Despite major losses among FTSE 100 companies, directors at these companies saw their basic salaries soar 10% last year. In the midst of the worst global recession in decades, these companies lost nearly a third of their value but their salary continued to rise. The Guardian’s annual survey of boardroom pay discovered that full-and part-time [...]
Minutes from the latest Federal Reserve meeting have revealed that policymakers are optimistic that the US downturn is coming to an end. However, the minutes did say that the economy is “likely to recover only slowly during the second half of this year and all saw it as still vulnerable to adverse shocks.” Furthermore, policymakers [...]
The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices. According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion. Furthermore, the body said airlines made losses between April and June – the spring season when they would [...]
The housing market downturn has left up to 3.5 million Britons unable to move, according to research from John Charcol. The mortgage broker estimates that one third of UK households with residential mortgages are stuck in their properties because falling prices have eroded the amount of equity they hold and restricted access to mortgage finance. [...]
Britain’s turnaround and recovery professionals, TMA (UK) is warning that recent house price gains and rises in share prices should not be taken as an end to the economic downturn. According to the group, there is still a severe lack of bank lending to businesses, which in turn has an impact on the capacity of [...]
British Airways (BA), which recently admitted was fighting for its survival, has today announced plans to raise £600 million. In May, the airline reported a pre-tax loss of £401 million for the 12 months to the end of March, compared with profits of £922 million the previous year. The loss represented the biggest since the [...]
Carpetright, which has been hit by the housing market slump and the recession, has today posted 72% decline in full-year profits. Britain’s largest carpet retailer reported a pre-tax profit of £16.7 million in the year to May 2, compared with £59.5 million for the same period a year ago. Annual revenues were down 7.4% from [...]
Banking giant, Lloyds Banking Group, is expected to take a hit of £450 million as a result of its investment in pub chain Admiral Taverns. In order to finance a series of acquisitions, the group’s Bank of Scotland arm loaned more than £850 million to Admiral but the pub group, which owns more than 2000 [...]
Wolseley, which is one of the UK’s largest suppliers to builders, has reported a massive drop in profits today sending its shares plummeting by 15%. The company, which owns the Plumb Center and Build Center chains, said that in the nine months to 30 April, pre-tax profits fell by 80% compared with the same period [...]
The Home Retail Group, which own Argos and Homebase, has announced that annual profits to the year ending 28th February are down by 24% with pre-tax profits of £328m compared to £433m the previous year. Total sales are down by 1 percent to £5.9bn, as the group stated that they have been affected by the [...]
According to the latest figures published by the British Beer & Pub Association (BBPA), 1.7 million fewer pints a day are being drunk due to the recession, which has caused consumers to be extra careful with cash and a rise in taxes. The brewing industry has been hit hard by the recession and this is [...]
There are suggestions that the financial turmoil is still in full swing after US banking giants, Citigroup and Bank of America, have been instructed to raise billions of dollars of extra capital to cover future losses, according to the Wall Street Journal. The findings were uncovered following US Government stress tests on both banks, carried [...]
The online fashion retailer Asos has posted its results this week with growth slowing to 80 percent in the first four weeks of the retailer’s financial year, but this still remains the best performing retailer as April’s growth was only slightly weaker than that seen in 2008. Asos has shown relentless growth within troubled economic [...]
The world’s biggest package delivery company, United Parcel Service (UPS), has announced a severe fall in profits for the first quarter as fewer parcels are being sent during the global economic downturn. The group reported a 55% drop in profits for the period, compared with the same period in 2008, while revenue declined by 14% [...]
The influential think tank, National Institute of Economic and Social Research (NIESR), said that the current economic downturn is following a similar path to that of the early 1980s slowdown. While the figures have not yet reached those of the recession in the 1980s, the current economic decline is “very similar” to the one which [...]
According to Experian’s FootFall UK National Index, retail sales are still suffering amid the economic downturn as shoppers continue to abandon the High Street. The Index found that shopper numbers fell 1.7% across the UK in March with Wales and the South West hit the worst with numbers down 7.13%. Meanwhile, according to Experian, 15% [...]
According to the Chartered Institute of Purchasing and Supply’s (CIPS) index, UK manufacturing has weakened for a tenth consecutive month with the index at a low of 34.7. The CIPS is estimating that approximately 30,000 factory jobs in the UK are being lost every month as firms slash costs amid a slump in demand. Roy [...]
Japan’s Central Bank is to purchase 1 trillion yen (£7.87 billion) of stocks owned by struggling financial institutions, in an effort to improve their capital and encourage them to lend. The Bank of Japan is to buy shares in troubled banks until April next year and hold on to them until the end of March [...]
One of the world’s leading accountancy firms, KPMG, is the latest to suffer during the economic downturn after it offered its 11,000 staff sabbaticals or a shorter working week. In an email earlier today, staff were told they have the option of moving onto a 4-day week, with the fifth day unpaid. According to the [...]
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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