Government not planning to support sterling

British government not planning to support the pound

The governments chief secretary at the treasury has made it clear that the governments focus is still very clearly on keeping inflation well and truly under control. This has been announced as pound sterling has slumped to 1.12euro's and 1.49 USD. Commentators have been quick to point out that only 12months ago sterling was trading at 1.40 euro's and 2.06 USD.

The biggest losers in this collapse in sterling's value are holiday makers who in many cases booked Xmas period holidays up to 12 months ago, who are now complaining that they are facing bureaux de change rates as low as 1.05 euro's to the pound which after commission deductions means some holidaymakers are actually receiving less than 1 euro for every pound.

The winners however will be the exporters in industry who have suffered for many years as the high value of the pound was a major driving force in the contraction of the export business.

Economists have been quick to start ringing alarm bells as prices for food, consumer goods and fuel plummet saying it will make it difficult to raise interest rates again to bolster the pound in the short term.

My personal view on the situation is that the holiday makers should be thankful they can afford to take Xmas holidays this year. Many, myself included would just like to be able to have a job this winter without having to worry about how to pay the next mortgage instalment.

ebay.co.uk out performing ebay.com on user sign ups

More data on eBay; this time, UK figures show the site actually continuing to increase its UK audience in the past year. That's in sharp contrast to the comparable Nielsen data for eBay in the US, which has seen unique user numbers drop 10% year on year, on average.

Nielsen recorded eBay with 14.447 million unique users during October 2007 which, with some more of that seasonal wobble, rose gradually to a record 15.841 million unique users last month. That's year-on-year growth of 9.6%, according to Nielsen.
So how can eBay in the US be losing 10% of users in a year, while the UK gains 9%? Analyst Jim Clark of Mintel said there's a definite credit crunch factor: "UK consumers are the most sophisticated in Europe and it makes sense that they would be trying to do more online to extend the value of the pound," he said.
Mintel research had shown that between July and October there was a 5% increase in visitor numbers to price comparison sites in the UK, and consumers are also spending more at supermarket sites. That means consumers are "removing the possibility of impulse buying," said Clark.
eBay's decision to stop allowing negative feedback was extremely controversial with that original audience of lone sellers, and users will also have been inspired to try rival sites with lower listing fees. "eBay is the main price point, so that is the price to beat. Generally, consumers are more aware of other sites [like Etsy]."
Clark also added that security is a factor; consumers will prefer established brands they know rather than web entities.
The UK has heavy broadband penetration, and may well be ahead of the US in trends. Further into the recession eBay will have a clearer idea if it is working in its favour, or against it.
Perhaps, as one Twitter suggested, eBay might end up trying to offload Skype, the well-respected VOIP service it acquired in 2005.

source: Guardian.co.uk 27/11/08

Our View.
Ebay.co.uk is a depressing place at the moment if you are a seller. while there may be more people registering with the site there is still little activity. Huge numbers of auctions are failing to even get going and those that do are struggling to get more than a couple of bids meaning that many listings that do get a bid are closing at the opening bid cost or very close to it.

ebay has ironically created a cheap listing weekend this weekend for auctions beginning at 99p or less.

Man sued for libel over comments on eBay

A man is being threatened with a libel action after posting critical comments on the internet about an eBay user who sold him a mobile phone.

Chris Read used the auction website's feedback facility to claim that the device he was sold by Joel Jones, a 26-year-old businessman from Suffolk, did not live up to its billing.

"I was told the phone was in good condition, but there were scratches all over it, a big chip out of the side and it was a different phone. I paid for a Samsung F700 and got a Samsung F700V," Mr Read said.

After returning the phone and asking for a refund, Mr Read, 42, a mechanic from Herne Bay, Kent, posted his feedback, saying: "Item was scratched, chipped and not the model advertised on Mr Jones's eBay account."

The facility is designed to reassure would-be customers that a seller on the site can be trusted, or to warn of bad experiences that suggest doing business with them is risky.

After making his comments, Mr Read received an email from Mr Jones, who sells used electronic goods, claiming that the comments were damaging his business and threatening legal action unless Mr Read deleted them. He also received a refund.

Mr Read said: "Obviously I was shocked. I just replied saying I stood by my comment and would go to court if necessary."

Soon after the email exchange, Mr Read received a pre-court letter from Mr Jones, demanding that he agree the comments were unreasonable. The businessman warned him that if he did not respond within seven days, he would be taken to court and face costs of £175 as well as "substantial" lawyers' fees.

Mr Read said: "I can't believe someone can be so petty. I only wanted to buy a phone. All I had done was left an honest opinion and everything I said was true.
"I thought that was why the feedback service was there. It's not like I wrote anything malicious or nasty."

Defending his decision to proceed with court action, Mr Jones said he believed that the feedback was "unfair, unreasonable and damaging" given that he had given Mr Read his money back.
"I'm like Tesco," he said. "If you don't like the goods then you get a full refund. Surely that is great customer service and deserves positive feedback."

"I am being punished by eBay because of it and the items I have for sale are being pushed down the search listings.

"I'm losing money by the day and my business could go under because of it. I've been left with no option but to take legal action and I'm sure I'll be successful."

Insisting he had done nothing wrong, Mr Read said: "I'm prepared to fight my corner."

Source: Telegraph.co.uk

Our View:

With some businesses depending so heavily on the on-line giant it's easy to forget rash comments could potentially damage business, But it's important to remember also that the feedback system is a long established part of and ebay and a benchmark all businesses are judged by on ebay and one which is accepted when a business signs up to the site.

In our humble opinion Mr Jones is clearly out for revenge, nothing more. Ebay changed the feedback system earlier this year by preventing sellers leaving negative feedback whilst allowing buyers to be able to continue to do so after it was finally recognised as being abused by many sellers as a deterrent. The move was met by global dis-content on the part of sellers.

On the matter of the impending court action, an ebay spokesperson stated that ebay.co.uk is "disappointed with Mr Jones decision to sue" over the feedback comments and went on to state that Mr Jones auctions were NOT being penilised in any way as his account was still in good overall standing.

PM to take credit card companies to task

Gordon Brown hit out at huge interest rate hikes by credit card firms, warning that they must behave "responsibly".

The Prime Minister insisted it was unacceptable to saddle British customers with big increases as the recessions bites.

The Government would act to establish "clear principles" to make sure companies treated people fairly, he added.

Downing Street said Mr Brown had been alarmed by recent examples where credit rates had gone up by 10% overnight, and a store card which was charging 200%.

The intervention came after a study of 240 credit cards showed that, while the Bank of England had dramatically reduced its official bank rate from 5% in May to 3% this month, the cost of borrowing on cards had gone up.

The research by banking experts Defaqto for The Independent showed that since May, the average annual percentage rate (APR) on cards rose by 0.4%, climbing from 17.2 to 17.6%.
Speaking at his regular Downing Street press conference, Mr Brown said: "I think we have got to bring the credit card industry in to talk to them to join with us in establishing clear principles to apply to the costs people face on their existing debts.

"This new responsible approach to lending that I think that the credit card industry wants to support will help households through the difficult period that they have. I think by setting new rules and establishing clear practices, I think the public will be in a better position to look at the credit card industry as a whole."

The PM's spokesman said that Mr Brown had been "very concerned" by the actions of some credit card companies, which was "hard to justify". The industry has been summoned to the Department for Business, Enterprise and Regulatory Reform to discuss the issues, he added.

MPs say "Ban Happy Hour"

"happy hour" drink promotions should be banned according to a group of MPs.

Supermarkets should also be subject to tighter controls and prevented by law from selling alcohol at a loss to encourage people into their stores, the MPs say.

Citing research that showed the real price of alcohol has fallen dramatically, the Home Affairs Select Committee urged ministers to clamp down on irresponsible bars and pubs.

They found the "whole focus" of police resources was in dealing with alcohol-fuelled and football violence, meaning officers were "hitting their targets but missing the point".

Chairman of the select committee Keith Vaz said: "We cannot have on one hand a world of alcohol promotions for profit that fuels surges of crime and disorder, and on the other the police diverting all their resources to cope with it."

He also called for previously voluntary codes of conduct for the drinks industry to be legally enforceable. Only last week however a senior officer said police did not need new powers to tackle errant licensees.

Simon O'Brien, who speaks for the Association of Chief Police Officers (Acpo) on matters involving pubs and clubs, said those selling drink irresponsibly were a "minority".

Ministers are however reportedly considering a compulsory code for pubs and bars that would outlaw discounts and happy hours.

Publicans have backed the call by MPs to ban "happy hour" drinks promotions but blamed the supermarkets for fuelling binge drinking with their loss making promotions.

The British Beer & Pub Association (BBPA) said the industry had taken action to end "dodgy promotions" but was prevented from going further by competition law. Spokesman Mark Hastings said: "In contrast, the supermarkets have done nothing but increase their extreme discounting offers."

The BBPA's own code of conduct on how its members should deal with alcohol promotions was withdrawn this year after advice that it might itself be breaking competition laws.

The general public's response has been largely that the government created the problem when it changed the licencing laws and is now trying to blame everyone but itself.

Shopping around for Domain names and Hosting packages

With so many good deals around at the minute it's easy to overlook small details. I have just made one small mistake and purely because i didnt read the small print.
I found a domain name and a vendor who had good prices on domain names and someone else who was offering a good hosting deal.
No problem, you would think.. buy the name and transfer it to the preferred host. Not so simple it seems, there is a small rule not often publicised that says you cannot transfer a domain name within 60 days of buying it.
Therefore if you want it, buy it from the company that will be hosting it!

first published on qassia

Bank Of England Slashes Interest Rates

The UK's largest mortgage lenders have vowed to pass on the interest rate cut in full following pressure from Chancellor Alistair Darling.

A flurry of banks and building societies said they were to drop rates by 1.5% after the Bank of England slashed the base rate on Thursday 6th November in a shock move that surprised many.

The move by the banks came after industry chiefs were dragged in front of the Chancellor and told they must pass on the cut "as soon as possible".

Among the first to pledge the cut would be passed on to struggling consumers were Halifax and Nationwide, respectively the UK's largest lender and building society. Both announced that their standard variable rates would be dropped in line with the Bank of England's announcement.

They were joined by Lloyds TSB and Abbey, both of which have pledged to drop their rates by 1.5%. Royal Bank of Scotland and Scottish Widows also announced that they were to reduce the cost of their mortgages. Later, Nationalised banks Northern Rock and Bradford and Bingley also said they were passing on the full interest rate cut to its mortgage customers.

The Bank of England's decision on Thursday to slash the bank base rate by 1.5% to 3% - the lowest it has been in more than 50 years has been welcomed by many as the average householder should see monthly repayments on mortgages significantly reduced.

Homeowners with a £250,000 mortgage should see savings of £230 per month and those with a £150,000 mortgage seeing savings of £138 per month