Oil prices have fallen further as investors continue to worry about the weak US recovery and Greece’s debt woes. Today, Brent crude for August delivery fell $2.95 to $102.72 a barrel, while US light, sweet crude dropped $1.13 cents to $90.14 a barrel. The US economy continues to struggle amid stubbornly high unemployment and a [...]
Rating agency Standard & Poor’s (S&P) has today downgraded Greece’s credit rating by two levels from BB- to B – the fourth cut by S&P since April 2010. The yield on Greek 10-year bonds surged to 15.7% – more than double the level of a year ago when the country was forced to accept an [...]
The Labor Department has today revealed the unemployment rate in the US has fallen again from 8.9% in February to 8.8% in March – a two-year low. It represents the fourth consecutive month that the rate has fallen with the economy creating 216,000 jobs in the month – far better than expectations. The private sector [...]
Portugal has had its sovereign debt rating downgraded by Moody’s by two notches to A3 from A1 and kept the rating on a negative outlook – suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal [...]
The Labor Department has today revealed the unemployment rate in the US has fallen again from 9% in January to 8.9% in February. It represents the third consecutive month that the rate has fallen with the economy creating 192,000 jobs in the month – far better than expectations. However, the total number of unemployed people [...]
The merger between British Airways and Spanish airline, Iberia, was completed today – creating Europe’s second largest airline. However, the deal will no doubt be overshadowed by the news that British Airways cabin crew have voted to strike again, the Unite union confirmed today. Unite said its members voted by 5,751 to 1,579 to take [...]
It has been confirmed by the Unite union that members of British Airways (BA) cabin crew will be balloted next week, raising fears for further strikes in the New Year. Cabin crew have been involved in a 22-month-old dispute with the airline over cost-cutting measures, which include a pay freeze, a switch to part-time working [...]
Members of British Airways (BA) cabin crew are to be balloted again as the long-running dispute with the airline continues over cost-cutting measures. The Unite union claims BA refuses to reinstate travel perks, which were stripped from members during a strike in March. So far, cabin crew members have held 22 days of strikes which [...]
There are fears of further strikes on the London Underground (LU) after the Rail Maritime and Transport Union (RMT) claims two workers are being unfairly treated by management and facing disciplinary action. As a result, hundreds of workers are to be balloted for strikes over the dispute with action expected to be taken in the [...]
London Underground (LU) has today announced it will axe a further 400 office and management jobs. LU says it is reviewing all non-frontline services in a bid to cut costs. The announcement comes after unions were enraged over the loss of 800 ticket office jobs, which has led to industrial action on the underground. Two [...]
Credit rating agency, Moody’s, today warned it may downgrade Ireland’s credit rating again, due to its ailing banking system. In addition, the agency said weak economic growth and rising borrowing costs could lead to the further cut. In July, Moody’s cut Ireland’s sovereign bond rating to Aa2 from Aa1. Other agencies, Standard & Poor’s and [...]
The former deputy Governor of the Bank of England, Sir John Gieve, has today warned against further quantitative easing (QE). QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital. The Bank embarked on its £200 billion [...]
Government data has today revealed a further slowdown in Japanese exports in August – the sixth consecutive month in which they have eased. The figures raise concern that the economic recovery is faltering. Exports rose 15.8% in August to 5.22 trillion yen on an annual basis – well below the 45.3% high seen in February. [...]
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) eased further to 3.2% in June – down from 3.5% in May. However, the rate was slightly higher than the 3.1% economists expected but has eased from the 17-month high of 3.7% in April. While the level still far exceeds the 2% [...]
The Unite union, which represents British Airways (BA) cabin crew, has confirmed a fresh ballot for its members, suggesting further industrial action at the airline. The news comes as cabin crew stage their final day of a series of strikes. The strikes took place on: 24-28 May, 30 May-3 June and 5-9 June. The fresh [...]
Nationalised Northern Rock has announced it will axe a further 650 jobs by the end of the year as it prepares to return to the private sector. The reduction in headcount is part of the bank’s radical turnaround plan and comes just one week after it said it is to close its banking operation in [...]
Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it will axe a further 500 positions within its wealth management division, as part of its three-year restructuring plan. Since its bailout at the height of the financial crisis, the bank has shed approximately 23,100 jobs and today’s announcement comes less than a [...]
The Unite union has today announced cabin crew members at British Airways (BA) will strike for four separate five-day strikes in May and June. The further industrial action comes after Unite members rejected a fresh deal for cabin crew earlier this month. Unite said 81% of the cabin crew it represents voted against BA’s offer [...]
The Unite union has said more strikes are possible at British Airways after it “strongly recommended” cabin crew members to reject the latest offer from the airline in a ballot. The offer from BA was aimed at ending a long-running dispute over cost-cutting measures, which include a pay freeze and a switch to part-time working [...]
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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