Cadbury shareholders have today voted in favour of the £11.5 billion ($18.9 billion) takeover deal from US giant, Kraft Foods. Today’s vote brings an end to Kraft’s five-month battle to take control of the 186-year-old British confectioner. Cadbury said it had received valid acceptances of the offer from shareholders representing 71.7% of the company. Commenting [...]
British Airways (BA) cabin crew have ruled out industrial strike action for the Easter holidays. The announcement will be a relief for the 2.5 million people that fly abroad during the Easter period. Earlier this week, the Unite union said BA cabin crew were to begin a second strike ballot next week raising renewed fears [...]
After months of hostile talks, British confectioner Cadbury has finally agreed to an £11.7 billion takeover by US food giant Kraft. The 186-year-old British company, renowned for Dairy Milk chocolate, is set to advise shareholders to accept the latest bid of 840p a share. Kraft, which is renowned for brands such as Kenco coffee and [...]
The 12-day strike planned by British Airways (BA) cabin crew over Christmas has been averted after it was declared illegal in a High Court ruling. The ruling will be welcomed by thousands of passengers who were planning to fly over the festive period. Mrs Justice Laura Cox ruled that the cabin crew’s union, Unite, had [...]
Britain’s largest Steelmaker Corus has announced today it is to close its Teesside Cast Products factory by the end of January, leaving 1,700 people jobless. The steel giant announced 3,500 job losses (with 2,000 in the UK) back in June and has been hit by a slump in demand. It produces 20 million tonnes of [...]
The future of Vauxhall and its 5,500 workers have been safeguarded today after the Unite union announced it has reached a deal with Magna, the Candian car parts firm and proposed new owners of Vauxhall and sister company, Germany-based Opel. However, in order to protect jobs at both Vauxhall plants (Ellesmere Port and Luton), the [...]
It has been announced that banking giant Lloyds Banking Group is reviewing its decision to close down its Cheltenham & Gloucester (C&G) subsidiary. In June, the mega-bank said it was closing all of its 160 UK C&G branches with the loss of hundreds of jobs but the decision may now be reversed. The u-turn has [...]
Barclays’ staff are set to vote on whether to strike over the closure of its final-salary pension scheme. The Unite union said the ballot will take place in August with potential industrial action taking place across the bank in September, which will “significantly impact” the bank’s operations. The decision to close its final-salary pension scheme [...]
Banking giant Lloyds Banking Group is shedding a further 1,200 jobs – just a fortnight after it announced 2,100 jobs would be axed. The job losses now take the total 8,200, since its hasty merger with HBOS last autumn. The bank, which is 43% state-owned, said the latest round of job cuts will be lost [...]
More than 2,000 British Airways (BA) cabin crew have rejected the company’s proposals to slash costs by freezing pay and reducing headcount. A deadline of 30 June was set by the company to reach a deal on 3,500 job cuts, a pay freeze and other changes, but no agreement was reached at that time. Speaking [...]
Lloyds Banking Group has dealt yet another jobs blow to its staff with the news that it will axe another 2,100 jobs over the next three years. Lloyds Banking Group, which is 43% state-owned, has shed thousands of jobs following its merger with HBOS last autumn. Since January, the banking giant has announced more than [...]
Insurance company Axa has today announced plans to axe 560 jobs in the UK over the next few months. Around 120 jobs are set to go at its main operations in Ipswich, which has a workforce of around 1,600 and employs staff in sales, claims and administration. The company also has offices in London, Bolton, [...]
Lloyds Banking Group is announcing further job losses today with the closure of all its 160 UK Cheltenham & Gloucester (C&G) branches with the loss of 1,500 jobs. Since April, Lloyds has axed almost 3,000 jobs which resulted in the Unite union accusing the banking giant of a embarking on a strategy of “death by [...]
It emerged earlier today that Vauxhall’s UK plants were at risk of closure after struggling US car maker General Motors (GM) moved to sell off its European arm, which includes Vauxhall and Germany’s Opel. However, Business Secretary, Lord Peter Mandelson, has told Sky News that “there is no danger of Vauxhall’s UK plants closing”. However, [...]
Lloyds Banking Group has hit the headlines again today with the news it is axing a further 210 UK full-time jobs – in addition to the 625 job losses announced on Tuesday. The 625 job losses are as a result of the bank combining its corporate and small-business lending divisions together. The 210 job losses [...]
Insurance firm Legal & General (L&G) has announced it is to axe 560 jobs in its savings business with 300 full-time staff and 260 contractor and temporary worker positions to go. The cull is in addition to the 450 job losses among support staff announced in February. A spokesperson for L&G said: “Potential redundancies are [...]
Figures released by the Society of Motor Manufacturers and Traders (SMMT) have revealed a significant fall in UK car production. According to the SMMT, 61,404 news cars were produced last month, almost 60% down compared with than January 2008, primarily due to the slump in demand for new vehicles which has resulted in many plant [...]
Following a review of its operations, Barclays has announced today it is to axe 410 jobs in its IT department. The bank said the review will see around 158 permanent staff and 250 contractor positions go, principally in Cheshire and in London. The news comes at a bad time as the retailing sector is suffering [...]
Following a review of the business, banking giant HSBC has announced it is to shed 500 jobs in the UK, as a result of the current economic conditions. The jobs will go in the bank’s retail and commercial banking units. The news comes just a few months after the bank said it was to axe [...]
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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