Shares in financial institution NBNK has had its shares suspended on AIM after it confirmed it is in merger talks. The bank, which is run by Gary Hoffman who is the former chief executive of crisis-torn Northern Rock, was established a year ago to make acquisitions and is set to build a significant presence in [...]
British insurance giant Prudential has said the cost of its failed bid for AIA, the Asian arm of US company American International Group (AIG), is £377 million before tax relief. However, it is less than originally thought. Following the collapse of the deal, Pru said it faced costs of £450 million relating to the withdrawal [...]
British insurance giant Prudential has today said it has no plans for a renewed bid for AIA, the Asian arm of US company American International Group (AIG). The statement came after media reports today suggested that a fresh takeover deal was in the pipeline. Chad Tendler, Prudential’s Hong Kong-based spokesperson, told Reuters: “We remain highly [...]
The Unite union has been unsuccessful in its High Court action against British Airways (BA) to stop the airline from imposing cost-cutting measures. The union claimed it was not properly consulted on the measures, which include a pay freeze and a switch to part-time working for 3,000 staff. BA cabin crew had been set to [...]
Shares in Barclays lost nearly 5% today after reports suggested that Qatar’s sovereign wealth fund was looking to sell 379 million shares in the bank in order to raise funds to bid for supermarket giant Sainsbury’s. The news sent Barclays shares down by 18.25p to 363.75p while Sainsbury’s rose 11p to 341.5p. The shares in [...]
Stagecoach has approached rival National Express with a £1.7 billion offer after a Spanish-led consortium withdrew its £765 million offer last week for the rail and bus group. Stagecoach, the operator of South West Trains and East Midlands Trains, has made a new all-share offer for its rival, following the withdrawal of the Spanish-led consortium, [...]
Transport group National Express has turned down a takeover bid from rail and bus operator FirstGroup. A successful partnership between the two rivals would create a public transport giant and would run large parts of the UK bus and rail network and a large piece of the yellow school bus services in the US. Furthermore, [...]
Vodafone, the mobile phone operator, is considering buying T-Mobile UK, which would create the UK’s largest mobile operator. Both companies have declined to comment but reports say Vodafone is interested in acquiring T-Mobile after it was placed on the market by its owner, Deutsche Telekom. However, The Financial Times has reported that the deal may [...]
After the failure of BSkyB to negotiate a successful deal with Tiscali, Carphone’s TalkTalk home broadband is hoping to be able to secure the Italian company for a bargain price. Having been in trouble for months, the internet company had initially placed the UK business up for sale for £500m, but BSkyB only offered to [...]
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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