Tag: costs

BRC warn of riot costs to British businesses

BRC warn of riot costs to British businesses

The British Retail Consortium (BRC) has warned that the riots will cause significant harm to British businesses as they count the costs of stolen and damaged goods. The weekend riots in London have already spread to other parts of the UK and the BRC warned that retailers of all sizes had suffered damage. Prime Minister [...]

August 9, 2011 | 0 Comments More
RBS H1 profits hit by Greek crisis and PPI costs

RBS H1 profits hit by Greek crisis and PPI costs

The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a [...]

August 5, 2011 | 0 Comments More
Barclays profits fall, cuts jobs

Barclays profits fall, cuts jobs

Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with [...]

August 2, 2011 | 0 Comments More
Santander H1 profits lower on PPI costs

Santander H1 profits lower on PPI costs

Spanish banking giant Santander has today revealed its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and [...]

July 27, 2011 | 0 Comments More
Scotland’s economy stalls in Q1

Scotland’s economy stalls in Q1

April 14, 2011 | 0 Comments More
Australia counts the cost of flood and cyclone disasters

Australia counts the cost of flood and cyclone disasters

The Treasury department has estimated that the disasters that hit Australia earlier this year will cost the economy AUS$9 billion (£5.8 billion). The figure is considerably higher than a previous estimate of AUS$5.6 billion. Australia, which is one of the few developed economies not to have fallen into recession like its counterparts throughout the world, [...]

April 4, 2011 | 0 Comments More
Disasters cause Japan £145bn of damage

Disasters cause Japan £145bn of damage

According to the World Bank, Japan’s 8.9 magnitude earthquake and tsunami has caused up to £145 billion ($235 billion) of damage and will impact on the country’s economic growth. The World Bank estimates approximately 0.5% will be reduced from growth this year, as a result, and reconstruction could take five years. The Japanese economy grew [...]

March 21, 2011 | 0 Comments More
US inflation rises in February

US inflation rises in February

The Labor Department has today revealed US prices rose by 2.1% on an annual basis in February - up from 1.6% in January. On a monthly basis, prices rose by 0.5% – the fastest rise since June 2009, driven by higher oil and food costs. Food costs rose by 0.6% month-on-month, the most in two-and-a-half [...]

March 17, 2011 | 0 Comments More
Portugal’s borrowing costs rise

Portugal’s borrowing costs rise

Speculation is mounting again that Portugal may need financial assistance after a sharp rise in bond yields. In early trading, yields on Portuguese 10-year bonds climbed to almost 7.6%, their highest since the euro was introduced more than a decade ago. The country’s borrowing costs have risen in recent months – mimicking what happened in [...]

February 10, 2011 | 0 Comments More
Oil spill related costs lead BP to annual loss

Oil spill related costs lead BP to annual loss

Oil giant BP has today posted a loss of $4.9 billion (£3.1 billion) for the 2010 year - much higher than analysts has expected. The loss, which was the first in almost 20 years, was attributed to costs related to the oil spill in the Gulf of Mexico. An explosion on a BP oil rig [...]

February 1, 2011 | 0 Comments More
BP returns to profit following disastrous oil leak

BP returns to profit following disastrous oil leak

Oil giant BP has today announced its results for the July to September period. These were delayed by one week because of account complexities relating to the Gulf of Mexico oil spill. The company said third-quarter replacement cost profit dived 63% to $1.85 billion (£1.15 billion), this compares with the $17 billion loss reported in [...]

November 2, 2010 | 0 Comments More
Asda to close final salary pension scheme

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 [...]

October 8, 2010 | 0 Comments More
Local council search fees to be abolished

Local council search fees to be abolished

Home buyers should soon be able to access vital information about their new homes without having to pay for it. The Government has announced that it will abolish the £22 fixed fee for personal searches of councils’ local land charges registers. The searches tell a home buyer about restrictions or issues that affect a property, [...]

August 1, 2010 | 0 Comments More
Beleaguered oil giant BP reports Q2 loss

Beleaguered oil giant BP reports Q2 loss

Oil giant BP has today reported a massive loss of $16.9 billion in the three months to June as a result of the major oil spill in the Gulf of Mexico. The company added that costs related to the spill will reach $32.2 billion (£20.8 billion). Excluding oil spill and other non-operating costs, BP’s replacement [...]

July 27, 2010 | 0 Comments More
France reveals overhaul to pensions system

France reveals overhaul to pensions system

The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France’s pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of [...]

June 16, 2010 | 0 Comments More
Ryanair returns to profit

Ryanair returns to profit

Budget airline Ryanair has today announced it returned to profit for the year to March after reporting its first annual loss a year ago. The airline unveiled pre-tax profits of €341 million (£289 million) for the year and said it intends to pay a one-off dividend to shareholders totalling €500 million - the first one [...]

June 1, 2010 | 0 Comments More
UK inflation hits 17-month high in April

UK inflation hits 17-month high in April

The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to 3.7% in April - the highest level in 17 months and far exceeding the 2% target. Furthermore, the increase was much higher than analysts’ expectations. The rise was boosted by food, fuel and clothing price gains. Annual food inflation reached [...]

May 18, 2010 | 0 Comments More
US consumer prices up 0.2% in January

US consumer prices up 0.2% in January

Official data has revealed US consumer prices rose by a slower-than-expected 0.2% in January. On an annual basis, prices were up 2.6% - also below expectations. The increase was the result of a hike in energy prices, which rose for the ninth month in a row. Over the last year, energy prices have soared 19.1%, [...]

February 19, 2010 | 0 Comments More
Stagecoach profits hit by higher fuel and pension costs

Stagecoach profits hit by higher fuel and pension costs

Stagecoach has today reported a fall in first-half profit as a result of higher fuel and pension costs. The bus and rail operator posted a pre-tax profit of £75.5 million in the six months to the end of October - a fall of 28%. However, the profits exceeded market expectations and the group said it [...]

December 9, 2009 | 0 Comments More
Marks and Spencer considers online grocery shopping

Marks and Spencer considers online grocery shopping

Marks and Spencer (M&S) has revealed it is considering establishing an online food shopping service. The retailing giant has been toying with the idea for some time but opted out due to the costs associated with setting up the service. However, Steve Rowe, the company’s director of retail, told City analysts in London yesterday: “Food [...]

October 14, 2009 | 0 Comments More