Carpetright has today added to the doom and gloom surrounding the retail sector by announcing a 70% fall in annual profits. The company blamed “very challenging trading conditions” after profits for the year to 30 April came in at £6.6 million – down from £22.3 million a year ago. Meanwhile, annual revenues were down 6% [...]
Figures have today revealed the unemployment rate in Spain rose to 20.5% – twice the euro zone average. According to the Ministry of Labour, there are now 4.33 million people out of work – the highest since 1996. Meanwhile, the benefit claimant count rose by 34,406 people. Spain currently has the highest unemployment rate in [...]
The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. [...]
The Royal Institution of Chartered Surveyors (Rics) has today revealed activity in the UK housing market fell in December as heavy snowfall gripped most of the country during the month. The Institution said new buyer enquiries were down, while new instructions from vendors fell to an 18-month low. Uncertainty surrounding the economy and the ongoing [...]
The Commerce Department has revealed a severe decline in US housing starts for the month of October – falling to a near record low. According to the Commerce Department, construction of new US homes fell 11.7% on a monthly basis to a seasonally adjusted annual rate of 519,000 units – the lowest since April 2009 [...]
Spain’s statistics office has revealed that the country’s unemployment rate has finally fallen – to 19.8% in the July-September period. It was the first fall in unemployment in three years but the rate still remains the highest in Europe. Spain’s jobless rate is almost double the 10% for the euro zone as a whole with [...]
Spanish banking giant, Santander, has today reported a fall in third quarter profits, due to changes on bad loan provisions. The bank, which is the euro zone’s largest, said third quarter profits fell 13% to €2.1 billion (£1.8 billion) as provisions for bad loans hampered results. Before the changes to one-off provisions, which were put [...]
A survey among UK companies has found that confidence has plunged to a level not seen since 1995, as a result of the Government’s tough spending cuts. BDO’s Business Trends index, which covers 11,000 companies from a range of industries, slumped to 97 in May from 103.3 in April – the largest fall since the [...]
Official figures have today revealed that Spain’s unemployment rate has reached 20.05% – the highest level in 13 years. The economy has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. Spain’s jobless rate is double the 10% for the euro zone as [...]
The World Trade Organisation (WTO) said it expects to see a strong recovery in world trade this year after experiencing the sharpest decline in over seven decades. According to the WTO, world trade fell by 12.2% last year as the economic crisis resulted in a slump in consumer confidence and dented demand. The world’s wealthiest [...]
Oil giant Royal Dutch Shell has today announced it will axe a third of its global petrol station network and shed a further 1,000 jobs by the end of next year, as part of its ongoing cost cutting programme. The Anglo-Dutch firm, which is Britain’s second largest oil company, has been hit by a slump [...]
Figures published by the Civil Aviation Authority (CAA) have revealed a severe decline in passenger numbers across UK airports in 2009. According to the CAA, the UK’s airports handled 7.4% fewer passengers in 2009 than in 2008 – marking the biggest drop since records began just after World War II. It was also the first [...]
According to the International Air Transport Association (IATA), the global airline industry is improving, with both passenger and freight numbers expected to grow this year. In January, the industry body said 2009 saw the biggest decline in air passenger traffic since the aftermath of World War II. The global economic downturn had a devastating impact [...]
Oil giant Royal Dutch Shell has today posted a 75% fall in profits for the fourth quarter to $1.2 billion (£755 million), compared with the $4.8 billion the company made a year ago. The Anglo-Dutch company, which is Britain’s second largest oil company, has been hit by a slump in demand for oil from a [...]
The airline industry has been hit hard during the global economic downturn, which has led to a slump in demand for air travel with fewer people travelling. Many airlines went bust during the downturn, not just due to a fall in demand but also as a result of higher fuel prices. According to the International [...]
Swedish telecoms equipment maker Ericsson is to eliminate a further 1,500 jobs, as it posted a 92% slump in fourth quarter profits. The company said net profit for the October to December period was 314 million kronors (£27 million), compared with 3.89 billion kronors in the same period a year earlier. The results were far [...]
The Federal Statistics Office has today revealed that the German economy, which is Europe’s largest, contracted by a record 5% in 2009 – the first time in six years the economy had shrunk and the deepest since World War II. The record contraction was due to a slump in demand in exports and investment. In [...]
Troubled Japan Airlines (JAL) is expected to enter bankruptcy proceedings within the next couple of days, according to reports. It is believed the state-owned Development Bank of Japan has already agreed to the bankruptcy. The airline, which is Asia’s largest carrier, is grappling with a mountain of debt and it is currently under the watchful [...]
The Economy Ministry in Berlin has today revealed a fall in German factory orders for the month of October. The monthly fall of 2.1% was the first in eight months and came as a surprise after analysts had expected the recent rise in orders to continue. The fall was led by a slump in export [...]
Struggling Japan Airlines (JAL) saw it shares soar 7% to 107 yen today after speculation that the Japanese Government is looking to guarantee about 700 billion yen ($7.8 billion; £4.7 billion) in loans to the debt-laden airline. Since 2001, JAL, which is Asia’s largest carrier, has been bailed out four times by the Government. The [...]
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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