Market News
Churchill and Direct Line Fined £2.17 Million for Altering Client Files
TweetRBS, and us, the taxpayers, will be having to cough up £2.17 million to pay an FSA fine incurred by Churchill Insurance and Direct Line. Both Churchill Insurance Company Limited and Direct Line are private companies, owned by the Royal Bank of Scotland Group Plc.. It was discovered that both of these companies had altered customer files... Stock market news »
Peacock’s On The Brink of Administration
TweetPeacocks, the Welsh retail giant owned by the Peacock Group that grew from very humble beginnings in a penny arcade in Chesire is on the brink of falling into administration. It developed as a retailer of woman’s clothing and has grown in recent decades to become a more dominant brand on high streets across the... Stock market news »
Saab Automobile Files for Bankruptcy
TweetSaab Automobile AB, maker of classic cars such as the Saab 99, Saab 900, Saab 900 S Classic Convertible and Saab Sonnet, has filed for bankruptcy. Its former owner, General Motors, recently turned down an investment from the Chinese company Zhejiang Youngman Lotus Automobile Co. Ltd that would have provided a life-line for Saab.... Stock market news »
Thomas Cook Loses £400 Million – To Close 200 Stores
TweetThomas Cook issued 3 profit warnings this year and has now announced losses of £400 million. It is planning some major restructuring to solve its cash crisis. There will be around 200 store closures with redundancies all over the country. There are 110 stores that will definitely close, although no jobs will close before Christmas. In total... Stock market news »
HSBC Fined £10.5 million for NHFA’s inappropriate advice to the elderly
TweetNews just in. HSBC has just been handed a £10.5 million fine from the FSA for giving poor advice to the elderly. This is the biggest fine ever given to retail bank by the FSA. Further to this fine HSBC is expected to have to pay out a total of £29.3 million to resolve... Stock market news »
Retail Crisis Deepens as Arcadia Announce Job Cuts
TweetArcadia, the parent company of many popular high street stores such as Top Shop, BHS, Burton, Dorothy Perkins, Wallis and Miss Selfridge, has announced that it will be closing up to 260 stores after seeing a 38% reduction in annual profits. The retail sector is still a long way from recovering from the global economic crisis... Stock market news »
Thomas Cook shares plummet on debt Worries
TweetThis morning Thomas Cook share price has fallen sharply after the announcement that it has suffered a “deterioration of trading in some areas of the business” and is in talks with its lenders to secure additional loans to cover operating costs. Currently Thomas Cook is seeking a further £100 million just 32 days after... Stock market news »
Virgin Money Buy Northern Rock for £750 Million
TweetNews just in that Virgin Money has bought Northern Rock for £750 million. This means that Richard Branson is now a high street banking tycoon. Virgin Money have only bought the “good bank”, the government will keep the bad debts / “bad bank”. George Osbourne said that the deal will be a good thing... Stock market news »
Reckitt Benckiser share price crashed today
TweetThe biggest news of the day is the shares in Reckitt Benckiser have fallen sharply. So far today (25th October 2011) shares have fallen by 121p down to 3,325p, a drop of 3.51%. The FTSE 100 has also seen a large overall fall today. The reason for the drop stems from reforms in the US... Stock market news »
Euro Crisis – French Banks Downgraded – Emergency Talks – Not My Fault!
TweetSome French banks have “enormous exposure” to the Greek debt problems. As a result Credit Agricole and Societe General have been downgraded. BNP Paribas is considering “massive restructuring” to reduce costs. José Manuel Barroso, the European Commission President, has said that the current Eurozone crisis is a “fight for the future of the Euro itself“.... Stock market news »
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