Week ending 20th January 2012
Welcome to our weekly news round-up for the week ending 20th January. Dominating the financial news this week have been downgrades and drops – with Standard and Poor’s rating downgrades of several EU countries, including France, and a 0.6% drop in the UK inflation rate. Interesting times…
• EDF Energy cuts gas prices by 5%
French-owned EDF Energy announced that it was to cut gas prices at the start of February by 5% for millions of customers. Electricity prices, however, will stay the same.
Source: Citywire
• ‘Disappointing’ Christmas sales for Tesco
Tesco supermarket announced ‘disappointing’ Christmas sales and warned of minimal profits, which led to a 12% fall in the value of its shares. International sales, however, grew by 8.2% over the Christmas period.
Source: Citywire
• Royal Bank of Scotland to cut thousands of jobs
The Royal Bank of Scotland is to cut a further 3,500 jobs from its global banking and markets business, in addition to the 2,000 job losses announced previously.
Source: Fundweb
• Outrage over Wonga appeal to students
‘Pay day loan’ company Wonga withdrew information on its website giving advice to students about its short term loans after pressure from various bodies, including the National Union of Students, who called it ‘highly irresponsible’.
Source: Guardian
• HSBC’s ‘Approved Solicitors’ Panel’ introduced
HSBC Bank announced plans for a panel of 43 approved solicitor firms which homebuyers will be required to use when taking out a mortgage with the bank, or else face an extra charge.
Source: Guardian
• MPs still calling for Arch Cru enquiry
Despite the Prime Minister’s refusal to hold an independent enquiry. Labour MP Tom Greatrex, the co-chair of the all party parliamentary Arch Cru group has pledged to continue pushing for an enquiry into the collapse of Arch Cru.
Source: Money Marketing
• UK inflation falls again in December
Inflation in the UK (as measured by the Consumer Princes Index) fell by 0.6% in December to 4.2%, from 4.8% in November.
Source: Fundweb