Allied Irish Banks (AIB), which was the fourth Irish bank to be nationalised, has today revealed a loss of €10.16 billion (£9 billion) for the 2010 year, compared with a loss of €2.3 billion the previous year. Meanwhile, the bank also announced it would axe more than 2,000 jobs in 2011 and 2012 in order [...]
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year – after already divulging its chief executive, Stephen Hester, received a [...]
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 [...]
Oil giant BP has today posted a loss of $4.9 billion (£3.1 billion) for the 2010 year – much higher than analysts has expected. The loss, which was the first in almost 20 years, was attributed to costs related to the oil spill in the Gulf of Mexico. An explosion on a BP oil rig [...]
The Bank of America has today reported its second consecutive quarterly loss – primarily due to the writedown of its mortgage business, Countrywide. The bank, which is the largest in the US by assets, today disappointed analysts with a fourth quarter net loss of $1.24 billion (£775 million), compared with a $5.2 billion loss a [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it has plummeted back into the red with a £1.4 billion ($2.3 billion) pre-tax loss during the third quarter. This compares with a loss of £1.8 billion in the same period a year earlier but also compares unfavourably with [...]
Germany’s largest lender, Deutsche Bank, today announced a loss for the third quarter, owing to its take over of retail bank, Postbank. The bank reported a net loss of €1.2 billion (£1.05 billion), compared with a €1.39 billion profit in the same period last year. However, the figures still beat forecast of a €1.48 billion [...]
Germany’s largest bank, Deutsche Bank, today saw its shares fall after issuing a profit warning. The banking giant said its takeover of retail bank, Postbank, would lead to a €2.3 billion loss. Shares fell 8% to €41.12 on the news. In order to fund the takeover, the bank has launched a €10 billion (£8.1 billion) [...]
Oil giant BP has today reported a massive loss of $16.9 billion in the three months to June as a result of the major oil spill in the Gulf of Mexico. The company added that costs related to the spill will reach $32.2 billion (£20.8 billion). Excluding oil spill and other non-operating costs, BP’s replacement [...]
British Airways, which is facing fresh strikes over the next few weeks, has today reported a record £531 million annual loss. The latest results, which cover the 12-month period to the end of March, include the estimated £40 million loss from the cabin crew strikes which took place during the month. However, they do not [...]
The economic downturn appears to still be battering the airline industry after Air France-KLM reported a net loss of €691 million for the three months ending March, compared to a loss of €479 million in the same period a year ago. This took its annual loss for the full year to €1.55 billion (£1.33 billion) [...]
Anglo Irish Bank, which was nationalised in January 2009, has admitted to experiencing a difficult 15-months. The bank has announced it made a loss of €12.7 billion (£11.4 billion) for the 15 months to the end of December. The news came just a day after the Bank of Ireland reported a loss of €1.8 billion [...]
Japan Airlines (JAL), which last month filed for bankruptcy protection, has today posted a net loss of 177.9 billion yen (£1.31 billion, $2 billion) for the nine months to December 2009. The airline’s executive officer, Norikazu Saito, told reporters it suffered an operating loss of 120.8 billion yen on sales revenue of 1.14 trillion yen [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, has today posted a full-year loss of £6.3 billion. Lloyds is the third major UK bank to report its 2009 results. Yesterday, Royal Bank of Scotland (RBS) posted a £3.6 billion loss, while last week, Barclays announced record profits of more than £11 billion – [...]
British Airways (BA) has today reported a £50 million loss in the three months to December 31 2009, compared with the £122 million it lost in the same period a year earlier. However, the loss was much less than analysts’ predictions for a £151 million loss. Meanwhile, the airline posted a surprise £25 million operating [...]
Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans. The bank said it repaid $20 billion to the US Government during the 2009 year. The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) [...]
Swedish telecoms equipment firm Ericsson has today reported a worse-than-expected 71.5% fall in profits in the July to September period. The Stockholm-based group said net profit was 810 million kronor (£71.2 million), compared with a 2.84 billion kronor in the same period a year earlier. In the same period, sales were down by 5.6% to [...]
Bank of America has today unveiled a $1 billion (£612 million) net loss for the third quarter – worse than the market had expected. The figure compares with a net profit of $3.2 billion in the second quarter and $1.2 billion in the same period a year earlier. The banking giant is the fourth major [...]
The world’s largest phone maker, Nokia, has today posted a loss for the July to September period sending its shares falling 4% as the market digested the news. The group said it made a net loss of €913 million (£838 million) for the period, compared with a profit of €1.1 billion in the same period [...]
Camera retailer Jessops has today secured a deal that will save the company. The struggling retailer has been hit by a shift to digital photography and the economic downturn which has meant it has been fighting to survive. The company, which trades from more than 200 stores in the UK, is undertaking a solvent restructure [...]
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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