The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. The forecasts have been revised on the back of surging oil prices, according to the industry body, and could force some airlines out of business. Many airlines went bust when fuel prices rose in 2008. Oil prices reached a peak [...]
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. However, the forecasts have been revised on the back of surging oil prices, according to the industry body. IATA said global airlines will make a profit of $8.6 billion (£5.3 billion) for 2011 – down from the $9.1 billion it [...]
British Airways (BA) chief executive, Willie Walsh, has today said the airline is ready to operate a near-full service should further industrial action take place. Cabin crew have been in a long-running dispute with the airline over cost-cutting measures, which include a pay freeze, a switch to part-time working for thousands of staff, as well [...]
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 [...]
According to the International Air Transport Association (IATA), the global airline industry is improving, with both passenger and freight numbers expected to grow this year. In January, the industry body said 2009 saw the biggest decline in air passenger traffic since the aftermath of World War II. The global economic downturn had a devastating impact [...]
Short-haul passengers are the latest victims in the British Airways’ attempt to steer clear of administration. Passengers on short-haul flights taking off from London after 10am will no longer receive a free meal, a bread roll, bottled water or sandwiches, as part of cost-cutting measures that could save the airline up to £22 million a [...]
British Airways (BA), which recently admitted was fighting for its survival, has today announced plans to raise £600 million. In May, the airline reported a pre-tax loss of £401 million for the 12 months to the end of March, compared with profits of £922 million the previous year. The loss represented the biggest since the [...]
The airline industry continues to suffer amid the economic downturn and in an attempt to slash costs, Europe’s largest airline, Air France-KLM is to axe 2,700 positions. The news came after the company announced its results, which beat market expectations and sent its shares up by 11%. The carrier suffered a net loss of €505 [...]
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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