Archive for February 19th, 2008
Filed under: Ripoffs and Scams, Travel
 Have you ever checked out of a hotel, and been astounded by your final bill? You knew what your room rate was, but by the time they got done adding all their fees and taxes, the total skyrocketed!
It’s not uncommon at all. In fact, the sneaky fees are the way that hotels make a ton of money. In many respects, a hotel room is a commodity. After all, you need a place to sleep and the rest is largely optional. Sure, chains have been trying to differentiate themselves with extra-super-special beds and other comforts in the rooms. But there’s only so much a traveler is willing to pay for a hotel room, and there are about a zillion options.
So the real money isn’t necessarily made with your room fee. It’s made with all the extras, which are often almost all profit for the hotel. Some of them are easy to avoid: If you don’t want to pay $8 for a bottle of beer, you don’t touch the mini bar. Others aren’t so simple to avoid because they’re often hidden in fine print and guests don’t know which they can refuse and which they can’t.
Fodor’s travel site offers travelers a list of 14 hidden hotel fees, all of which they report totaled $2 billion worldwide last year. The list includes things like:
- Towels at the pool — $1 or $2 each
- Business center and fitness room — often $5 to $10 a day and often charged automatically
- In-room safe — $1 to $3 a day just because they put a safe in our room so you can stop their employees from stealing your valuables
- Morning newspaper — $1 or more whether you want it or not
- Airport shuttle — Usually not complimentary anymore
One that was not on the list but that I think is important: a “resort” fee. I’ve seen these when you stay at a hotel that has a water park, lush greenery, or things that could otherwise add to the argument that you’re staying at a “resort.” So I pay to stay at the hotel, and then I get to pay extra to stay at the hotel???
Make sure you check your bill carefully and have them remove any fees for things you didn’t use. It’s tempting to just walk out, especially if you’re using the automatic checkout service and you’d rather not stop at the desk.
But that’s what they’re counting on… that you won’t care enough to make them reverse those charges. Just think how these fees add up, even if the hotel only overcharges each guest by $5. Assert your rights and don’t pay for the things you don’t want or use.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Bookkeeping, and is the author of Essentials of Corporate Fraud.
Share This
Share This
 No Comments »
Filed under: Ripoffs and Scams, Transportation, Travel
 The latest move by the nation’s airlines to degrade the already horrendous experience of flight came with United’s recent announcement that it intends to begin charging for a second checked bag beginning in Might. Look for the same to spread throughout the industry, barring a customer revolt.
It will charge $25 for that second, normal-size bag. Airline charges for additional bags and overweight/oversize bags is also on the rise. Continental charges an outrageous $100 per extra bag, while American demands an extra $100 for each bag weighing over 71 pounds.
There are alternatives, though, although they involve pre-planning and often more money. A number of companies like luggagefree.com offer full concierge service. They’ll pick your bags up at your home/office and deliver them to your hotel or destination. Expect to pay for the service, though; $4.15 per pound for bags delivered the same day by 3:15 p.m. If you can ship five days before departure, this charge drops a much more affordable $1.65, beating the crap out of Continental’s charge. Peter Greenberg has a great list of these companies on his web site.
Even cheaper rates can be had through UPS, Federal Express and the like, although you’ll have to do more of the work yourself, including convincing your destination hotel to accept delivery and store the bag for you. I’ve never had a problem in this respect. In all cases, the further ahead you can plan, the more you’ll save.
Schlepping baggage through an airport has never been something I enjoy, and a lost bag can mean disaster to some vacations and business trips. Increased reliability and service is worth a lot to me, so the next time I travel by air, I’ll probably bypass the airline’s baggage piňata service in favor of a private one.
Share This
Share This
No Comments »
Filed under: Private equity industry, Investments
Just when you think private equity is dead, large news break. Reuters has reported that private equity firm Blue Ridge has just raised $1.45 billion for a new private equity fund to invest in Chinese companies. This follows most of its 2006 fund of $300 million being mostly committed.
The Chinese have already taken steps to cool red hot growth in China, but apparently some can still find value there when others might not be able to take advantage of the situation. When you see the U.S. banks and many of the European banks in more and more trouble and with write-downs growing, it is no surprise that newer and previously less-known funds might get their chance to rise. Blue Ridge doesn’t have to worry about answering endless questions on things like CDO’s, mortgages, credit woes, and the like.
The target sectors are energy, retail, real estate, technology and consumer products. Reuters put the time frame for this fund at five years, which is actually rather short for many “CHINDIA” funds that had been stating 10-year horizons for China and India in the not so distant past. Maybe that’s just the new investment climate for you.
Share This
Share This
No Comments »
Posted by: in Money News
Filed under: International markets, Rants and raves, Exxon Mobil (XOM), Politics, Oil, Headline news
 Last year I wrote a story in support of Exxon’s big profits, arguing that they weren’t breathtaking given the company’s size and that many other companies, large and small, had much higher profit margins. I could have re-posted the same story this year since Exxon Mobil (NYSE: XOM) reported similar results and the same short-sighted folks whined about it in the same knee-jerk reaction. The stock shut last Friday at $85.37 per share, up about 13% in a year, not including the 1.7% yield.
In last year’s article I even commented on the difficulty XOM faced in dealing with Mr. Putin and Mr. Chavez, and I guess my words rang all too true given the current mess in Venezuela. In order to play on the world stage, you’ve to be large and this is particularly evident in the oil business.
So I’m on record that I do not mind Exxon’s size or profits. Let me go further and say clearly that I also support its lawsuit to freeze Venezuelan assets until XOM is compensated for the theft of its investment. If it weren’t for Exxon’s investment and technological know-how, the government and people of Venezuela would be a lot poorer.
That stated, I don’t know the full extent of the agreements between Exxon Mobil and the government and I wouldn’t side with the oil giant if it could be argued that the agreements were so long and so one-sided that they took advantage of a disadvantaged, unknowing partner. That in fact may be the position of the Chavez government; however, I doubt it weighed as heavily as the political and financial issues. So the courts should settle it.
What got me thinking about the subject again wasn’t oil or profits but a very good article from the March 2007 issue of Smart Money by Roger Lowenstein. The article highlights foreign trade and all the benefits that flow from it. It speaks against populist politicians who tell the masses what they want to hear.
The ideal example of this was uttered by former Republican presidential candidate Mitt Romney, when he told Michigan auto workers that he would restore their industry back to its old glory. That’s not possible and he knows it. Perhaps this might have been expected of former Democratic candidate John Edwards, but alas they are all capable of pandering to the audience.
Lowenstein reminds readers that this country was built by hard working immigrants and trade, and for Republicans to be down on immigration reform and Democrats to be bad-mouthing trade and business isn’t economically smart. He even points out a great example from history: “Two centuries ago politicians from Virginia, New York and Massachusetts had to be coaxed into allowing free trade among states.”
Many of our greatest companies are finding most of their growth prospects outside the United Says. Isolationism contributed to the Great Depression and despite all the rhetoric, trade and immigration have only led to economic expansion and prosperity for American workers and consumers.
There’s much more to be said on the subject, but I’ll leave that for reader comments and, depending on the response, a follow-up post.
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. To find potential opportunities and verify my track record, read Chasing Value or Serious Money. Disclosure: I do not own shares of XOM.
Share This
Share This
No Comments »
Posted by: admin in Today News
Allied Banking 2018 peso notes to be rated 'Ba3' — Moody's - Inquirer.net
|
No Comments »
Filed under: Banks, Cards, Ripoffs and Scams, Fraud
 I will probably never know who stole my credit card or how they did it. Since the card never left my wallet, it’s most likely that the information was stolen during an Internet transaction. I’d like to be able to state that I used only reputable on the web retailers during my frenzied holiday shopping, but when I was truly desperate (a toy called the marble run vortex, sold at major retailers, comes to mind…), I ordered via small, obscure companies, if they had the goods I was after.
Police officers have also told me that credit card theft is common at restaurants: Wait staff either copy the information by hand or use a machine that resembles the one used to swipe a credit card to steal credit card data, then they sell the information. According to the privacy rights clearinghouse, nine million people a year report identity theft.
While it’s impossible to prevent identity theft, you can reduce the chances of becoming a victim. I found many web sites with info about preventing identity theft. I started by reviewing what the Federal Trade Commission (FTC) has to state. Below are a few tips:
- Carry fewer credit cards.
- Give out your social security number only when necessary.
- Don’t give out your credit card number or social security number unless you’re certain the business is reputable. A company called On Guard On the web offers tips on being a savvy World wide web consumer.
- Always take your credit card receipt with you after a purchase.
- Don’t select the same passwords or ones that are simple to figure out for banking and credit accounts.
- Make sure you store bank and insurance information securely at work or home.
- Shred mail and documents with credit card information, charge receipts and credit offers.
In addition, you can obtain duplicates of your credit report on a regular basis by contacting one of the three credit bureaus, Equifax, Experian and Transunion, for more information.
Share This
Share This
No Comments »
Posted by: admin in Today News
Roche Completes Tender Offer for Ventana Shares
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal Acquisition of Ventana to be Completed Today BASEL, Switzerland, Feb. 19 /PRNewswire-FirstCall/ — Roche (SWX
Microsoft giving away developer software
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal SEATTLE (AP) - Microsoft Corp. is giving students free access to its most sophisticated tools for writing software
Format war over: Toshiba quits HD DVD business
USA Today - Money Sports Life Tech Weather Conversation guidelines: USA TODAY welcomes your thoughts, stories and information related to this article. Please stay on
CryptoLogic Earns Industry’s Top Casino Software Honours for Third
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal For the third consecutive year, CryptoLogic® Inc. (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP) has captured
Colo. couple swindles Girl Scouts with fake bill
USA This day - The money they raise in the sales goes to camping trips and to area charities. “Something like this isn’t fair when it happens Conversation guidelines: USA TODAY welcomes your thoughts, stories and information related to this article. Please stay on
Business Objects CEO John Schwarz Named to SAP Executive Board
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal WALLDORF, Germany, Feb. 19 /PRNewswire-FirstCall/ — SAP AG SAP today announced that, at the regular meeting of the
CB Richard Ellis Group, Inc. Acquires Cederholm, a Leading Commercial
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal CB Richard Ellis Group, Inc. CBG this day announced the acquisition of its affiliate company in Denmark, CB Richard
Boeing, Lion Air Announce Order for 737s
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal SINGAPORE, Feb. 19 /PRNewswire-FirstCall/ — The Boeing Company BA and Jakarta-based Lion Air this day announced an
New COBOL Add-On for JRules Simplifies Legacy Modernization, SOA
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal New ILOG JRules 6.7 Adds New Platforms, Customization Options SUNNYVALE, Calif. and PARIS, Feb. 19 /PRNewswire
The Pepsi challenge
CNN Money - Companies today are bigger than many economies. We’re tiny republics. We are engines of efficiency. If companies don’t do Purchase, sell, or hold? More Carlos Slim, the richest man in the More Recession? Where to put your money now More 10 best-performing
Boeing, Garuda Indonesia Announce 777 Order
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal Garuda Confirms Model Conversions, 2007 Order SINGAPORE, Feb. 19 /PRNewswire-FirstCall/ — The Boeing Company BA
Dassault Systemes and Wing Tai’s Zymmetry Group Deliver Apparel
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal Dassault Systemes DASTY (Paris:DSY), a world leader in 3D and Product Lifecycle Management (PLM) solutions, and
ASML Initiates Dividend Payments, Starting with EUR 0.25 Per Share
MSN MoneyCentral - For today’s top Money video click here News Providers Associated Press bizjournals.com Briefing.com BusinessWeek Wall Street Journal ASML Holding NV (ASML) today announces its intent to initiate dividend payments, starting with a pay-out proposal
Share This
Share This
No Comments »
|
|
Entries (RSS)