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 [...]
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 [...]
Struggling Japan Airlines (JAL) yesterday saw its shares close at a record low of 87 yen on the Tokyo Stock Exchange after it emerged that Mitsui & Co broking house had sold all its shares in the carrier. A spokesperson for Mitsui & Co said it had sold all of its 11.7 million shares between [...]
Asia’s largest carrier, Japan Airlines (JAL), is to be placed under the supervision of a state-backed turnaround body, according to reports. Speculation that the Enterprise Turnaround Initiative Corporation of Japan may take control of the loss-making airline next week sent its shares up 2.6%. The Enterprise Turnaround Initiative Corporation of Japan buys the debt of [...]
Most travel insurance firms are now accepting swine flu related claims without a doctor’s letter, the UK’s insurance trade insurance association has confirmed. The Association of British Insurers (ABI) said member companies will accept swine flu claims without asking for proof from a GP. Instead, insurers will ask for the unique ID number given to [...]
The National Institute of Economic and Social Research (NIESR) is joining many other leading think tanks by forecasting a slow recovery in the UK. The research body is expecting total UK Gross Domestic Product (GDP) to fall 4.3% this year before experiencing modest growth of 1% next year and 1.8% the year after. The forecasts [...]
The director general of the British Chambers of Commerce, David Frost, has warned that small and medium size businesses (SMEs) are particularly vulnerable to the swine flu. Mr Frost told Sky News: “After a dramatic decline in the economy there is a touch more confidence coming back. But if swine flu does really take off [...]
The Ernst & Young Item Club, the influential think-tank, said the UK economy is heading for a ‘fragile recovery’ and is predicting that the economy will contract by 4.5% this year – the biggest fall in any year since 1945. The prediction is far more pessimistic than the one from the Government who is forecasting [...]
Stockmarkets have been hit today by the outbreak of swine flu in Mexico sending airline and travel stocks plummeting while pharmaceutical companies including GlaxoSmithKline, AstraZeneca, Shire and Smith & Nephew have soared. In London, the FTSE 100 index was down 60 points in early trading with the biggest losers including TUI, British Airways and Thomas [...]
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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