendoza is one in a growing legion of devotees to Square, a credit card-processing company co-founded by Twitter inventor Jack Dorsey. Merchants nationwide have snapped up the small, white plastic device to quickly and inexpensively accept payments.

Despite a struggling economy, Square has found a lucrative niche among small businesses and is becoming a go-to fixture for a variety of companies — ranging from those hawking quirky goods to vendors at local farmers' markets. Even some Salvation Army bell ringers collect charitable donations via the Square Reader.

This year, Square, which makes its money by collecting transaction fees, has helped merchants process sales for $2 billion worth of luxury goods, such as jewelry, and for specialized services, such as massages and goodies at vegan-doughnut shops. The average purchase on Square: $75.

But Square faces formidable competitors and major hurdles to becoming a force with big retailers and corporations. "While Square is new, it's just facilitating a 50-year-old payment mechanism — mag-stripe cards," says Nick Holland, an analyst at market researcher Yankee Group.

Mobile-payment transactions are expected to nearly double this year, to $86.1 billion from $48.9 billion in 2010, according to market researcher Gartner. Worldwide mobile payment users, meanwhile, will swell 40%, to 141.1 million in 2011, from 102.1 million in 2010.

Others have taken note of the trend lines. Google is the latest company to jump into the fray, joining PayPal, Intuit and scores of others. "It is a gold rush," Holland says.

Since its device and app became available last year, Square has gained more than 800,000 customers, who typically pick up Square for free through the company's website, or with a rebate from retail stores including Apple, Best Buy, Wal-Mart, Target and RadioShack.

Smaller businesses primarily use Square's small white plastic device, which plugs into the headphone jacks of mobile phones and tablets, to perform transactions.

The start-up has grown quickly by raising capital from the likes of Visa and venture capital firm Kleiner Perkins Caufield & Byers and enlisting heavyweights such as Sun Microsystems co-founder Vinod Khosla and former U.S. Treasury secretary Lawrence Summers to its board of directors.

When Square landed $100 million in funding in June, some analysts pegged its market value at more than $1 billion. Virgin Group head Richard Branson invested an undisclosed multimillion-dollar amount in November.

Square's card reader and apps have caught on because of the "transparency and simplicity" the company has brought to transactions for businesses, says Keith Rabois, Square's chief operating officer.

Customers who purchase smartphones at Best Buy often pick up a Square Reader in the process, says Robert Stephens, chief technology officer at the retailer.

The feisty, 200-person private company based here, has no intention of ceding its place as a favorite among pop-up shops and individual entrepreneurs.

"Square is hitting its stride," says Holland. "When they first started, I thought: 'Not a chance.' But it has found many niche markets, it's free, and it improves cash flow for small businesses, which many live and die on."

Early adopters of Square attest to its simplicity. Says Miki Nishihata, owner of Hello Bicycles in Seattle: "There is no risk in starting with Square, and no cost to have it available, even if not frequently used."

2011年12月4日 星期日

Charles Dickens in the editor’s chair

THE FIGURE OF THE amiable, accomplished, and ever-to-be-regretted Charles Dickens has been lately brought before us “even in his habit as he lived,” with abundance of detail and colour. Mr. Forster’s complete and admirable biography1, done with the taste and workmanlike finish of a true “man of letters,” will be more and more esteemed as the time from his death lengthens. Objection was indeed taken to the biographer accompanying his hero about as closely as Boswell did Johnson; but this really brought before the world much that would otherwise have been lost or unseen; and in the last volume, where the author seems to have accepted this criticism and to have become historical, there is a sensible loss of dramatic vividness.

Lately the world has received the closing collection of his Letters, edited by Miss Hogarth and Miss Dickens2, and set off with a graphic and most pleasing commentary whose only fault is that of being too short. Here his gat de cur, his unflagging spirit, wit, and genial temper, are revealed in the most striking way.

THERE IS, HOWEVER, ONE view of him which has scarcely been sufficiently dealt with, namely, his relations with his literary brethren and friends, as editor and otherwise. These exhibit him in a most engaging light, and will perhaps be a surprise even to those abundantly familiar with his amiable and gracious ways.

In the old Household Words days, the “place of business” was at a charming miniature office in Wellington Street close to the stage door of the Gaiety Theatre. It seemed all bow window; at least, its two stories it had only two were thus bowed. The drawing-room floor seemed a sunshiny, cheerful place to work in. This is now the workshop of another magazine, the Army and Navy. But I always pass it with respect and affection. I never came away from it without taking with me something pleasing.

Often, about eleven o’clock, he was to be seen tramping briskly along the Strand, coming from Charing Cross Station, fresh from his pleasant country place in Kent, keen and ready for the day’s work, and carrying his little black bag full of proofs and manuscripts. That daily journey from Higham station, with the drive to it in his little carriage or Irish car, took full an hour each way, and was a serious slice out of his time. It has, deed, seemed always a problem to me why business men, to whom moments are precious, should thus prodigal in time devoted to travelling coming from Brighton and returning at headlong speed. At Bedford Street, by the bootmaker’s shop, he would turn out of the Strand those in the shops he passed would know his figure well, d told me, after his death, how they missed this familiar apparition would then post along in the same brisk stride through Maiden Lane, past “Rule’s,” where he often had his oyster, through Tavistock Street, till he emerged in Wellington Street, the last house he passed before crossing being “Major Pitt’s,” the hatter’s. This mention of “Major Pitt” suggests that it was always pleasant to see what pride tradesmen took in having him for a customer, and what alacrity they showed in serving him or in obliging him in any way. This I believe was really owing to his charming hearty manner, ever courteous, cordial, and zealous; his cheery fashion of joking or jest, which was irresistible. The average tradesman has small sympathy or intelligence for the regular literary man. He is sometimes caviare indeed to him.

OUR WRITER, HOWEVER, was a serious personality of living flesh and blood, and would have made his way in life under any condition. His extraordinary charm of manner, never capriciously changed, the smile and laugh always ready that sympathy, too, which rises before me, and was really unique I can call no one to mind that possessed it or possesses it now in the same degree. Literary men, as a rule, have a chilliness as regards their brethren; every one is more or less working for his own hand. Yet, few men have had more anxious responsibilities or troubles to disturb them, or so much depending upon them, as he had in many ways. I believe the number of people who were always wanting “something done for them,” either in the shape of actual money advance, or advice, or productions “to be taken,” or to be seen, or to have their letters answered, or who desired letters from him in their interests, was perfectly incredible. Many a man takes refuge in a complete ignoring of these worries, which would require a life to attend to. An eminent and highly popular man of our own day, who is thus persecuted, has adopted this latter mode, and rarely takes notice of a letter from a friend or stranger, unless he is minded so to do. He is strictly in his right. You are no more bound to reply to persons that do not know you, than you are to acknowledge the attentions of an organ-grinder who plays for an hour before your window.

2011年12月1日 星期四

Max Petroleum upgraded in light of recent operational news

Merchant Securities has upgraded its target price for Max Petroleum to 35.2 pence per share in order to take account of recent positive operational news.

Merchant said that good operational news released by Max on its Zhana Makat project in Kazakhstan was consistent with the independent broker’s outlook for the project. “We now expect that Zhana Makat will produce 7.7 million barrels,” said Merchant, pointing out that this figure is “only moderately higher” than independent consultant Ryder Scott’s proven and probable reserve estimate of 6.2 million barrels for the field.

After Max announced that Ryder Scott had ascribed 0.9 million barrels of proven reserves to East Kyzylzhar I in mid-November, followed by news that the KZIE-1 discovery well produced light oil at 1,484 barrels per day, Merchant is positive about this development too. It said that it believes “our 2.7 million barrel target is more likely to be exceeded than not and that Ryder Scott’s estimates of proven and probable reserves already appear out of date”.

At Sagiz West, Ryder Scott has ascribed 4.8 million barrels of proven and probable reserves and 61.3 million barrels of contingent resources in place. “We had estimated that the field would produce 16.6 million barrels,” said Merchant. “Our estimate, combined with 61.3 million barrel estimate of contingent resources in place, would imply a recovery rate of 27 per cent, which is reasonable. We are not concerned that the Ryder Scott proven and probable reserve estimate is significantly below our 16.6 million barrel estimate because Ryder Scott has limited its reserve estimate to two well offsets from the discovery well.”

Elsewhere, Merchant said that Ryder Scott’s 0.5 million barrel proven and probable reserve estimate for Borkyldakty is close to its 0.7 million barrel estimate and that it saw no reason to adjust its estimates for the field, while at the Asanketken Jurassic field it has reduced its estimate of total production to 2.1 million barrels from 2.6 million barrels. Here, the ASK-2 well has confirmed the original reservoir discovered by ASK-1, but offered no further upside so far.

An imminent catalyst for Max’s share price, added Merchant, could be the ASK-2 well results. “Based on our pre-drill estimates a successful discovery in the Triassic target could add circa 10.7 pence to our valuation,” said the broker. “We believe that the success of the Jurassic discovery made by ASK-1 (and the presence of oil in this reservoir) de-risks the lower Triassic target, which is significantly greater in prospective scale.”