The latest quarterly report released by the White House has revealed the multi-billion dollar stimulus package created between 2.5 and 3.6 million jobs. This was higher than an original estimate of 2.2 million to 2.8 million jobs and suggests the package has been even better for the economy than previously thought. Furthermore, the report suggested [...]
It has been reported that around 1,100 Vauxhall jobs could go as a result of Canadian parts maker Magna’s restructuring of Opel. While full details have not yet emerged, there is speculation that the Luton plant will be worst hit but jobs will also go at Ellesmere Port. Vauxhall has around 5,500 workers at the [...]
A report has warned of challenging times for school leavers this summer, according to the Prince’s Trust and the University of Sheffield. According to the figures, a record number of school leavers could be claiming Jobseeker’s Allowance and those leaving school with no GCSEs at all are twice as likely to sign on. Professor Danny [...]
Hewlett-Packard (HP), the world’s biggest maker of PCs and printers, has reported a fall of 17% in quarterly profit as a result of weak consumer demand. In the three months to the end of April, HP said net profit totalled $1.7 billion (£1.1 billion) compared with $2.1 billion in the same period a year ago. [...]
Telecoms giant BT has today announced plans to axe 15,000 jobs this year – with the majority being in the UK. The group also announced a full-year loss of £134 million due to a poor performance within its Global Services unit – which has written down £1.3 billion within the division. The loss of £134 [...]
Figures released by the US Labor Department have revealed that the US jobs market might be improving. According to the data, 539,000 jobs were lost in April, which exceeded the 600,000 economists had predicted and far less than the 699,000 jobs lost in March. The country’s unemployment rate now stands at 8.9%, up from the [...]
The UK’s largest engineering company, BAE Systems, is to shut three factories in Telford, Leeds and Guildford by Christmas and is to axe 500 jobs. The announcement is primarily due to the withdrawal of British troops from Iraq and the axe will be wielded in the combat vehicles and weapons division. Today’s announcement follows the [...]
Struggling US carmaker General Motors (GM) has announced further job cuts to its workforce with 21,000 US jobs to be axed. GM, which is the world’s largest carmaker, has a deadline of 1 June to restructure the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy protection. So far, [...]
Lloyds Banking Group has confirmed it is to axe 985 jobs over the next two years at its motor finance unit, after a detailed review established that the division was “no longer financially viable”. The move comes as Lloyds looks to cut costs after the bank was created following the merger of Lloyds TSB and [...]
A consumer confidence survey by the Nationwide has revealed that individuals are fearful about losing their jobs after the building society’s confidence index fell from 43 in February to 41 in March. According to Fionnuala Earley, Nationwide’s chief economist, “Overall consumer confidence has remained broadly stable since the start of the year, but feelings about [...]
A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months. According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take [...]
Swiss banking giant, UBS, has reported a full-year loss of SwFr19.7 billion (£11.3 billion) following a turbulent year in the banking industry. Furthermore, the bank, which is Switzerland’s largest, reported a fourth quarter loss of SwFr8.1 billion. UBS said it plans to refocus on its domestic market after a turbulent year overseas and is to [...]
Rightmove is cutting staff numbers by 20% and making 60 people redundant. The property website, which advertises around 90% of homes for sale in the UK, has seen sales plummet and is now joining High Street estate agents in laying-off staff. The company says that while these are the first redundancies it has made as [...]
Switzerland’s largest investment bank, UBS, has announced it is to axe a further 1,900 jobs in its investment banking, equities and fixed income units. The news follows that yesterday from PricewaterhouseCoopers, administrators of Lehman Brothers’ European division, who said 750 workers are to lose their jobs with immediate effect. With regard to the job losses [...]
The UK economy has ground to a halt after data from the Office for National Statistics (ONS) revealed that it did not grow at all in the second quarter of 2008. The ONS said growth was 0% in the second quarter, below the 0.3% figure recorded for the first quarter of the year. Many analysts [...]
HBOS is closing 53 branches of it Halifax estate agency. The banking group, which owns leading UK mortgage lender, Halifax, recently reported a 72% fall in first-half profit and has also been embarrassed by its £4 billion fundraising, which attracted the support of only 8% of shareholders. It is now in the process of reviewing [...]
Yesterday’s announcement that housebuilder Persimmon has cut around 2,000 jobs since the start of the year has been followed by further gloomy news from Bovis Homes and Redrow, which are also reducing staff numbers. The firms expect to cut 400 and 550 jobs respectively, blaming the losses on the credit crisis and high mortgage costs. [...]
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, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
