Credit ratings agency Fitch has today downgraded two UK banks and placed one on a negative watch. Fitch downgraded Lloyds and Royal Bank of Scotland’s (RBS) long-term credit rating to an A rating from AA-. It also placed Barclays on a negative watch, meaning a downgrade is possible in the future. In a statement, Fitch [...]
Credit ratings agency Moody’s has today downgraded 12 UK financial institutions. The news sent banking shares down in morning trading today with Royal Bank of Scotland (RBS) and Lloyds down by around 3.5%. Moody’s cut its rating on state-owned banks RBS by two notches from Aa3 to A2 and Lloyds TSB by one notch from [...]
Moody’s has lowered the government debt rating of Japan to Aa3 with a stable outlook, from Aa2. The credit rating agency has also taken action on the ratings of most Japanese banks, including Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corporation, with the average downgrade one notch. According to Moody’s, the sovereign downgrade has been [...]
The price of gold rose to an all-time high of $1,589.56 an ounce in early trading today, before falling to $1,584.51. The dollar also fell against the Japanese yen and a weakening US dollar typically results in a rise in the price of gold as the currency generally moves in the opposite direction to the [...]
Credit rating agency Moody’s has today said Britain’s AAA rating is at risk if growth remains weak and the Government’s budget deficit reduction plans fail to meet target. The announcement sent sterling below €1.12 for the first time in four weeks and also lost ground against the US dollar. Weak economic growth has led many [...]
Credit rating agency Moody’s has once again cut Greece’s credit rating by three notches into junk territory. The measures come after Moody’s said the country has a 50:50 chance of defaulting on its debts in the next five years. Moody’s said: “The first trigger for today’s downgrade is Moody’s view that Greece is increasingly likely [...]
Britain’s largest building society, Nationwide, has today posted a surge in underlying pre-tax profits. Nationwide said pre-tax profits fell 7% to £317 million – primarily due to accounting changes. However, underlying profits surged 30% to £276 million in the year to 4 April. Meanwhile, the amount written off for bad loans to customers dropped by [...]
Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the [...]
Ratings agency Moody’s has downgraded its rating of Irish banks by two notches to junk status. The downgrade comes just a week after Moody’s downgraded Ireland’s sovereign debt rating. Today’s downgrade means Bank of Ireland is now rated Ba1 while AIB, EBS and Irish Life & Permanent are rated Ba2. Moody’s said there is a [...]
After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]
Portugal is looking to sell as much as €1 billion in short-term Government debt today – in a bid to help service its debts. The Government is expected to be able to issue 6 and 12-month treasury bills but the debt auction comes after Moody’s downgraded the credit ratings of seven Portuguese banks citing weakened [...]
Moody’s Investors Service has today downgraded Portugal’s debt rating, for the second time in less than a month, by one notch to Baa1 from A3. Moody’s also warned that a further downgrade is possible as a bailout becomes increasingly likely for the debt-laden country. It said the downgrade was “driven primarily by increased political, budgetary [...]
Portugal has had its sovereign debt rating downgraded by Moody’s by two notches to A3 from A1 and kept the rating on a negative outlook – suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal [...]
Spain has been dealt a further blow today after Moody’s ratings agency cut the country’s debt by one notch to Aa2 from Aa1. In a statement, the agency said: “(Moody’s) believes there is a meaningful risk that the eventual cost of the recapitalisation effort could considerably exceed the government’s current projections.” The downgrade comes just [...]
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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