The vast majority of firms say they have insufficient assets to meet their pension promises, with only 9% of companies still having a surplus.
The figures from the Pension Protection Fund, the body created to bail-out bankrupt pension schemes, revealed a ‘black hole’ of £219bn facing almost 7,800 final salary schemes.
This is up from £191bn […]
Spencer Winfield at stockbroker Charles Stanley replies: Warren Buffett, arguably the most famous US fund manager, once said that to be a good investor ‘one should be fearful when all around you are greedy and greedy when all around are fearful’.
It is presumably with this sentiment in mind that some investors started […]
Due to the recent recession, the whole economy has been jeopardized and lenders are under extreme pressure by the Federal regulators, as well as their investors to turn their bad loans (non-performing assets) to good loans (performing assets).
The process of a foreclosure in the present economy is not an easy job. One hundred percent financing […]
HSBC has launched a pioneering ethical investment Isa which offers Brits the opportunity to make money and at the same time help vaccinate children and save lives in the poorest countries of the world.
The bank is looking to raise at least £50m through its Vaccine Investment Plan and Vaccine Investment Isa. […]
Almost 30,000 individuals filed for bankruptcy in the last three months of 2008, according to figures recently released by the Insolvency Service, an increase of almost a fifth on the year before.
This is expected to rise further as recession grips the UK and unemployment continues to soar.
These people will eventually have to apply for […]
Lloyds Banking Group and the Treasury were thrashing out terms of a deal to insure more than £250bn of the bank’s toxic assets.
It would see the taxpayer increase its stake in Lloyds from 43% to as much as 70%. But Lloyds is reluctant to hand too much control to the Government and the bank and […]
Does this mean they are doing a terrible job or are they excluded because they are not open to all.
How do I find out their performance compared to others? S.B., Wirral, Cheshire
Simon Moon from This is Money replies: I put your question to the Police Mutual Assurance Society (PMAS) who […]
Some of the money would help the tens of thousands of elderly people who are forced to sell their houses to pay for residential care.
The call came in advance of a Government green paper which is expected to set out long-term reforms of the system.
But the Joseph Rowntree Foundation - which has led complaints […]
A staggering £2.3bn was pulled from bank deposit accounts in January, and a further £390m was withdrawn from building societies as the rates on savings plunged to an alltime low.
Meanwhile, a record £1bn was ploughed into corporate bond funds in the same month.
These are effectively IOUs issued by companies on which they pay interest.
But […]
Boss Michael Grade effectively admitted that his vision to take ITV more upmarket had failed and that ‘feelgood’ entertainment will dominate its schedules in future.
He said programme budgets will be slashed by £135m over the next two years after the company announced a £2.7bn loss for last year. It follows a massive downturn in […]
© 2008 Daily Financial News