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18th of April 2011
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April 12, 2011

Unilever latest company to close final salary pension scheme

by Kay Murchie
”Unilever
Unilever has announced it is to close its final salary pension scheme citing “unsustainable” costs. The manufacturer of food and household products is the latest in a long line of companies to adopt these measures as a result of rising costs. Defined benefit [final salary] schemes have become significantly more expensive to operate and costs are likely to rise in ...




February 16, 2011

Lloyds to close equity markets division

by Kay Murchie
”Lloyds
Lloyds Banking Group has announced it will close down its Equity Markets division - as part of its strategy to dispose of non-core assets. The division has around a dozen employees and the announcement comes shortly after the bank said 200 jobs would go at its insurance arm. Since the onset of the financial crisis, the bank, which is 43% owned by ...




October 8, 2010

Asda to close final salary pension scheme

by Kay Murchie
Asda to close final salary pension scheme
Supermarket giant Asda has announced it is to close its final salary pension scheme - a decision which will affect almost 4,000 employees. The supermarket, which is the UK’s second largest, is the latest in a series of companies to adopt these measures as final salary schemes have become significantly more expensive to operate. A spokesperson for Asda said: "We need ...




July 5, 2010

Shanghai composite index closes at 15-month low

by Kay Murchie
Shanghai composite index closes at 15-month low
The Shanghai composite index has today closed at a 15-month low over concerns about rising inflation and a slowdown in the economy. The index lost 19 points (0.8%) to close at 2,364, which represented the lowest since April 8, 2009. The index is now down 32% from its high in August last year. The Chinese economy, which is the world’s third largest, expanded ...




June 9, 2010

Turnaround plan sees further 650 jobs go at Northern Rock

by Kay Murchie
”Turnaround
Nationalised Northern Rock has announced it will axe a further 650 jobs by the end of the year as it prepares to return to the private sector. The reduction in headcount is part of the bank’s radical turnaround plan and comes just one week after it said it is to close its banking operation in Guernsey in September. ...




June 2, 2010

Northern Rock’s Guernsey operation to close in September

by Kay Murchie
”Northern
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, of which have received letters ...




May 19, 2010

Newcastle Building Society to axe jobs and branches

by Kay Murchie
”Newcastle
It has been announced today that Newcastle Building Society is to close four branches and axe 126 jobs. The Newcastle, which is the UK's eighth largest building society, said the affected branches are: West Road in Newcastle, Crook in County Durham, Yarm in Stockton-on-Tees and York, and the cuts will bring its branch total down to 31 from 35. ...




December 8, 2009

Financial difficulties lead to immediate closure of Coventry Airport

by Kay Murchie
”Financial
It has emerged today that Coventry Airport is to close immediately with the loss of 70 jobs, as a result of financial difficulties. West Midlands International Airport, which owns Coventry, were due to appear in the High Court tomorrow to face a winding-up order. A spokeswoman for Coventry Airport issued a short statement: "The board and shareholders of West Midlands ...




November 26, 2009

Vodafone latest company to close final salary pension scheme

by Kay Murchie
Vodafone latest company to close final salary pension scheme
Telecoms company Vodafone has announced it is to close its final salary pension scheme to 4,000 current employees. The mobile phone giant is the latest in a long line of companies to adopt these measures as a result of rising costs amid the recession. The company recently announced it was looking to increase its £1 billion cost-cutting programme by ...




November 9, 2009

More firms close final-salary pension schemes

by Kay Murchie
More firms close final-salary pension schemes
It has been revealed that sugar firm Tate & Lyle and newspaper publisher Trinity Mirror are the latest firms to close their final-salary pension schemes. Tate & Lyle blamed the decision on a hike in the scheme's deficit to £110 million which will see the scheme close to half of its UK workforce next April. Commenting on the decision, the firm said: "With ...




October 22, 2009

Land Registry to close quarter of offices and axe 1500

by Kay Murchie
”Land
According to The Times, the Land Registry is today set to announce plans to close 25% of its national offices, which will result in 1,500 job losses. The Registry, which has 20 offices across the country, covers England and Wales and records and guarantees the ownership of domestic and commercial property. The organisation enables anyone to find out ...




September 2, 2009

Santander to close 6% current account

by David Masters
”Santander
Santander plans to discontinue the 6% current account at its UK banks. The 6% + 6% offer, which pays new Abbey and Alliance & Leicester customers 6% interest on their current account and on monthly savings, will close later this week. Savers taking maximum advantage of the offer could earn nearly £250 interest in the next 12 months. "This cracking deal is about to ...




August 17, 2009

Ryanair to close Manchester routes and axe 600

by Kay Murchie
”Ryanair
Budget airline Ryanair is to close or switch nine of its 10 routes from Manchester airport, citing the airport's refusal to lower its charges. The measures will lead to 600 job losses within the area and the loss of 60,000 passengers a year. However, Manchester airport highlighted that the 600 jobs will be switched to other airports. Passengers who are affected by ...




Half of final salary pension schemes will close

by Kay Murchie
Half of final salary pension schemes will close
A survey of over 250 employers by consultants Watson Wyatt has revealed that half of Britain’s companies will close final salary pension schemes in the private sector to existing employees between now and 2012. The survey, conducted in July, also found that another 28% will keep their scheme open to existing members but on less generous terms. While around three-quarters ...




June 9, 2009

1,500 jobs go as Cheltenham & Gloucester closes all branches

by Kay Murchie
”1,500
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 a thousand cuts”. ...




June 3, 2009

BP and Barclays latest employers to close final salary schemes

by Kay Murchie
BP and Barclays latest employers to close final salary schemes
Oil giant BP announced yesterday it is to close its UK final salary pension scheme to new members from April next year, in a bid to cut costs for the company. The scheme currently has more than 60,000 members, with 12,000 staff paying in. In the meantime, banking giant Barclays has announced today that it will close its ...




May 15, 2009

GM to close more than 1,000 dealerships

by Kay Murchie
GM to close more than 1,000 dealerships
In an attempt to slash costs and fight off bankruptcy, struggling US carmaker General Motors (GM) has announced plans to close 1,100 of its dealerships. It is also severing ties with another 470 Saturn, Hummer and Saab dealers, according to the BBC. The news comes just 24 hours after fellow US carmaker, Chrysler, announced it would close 789 US dealerships as part ...




January 7, 2009

Retail outlet closures could hit 72,000 in 2009

by Gill Montia
Retail outlet closures could hit 72,000 in 2009
The High Streets of Britain could be unrecognisable this time next year, as consumers struggle with the recession and the retail sector takes the sort of pounding that is already making regular headlines. Credit rating specialist, Experian, has predicted that 72,000 retails outlets could close during 2009, pushing up the number of empty units in the sector from 63,000 in ...




August 26, 2008

Halifax Estate Agents to close 53 branches

by Gill Montia
Halifax Estate Agents to close 53 branches
HBOS is closing 53 branches of it Halifax estate agency. The banking group, which owns leading UK mortgage lender, Halifax, recently reported a 72% fall in first-half profit and has also been embarrassed by its £4 billion fundraising, which attracted the support of only 8% of shareholders. It is now in the process of reviewing its business, no doubt taking into account ...




May 6, 2008

Estate agents close 150 branches a week

by Gill Montia
Estate agents close 150 branches a week
Financial data provider, Debtwire, estimates that 150 UK estate agency branches are closing each week, as a result of the housing market slowdown. The number of branches across the country has fallen to around 12,000 from approximately 13,000 at the beginning of January and job cuts in the sector amount to approximately 4,000 since the start of the year. The news ...




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