Beware: Don’t Send Money Through Western Union To Chinese Suppliers!

June 13, 2009 by MyOrbit · 1 Comment
Filed under: Business, Employment, Internet, Money & Finance, People, Sales & Marketing, Uncategorized, electronics 

Question: I have found an electronic product (Laptop) that a Chinese company is selling on Alibaba.com. They are not accepting PayPal and want payment by Western Union. Is it safe?

Answer: No. It is not safe! Please dump this seller ASAP because it is most likely fraud. A vast majority of Chinese companies operating on Alibaba (and other such sites) are fraud. We have learned this from first hand experience. They are waiting to steal your money, and Western Union is the best way for them because they can vanish after receiving your money.

While we can’t blame Western Union entirely for it, we think that Western Union does not mind such fraud. Otherwise, why do they allow people/companies to operate accounts from China even after their names are listed as scam all over the web?

So yes, it is very risky if you are sending money to people that you do not know. With Western Union, there is no way to guarantee that the receiver will send you the good.
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Sony to report record loss of $2.9 billlion?

January 22, 2009 by MyOrbit · Leave a Comment
Filed under: Business, Money & Finance, electronics 

Yes, we have been hearing about how Sony, the Japanese electronics company, has been facing costs and margin pressure in the current times. On this Thursday Sony would post a record annual operating loss of nearly $3 billion because of the rapid deterioration of the global economy, and it announced a major restructuring that will include layoffs and factory closings.

Here are more details.

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