Irish no-frills airline Ryanair has today reported a rise in annual profits despite higher jet fuel costs, which continue to rise due to the political unrest in the Middle East. The budget carrier said fuel costs grew by 37% during the 12-month period to the end of March. Meanwhile, passenger numbers were up 8% in [...]
Budget airline easyJet has today revealed pre-tax losses for the six months to 31 March swelled to £153 million, compared with a loss of £79 million in the same period a year earlier. The no-frills airline attributed the loss to rising fuel costs and the challenging economic environment. Jet fuel costs continue to rise due [...]
Budget airline easyJet has today said it was hit by the severe wintry weather in Europe last month and was hit by costs of £31 million, which also included strike action by French air traffic controllers. However, taking this into account, the airline said revenue in its first quarter (the final three months of 2010) [...]
Budget airline easyJet has today said profits have been boosted by a rise in passenger volumes and the group said it will pay its first ever dividend in 2012. The no-frills airline said passenger numbers grew 8% in the full-year to the end of September to 49 million, while profits totalled £154 million in the [...]
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 [...]
Budget airline easyJet has posted a severe fall in profits for the full-year to the end of September as a result of rising fuel costs. The airline posted underlying pre-tax profits of £43.7 million, compared with £123.1 million in the same period a year earlier – a fall of 64.5% However, the no-frills airline said [...]
Budget airline easyJet is to close its base at East Midlands airport and cut services at Luton Airport by a fifth with a view to transferring them to profitable bases in continental Europe. Luton is one of easyJet’s biggest bases and operates 16 aircraft and carries almost 5 million passengers each year. Meanwhile, the low-cost [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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