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Tuesday 12th of January 2010

News Tag: competition

January 8, 2010

A&L most consistently competitive mortgage lender

by Gill Montia
”A&L
Alliance & Leicester (A&L;) replaced HSBC as the UK's most consistently competitive mortgage lender during the final quarter of 2009. According to research by mortgage search software firm, Evaluate Technologies, A&L; surged ahead despite having failed to register any of its home loans in best buy tables during the previous quarter. The lender, which is to be rebranded Santander later this year, managed ...



Virgin Money buys regional bank Church House Trust

by Kay Murchie
”Virgin
Sir Richard Branson’s Virgin Money has announced it is to buy regional bank Church House Trust for £12.3 million and will invest £37.3 million into the business. Virgin Money, which was unsuccessful in acquiring crisis-torn Northern Rock two years ago, already offers savings, credit card and investment products to around 2.5 million customers. The purchase comes at a time ...



November 25, 2009

bmi plans 600 job losses

by Kay Murchie
”bmi
Low-cost airline bmi has announced plans to axe around 600 jobs as part of a restructuring plan. The carrier, like many others around the world, has been hit by a slump in demand, higher fuel prices and increased competition. The economic downturn has meant many airlines have been forced out of business as fewer people are travelling by air. The restructure at bmi will see ...



November 23, 2009

WHSmith walks away from Borders deal

by Kay Murchie
”WHSmith
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent. Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon. As a result, the chain has been in talks with ...



November 3, 2009

Treasury confirms RBS and Lloyds sell-offs

by Kay Murchie
”Treasury
A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches. The shake-up comes as the Government hopes to create more competition within the industry. The Government holds a 70% stake in RBS and a 43% stake in Lloyds after last autumn’s ...



November 1, 2009

Banking sector overhaul sees Lloyds and RBS broken up

by Kay Murchie
”Banking
Last week, it was announced that nationalised Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Meanwhile this weekend, it has been confirmed by Chancellor of the Exchequer, Alistair Darling, that Lloyds Banking Group, Royal Bank of Scotland (RBS) are to broken up. The new banks will be standard retail banks, ...



October 28, 2009

Gatwick airport sale hits BAA

by Kay Murchie
”Gatwick
UK airports operator BAA has reported a pre-tax loss of £784.7 million for the first nine months of the year, compared with a £519 million loss a year earlier. The group said it had lost £225 million on Gatwick Airport, which it confirmed it had sold last week for £1.51 billion. However, today BAA said that it had valued the airport for ...



EU set to approve Northern Rock split

by Kay Murchie
”EU
Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008. The plan is for bank to be split into two divisions - a “good ...



October 21, 2009

BAA confirms sale of Gatwick airport

by Kay Murchie
”BAA
BAA has today confirmed the sale of Gatwick airport to Global Infrastructure Partners for £1.51 billion. The sale of the airport is due to be finalised at the end of the year - subject to approval by the European Union. The sale marks the end of BAA's 40-year monopoly of London's three main airports - Heathrow, Gatwick and Stansted. However, the £1.51 billion ...



October 6, 2009

Lenders extend shelf lives of mortgage offerings

by Gill Montia
”Lenders
Evidence that the UK mortgage market is stabilising has emerged from Moneyfacts.co.uk, which has noted that lenders have been extending the shelf lives of their various offerings in recent weeks. According to the financial website, the average mortgage product was available for 24 working days in September, up from 18 working days in August, and the longest period since October ...



August 27, 2009

Tesco and Sainsbury’s increase rates for savers

by Kay Murchie
”Tesco
Moneyfacts.co.uk has revealed that the price contest between supermarkets and banks is hotting up. According to the comparison site, supermarket giants Tesco and Sainsbury's have both increased their savings account interest rates and also offer competitive rates on credit cards, loans and life assurance. The Tesco savings account is one of the best performing with an interest rate of 3% on its ...



December 8, 2008

OFT to check out competition among estate agents

by Gill Montia
OFT to check out competition among estate agents
Estate agents that have so far survived the housing market downturn can look forward to a review of the market by the Office of Fair Trading (OFT), in 2009. The watchdog has promised to take a comprehensive look at the sector and will be involving both consumer groups and industry bodies. In a similar study completed in 2004, the OFT ...



November 26, 2008

Northern Rock raises fixed-rates

by Gill Montia
Northern Rock raises fixed-rates
In a move that could be seen as a snub to the Government, state-owned Northern Rock has increased rates on some of its most attractive mortgage deals. For new borrowers, the bank's one-year fixed mortgage rate has increased from 3.99% to 4.19%. Meanwhile, rates on the lender's two and five-year fixed-rate home loans have risen by up to 0.3%, potentially adding £40 a month ...



August 6, 2008

Rate cut round up

by Gill Montia
Rate cut round up
This week has seen a round of rate cuts from High Street lenders, as competition appears to be returning to the market. Royal Bank of Scotland and NatWest have announced interest rate cuts of at least 0.10% on their new fixed and tracker mortgages, while rates on some other deals are being reduced by up to 0.30%. Abbey is making itself attractive to new borrowers ...



May 27, 2008

HomesMatter locks horns with Rightmove over lower fees

by Gill Montia
HomesMatter locks horns with Rightmove over lower fees
HomesMatter has requested an Office of Fair Trading investigation into Rightmove's decision not to allow it to advertise on the property portal. The recently established estate agency charges a flat fee of £899 plus VAT to sell a property, regardless of its value. According to HomesMatter, Rightmove has declined the business because the estate agency fees will be substantially less than ...