Swiss oil refiner Petroplus has said it will file for insolvency after failing to reach an agreement with creditors to extend deadlines for loan repayments. The UK subsidiary of the firm, which owns the Coryton oil refinery in Essex, has appointed PricewaterhouseCoopers (PwC) as administrators. Shares in the company, which is Europe’s largest independent oil [...]
The number of people seeking help from free debt advice agencies has risen in the last year, a new survey shows. Some 1.54 million people sought help with excessive borrowing in 2011, compared with 1.4 million the previous year, the study by the Money Advice Trust has shown. Figures also show around 10 million individuals [...]
One in seven Britons has turned to credit such as a payday loan or unauthorised overdraft to help cover their rent or mortgage in the last year. Shelter, who carried out the research, has warned that relying on such methods could lead to people losing their homes. The figure equates to almost seven million people [...]
Store chain D2 Jeans has collapsed into administration, making 200 staff redundant and jeopardising hundreds more jobs. Administrators closed 19 stores and laid off the shop workers as the Dundonald, Ayrshire-based firm became the first notable post-Christmas retail casualty. The remaining 28 stores are being run as a going concern while administrators seek a buyer [...]
The Office of Fair Trading is taking action against a number of payday loan companies after complaints about these short-term loans doubled in the space of a year. The OFT has not named the companies involved, but said it was concerned firms were not checking whether customers could afford to repay these debts or explaining [...]
The dire state of many Britons’ personal finances has been underlined by new research that shows 3.5m people are considering taking out payday loans over the next six months. Concern over personal debt has reached the highest level since insolvency body R3 began making records, it said yesterday as it warned of “zombie debtors” who [...]
The eurozone debt crisis has deepened with Germany, France and 13 other members of the single currency facing a credit rating downgrade. In a move that will pile pressure on eurozone leaders and is likely to hit markets, it emerged that ratings agency Standard & Poor’s had put all but two euro nations on credit [...]
People in Wales struggle with their fuel bills more than anyone else in the UK, with almost a third of households there suffering, new research suggests. A study for comparison website uSwitch.com found that 32% of households in Wales are “fuel poor” – defined as those spending 10% or more of their net monthly income [...]
The number of young people out of work has passed one million as total unemployment hit its highest level since 1996, according to Government figures. The number of unemployed 16 to 24-year-olds went up to 1.016 million, from 991,000 the previous month, according to the Office for National Statistics (ONS). Total unemployment increased by 129,000 [...]
China’s export growth slowed further in October as the eurozone debt crisis and fears of a slowdown in the US dented demand for its goods, figures show. Shipments from China rose 15.9% from a year earlier, down from a 17.9% growth in September and 24.5% in August. Meanwhile, imports grew 28.7%, resulting in a trade [...]
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