Electrical goods retailer Comet has today posted a 6.8% fall in sales for the year to 30 April, slumping to a loss of €10 million (£9 million). The chain said trade had deteriorated in the new financial year and chairman David Newlands described the results as “unsatisfactory and unacceptable”. Comet’s parent company, Kesa, however posted [...]
The International Air Transport Association (IATA) has revised its forecasts for the airline industry for this year after forecasting a loss in March. According to the industry body, global airlines will make profits of $2.5 billion (£1.7 billion) in 2010. In March, IATA forecast a loss of around $2.8 billion this year, following a severe [...]
Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September. The closure of Guernsey‘s activities, which come after a review of offshore operations, is the latest step in the bank’s turnaround plan. Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, [...]
US car giant General Motors (GM) has abandoned plans to sell a majority stake in its European car business Opel, including its UK brand Vauxhall. GM had agreed to sell Opel and Vauxhall to Magna, a Canadian car parts supplier, to raise funds after facing collapse earlier this year. The shock decision comes after talks [...]
The Bank of Korea has announced that the South Korean economy expanded by 2.9% in the third quarter of 2009 – the fastest quarterly rate in more than seven years. Today’s figures have ended a run of three consecutive quarters of negative year-on-year growth. The news will fuel hopes that Asia’s fourth largest economy is [...]
According to Deloitte, the UK manufacturing sector will help stimulate and drive the UK economy to the path of recovery. The latest report reveals that manufacturing could buffer the impact of a reduction in government and consumer spending. It is predicted that manufacturing could increase by 4 percent to 15 percent of the economy’s share, [...]
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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