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News Tag: financial

April 26, 2010

CFEB launched today to help avoid debt

by Kay Murchie
”CFEB
The newly created Consumer Financial Education Body (CFEB) has been launched today and is aimed at enhancing consumers’ financial education and their ability to manage their finances, thereby avoiding debt. The creation of the London-based agency comes at a time when the Government is concerned that a lack of financial knowledge means that consumers are not taking advantage of savings and ...



April 23, 2010

UK crawls further out of recession with GDP growth of 0.2%

by Gill Montia
UK crawls further out of recession with GDP growth of 0.2%
The UK's recovery from recession was at a snail's pace in the first quarter of 2010, with GDP growing by an estimated 0.2%, or just half analysts' expectations of 0.4%. According to the Office for National Statistics, progress was also half that made in the final quarter of 2009, when output increased by 0.4% once an earlier ...



April 15, 2010

Tony Hobman to be CEO of CFEB

by Kay Murchie
”Tony
Tony Hobman has been appointed by the Financial Services Authority (FSA) to run the newly created Consumer Financial Education Body (CFEB). The CFEB is aimed at enhancing consumers' financial education and their ability to manage their finances. The newly-established CFEB comes at a time when the Government is concerned that a lack of financial knowledge means that consumers are not taking ...



February 24, 2010

Park Row told to repay millions by FSA

by Kay Murchie
’Park
Leeds-based independent financial advice company, Park Row Associates, has failed to give suitable advice, according to the Financial Services Authority (FSA) and has therefore been ordered to pay compensation to customers. The City Watchdog has established that customers of Park Row Associates were at risk of receiving unsuitable advice about all of its financial products. Customers who bought products through ...



November 24, 2009

Japan Airlines shares fall to record low

by Kay Murchie
Japan Airlines shares fall to record low
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 the April and September period. The ...



November 18, 2009

Struggling Japan Airlines offered lifeline

by Kay Murchie
Struggling Japan Airlines offered lifeline
Asia’s largest carrier, Japan Airlines (JAL), has been offered a $1 billion (£600 million) lifeline from Delta Air Lines and its Sky Team alliance partners. According to Delta, the rescue package includes a $500 million equity injection, a revenue guarantee worth $300 million, asset-backed funding worth $200 million and $20 million to cover JAL's costs for switching alliances. Under the terms of the ...



November 10, 2009

G20 agreement sees shares rise

by Kay Murchie
G20 agreement sees shares rise
Over the weekend, G20 finance ministers at St Andrews in Fife reached an agreement to maintain financial support until recovery is ensured. The agreement was reached following concerns over rising unemployment and unsteady growth which saw finance ministers from developing and rich countries vow to keep fiscal measures in place until global recovery is assured. The International Monetary Fund (IMF) also believes that ...



June 18, 2009

BoE Governor presses Chancellor for major financial regulatory reform

by Kay Murchie
”BoE
Mervyn King, the Governor of the Bank of England, is calling for major regulatory reform, but Chancellor Alistair Darling said there are no plans to change the current financial regulatory system. The news comes as US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama ...



April 7, 2009

Financial complaints handling is ‘dismal’ say FOS

by Kay Murchie
”Financial
The Financial Ombudsman Service (FOS) has claimed that an increasing amount of consumers are receiving 'dismal' treatment when they complain to financial services institutions. Chief Ombudsman, Walter Merricks, said: “Some in the financial services industry - currently facing significant business challenges - appear to be taking the jaundiced view that having a large number of complaining customers is just an unfortunate ...



February 1, 2009

Post Office to expand banking services

by Kay Murchie
”Post
Business Secretary Lord Mandelson is understood to be in full support of extending financial services at the UK’s 12,000 Post Offices. The Department for Business Enterprise and Regulatory Reform (BERR), led by Lord Mandelson, is in favour of creating a 'People's Bank', which will see Post Office outlets as the backbone of a new national bank. Many believe the move will help to ...



January 20, 2009

HSBC turns down financial support from Government

by Kay Murchie
”HSBC
Banking giant HSBC has rejected the Government's offer of emergency funding. The UK's largest banking group said it had not sought capital support from the UK Government and cannot envisage circumstances where such action would be necessary. Unlike other banks, HSBC has been relatively unaffected by the credit crisis due to its focus on emerging markets business. With nearly 10,000 office in ...



November 6, 2008

First-time buyers increasingly rely on family financial support

by Gill Montia
First-time buyers increasingly rely on family financial support
The Council of Mortgage Lenders (CML) has reported that almost 50% first-time buyers under the age of 30 look for family help to secure their first mortgage. Financial help from relatives has always played a part in a fortunate minority getting a foot on the property ladder but the need has been increasing; in 2006, only 38% of first-time ...



September 30, 2008

Belgian bank Dexia is latest to be rescued by Government

by Kay Murchie
”Belgian
Yesterday saw Belgian-Dutch financial group, Fortis, rescued after the Governments of Belgium, Luxembourg and the Netherlands invested a total €11.2 billion (£8.9 billion) in the respective Fortis bank institutions in each country. Each Government will take a 49% stake in Fortis. It has emerged today that Fortis’ rival, Dexia, has become the latest European bank to be ...



UK economy fails to grow

by Kay Murchie
”UK
The UK economy has ground to a halt after data from the Office for National Statistics (ONS) revealed that it did not grow at all in the second quarter of 2008. The ONS said growth was 0% in the second quarter, below the 0.3% figure recorded for the first quarter of the year. Many analysts maintain a downbeat forecast for the British economy ...



September 26, 2008

Bail-out plan will be passed says Bush

by Kay Murchie
”Bail-out
It was announced earlier today that the $700 billion (£380 billion) US financial bailout plan had been blocked. However, following hours of negotiations today, President George W. Bush has insisted that an agreement would be reached. However, stockmarkets continue to fluctuate due to the uncertainty surrounding the deal. According to the President, there are disagreements over aspects of a rescue plan, but ...



HSBC axes 1,100 jobs worldwide

by Kay Murchie
”HSBC
HSBC, the UK’s largest bank, is shedding around 1,100 jobs worldwide across its global banking and markets division, as it comes under pressure due to the current financial turmoil. The jobs represent around 4% of its total workforce with nearly half of the job cuts to go at the bank’s Canary Wharf office in London, where the division is headquartered. A spokesperson for HSBC ...



September 25, 2008

Congress urged to act quickly to approve $700bn financial rescue plan

by Kay Murchie
”Congress
US billionaire investor, Warren Buffett, has described the current financial turmoil as 'an economic Pearl Harbour'. Buffett, who is one of the world’s richest men, and US Federal Reserve chief, Ben Bernanke, are urging US Congress to quickly approve the $700 billion (£380 billion) financial rescue plan or risk serious consequences to the US economy. Meanwhile, President George ...



September 24, 2008

Customers queue to withdraw savings from Bank of East Asia

by Kay Murchie
”Customers
Thousands of customers have been lining up to withdraw their savings from the Bank of East Asia after rumours spread that the bank is facing financial collapse, an allegation which the bank has fiercely denied. The police have been informed and are investigating after the bank said the rumours were malicious and untruthful and were believed to have ...



September 18, 2008

Fears for the future of Goldman Sachs and Morgan Stanley

by Kay Murchie
Fears for the future of Goldman Sachs and Morgan Stanley
The remaining two independent investment banks on Wall Street are today surrounded by merger speculation after shares in the two organisations plummeted over recent days. Despite assurances from Goldman Sachs and Morgan Stanley, investors have still abandoned ship. Monday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had ...



September 17, 2008

Bank of England extends special liquidity scheme until January 2009

by Kay Murchie
”Bank
The Bank of England has announced its decision to extend its special liquidity scheme until 30 January 2009. The scheme was launched in April and was to run for six months until 21 October. Initially, the Bank and Treasury said that they expected the scheme to involve at least £50 billion in funding. However, amid the financial chaos of ...



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