Finance Steer

It can be difficult deciding how to invest your savings, as you need to choose somewhere that is secure but that also offers potential for growth, and savings accounts can be a useful option to consider, as they are relatively easy to open and manage, and offer high interest rates. Good savings accounts will also allow you to add and withdraw money whenever you want without any penalties, and if you already have a checking account with good credit history, then it is almost guaranteed you will be able to open a savings account with the same provider with very little hassle.

Online

Some of the best savings accounts on offer are only available online, so it is important that you do check the internet when searching through all of the savings accounts deals. Most Internet savings accounts can be opened online, so there is no need for you to go into a bank, and communication will be done by email and post. This will also mean you will have 24/7 access to your account details, as you will simply be able to log on to your account and view the latest interest rates and transactions, and you will also be able to link this up to other online accounts, so that you can set up automatic deposits to top up your savings every month. Remember that most of the best deals will be introductory offers, and will only be for a fixed term such as 6-12 months, before the account reverts to a lower rate.

Types of Savings Accounts

There are several different types of savings accounts to choose from including:

Easy access accounts – this is the most flexible type of savings accounts as it allows you to add and withdraw money whenever you want, as many times as you want, and interest rates will be variable and will go up and down according to the base rate.

Fixed rate bonds – these accounts are less flexible, but are a solid choice as they allow you to fix a rate of interest for a term of 6 months to 5 years, and this will protect you from any rates cuts. However it will also lock your money away from any rates increase, so be careful at what point of the rates cycle you invest your money in a fixed rate bond as you could lose out if the base rates rise.

Regular saver accounts – this type of account is great for short term savers, and the account rates are reset every 12 months. You will need to pay a minimum into the account each month though, but this is usually a fairly low amount which should be achievable for most savers.

Firstgold Corp. failed to submit its annual financial on time report Monday. The company said a pungent cash crunch banned it from filing the mandated audit. Company executives told the audit report for the recent fiscal year that ended 31 January would be completed when cash becomes available. Nonetheless, the authority did not mention when financial condition would improve.

The Cameron Park-based group inaugurated production in March at a gold mine at Nevada. However, since it had hit hard times as leading officials to deem selling Firstgold. The company hired Haywood Securities Inc. to help getting a buyer or extra financing. Haywood is a Canadian investment banking company.

The company’s chief executive Steve Akerfeldt told in a press release that Firstgold started negotiations with more three potential buyers. The company has leases on more than10,000 acres in Nevada. Firstgold has suspended gold processing. It has spent around $16 million to expand the processing facility & capability at Relief Canyon Mine.

UAE-based the International Petroleum Investment Company (IPIC) told the media on Friday that the company is going to announce several investment opportunities. Now it is revising its investment plans.

IPIC was established in the year 1984 and it is completely owned by the Government of the Emirate of Abu Dhabi. However, it is operated by an independent Board of Directors. H.H. Sheikh Mansour Bin Zayed Al Nahyan has charged on Chairman of IPIC since 1994. Al Nahyan is personally directing the company’s progress towards the realization that to develop and boost Abu Dhabi’s presence in worldwide.

After a general meeting of the Board of Directors headed by Shaikh Mansour Bin Zayed Al Nahyan, Chairman of IPIC, Deputy Prime Minister (DPM) and Minister of Presidential Affairs (MPA); the company said that the meeting discussed IPIC ’s performance through the first quarter of 2009 and reviewed several reports on different projects.

Additionally, they discussed on some investment opportunities and the opportunities will soon be announced. The company recently invested an additional $1.41 billion (nearly Dh5.17b) in the Aabar Investment PJSC. The pumped was to give the country a bulk control in the investment firm set over Daimler AG’s major shareholder.

The giant Walt Disney Co.’s quarterly revenue fall 46 percent of this year particularly at its movie-studio and theme-park sector. Robert Iger, the chief executive and President called the quarter “difficult … due to the weak economy and other factors”.

Disney made total revenue of $613 million in first 3 months of 2009, low from $1.13 billion one year ago. The movies of Walt Disney have demonstrated to be a box office disappointment in this year and the income at  theme parks, which provide approximately a quarter of the company’s earning, fell 50 percent and profits turned down 12 percent.

So, to recover their loss, Disney has been providing reduction offers to increase audience and has cut almost nineteen-hundred jobs in the unit.

India’s largest in the private sector ICICI Bank reported a 9.6% decline in net revenue after tax at 741 million dollars for the financial year ended on March 31, against 820 million dollars for the last year.

The ICICI’s board of directors met last Saturday (25 April) to mull over the audited accounts for fiscal year 2008-09. The board suggested a dividend of Rs.11 each share. It is as same as last year. However, the bank gained a higher net interest income of $1,650 million for the financial year under review, increase 15% over 1,440 million got during the year before. Among the others 12% were up in operating income and 14% drop in costs because of rationalization of expenditure. On the other hand, its capital sufficiency ratio was strong at 15.5% as well.