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“From day one of his bid for the White House, the President-Elect grasped the potential of the web to spread his message and organise party activists in a way that no other medium could achieve.

As well as sending out millions of emails to potential Democratic voters, in particular first-time voters, the Obama camp created its own social networking site, my.barackobama.com, after Chris Hughes, the co-founder of Facebook, was brought onto the campaign team.

The website attracted more than 1.5 million members who organised themselves into 35,000 separate activists’ groups, each of which could be contacted instantly from the Obama campaign headquarters to be given specific tasks in drumming up support.”

Read full article “How the internet helped propel Barack Obama to the White House”

The billionaire investor’s comments came only days after the oil price soared to a record high of $135 a barrel amid speculation that crude could soon be catapulted towards the $200 mark.

In an interview with The Daily Telegraph, Mr Soros said that although the weak dollar, ebbing Middle Eastern supply and record Chinese demand could explain some of the increase in energy prices, the crude oil market had been significantly affected by speculation.

Speculation… is increasingly affecting the price,” he said. “The price has this parabolic shape which is characteristic of bubbles,” he said. ‘We face the most serious recession of our lifetime’

The comments are significant, not only because Mr Soros is the world’s most prominent hedge fund investor but also because many experts have claimed speculation is only a minor factor affecting crude prices.

Oil prices stalled on Friday after their biggest one-day jump since the first Gulf War earlier in the week. Continued….

Source: Edmund Conway, Economics Editor, Telegraph

By a twist of fate, the Irish must now cast the ballot on the EU constitution for both islands, since Labour has defaulted on its pledge for a British referendum.

Our shared Anglo-Celtic culture has long been a well-spring of free enterprise (with Dutch, Swedish, and Hanseatic help in fighting European absolutism along the way), and that is what is so threatened by the Lisbon Treaty, the treaty to end all EU treaties.

The text strikes the words “free and undistorted competition” from the core objectives of the Union. Corporatist aims will enjoy a higher legal status at the European Court (ECJ) and must prevail if the two clash. The Rhineland Model has locked in a permanent advantage.

Euro-creep is already eviscerating the Common Law that underpins the British and Irish way of doing business. Lisbon quickens the pace. It upgrades the ECJ to a de facto supreme court, with broader jurisdiction. It will have the last say on a raft of new economic and social rights. Who can stop them imposing a Colbertist agenda by court rulings, if they so choose? The ECJ is beyond appeal. Continued…

Source: Ambrose Evans-Pritchard, International Business Editor, Telegraph

Ambrose Evans-Pritchard, now the Telegraph’s International Business Editor, was the Telegraph’s EU Correspondent in Brussels from 2000 to 2005. He covered the original drafting of the EU Constitution.

The so-called Consumer Protection Regulations will make it illegal to omit important information from their trading documents, and to make misleading statements. Furthermore, it will ban 31 specific practices, such as falsely claiming to be a signatory on a code of conduct, or advertising a special offer but claiming it is not in stock.

Other things covered by the rules include a crackdown on scare tactics, “closing down” sales when stores are not actually closing, and pyramid schemes.

Businesses that fall outside the new laws can be prosecuted by both the Trading Standards Authority and the Office of Fair Trading.

Commenting on the introduction of the regulations, Carl Belgrove, a senior policy advocate at the National Consumer Council, which has spent 20 years campaigning for the legislation, said: “These new laws represent a big boost to consumer protection, particularly for vulnerable people who are targeted by rogue traders.

“The one thing missing is a way for consumers to claim compensation when businesses act unfairly and we hope that will be remedied soon.”

Similar regulations in Ireland allow consumers to also pursue civil redress against businesses which treat them unfairly. However, the UK laws have no such provision. The Department of Business, Enterprise and Regulatory Reform has asked the Law Commission to look into the possibility of introducing a civil redress mechanism, but it is not expected to even start work on the project until 2010 at the earliest.

Chris Warner, an in-house lawyer at Which?, the consumers’ association, also welcomed the new regulations, but warned that it was crucial that the new landscape was properly policed. “Rogue traders are a nuisance for the most part, but in the worst cases they’ve ruined people’s lives,” he said.

“Doorstepping and aggressive selling are unacceptable and we are delighted that many of these practices are now rightly considered to be criminal offences. However, the devil is in the detail and this will only work if the OFT and Trading Standards enforce it firmly.”

Source:James Daley Personal Finance Editor, Independent

Investors who flocked to buy technology funds in 1999 and 2000 suffered badly as the bubble burst.

More recently, savers pumped billions of pounds into commercial property funds in 2006 and early 2007 on the back of strong growth, only to join the party too late and see the value of their investments slump.

Juliet Schooling, head of research at national investment adviser Chelsea Financial Services, says: ‘It is worrying that so many investors look only at what has performed well in the past year and decide that is where to head for their latest investment.’

Adrian Shandley, who runs independent adviser Premier Wealth Management in Southport, Merseyside, agrees. ‘You wouldn’t try to drive a car using just the rear view mirror, but many investors focus too much on past performance and not enough on looking ahead,’ he says.

Source: This is Money

www.endwaterpoverty.org/action

Dear Friends,

Help end water poverty:

The End Water Poverty campaign, which WaterAid supports, has been targeting the G8 to agree a global action plan for sanitation and water since 2007, but we now need to build even more pressure in the lead-up to the summit in July.

We need more signatures targeted at the Japanese Prime Minister, Yasuo Fukuda, who is this year’s G8 host. Click below and become one of almost a million action-takers!

We need to show it’s time for change! Sanitation and safe water are basic human rights. Everyone in the world should have access to them. But without these services thousands will continue to die each day. The solutions are simple but the G8 need to commit to this action plan. Please tell them: it’s time for change.

To take action today, go to www.endwaterpoverty.org/action

Thank you so much for your help – please forward this to friends!

Barbara Frost,
Chief Executive,
WaterAid

LONDON (Reuters) – Bank customers could have to wait years to find out whether current account charges are deemed “unfair” after a judge gave Britain’s banks permission to appeal a ruling against them.

Five weeks ago, the High Court ruled in favour of the Office of Fair Trading (OFT), allowing the consumer affairs watchdog to press ahead with an investigation into whether banks can legally charge customers who slip into the red without prior agreement or who write a cheque that bounces.

That potentially paved the way for current account holders to reclaim billions of pounds in fees.

But at a case management meeting to set the timetable for the next steps on Thursday, Mr Justice Andrew Smith indicated that he would allow the banks to appeal at least part of his ruling, which relates to the rights of customers to sue banks.

Other aspects of his initial ruling are still being considered.

Peter Vicary-Smith, chief executive of consumer group Which?, said the move was a “real kick in the teeth for consumers as it just drags out the whole process”.

“It’ll be at least another year before people start to get their money back, during which time the banks will hit us with up to 3.5 billion pounds in overdraft charges,” he said.

“The banks should do the right thing now, throw in the towel and start reimbursing the customers they’ve been overcharging all this time.” Continued…

Source: Reuters

The British Chamber of Commerce said businesses were being pushed “to the absolute edge” by the costs.

The comments came as the price of a barrel of oil reached hit a record $135 – twice what it cost a year ago.

The average UK price for a litre of unleaded petrol is now about 114p, while diesel costs, on average, 126.4p.

The path of UK petrol and diesel prices

This makes petrol 18% more expensive than a year ago while the cost of diesel on the garage forecourt is 30% higher.

The fuel tax rise, announced in last year’s Budget, had been due to come into effect on 1 April but will be postponed due to soaring crude oil prices. Continued…

Source: BBC News

Q: I run a small, but fast growing distribution business and I rely on my bank for support. Given the widely reported credit crisis, should I be worried about the renewal of my facilities?

A: There is certainly cause for concern but if your request for finance is timely and well prepared you stand a better chance of gaining your bank’s support.

The lending process is undoubtedly becoming more rigorous and the cost of borrowing is set to rise. Banks need to re-build their balance sheets and are therefore seeking to increase lending margins, fees and toughen covenants. Businesses seeking new or extended banking facilities could have more difficulty than those looking to renew facilities, but in general, the same rules apply.

You should therefore consider your ongoing cashflow requirements and arrange financing much earlier than has previously been necessary to avoid experiencing your own “credit crunch”.

Providing a well thought through credit submission, addressing the issues which are critical to lenders as early as possible should help you to negotiate better terms and within a shorter time frame.

Make sure that your presentation is as detailed and realistic as possible; showing that you understand the risks and know how these can be mitigated. Having said this, you need to focus on the positives of your business as banks are obviously more wary of risk at the moment.

Remember that impressions are generally regarded as reality, so don’t create a bad one. Be consistent in the information you provide and give reliable supporting numbers. Poor quality financial information may lead banks to assume the worst so avoid this at all costs. You should also be consistent in the information you provide and give reliable supporting numbers.

Dealing with your business’ finances may not be your main focus but in this climate it is essential to adopt a professional approach to renewing debt facilities, otherwise you could be faced with unnecessary delays which may have a detrimental impact on the long term growth prospects of your business.

Guy Rigby, head of entrepreneurs at accountants and investment management group, Smith & Williamson

Source: Telegraph