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 [...]
Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]
There are hopes for Greece today after leaders of the euro zone nations have agreed to provide emergency loans to the debt-ridden country. However, Luxembourg Prime Minister Jean-Claude Juncker, speaking for euro zone finance ministers, said that the euro zone countries had not decided to activate the loans, as this would depend on a decision [...]
Shares in troubled Japan Airlines (JAL) plummeted to a fresh low today, losing 24% to 67 yen. The stock plummeted for a second consecutive day amid reports that the carrier is heading towards bankruptcy under a state restructuring plan. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which [...]
A survey by business group British Chambers of Commerce (BCC) has revealed that businesses are cautious about a recovery next year with figures showing that two thirds are planning wage freezes or pay cuts next year. The survey, which questioned 260 companies, also revealed that in a bid to reduce overheads, one in five is [...]
State-owned conglomerate, Dubai World, is to meet with creditors today to discuss its debt repayment plan. The company owes $59 billion of the country’s entire $80 billion debt mountain and is in need of restructuring. This morning, the Dubai Financial Market lost 1.75% as the debt-laden conglomerate commenced talks with over 90 banks to secure [...]
Iceland has unveiled a €1.5 billion (£1.3 billion) scheme to recapitalise its three major banks. The Government will issue bonds to the three new banks it is creating from the collapsed ones. It is hoped the plan will get the banking system on a stronger footing after its three largest banks, Glitnir, Landsbanki and Kaupthing, [...]
US President Barack Obama is pledging to create over 600,000 jobs this summer in the US economy after announcing he will increase his multi-billion dollar stimulus package. The news comes a few days after the US Labor Department revealed that the US economy shed 345,000 jobs in May, taking the unemployment rate up to a [...]
Monday night saw the rejection of the $700 billion (£380 billion) Wall Street rescue plan after days of negotiations between the US Government and lawmakers. The plan failed to receive support from Congress who voted against the proposed scheme. Following the news, stocks throughout the world fell sharply. However, stock markets have recovered slightly after [...]
Following a day of bailouts and nationalisations, it was announced late last night that the US $700 billion (£380 billion) bailout was rejected after it failed to gain support from Congress who voted against the proposed scheme. Talks have been taking place over the last few days between the Government and lawmakers and yesterday the [...]
It was announced earlier today that the $700 billion (£380 billion) US financial bailout plan had been blocked. However, following hours of negotiations today, President George W. Bush has insisted that an agreement would be reached. However, stockmarkets continue to fluctuate due to the uncertainty surrounding the deal. According to the President, there are disagreements [...]
It has been announced that the $700 billion (£380 billion) US financial bailout plan has been blocked sending stockmarkets throughout the world into turmoil. After several hours of discussions with President George W Bush, a group of Republican members of Congress blocked the plan. It is understood that republicans balked at US Treasury Secretary Henry [...]
US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks. The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as ‘an economic Pearl Harbour’. Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve [...]
Shares in London, Europe and Asia have fallen amid doubts over the $700 billion (£378 billion) US Government’s financial rescue plan. While the rescue plan has been welcomed, there are fears about how it will come into effect in practice. In London, the FTSE 100 index lost over 100 points in morning trading to 5,143.05 [...]
The Council of Mortgage Lenders (CML) has drawn up a plan that it believes will address the funding problems in the UK mortgage market. A copy of the blueprint, which the CML says could help to significantly reduce the severity of the downturn in the housing market, have been submitted to the Treasury. Members of [...]
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
