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12th of July 2011
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News Tag: new

June 2, 2011

Moody’s downgrades Greece credit rating further

by Kay Mitchell
”Moody’s
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 to fail to stabilise its debt ratios within ...




April 2, 2011

State pension reforms to be unveiled next week

by Kay Mitchell
State pension reforms to be unveiled next week
Details of the new flat-rate state pension will be unveiled next week by the Government. In last month’s Budget, it was announced that the new pensions system should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. The basic state pension will see the ...




March 23, 2011

US new home sales fall to record low

by Kay Mitchell
US new home sales fall to record low
The Commerce Department has today revealed sales of new homes in the US dived to a record low last month. According to the Commerce Department, new single-family home sales plunged 16.9% to an annual rate of 250,000 units - the lowest since records began in 1963. Analysts had expected a rate of 290,000 units. However, despite the fall, analysts are ...




March 10, 2011

UK car sales continue downward trend

by Kay Mitchell
”UK
The Society of Motor Manufacturers and Traders (SMMT) has revealed UK car sales fell by 7.7% in February compared with the same month in 2010. However, traditionally February is a quiet month for the car industry, with many waiting for the new number plate in March. The continuous fall in sales was expected due to the withdrawal of the scrappage scheme. The SMMT ...




March 8, 2011

Government to unveil overhaul of pensions system

by Kay Mitchell
Government to unveil overhaul of pensions system
Work and Pensions Secretary, Iain Duncan Smith, will unveil plans to simplify the pensions system so that it "pays to save" for retirement. According to Mr Duncan Smith, it should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women. He is expected to say: "We ...




February 28, 2011

Northern Rock to launch 90% LTV mortgage range

by Kay Mitchell
Northern Rock to launch 90% LTV mortgage range
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit crunch more than three years ...




February 24, 2011

US new home sales in sharp decline in January

by Kay Mitchell
US new home sales in sharp decline in January
The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January. According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units. On an annual basis, January sales were down 18.6%. However, the fall has been attributed to the ...




January 17, 2011

Coalition to encourage shared maternity leave

by Kay Mitchell
”Coalition
Deputy Prime Minister Nick Clegg will today outline proposals which will encourage fathers to take parental leave. Mr Clegg described the current system as "Edwardian" and, as a result, the coalition Government will consult on a "proper" system of shared parental leave to be introduced in 2015. Currently, men are entitled to take two weeks off after the birth of a child. However, ...




November 18, 2010

Licensing scheme for estate agents to be launched

by Kay Mitchell
Licensing scheme for estate agents to be launched
A new licensing scheme for estate agents is to be launched. aimed at protecting consumers from unqualified estate agents. According to the National Association of Estate Agents (NAEA), most estate agents are reputable but anyone can start up as an estate agent in the UK without qualifications or formal checks. The new scheme was described by Housing Minister, Grant Shapps, as ...




November 16, 2010

Taylor Wimpey sees trading in line with expectations

by Kay Mitchell
Taylor Wimpey sees trading in line with expectations
Housebuilder Taylor Wimpey today said it had experienced a homebuyer slowdown, as a result of the Government’s spending cuts, which has deterred potential buyers. Its comments echo those of Persimmon who yesterday said there was little evidence of the traditional autumn period which usually sees families flock to new housing developments as the school summer holidays end. However, Taylor Wimpey, which ...




November 15, 2010

CBI names John Cridland as new director general

by Kay Mitchell
’CBI
The Confederation of British Industry (CBI) has today confirmed John Cridland will take over the role as director general, when Richard Lambert steps down in January. Earlier this year, Mr Lambert said he would step down when his five-year term ends at the start of 2011. Mr Lambert has been with the lobby group since July 2006 when he replaced Sir ...




November 4, 2010

Bank of America Merrill Lynch to trim BlackRock stake

by Kay Mitchell
Bank of America Merrill Lynch to trim BlackRock stake
Bank of America Merrill Lynch and PNC Financial Services are to reduce their stakes in BlackRock - the world’s largest money manager. Bank of America will dispose of 42 million shares via a secondary offering worth more than $7 billion (£4.35 billion). Bank of America has been exploring ways to offload the stake as it tries to sell off ...




September 14, 2010

Thousands of financial sector jobs lost since Rock crisis

by Kay Mitchell
’Thousands
A report has revealed around 100,000 finance jobs have been lost since the onset of the credit crisis three years ago. On the third anniversary of the run on Northern Rock, there have been significant job losses within the sector. The Unite union said that little had changed to improve the regulatory regime in order to prevent another meltdown. Unite ...




Indian inflation rate eases to 8.5% in August

by Kay Mitchell
”Indian
India's inflation rate fell last month to its lowest level since January, Government data showed today. Headline inflation eased to 8.5% in August from a revised 9.8% in July - however, this partly due to a change in the way the index is calculated. The new index includes a wider range of consumer goods, such as computers, scooters and refrigerators. August's ...




September 7, 2010

London Stock Exchange revamps website for private investors

by Gill Montia
London Stock Exchange revamps website for private investors
The London Stock Exchange (LSE) has launched a new website aimed at better addressing the needs of private investors and the retail community generally. The portal now includes: New data on International markets and share of trading. Daily news updates through live newsfeeds from Dow Jones and Digital Look. A personal finance news page that includes regular updates for private investors. Enhanced company summaries, ...




July 29, 2010

Default retirement age to be scrapped from October 2011

by Kay Mitchell
Default retirement age to be scrapped from October 2011
A shake-up of the retirement system will see the default retirement age scrapped in the UK from October 2011. Under new Government proposals to be unveiled later today, employers will no longer have the legal right to terminate the employment of a 65-year-old. Charities such as Age UK and activists have welcomed the new proposals as a "victory" against ...




July 13, 2010

Mortgage lenders’ responsibilities redefined

by Gill Montia
...




June 28, 2010

New ATMs launched to boost circulation of £5 note

by Kay Mitchell
’New
In a bid to boost circulation of the £5 note, ATMs which only dispense fivers have been installed across Britain, following a two-year trial in London. Almost two dozen machines, run by the ATM operator Bank Machine, have been installed in various locations, including Manchester, Stroud, Oxford, Cardiff and Portsmouth. The 21 new £5-only machines will be housed in ...




June 27, 2010

BA makes new offer to cabin crew to prevent further strike action

by Kay Mitchell
’BA
The Unite union last week announced plans to ballot its 12,000 cabin crew members on Tuesday, however, it will now be postponed following an offer from British Airways (BA). So far, cabin crews have held 22 days of strikes after being involved in a long-running dispute with the airline over cost-cutting measures, which include a ...




June 24, 2010

Lloyds TSB reduces overdraft charges

by Kay Mitchell
”Lloyds
From 2 December, Lloyds TSB will reduce the overdraft fees on its current accounts. The move comes just a month after the new coalition Government said it would introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The banking industry was successful in a legal battle last year against the Office of Fair ...




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