Japanese industrial output fell by 15.3% last month – the largest ever fall as disruptions in the supply chain brought the country’s car industry to a halt. The previous record was an 8.6% fall in February 2009 – at the time of the global financial crisis – and was far worse than forecasts of an [...]
Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a rise in UK car production for the month of September. UK car production rose 5.8% against the same month a year ago, the SMMT said. For the year-to-date, car production is 35% higher than in the same period last year, the [...]
The European Automobile Manufacturers Association (ACEA) has revealed registrations of new cars in Europe fell in September on year. According to the ACEA, 1.26 million cars were registered, a fall of 9.2% on last year’s levels. September represents the sixth consecutive monthly fall as incentive schemes to boost the ailing car industry have expired. In [...]
Wall Street’s main Dow Jones index closed up 2.3% yesterday at 10,250 after good news boosted investor confidence. The pending home sales index and demand for cars boosted stocks in the world’s largest economy. “A positive housing report and better-than-expected auto sales are giving the stock market a lift,” according to Wells Fargo senior equity [...]
The UK’s car scrappage scheme, which was introduced last May to boost the ailing car industry, expires today after giving the car industry a much-needed boost. The £400 million initiative paid drivers of cars at least 10 years old £2,000 off the price of a new vehicle. The £2,000 grant was made up of £1,000 [...]
The UK car scrappage scheme has been extended for one month – until the end of March. The scheme, dubbed cash for bangers, was due to expire at the end of this month (or until funds ran out). However no extra funds will be provided for the scheme but the Government said the extension would [...]
US carmaker Ford has today reported its first annual profit since 2005 after a turbulent 12 months for the American car industry. The company reported an annual net profit for 2009 of $2.27 billion (£1.4 billion) compared with a loss of $15 billion in 2008. Meanwhile, for the fourth quarter of 2009, profit was $868 [...]
The US Government’s Car Allowance Rebate System (CARS), branded the “cash for clunkers” scheme has boosted car sales with Ford reporting a 17% rise in sales in August compared with July. General Motors (GM) said sales had soared by 30% from July this year but did report a 20% drop in year-on-year sales. Overall, total [...]
Struggling car maker Jaguar Land Rover is to reduce its workforce at its Halewood factory in Merseyside as the company plans to cease production of its X-Type model. The global economic downturn has resulted in a slump in demand for big-ticket items, such as cars. This has affected carmakers worldwide with many cutting back on [...]
Figures released by the Society of Motor Manufacturers and Traders (SMMT) today have provided some good news for the car industry, which has been suffering amid the economic downturn. The SMMT said “We are now beginning to see the positive impact of the scrappage scheme translate into new vehicle registrations.” The UK’s scrappage scheme was [...]
It emerged earlier today that Vauxhall’s UK plants were at risk of closure after struggling US car maker General Motors (GM) moved to sell off its European arm, which includes Vauxhall and Germany’s Opel. However, Business Secretary, Lord Peter Mandelson, has told Sky News that “there is no danger of Vauxhall’s UK plants closing”. However, [...]
In a bid to boost the fall in demand for new cars, the UK’s car-scrappage scheme comes into force today. The scheme, which pays consumers to get rid of their old cars and replace it with a more environmentally friendly car, has been successful in overseas, particularly in Germany who reported a 40% increase in [...]
After continued fear of the threat of the global economic downturn spreading to Asia, as well as the car industry across the world, has pushed oil prices below $50. Energy analysts have not found a reason to suggest that oil prices will rebound like they did at the end of last month, from $40 per [...]
Rick Wagoner, chief executive of US beleaguered car giant, General Motors (GM), has been ordered to resign by US President Barack Obama. 56-year-old Wagoner has been at the helm of GM for eight years but has been with the company since leaving Harvard University with an MBA more than 30 years ago. He received the [...]
Japan has had a further knock-back as the economy struggles with the announcement that in February there was a 49.4 percent drop in exports after the latest data published by the Japan’s finance ministry. Exports have been hit hard, both in the US and in Europe, which has experienced more than a fifty percent drop [...]
Official figures from the VDA have revealed that sales of new Germany cars rose by 22% compared with the same month in 2008 – the highest February sales for a decade. A total of 277,800 vehicles were sold in Germany during the month after a Government incentive scheme offered consumers €2,500 (£2,236) to scrap their [...]
Business Secretary, Lord Mandelson, will this afternoon unveil plans to help the struggling car industry since the economic downturn has meant that car sales have plummeted in recent times. However, No. 10 have said that the support is ‘not a bailout’ but is expected to include measures such as guarantees for loans to the industry [...]
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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