Archive for March 26th, 2010

Cable & Wireless down over 23 percent after demerger

Cable & Wireless down over 23 percent after demerger

Most European equities markets were lower Friday, with declines coming as investors were disappointed with a European Union plan to help Greece out of its economic troubles. The plan involves the International Monetary Fund, only allows loans to Greece from individual Euro zone nations as a last resort, and stipulates that all Euro zone members […]

March 26, 2010 More
FSA to kill IFAs with commission ban?

FSA to kill IFAs with commission ban?

Has the FSA watchdog become mad and rabid just before being put down? That’s the question a lot of IFA’s will be asking after the announcement today that the FSA will ban commission sales from 2012. After sleeping through the financial crisis, and often taking token action in the event of breaches, the FSA is […]

Recalls lead Toyota to halt production in France and Britain

Recalls lead Toyota to halt production in France and Britain

Struggling Japanese carmaker Toyota is to suspend production at plants in France and Britain for two weeks from Monday amid safety recall problems. The carmaker has been suffering amid major safety fears and has recalled almost 9 million vehicles over concerns about accelerator pedals and brake systems. The problems have been blamed for almost 60 […]

UK business investment sees record fall

UK business investment sees record fall

The Office for National Statistics (ONS) has today reported a sharp fall in business investment. According to the ONS, business investment fell by 4.3% in the fourth quarter of 2009 to £27.3 billion – the steepest annual fall since records commenced in 1967. Meanwhile, on an annual basis, business investment fell by a record 23.5%. […]

National Lottery owner Camelot sold

National Lottery owner Camelot sold

It has been announced that the National Lottery operator, Camelot, has been sold to a Canadian teachers’ pension fund in a deal valued at £389 million. The buyer, the Ontario Teachers’ Pension Plan – simply known as Teachers’ – has stakes in Northumbrian Water and Bristol and Birmingham airports. Teachers‘ beat off strong competition from […]

Linking ISA limits to inflation a “token gesture”

Linking ISA limits to inflation a “token gesture”

Chancellor Alistair Darling’s plans to automatically increase ISA limits in line with inflation are merely a “token gesture”, according to one industry expert. Andrew Hagger of financial advice site Moneynet said the new measures will cost banks more money to implement than the potential benefits for savers. “This is a token gesture that is likely […]

Spending on plastic up 7.1%

Spending on plastic up 7.1%

Money spent by UK consumers using credit and debit cards increased 7.1% in February compared to the same month last year. The figures released by Barclaycard follow a 3.6% rise in January 2010 compared to January 2009. However, the data also showed a drop in spending on cards between January and February of 2.5%. Stuart […]

US economy receives boost after jobless claims fall

US economy receives boost after jobless claims fall

The Labor Department has announced the number of US workers filing for jobless benefits fell last week. According to the Labor Department, initial claims for state unemployment benefits fell in the week ended March 20 to 14,000 to 442,000 – boosting hopes that the recovery in the world’s largest economy is gathering momentum. Commenting on […]

Official figures show February rise in house sales

Official figures show February rise in house sales

UK house sales rose in February, according to HM Revenue & Customs. The month saw 58,000 transactions completed on properties worth over £40,000, up 14% from January. The total fell well below December’s tally of 103,000, when sales activity clustered as the end of the stamp duty holiday loomed, but showed a significant improvement on […]

The Times and Sunday Times to charge for online access from June

The Times and Sunday Times to charge for online access from June

The Times and Sunday Times newspapers will start charging to access their online news content in June, owner News International (NI) confirmed today. Rebekah Brooks, NI chief executive, said: “This is a crucial step towards making the business of news an economically exciting proposition. We are proud of our journalism and unashamed to say that […]

Euro up after Greece aid package

Euro up after Greece aid package

The euro has recovered from a 10-month low today after the two-day EU summit, which commenced in Brussels yesterday, saw a deal reached to help Greece through its debt crisis. According to Brussels, the package will total €22 billion (£20 billion) and will include help from the International Monetary Fund (IMF). So far the euro […]

Japan continues to battle with deflation

Japan continues to battle with deflation

Official figures today revealed Japanese core consumer prices fell 1.2% in February from a year earlier – representing the 12th consecutive monthly decline that the world’s no.2 economy has been in deflation. The latest figures suggest that ongoing deflationary pressure could ultimately threaten Japan’s fragile economic recovery. The economy was one of the first to […]

Legal victory for deserted wife facing repossession

Legal victory for deserted wife facing repossession

The Court of Appeal has ruled in favour of a mother under threat of repossession. Jayne Hewett was party to a remortgage of the family home to pay off her husband’s credit card debts. However, unbeknown to her, Mr Hewett was having an affair at the time the loan was arranged. He subsequently moved out, […]