Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 30% rise in third quarter operating profit. The company, which was badly hit by the housing market downturn, said strong revenue growth in the US helped to offset weaker trading in the UK. The plumbers’ merchant said profits for the [...]
Crisis-torn Northern Rock has today announced it will reduce headcount by a further 680 as part of another restructure. According to the lender, which was nationalised in February 2008, the job losses are necessary as part of a cost-cutting exercise and would affect employees “at all grades across the company”. Less than 2,000 people will [...]
Telecoms company Talk Talk has today announced plans to axe 580 administration jobs as part of a major restructure. The job losses, which represent 13% of its UK workforce of 4,500, are due to overlap within the company after acquiring three separate businesses via acquisitions, which includes Tiscali last year. “This has created a level [...]
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) – a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a [...]
Nationalised Northern Rock has announced it will axe a further 650 jobs by the end of the year as it prepares to return to the private sector. The reduction in headcount is part of the bank’s radical turnaround plan and comes just one week after it said it is to close its banking operation in [...]
Royal Dutch Shell has today reported a 49% rise in first quarter profits as a result of higher oil prices. The oil giant said profits totalled $4.96 billion (£3.2 billion) in the three month period – up 49% on the same period a year ago and much higher than the $1.2 billion profit in the [...]
Lufthansa has announced it is planning to save £100 million pound at airline BMI, which involves slashing almost one quarter of its capacity and the loss of 800 jobs. The German owner also said the restructure will see BMI’s name changed back to its former name – British Midland International – believing that British Midland [...]
As expected, Japan Airlines (JAL) has today filed for bankruptcy protection. The airline, which is Asia’s biggest carrier, has been struggling amid the global economic downturn and has been grappling with a mountain of debts of around $16.5 billion (£10 billion). The Japanese Government has said that flights will operate as normal and the airline [...]
Japan Airlines (JAL) is expected to file for bankruptcy protection today in a move that will see the loss of 15,000 jobs at Asia’s largest carrier. Shares in the troubled airline have been plummeting over recent days as a bankruptcy filing seemed unavoidable. Yesterday, shares fell to a fresh low of 5 yen, having fallen [...]
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 [...]
Struggling Japan Airlines (JAL) has been offered another financial lifeline, this time from American Airlines and private equity firm TPG. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which has led to a slump in demand. Many airlines have been forced out of business as fewer people are [...]
Shares in Dubai continued their decline today following the country’s debt crisis after the stock market closed 5.61% down. Abu Dhabi lost 3.57%, while Qatar’s main index closed down 8.27%. However, in a bid to calm investors fears, the president of the United Arab Emirates has attempted to reassure them by issuing a statement saying [...]
Low-cost airline bmi has announced plans to axe around 600 jobs as part of a restructuring plan. The carrier, like many others around the world, has been hit by a slump in demand, higher fuel prices and increased competition. The economic downturn has meant many airlines have been forced out of business as fewer people [...]
Jaguar Land Rover has confirmed it is to shut one of its sites in the West Midlands due to a restructure of its operations. The group will decide next year whether it will close its Castle Bromwich plant in Birmingham or its Range Rover factory in Solihull. While the closure of the plant is not [...]
Struggling Japan Airlines (JAL) has confirmed it has asked the Government for public funds to strengthen its capital base and save it from collapse. The news comes just a week after the loss-making carrier announced plans to cut its operating schedule and reduce headcount by almost 7,000. JAL president, Haruka Nishimatsu, said he is also [...]
A major restructure at US pharmaceutical giant, Eli Lilly, is set to put UK jobs at risk. The company has announced details of a restructuring programme, which it described as the most significant in its history, will see global headcount reduced by 14% over the next two years. The Indianapolis-based drugs company, which has a [...]
US car giant General Motors (GM) has today declared itself bankrupt, symbolising the largest collapse of an industrial company in US history. The move, which has the support of the US Government, was widely expected in the wake of plummeting car sales. According to the Obama Administration, the US Government will take a 60% stake [...]
In a bid to strengthen and relaunch US carmaker, Chrysler, the company is set to file for Chapter 11 bankruptcy protection immediately. The procedure will see the company gain protection from its creditors and according to President Obama, give the company “a new lease of life.” Detroit-based Chrysler was given a deadline (which ends at [...]
There is now a definitive separation between car firms Daimler and Chrysler after the German carmaker has reached a deal to give up its 19.9% stake in the US firm. The agreement will also see Daimler forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statements, said [...]
Struggling US carmaker General Motors (GM) has announced further job cuts to its workforce with 21,000 US jobs to be axed. GM, which is the world’s largest carmaker, has a deadline of 1 June to restructure the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy protection. So far, [...]
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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