Accountancy firm BDO has warned Britain’s retailers should prepare themselves for some tough times as pressure builds on consumers in the run-up to Christmas. According to the firm’s High Street Sales Tracker, sales figures for August fell 2.2% among mid-market retailers, attributed to the riots and cooler weather during the month. The riots, in particular, [...]
The Commerce Department has today revealed the world’s largest economy grew by 1.3% on an annual basis in the April to June period. The figure was far short of expectations of a reading of 1.8%. However, today’s reading is the first estimate and could be revised up or down in the coming months. Meanwhile, first [...]
Standard & Poor’s (S&P) has warned it may lower the US triple-A debt rating if a deal to lift the Government’s $14.29 trillion borrowing limit is not agreed soon. The news comes just one day after fellow ratings agency Moody’s said there is a risk of a possible downgrade. Both warnings come as tense negotiations [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, is awaiting the next move from US food giant, Kraft. Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury in September with an informal £10.2 billion takeover offer, which Cadbury rejected. In November, Kraft made a second bid of £9.8 billion, [...]
Two months ago, US food giant Kraft, which is renowned for brands such as Kenco coffee and Oreo biscuits, approached Cadbury with an informal £10.2 billion takeover offer, which the UK confectioner later rejected. Roger Carr, chairman of Cadbury, described its US rival’s £10.2 billion takeover offer as an “unappealing” and “unattractive prospect”. However, under [...]
Irish pay-TV sports broadcaster Setanta has been told to pay £30 million by Friday 19 June or lose its rights to broadcast 46 live football matches next season. The English Premier League has told the struggling broadcaster to meet its financial obligations or it will sell the rights. In a statement, the Premier League said [...]
In a bid to strengthen and relaunch US carmaker, Chrysler, the company is set to file for Chapter 11 bankruptcy protection immediately. The procedure will see the company gain protection from its creditors and according to President Obama, give the company “a new lease of life.” Detroit-based Chrysler was given a deadline (which ends at [...]
There is now a definitive separation between car firms Daimler and Chrysler after the German carmaker has reached a deal to give up its 19.9% stake in the US firm. The agreement will also see Daimler forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statements, said [...]
According to a report in the Daily Mail, the world’s largest carmaker General Motors (GM) is preparing for bankruptcy. While the company is hoping to win concessions from its creditors, the threat of going bust puts 5,000 jobs at risk at Vauxhall in Ellesmere Port, Cheshire and Luton as well as 60,000 supply jobs. GM [...]
Rightmove has reported a 1% fall in the asking price of the average home in the month to 13th September. The decline is below the 2.3% recorded by the property website in August but puts the average asking price at £227,438 or £14,204 less than a year ago. The firm has also noted a slight [...]
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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