Posted on 10 March 2010.
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Posted on 10 March 2010.
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Posted on 10 March 2010.
Geithner praises B of A overdraft fee cut WASHINGTON — Treasury Secretary Timothy Geithner on Wednesday praised Bank of
America’s decision to eliminate overdraft fees. “After years when we saw financial companies competing to exploit vulnerable
borrowers, it is good to see banks competing to benefit their consumers. I urge other large banks that have not acted to follow
the lead of their competitors,” Geithner said in testimony to a House Appropriations subcommittee. Bank of America said earlier
Wednesday that starting this summer it will make sure that customers have the cash in their account before a debt card purchase
is approved.
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Posted on 10 March 2010.
LONDON — MarketAxess Holdings said its chief financial officer, James N.B. Rucker, will become chief operations, credit
and risk officer, and Antonio L. DeLise, head of accounting and finance, will become CFO.
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Posted on 10 March 2010.
When I received my confirmation email, it stated the room was for two adults and no children. In the meantime, I had also discovered that parking was not free, as the booking agent had said, but would cost another $50 per day. I have called Hotels.com multiple times to get my reservation corrected but no one was able to help me. One agent told me that I would have to pay an additional $400 per day per child. After many hours on the phone, I still have no resolution to my problem. I purchased Olympics tickets, as I’m sure many others did, on the assurance that I had a place to stay in Vancouver. Now I am not sure if we will be going, or what to do with the Games tickets I bought. Can you help me?
— Lisa Richmond, Seattle
Answer: Richmond’s Olympics accommodation snafu was quickly eclipsed by a much larger issue. Ten days after she booked—and little more than a week before the Games’ opening—all Olympics bookings aboard the Norwegian Star were unceremoniously canceled.
The ship had been chartered from Norwegian Cruise Line by NewWest Special Projects, a satellite company of an Edmonton, Alberta-based travel agency. NewWest had initially planned pre-and post-Olympics cruises on the Norwegian Star, plus some coverage of the events while in the Vancouver harbor, but sluggish sales led to a new marketing strategy in August of last year. The Norwegian Star charter was then pitched as a floating hotel during the Games, and while room sales did pick up on the 1,108 available staterooms, in part thanks to slashed prices, it wasn’t enough to salvage the operation.
NewWest pulled the plug on February 2, leaving 1,642 people scrambling for last-minute places to stay. Another 4,000 travelers booked for the pre- and post-Olympics cruises from and to Los Angeles were given refunds.
There were no provisions in NewWest’s booking terms and conditions about its obligations to clients in the event of a cancellation. Tourism BC set up a task force and worked with the company to find accommodations for as many guests as possible, according to NewWest spokesperson Tamara Castellano.
Other Olympics-goers like Richmond turned to their travel agencies for help. I initially sent Richmond’s complaint to Hotels.com over the problem with her childrens’ booking, but after the Norwegian Star charter went under, I asked Hotels.com what it was doing for its displaced customers.
“We are reaching out to each one of our customers who booked accommodations on the Norwegian Star and re-booking them elsewhere,” says Hotels.com representative Vic Walia. “This is a mess which we are trying to resolve for our customers.”
Hotels.com still had inventory in Vancouver, so finding rooms was not an issue, he said. The company had 147 other guests who were in the same boat, although 80 of them opted to simply cancel for a full refund.
Incidentally, the extra charge per child on Richmond’s original booking would have been $100 per night, because accommodation on the Norwegian Star included meals, onboard entertainment, port fees, and shuttles, according to Castellano. Hotels.com did not mark up those rates, says Walia. It’s unclear why Richmond was quoted $400 per child by a telephone agent. As for the erroneous free parking info, Hotels.com was simply passing along info it had received from NewWest, according to Walia.
Hotels.com rebooked Richmond’s family in a one-bedroom suite plus an adjoining room for the kids. Accommodation included free valet parking. Because her original reservation included meals, Hotels.com refunded Richmond $150. It also issued her a $200 future stay voucher due to all hassles over her original reservation.
How can you avoid trouble?
• Ask about the terms and conditions of your charter. Charters are business ventures, so if the company isn’t going to make money, your trip may not happen. Find out how close to departure the charter can be canceled due to poor sales, and what, if anything, the company will do for you in that case.
• Consider travel insurance, which may also cover your incidental costs.
• Work with a travel agent, who may be able to find alternate accommodations or transportation should you be left high and dry by your charter.
Read previous columns
Linda Burbank first began troubleshooting travelers’ complaints for the Consumer Reports Travel Letter. She now writes regularly for Consumers Union publications and is a contributing editor forNational Geographic Traveler. E-mail her at travel@usatoday.com. Your question may be used in a future column.
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Posted on 10 March 2010.
The official says that in the two months since a Nigerian man tried to blow up a Detroit-bound airplane, the government’s list of suspected terrorists banned from flying grew from about 3,400 to 6,000.
The official spoke on condition of anonymity to discuss sensitive security issues.
The list expanded, in part, to add people associated with al-Qaeda’s Yemen branch and others from Nigeria and Yemen with potential ties to the alleged would-be bomber, Umar Farouk Abdulmutallab.
Reviewing and updating the no-fly list were among President Obama’s immediate responses to the Dec. 25 attack.
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Posted on 09 March 2010.
HONG KONG — Hong Kong shares opened higher Wednesday after modest overnight gains on Wall Street, with Citic Pacific Ltd.
and Cathay Pacific Airways Ltd. rising ahead of their 2009 earnings reports. The Hang Seng Index advanced 0.2% to 21,247.61,
after also rising in the previous three sessions, while the Hang Seng China Enterprises Index advanced 0.3% to 12,247.02.
Cathay Pacific gained 0.8% and Citic Pacific climbed 1.9%. Chinese banks advanced despite a mainland Chinese media report
that February bank lending nearly halved after a surge in January loans, with Bank of China Ltd. rising 0.3%. China’s Shanghai
Composite index rose 0.4% to 3,080.47.
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Posted on 09 March 2010.
NEW YORK – Hundreds of construction workers raised a rallying cry of “Build it now!” on Tuesday, gathering with elected officials at the World Trade Center site to urge a quick rebuilding of the complex.
“Instead of a shining American symbol of resilience and strength, we have a hole in the ground,” U.S. Rep. Carolyn Maloney told the crowd. “Rebuilding the towers and ground zero is a moral imperative. Putting 10,000 people to work in the middle of a severe recession is an economic imperative.”
The protest comes days before a Friday deadline for the Port Authority of New York and New Jersey and developer Larry Silverstein to work out a new schedule for rebuilding parts of the site. Construction is under way on 1 World Trade Center, a memorial and a transit hub, but the building of other planned towers has stalled in a dispute over financing.
The authority, which controls the property, wants more private-sector cash for the project than Silverstein has offered and says it’s better to delay construction on two of the towers until the real estate market improves.
But with union officials saying 15 to 20 percent of their construction workers are jobless, the hardhat-wearing protesters said they were eager for more work at the site as soon as possible.
“We have people out for 40 weeks before they get a job,” said electrician Greg Kapps. “There are a lot of people out.”
One protester’s sign read: “Don’t Forget 9/11: Delay Means Defeat.”
U.S. Reps. Anthony Weiner, Peter King, Gregory Meeks, Joseph Crowley and Michael McMahon joined in the rally, as did several city officials. City Council Speaker Christine Quinn yelled to the protesters: “It should have been built already. It is a disgrace.”
Port Authority Executive Director Chris Ward defended the work already in progress Tuesday, saying that much construction is happening and the authority’s rebuilding of the memorial, 1 World Trade Center and public areas has put 1,900 people to work. The agency expects to spend almost $11 billion in the area, he said.
“It’s not because of the Port Authority that there hasn’t been building,” he said. “The Port Authority is not willing to do a public bailout of Larry Silverstein.”
“Mr. Silverstein has to get some real money, get some real tenants,” Ward said. “That’s why you build buildings. You don’t build empty buildings as monuments.”
Silverstein declined to comment through a spokesman, but Mayor Michael Bloomberg, who has supported the developer, said the Port Authority was blocking Silverstein’s efforts to resolve the conflict.
“The Port Authority’s not bailing out Silverstein. We have to bail out America. That’s an outrageous statement,” he said.
Silverstein was supposed to build three office towers at the site but has said the economic downturn and tight credit market had made it impossible for him to secure independent financing.
The authority wants Silverstein to build one tower immediately, then build a second in a few years once he has found a tenant for the building. The space reserved for a third tower would become a public space for an indefinite period, until market demand returns, Ward said.
An analysis done for the Port Authority last year projected that might not be until 2030.
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Posted on 09 March 2010.
A brief issued by Americans for Financial Reform in support of financial speculation taxes:
Union Wall Street Tax Brief
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Posted on 09 March 2010.
Al buzzed up: Lindsay Lohan sues over “milkaholic” E*Trade ad
52 seconds ago 2010-03-09T16:29:25-08:00
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