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News Tag: 2009

June 17, 2010

Co-operative pays record £50m dividend

by David Masters
Co-operative pays record £50m dividend
The Co-operative Group has announced a record dividend payment of £50 million after posting its highest ever profit in 2009. The five million members of the Co-operative Group will share in the £50.4 million payout, with an average payment of £9.88 per member. This is a 30% increase on last year's dividend payment of £38.8 million. The group racked up profits of £402 million in ...



April 26, 2010

Troubled UK Coal reports full-year loss

by Kay Murchie
”Troubled
The UK’s biggest coal producer, UK Coal, has today reported increased losses for the 2009 year due to a fall in production and lower coal prices. The company said pre-tax losses grew to £129.1 million for the full year, against a loss of £15.6 million the previous year. Meanwhile, revenues plunged by 20% to £316 million in the period from £392.5 million ...



March 29, 2010

WTO sees pick up in world trade after 2009 slump

by Kay Murchie
WTO sees pick up in world trade after 2009 slump
The World Trade Organisation (WTO) said it expects to see a strong recovery in world trade this year after experiencing the sharpest decline in over seven decades. According to the WTO, world trade fell by 12.2% last year as the economic crisis resulted in a slump in consumer confidence and dented demand. The world’s wealthiest economies such as the ...



March 23, 2010

Defaqto “impressed” by Co-operative growth

by David Masters
The Co-operative bank saw a 38% growth in bank accounts over the past 12 months. Despite the recession, the ethical bank reported double digit growth in bank account sales for the third year running. Current account balances in 2009 were 21% higher than in 2008, the bank said. The company also reported a "marked increase" in customers transferring to the bank from other providers. Financial research firm Defaqto said the growth ...



March 18, 2010

Co-op profits boosted by Somerfield takeover

by Kay Murchie
?Co-op
Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted "record sales and profits" for the 2009 year after its acquisition of Somerfield and its merger with the Britannia building society. The group said underlying operating profits before significant items soared 20% to £473 million over the year, while revenue was £13.7 billion. Meanwhile, the Co-operative group's grocery division, which is ...



Year-end improvement in mortgage arrears and repossessions

by Gill Montia
”Year-end
In its latest round-up of UK mortgage statistics, the Financial Services Authority has reported a fall in the number of homeowners in arrears. In the final quarter of 2009, 378,000 households were behind with their monthly repayments (at a level equivalent to 1.5% of their outstanding balances). The figure is down 4% on the previous quarter and represents 3.42% of ...



March 10, 2010

Northern Rock sees losses narrow

by Kay Murchie
”Northern
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year. Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving his payout. Northern Rock said Mr Hoffman’s long-term incentive plan would only pay out after ...



March 4, 2010

Persimmon reports strong forward sales book

by Gill Montia
”Persimmon
Persimmon Homes managed 8,976 legal completions in 2009, compared with 10,202 in 2008, with an average selling price of £160,513 (down from £172,994 last year). However, Britain's largest house builder says it has a strong forward sales book of around £900 million, up 29% on 2008. Ninety new sites are scheduled to open in the first half of 2010, compared with 90 during ...



March 3, 2010

Standard Chartered profits surge 13%

by Kay Murchie
”Standard
London-based bank Standard Chartered today announced a rise in pre-tax profits - meeting analysts expectations. The bank, which has a strong presence in Asia, said pre-tax profits in 2009 were £3.4 billion ($5.15 billion), a rise of 13% on 2008 figures. Meanwhile, revenue was up 9% to £10.14 billion ($15.18 billion). However, while many other banks have opted not to take their multi-million pound bonuses ...



February 25, 2010

Ombudsman complaints continue to rise

by Kay Murchie
”Ombudsman
In its second six-monthly set of complaints data relating to individual financial firms, the Financial Ombudsman Service (FOS) has today said complaints rose by 18% in the second half of 2009. According to the FOS, it received 82,136 complaints between 1 July and 31 December 2009 - a rise of 12,295 compared with the first half of the year. Meanwhile, in the second ...



February 23, 2010

Wall Street bonuses surge 17% on year

by Kay Murchie
Wall Street bonuses surge 17% on year
Bonuses for Wall Street bankers grew by 17% to $20 billion (£13.2 billion) in 2009, according to figures from the New York state Comptroller Thomas DiNapoli. The figures come at a time when US taxpayers are bailing out banks and Mr DiNapoli said: "For most Americans, these huge bonuses are a bitter pill and hard to comprehend." He added: "Taxpayers bailed ...



February 17, 2010

Official figures show 2.9% house price gain for 2009

by Gill Montia
”Official
Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier. The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of 2009. However, the three-month ...



February 11, 2010

46,000 homes repossessed in 2009

by Gill Montia
”46,000
Repossessions fell 13% to 10,200 in the final three months of 2009, compared to the previous quarter. The figure, which includes home-owner and buy-to-let mortgage borrowers, was also 2% down on the same period of 2008, according to the Council of Mortgage Lenders (CML). However, for 2009 as a whole, mortgage lenders possessed around 46,000 homes, up 15% on a year earlier but well ...



February 9, 2010

Growth too slow to halt record company administrations

by Gill Montia
Growth too slow to halt record company administrations
Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010. Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: "There is no light at the end of the tunnel for troubled companies that are relying on ...



February 8, 2010

Shareholders see dividends plummet

by Kay Murchie
Shareholders see dividends plummet
According to a report by Capita Registrars Research, UK companies paid out £57 billion to investors last year - 15% less than in the previous year - resulting in a loss of £10 billion. Furthermore, the research found that investors are unlikely to fare any better this year because of a weak economic recovery. The report found that those with shares in the banking ...



February 4, 2010

Santander profit grows 13%

by Kay Murchie
”Santander
Spanish banking giant Santander has today revealed a 13% rise in fourth-quarter net profit to €2.2 billion (£1.9 billion). Meanwhile the bank, which is the second largest banking group in the world after HSBC, said gross income grew almost 24% to €10 billion. For the 2009 year as a whole, net profit was up 1% to €8.94 billion, with good performances in continental Europe, Latin ...



Customers cite ethical concerns for switching banks

by David Masters
Customers cite ethical concerns for switching banks
The popularity of current accounts with ethical provider The Co-operative Bank soared in 2009. Current account sales at the bank increased 38%, with the number of customers switching to The Co-operative Bank from other major providers rising 22%. Research by The Co-operative Bank found that 10% of consumers switching current account providers do so because they want their money to be invested ...



February 1, 2010

Russia’s economy contracts 7.9% in 2009

by Kay Murchie
...



January 28, 2010

Brits saving double compared to January 2009

by David Masters
Brits saving double compared to January 2009
Brits have more than doubled the amount they are saving in the past 12 months, according to research published this week. An investigation by Birmingham Midshires found Brits are saving 136% more per quarter compared to this time last year. In the three months to January 2010, the average UK consumer saved £776. This is compared to the £329 saved on average during ...



Positive shift in mortgage affordability

by Gill Montia
”Positive
Homeowners in England and Wales saw a 20% drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009. The latest mortgage affordability research from Barclays' Woolwich lending arm reveals that in December 2008, mortgage borrowers spent an average £196 of every £1,000 of their monthly take-home pay on their home loans. However, a year later the proportion has ...



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