Co-op Bank faces a huge bill to overhaul creaking IT systems as the lender is also forced to plug a gaping black hole in its finances. The news emerged as analysts from Barclays predicted on Monday the mutual's capital shortfall could be as high as £1.8billion, almost twice that of previous estimates.
NEW Severn confirmed approach from a joint venture consisting of Canadian investment group Borealis, the Kuwait Investment Office and Universities Superannuation Scheme.
Royal Bank of Scotland will face angry shareholders today over the award of staff bonus payments worth £607m during a torrid year in which it lost £5.2bn.
The total amount of new subscriptions in 2011-12 dropped to £53.5billion, down from £53.7billion the previous year, driven by a substantial fall in the amount of money invested into cash Isas, says accountancy group UHY Hacker Young. The amount of new money subscribed to the latter was £37.7billion, down from £38.2billion. And this can be attributed largely to the falling rates of return offered to savers. ...read
NEW Competition between French banks to attract domestic buyers has driven down mortgage deals to historic lows with rates 0.25 points below those seen at the end of World War II, according to a property group.
Only two FTSE 100 companies do not have subsidiaries which are based in tax havens, research from the charity ActionAid revealed today.
Research from retirement firm MGM Advantage claims that potentially more than 250,000 Britons are seeing out their retirement with credit card, personal loan or overdraft debts of between £25,000 and £100,000.
Foreign bosses who made a Footsie fortune
How the UK's blue-chip companies became a magnet for overseas chiefs
Fed up of rising home phone bills? Here's how I slashed mine
Wendy Jones used her computer to cut call costs
CCJs are back to haunt me
But I can't find the debt collectors to clear them
Living abroad has wiped out our credit history
And now we can't move back home? What can we do?
The balance transfer credit card battle hots up
MBNA cuts the price of moving debt but how does it stack up?
Pensioners will struggle with debts of up to £100k
More than 250,000 are seeing out retirement with credit card, personal loan or overdraft debts
Did my husband's pension die with him?
My husband died three years ago but I can't get any of his pension money
'Dividends are helping us travel the world'
David Merriott and his wife Dot say equity income has boosted their retirement
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NEW The FTSE 100 rose in early deals today but has since dropped back to stand 3 points down at 6,628. Severn Trent received a £5billion takeover approach from foreign investors, it emerged, its stocks surging 18 per cent, which lifted the utilities sector. The interest from Canadian investment group Borealis and the Kuwait Investment Office was confirmed by the Midlands-based company, triggering a rise of 276p to 2102.5p in its share price.
The UK capital's FTSE 100 stock index of blue-chip companies has become a magnet for bosses born abroad.
The talks come after Ocado opened negotiations with Morrisons that could see the online grocer help Britain's fourth biggest supermarket make its internet debut selling food.
One of the problems for the Co-op is that, as a member organisation, it cannot turn to shareholders for more capital or issue new contingent bonds, that turn into shares, like the other banks.
My partner and I have lived in Europe for 11 years. We want to move back and buy a house in the UK but the banks say they can't give us a mortgage without a credit check. We only need a small mortgage, what can we do?
Key public sector workers have seen the ability to purchase their own home continue to improve and is approaching the level last seen a decade ago, before the house price boom, research has found. Those in the public sector, such as nurses, police officers and teachers, can now find affordable property in 38% of towns - at the peak of the property boom it was just 4%. ...read
The number of households who considered their property debts a 'heavy burden' fell from 15.2 per cent in 2006/08 to 13.6 per cent in 2008/10, according to the Office for National Statistics.
Soaring distrust of banks and embarrassment about working for one is putting young people off a career in banking and harming the industry, Lloyds chief executive Antonio Horta-Osorio said.
A generation of popular cars that once dominated the nation's highways and kerbsides are now on the brink of extinction. The Austin Allegro is highest on the list of endangered cars with just 0.0453 per cent of those even built still being driven today. Famed for its square or ‘quartic’ steering wheel, of the 642,340 Allegros built between 1973 and 1982, just 291 remain today.
Luigi Gianino had little cause for concern when he rented his property to smart tenants, but four months later police raided the four-bedroom house and the investment property he had lovingly restored had become a cannabis factory, growing plants with a street value of £150,000.
As mobiles take over, fewer people have landline phones than ever before - but those who do are paying more. The cost of line rental has risen by up to 50 per cent over the past five years, from an average £10 a month to £15. Wendy Jones cut down on her costs dramatically and now pays just £5.99 per month.
I will be 60 this month and understand I will have to wait until 63 to get a state pension. Will the same apply to other benefits that used to arrive at 60, such as pension credits and bus passes?
Freezing conditions saw households' gas consumption rise by nearly a fifth between January and April compared to 2102, after 6 per cent price rises in December.
Britain's biggest business lobby group added to a growing swell of data indicating the economy is set to improve.
Credit card providers continue in their battle to outbid each other in the ever more competitive balance transfer arena. MBNA is the most recent bank to cut its handling fee from 3.5 per cent to 2.85 per cent - but how does this compare to other deals in the market?
The Post Office has announced details of three current accounts which will be piloted in 29 branches in East Anglia from today before a full launch across its network planned for 2014. Two of the accounts carry a monthly fee, with one a 'free in credit' offering.
My husband took out an a Prudential with-profits annuity in 2002. He invested £35,892.88. He died in 2010. Does this die with him or is there any pay out to me as his wife?
My husband and I were inexperienced investors in our 70s, looking for low-risk funds, but we believe we were put into unsuitable high-risk investments by our financial advisers at deVere & Partners in Spain.
Britain's banks and insurers are buckling under record complaints, many of which end up with the Financial Ombudsman Service. It is dealing with a record 400,000 new cases a year and fielding almost two million inquiries. However, it cannot help in every case - as thousands like Caroline Grierson discover.
Cable admitted that more could have been done to market the support available to businesses through UK Trade and Industry - such as grants, seminars and advice.
The Government closed a tax loophole that allowed goods from the Channel Islands to be sent free of VAT. But an EU loophole may have reopened the opportunity.
BT is threatening to lodge a formal complaint with Ofcom against rival Sky in the latest twist to a bitter fight over sports rights.
Energy companies are being investigated and fined for misleading customers or forcing them to sign up to poor deals. Although the industry says it is cleaning up its act, misleading claims and confusing tariffs are still the order of the day. But there are great savings to be made by switching suppliers, we explain all you need to know.
Two holiday money brands are holding 'sales' for travellers who are being squeezed by poor exchange rates.
The £11billion project will start in the autumn of 2015, rather than next number, the Department of Energy and Climate Change (DECC) said.
Savers are turning to overseas equity funds in their desperate hunt for income that grows year after year to combat the ravages of inflation. One investor who uses global equity income funds to provide him and his wife Dot with retirement income is David Merriott.
The bank (down 0.85p to 58.09p) said it was open-minded as to whether an internal or external candidate is appointed. But insiders confirmed Lloyds is ideally looking for someone with strong experience in banking or financial services.
Flybe said it was talking to a ‘number of parties’ about its 25 runway slots, with easyJet thought to be among the bidders.
Bloomberg terminals are used extensively by the major City banks and the firm has admitted giving its reporters access to information showing what data customers viewed.
The Co-operative Bank is battling to reassure millions of customers it does not need a bailout from taxpayers, after its credit rating was slashed to 'junk' status. We ask what it means for savers and borrowers at the bank. ...read
The Association of Investment Companies has analysed all investment trusts to find the 20 strongest and most consistent performers of the last decade.
We look at how Buffett has consistently delivered startling returns using an age-old formula and some common sense rules - and highlight some of the UK shares he'd go for
Young female drivers like Josie Elworthy (pictured), whose car insurance premiums have soared to a record high after EU gender rules were introduced in December, can keep a lid on costs with ‘black box’ technology that rewards safer driving. The box is a tracking device fitted into the vehicle, allowing insurers to monitor driving behaviour including speed, braking and turning. The safer the driver, the lower the premium.
A new tax year means a fresh Isa allowance to save. We pick our five favourite cash Isas for savers, don't miss this essential Isa reading that is kept up-to-date throughout the year.
Iit has become even more important to think outside the box to make your nest egg work as hard as possible. Adrian Lowcock, of Hargreaves Lansdown, gives his three top tips for investors to beat inflation.
The bank rate is at a rock bottom 0.5%, and one day it must rise. The big question is when? We explain the factors that will decide when interest rates rise and how quickly, including the latest forecasts from markets and economists.
Mortgage rates have hit record lows, with a five-year fix at 2.49%, but borrowers need to beware rising arrangement fees. So is now the time to lock in?
Property sales are finally on the up, while better mortgage deals are landing regularly. So what now for house prices?
For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Read our top ten buy-to-let tips
| Currency | Rate | Buy now |
|---|---|---|
| Updated 14 May 2013. | ||
| Euro | 1.1605 | Buy Now |
| US Dollar | 1.5095 | Buy Now |
| Australian Dollar | 1.4836 | Buy Now |
| Canadian Dollar | 1.5064 | Buy Now |
| Chinese Yuan | 9.0302 | Buy Now |
| Croatian Kuna | 8.5803 | Buy Now |
| Czech Koruna | 29.349 | Buy Now |
| Danish Kroner | 8.478 | Buy Now |
| Egyptian Pound | 10.079 | Buy Now |
| Euro | 1.1605 | Buy Now |
| Hong Kong Dollar | 11.546 | Buy Now |
| Hungarian Forint | 331.68 | Buy Now |
| Indian Rupee | 77.343 | Buy Now |
| Japanese Yen | 151.52 | Buy Now |
| Malaysian Ringgit | 4.3913 | Buy Now |
| New Turkish Lire | 2.6815 | Buy Now |
| New Zealand Dollar | 1.801 | Buy Now |
| Norwegian Kroner | 8.5635 | Buy Now |
| Polish Zloty | 4.7142 | Buy Now |
| Singapore Dollar | 1.8414 | Buy Now |
| South African Rand | 13.545 | Buy Now |
| Sterling | 1.0 | Buy Now |
| Swedish Kroner | 9.7454 | Buy Now |
| Swiss Franc | 1.4257 | Buy Now |
| Thai Baht | 43.349 | Buy Now |
| UAE Dirham | 5.4701 | Buy Now |
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Tony Hetherington
Tony Hazell