US banking giant Goldman Sachs has today reported a fall in third quarter profits. Goldman Sachs, which is the US’ largest investment bank, made a net loss of $393 million (£250 million) for the third quarter compared with profits of $1.9 billion a year earlier. The bank said trading was “significantly impacted” by the euro [...]
A 24-hour strike is underway in the UK as public sector workers protest against pension reforms. The Public and Commercial Services (PCS), which is Britain’s largest civil service union, as well as three teaching unions, are protesting against changes to their pensions. The industrial action will result in Britain’s worst strike for decades and will [...]
Australia’s flagship airline, Qantas, has been forced to suspend all flights to and from Canberra, Adelaide and Sydney because ash cloud from the Chilean volcano has drifted. The ash cloud from the Puyehue volcano, which erupted on 4 June, has once again moved into Australian airspace and is currently sitting at the same altitude that [...]
Australia has posted its first trade deficit for 11 months in February after flood and cyclone disasters led to a fall in coal and agricultural exports. The Australian Bureau of Statistics published a deficit of AUS$205 million (£131 million), from a downwardly revised surplus of AUS$1.433 billion the previous month. Analysts were shocked by the [...]
On 6th April, Finance Markets published an article entitled “HIPs get all-clear on influencing sales volumes” reporting that the Association of Home Information Pack Providers (AHIPP) had announced there has never been a correlation between the number of new properties put up for sale and the introduction of the HIP. However, researcher Ipsos MORI, which [...]
A study by Lloyds TSB Commercial has revealed the impact the big freeze had on the UK’s small and medium-sized companies (SMEs) earlier this year. According to the research, the coldest winter in decades cost SMEs more than £7 billion. Seven out of ten small firms were severely affected with snow and ice hitting deliveries [...]
Figures from the Insolvency Service today highlighted the impact that the recession has had on many individuals. According to the organisation, the number of people declared insolvent in England and Wales reached a record high in the last three months of 2009. There were 35,574 people declared insolvent in the last three months of the [...]
Profits at telecommunications giant British Telecom (BT) plummeted in the six months to 30 September by 45%, as a result of its major restructure, which resulted in the loss of 15,000 jobs. The company, which increased its cost-cutting target for the year from £1 billion to £1.5 billion, made a pre-tax profit of £547 million [...]
HSBC Insurance is warning consumers to review their finances amid the current economic climate. The fact remains that many have had to tighten their purse strings but HSBC Insurance is urging consumers to review their finances in order to limit the adverse impact of the economic downturn on their finances in the future. The insurer [...]
Independent brand valuation consultancy, Brand Finance plc, has revealed the extent the credit crunch has had on the technology sector after the economic downturn has wiped $67 billion (£37.5 billion) off the top 100 global and US brands. In March this year, the organisation published its report on the 500 most valuable Global Brands. 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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