Euro zone leaders met in Brussels yesterday and have agreed a further €109 billion (£96.3 billion) bailout for debt-laden Greece. A further €135 billion will come from the private sector during the next three decade, which will include a debt buy-back programme. Stock markets have risen today following the news with the Japan’s Nikkei closing [...]
The meeting of European finance ministers continues today with the debt crisis again to be high on the agenda. However, other issues including the EU budget and VAT are also expected to be discussed. Yesterday’s meeting ended with Jean-Claude Juncker, Luxembourg Prime Minister and Eurogroup Chairman, telling reporters that there is no need to increase [...]
A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]
Oil giant BP announced it has disposed of its 60% stake in Pan American Energy to Bridas Corporation in a deal worth $7 billion (£4.5 billion). The latest deal is part of the company’s asset selling plan, designed to fund the clean-up operation relating to the Gulf of Mexico oil disaster – estimated to be [...]
Irish finance minister, Brian Lenihan, has today said the country is preparing to make a formal request for an emergency bailout. The exact amount of the loan, which will come from the EU rescue fund, which was established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year, was [...]
The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]
Prudential, which is Britain’s second largest insurer, has today outlined details of its £14.5 billion ($21 billion) rights issue, which will be used to help fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Earlier this month, fears were raised over the acquisition after the Financial Services Authority (FSA) [...]
Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American [...]
How do equity releasers use the funds they have raised? Bridgewater Equity Release claims to have the answer, having analysed the main reasons why people apply for its home reversion plan. Surprisingly, 30% of those questioned were planning to clear the mortgage, while just over 17% had home improvements in mind. With the data collected [...]
The 10,000 Presbyterian Mutual Society (PMS) members who lost their savings after the society collapsed will welcome the news that the Northern Ireland Executive has agreed a £50 million rescue package. After a run on withdrawals, the PMS was forced into administration in 2008 and its members lost access to their savings. The run began [...]
Business group, the British Chambers of Commerce (BCC), is claiming that small and medium-sized firms are still struggling to access finance. The report comes despite the £200 billion injected into the UK financial system to boost lending. According to the BCC, one third (33%) of companies surveyed said that accessing finance had been more difficult [...]
The Confederation of British Industry (CBI) is urging the Government to deal with the growing levels of youth unemployment and is calling for £125 million of the Government’s £500 million recruitment subsidy fund to be spent on creating 50,000 new apprenticeships. The growing problem was highlighted last week by the Prince’s Trust and the University [...]
Investment firm, Alliance Trust, has revealed that the property market downturn has shaken homeowners’ confidence in funding part of their retirement by cashing in on the family home. According to recent research by the company, only 33% of Britons list property investment among their top three methods of pension savings. The proportion compares with 43% [...]
Baring Asset Management is advising homeowners relying on property assets to fund their retirement to diversify. The slowdown in the UK housing market has highlighted the dangers of relying on a specific sector for pension income and research by the investment firm has shown that the number of people who are planning to use property [...]
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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