Article: Romanian court to resume hearings of LUKOIL petition on Aug 14

#AceFinanceNews – Romanian court to resume hearings of LUKOIL petition on Aug 14

http://tass.ru/en/economy/812817

@AceNewsServices

Ace Worldwide News

Article: IMF hesitant to add yuan to its reserve currency basket

#AceFinanceNews – IMF hesitant to add yuan to its reserve currency basket

http://www.dw.com/en/imf-hesitant-to-add-yuan-to-its-reserve-currency-basket/a-18628351

@AceNewsServices

Ace Worldwide News

Article: Greece in ‘final stage’ of bail-out talks as bank shares collapse for a third day

#AceFinanceNews – Greece in ‘final stage’ of bail-out talks as bank shares collapse for a third day
http://www.telegraph.co.uk/finance/economics/11784364/Greece-in-final-stage-of-bail-out-talks-as-bank-shares-collapse-for-a-third-day.html

@AceNewsServices

Ace Worldwide News

‘ Debt ravaged Puerto Rico in default after paying part of bond payment – Moody’s

#AceFinanceNews – PUERTO RICO:Aug.05: Debt-ravaged Puerto Rico is in default after forking over only a fraction due in a bond payment, credit giant Moody’s said in a statement Monday afternoon.

@AceNewsServices

Ace Worldwide News

#puerto-rico

WARNING: ‘ Don’t use PayPal to pay on a credit-card as it null avoids your rights under Section 75 on third party purchases ‘

#AceFinanceReport – MSE:Aug.05: Pick this up today from Money Saving Expert (MSE) that an ever-growing number of retailers now encourage customers to pay via PayPal, but if you’re doing it on a credit card – for items that cost £100+ – you’re missing out on valuable extra protection. That’s because using PayPal scuppers your Section 75 rights.

I’m hearing more reports of people falling foul of this, such as Sharon Fisher, who tweeted me: "Is it true Section 75 on credit cards doesn’t cover you for PayPal/Amazon 3rd party purchases? Tried to claim." So I want to use this short guide to run you through how it works.

What is Section 75?

paypal-02.png

Before I explain the issue with PayPal, it’s first worth understanding the rights it scuppers.

Section 75 of the Consumer Credit Act 1974 says if you pay for something costing between £100 and £30,000, specifically on a credit card, the card company is jointly liable with the retailer.

  • This doesn’t just protect you if the store goes bust. As it’s ‘jointly liable’, you can go straight to the credit card firm if the shop goes bust, doesn’t deliver, is abroad, or is just a pain in the bum to get in touch with.

    While card firms may try to fob you off by telling you to speak to the store, you can reply: “No. My rights are identical with you. I want you to sort it.” For full help and free templates for doing this, see our Section 75 guide.

  • You have identical rights as at the store. In other words, if what you’ve bought is faulty, broken or doesn’t arrive, the credit card firm is obliged to put you right (see the Consumer Rights guide for exact definitions). Of course, if you just want a replacement or exchange and can go to the store, you may as well, as it’s easier.
  • This protection doesn’t apply to other cards or cash. It’s important to note this protection only applies to purchases with credit cards, not debit cards (here you may be entitled to the lesser chargeback protection), cash, cheques, or prepaid cards. That’s because the concept behind Section 75 is to ensure you aren’t getting in debt for faulty products.
  • As long as you pay 1p on the credit card, you’re fully protected. While the goods have to cost between £100 and £30,000, you don’t have to pay the full amount on a credit card. If you pay any amount on the card, and the rest in cash or on a debit card, the credit card firm is legally liable for the entire amount, as our ‘I got £23,000 back after paying just £200 on a card’ article demonstrates.
  • Using Section 75 makes disputes easier. If you have a dispute with a retailer, you’ll often need to take it to court to force it to sort it out. Yet with a credit card company, even if it’s a consumer rights dispute, you can take it to the free Financial Ombudsman Service.

    The advantage is that, while the courts will only judge based on the law, the Ombudsman can also consider ‘standard industry practice’ and the beautifully nebulous concept of whether ‘you have been treated fairly’.

For more on how the rules work and help claiming, see the full Section 75 guide.

Or read more on MSE:

@AceNewsServices

Ace Worldwide News

CHINA: Hong Kings business sector continues to worsen as key economic index falls for fifth month in a row

#AceFinanceNews – Aug.05: Hong Kongs private business sector contracted for the fifth month in a row last month on downward demand, leading to fewer jobs, according to a key economic index.

Original Article: http://www.scmp.com/news/hong-kong/economy/article/1846691/hong-kong-business-conditions-continue-worsen-key-economic

@AceNewsServices

Ace Worldwide News

Analysis – Raising interest rates with zero inflation is a hard sell

#AceNewsReport – Aug.05: Ever wondered why BOE has to raise interest rates when we have zero inflation – in fact we don’t. But new bankers regulations mean less investment potential so raising interest rates will put more money in bankers pockets, as investors pile receive their pension pots to reinvest.

?m=02&d=20150805&t=2&i=1069553027&w=&fh=545px&fw=&ll=&pl=&sq=&r=LYNXNPEB7405L
LONDON (Reuters) – Americans and Britons bracing for their first interest rate rises in almost a decade are puzzled: why are rates about to go up when there’s no inflation?

a2.imga2t.img
Original Article: http://uk.reuters.com/article/2015/08/05/uk-investment-inflation-targets-analysis-idUKKCN0QA0CH20150805?feedType=RSS&feedName=topNews

@AceNewsServices

Ace Worldwide News

REPORT: Greece needs €95 billion in debt relief to avoid permanent depression — twice as muc h as the IMF say

#AceFinanceReport#GREECE Aug.05: Greek government
need more funding than IMF are saying they need.

Greece protest debt

Greece may have a bailout deal, but the debt relief that the country actually needs is bigger than any of the participants is admitting — and without it, the country will be stuck in a semi-permanent depression.

That’s according to the National Institute of Economic and Social Research (NIESR).

NIESR economists reckon that the 30% the International Monetary Fund (IMF) are pushing for simply isn’t enough — debt equivalent to 55% of Greece’s GDP, or €95 billion ($103.17 billion, £66.40 billion) needs writing off.

“If the ‘troika’ continue to insist on unrealistic fiscal targets, the Greek economy will remain in depression,” according to NIESR’s new paper.

Given the economic chaos of recent months and the austerity measures imposed under the new bailout deal, the report suggests that Greek GDP will fall to less than 70% of what it was at the pre-crisis peak.

Greek GDPThat means that nearly a third of Greece’s economic output has been wiped away, with little sign of any genuine recovery on the horizon.

Simon Kirby, head of macroeconomic modelling at NIESR, says a “permanent fiscal transfer” from the healthier eurozone countries is needed if Greece is to have any hope of reducing its debt to 120% of GDP by 2020, as was originally envisioned.

The debt relief would actually represent only a very small transfer from the rest of the eurozone, according to the authors:

The fiscal transfer from Euro Area members required to achieve this would represent 1 per cent of Euro Area GDP in one year. As it would be spread over many years and across the membership, we argue the impact on other Euro Area members would be minimal, and that this fiscal transfer is necessary if Euro Area membership is to be maintained.

That won’t convince many of the finance ministers across Europe, who seem to be particularly concerned about setting a precedent with Greece and preventing moral hazard problems in the rest of the eurozone. Their logic follows that if Greece is able to get significant debt relief, other countries will be less worried about making their own spending sustainable in the future.

Though the authors assume of the NIESR paper assume that Greece stays in the euro, they admit that “there may come a point where the calculus simply no longer favours remaining within the Euro Area.”


Original Article: http://feedproxy.google.com/~r/businessinsider/~3/-AB_KpEd-TQ/report-greece-needs-95-billion-in-debt-relief-to-avoid-permanent-depression-twice-as-much-as-the-imf-say-2015-8

@AceNewsServices

Ace Worldwide News

#Greece wants full bailout, not bridge loan, ruling party says

#AceFinanceNews – ATHENS (Reuters)-Aug.05: The parliamentary spokesman for Greece’s ruling Syriza party urged it on Wednesday to unite behind a new funding agreement, saying the country wanted a full bailout immediately rather than a bridge loan.

Greece wants full bailout, not bridge loan, ruling party says

@AceNewsServices

Ace Worldwide News