Who Cares That Buffalo Wild Wings Can Charge Your EV?

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Just in time for the Super Bowl, a Buffalo Wild Wings (Nasdaq: BWLD) sports bar in Kissimmee, Fla., installed a Coulomb Technologies ChargePoint station for electric vehicles. This is fantastic news for the smattering of EV owners who are fans of deep-fried, factory-farmed food served at chain restaurants and live in Central Florida (assuming these people exist). Unfortunately, there are a few reasons the marketing ploy of level II charging stations at restaurants is misled, at best.

First of all, there's charging time. Buffalo Wild Wings could have a better case than, say, a McDonald's, because people might stay put for a four-hour Super Bowl game. However, if you stop in for some wings and a fraction of a game, you'll get only a partial charge. Maybe you live only a few miles away, in which case, if you really wanted to be environmentally friendly, you should have ridden your bike. But I digress.

A full charge using a 240V charger for a Nissan Leaf will take about six hours. More than 80% of that charging will happen at home, according to Jose A. Salazar, senior project manager at the Advanced Technology, Field Technologies Group for Southern California Edison. When you're not juicing up in the garage (or maybe street charging, for those without garages), you'll probably be looking for a plug at or near work.

That's not stopping chains like Buffalo Wild Wings and McDonald's from making the play for EV customers, but it will likely be years, and maybe decades, before you would make a decision on where you eat fast food based on charging. At the Networked EV conference in November, there was a lively debate on whether charging at malls, restaurants, and movie theaters shifted the focus away from how to realistically mainstream EVs, which could include fleets, heavy-duty and fast-charging buses.

Of course, if gas prices continue to creep back up, then people will be more likely to adopt EVs, in which case faster charging will be in demand. However one of the ideas being tossed around now is that charging might be subscription-based, so depending on which company you pay to charge your car (Coulomb, Ecotality) -- you might not plug in just because you can at a restaurant if it means you're paying above and beyond what you're already charged monthly. Of course, if it's free, which it likely will be at many retail locations, then that's another story. �

The conventional answer to the long time required for charging is DC charging. A high-voltage DC charger can fully charge an EV in 25 minutes or less. But the systems are expensive, and the infrastructure exists mostly in fantasyland. Others, such as Better Place, have promoted battery swapping, but the idea has yet to catch wildfire beyond Better Place.
�
But there are cheaper alternatives. Ford (NYSE: F), for instance, will put a 6.6-kilowatt charger in the all-electric Focus coming out at the end of the year, allowing the car (with a 23-kilowatt-hour battery) fully recharge in three to four hours. Most other cars have a 3.3-kilowatt charger or smaller and thus take five or six hours to charge. It's sort of like having a bigger garden hose.

In the real world, that will mean that Ford drivers will be able to substantially top off their cars during trips to the mall or restaurants, said Ed Pleet, one of the designers behind the software and consumer interfaces coming with Ford's electric cars. An hour at lunch is a one-third charge. The interface for smartphones will help as well. Users can instantly tap into the level of charge, how long before the car is fully (or three-fourths) charged, and other information. Ideally, the information will reduce the any anxiety about how long a charge will take.

General Motors (NYSE: GM), meanwhile, has another idea: buy a Volt. The Volt contains a gas generator that extends the range to a few hundred miles.

More from GreenTechMedia:

• Intersolar: Update on Solar Thermal
• Feed-In Tariffs Can Spur Disruptive Growth
• Can Micro-Inverters Penetrate the Megawatt-Scale PV Market?

See a stock in this story you'd like to follow? Add it to My Watchlist, which will find all of our Foolish analysis on it.

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U.S. foundation giving steady in 2010: report (Reuters)

NEW YORK (Reuters) ? U.S. foundations made $45.7 billion in grants in 2010 and are expected to give away up to 4 percent more this year amid a fragile economic recovery, a top philanthropic research group said on Thursday.

Giving from the country's 76,000 grant-making foundations was almost unchanged last year from 2009, and remained 2.1 percent below a record $46.8 billion in 2008, the Foundation Center said.

Foundation assets grew about 5 percent last year to $621.4 billion, but remain 9 percent below their pre-financial crisis high of $682.2 billion recorded in 2007.

The group's report, "Foundation Growth and Giving Estimates," said that giving held steady for the past couple of years due to a recovering stock market, foundations drawing upon endowments and cutting administrative costs.

The top U.S. foundations by giving include the Bill & Melinda Gates Foundation, the AstraZeneca Foundation, the Ford Foundation, the GlaxoSmithKline Patient Access Programs Foundation and the Susan Thompson Buffett Foundation.

"Foundations provided stability for non-profits during a time of crisis," said Foundation Center President Bradford Smith. "Many made extraordinary efforts to maintain their giving levels, while other, often newer foundations even increased their giving."

Independent foundations gave $32.5 billion in 2010 and corporate foundations gave $4.7 billion, both down less than 1 percent from 2009, while giving by community foundations fell 2 percent to $4.1 billion.

The Foundation Center forecast giving would grow 2 percent to 4 percent this year, with half the 1,065 foundations surveyed expecting to increase their grant-making in 2011. About 17 percent saw grants remaining unchanged and 30 percent expected a decrease.

"These additional dollars will help to seed the many promising endeavors put on hold during the depths of the economic crisis," said Steven Lawrence, director of research at the Foundation Center and principal author of the report.

The report stressed that demand for funds from U.S. foundations had grown considerably in recent years, adding to pressure on philanthropic groups.

"Beyond the long-term challenges foundations regularly address ... the economic downturn slashed government revenues at all levels, leaving political leaders and the organizations they support scrambling to replace lost dollars," it said.

(Editing by Daniel Trotta and Laura MacInnis)

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Spain 'won't follow Portugal' with bail-out

Mr Osborne told the British Chambers of Commerce: "If you hear the stories about the cuts and still wonder why our country needs to take these difficult decisions, then look at what is happening around us.

"First Greece, then Ireland, today Portugal. All of them countries that did not convince the world they could pay their debts. Two of them countries with smaller budget deficits than Britain.

"Now all of them being bailed out, at huge costs to their populations.

"Today of all days we can see the risks that would face Britain, if we were not dealing with our debts and paying off our national credit card. These risks are not imaginary - they are very very real.

Few economists think Spain is in line to become the fourth member of the eurozone's bailout club anytime soon following a raft of austerity measures which have included tax increases, public sector wage cuts and the raising of the retirement age from 65 to 67.

Nevertheless, Spain faces extremely difficult times in the years ahead. Unemployment stands at 20pc with grim growth prospects. Thousands of young Spaniards are expected to demonstrate tonight against the austerity measures.

Portugal's caretaker prime minister Jos� S�crates said the country had been taken after the stricken nation had run out of options.

Economists put the UK's involvement in a Portuguese bail?out at up to a potential �4.4bn.

After months of resisting having to apply for a bail?out from the EU and the International Monetary Fund, Portugal's cost of borrowing has reached unsustainable levels.

Addressing the nation last night Mr S�crates, said: "I have always said that asking for aid would be the final way to go, but we have reached the moment."

It is understood that the rescue fund could be as high as �70 billion, or ?80 billion.

Sources close to the Treasury said that Britain would take part in any Portugal?related discussions involving the EU's 27 member states. However, the type of bail?out is yet to be discussed and therefore the extent of the UK's exposure was impossible to gauge, the sources said.

It is understood that a bilateral loan from the UK to Portugal has not been requested and that the Treasury does not foresee any circumstances under which such a request would arise. Britain paid a bilateral loan to Ireland but George Osborne said this was because Ireland was a "friend in need", a major trading partner with a banking sector closely linked to the UK's.

European shares rose on Thursday, led by banking stocks. However, traders were wary ahead of an expected interest rate rise in the eurozone later today and there were worries that the bailout may not signal the end of Europe's sovereign crisis.

Jos� Manuel Barroso, the European Commission president, said that Portugal's request for help would be dealt with as quickly as possible. He assured Mr S�crates that Portugal's request would be "processed in the swiftest possible manner, according to the rules applicable". He also said he had "confidence in Portugal's capacity to overcome the present difficulties".

The Portuguese government had previously said that the country did not need outside help and was able to finance its own debt.

Observers were last night wondering whether contagion from Portugal would spread to other eurozone countries such as Spain, whose economy is significantly larger than that of Portugal, Ireland and Greece combined.

Portugal had earlier promised to pay investors high rates of return to take up government bonds due to be repaid in six and 12 months, its second bond auction in less than a week.

The new economic crisis confronting Europe comes weeks after an EU summit to confirm a new permanent 700 billion euro bail-out facility for eurozone countries in trouble.

The UK will not be liable for any contributions from that fund, but is included in the current temporary ?440bn bail-out fund which was set up to help Greece and which runs until mid-2013.

The temporary fund has already been used to bail out Ireland, and now Portugal is expected to come calling to prop up its economy and shore up the shaky credibility of the euro.

That would oblige the UK to contribute under the terms of the temporary rescue scheme signed up to by then Chancellor Alastair Darling, and which was fiercely opposed at the time by George Osborne, who took his job after the election.

Now Mr Osborne may have to preside over the extension to Portugal of the UK commitment, albeit in the form of financial guarantees rather than actual cash.

UK Independence Party leader Nigel Farage said the UK should refuse to contribute to any bail-out.

Mr Farage said: ''The full tragic reality of the euro is now being seen. Bailing out Portugal is utterly pointless, it only traps them into a system into which they are totally unsuited. Britain should not contribute a single penny to their bail-out.''

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Bankrupt Blockbuster Bought By DISH Network ? Look Out, Netflix?

Satellite TV operator DISH network has outbid several other suitors for the assets of video-rental chain Blockbuster, which were auctioned off in bankruptcy court yesterday.

DISH paid about $321 million for the company, which has about 1,700 store locations.

What will DISH do with Blockbuster?

DISH CEO Charlie Ergen hasn't laid out any specific plans yet, but he will presumably use the chain in at least a few ways.

First, the Blockbuster stores can serve as local sales and service outlets for the DISH service. Second, DISH subscribers might be able to rent Blockbuster's DVDs or stream movies online, allowing DISH to compete directly with Netflix--one of the companies that helped put Blockbuster out of business.

And so what does the deal mean for Netflix?

In the short-term, probably very little. Netflix won its war with Blockbuster a few years ago, and it has since amassed a stunning 20 million subscribers to its US DVD and streaming service. As Netflix CEO Reed Hastings recently spelled out in this interview with me, Netflix is laser-focused on offering its $8-a-month streaming service, rather than competing in pay-per-view or movie sales the way many of its online competitors are doing. This simple value proposition has resonated with customers, and Netflix's subscriber base has boomed in the past two years.

In the longer term, the DISH-Blockbuster combination will add yet another big competitor to a crowded and noisy market, in which satellite companies, cable companies, Apple, Amazon, Facebook, Netflix, Hulu, networks, and studios are all fighting for control of premium video distribution of the future.

Right now, Netflix is by far the most successful of the new entrants, but the industry is changing fast. And the DISH-Blockbuster combination may create another player that everyone needs to pay attention to.

See Also: EXCLUSIVE INTERVIEW WITH REED HASTINGS: Netflix's Market Opportunity Is Bigger Than You Think

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World stocks unfazed by ECB hike, Portugal plea (AP)

LONDON ? Global markets were unfazed Thursday by the European Central Bank's first interest rate increase in nearly three years and Portugal's request for a bailout.

Both pieces of news had been widely predicted, although the timing of Portugal's bailout plea came earlier than anticipated given the country has no government.

There are even hopes that Portugal's long-awaited request may stabilize the situation within the 17-country eurozone for a while as fears of contagion to other countries, such as much bigger Spain, have diminished.

Those hopes have helped support the euro of late alongside the prospect of higher interest rates.

By mid-afternoon London time, the euro was trading 0.3 percent lower at $1.4289. On Wednesday, the euro hit a 15-month high of $1.4349 on the prediction that the ECB would raise borrowing costs. As a result, the decision to increase the main interest rate to 1.25 percent from 1 percent caused barely a whimper in the markets.

Higher interest rates would not necessarily mean that the euro would be backed if other central banks were also doing so. But with the U.S. Federal Reserve showing few signs that it's planning to change tack, the euro has been buoyant against the dollar.

Better-than-expected figures showing weekly jobless claims in the U.S. fell by 10,000 last week to 382,000 are unlikely to lead to much of a change in the Fed's thinking on their own. The monthly payrolls figures are more important when assessing the outlook for U.S. monetary policy.

The response in bond and stock markets over Portugal's bailout request has been equally relaxed. In Portugal, the bailout request has been met with an element of relief and the country's main stock index was up 1.5 percent, making it the best performer in the eurozone.

"Portugal's bailout appears to have been entirely priced into markets, as there was little reaction to the announcement," said Benjamin Reitzes, an analyst at BMO Capital Markets. "Attention will now turn entirely to Spain, though the decline in yields and credit default swap spreads so far this year suggest markets aren't concerned about contagion."

Elsewhere in Europe, the FTSE 100 index of leading British shares was up 0.2 percent at 6,052 after the Bank of England kept its main interest rate unchanged at a record low of 0.5 percent. Germany's DAX was 0.3 percent higher at 7,235 while the CAC-40 in France rose 0.5 percent to 4,068.

In the U.S., the Dow Jones industrial average was up 0.1 percent to 12,432 soon after the open while the broader Standard & Poor's 500 index rose 0.2 percent to 1,338.

Earlier in Asia, Tokyo's Nikkei 225 index rose less than 0.1 percent to close at 9,590.93 even though the Japanese economy got a boost when the Bank of Japan, in a widely expected decision, kept its key interest rate unchanged at near zero and extended emergency loans to financial institutions affected by the earthquake and tsunami crisis.

Hong Kong's Hang Seng index was marginally down at 24,281.80, while South Korea's Kospi fell 0.2 percent to 2,122.14.

In the oil markets, the apparent stalemate in Libya, which accounts for a little under 2 percent of the world's daily oil production, kept oil prices high.

Benchmark crude for May delivery was up 12 cents at $108.95 a barrel in electronic trading on the New York Mercantile Exchange, a little shy of its 30-month high of $109.15.

___

Pamela Sampson in Bangkok contributed to this report.

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U.S. Stocks, Japan ETF Drop, Yen Up as Earthquake Shakes Tokyo

April 07, 2011, 3:25 PM EDT

By Michael P. Regan and Inyoung Hwang

April 7 (Bloomberg) -- Stocks fell, pulling the Dow Jones Industrial Average down from an almost three-year high, equity futures slid in Tokyo and the yen rose as another earthquake shook Japan. Oil topped $110 a barrel and commodity indexes rose to the highest levels since 2008.

The Dow slipped 29.06 points, or 0.2 percent, to 12,397.69 at 3:20 p.m. in New York and the Standard & Poor?s 500 Index dropped 0.2 percent. The iShares MSCI Japan Index Fund, an exchange-traded security tracking the nation?s equities, lost 0.7 percent, paring a drop of as much as 1.7 percent after Japan canceled a tsunami warning. Ten-year Treasury note yields were little changed at 3.55 percent after rising earlier. The yen strengthened against 15 of 16 major counterparts.

Equities turned lower after a magnitude-7.1 aftershock, one of the strongest since the devastating earthquake March 11, struck Japan today 215 miles (345 kilometers) northeast of Tokyo. At least three nuclear facilities lost some outside power. Stocks also retreated amid growing concern an impasse over the federal budget may lead to a shutdown of the U.S. government.

?Investor pysches are a little fragile,? said James Dunigan, chief investment officer in Philadelphia for PNC Wealth Management, which oversees $108 billion. ?It?s not surprising investors stepped to the sideline until they could find out whether this new earthquake would cause significant damage,? he said. ?We?re working through the issues on the budget deal. That?s not a significant negative, but we?d probably like to see that resolved without a shutdown.?

Japan Futures

Nikkei 225 Stock Average futures expiring in June were at 9,505 in Chicago, down 0.9 percent from the closing level of 9,595 in Singapore. The Chicago contracts slid as low as 9,420. The Japanese currency appreciated more than 0.8 percent versus the New Zealand dollar and Swedish krona, the biggest gains among 16 major peers, as the earthquake caused investors to seek a haven in the currency and unwind risky bets financed with borrowed yen.

Cisco Systems Inc., Alcoa Inc. and General Electric Co. lost at least 1.1 percent to lead the Dow?s drop after the earthquake. The cost to protect Cisco?s debt climbed as Chief Executive John Chambers reiterated that the largest maker of networking equipment needs to make a ?major change? to rectify mistakes. Credit-default swaps on the company?s debt rose 3.4 basis points to 65.9 basis points as of 10:53 a.m. in New York, the highest since Aug. 31, according to data provider CMA.

The Markit CDX North America Investment Grade Index , which investors use to hedge against losses on corporate debt or to speculate on creditworthiness, increased 1 basis point to a mid- price of 93.8 basis points, according to index administrator Markit Group Ltd.

Shutdown Concern

The U.S. House approved a stopgap spending bill to keep the government open through next week, although President Barack Obama said he would veto the measure and a shutdown still looms.

A failure by Congress to extend the government?s spending authority, which expires tomorrow, would force the closure of national parks, monuments and museums. Federal agencies -- such as the National Labor Relations Board -- that don?t protect lives, property or national security also would be shuttered.

Earlier gains in U.S. stocks came after improving retail sales and a drop in jobless claims bolstered optimism in the economy.

Bed Bath & Beyond Inc. surged 11 percent after the home furnishings retailer forecast earnings that beat analysts? estimates. Costco Wholesale Corp. climbed 3.7 percent as comparable-store sales at the largest U.S. warehouse club increased at almost twice the forecast rate. Newmont Mining Corp. rose 2.8 percent on plans to increase gold output and link its dividend to the price of the metal.

Jobless Claims

Applications for jobless benefits fell 10,000 in the week ended April 2 to 382,000, the fewest since Feb. 26, Labor Department figures showed today. Economists projected claims would be little changed at 385,000, according to the median estimate in a Bloomberg News survey.

The euro slid against 14 of its 16 most-traded peers after the European Central Bank increased its benchmark rate to 1.25 percent from a record low of 1 percent, in line with the prediction by all 57 economists in a Bloomberg survey. The shared currency weakened from its strongest level in more than a year versus the dollar, slipping 0.2 percent to $1.4300, after ECB President Jean-Claude Trichet said today?s increase wasn?t necessarily the ?first of a series.?

?Hint of Irony?

The ECB increased its key interest rate today for the first time since 2008 even as Portugal aimed for a bailout that may be worth as much as 75 billion euros ($107 billion), two European officials with knowledge of the situation said. Record- high borrowing costs made the nation the third in the euro region to seek a rescue package.

?There is more than a hint of irony that Portugal has been forced to ask for a bailout on the day that the ECB is expected to hike interest rates,? Jane Foley, a senior foreign-exchange strategist at Rabobank International in London, wrote in a report before the ECB?s decision. ?While it can be argued that a 25 basis-point hike will not make an enormous difference for funding costs in the region, the peripheral crisis does underline the question mark over how high the ECB can push interest rates over the next year or so.?

European Stocks

The Stoxx Europe 600 Index erased earlier gains after the earthquake, ending the session down 0.3 percent. Hochtief AG tumbled 7.9 percent after Germany?s biggest builder warned of losses at its Australian unit. Bayerische Motoren Werke AG led auto-industry shares lower. Banks limited the selloff after Portugal sought an EU bailout.

Banco Espirito Santo SA and Banco Comercial Portugues SA, Portugal?s biggest publicly traded lenders, climbed more than 4 percent each. The yield on the government?s 10-year bond rose six basis points to 8.60 percent after LCH Clearnet Ltd. said it will impose an extra 15 percent deposit charge for clients holding ?long? positions, or bets on gains, in Portuguese debt.

The MSCI Emerging Markets Index was little changed near its highest level since June 2008, after a seven-day, 5.7 percent gain. Russia?s Micex Index retreated 0.8 percent from the highest in almost three years. Egypt?s benchmark gauge lost 0.9 percent

Crude rose as much as 1.5 percent to trade above $110 a barrel for the first time in 30 months as a fire burned at Libya?s Sarir field, bolstering concern that unrest in North Africa and the Middle East will spread, curbing shipments.

Coffee and nickel also advanced more than 1.3 percent to lead the Thomson Reuters/Jefferies CRB index of commodities to the highest level since September 2008.

--With assistance from Mark Shenk and Lu Wang in New York, Greg Chang in San Francisco, James Rowley in Washington, Brian K. Sullivan in Boston and Stephen Kirkland in London. Editors: Michael P. Regan, Chris Nagi

To contact the reporters on this story: Michael P. Regan in New York at mregan12@bloomberg.net. Inyoung Hwang in New York at ihwang7@bloomberg.net;

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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Is Northrop Grumman's Stock Cheap by the Numbers?

Numbers can lie -- yet they're the best first step in determining whether a stock is a buy. In this series, we use some carefully chosen metrics to size up a stock's true value based on the following clues:

• The current price multiples.
• The consistency of past earnings and cash flow.
• The amount of growth we can expect.

Let's see what those numbers can tell us about how expensive or cheap Northrop Grumman (NYSE: NOC) might be.

The current price multiples
First, we'll look at most investors' favorite metric: the price-to-earnings ratio. It divides the company's share price by its earnings per share (EPS). The lower the P/E, the better.

Then we'll take things up a notch with a more advanced metric: enterprise value to unlevered free cash flow. This tool divides the company's enterprise value (basically, its market cap plus its debt, minus its cash) by its unlevered free cash flow (its free cash flow, adding back the interest payments on its debt). As with the P/E, the lower this number is, the better.

Analysts argue about which is more important -- earnings or cash flow. Who cares? A good buy ideally has low multiples on both.

Northrop Grumman has a P/E ratio of 9.4 and an EV/FCF ratio of 13.7 over the trailing 12 months. If we stretch and compare current valuations with the five-year averages for earnings and free cash flow, we see that Northrop Grumman has a P/E ratio of 17.1 and a five-year EV/FCF ratio of 11.5.

A one-year ratio of less than 10 for both metrics is ideal. For a five-year metric, less than 20 is ideal.

Northrop Grumman has a mixed performance in hitting the ideal targets, but let's see how it stacks up against some of its competitors and industry mates.�

Source: Capital IQ, a division of Standard & Poor's; NM = not meaningful.

Numerically, we've seen how Northrop Grumman's valuation rates on both an absolute and relative basis. Next, let's examine ?

The consistency of past earnings and cash flow
An ideal company will be consistently strong in its earnings and cash-flow generation.

In the past five years, Northrop Grumman's net income margin has ranged from -3.9% to 6.0%. In that same time frame, unlevered free cash flow margin has ranged from 4.4% to 7.2%.

How do those figures compare with those of the company's peers? See for yourself:

Source: Capital IQ, a division of Standard & Poor's; margin ranges are combined.

In addition, over the past five years, Northrop Grumman has tallied up four years of positive earnings and five years of positive free cash flow.

Next, let's figure out ?

How much growth we can expect
Analysts tend to comically overstate their five-year growth estimates. If you accept them at face value, you will overpay for stocks. But even though you should definitely take the analysts' prognostications with a grain of salt, they can still provide a useful starting point when compared with similar numbers from a company's closest rivals.

Let's start by seeing what this company's done over the past five years. In that time period, Northrop Grumman has put up past EPS growth rates of 12.9%. Meanwhile, Wall Street's analysts expect future growth rates of 10.4%.

Here's how Northrop Grumman compares with its peers for trailing five-year growth:

Source: Capital IQ, a division of Standard & Poor's; EPS growth shown.

And here's how it measures up with regard to the growth analysts expect over the next five years:

Source: Capital IQ, a division of Standard & Poor's; estimates for EPS growth.

The bottom line
The pile of numbers we've plowed through has shown us the price multiples that shares of Northrop Grumman�are trading at, the volatility of its operational performance, and what kind of growth profile it has -- both on an absolute and a relative basis.

The more consistent a company's performance has been and the more growth we can expect, the more we should be willing to pay. We've gone well beyond looking at a 9.4 P/E ratio, and the numbers look impressive. For more on my thoughts, check out the defense stocks I bought in my real-money portfolio.

If you find Northrop Grumman's numbers or story compelling, don't stop here. Continue your due-diligence process until you're confident that the initial numbers aren't lying to you.

Interested in reading more about any of these stocks? Add them to My Watchlist to find all of our Foolish analysis. And for more stock ideas, check out this recent article: "34 Expert Analysts Uncover Outstanding Dividend Plays."

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The Budget's message: get saving now

He said some reforms proposed by the Budget ? such as a simplified flat-rate pension ? could help encourage such habits.

Fortunately, the Budget also created saving and investment opportunities to help consumers achieve these goals and build short-term and long-term savings. The question now is whether cautious savers, or more gung-ho investors, should take advantage of some of these schemes.

INDEX-LINKED SAVINGS CERTIFICATES

Although it wasn't mentioned in the Budget speech, many savers will be cheered by National Savings & Investments relaunching its popular Index-Linked certificates this year. These products were hugely popular with investors last year, as inflation started to creep up again, but were withdrawn last summer.

These five or three-year savings plans guarantee to pay a rate at least equal to inflation, as measured by the retail price index ? so savers know they can get risk-free real returns on their money. (NS & I is backed by the Government, so people know that, provided the country does not go bankrupt, their money is safe.)

Given that George Osborne said in his Budget that inflation is likely to remain at its current level for the rest of the year, and could indeed still increase slightly e_SEnD this announcement will provide relief for many savers, particularly pensioners who can't afford to risk their capital and often use the interest they receive on savings to supplement a pension.

According to Moneyfacts, the financial data provider, there are just eight savings accounts that allow savers to get a better return than the consumer price index, the Government's preferred measure of inflation, currently running at 4.4pc. But these accounts are all Isas, so the amounts that can be saved each year are limited (�5,100) and all require customers to lock money away for at least four years.

NS & I hasn't given a date when savings certificates will be available again. Demand is likely to be high and they could sell out quickly.

ISA AND PENSION INVESTMENTS

Mr Osborne said the main aim of this Budget was to kick-start the economy and help the private sector grow. One of the main tools for doing this was an unexpected cut to corporation tax, which will fall from 28pc to 26pc in April. He said that over the long term this will be reduced to just 23pc ? giving Britain one of the lowest rates of corporation tax.

But this isn't just good news for British businesses looking to cut costs and boost profits. It could also help many investors, who own a small slice of these corporations through pensions and Isas.

Ben Yearsley, an investment manager of Hargreaves Lansdown, said: "This announcement has got to be good news for companies and great news for UK investors."

He said it should help boost dividend payments as these are paid out of after-tax profits. A cut in this tax should mean there is more money to pay dividends, he said, which is good news for the thousands of investors who buy popular equity income funds. (This assumes that companies pass on the spoils of this tax cut with their shareholders.)

He added: "Whether you're investing in big blue chips or smaller companies, this Budget is good news for investors who buy British."

SOPHISTICATED INVESTORS

Mr Osborne announced a significant overhaul to the enterprise investment scheme. People investing in this scheme ? which plugs money directly into start-up business ? will be able to claim 30pc tax relief on contributions up to �1m.

Previously only 20pc tax relief was available on investments of �500,000. Given that these schemes also allow people to defer capital gains, and after two years any investment is free of IHT, it isn't hard to see the attraction for wealthier investors.

The downside is that these can be highly illiquid investments ? with no guarantee of when you can withdraw your money.

Find the top-selling ISAs and get 0% commission when you order online at Telegraph ISA-fund Supermarket.

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ECB raises interest rates: reaction

"There will be worries about the negative effects on the economy. The hike is unwelcome for peripheral countries, but arguably the core member states were in need of this move already some time ago. In that sense, the timing of the increase is a balancing act, which is part and parcel of the one-size-fits-all monetary policy.

"The ECB should signal that risks to inflation remain to the upside, while interest rates are still historically low. This would confirm that this is not a one-off, but the start of policy normalisation."

Marie Diron, senior economic adviser, Ernst & Young Eurozone Forecast

"The ECB is concerned that the commodity-fuelled inflation rates spread to a wider range of goods and services and eventually to wages.

?We think that tightening monetary policy at this point is a mistake. As Mr Stark reminded us recently, the ECB should not set monetary policy for a few specific countries. Its task is to look at the Eurozone as a whole.

"Tighter monetary policy will only add to the burden of reeling peripheral countries and increase the risk of a much worse debt crisis. Portugal asking for a bailout from the EU and IMF illustrates that this crisis is far from over.?

Howard Archer, IHS Global Insight

"It would have been a major shock if the ECB had not acted, given the stream of senior ECB policymakers out in force recently highlighting the case for an interest rate rise now to contain the risk of second round inflationary effects developing from the current spike up in euro zone consumer price inflation resulting from higher energy and commodity prices.

"What is of critical interest now is whether or not the ECB in its statement and Mr. Trichet in his press conference give any clue as to how quickly interest rates are likely to rise going forward."

Daniel Briesemann, commodity analyst, Commerzbank

"This came as expected, it was definitely a non-event. Everything should have already been priced in so there has been no effect on oil prices. I think Trichet's press conference will at least be more interesting than the decision itself."

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Isa watch: four contenders for your savings

The fund has picked up recently, however, with a 1pc positive return in the past six months. Last August, it paid an interim dividend of 1.3p a share and earlier this month a second interim dividend of 0.2p per share.

The three largest holdings are Johnston Controls, a US energy efficiency company, American Superconductor, a renewable energy company, and Itron, an energy meter support company.

The current share price is 2.5p.

Thumb rating: down

Adrian Lowcock said: "Performance of this fund has been poor, having halved in value over the past 10 years. This is also an evolving sector and investors are likely to suffer periods of underperformance."

One alternative is Investec Enhanced Natural Resources.

Mr Lowcock continued: "Although this isn't a like for like replacement ? the fund can invest in metals and oil ? I prefer a broader commodities fund as it will be able to take advantage of all the opportunities available."

Bank of Cyprus cash Isa bonds

Bank of Cyprus UK has increased the rates across the range of its cash Isa bonds by up to 0.30pc. The bank now has a three-year, two-year and one-year fixed-rate Isa paying 4.1pc, 3.6pc and 3.3pc, market leading for three and one-year fixed-rate Isas.

Each Isa has a minimum deposit of just �1 and all three accept old Isa allowance transfers in. Savers can top up their Isas for the years 2011-12 and 2012-13 in �250 lump sums. No early withdrawals are permitted.

Apply by post, online at www.bankofcyprus.co.uk or by calling 0845 850 5555.

Thumb rating: up

Michelle Slade said: "This increase means that Bank of Cyprus has the highest paying one and three-year fixed-rate Isas and in the two-year market it sits just behind the market leader, Santander, who pay 3.7pc. For those looking to fix their rate these Isas deserve a thumbs-up."

Artemis strategic assets

This multi-asset fund run by respected manager William Littlewood is globally invested with a diverse portfolio. It is free to invest in shares, commodities, currencies and fixed interest, and top holdings include BP, gold, GlaxoSmithKline and a Nikkei 225 tracker.

The largest sector allocation is to cash markets, oil and gas, pharmaceuticals and financials.

Launched in May 2009, the fund has returned 6pc over the past 12 months.

Thumb rating: up

Adrian Lowcock said: "William Littlewood is a very experienced and competent manager. He is given complete freedom to follow his views and has no restraints on where he can invest. The fund aims to provide investors with protection in falling markets while still participating in rising markets and as such should provide a solid return but with less risk."

Buckinghamshire Building Society Chiltern Golden Nuggets Isa

Most Isas either require you to pay in all the money upfront or allow you to make a restricted number of deposits. Buckinghamshire Building Society's Golden Nuggets Isa is specifically designed for those who wish to make monthly payments of the same amount, either by cash, cheque or standing order. There is a minimum monthly payment of �10 and a maximum of �425.

The interest rate is staggered ? savers with a balance of less than �500 will earn 3pc and those who have deposited more than �500 will earn 3.5pc on their savings. The higher rate is 0.25 percentage points more than the nearest competitor in the regular saving Isa market.

Download an application form at www.bucksbs.co.uk/investments or call 01494 879500 for more information.

Thumb rating: up

Michelle Slade said: "Not all Isa savers want to invest the full allowance in one go. Paying 0.25 percentage points above its nearest competitor in the regular saving Isa market, this is certainly one to consider."

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Isa watch: four contenders for your savings

The fund has picked up recently, however, with a 1pc positive return in the past six months. Last August, it paid an interim dividend of 1.3p a share and earlier this month a second interim dividend of 0.2p per share.

The three largest holdings are Johnston Controls, a US energy efficiency company, American Superconductor, a renewable energy company, and Itron, an energy meter support company.

The current share price is 2.5p.

Thumb rating: down

Adrian Lowcock said: "Performance of this fund has been poor, having halved in value over the past 10 years. This is also an evolving sector and investors are likely to suffer periods of underperformance."

One alternative is Investec Enhanced Natural Resources.

Mr Lowcock continued: "Although this isn't a like for like replacement ? the fund can invest in metals and oil ? I prefer a broader commodities fund as it will be able to take advantage of all the opportunities available."

Bank of Cyprus cash Isa bonds

Bank of Cyprus UK has increased the rates across the range of its cash Isa bonds by up to 0.30pc. The bank now has a three-year, two-year and one-year fixed-rate Isa paying 4.1pc, 3.6pc and 3.3pc, market leading for three and one-year fixed-rate Isas.

Each Isa has a minimum deposit of just �1 and all three accept old Isa allowance transfers in. Savers can top up their Isas for the years 2011-12 and 2012-13 in �250 lump sums. No early withdrawals are permitted.

Apply by post, online at www.bankofcyprus.co.uk or by calling 0845 850 5555.

Thumb rating: up

Michelle Slade said: "This increase means that Bank of Cyprus has the highest paying one and three-year fixed-rate Isas and in the two-year market it sits just behind the market leader, Santander, who pay 3.7pc. For those looking to fix their rate these Isas deserve a thumbs-up."

Artemis strategic assets

This multi-asset fund run by respected manager William Littlewood is globally invested with a diverse portfolio. It is free to invest in shares, commodities, currencies and fixed interest, and top holdings include BP, gold, GlaxoSmithKline and a Nikkei 225 tracker.

The largest sector allocation is to cash markets, oil and gas, pharmaceuticals and financials.

Launched in May 2009, the fund has returned 6pc over the past 12 months.

Thumb rating: up

Adrian Lowcock said: "William Littlewood is a very experienced and competent manager. He is given complete freedom to follow his views and has no restraints on where he can invest. The fund aims to provide investors with protection in falling markets while still participating in rising markets and as such should provide a solid return but with less risk."

Buckinghamshire Building Society Chiltern Golden Nuggets Isa

Most Isas either require you to pay in all the money upfront or allow you to make a restricted number of deposits. Buckinghamshire Building Society's Golden Nuggets Isa is specifically designed for those who wish to make monthly payments of the same amount, either by cash, cheque or standing order. There is a minimum monthly payment of �10 and a maximum of �425.

The interest rate is staggered ? savers with a balance of less than �500 will earn 3pc and those who have deposited more than �500 will earn 3.5pc on their savings. The higher rate is 0.25 percentage points more than the nearest competitor in the regular saving Isa market.

Download an application form at www.bucksbs.co.uk/investments or call 01494 879500 for more information.

Thumb rating: up

Michelle Slade said: "Not all Isa savers want to invest the full allowance in one go. Paying 0.25 percentage points above its nearest competitor in the regular saving Isa market, this is certainly one to consider."

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Consumer Alert: Spring is Used Car Scam Season

Spring is traditionally a busy shopping season for those looking for a new car, but it's also open season on consumers for scammers looking to take unsuspecting victims for a ride, warns a consumer watchdog.

The National Consumers League, a Washington, D.C.-based nonprofit watchdog, says its Fraud Center has reported an increase in complaints about used car scams, and cautions consumers not to fall victim to fraudsters during the upcoming peak car-buying season.

"Scam artists prey on consumers in search of a bargain, and these scams are no exception," John Breyault, Director of the Fraud Center, said in a statement. "Unfortunately, the only person that's getting a steal are the con artists themselves."

The NCL's Fraud Center has been tracking scams and issuing alerts about consumer fraud since 1992. Since January 2011, Fraud Center has received more than 100 complaints from consumers nationwide about used-car ripoffs, with reported losses totaling more than $290,000.

Most used car scams reported to the Fraud Center involve online classified listings on popular sales and auction sites including craigslist, eBay or Yahoo! Autos. These questionable listings often involve late-model luxury brands priced far below their regular market value.

When consumers contact shady sellers, the con artists tell them they aren't local and tell victims payment for the car (which often involves "shipment") must be sent via wire transfer. This in itself is a huge red flag, and as Consumer Ally has repeatedly warned readers, never, ever wire money to someone you don't know.

Used car con artists often pretend to be a members of the armed services as well, and claim they're either deployed or preparing to ship out. This time-tested lie helps build trust, tugs on patriotic heartstrings, and allows fraudsters to insist on swift payment.

"Scam artists are imaginative, and they have tricks aplenty to get a victim to trust them," said Breyault. "However, consumers can protect themselves by recognizing the most common red flags involved in these scams and never, ever rush to buy."

The NCL says consumers can avoid used car scams by being on the lookout for the following red flags:

• The seller asks for payment via wire transfer or bank transfer.
• The car is offered at a price well below common market value (such as Kelley Blue Book value).
• The seller demands urgent payment, since they are or will soon be relocating overseas.
• The seller says that they are located overseas, but have an American middleman or online escrow service that will hold the money until the vehicle is delivered.
• The seller refuses to meet in person or communicate over the phone.
• The seller's email or instant messages contain multiple grammatical or spelling errors.
• The seller claims the transaction is insured by a "protection program" associated with a real site (such as eBay, Google Checkout, PayPal, etc.) or another online payment system.

Victims of used car scams or any other kind of fraud are encouraged to file a complaint with the NCL at www.fraud.org.

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Bank of England holds rates at record low

The Monetary Policy Committee, which sets interest rates, said last month that a rise in oil prices, fanned by tension in the Middle East and North Africa, had increased risks to both inflation and growth.

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Kudos To Paul Ryan And The GOP For Acknowledging Our Budget Mess

Rep. Paul Ryan's (R-WI) plan to cut the budget deficit makes some laughable assumptions and leaves many questions unanswered:
Namely, where the $4.4 trillion of the $6.2 trillion of "savings" are going to come from.

Ryan doesn't have the balls to actually specify these cuts: He just proposes capping federal spending at 20% of GDP. In the absence of specifics, saying that the plan will save $6.2 trillion over 10 years is misleading.

But Ryan and the Republicans deserve a lot of credit for at least acknowledging the huge fiscal mess the United States is in and proposing specific long-term remedies for dealing with it.

For the last several years, the United States has acted as though it can have everything forever: All the services and benefits everyone wants while also cutting taxes. The country's $1.6 trillion ANNUAL deficit, combined with debt approaching 100% of GDP (which doesn't even factor in future healthcare and Social Security liabilities) reveal that this is a pipe dream. (See: A Short Course On Why The US Is Screwed)

What can't go on forever won't. Our leaders have a duty to acknowledge the problem and propose a way out--even if the solutions are temporarily unpopular.

(That's what true leadership is, by the way: Doing the right thing even when it's unpopular, and finding a way to get folks to follow and support you because you can make them understand that it's the right thing).

The Republicans and Paul Ryan are at least taking steps in this direction. They are acknowledging our problem and proposing concrete steps to deal with it.

The Democrats, meanwhile, are just stuffing their heads in the sand.

This year's budget negotiations are pretty much irrelevant. Whether this year's budget cuts $30 billion of spending or $60 billion, the savings will be a rounding error on the overall deficit.

The Democrats have yet to even acknowledge the massive long-term problem the country faces, let alone propose to solutions to it.

We understand and respect the concern about whacking the budget in the midst of a fragile recovery--it's a valid one. If the Democrats were defending the minor cuts in this year's budget by proposing them in conjunction with a compelling long-term plan, we'd be more sympathetic.

As it is, we can only conclude the following: The Democrats are still dreaming of a perpetual free lunch. (And they'll do and say anything to get re-elected.)

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FTSE edges up 0.14% at open (AFP)

LONDON (AFP) ? London shares steadied at the start of trading on Thursday, along with markets across Europe, as traders awaited a major interest rate decision by the European Central Bank and reacted to Portugal's bailout request.

The FTSE 100 index gained a modest 0.14 percent to 6,049.83 points in opening deals.

Elsewhere in Europe Frankfurt's DAX 30 dipped 0.04 percent to 7,212.46 points and in Paris the CAC 40 edged up 0.01 percent to 4,048.70.

The European Central Bank was set to raise its interest rates on Thursday for the first time since July 2008 as concern over inflation trumps fears of collateral damage to weaker eurozone economies.

The benchmark rate for the 17-nation zone has been at a record low 1.0 percent since May 2009.

Eurozone member Portugal has meanwhile finally decided to request financial assistance from the European Union, paving the way for a third bailout of a eurozone country after Ireland and Greece.

Analysts have said that Portugal, which requested help late on Wednesday, could require a package worth 70 billion euros (100 billion dollars), compared with 85 billion for Ireland and 110 billion for Greece.

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