Shares in troubled Japan Airlines (JAL) soared 31% today after it was revealed that the Japanese Government had asked the state-owned Development Bank of Japan (DBJ) to double JAL’s credit line to JAL to 200 billion yen (£1.4 billion). The airline has already used 55 billion yen of the 100 billion yen credit line set [...]
It emerged yesterday that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks but today the Yorkshire has revealed that a tie-up would lead to a number of job losses and a £200 million write-down on Chelsea’s bad debts. “The merger will lead to a number of job losses,” the two societies [...]
US investment bank JPMorgan is to fully buy Cazenove, the UK broker, in a £1 billion ($1.7 billion) deal. The deal comes as JPMorgan bought half of Cazenove in 2004 ago and created the JPMorgan Cazenove joint venture. It paid £700 million for the 50% stake. Under the original terms set five years ago, the [...]
Asia’s largest carrier, Japan Airlines (JAL), has been offered a $1 billion (£600 million) lifeline from Delta Air Lines and its Sky Team alliance partners. According to Delta, the rescue package includes a $500 million equity injection, a revenue guarantee worth $300 million, asset-backed funding worth $200 million and $20 million to cover JAL’s costs [...]
British Airways (BA) and Spanish airline Iberia are set to merge following talks at both companies. Earlier today, BA said: “Further to recent market speculation, British Airways confirms that the British Airways and Iberia Boards are holding separate meetings today, 12 November, to consider a potential transaction.” However, according to reports in Spanish newspaper, El [...]
The world’s largest computer maker, Hewlett-Packard (HP), has announced it is to buy networking software and equipment maker, 3Com Corp, in a deal worth $2.7 billion (£1.6 billion), subject to regulatory approval. The deal will see HP compete across the board with networking leader Cisco Systems Inc. The deal, which is expected to be finalised [...]
Berkshire Hathaway, the investment group controlled by respected US billionaire investor, Warren Buffett, has recovered from its poor performance in 2008 and announced a surge in net profit. The group said net profit was $3.2 billion (£1.9 billion) in the three months to September, compared to $1.1 billion in the same period a year earlier. [...]
Banking giant Barclays has agreed to buy Standard Life Bank for £226 million. Standard Life Bank, which is the savings division of Edinburgh-based life insurance company Standard Life, has just 287,000 savings accounts, an £8.8 billion loan book and 78,000 mortgage accounts. The banking arm is no longer part of the insurer’s long-term plans for [...]
Barclays has confirmed a 3-year title sponsorship deal of the Premier League worth £82.25 million. The deal will run from the 2010-11 season until the end of the 2012-13 season. The banking giant has sponsored the Premier League since 2004 and their current three-year contract is worth £65.8 million, but expires next year. Barclays is [...]
Online search giant Yahoo has posted its quarter three profits today and exceeded analysts expectations, suggesting that advertisers are spending again. Yahoo said it earned $186 million (£113.6 million) in the July to September period, more than treble the $54 million earned in the same period of 2008. Since chief executive Carol Bartz took over [...]
The future of Vauxhall and its 5,500 workers have been safeguarded today after the Unite union announced it has reached a deal with Magna, the Candian car parts firm and proposed new owners of Vauxhall and sister company, Germany-based Opel. However, in order to protect jobs at both Vauxhall plants (Ellesmere Port and Luton), the [...]
Dell, which is the world’s second-largest maker of personal computers, is to acquire Perot Systems in a $3.9 billion (£2.4 billion) deal. Perot Systems, which is based in Texas, was founded by Texas billionaire and former US presidential candidate, Ross Perot. The company specialises in IT support for hospitals, Government departments and banks. Dell said [...]
Roger Carr, chairman of British confectionery giant Cadbury, described its US rival’s £10.2 billion takeover offer as an “unappealing” and “unattractive prospect”. Last week, US food giant Kraft, which is renowned for brands such as Kenco coffee, Oreo biscuits, Terry’s Chocolate Orange and Toblerone, approached Cadbury with the unsolicited offer, which the maker of Dairy [...]
Supermarket giant Tesco is continuing its expansion into financial services by agreeing a partnership with Fortis, which will form a new motor and household insurance company. Tesco, which has a 30% share of the grocery market, already offers credit cards, savings accounts and insurance via its Tesco Personal Finance (TPF) brand and announced plans late [...]
British confectionery giant Cadbury has turned down a £10.2 billion takeover offer from Kraft, the US food giant. Kraft, which is renowned for brands such as Kenco coffee, Oreo biscuits, Terry’s Chocolate Orange, Toblerone and cheese products such as Philadelphia and Dairylea, said the takeover would secure UK jobs, while keeping open Cadbury’s Somerdale factory, [...]
It has been confirmed this morning that West Bromwich Building Society has agreed a deal that will see the 160-year-old institution saved from collapse. The deal will see £182.5 million of subordinated debt converted into capital to strengthen the mutual’s balance sheet. The society said the new deal will “materially strengthen the society’s core tier [...]
Thousands of UK jobs are at risk today after van maker, LDV, has been forced into administration after a deal with Weststar (the Malaysian vehicle importer and contract manufacturer) collapsed. LDV has been struggling of late and sought financial assistance from the Government earlier this year after it said it was “literally running out of [...]
Many reports over the weekend have speculated that General Motors (GM) is expected to file for Chapter 11 bankruptcy tomorrow. The century-old car maker, which was once the biggest company in the world, reaches its deadline tomorrow of restructuring the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy [...]
The online gambling and gaming company PartyGaming has announced that they have reached an agreement with US authorities which will mean they will not be prosecuted. This is in relation to PartyGaming’s activities before the industry was banned by legislation that was introduced in 2006, and this does open the door to some sort of [...]
Lloyds Banking Group, created following the merger between Lloyds TSB and HBOS, is edging closer to reaching a deal with the Government, with regard to taking part in the Asset Protection Scheme. The scheme, which insures against losses arising from toxic assets, will see the Government’s stake in the bank increase from 43% to 60%. [...]
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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