|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
10th of August 2011
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

News Tag: collapse

June 21, 2011

Travel chaos looms as Virgin Atlantic pilots vote to strike

by Kay Mitchell
”Travel
Holidaymakers look set to have their summer travel plans disrupted after it emerged today that Virgin Atlantic pilots have voted for industrial action – the first time in the airline’s 32-year history. According to the British Airline Pilots Association (Balpa) union, 97% of its members voted for strike action after pay talks with the company collapsed. Balpa said that ...




RBS sued over US mortgage bonds

by Kay Mitchell
”RBS
Royal Bank of Scotland (RBS) is being sued by a division of the US Government for millions of dollars over failed US mortgage bonds - residential mortgage-backed securities (RMBS). Investors lost hundreds of billions of dollars when these types of investments went sour and resulted in the financial crisis in autumn 2008. RBS, which is 84% owned by the British taxpayer, ...




March 9, 2011

Northern Rock reports £232m loss

by Kay Mitchell
”Northern
Crisis-torn Northern Rock has today unveiled an underlying loss of £232.4 million for the 2010 year for its so-called “good“ bank. Despite the loss, the Newcastle-based bank will pay more than £13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as "disappointing". He comments: "2010 represented a year of significant restructuring for Northern Rock ...




December 22, 2010

Ernst & Young in lawsuit over Lehman collapse

by Kay Mitchell
Ernst & Young in lawsuit over Lehman collapse
London-based accountancy giant, Ernst & Young, is being sued by New York's attorney general over the collapse of the investment bank Lehman Brothers. Lehman Brothers collapsed in September 2008, which then led to a crisis that swept through global financial markets. It has been claimed that Ernst & Young used an accounting method known as “Repo 105” to temporarily remove $50 ...




December 20, 2010

OECD forecasts growth for Spain next year

by Kay Mitchell
OECD forecasts growth for Spain next year
Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that we had to do with our financial ...




December 8, 2010

Crown Currency Exchange directors arrested

by Kay Mitchell
Crown Currency Exchange directors arrestedCrown Currency Exchange directors arrested
Two former directors of the collapsed foreign exchange company, Crown Currency Exchange, Peter Benstead and Edward James, were arrested and have been questioned in connection with the failure of the company. However, police have said the two men have since been released on bail until July next year. The two men have been named as Peter Benstead, 68, of Cornwall ...




November 25, 2010

Euro zone situation is serious but no chance of collapse

by Kay Mitchell
Euro zone situation is serious but no chance of collapse
There are fears that the debt crisis in Ireland will spread to Spain and Portugal - and other weak euro zone economies. However, Klaus Regling of the European Financial Stability Facility has stated it is "inconceivable” that the 16-nation euro currency will fail. The Irish debt crisis has caused the euro to fall more than three cents against the ...




November 7, 2010

Spain’s economic growth stagnates in Q3

by Kay Mitchell
Spain's economic growth stagnates in Q3
Figures have revealed that Spain’s economy stalled in the July to September period. The disappointing 0.2% annualised growth will be a blow to the economy, which is stalling due to measures taken by the Government to trim its spiralling budget deficit. The country is also battling with the highest unemployment rate in Europe. However, last week, figures revealed the country’s unemployment rate had ...




October 28, 2010

Firemen demand action to end dispute

by Kay Mitchell
”Firemen
Firefighters will go ahead with industrial action over the crucial bonfire night weekend after talks collapsed between the Fire Brigades Union (FBU) and the London Fire Authority yesterday. The strike, which will take place from 10am on November 5 to 9am on November 7, incorporates Bonfire Night – the fire service’s busiest period. Members embarked on an eight-hour strike last Saturday and another is ...




October 4, 2010

Crown Currency Exchange placed into administration

by Kay Mitchell
Crown Currency Exchange placed into administration
Crown Currency Exchange has today been placed into administration. Its collapse has been attributed to the downturn in the travel industry. MCR has been appointed as administrator and said it believes 13,000 consumers will be directly affected by the collapse. Paul Clark, of MCR, said that Crown had been affected by the downturn in the travel market and it has “experienced a difficult ...




August 19, 2010

General Motors plans $20bn flotation

by Kay Mitchell
”General
More than a year after declaring itself bankrupt, US carmaker General Motors (GM) is planning an initial public offering (IPO) - which is set to be the second largest share sale in US history. The company has filed an official application (called an S-1 document) with the Securities and Exchange Commission. According to analysts, the move will raise between $12 billion and $16 billion ...




August 18, 2010

Kiss Flights collapses leaving 13,000 passengers overseas

by Kay Mitchell
”Kiss
Approximately 13,000 British holidaymakers are stranded abroad after budget travel firm Kiss Flights has collapsed. The firm, which operated flights to Greece, Egypt, Turkey and the Canary Islands, is the latest in a long line of travel firms that have recently gone bust. The collapse has meant the travel plans of 60,000 Britons are ruined during peak season. However, the Civil Aviation ...




June 11, 2010

Japan at ‘risk of collapse’ under mountain of debt

by Kay Mitchell
”Japan
The Japanese economy, which is the world’s second largest, faces many risks, one of them is deflation and the other is the country’s debt - which at nearly 230% of GDP is the highest of any industrialised nation. The debt is the result of decades of stimulus spending and low tax receipts. Japan's new Prime Minister, Naoto Kan, ...




June 2, 2010

Prudential/AIA deal collapses

by Kay Mitchell
’Prudential/AIA
British insurance giant Prudential has abandoned its $35.5 billion (£24.6 billion) takeover of AIA, the Asian arm of US company American International Group (AIG). Several Prudential shareholders said they would not approve the takeover unless the Pru trimmed between $3 billion and $5 billion from the original price. Pru attempted to renegotiate the deal and offered a lower price tag of $30.375 billion, which AIA ...




June 1, 2010

Prudential deal with AIA on verge of collapse

by Kay Mitchell
”Prudential
British insurance giant Prudential has failed to renegotiate the price of its takeover of AIA, the Asian arm of US company American International Group (AIG). The deal now looks set to collapse after AIA snubbed the lower price tag of $30.375 billion. It emerged last week that the Pru, which is Britain’s second largest insurer, was renegotiating with AIA after investors ...




May 24, 2010

Northern Rock savers lose 100% guarantee

by Kay Mitchell
”Northern
Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was put in place after Northern Rock collapsed ...




Strikes commence at BA as last-minute talks collapse

by Kay Mitchell
’Strikes
British Airways (BA) cabin crew will embark on a five-day strike today after eleventh-hour talks collapsed. Over the weekend, the Unite union's joint general secretary, Tony Woodley, offered to cancel the latest strikes if travel perks for cabin crew were reinstated. However a spokesperson for BA said: "We have already offered to reinstate travel concessions to cabin crew once ...




April 16, 2010

NI Executive agrees £50m bailout for PMS savers

by Kay Mitchell
”NI
The 10,000 Presbyterian Mutual Society (PMS) members who lost their savings after the society collapsed will welcome the news that the Northern Ireland Executive has agreed a £50 million rescue package. After a run on withdrawals, the PMS was forced into administration in 2008 and its members lost access to their savings. The run began when some members realised the society ...




March 12, 2010

Report reveals “accounting gimmicks” used at Lehman

by Kay Mitchell
Report reveals “accounting gimmicks” used at Lehman
Accountancy firm Ernst & Young (E&Y;) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result. The report has accused E&Y; of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks” to conceal the fact that the bank was insolvent. However, E&Y; said ...




March 11, 2010

Possible strike action at BA as talks fail

by Kay Mitchell
’Possible
Talks aimed at averting industrial action at British Airways (BA) have collapsed and failed to reach an agreement. Brendan Barber, general secretary of the Trades Union Congress, said: "Despite a prolonged period of negotiations it has not been possible to reach agreement between BA and Unite." Last month, BA‘s 12,000 cabin crew members voted to take industrial action over cost-cutting ...




Economy News feed Economy News

Companies news feed Company News

All Financial News feed All Financial News