UK gives Santander a boost February 4, 2010 The UK operations of Spanish banking giant Santander saw full-year profits leap 30 per cent in 2009 as the group grew its share of the mortgage market and signed up more than expected new customers to its bank accounts. Pre-tax profits hit £1.54bn for the year to 31 December with new acquisitions Bradford & Bingley [...]
BA staff can’t resist change for ever February 22, 2010 WHAT a shame British Airways’ cabin crew has voted to strike. Willie Walsh, the firm’s chief, is doing a good job in extremely tough conditions to take out costs and ensure the airline will still be with us in five years’ time – yet some of his staff still seem to believe that it is [...]
Moneysupermarket sees earnings drop February 24, 2010 Price comparison website Moneysupermarket.com saw its revenues for the full-year plunge 23 per cent to £137m while adjusted earnings before interest, tax, depreciation and amortisation fell 26 per cent to £36m. Despite this it will pay a special dividend after saying its business has stabilised and trading improved in February as customers hunt for better [...]
Fraud costs UK economy £30bn a year January 21, 2010 FRAUD costs the UK £30bn every year – more than double previous estimates. The total equates to £621 per adult in the UK, according to the annual report buy the National Fraud Authority. A massive 58 per cent of fraud was in the public sector at a cost of £17bn. False insurance claims cost the [...]
B&B, Rock on cusp of bad bank merger January 24, 2010 PART-nationalised lender Bradford & Bingley is on the brink of receiving the go-ahead from the European Commission for its package of UK state aid, in a move that will pave the way for a merger of its toxic mortgage book with Northern Rock’s bad bank. A marriage of Bradford & Bingley and Northern Rock’s bad [...]
House prices continue to rise February 16, 2010 Britain’s housing market continues its recovery, with prices across the UK rising by 2.9 per cent over last year. This compares with an annual rate of 0.5 per cent in November, which was the first positive figure since June 2008, figures from the Department of Communities and Local Government showed yesterday. Last year prices rose [...]
Q&A: BUYING February 4, 2010 Q.Dear Camilla, I am thinking about selling my home this year. But is it the right time given that there is both economic and political uncertainty at the moment? A.There has been a lot of positive press about property prices in recent weeks, which should support the UK housing market. For example, mortgage lender Nationwide [...]
Credit card rates soar to 12–year high February 15, 2010 CREDIT card rates have reached a twelve-year high as providers become wary of borrowers inability to repay debts during the recession. The average credit card rate now stands at 18.8 per cent, a four per cent rise from 2006 when increased competition between providers drove rates down. Banks and credit companies face higher pricing for [...]
Taylor Wimpey upbeat despite losses March 3, 2010 HOUSEBUILDER Taylor Wimpey has suggested that its prospects are improving despite posting sizeable full-year losses for 2009. The FTSE 250 company posted full-year losses of 640.6m, following on from a deficit of £1.97bn the previous year and saw its revenue slip to £2,595m from £3,467m in 2008, but said “improving conditions” had led to a [...]
Golden years of retirement turning sour February 10, 2010 FOUR out of ten “baby boomers” are approaching retirement without setting aside any money each month, a report showed yesterday. Research compiled by insurer Aviva found that people aged between 55 to 64 are laden with debt and have scant resources to fund themselves after stepping down from work. Individuals in the age bracket – [...]