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In November the Westpac-Melbourne Institute Consumer Sentiment index surged for the first time since the beginning of 2009, after the central bank cut its benchmark interest rate in response to a declining threat of inflation, and fears of uncertainty in Europe.

The index of consumer confidence rose by 6.3 per cent in November after the Reserve Bank of Australia slashed borrowing costs to 4.5 per cent from 4.75 per cent at the start of the month.

The index rose to 103.4 points during November, up from 97.2 points October, the Institute said in a statement.

“This result is around our expectations and is clearly driven by the decision by the Reserve Bank to cut the official cash rate,” said Westpac chief economist Bill Evans.

In justifying its decision the Reserve Bank cited easing inflation pressure, an increased threat of higher unemployment and the potential for the sovereign debt crisis in Europe threatening to spill over into the rest of the world.

In November the RBA also revised down its economic growth and inflation forecasts out until the end of 2013.

Unsurprisingly, Mortgage were the most optimistic, posting a 13.9 per cent gain in confidence as all major lender quickly reacted to the interest rate decision, by passing on the rate cut to their borrowers.

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Tags: Cut

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Target

• Cherokee Boy’s 2-pack P.J.

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Foiled Cupcakes has found a loyal following for its gourmet treats, all without a storefront or traditional marketing.

Instead, owner Mari Luangrath built her growing customer base almost entirely with social media, engaging 18 to 40-year-old women on some of their favorite topics: designer accessories and chocolate.

What do we have in common? We all like shoes and handbags,” said Luangrath, 32, who founded the Chicago-based cupcake delivery business in 2009. Last year Foiled Cupcakes reached $350,000 in sales. “We started a Twitter search for people who were tweeting about shoes in Chicago,” she said. “And we starting replying to them.”

Before long, the fledgling company established one-on-one dialogues with a host of potential customers. Some of the adherents followed up with inquires wondering about Foiled Cupcakes, whose treats are available in 18 varieties, including Citrus Charm, Pumpkin Patch, Minted and Southern Belle.

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Tags: Cupcakes, Cupcakes Softsell

Cash acceptance facility in ATMs along with 24X7 surveillance facility are certain things which may come into practice soon following the recommendations of government-appointed committee on ATMs headed by Dr Ashok Jhunjhunwala, Professor, IIT-Madras.

The committee recommends additional functions being added to ATMs with the biggest being the facility to accept cash too. Currency ranging from Rs 50 to Rs 1000 can be deposited in ATMs. The 21 banks in which goverment holds majority stake have been selected to bring white-labelled ATMs which will have these facilities.

The committee has also suggested for currency recycling facility being incorporated in ATMs.

Increased level of surveillance is another major aspect recommended by the committee. All ATMs must bear an internal camera.

Incorporation of solar energy empowered ATMs is another feature suggested. The ATMs should thus be able to handle atleast 300 transactions per day in urban and semi urban areas and 200 in rural areas.

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Tags: Cash