The International Air Transport Association (IATA) has today reported a slump in premium air travel, attributed to the Japanese earthquake and tsunami and the political unrest in Libya and the Middle East. Passengers travelling business or first class on international routes were 2.9% higher on an annual basis in March, compared with a 7.8% rise [...]
According to the World Bank, soaring food prices have pushed more than 40 million people into poverty in the last year. Worryingly, a further 10% increase in food prices would push 10 million below the extreme poverty line – defined as an income of less than $1.25 a day. Robert Zoellick, World Bank president, was [...]
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. However, the forecasts have been revised on the back of surging oil prices, according to the industry body. IATA said global airlines will make a profit of $8.6 billion (£5.3 billion) for 2011 – down from the $9.1 billion it [...]
British companies should look east for the most profitable business opportunities, HSBC has claimed. Research by HSBC Commercial Banking found 14% of UK companies recognised the importance of eastern consumers in developing lucrative business opportunities. If British businesses are to compete in the global marketplace, they must take note of this “fundamental and fast paced [...]
A new Islamic bank in Kuwait is to be 76% owned by the country’s 1.1 million citizens. The remaining 24% of Warba Bank will be owned by the state-run Kuwait Investment Authority, the country’s sovereign wealth fund. The Kuwaiti government has given the bank a capital of 100 million dinars ($350 million), making the stake [...]
Shares in Barclays have received a much-needed boost this morning after it reassured investors that it was on target to announce profits of over £5.3 billion for 2008. Shares in the banking giant were up 19.7p (38.5%) at 70.9p in early trading today as an open letter from chairman Marcus Agius and chief executive John [...]
It has been revealed that Barclays could see its Middle East investors gain majority control of the bank as a result of a clause in the terms of the deal. In October, Barclays rejected the Government’s bailout package and announced that it was raising £5.3 billion from investors in Qatar and Abu Dhabi, who took [...]
Last month, Barclays declined financial assistance from the UK Government and instead announced it was to raise £7.3 billion, primarily from Middle East investors. However, Barclays’ shareholders were believed to be infuriated at the generous terms offered to overseas investors and, as a result, the Association of British Insurers (ABI) was asked to get involved [...]
Barclays has declined financial assistance from the UK Government and is instead looking to raise £7.3 billion, primarily from Middle East investors. The bank has secured a £5.8 billion cash injection from investors in Qatar and Abu Dhabi, and once the deal is finalised, the Middle Eastern investors will hold a 32% stake in Barclays. [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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