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Calling Card Companies in US Fined $30M for Misleading Consumers
The Federal Communications Commission-FCC says advertised minutes had an impossible stipulation
 
For many immigrants, keeping in touch with family and friends in the old country is important. But there’s only so much you can say in a single phone call. 
 
The Federal Communications Commission (FCC) has fined six companies a total of $30 million for misleading consumers on the minutes their prepaid calling cards actually offer. According to the agency, the advertised time on the cards could only be fully used in the span of a single phone call. Multiple calls delivered “a small fraction” of the hundreds or thousands of minutes advertised.
The calling cards lined the shelves of newsstands and grocery and convenience stores and typically sold for $2, $3 and $5. The FCC said the companies, each of which was fined $5 million, also failed to adequately disclose all pertinent charges to consumers. The agency said they targeted ads to immigrants.
 
“Consumers should not have to comb through small print and contradictory disclosures to learn that the bold promises made in advertisements are false and misleading,” said Travis LeBlanc, chief of the FCC Enforcement Bureau, in a statement.
 
How much these companies profited at the expense of consumers is a mystery. Earnings are redacted in each companies’ forfeiture order and an FCC spokesman said the information is confidential. The fines go to the Treasury Department.
 
Find more of our coverage on scams that target immigrants here
 

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Nifty, Sensex buoyed by global stimulus – Weekly closing report

Nifty has to stay above 8,200 for the rally to continue

 
We had mentioned in last week’s closing report that Nifty, Sensex are headed higher and that as long as Nifty is above 8,090, bulls will be in control. The major indices in the Indian markets have been moving up a big stimulus to bulls coming on statements by ECB on Thursday of its extending its bond buying programme and that it would not raise interest rates. By Friday, evening bulls got a further shot in the arm when the China announced a 25 basis cut in deposit and lending rates. We expect the market to open higher on Monday. 
 
The weekly trends in the major indices of the Indian stock markets are given in the table below:
 
 
On Monday, despite weak global cues, notably in the Asian bourses, key Indian indices opened the week on a positive note, expecting some good second quarter results and easing concerns over a rate hike possibility in the US this month.
 
Caution over quarterly results coupled with profit bookings subdued Indian equity markets on Tuesday and it led to a marginal fall in the major indices in the stock markets.
 
On Wednesday, a sudden fall in the Chinese markets and caution over the ongoing quarterly results, coupled with profit booking, led the major indices of the Indian equities markets to close flat after falling a bit in the post-noon session on Wednesday. Both the bellwether indices ceded their initial gains, as investors were seen reluctant to chase higher prices. By the end of the day, additional factors leading to subdued Indian stock markets include diminishing hopes of a European stimulus package and heightened chances of a US rate hike.
 
Hopes of the continuation of a European stimulus package and lower chances of a US rate hike buoyed Indian equity markets and led to small gains in the indices on Friday. Initially, both the bellwether indices opened higher in line with their Asian peers. Hopes of the European Central Bank (ECB) extending its stimulus package cheered investors globally. Investors' confidence was also restored as the ECB did not hike interest rates during its monetary policy meet on Thursday. After the ECB meet, equity market participants here have concluded that the US Federal Reserve will refrain from raising interest rates during its monetary policy meet. China’s cutting of interest rates has cheered investors globally on Friday.

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British PM faces pressure over sugar tax
British Prime Minister David Cameron is facing pressure to reverse his opposition to a sugar tax after the publication of a report that mooted a 10-20 percent levy to deal with childhood obesity, the media said on Friday.
 
The prime minister faced calls to at least consider a tax on high-sugar products after it emerged that he had not yet read the report called "Sugar Reduction: The Evidence for Action" by Public Health England that was controversially delayed by his Health Secretary Jeremy Hunt, The Guardian reported.
 
"Consuming too many foods and drinks high in sugar can lead to weight gain and related health problems, as well as tooth decay. Almost 25 percent of adults, 10 percent of four- to five-year-olds and 19 percent of 10- to 11-year-olds in England are obese, with significant numbers also being overweight," the report said.
 
Downing Street confirmed that the government is looking at other measures recommended in the report, including a cr
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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