The world’s largest technology company by sales, Hewlett-Packard (HP), has today announced it is to reduce headcount by 9,000. The Palo Alto, California-based company said the job losses will be the result of productivity gains and automation, in order to provide “next-generation services” which will benefit clients. It said: “As a result of productivity gains [...]
A survey among UK companies has found that confidence has surged to a level not since the summer of 2006. BDO’s Business Trends index, which covered 11,000 companies from a range of industries, rose to 103.2 in March from 99.4 – the highest in almost four years. In addition, the output index grew to 102 [...]
Dutch pensions giant ABP has invested $30 million in a global private equity microfinance fund from Grassroots Capital. The move brings ABP’s total holdings in microfinance debt and private equity to $215 million. “This kind of investment is particularly suitable for a pension fund, as it aims to achieve double bottom line returns,” said Jan [...]
The Federal Labour Office has today announced the number of jobless in Germany grew by 7,000 in February compared with January, taking the country’s unemployment rate to 8.7% – from 8.6% the previous month. The total number of unemployed in Europe’s largest economy now stands at 3.43 million. However, today’s figures were less than economists [...]
The Munich-based Ifo think tank today announced confidence among German firms has unexpectedly fallen for the first time in 10 months. The Business Climate Index fell from 95.8 in January to 95.2 in February – analysts had expected a rise. The euro dipped after the news but according to Hans-Werner Sinn, the Ifo’s president, business [...]
Clydesdale Bank has launched a new one-year fixed-rate bond paying interest at 4.5%. The bond is exclusively available to customers also taking out an AXA investment product with the bank. Savers must invest at least £2,000 in the bond, and the equivalent in an AXA investment product. No withdrawals can be made from the bond. [...]
The Munich-based Ifo think tank today announced that confidence among German firms has risen to its highest level in 18 months. The Business Climate Index rose for the tenth consecutive month from 94.6 in December to 95.8 in January – exceeding analysts expectations. In the meantime, business expectations, which form part of the index, increased [...]
According to the GfK market research group, consumer confidence in Germany is waning after the group’s climate index stood at 3.2 points in February, falling from a revised 3.4 in January. The forward-looking consumer confidence indicator, which is based on a survey of 2,000 Germans, is being hit by the fear of rising unemployment which [...]
The pound gained ground against the euro yesterday as US food giant Kraft announced its takeover of British confectioner Cadbury. The pound rose to a four-month high to 1.1477 euros as the takeover reflected the attraction of overseas companies investing in the UK, according to analysts. Furthermore, higher than expected inflation figures boosted the prospect [...]
The latest quarterly report from the Ernst & Young Item Club is forecasting “a decade of pain” for the UK economy, with growth only expected to be 1% this year. The UK economy, which has now contracted for six consecutive quarters, has been lagging behind other economies and is now the last major economy that [...]
The Federal Statistics Office has today revealed that the German economy, which is Europe’s largest, contracted by a record 5% in 2009 – the first time in six years the economy had shrunk and the deepest since World War II. The record contraction was due to a slump in demand in exports and investment. In [...]
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the [...]
Pub chain JD Wetherspoon brings some good news to the economy today by announcing it is to open 250 new pubs and create 10,000 jobs. The new pubs will be located in Sheffield, Livingston, Leominster, Otley, New Malden, Liverpool, Haverfordwest and Newcastle and are part of a £250 million investment over a five-year period. JD [...]
Berkshire Hathaway, the investment group controlled by respected US billionaire investor, Warren Buffett, has recovered from its poor performance in 2008 and announced a surge in net profit. The group said net profit was $3.2 billion (£1.9 billion) in the three months to September, compared to $1.1 billion in the same period a year earlier. [...]
The New York Stock Exchange (NYSE) has today announced plans for a “satellite office” in Belfast, Northern Ireland, which is set to create around 325 jobs. The news will be welcomed by officials and ministers from the Northern Ireland executive who have been fighting hard for more US investment in the province as part of [...]
The recession has had a major impact on the job market with companies firing rather than hiring but today Taiwanese company Kenmark, which makes LCD televisions, has announced it is to open a factory in Corby, Northamptonshire, with new jobs up for grabs. Corby will act as the company’s Eurohub and will create 500 jobs [...]
The UK government is set to invest £5 million in socially responsible businesses. Angela Smith, charities minister, said the money would provide “the missing link between social enterprise and finance.” Smith announced the investment at this month’s Social Investment Conference, and said she fully supports plans for a Social Investment Wholesale Bank. “I am keen [...]
Barclays Wealth has relaunched its Regular Income Bond with an increased term of six years. The bond, which is linked to the FTSE 100, was previously offered on a five-year term. Returns on the bond are fixed at 7% annually, or 0.57% per month, irrespective of index performance. A capital guarantee is also included, provided [...]
Leeds Building Society has launched a new three-year fixed-rate postal bond paying interest at 4.30%. Customers requiring a regular income from their savings can opt to have interest paid monthly at 4.11% AER. Savers investing in the bond can access up to 10% of the initial amount invested without notice, penalty free. A minimum investment [...]
Scottish Widows Bank this week launched a fixed-rate deposit account paying 5.25% interest over a five year period. Customers can invest between £10,000 and £5 million in the account, and choose to have interest paid monthly, quarterly, or annually. “We are delighted to be bringing a strong 5 year fixed rate savings account 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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