An MLM company that claims to be Asia’s largest online survey company, does not even have an office address or a telephone number but is offering to ‘pay’ $10 just for filling out online surveys
Speak Asia Online, which claims to be based in Singapore, is spreading its multi-level marketing (MLM) wings in India under the pretext of online surveys. As is usual in any MLM scheme, this company also makes big claims about earnings, but fails to provide any documentary evidence for the same.
The company asks new customers or subscribers to pay $120 (standard) or $220 (premium) for becoming a panellist for one year. However, it says the fee is for its e-bulletin for one year. It clearly says: "You can remain a panellist and earn from Speak Asia only as long as your subscription to E-Bulletin is in force." This means, before earning a single penny, you need to pay the company upfront. After the one-year period, one needs to renew the subscription. There is no mention of renewal fees.
Speak Asia Online sends its surveys mostly on Wednesday to all subscribers. Each survey takes around 40 minutes to complete. It says: "The first eight weeks are treated as a training period and the company provides you feedback on incorrectly filled surveys." After that period, any incomplete or incorrect surveys are rejected and the company does not pay for it.
The company assures that it will make the payment in local currency through direct bank transfers. The catch here is that one has to pay bank transfer charges of 3% or minimum $7.5 per payment. In case you have earned $10 for the month, you would get payment of $2.5 only, as $7.5 from the total payment would get deducted as bank transfer charges.
Speak Asia Online says it provides income in reward points (one reward point is $1). It awards up to seven reward points per week for a standard panellist and 20 reward points to a premium panellist. It offers survey income as well as passive income that one earns by adding more people into a down-line. However, for the next day's incentive calculations, it does not consider the weaker line. It says: "Weaker leg is flushed out whereas the stronger leg is always carried forward for next day's incentive calculation."
Although the company offers to pay for filling out surveys online, it fails to mention that for doing this job one requires minimum knowledge of English and the Internet.
Speakasiaonline.com is hosted in the US on the GoDaddy.com server and the hosting services will expire on 21 January 2011. Besides that, there is no information available on the domain, its owners, their addresses and contact details.
The company website does provide links for all countries and major cities but directs all queries to its Singapore address only, which neither has a telephone number nor any email ID. Except India, the so called 'good income business opportunity' does not exist for other countries.
According to a complaint posted on India-complaints.com, this company has changed its name three times over the past five years and is blacklisted for non-compliance in Singapore.
Its website, speakasiaonline.com does have a link for legal documents but provides the legal documents not of the company but generic documents from the Customs Department, the Reserve Bank of India (RBI) and so on.
Speak Asia Online shows no evidence about the legality of its business or any registration certificate issued by government authorities. All the company can show as evidence is a registration certificate issued by the Singapore government. The issuing authority of this certificate, Registrar of Companies and Businesses, however, has clearly stated that the certificate of good standing or any of its contents shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way without prior permission of the Accounting and Corporate Regulatory Authority (ACRA), Singapore.
In addition, there is no mention of its promoter or top management on the site. In fact, there are no names on the website. All one can see is just names of its 'dealers' and their bank account numbers.
New Delhi: JSW Steel has registered an 8% growth in crude steel production in the first half of the FY11at 3.14 million tonnes (mt) as compared to the corresponding period last year, reports PTI.
The company said in a statement today that production of flat steel products-used primarily by the automobile industry-increased by 32% to 2.36 mt in April-September 2010, compared to that in the corresponding period last year.
The output of long steel products for infrastructure and construction companies also jumped by 44% to 0.57 mt in the first half of the year, from that in the corresponding period a year ago.
"The company has started generation of power at its 300mw captive power plant and heating of two blocks out of four blocks of Coke Oven-4, in the 10mtpa (million tonnes per annum) expansion project at Vijayanagar works in Karnataka," the statement said. The Vijaynagar unit has a capacity of 6.8 mt and the expansion is likely to be completed by the first quarter of 2011.
Global economic concerns and pressures from institutional investors led the Indian market lower for the second day in a row. The recent rally was due for a correction and investors made use of the opportunity to book profits.
The market opened sideways in the absence of supportive global cues. It touched an early high but slipped into the negative terrain amid choppy trade. The indices emerged above the neutral line in mid-morning trade only to slip once again on profit booking after the recent rally. The picture turned bleaker in the post-noon session with the market touching its intraday low. It pared some of the losses and closed marginally lower, down for the second day in a row.
The Sensex closed 65.06 points (0.32%) lower at 20,250. The index swung between a high-low of 20,409 and 20,145, respectively. The Nifty settled at 6,103, down 16.85 points (0.28%), after touching a high of 6,148 and 6,067 during trade today.
The losers outnumbered the gainers in today’s session. The Sensex ended with 20 decliners against 10 gainers and the Nifty had 31 stocks in the red compared to 19 on the advancing side. Among the broader indices, the BSE Mid-cap index declined 0.47% and the BSE Mid-cap index shed 0.28%.
The top performers on the Sensex were Cipla (up 1.74%), Hindalco Industries (up 1.32%), Reliance Communications (RCom) (up 1.26%), Wipro (up 0.98%) and Reliance Industries (RIL) (up 0.94%). The main losers on the index were Tata Steel (down 3.48%), Mahindra & Mahindra (M&M) (down 2.74%), Jaiprakash Associates (down 2.30%), Tata Motors (down 1.90%) and Oil & Natural Gas Corporation (ONGC) (down 1.66%).
The sectoral gainers included BSE Healthcare (HC) (up 0.82%), BSE IT (up 0.37%) and BSE Oil & Gas (up 0.22%). BSE Metal (down 1.49%), BSE Auto (down 1.30%) and BSE Consumer Durables (down 1.08%).
Domestic passenger car sales jumped by 30.38% to 1,69,082 units in September, compared to 1,29,684 units in the corresponding month last year. This was the best performance by any category in the auto sector last month.
According to numbers from the Society of Indian Automobile Manufacturers (SIAM) released today, total vehicle sales across all categories registered a growth of 21.63% at 13,29,086 units in September, as against 10,92,687 units in the month a year ago.
Asian markets closed mostly in the red on concerns about corporate earnings. However, Chinese and Hong Kong markets ended on a positive note following news that Moody’s Investor Services is likely to upgrade China’s government bond rating. However, caution prevailed ahead of the US jobs data to be released later today.
The Jakarta Composite tanked 1.09%, Nikkei 225 tumble 0.99%, Straits Times declined 0.42%, Seoul Composite was down 0.20% and Taiwan Weighted shed 0.48%. On the brighter side, Shanghai Composite jumped 3.13% Hang Seng added 0.26%.
Union finance minister Pranab Mukherjee is hopeful that the steps taken by the government and the Reserve Bank of India (RBI) would bring inflation down to 6% by the end of this financial year.
The finance minister expressed his concern over inflationary pressures on food items. "We have taken steps to improve the supply side by easing import of food items that are in short supply," he said. Mr Mukherjee is in Washington for the annual meeting of the International Monetary Fund and the World Bank.
The US market closed lower on Thursday on concerns that corporate earnings might not match analysts’ expectations and monthly jobs data, due later today, might disappoint. Meanwhile, initial jobless claims fell by 11,000 to 445,000 in the week ended 2nd October, the fewest since 10th July. On the corporate front, Alcoa Inc., the biggest US aluminium producer, reported third-quarter profit excluding certain items of 9 cents a share. The stock slipped 1.4% before the results were released.
The Dow fell 19.07 points (0.17%) to 10,948. The S&P 500 dipped 1.91 points (0.16%) to 1,158.On the other hand, the Nasdaq added 3.01 points (0.13%) to 2,383.
Buying by foreign institutional investors (FIIs) was almost negated by selling by domestic institutional investors (DIIs) yesterday. FIIs were net buyers of stocks worth Rs1,183 crore while DIIs were net sellers of equities worth Rs1,193 crore.