US banking giant Citigroup has today announced first quarter net earnings fell to $3 billion (£1.8 billion), down 32% compared with the same period a year ago. According to the bank, the drop was attributed to a fall in revenues – which were 22% lower, at $19.7 billion, with the firm’s investment bank hardest hit. [...]
UK banks are facing mounting losses from credit card customers, with figures from the Bank of England showing write-offs rising to £2.1 billion in the three months to the end of June, up from £1.3 billion in previous quarter. According to a BBC report, the 2010 total for bad credit card debt now looks set [...]
Young people are plunging themselves into unmanageable debt because they not being adequately educated on how to handle their finances, moneysupermarket.com has claimed. The price comparison site said the failure of Britain’s schools to offer education on money matters is putting a generation of young people at financial risk. “Financial education has been on the [...]
The central bank of India has reduced interest rates for the sixth time in sixth months to a new record low, with the economy expanding at its slowest rate since 2003. The reverse repurchase rate has been cut from 3.25 percent from 3.5 percent, although economic forecasts are still indicating that economic growth may fall [...]
The International Monetary Fund (IMF) has announced that the estimate of the losses across the world inflicted by banks as a result of the credit crunch is going to hit $4 trillion. This confirms the estimates that were first published in The Times, which is far larger than the initial forecast of less than $1 [...]
The Co-operative Bank has increased profits by 70 percent (for the year to 10 January) as depositors fled to what has always been seen as the “boring bank” but in troubled times, many savers have warmed to its security. In a period where its competitors struggled, retail deposits increased by 17 percent whilst corporate deposits [...]
Banking giant HSBC has revealed that losses have soared by $700 million to $4.3 billion (£2.7 billion) in the third quarter due to bad debt charges relating to the US sub-prime mortgage market crisis. This takes its total impairment since the US housing market crisis first emerged in late 2006 to approximately $23 billion. Furthermore, [...]
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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