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Sunday 06th of March 2011

News Tag: struggling

March 1, 2011

HMV Group issues further profits warning

by Kay Murchie
HMV Group issues further profits warning
Music, books, DVDs and games retailer, HMV, has watched its shares plummet 20% today after the firm issued another profits warning. It also revealed it would currently fail to meet the conditions of its loan agreements in April. The retailer, which also owns Waterstone’s bookshops, in January said it was struggling to meet the terms of its lending agreements. The company continues to ...

January 5, 2011

HMV to close 60 stores over the next 12 months

by Kay Murchie
Music, books, DVDs and games retailer, HMV, has today said it is planning to close 60 stores over the next year. The announcement came after it revealed sales were hit by the recent heavy snowfall. The chain also continues to struggle amid tough competition from supermarkets and internet companies, such as Amazon. Shares in the retailer, which also owns ...

December 2, 2010

Mortgage products increase but FTBs still struggling

by Kay Murchie
Mortgage products increase but FTBs still struggling
First-time buyers (FTBs) are still struggling to get a foot on the ladder, despite a steep rise in the number of mortgage products available. Mortgage deals for those with a small deposit has doubled, according to Moneyfacts.co.uk, with more than 1,000 mortgages on the market for those with a 20% deposit or less. However, while those with lower deposits have seen an ...

November 11, 2010

CML reports further fall in repossessions

by Kay Murchie
CML reports further fall in repossessions
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the fourth consecutive quarter in which they have fallen. According to the Council, lenders seized 8,900 properties in the July to September period - representing a fall of 5% compared with the second quarter. Experts argued, though, that many homeowners have been saved from repossession, due to ...

Survey reveals rise in mortgage struggles

by Kay Murchie
Survey reveals rise in mortgage struggles
According to housing charity, Shelter, there has been an increase in the number of mortgage holders who are struggling to meet their monthly repayments. A survey carried out by YouGov shows that three million people are struggling each month with their mortgage repayments - a staggering increase of 80% compared with a year ago. Worryingly, as inflation remains stubbornly high, together with high ...

February 25, 2010

British Gas profits surge record 58%

by Kay Murchie
Operating profits at British Gas soared by 58% last year to £595 million, compared with £379 million in 2008. Its parent company Centrica said the figures beat the previous high of £573 million in 2007. While British Gas announced earlier this month it was reducing its gas prices by 7%, the results will no doubt anger consumers who have been hit by ...

January 11, 2010

Bankruptcy looming for Japan Airlines

by Kay Murchie
Troubled Japan Airlines (JAL) is expected to enter bankruptcy proceedings within the next couple of days, according to reports. It is believed the state-owned Development Bank of Japan has already agreed to the bankruptcy. The airline, which is Asia’s largest carrier, is grappling with a mountain of debt and it is currently under the watchful eye of the state-backed turnaround body (the Enterprise Turnaround ...

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 23, 2009

WHSmith walks away from Borders deal

by Kay Murchie
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent. Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon. As a result, the chain has been in talks with ...

November 16, 2009

BCC survey claims firms still ‘struggling to get finance’

by Kay Murchie
Business group, the British Chambers of Commerce (BCC), is claiming that small and medium-sized firms are still struggling to access finance. The report comes despite the £200 billion injected into the UK financial system to boost lending. According to the BCC, one third (33%) of companies surveyed said that accessing finance had been more difficult over the last three months ...

November 10, 2009

Ericsson to cut 17% of UK workforce

by Kay Murchie
As part of its ongoing global cost-cutting programme, Swedish telecoms equipment maker Ericsson is to eliminate 700 jobs from its research and development operation in Coventry. The cuts will be made by the middle of next year and the company said after that time, the facility would no longer be viable. Ericsson has been in Coventry for four years since it acquired ...

October 21, 2009

CAB sees increase in fuel debts

by Kay Murchie
The Citizens Advice Bureau (CAB) said there is a growing increase in the number of consumers struggling with fuel debts. During April to September 2009, the CAB in England and Wales reported a 46% increase in the number of clients with fuel debts compared to the same period a year ago. David Harker, chief executive of CAB, said: "We are already seeing large ...

August 3, 2009

LDC report reveals woes for retailers

by Kay Murchie
Research from the Local Data Company (LDC) has revealed the tough times retailers have experienced during the economic downturn. The economic downturn has meant consumers have tightened their purse strings, having a devastating affect on trade. The iconic department store, Woolworths, collapsed under a mountain of debt at the end of last year, while other big names that went bust included furniture ...

July 17, 2009

Struggling Allied Carpets enters administration

by Kay Murchie
Jobs are at risk after Allied Carpets has gone into administration as the property market crash and economic downturn has meant fewer people are buying carpets and flooring. Last month, rival Carpetright announced a 72% slump in profits after sales fell 7.4% compared with a year ago. Meanwhile, BDO Stoy Hayward, which has been appointed as administrator to Allied Carpets, said 400 jobs ...

July 15, 2009

Jaguar Land Rover to axe 300 jobs at Merseyside plant

by Kay Murchie
Struggling car maker Jaguar Land Rover is to reduce its workforce at its Halewood factory in Merseyside as the company plans to cease production of its X-Type model. The global economic downturn has resulted in a slump in demand for big-ticket items, such as cars. This has affected carmakers worldwide with many cutting back on production, slashing jobs ...

July 5, 2009

Newcastle Building Society in advanced talks with Skipton

by Kay Murchie
According to The Mail on Sunday, Newcastle Building Society is in advanced talks with Skipton Building Society, which will see further consolidation within the sector. Newcastle BS, which is the country’s 10th biggest building society, has been struggling after a poor performance in 2008 when it reported losses of £35 million as a result of exposure to the failed Icelandic ...

February 23, 2009

US Government may increase stake in troubled Citigroup

by Kay Murchie
According to the Wall Street Journal, the US Government is in talks with Citigroup to increase its stake in the struggling bank. Shares in Citigroup plummeted for a sixth consecutive session last Friday amid speculation that it would have to be nationalised in order to survive. It is believed that the Government could end up owning up to 40% in ...

January 27, 2009

Mandelson to reveal plans to boost car industry

by Kay Murchie
Business Secretary, Lord Mandelson, will this afternoon unveil plans to help the struggling car industry since the economic downturn has meant that car sales have plummeted in recent times. However, No. 10 have said that the support is ‘not a bailout’ but is expected to include measures such as guarantees for loans to the industry to assist with short-term finance ...

December 15, 2008

BoE report reveals Britons struggling with debt

by Kay Murchie
According to the Bank of England’s latest quarterly bulletin, British households are struggling as a result of higher food and utility costs and falling house prices. The report found that disposable income plunged this year for 71% of British households, while the number of people struggling to pay their mortgage or rent is at its highest level since 1995. The survey, ...