Home | Good Ways to Invest Money | Bank ratings | eCommerce Associate Blog | Corporate Site    

The dark ages come back to Lincolnshire

June 21st, 2009 by admin | Filed under Daily News, Recession, UK employment.

employmentIts seems like it’s back to the good old days for unscrupulous after nearly 900 workers engaged in building a new plant for the Lindsey oil refinery in Lincolnshire have been sacked, after they exercised their right to unofficial strike action.

The sackings followed a walk out by 1,200 contract workers last week in a dispute over redundancies. The strikers claimed that they had an agreement with the Total Company who own the plant not to cut any jobs. A spokesman for Total pointed out that the company had requested that the workers return to work, a request which they ignored. Late Thursday, Total confirmed that they had no option but to terminate their employment.

According to a report issued yesterday by the National Association of Estate Agents (NAEA), demand in the U.K. residential property market for May is increased supply by a ratio of more than four to one. The results of the NAEA survey go a long way to confirm that the downturn in the residential property market appears to be gradually coming to an end.
This optimistic viewpoint was unfortunately not shared by the wet blankets at the Office for National Statistics (ONS) they instead reported that mortgage lending as well as retail sales dropped in May.

Gross mortgage lending fell 2 percent in May to 10.3 billion pounds. 58 percent below the May 2008 figure according to official figures released.
Lincoln National Corp’s United Kingdom business activities have been acquired by Sun Life Financial Inc. for a fee of around £200 million.
The acquisition, subject to regulatory approval and price adjustments, will mean that Sun Life UK’s assets under management will grow to about £10.6 billion pounds

Simon Nixon, the man who founded the Moneysupermarket website and netted a personal fortune of £100 million when the company went public in July 2007 announced his plans yesterday to launch of a new online travel business. The web portal, to be known as Simonseeks, will link travel reviews with holiday bookings. The engine behind the website will that site members will be invited to write reviews on a recent holiday venue, and if a visitor to the site consequently books a spot, then the reviewer is liable to a share of the income. Nixon pointed out yesterday’s launch that interest in his new site has been considerable.

The FTSE 100 seemed to calm down on Thursday after a few days of fluctuation this week climbing just two points finish on 4,280.46. The FTSE 250 continued its rapid downward descent this time dropping 68 points to close on 7,241.67.

Sterling faltered slightly against the dollar, while holding its ground against the other major currencies
Pound/US dollar 1.6369
Pound/Euro 1.1766
Pound/Japanese Yen 159.0046
Pound/Swiss Franc 1.7711

During testimony to the Senate Banking Committee, US Treasury Secretary Timothy Geithner defended huge reforms of the banking system and urged Congress to pass the changes soon.

The treasury’s plans involve stricter market oversight and better consumer protection among others. However uncertainty prevails, especially over the details of the reforms which are expected to generate strong lobbying in the US Congress.

On Wall Street, the Dow Jones rose just 8 points to close on 8555.6, while the NASDAQ dropped by 12 points to close on 1819.72

Bernard Madoff wannabee and all round embarrassment to the British honours system. Sir Allen Stanford has finally given up being a fugitive and surrendered himself to the mercy of the US authorities. Seemingly unfazed by the long list civil charges hanging over his head, Sir Allen eventually realized that he was in hot water after a warrant was issued for his arrest on criminal charges, over an alleged fraud worth £6 billion.

Bank accounts

Related Websites

Tags: , , , , ,

«
»