Once again, fears for Portugal and Spain are raised as borrowing costs surge to high levels as Ireland’s debt crisis looks set to spread. Yields on 10-year Portuguese bonds rose to 6.9% – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. Meanwhile, 10-year Spanish bonds surged [...]
Ongoing fears that the euro zone debt crisis could spread throughout the world sent Asian markets falling today with Japan’s Nikkei index down 246 points to 9,784.54. Over the week, the index has lost over 6.5% – its largest weekly drop since January 2009. On Wall Street yesterday, the Dow Jones industrial average slumped 376.36 [...]
Shares have fallen across Britain, Europe and the US today after concerns about austerity measures in Greece, Portugal and Spain have re-surfaced. The euro also fell against the US dollar to $1.25 – the first time since March last year. The euro has already shed 12% this year against the dollar and is set to [...]
Spanish Prime Minister, Jose Luis Rodriguez Zapatero, is set to unveil massive budget cuts later as fears mount that the debt crisis in Greece may spread to Spain. The country’s deficit is currently 11% of GDP and Spain plans to reduce it by 4.7% by the end of next year. There have been fears that [...]
Asian shares have fallen sharply today as fears mount that Greece’s crisis would spread to other European countries. In an interview with French newspaper, La Parisien, the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, admitted earlier this week that the possible spread of the crisis was a concern. He said: “We have to [...]
The European Commission has predicted that the 16-member euro zone will see growth of 0.9% this year – slightly better than the 0.7% forecast earlier this year. However, Greece‘s economy, which has been in recession since the second quarter of 2009, is expected to contract by 3% this year, as the country in in the [...]
Standard & Poor’s (S&P) have today downgraded Spain’s credit rating by one notch to AA from AA+ and comes as the head of the International Monetary Fund (IMF) warned that the crisis in Greece could spread throughout Europe. Following the news, the euro fell against the dollar to $1.3129 – a level not seen since [...]
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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