A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]
The bailout package for Ireland has finally been signed off after days of negotiation between the Irish authorities, the EU, the European Central Bank and the International Monetary Fund (IMF). Full details of the rescue package, which is worth €85 billion (£72 billion), will be confirmed by the Irish Government once it has been approved [...]
Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek debt crisis earlier this year. There have been reports over the weekend that Irish officials have already held discussions with the European Financial Stability [...]
The former “Celtic Tiger” economy is sending jitters throughout the euro zone today after borrowing costs surged to record highs. Rumours of financial aid for the economy increased and come just months after Greece’s debt crisis. However, claims that Ireland will have to turn to the EU rescue fund have been denied but developments are [...]
Greece’s finance minister, George Papaconstantinou, has said talks with the International Monetary Fund (IMF) about emergency loans are progressing well. Last week, the debt-ridden economy called for emergency funding from the IMF and its euro zone partners. Emergency loans of up to €30 billion (£26 billion) are expected to be provided in the first year, [...]
The euro has started to recover after details of a loan package emerged over the weekend for debt-ridden Greece. The currency rose by more than 2 cents (1.5%) against the dollar, to $1.3672, while it also gained on the pound to 88.408p. Yesterday, finance ministers of the euro zone nations agreed to provide emergency loans [...]
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 [...]
Investors continue to lose confidence in the euro after it fell further yesterday on fears over its rescue deal. The euro was down by more than a cent (1%) against the US dollar, at $1.3376, while it lost half a penny against the pound to 87.820p. The risk premium on Greek bonds also increased greatly. [...]
The price of US crude oil has moved back above the $80 a barrel mark, while London Brent climbed 58 cents to $78.64, extending last week’s gains. The rise, which is a six-week high, resulted in the FTSE 100 opening higher today and lifted the euro 0.2% after reports of a rescue for debt-stricken Greece. [...]
Britain’s largest building society, Nationwide, posted a slump in first half profits and provided a gloomy assessment of the housing market as it unveiled its results. Nationwide said pre-tax profits for the six months to September 30 were £143 million, a fall of 62% compared with the £374 million posted a year earlier. The company [...]
The Congressional Budget Office (CBO) yesterday announced that the US budget deficit could hit a record $1.4 trillion (£877 billion) in the fiscal year to 30 September 2009. The previous record deficit was $459 billion – set last year. The CBO said the forecast federal deficit for the 2009 fiscal year was the highest shortfall [...]
It has been confirmed this morning that West Bromwich Building Society has agreed a deal that will see the 160-year-old institution saved from collapse. The deal will see £182.5 million of subordinated debt converted into capital to strengthen the mutual’s balance sheet. The society said the new deal will “materially strengthen the society’s core tier [...]
It is understood that the West Bromwich Building Society is to be rescued within days after weeks of speculation about its future. However, savers and mortgage borrowers have been assured that it’s business as usual since the rescue will not affect customers. There were talks last month that the country’s eighth largest building society was [...]
Thousands of UK jobs are at risk today after van maker, LDV, has been forced into administration after a deal with Weststar (the Malaysian vehicle importer and contract manufacturer) collapsed. LDV has been struggling of late and sought financial assistance from the Government earlier this year after it said it was “literally running out of [...]
There have been reports over the weekend that West Bromwich Building Society is in rescue talks. The Sunday Times has reported that the Financial Services Authority is seeking a bidder for the mutual, which was one of nine building societies to have its credit rating downloaded by Moody’s last month, due to concerns they will [...]
Crippled van maker LDV, owned by Russian oligarch Oleg Deripaska, announced yesterday that the company had applied to go into administration on 6th May, but trade unions are calling for the government to give a £4 million bailout sum, in order to keep the manufacturer going while rescue talks are underway. LDV is faced with [...]
It has been confirmed this morning that the Nationwide is to buy the Dunfermline Building Society’s branches, good loans and deposits. It was reported over the weekend that Scotland’s largest Building Society had collapsed after last-minute rescue attempts failed. The institution, which was established in 1869, will see Nationwide take on its 500+ staff and [...]
Dunfermline Building Society, established in 1869, has collapsed after last-minute rescue attempts failed. The British financial institution, which has a workforce of around 500 across more than 30 branches, is to be auctioned off to the highest bidder with The Sunday Times reporting that Santander, National Australia Bank and Bank of Ireland are potential bidders. [...]
The Government has announced a second rescue package worth £200 billion for the banking system which will insure British banks against losses from bad loans. The plan is designed to prevent the financial crisis from getting worse and to improve confidence and the banks’ ability to lend. Under the terms of an insurance scheme, banks [...]
Bank shares on Friday took a battering amid speculation that more financial institutions will have to be rescued by the Government. Barclays stock was down 25% to its lowest level since 1993, while Royal Bank of Scotland lost 13%, the latter is 57.9% owned by the Government. Last week alone, Lloyds TSB saw its shares [...]
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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