HSBC, which is Europe’s largest bank, has once again denied rumours that it is planning to relocate its UK headquarters to Hong Kong. A report in the Sunday Telegraph quoted an unnamed, investor as saying “we were told that a move [to Hong Kong] is now more than likely”. However, the bank has refuted the [...]
There is speculation that Portugal is, once again, under pressure to seek a bailout in order to prevent the euro zone debt crisis spreading further. The country’s borrowing costs continue to surge – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. However, Portugal continues to deny [...]
Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis [...]
Speculation has been mounting that Portugal is under pressure to seek a bailout from the EU rescue fund – however, the country continues to strongly deny the claims. European Commission President, Jose Manuel Barroso, has today also denied reports that the country is looking for a financial rescue package. Mr Barroso said the reports were [...]
A German newspaper has today reported that Portugal is under pressure to seek emergency aid from the EU rescue fund – something which the country strongly denies. Today, the Financial Times Deutschland reported that a number of euro zone nations and the European Central Bank were urging Portugal to follow Ireland and Greece and seek [...]
Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year. There have been reports over the weekend that Irish officials have already held discussions with the European Financial Stability [...]
According to Sky News, banking giant HSBC has dismissed claims that chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. The bank, which is Europe’s largest, dismissed the claim as “offensive” and “nonsense”. Earlier today, a source familiar with the matter told the Financial Times that Mr [...]
Wen Jiabao, China’s Premier, has denied his Government is keeping the yuan undervalued after lawmakers and economists said it is hampering a global recovery. Mr Wen argued keeping the yuan stable was “an important contribution” to global recovery and said: “We oppose countries pointing fingers at each other and even forcing a country to appreciate [...]
There have been reports over the weekend that West Bromwich Building Society is in rescue talks. The Sunday Times has reported that the Financial Services Authority is seeking a bidder for the mutual, which was one of nine building societies to have its credit rating downloaded by Moody’s last month, due to concerns they will [...]
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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