Longtime foes Kingfisher, Tuttle resume tradition Enid News & Eagle KINGFISHER, Okla. — When the NFL's New Orleans Saints beat their NFC South rival Atlanta Falcons on Sunday, Kingfisher head football coach Jeff Myers sent a text message to Yellowjacket and University of Oklahoma alum Curtis Lofton, congratulating ... See all stories on this topic » | ||
Kingfisher Seeks More Time To Submit Comprehensive Revival Plan RTT News Debt-ridden Kingfisher Airlines that is yet to pay part dues to its employees has asked for more time to submit a comprehensive revival plan to the aviation regulator Directorate General of Civil Aviation or DGCA to get the suspension of its flying ... See all stories on this topic » | ||
Kingfisher Airlines seeks more time to submit revival plan: Sources TravelBizMonitor Cash-strapped Kingfisher Airlines Ltd, which is yet to pay part of salaries to its employees, has sought more time to submit a comprehensive revival plan to the Directorate General of Civil Aviation (DGCA), as per a PTI report. The beleaguered carrier ... See all stories on this topic » | ||
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Valspar Announces Strategic Partnership with Retailer B&Q to Launch the ... DailyFinance MINNEAPOLIS--(BUSINESS WIRE)-- The Valspar Corporation (NYS: VAL) today announced an agreement with B&Q, an operating company of Kingfisher plc, the world's third largest DIY retail conglomerate, to supply a full selection of premium Valspar paint ... See all stories on this topic » | ||
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Volunteers needed Sunday at Kingfisher Natural Area Maple Leaf Life What better way to enjoy this weekend's rainy weather than by getting your hands a little dirty? You're invited to help out from 10 a.m to 2 p.m. Sunday, Nov. 18, at Kingfisher Natural Area (formerly known as Park No. 6) on Thornton Creek just ... See all stories on this topic » | ||
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Friday 16 November 2012
Kingfisher Airlines pays May salary to Cabin Crew, low rung staff
Why are Small Investors making such bad Decisions ?
John De Goey was considered a villain when he started arguing in the early 2000s that fee-based compensation was the necessary way of the future for Canada’s investment industry. The idea that financial advisors would have clients pay directly and transparently for their services was a slap in the face to the commission-based model that had long been their bread-and-butter.
Today the majority of Canadian advisors earn their living from “trailer fees” embedded in mutual funds so quietly that many investors believe the advice is free. Some people actually buy mutual funds without an advisor, in which case the fees are still charged.
However, a growing number of advisors have shifted their structure to charge a flat percentage of the amount invested — generally 1% more or less, depending on the portfolio size and allocations. Some advisors choose to provide advice only, for a flat fee, leaving the perhaps more sophisticated investor to execute the transactions themselves.
Why are investors making such bad decisions?
“I’m no longer a villain because the concept is now mainstream,” said Mr. DeGoey, associate portfolio manager at Burgeonvest Bick Securities Ltd. in Toronto.
Still, many in the profession remain reluctant to make the shift in how to earn their keep, leaving the pace of change stubbornly slow. Without more decisive action from Canadian regulators, Canada is in danger of falling further out of sync with the rest of the developed world.
“It seems inevitable that fee-based compensation will ultimately be the norm,” Mr. DeGoey added. “But there’s been relatively little progress to date, and I think it’ll be a while before asset-based fees become the dominant paradigm.”
The debate pitting upfront fees against commissions or trailers has heated up in the low-return environment that has defined equity investing for much of this century.
I’m no longer a villain because the concept is now mainstream
“It’s easier to ignore when you are in a strong market environment,” said Christopher Davis, director of fund analysis at Morningstar Research Inc. in Toronto.
“Investors in the ’90s didn’t care. When you’re making 15% or 20% on your investments who does? But for more than a decade, global stock markets have kind of gone nowhere.”
Mr. Davis said Canada’s fund industry is at the “back of the pack” when it comes to fees and expenses being charged to investors and received an F grade in a 2011 Morningstar global ranking for having the highest fees among the 22 ranked countries. It was the only country on the list to receive an F.
The study also highlighted another striking difference. While commissions paid to advisors are embedded in management expense ratios for the overwhelming majority of mutual funds sold in Canada, as well as other places like Europe and Australia, the practice is not nearly as prevalent in the U.S.
Even when trailers are included in the management expense equation south of the border, they tend to be smaller. The United States seems to be leading the way in turning to fee-based models. Approximately 55% of advisors are now fee-based in the U.S., say studies conducted by The Vanguard Group Inc., while in Canada, the percentage is closer to 20%.
The highly competitive investment landscape south of the border has also aided the shift, but Mr. Davis says he fully expects financial planners in other countries to follow suit, either voluntarily or through regulatory reform.
“People are very distrustful of financial institutions and advisors and the commission-based model is fraught with more conflict than fee-based, mostly because it is less transparent.”
Regulators in the U.K. have already announced a ban on commission-based mutual fund sales that will come into effect Jan. 1. Britain’s Financial Services Authority said a more transparent fee-based model that emulates other professions such as law, will help ensure investors are offered products matching their needs rather than those that pays the salesman the best commission.
Financial advisors in Australia have also been warned about big cuts to their commissions-based income beginning in December.
The Canadian Securities Administrators, meanwhile, is preparing a consultation paper examining issues related to investment fund fees such as the lack of investor understanding and potential conflicts.
People are very distrustful of financial institutions and advisors and the commission-based model is fraught with more conflict than fee-based
Rhonda Goldberg, director of the Ontario Securities Commission’s investment funds branch, said the paper, which should be out before the end of this year, isn’t expected to make strong recommendations, but will instead kick off more discussions in the new year.
Some critics worry that private investors will balk at paying an upfront fee and that consumers will shun advice altogether — and possibly make inappropriate investments on their own — once they clearly see the costs laid out.
This may be true, particularly among consumers who mistakenly believe the advice they are getting is free, but Mr. De Goey thinks it’s important to bring a higher level of professionalism to the industry.
One of his major concerns is the practice of embedded compensation that forces consumers to pay for advice whether they use it or not. He points to the fact that discount brokerages in the country mostly sell mutual funds that include embedded commission or trailers even though they don’t provide advice to clients.
“The system obviously needs to change,” he said in his latest book, The Professional Financial Advisor III. “The most obvious solution is to abolish embedded compensation products altogether.”
Some advisors fear for their financial well-being, says Mr. De Goey. Others might have technical issues in making the transition, particularly those registered to sell products through the Mutual Funds Dealers Association (MFDA).
While one third of all types of advisors offer fee-based services to at least some of their clients, just 14% of MFDA advisors do so compared with 70% of advisors who are licensed by the Investment Industry Regulatory Organization of Canada (IIROC), said an Environics study. Furthermore, as a proportion of their total compensation, fee-based income represents on average only 5% of an MFDA-licensed advisor’s income, the same as it was back in 2003. But 33% of an IIROC-licensed advisor’s income is derived from fees, up from 20% in 2003.
MFDA advisors are more limited in the types of securities they can sell when compared with IIROC advisors who are able to sell individual stocks and exchange traded funds, both of which are more compatible to fee-based compensation models.
Ultimately, there may be no quick fixes when it comes to the ongoing debate between fees and commissions, but the fact that high-level discussions within the industry are taking place on the matter is encouraging, said Atul Tiwari, managing director at Vanguard Investments Canada.
“To our way of thinking, it is a great way to start the discussion in a broader way,” he said. “Hopefully, it will raise awareness and help investors understand what they are paying for their investments and making a decision around whether they are getting fair value.”
Shekhar Gupta
CEO
Capt. Shekhar Gupta [ Pilot, DIAM, M.Ae.S.I., MAOPA [USA] ]
shekhar@aerosoft.in
Blog : http://shekharaerosoft.blogspot.in/
SREI Infra gets regulator's nod for mutual fund launch Hindu Business Line IDF through the mutual fund route would open up long-term funding options for the infrastructure sector, said Hemant Kanoria, Chairman and Managing Director of SREI Infrastructure. Investors appetite. SREI aims to launch the IDF by January 2013. “We ... See all stories on this topic » | ||
International funds are top performers among equity funds in one month Economic Times For the month ended November 15, international funds as a category has been at the top of the performance charts with gains of 1.19%, according to Value Research, a mutual fund tracking entity. The gains have accrued primarily on the back of weak rupee ... See all stories on this topic » | ||
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Srei Infrastructure gets registration for mutual fund Hindu Business Line CEO of Srei Mutual Fund Asset Management Pvt Ltd Mohit Sachdev said, “The infrastructure sector in India offers a good long-term opportunity for debt investors. Institutions such as pension funds, insurance companies and provident funds, which have ... See all stories on this topic » | ||
Why Nov 30 is important for all mutual fund investors Business Standard As per the new rules, inclusion of some personal details, such as father's or spouse's name, have been made essential for the KYC registration. Now, all mutual fund investors who completed their KYC registrations before January this year will have to ... See all stories on this topic » | ||
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MFs entry into CDS transactions Financial Express Mumbai: Market regulator Sebi today allowed mutual funds to participate in Credit Default Swap (CDS) transactions, which allow business entities to hedge risks associated with the bonds market. Besides, the regulator said that mutual funds can invest ... See all stories on this topic » | ||
DECODED: Sundaram Capital Protection Oriented Fund 3 yrs-Series 9 mydigitalfc.com FEATURES: A close-ended fixed income fund with a partial equity orientation, this fund is the latest in a series of similar hybrid close-ended funds by Sundaram Mutual Fund, nineth as far as three-year tenured ones are concerned, which try to attract ... See all stories on this topic » | ||
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Alaska Airlines Announces Daily Service from San Diego to Boston and Kauai
SEATTLE, Nov. 16, 2012 -- /PRNewswire/ -- Alaska Airlines announced today it will begin new service between San Diego and Boston starting March 29 and between San Diego and Lihue, Kauai, on June 7, 2013. Tickets are available for purchase today at www.alaskaair.com or by calling 1-800-ALASKAAIR (800-252-7522 or TTY/TDD line 800-392-0228).
"Bolstered by strong demand from the business community and vacation travelers alike, we're thrilled to announce convenient nonstop service from San Diego to historical 'Beantown' and the beautiful 'Garden Isle,' " said Joe Sprague, Alaska Airlines' vice president of marketing. "With the addition of these two new routes, Alaska Airlines will offer 160 flights a week from San Diego to a dozen cities by next summer."
All times based on local time zones
Alaska has added four flights from San Diego this year, including nonstop service to Orlando, Fla., and daily service to Fresno, Monterey and Santa Rosa, Calif. In addition to Alaska's new San Diego-Kauai service, the carrier also flies daily from San Diego to the Hawaiian Islands of Oahu and Maui.
To celebrate the new service, Alaska Airlines is offering introductory fares starting from $129* each way between San Diego and Boston and $209* each way between San Diego and Kauai. Tickets must be purchased by Nov. 23 and can be used for travel between San Diego and Boston from March 29 through May 17, and for travel between Kauai and San Diego from May 7 through July 18, 2013. Members of Alaska Airlines' Mileage Plan can also earn double miles on San Diego-Boston flights between March 29 and July 17 and on San Diego-Kauai flights between June 7 and Aug. 7, 2013. To qualify, customers must first register at www.alaskaair.com.
Summary of new service
San Diego-Boston: | ||||
Start date | City pair | Departs | Arrives | Frequency |
March 29 | San Diego-Boston | 9:30 a.m. | 5:55 p.m. | Daily |
March 29 | Boston-San Diego | 6:55 p.m. | 10:13 p.m. | Daily |
San Diego- Kauai: | ||||
Start date | City pair | Departs | Arrives | Frequency |
June 7 | San Diego-Kauai | 9:55 a.m. | 1:05 p.m. | Daily until Aug. 24 then Mon, Tue, Thu, Sat |
June 7 | Kauai -San Diego | 11:05 a.m. | 7:50 p.m. | Daily until Aug. 23 then Mon, Wed, Fri, Sun |
All times based on local time zones
Alaska has added four flights from San Diego this year, including nonstop service to Orlando, Fla., and daily service to Fresno, Monterey and Santa Rosa, Calif. In addition to Alaska's new San Diego-Kauai service, the carrier also flies daily from San Diego to the Hawaiian Islands of Oahu and Maui.
To celebrate the new service, Alaska Airlines is offering introductory fares starting from $129* each way between San Diego and Boston and $209* each way between San Diego and Kauai. Tickets must be purchased by Nov. 23 and can be used for travel between San Diego and Boston from March 29 through May 17, and for travel between Kauai and San Diego from May 7 through July 18, 2013. Members of Alaska Airlines' Mileage Plan can also earn double miles on San Diego-Boston flights between March 29 and July 17 and on San Diego-Kauai flights between June 7 and Aug. 7, 2013. To qualify, customers must first register at www.alaskaair.com.
About Alaska Airlines
Alaska Airlines, a subsidiary of Alaska Air Group (NYSE: ALK), together with its partner regional airlines, serves 95 cities through an expansive network in Alaska, the Lower 48, Hawaii, Canada and Mexico. Alaska Airlines has ranked "Highest in Customer Satisfaction Among Traditional Network Carriers" in the J.D. Power and Associates North America Airline Satisfaction StudySM for five consecutive years from 2008 to 2012. For reservations, visit www.alaskaair.com. For more news and information, visit the Alaska Airlines Newsroom at www.alaskaair.com/newsroom.
* General terms and conditions: Fares include all taxes and fees, including the Sept. 11 Security fee, are in U.S. dollars and are subject to change without notice. A ticket purchased at an Alaska Airlines airport location or through a reservation call center will cost $15 more per person than the advertised fare. Tickets are nonrefundable. Seats are limited and may not be available on all flights or all days. Other restrictions—such as day of week, blackout dates and advance purchase requirements—may apply. Bag fees apply for checked baggage. See www.alaskaair.com or call Alaska Airlines reservations at 1-800-ALASKAAIR for complete fare rules, checked baggage policies and more information.
Terms and conditions for Alaska Airlines' Mileage Plan double miles: Registration atwww.alaskaair.com prior to the first qualifying flight is required in order to receive double miles. Double miles offer is valid only on qualifying paid nonstop flights between San Diego and Boston or San Diego and Kauai. Other rules and restrictions apply to double mile promotions. Visitwww.alaskaair.com for details.
Shekhar Gupta
CEO
Capt. Shekhar Gupta [ Pilot, DIAM, M.Ae.S.I., MAOPA [USA] ]
shekhar@aerosoft.in
Blog : http://shekharaerosoft.blogspot.in/
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TNT Express sells airlines operations ahead of UPS takeover Reuters India TNT Express and UPS had said in their takeover agreement that TNT's airlines would be sold to comply with European Union rules that forbid a non-EU entity from owning or controlling 50 percent or more of an EU airline operator. The European Commission ... See all stories on this topic » | ||
Polish airline is first in Europe to take delivery of Boeing's new 787 Dreamliner Ottawa Citizen Fr. Stanislaw Michalek, left, using holy water as he blesses a LOT Polish Airlines Boeing 787 with Marian Strutynski during a delivery ceremony Wednesday, Nov. 14, 2012, at Paine Field in Everett, Wash. LOT Polish Airlines took delivery of its first ... See all stories on this topic » | ||
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Mishap-prone Pakistan International Airlines' tyre catches fire on take-off Financial Express Islamabad: Passengers on board a Pakistan International Airlines flight had a narrow escape today when one of the aircraft's tyres caught fire while it was taking off from the airport in Rawalpindi, officials said. The Governor and Home Secretary of ... See all stories on this topic » | ||
Southwest Airlines Declares 145th Consecutive Quarterly Dividend Sacramento Bee DALLAS, Nov. 15, 2012 -- /PRNewswire/ -- Southwest Airlines' (NYSE: LUV) Board of Directors declared a quarterly dividend of $.01 per share to Shareholders of record at the close of business on December 6, 2012 on all shares then issued and outstanding. See all stories on this topic » | ||
Alaska Airlines Announces Daily Service from San Diego to Boston and Kauai Sacramento Bee SEATTLE, Nov. 16, 2012 -- /PRNewswire/ -- Alaska Airlines announced today it will begin new service between San Diego and Boston starting March 29 and between San Diego and Lihue, Kauai, on June 7, 2013. Tickets are available for purchase today at ... See all stories on this topic » |
Read more here: http://www.sacbee.com/2012/11/16/4990875/alaska-airlines-announces-daily.html#storylink=cpy
Forex Flash: Europe back in recession and looking grim – BTMU
Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that yesterday saw Europe slide back into recession with little light at the end of the tunnel ahead
The release of EZ flash GDP estimates yesterday confirmed that the block has technically fallen back into recession, contracting for a second consecutive quarter by 0.1%. He notes that the country break down revealed some surprises in that the open and integrated economies of German, Belgium and the Netherlands proved weaker than expectation whilst growth in the domestically-driven economies such as France, Italy, Spain and Portugal proved stronger.
However, he notes that it appears unlikely that this resilience will last, with incoming leading indicators signaling to a marked deterioration in economic activity in Q4. He continues to highlight that fuirther evidence was also provided yesterday that the UK economy has lost significant momentum in Q4 with Retail Sales contracting by -0.8% MoM in October. Meanwhile, in the US today, President Obama and congressional leaders will begin budget talks to ease the fiscal cliff.
Shekhar Gupta
CEO
Capt. Shekhar Gupta [ Pilot, DIAM, M.Ae.S.I., MAOPA [USA] ]
shekhar@aerosoft.in
Blog : http://shekharaerosoft.blogspot.in/
Japan seen in mild recession, recovery expected in Q1 Reuters TOKYO | Fri Nov 16, 2012 5:16am EST. TOKYO (Reuters) - Japan's export-reliant economy is probably in recession due to faltering global demand and a diplomatic row with China, but a recovery is likely in the first quarter of next year, a Reuters poll ... See all stories on this topic » | ||
Banks told by Fed to test for 12% unemployment MarketWatch WASHINGTON (MarketWatch) — The Federal Reserve is asking 30 big banks to make sure their capital can withstand a deep recession in which the unemployment rate rises to 12%. The Fed, which first required big banks to conduct “stress tests” in 2009, ... See all stories on this topic » | ||
Asian stocks struggle to advance, Japan gains Boston.com BANGKOK (AP) — Asian stock markets mostly struggled to advance Friday after data showed Europe slipped back into recession and several big U.S. retailers disappointed investors with weak forecasts. The European Union's statistics agency said Thursday ... See all stories on this topic » | ||
Gold falls on US budget issues, Europe's recession; other commodities mostly ... Washington Post Meanwhile, European Union statistics showed that the 17 countries that use the euro are inrecession for the first time in three years as the region struggles with a three-year-old debt crisis. Arecession is defined as two consecutive quarters of ... See all stories on this topic » | ||
Euro Zone Recession Is Reinforced by Slump in a Second Quarter New York Times FRANKFURT — The euro zone economy shrank for a second consecutive quarter, according to official data released Thursday, eliminating any doubt about whether the region is in recession and signaling that a long road to recovery remains. Enlarge This ... See all stories on this topic » | ||
Forex Flash: Europe back in recession and looking grim – BTMU NASDAQ The release of EZ flash GDP estimates yesterday confirmed that the block has technically fallen back into recession, contracting for a second consecutive quarter by 0.1%. He notes that the country break down revealed some surprises in that the open and ... See all stories on this topic » | ||
Recession in eurozone pushes back global recovery BDlive WE CAN now write off the chances of seeing strong signs of a recovery in the global economy in the last quarter. Data from the eurozone, an integral piece of the puzzle, showed on Thursday that the region had entered its second recession in three years. See all stories on this topic » | ||
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Income gap survived the recession Marion Star Wide gaps in incomes that arose during the 1980s persisted, but the overall stagnation serves as another example that the state's problems in creating and retaining good-paying jobs predate the latest national recession. “Pulling Apart,” a report ... See all stories on this topic » |
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