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News Archive

September 2008

Simple IVA's news pages, keep an eye on the latest Finance & Money News.
Leaders plead with Congress over bailout - 30/09/08
Gordon Brown has added his voice to calls from George Bush for Congress to approve a reshaped version of the White House's $700 billion (£388 billion) financial bailout package
Hotel and shop workers vulnerable to crunch
Hotel and shop workers vulnerable to crunch - 30/09/08
Consumers who work in hotels and shops are among the least protected against looming debt problems, a survey has shown, as the credit crunch spreads from the financial sector to the wider economy
Consumers unprepared for downturn
Consumers unprepared for downturn - 30/09/08
Britons are leaving themselves vulnerable to developing a debt problem by failing to heed predictions of a sustained downturn, a survey suggests
Lloyds TSB denies HBOS deal on rocks - 30/09/08
Lloyds TSB has denied market rumours the deal to buy Halifax Bank of Scotland (HBOS) could be in danger, as the HBOS share price falls
Irish government guarantees banks - 30/09/08
The Irish government is to guarantee the savings of depositors at the nation's top six banks
'No escape' from job losses at Bradford and Bingley - 30/09/08
Job losses at newly-nationalised bank Bradford and Bingley are inevitable, trade unions have admitted
20-year wait for cash beckons for B&B shareholders - 30/09/08
Bradford and Bingley shareholders could wait up to 20 years to see their money back
B&B demise 'does not mean end of buy-to-let' - 30/09/08
The nationalisation of Bradford & Bingley will make finding buy-to-let finance more difficult, but there are still plenty of lenders out there, according to brokers
$700 billion bailout slips at first hurdle - 29/09/08
The US government's $700 billion (£388 billion) rescue package has been rejected by the House of Representatives in a shock setback
Government buys Bradford & Bingley - 29/09/08
Bradford & Bingley's (B&B) mortgages are to be nationalised while the bank's savings business will be taken over by Abbey-owner Santander after the bank was deemed to be a failure
FTSE 100 down 5% - 29/09/08
The FTSE 100 fell almost five per cent today as the full cost of the Bradford & Bingley nationalisation hit the City, outweighing the success of US lawmakers to hammer out the $700 billion bail-out deal
Mortgage approvals fall to new record low - 29/09/08
UK mortgage approvals fell to a new record low in August as the housing market slumps further
Treasury and FSA working on B and B rescue plan - 27/09/08
The Treasury and the Financial Services Authority (FSA) are in talks to secure the future of Bradford & Bingley
UK debt levels 'far worse than figures suggest'
UK debt levels 'far worse than figures suggest' - 26/09/08
The UK's debt problem is significantly worse than official figures suggest, a new survey has shown
Bank pumps billions into markets - 26/09/08
The Bank of England is pumping over £40 billion in the markets as the threat of a second credit crunch arises from the current global banking crisis
New students face 'money mule' scam danger - 26/09/08
Students heading into university this autumn and looking for easy money are being warned of the 'money mule' scam, which could leave them with a criminal record for laundering
Bush warns of 'financial panic and recession' - 25/09/08
George Bush has used a primetime televised address to push forward his $700 billion (£377 billion) rescue plan for the banking system - warning of financial panic and recession without it
Churchmen condemn City "bank robbers" - 25/09/08
Church leaders have condemned City traders as "bank robbers" and have called for tighter regulation of the market
New home buyers face 'delays, faults and unfair terms' - 25/09/08
Buyers of new properties are regularly facing problems such as delays in moving in, faults in new homes and issues over reservation fees
Grandparents pushed for cash - 25/09/08
Britain's grandparents are quickly being forced to support the generations below them
Bankrupt Katona 'could sell mum's house'
Bankrupt Katona 'could sell mum's house' - 24/09/08
The mother of former-pop star Kerry Katona could lose her house to pay off debt built up by her daughter, according to reports
Bradford & Bingley signs mortgage deal - 24/09/08
Buy-to-let mortgage lender Bradford & Bingley (B&B) has signed a £750 million mortgage deal that should support it through the current banking crisis
One in five backs windfall tax - 24/09/08
The government has come under renewed pressure to introduce a windfall tax on energy companies as new research revealed one in five Britons backed such a move
EU mobile charges may be slashed further - 23/09/08
Text messages across the European Union are set to become cheaper next year if plans to slash mobile charges go through in July
Financier's £11m property repossessed
Financier's £11m property repossessed - 22/09/08
A City financier has lost his £11 million home after falling into unmanageable mortgage debt, it has been revealed
Cash-strapped home owners taking in lodgers
Cash-strapped home owners taking in lodgers - 22/09/08
Increasing numbers of homeowners are being forced to take in lodgers as they struggle with higher repayments on mortgage debt
Builders merchant Wolseley sees profits fall 77% - 22/09/08
Builders merchant Wolseley has seen a profit slump of 77 per cent and expects jobs to be lost
US stocks soar on 'unprecedented' plan - 19/09/08
The Dow Jones industrial average leapt 400 points in early trading after George Bush announced a plan to rescue banks from the financial crisis
HBOS 'low offer' could be rejected - 19/09/08
Plans to merge Lloyds TSB and HBOS could yet be scuppered by shareholders, it has been claimed
Short-selling banned by UK and US authorities - 19/09/08
The Financial Services Authority (FSA) has imposed new regulations to ban the practice of short-selling, which may have exacerbated the global financial crisis, followed shortly by the US regulators
Brown says Lloyds TSB/HBOS deal the "right action" - 18/09/08
Gordon Brown has admitted that Lloyds TSB's acquisition of HBOS is "necessary" for the stability of the UK economy
Financial turmoil 'will send mortgage rates soaring'
Financial turmoil 'will send mortgage rates soaring' - 18/09/08
The recent turmoil in the stock markets is set to send repayments on mortgage debt higher, according to housing market experts
Darling: Lloyds TSB/HBOS deal 'absolutely necessary' - 18/09/08
Alistair Darling has stated the deal for Lloyds TSB to save HBOS was absolutely necessary
Central banks cash injection boosts markets - 18/09/08
Stock markets have rallied on a co-ordinated effort by central banks to inject billions of dollars into the financial markets
Lloyds TSB and HBOS in advanced merger talks - 17/09/08
Lloyds TSB and Halifax Bank of Scotland (HBOS) are in advanced talks for a merger, the banks revealed today
Lehman Bros UK staff 'will be paid' - 17/09/08
UK workers at Lehman Brothers will have their wages paid – at least until the end of September, administrators confirmed today
Supermarkets slash prices - 17/09/08
Major supermarkets Asda and Tesco have responded to higher inflation figures by slashing their prices on thousands of products
MPC still split on interest rates - 17/09/08
The Bank of England's interest rate-setting monetary policy committee (MPC) was again split on the future of interest rates
TUI boss admits knowing XL was going bust - 17/09/08
The head of one of the UK's largest travel firms admitted last night the industry knew XL was facing bankruptcy
Lenders set to pursue debts faster
Lenders set to pursue debts faster - 17/09/08
Lenders could be given the power to take faster action against debt-hit borrowers with the introduction of a new law, it has been reported
'Priority debt' grows in Kent
'Priority debt' grows in Kent - 17/09/08
There has been a rise in the number of consumers with "priority debts" in the city of Canterbury, according to the Citizens Advice Bureau (CAB)
Footballer 'comfortable' around gambling after avoiding bankruptcy
Footballer 'comfortable' around gambling after avoiding bankruptcy - 17/09/08
Former Aston Villa star Paul Merson has admitted he still enjoys a flutter despite considering filing for bankruptcy recently, it has been revealed
Long-term unemployment to hit 700,000 - 17/09/08
The TUC is warning long-term unemployment – those without a job for over a year – will rise to 700,000 in 2009
Federal Reserve holds interest rates as market fears grow - 16/09/08
The US Federal Reserve has held interest rates at 2 per cent as fears of global financial unrest grow
Lehman fallout sees global stock markets plunge - 16/09/08
The fallout from Lehman Brothers' collapse has reverberated around global stock markets, leading to falls in Asia, Europe and the Americas
Inflation hits 4.7 per cent - 16/09/08
Bank of England governor Mervyn King has told the chancellor of the exchequer inflation is expected to peak soon at five per cent
AIG falls 70% on Dow Jones - 16/09/08
New York stock markets have opened with muted drops, but insurance giant AIG fell almost 70 per cent
Darling: Banking obviously in tough times - 16/09/08
Alistair Darling today pledged to do "whatever is appropriate" to save the banking system after the collapse of Lehman Brothers
MPs hit out at government plans for saver protection - 16/09/08
MPs today have set out plans to stop a another Northern Rock happening and protecting savers' cash – hitting out at government proposals and saying if a bank collapses customers' cash must be returned in seven days
Administrators astounded by Lehman demise - 15/09/08
The team charged with unwinding Lehman Brothers has admitted being amazed the firm failed, as it was revealed some staff had already left and amid uncertainty over wages
FTSE 100 falls 3.29% on US turmoil - 15/09/08
The FTSE 100 closed down 3
Lehman UK wages may not be paid - 15/09/08
The team charged with unwinding Lehman Brothers has admitted being amazed the firm failed, as it was revealed some staff had already gone and it was uncertain whether wages would be paid
FTSE 100 falls 5.25% at lunch - 15/09/08
The aftershocks of Lehman Brothers' collapse continue to rock London this morning, with the FTSE 100 down 5
Bank of England steps in with £5bn over Lehman crisis - 15/09/08
The Bank of England is to inject £5 billion into the UK money markets as the collapse of Lehman Brothers hits worldwide equity markets
Merrill Lynch sold for $50bn - 15/09/08
Bank of America is to buy US investment bank Merrill Lynch for $50 billion £27
CBI: UK faces 'mild recession' - 15/09/08
The UK will officially be in recession by the end of the year, the CBI predicted today
FTSE 100 drops 3% on Lehman bankruptcy - 15/09/08
The FTSE 100 opened with falls of over three per cent this morning as the bleak US financial news hit London
Recession fears batter business confidence - 15/09/08
Business confidence in the future of the economy is willowing towards an all-time low
Charity donations crunched as Britain needs most help - 14/09/08
A third of charities have seen donations fall in the last year while three quarters have seen an increase in demand for services
Rural Britain faces affordability crisis - 13/09/08
House prices in rural Britain are 15 per cent higher than in urban areas, according to new research
FTSE 100 rises 1.85% - 12/09/08
The FTSE 100 closed an eventful week climbing 1
House prices fall 1.3% in August - 12/09/08
House prices fell 1
FTSE 100 rises 1.33% - 12/09/08
The FTSE 100 was up 1
Lehman searches for firesale buyer - 12/09/08
Lehman Brothers is reportedly now looking for a buyer after funding deals fell through earlier this week
1 in 3 renters' deposits not protected - 12/09/08
A third of renters are not being protected by the government's tenancy deposit protection (TDP) schemes, according to new research
Pension travel plans crunched by debt - 12/09/08
Retirement dreams of travelling are being scotched by debt, according to startling new research
Online banking to see 'Facebookisation' - 11/09/08
Online banking is set to go through a Facebook-style regeneration, according to new analysis
Barratt profits fall 68% - 10/09/08
Barratt Developments saw profits over the last year drop 68 per cent as the builder was hit by to morbid property market
FTSE 100 falls as Lehman fears grow - 10/09/08
Wall Street investment bank Lehman Brothers saws its share price tumble 44
Energy deal close to completion - 10/09/08
Energy firms are believed to be close to finalising a £1 billion deal with the government over ways to improve energy efficiency in people's homes
Oil prices rise as Opec cuts production - 10/09/08
Opec is to cut oil production to 2007 levels in a bid to stop falls in prices
Lehman Brothers shares drop 45% - 10/09/08
Wall Street investment bank Lehman Brothers saws its share price tumble 44
Npower rapped over 'free' price fix adverts - 10/09/08
The UK advertising watchdog has rapped npower over adverts stating customers could fix their energy bills for free
FTSE 100 slides on mining stocks - 09/09/08
The FTSE 100 fell 30
Govt slashes skilled migrants quota - 09/09/08
An independent panel has recommended the government cut its planned number of migrants from outside Europe for occupations with skills shortages by 30 per cent
Oil price volatile ahead of Opec meeting - 09/09/08
Crude oil prices have been volatile ahead of an Opec meeting and the impending arrival of Hurricane Ike in the Gulf of Mexico
UK recruitment falls to 15-year low - 09/09/08
The UK jobs outlook is now at its lowest since 1994, according to a new industry study
London rallies despite Asian falls - 09/09/08
Optimism in London continued this morning despite falls seen on the Asian indices
Water company complaints rise - 09/09/08
The Consumer Council for Water (CCW) has found three water companies caused an 11 per cent rise in complaints last year
New York up and London frozen - 08/09/08
The Dow Jones opened today up 1
Debt threat from AmEx credit card charges
Debt threat from AmEx credit card charges - 08/09/08
Millions of UK consumers are facing increased credit card debt after American Express increased its late payment charge to £12
FTSE 100 up on Fannie and Freddie rescue - 08/09/08
The FTSE 100 jumped 3
London trading halted by computer glitch - 08/09/08
Trading on the London Stock Exchange (LSE) is being halted by a computer failure
24% face fuel poverty by 2009 - 08/09/08
Gas and electricity price hikes mean a quarter of people now face falling into fuel poverty
Nationwide to merge with rivals - 08/09/08
Nationwide Building Society has confirmed it is to merge with the Derbyshire and Cheshire Building Societies
Government's new deal 'is flawed' - 08/09/08
The government's flagship new deal for jobseekers is in danger of failing just as unemployment has started to rise, a think tank has warned
European Capital of Culture boosts Liverpool - 06/09/08
House prices in Liverpool have skyrocketed since it was confirmed the city was to be European Capital of Culture for 2008
Bankruptcy 'not so bad' for some landlords
Bankruptcy 'not so bad' for some landlords - 05/09/08
Filing for bankruptcy may "not be such a bad option" for some landlords that are struggling in the current housing market downturn, one industry expert has claimed
Worst week in five years for FTSE 100 - 05/09/08
Another turbulent day was felt on the markets today as early falls were countered by a brief rally and a muted close
Banks lead sharp FTSE 100 fall - 05/09/08
Banks led the way downwards in early morning trading this morning, as traders confidence was badly shaken by gloomy economic news
Brown frustrates windfall tax supporters - 05/09/08
Campaigners for a windfall tax on energy companies have criticised the prime minister after he appeared to rule out such a move yesterday
Go-Ahead sees profits surge - 05/09/08
Train and bus operator Go-Ahead has seen profits surge "significantly" during the last financial year, reporting results "well ahead of expectations"
easyJet passenger numbers skyrocket - 05/09/08
No-frills airline easyJet has seen passenger numbers increase significantly, following the acquisition of GB Airways
Bank opts to hold rates again - 04/09/08
The Bank of England has held interest rates in the UK economy at five per cent as had been widely predicted
Halifax: House prices down 10.9% - 04/09/08
The latest house price index from the Halifax reveals average property prices in the UK continued to plummet during August
New Star criticises OECD claims - 04/09/08
The claims of inevitable recession made by the Organisation for Economic Co-operation and Development (OECD) have been criticised by a leading market analyst
Credit card debt 'could be longer than mortgage' - 04/09/08
Consumers who use their credit card for a holiday could be paying for the trip until 2030 if they only make the minimum monthly payments, uSwitch
Fewer jobs available, research shows
Fewer jobs available, research shows - 03/09/08
Out-of-work Brits are likely to find it harder to get a new job and may have to opt for an IVA to combat their debt, new employment figures have suggested
Homeowners urged to shop for mortgages - 03/09/08
British homeowners have been left "confused and concerned" with regard to their mortgage options as a result of the credit crunch, preventing them from shopping around for a new deal
Government housing proposals too little too late - 02/09/08
The government has announced a £1 billion package of measures to help kickstart the housing market and revive the economy
Darling spells out debt concerns
Darling spells out debt concerns - 02/09/08
The UK's economic prospects are forecast to be worse than ever before, which is likely to pile the pressure on those consumers facing bankruptcy, it has been suggested
Google to release IE, Firefox rival with Chrome - 02/09/08
Google has confirmed it will imminently release a new open source browser to rival Microsoft's Internet Explorer and Mozilla's Firefox
Split personal finance from maths teaching, demands charity - 01/09/08
A leading financial education charity is calling on the government to drop personal finance from the maths curriculum
UK house prices down 5.3% - 01/09/08
Property prices in the UK have fallen for the eleventh consecutive month, according to the latest house price index from Hometrack
Rics demands property action - 01/09/08
The Royal Institution of Chartered Surveyors (Rics) is calling on the government to act "swiftly and decisively" to prevent further damage to the UK property market

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