RBS TO PAY OUT £10M TO CUSTOMERS

Royal Bank of Scotland  and NatWest are set to pay out £10m to 300,000 customers who have forgotten to take their money from a cash machine and as a result it was swallowed back up.

The bank, which is 82pc owned by the taxpayer, and its offshoot NatWest, confirmed it had changed its policy on the process known as retracting in March last year and was in the process of compensating hundreds of thousands of customers.

Other banks automatically credit people’s accounts when they leave money behind at the cash machine, but RBS, until recently, diverted the money into its own “reserves” accounts and only repaid if the customer asked for one.

The bank will refund customers who have had money retracted since January 2005, which is as far back as records go.

January 2005. Seven years from 2012.

A statement from RBS said: ““We are in the process of proactively contacting our RBS and NatWest customers who, according to our records, at some point have not collected all of their dispensed cash.

"We will be refunding the value of their transactions in full, with an additional goodwill payment.”

RBS said it would be refunding the full amount of the money withdrawn, as it was not possible to know if they took all or some of the notes. The goodwill payment will be inline with the highest rate the customer could have got from an instant access savings account from the time of the retract to the date of refund.

In one letter seen by The Times, NatWest wrote, “As part of our commitment to become Britain’s most Helpful Bank, we have undertaken a review of our historic ATM (cash machine) withdrawals and have identified there have been occasions where customers did not take all the cash from the ATM; however, their account was debited.

“This happened to you, and to address this we are arranging for the amount of the withdrawal to be refunded to you within seven days of the date of this letter.”

Thousands of bank customers forget to take money from cash machines each year. After a 30-second wait the notes are pulled back into the machine which is known as a retract.

Source.yahoo/ the telegraph

RE BILLIONAIRE NATHAN TINKLER

Billionaire avoided repossession of A$40M personal jet by flying it to Singapore (CNN) -- Nine years ago he was an electrician. Six months ago, he was worth some A$1.18 billion ($1.22 billion) Australia's mining boom having turned him into the country's richest person under 40 years old. Now, coal baron Nathan Tinkler, 36, is facing a mountain of debt. His wealth has plummeted to A$400 million, thanks to slowing demand and falling coal prices, while his debts to a variety of creditors mount, reportedly hitting A$638 million. On Tuesday, his personal holding company was liquidated. Tinkler has had the Midas touch on his way to the top of the rich list and -- until Tuesday -- on the way down, too, staving off the liquidation of several of his companies. He now faces credit debt surrounding his horse racing empire, troubled sports franchises and repossession of his personal jet. While creditors have been circling for months, it was a Tuesday decision of the New South Wales Supreme Court to wind up Tinkler's Mulsanne Resources over an unpaid A$28.4 million dollar debt that suggests the former electrician's luck may have run dry. On Wednesday, the Federal Court place his thoroughbred horse racing and breeding empire, Patinack Farm Administration, into liquidation with a debt of A$2 million. Patinack Farm's cash flow problems were reported to be so severe, Tinkler was trying to stem the bleeding by downsizing operations in Victoria and South Australia and selling horses at bargain base prices to settle a state debt. He recently settled a A$16.6 million dispute with Mirvac over a failed land purchase in Sydney and a A$2 million debt to the publicly listed contractor, Sedgman Ltd. Tinkler's woes have impacted the Australian sporting world too. His Hunter Sports Group has reportedly fallen behind in meeting player salaries for his two prized clubs -- the A league Newcastle Jets football team and the Newcastle Knights league club. But Tinkler has come up with enough money to partially pay a significant, unpaid bill for the rent of stadiums used by the teams. And he has avoided the reported repossession of his personal jet worth A$40 million. GE Capital is said to have issued Tinkler an instruction to leave the French made Dassault Falcon 900, replete with Italian leather seats, a conference room and bar, at a regional Sydney airport. Instead, he flew it to Singapore where he and his family now live in two adjacent homes, reportedly with a Maserati and Porcshe in the driveway. And in August with coal prices flailing, Tinkler abandoned plans for a A$5.3 billion take over Whitehaven Coal, one of Australia's largest coal producers with exploration assets in Queensland. Tinkler's Aston Resources, however, remains the largest shareholder in Whitehaven Coal with a 19.4% stake. Navigating the downside of Australia's commodities boom is proving to be a wild ride for Nathan Tinkler. As a result, the unlikely rich lister is in the business pages of Australian newspapers almost daily. And he doesn't much like the attention. "There has definitely, absolutely, been a spirited media campaign to get me," Tinkler told Sydney's Daily Telegraph earlier this month. Seeking to sooth the doubters, he added, "I would say the noisy few have made a lot of people nervous and there is no need to be." The order to liquidate his personal investment vehicle would indicate the nervousness is not a fiction of a media campaign. But Tinkler is accustomed to wild rides. The ride to the top for Australia's fastest self-made billionaire was not only wild. It was a gamble. As a teenager, he headed for the rich coalfields of the Hunter Valley, north of Sydney, according to a 2010 profile. There, he found work in the mines as an electrician, though a A$400 a week take home salary held little appeal. By 26, he'd formed his own mine machinery maintenance business, servicing coalmines, which were burgeoning and booming as Australian commodities fueled the expansion of China's infrastructure. Then came his big break. In 2006, he raised a A$1 million loan against his home and business for a deposit on a coal tenement in central Queensland. All he needed to do was raise another A$29 million to finance the deal. "I knocked on every door in Australia and many overseas to raise the funds. Finally I succeeded after wearing out a lot of shoe leather, " he told CNBC in 2010. Investors came on board when exploratory drilling turned in heaven sent results - high grade coal samples. Sitting on a promising asset, Tinkler sold it not once but twice -- first to Macarthur Coal for A$275 million plus a 10% stake in the company and a year later, in 2008, with world coal prices soaring, he sold his stake in Macarthur to global steel giant ArcelorMittal. His A$1 million gamble turned into a multimillion dollar pile of cash with which he went on a buying spree -- football and rugby league clubs, horse studs, as well as property. He also formed Aston Resources, a mining development vehicle, floated in 2010. The Aston Resources merger with Whitehaven Coal was his great hope and even diminished by weak coal prices, it remains his main asset. If the former electrician can't pull another rabbit out of his hat, faith in the Midas touch may be all that remains to stave off bankruptcy. __________________ Try not to become a man of success. Rather become a man of value - Albert Einstein - Since success would be meaningless if it is of no value.

NATHAN TINKLER`S JET SEIZED IN SINGAPORE

JAMIE FREED

Mining magnate Nathan Tinkler. Photo: Darren Pateman

Nathan Tinkler’s private jet and helicopter have been repossessed, in the latest sign of financial strife for the former billionaire.

Receivers have secured possession of the coal magnate’s Dassault Falcon 900C jet in Singapore and his Agusta A109S helicopter in Brisbane after being appointed to his private company, TGHA Aviation.

Nathan Landrey, a partner at receiver Taylor Woodings, said the aircraft was yet to be valued and the receivership process was at an “embryonic stage”.

Secured creditor GE Capital reportedly instructed Mr Tinkler to leave the jet at Bankstown Airport near Sydney last month but he flew to Singapore instead.

Based on sales listings of aircraft of similar models, the jet could be worth about $15 million and the helicopter about $4 million.

GE Capital has held a fixed and floating charge of a maximum of $60 million over the assets since 2010. Mr Landrey said TGHA Aviation did not have any employees, but added there might be some unsecured creditors.

A spokesman for Mr Tinkler declined to comment on the situation.

Mr Tinkler formed his aviation group after reaping a fortune from his sale of a stake in Macarthur Coal for $440 million in 2008. He also owns properties in Singapore and Maui, racehorses, expensive cars and the Newcastle Knights and Newcastle Jets sports teams.

PLANS FOR 737 NEVER MATERIALISED

Just 18 months ago, he announced plans to build a $13 million private hangar at Newcastle Airport capable of housing a Boeing 737 jet along with his other aircraft, in part to avoid the need to drive coal business associates from Sydney to the Hunter Valley.

However, as a result of a collapse in the coal price, Mr Tinkler’s fortunes have since taken a turn for the worse.

The value of his primary asset, a 19.4 per cent stake in Whitehaven Coal, has fallen from $1 billion in May to $600 million.

Mr Tinkler’s financial position is unclear, but industry sources have indicated he has loans of around $700 million against the Whitehaven stake, including accrued interest. That means there is potential for it to be repossessed by lenders such as hedge fund Farallon Capital.

Many of Mr Tinkler’s other assets are also highly leveraged and earn little, if any, income.

Some of his private companies have recently been placed in liquidation, including Mulsanne Resources, which failed to complete a promised $28.4 million investment in Queensland coal developer Blackwood Corp.

Financial Review

RECESSION-BEATING JOBS: THE UK`S FASTEST-RISING SALARIES

Rachel Burge for CareerBuilder.co.uk

 

The green shoots of recovery may still be few and far between, but the latest figures from the Office of National Statistics (ONS) reveal that some professions have enjoyed rising salaries over the last year. We take a look at the fastest pay risers - and the routes into them - and the jobs which have seen the biggest drops.
Smiths and forge workers - Up 35.9 per cent (average pay £24,549)Pay for smiths and forge workers saw the biggest rise of all the career categories defined by the ONS in the year ending April 2012. Salaries in the sector went up by more than one third - taking the industry average to a whisker below the national average full time pay packet.
How to get in: There is no formal qualification to work as a blacksmith or in industrial metalwork, however many entering the sector choose to take a BTEC diploma in the discipline. It is also possible to get on-the-job training.
Psychologists - Up 23.3 per cent (average pay £40,276)Psychologists work in a number of sectors - including the NHS, private healthcare, education, counselling, the armed forces, sport and in the commercial world. On average, it takes seven years to qualify as one - but with an average rise in annual salaries of almost a quarter, it's a field that must look more attractive than ever to students and jobseekers.
How to get in: Studying psychology at university is the obvious first step, and psychologists tend to specialise in their chosen discipline as they rise up the academic ladder - from undergraduate degree to postgraduate qualifications.
Rail and rolling stock builders and repairers - Up 15.6 per cent (average pay £38,711)Despite the high-profile loss of a big train-building contract to Germany, the rail building and maintenance sector still appears to be paying well. It's the third-fastest-rising category in the ONS list and average pay is a hefty £38,711.
How to get in: There are numerous routes into the sector, with mechanical engineering and civil engineeringqualifications being the most-likely routes for the train-building and railway-building sectors respectively.
Fishmongers and poultry dressers - Up 13.9 per cent (average pay £16,531)They might not be the most glamorous careers in the world - or the highest paid - but it seems the fortunes of the nation's fishmongers and poultry dressers are rising. Whether the sizeable 13.9 per cent average wage increase is down to an increased interest in food authenticity among the general public - or a shortage of skilled knife-wielders - is unclear.
How to get in: There is no formal training route into fishmongery or poultry preparation, with on-the-job training and apprenticeships being the most-common way in. The Billingsgate Seafood School offers introductory courses (which can be free) and training for those interested in a career in fishmongery.
CEOs and senior officials - 11.8 per cent (average pay £85,223)We might all be in it together, but the top echelons of management are still giving themselves higher pay rises than the majority of the workforce are lucky enough to receive. The average salary for CEOs and senior officials rose to more than three times the national average wage over the last year - and it is unclear whether that includes bonuses, share options and benefits.
How to get in: Obviously it's not as simple as sending your CV to Vodafone offering your services as CEO, but there is a clearly defined path into senior management - and taking an MBA from a university or college with a good reputation is the first step on that path for many.
Fastest-falling salaries...
The ONS survey also revealed the losers in the big game of salary snakes and ladders, and we've picked out the bottom five to provide a snapshot of the careers which are suffering.
The biggest average pay cut (in percentage terms) appears to have been taken by social and humanities scientists, with a drop of 21.4 per cent to £23,447 - taking the sector below the average national wage.
Advertising always suffers in a recession, so it's not a surprise to find advertising accounts managers and creative directors second-to-bottom with an average pay drop of 18.8 per cent to £32,458.
Chartered architectural technologists are next on the list, with a fall of 15.8 per cent to £23,461.
And it seems the tourist industry must still be suffering, with hotel and accommodation managers and proprietors seeing their average salary fall 10.4 per cent to £25,003.
Podiatrists were next on the list, with average pay tumbling 9.9 per cent to £29,097.
All figures were taken from the Office of National Statistics' Annual Survey of Hours and Earnings.
Image: © graja - Veer.com

Copyright 2012 CareerBuilder.co.uk

Romanian Fraudster used secret pinhole camera to skim 9000 Pin numbers worth 3million pounds from single cash machine.

• Police believe Leonid Rotaru was part of a well-organised criminal gang
• He was already on the run from the police in the UK for similar offences when he was caught

By Mail Reporter

A Romanian who used a cash machine skimming device to obtain 9,000 PINs was facing jail yesterday.

Leonid Rotaru, 32, was caught red handed as he returned to collect a card reader from an ATM he had tampered with.

Police raided his home and found details of 9,000 bank cards on his home computer which could potentially have allowed him to steal as much as £3.25million.

Barry Douglas, of Avon and Somerset police Economic Crime Unit, said Rotaru was part of a well-organised criminal enterprise. 

‘You can tell from the quality of the equipment that was attached to the ATM, you can tell from the amount of detail that was found on the computer,’ he said.

‘This was well organised, well orchestrated and with good criminal connections.’

Rotaru used a highly sophisticated card reader which fitted over the entry slot of ATM machines.

Users would unwittingly pass their card through the device, which would record the details stamped on it. 

A tiny pinhole camera would then film the victim entering their PIN.

Mr Douglas said: ‘It fits over the card slot on an ATM and as the card goes in it will read your details off the card.

‘The camera will see you put your pin in. It will see your finger strokes and it will know which card it goes with.’

mail online

Stocks That Pay Dividends - Black Enterprise

Stocks That Pay Dividends - Black Enterprise
In the time of looking for a way to maximize ones fortunes, shares and stocks still take the front seat especially when building fortunes with limited resources. Please type in the title of this article in the search box of Black Enterprise page to read this article. Thank you.

NIGERIAN NANNY JAILED 80 YEARS IN US

Appeals for leniency failed to move a Texas judge who delivered a harsh sentence of 80 years behind bars for Nigerian-American  Jessica Tata, convicted in the death of a child killed in a fire at her home day care in Houston, Texas.

Eight witnesses testified for Tata in the punishment phase of the trial on Friday. Twenty two witnesses testified for the prosecution, alleging that she ran an unclean facility where dirty diapers and vomit were strewn on the floor. The deceased child, 16-month-old Elias Castillo, succumbed to a fire ignited when Tata went shopping and left a pan of oil cooking on the stove.

The incident, which took place in February 2011, also left three other children seriously injured.

 During the trial which began Oct. 24, surveillance video was presented that showed her shopping at Target just before the fire occurred. A former Target manager told jurors that Tata did not seem to be in a hurry even after realizing she had left the stove top burner on while the kids were at the day care.

Neighbors testified they heard the children crying during their unsuccessful attempts to rescue them from the blaze. Parents of the children who died or were injured told jurors they had trusted Tata, believing she was qualified.

 Tata’s attorneys say she never intended to hurt the children, who ranged in age from 16 months to 3 years old, and that she tried to save them.

 Among those testifying at the trial was Jessica’s sister Jennifer who defended her sibling but acknowledged she was “hard to handle” as a teenager and didn’t get along with their parents.

 Tata fled to Nigeria after the fire but was captured there after about a month and returned to the U.S. in March 2011. She has remained jailed since then. Tata was born in the U.S. but has Nigerian citizenship.

 Her brother, Ronald Tata, told jurors it was his idea for his sister to go to Nigeria to get advice from their father, who lived there. He said their mother didn’t want his sister to go because “it would look bad.”

 Ronald Tata said his sister should be held accountable for what she did, but he also asked the jury for mercy. “I believe in justice and not vengeance,” he said.

 Tata also faces three additional felony murder counts and other charges in relation to the other children killed and injured in the fire.

The Punch