Oil giant BP has today posted a loss of $4.9 billion (£3.1 billion) for the 2010 year – much higher than analysts has expected. The loss, which was the first in almost 20 years, was attributed to costs related to the oil spill in the Gulf of Mexico. An explosion on a BP oil rig [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of December. Spending grew 0.7% in the month after rising by 0.3% in November, the sixth consecutive monthly rise. The ongoing rise in consumer spending suggest a sustainable recovery is underway in the world‘s largest economy. Consumer spending [...]
The Commerce Department has today revealed a rise in sales of new homes in the US for the month of December. According to the Commerce Department, new single-family home sales rose to a better than expected annual rate of 329,000 units, from a revised 280,000 in November. However, on an annual basis, December sales were [...]
HM Revenue & Customs (HMRC) has reported that the number of homes sold in the UK during 2010 was 885,000. While this was a slight improvement on 2009 levels, it was just over half of the peak seen during the housing boom years of 2006 and 2007. The figures are evidence that the housing market [...]
Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a strong rise in UK car production for the 2010 year. UK car production grew by 27.1% during 2010 to 1.27 million cars compared with 2009, with growth up 10.6% in December alone. In addition, commercial vehicles (vans and trucks) also saw [...]
Sales of new cars in the UK rose by 1.8% in 2010, The Society of Motor Manufacturers and Traders (SMMT) has reported, although volumes were still at their second-lowest in the past decade and almost 375,000 units short of 2007 levels. At 2,030,846 units, total sales were up by 35,847 on 2009, with the fleet [...]
The Singapore economy grew at a record pace in 2010, driven by a sharp rise in manufacturing activity, official figures have revealed. The economy expanded by 14.7% last year – performing strongly after a 1.3% contraction in 2009 and cementing its position as the fastest growing Asian economy in 2010. The economy grew by 12.5% [...]
Figures show that UK watchdog, the Financial Services Authority (FSA), has stepped up its fines this year after imposing a record £89 million in 2010, compared with £35 million in 2009. However, fines in the UK are still significantly lower than those imposed in the US, which usually exceed the $500 million mark. This year [...]
According to research from helpline charity, the Samaritans, 30% of people said 2010 had been one of the worst years ever – up from 24% who felt the same way about 2009. The annual survey of the nation’s happiness revealed the most common worries over the last 12 months were money, relationships, job security, domestic [...]
The Office of Budget Responsibility (OBR), which was established in May, is today expected to revise its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, is expected to revise its growth forecast to 1.7% from the [...]
Ilford in Essex is the leading property sales hotspot in England and Wales, with an 85% rise in the number of homes sold in the first half of 2010, compared with the same period of 2009. Research from Halifax has identified Croydon and Maidenhead as the runners up, with sales rising 73% and 71% respectively. [...]
Banking giant Lloyds has received the highest number of complaints in the first half of 2010 with 288,717 gripes. Figures from City regulator, the Financial Services Authority (FSA), said Barclays and Santander were second and third in the complaints league, with 250,667 and 244,978 complaints respectively. The Royal Bank of Scotland (RBS), which like Lloyds [...]
The International Air Transport Association (IATA) has today revised its forecasts for the airline industry and said the recovery had been “stronger and faster than anyone predicted”. According to the industry body, global airlines will make profits of $8.9 billion (£5.7 billion) in 2010. The figure is a sharp upward revision from the one it [...]
The Financial Ombudsman Service (FOS) has today said complaints rose in the first half of 2010. According to the FOS, it received 84,212 new complaints between 1 January and 30 June 2010 – with more than half of these about the top five banks. Lloyds Banking Group, which is 43% owned by the taxpayer, was [...]
It appears the European Commission is optimistic about the euro zone’s growth prospects after lifting GDP forecasts. According to the Commission, growth of 1.8% in the EU for 2010 is expected – slightly higher than its previous estimate of 1%. Meanwhile, for the 16-member euro zone, it is forecasting growth of 1.7% – up from [...]
Latest figures from the Australian Bureau of Statistics show the country’s GDP growing by 1.2% in the second quarter of 2010, compared with 0.7% in the previous three month period. The spurt, which was driven by a 1.6% increase in household expenditure and an increase in exports of 5.6%, puts economic growth at 3.3% for [...]
Europe’s largest economy appears to be optimistic after its recent quarterly growth figures, suggesting it is now hoping for 3% growth in 2010. Last week, Germany’s statistics office Destatis, revealed the economy grew by a record 2.2% in the second quarter – the fastest quarterly growth in 20 years. The figures smashed analysts forecasts who [...]
Taylor Wimpey has reported “relatively robust” UK housing market conditions over the first half of 2010, having achieved 4,804 legal completions, up slightly from 4,702 a year earlier. The group sold 3,925 homes to private buyers and 866 to affordable housing providers, with the remainder joint ventures. Encouragingly, the developer’s cancellation rate scaled back to [...]
New figures from the Land Registry show house prices in England and Wales back to summer 2006 levels, having risen by 0.1% in June, compared with May. Last month, the typical home sported an annual gain of 8.4%, taking the average house price to £166,072. All ten regions of England and Wales experienced annual rises, [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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