Category: News
Loans
There are several types of loans available. To name just a few: unsecured loans, secured loans, car loans and debt consolidation loans. A loan is a type of credit – and therefore it must be repaid. Repayments are usually made on a monthly basis, and will continue until the loan (plus any interest) [...]
Labour’s Spending Causes More Harm Than Good
Labour’s increased spending after the credit crunch actually harmed the economy rather than boosting it, according to a centre-right think tank. A report by the Institute of Economic Affairs found that stimulus measures pursued by Western governments in response to the economic crisis did not work. Shadow Chancellor Ed Balls has repeatedly called on the [...]
Analysts Are Counting The Cost Of Eurozone Shrinkage
Economists, banks and even punters in bookmakers are studying more and more seriously scenarios involving the collapse of the eurozone. Maybe not its total evaporation, but certainly shrinkage with peripheral or weak countries falling off the currency’s map and in all cases, according to the experts, with a heavy price to pay. Analysts agree that [...]
Shoppers Spend £4k On Their Credit Card Yearly
Shoppers are still spending a whopping £4,000 a year on their credit cards during the recession despite incomes dropping due to pay freezes and redundancy, says Scottish Debt Solutions Company, Trust Deed Scotland. According to the recent report by Standard Life “Your Commitments, Your Future”, UK credit card holders have been making £3,804 in payments [...]
CITIGROUP To Cut 4,500 Jobs Globally
CITIGROUP is to cut 4,500 jobs globally, with its London capital markets division shedding dozens of staff. Speaking in New York late on Tuesday, chief executive Vikram Pandit said that the bank has already made $1.4bn in savings this year but needs to respond to slow markets by reducing costs further. City A.M. understands that [...]
HSBC Fined A Whopping £10.5m – Persuades The Elderly To Part With Life Savings
HSBC has been fined a record £10.5million after persuading thousands of vulnerable elderly customers to part with their life savings. The banking giant faces a total payout of £40million in fines and compensation, following the five-year savings product sales campaign by one of its subsidiaries, NHFA. The Financial Services Authority said the bank ‘inappropriately’ advised [...]
Supercomputer – A £900m Computer System That Can Predict The Future
A £900million scheme to produce a computer system which could predict the next financial crisis has been backed by leading scientists. The Living Earth Simulator Project (LES) aims to ‘simulate everything’ on the planet, using anything from tweets to government statistics to map out social trends and predict the next economic crisis. Using vasts reams [...]
Moody’s Warns France Of Possible Credit Rating Risk
An increase in French government borrowing costs, slowing growth and the eurozone debt crisis threaten the country’s top credit-rating, Moody’s ratings agency warned on Monday, adding to market jitters. France is fighting desperately to retain its ‘triple-A’ credit status and has slashed spending and tightened up on tax revenues in an effort to stabilise its [...]
Borrower’s Rates Are Set To Increase – Home Owners Urged To Act Now
The only thing we can be certain of right now is that we have an uncertain financial future. But with the eurozone crisis and concerns that we could face a second credit crunch, do homeowners need to act now before it is too late? Many aspects of the property and mortgage market have been encouraging [...]
Northern Rock Bank Sold To Virgin Money For £747m
Bailed-out bank Northern Rock is to be sold to Virgin Money for £747million with a loss of at least £400million to the taxpayer. Despite repeated assurances that the public purse would not be left out of pocket, the Treasury today confirmed that Sir Richard Branson’s company would be buying the firm at a knockdown price. [...]
