World Television and Business News

More UK Retail Banking Jobs to Go

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Fri, 06 Nov 2009 01:34:32 +0000

Just days after the Royal Bank of Scotland announced that it is to significantly reduce its workforce, both HSBC and the Irish bank, Anglo Irish, have also announced cuts in its retail branches in the United Kingdom. Anglo Irish, now in ownership of the Irish government will shed more than 100 jobs in Ireland, and 95 in the United Kingdom. Its branches in the UK are based in Belfast, London, Birmingham, Leeds, Edinburgh, Glasgow and Newcastle.

The bank reported the biggest loss in Irish corporate history earlier this year, when it made a loss of around 4.1 billion Euros on the back or impairments in loans to property developers, a sector of the Irish economy which has effectively crashed over the last two years. The bank is also dogged with scandal, with its former chairman, Sean Fitzpatrick, resigning after admitting fraud in a deception in wich he concealed millions of euros of loans. The loans were kept off the bank's audits through an audacious scheme whereby the loans were transferred to other banks during the audits. Fitzpatrick is also accused of lending money to businessmen who then invested the cash in the bank in a bid to prop up its share price.

Fraud investigations are still on-going. In a seperate investigation, it was revealed to the Irish Parliament this week that the Irish finance ministry had paid the investment banking giant, Merril Lynch 7.4m euros for a report which said that Anglo Irish was "fundamentally sound", just days before the bank was rescued and subsequently nationalised.

HSBC, one of the largest banks in the UK has also announced that it is to cut 1,700 jobs from its retail banking division, however a HSBC spokeperson said that the job losses would be from the banks support services rather than its branches. The company plans to reduce its credit cards and collections teams, which currently consist of nine regional offices, to just two offices based in Birmingham. HSBC said it also expects to create "several hundred" new roles in the next year.

HSBC's head of UK operations, Paul Thurston said; "Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining of our business."

East Coast Main Line Nationalised

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Thu, 05 Nov 2009 07:39:32 +0000

Troubled British public transport giant, National Express is to hand back its East Coast mainline rail franchise to the Government on 14th November. The route, which runs between London and Edinburgh will be operated by a company owned entirely by the Department for Transport, effectively re-nationalising the line.

It was announced in July this year that the government was likely to take control of the route after ministers refused to renegotiate the franchise contract with National Express. It is expected that passengers and staff will be unaffected during the transition, and services will run as normal, with the operation being rebranded simply as "East Coast".

National Express will however, continue to run its other rail operations, including the East Anglia franchise which operates out of London Liverpool Street Station, although the Department for Transport have not ruled out revoking that francise in the future.

RBS to Cut 3,700 High Street Jobs

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 03 Nov 2009 00:26:48 +0000

The Royal Bank of Scotland is to cut 3,700 retail jobs across the United Kingdom, with the majority of them being lost from its high street branches. The cut amounts to around 14% of its retail banking workfoce, and hopes to achieve the cuts through voluntary redundancies over the next 24 months.

News of the cuts comes before a joint announcement expected to be made in the coming days by RBS, the Lloyd's Banking Group and the Treasury about plans to sell off parts of each of the banking groups which are currently in partial ownership of the UK taxpayer. RBS denied any connection between the job cuts and the pending announcement.

RBS, which owns Natwest, a banking giant in its own right in England, claims that is is overstaffed when compared with its competitors, and also needs to trim its staff in order to keep costs down. RBS has 340 branches in Scotland, 312 in England and Wales and under the NatWest brand, with the group owning a total 1618 branches under differing sectors of the company.

Chief Executive of RBS' UK retail operations, Brian Hartzer, told the BBC; "We need to do better for all our customers and shareholders by modernising the way we operate as a bank. We have 30% more staff carrying out administrative duties per customer than our competitors and they spend less than half their time dealing with customers - we can and must do better. The job losses this means are deeply regrettable but are necessary."

The Unite union, which represents many of the banks staff has described the cuts as "absolute madness". Rob MacGregor, a representative of Unite told Sky News; "Essentially RBS has decided that frontline costs should be cut to fund the crisis caused by the City bankers. This move to reduce frontline clerical branch staff by up to a third is short-sighted in the extreme. High street banks are busier then ever as customers increasingly seek a trusted, friendly, local service."

Threshers Owner First Quench Retailing Close to Administration

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 28 Oct 2009 07:22:48 +0000

First Quench Retailing, the owner of UK alcoholic drinks retailers, Threshers, Wine Rack and The Local, is on the brink of collapse. The company, which is based in Welwyn Garden City, and employs around 6,500 staff across its 2,000 shops and head office, is currently being advised by KPMG, who are actively seeking a buyer for the company.

Analysts have warned that it may not be possible for the company to go through the two traditional last ditch saving practices, which are a pre-packaged administration or a company voluntary agreement, meaning the only real option looking likely is for the company to fall into insolvency.

First Quench had already warned about its viability as a going concern earlier this year and put in place a rescue plan to shore up its finances, however further problems in the British economy appear to have taken their toll.

It is expected that an announcement one way or the other will be made in the not too distant future as negotiations and efforts to find a buyer come to a head.

Both First Quench and KPMG declined to comment.

Police Officer Suffers Head Injuries in Power Plant Protest

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Sat, 17 Oct 2009 19:53:14 +0000

A police officer was flown to hospital following protests at the Ratcliffe on Soar power plant in Nottinghamshire. Climate protestors have been gathering at the plant throughout the day with the sole intention of taking the powerplant, which serves over 3 million homes, offline. 21 arrests have been made following attempts to enter the powerplant, operated by the german energy firm, E-on.

Nottinghamshire Police said officers were attacked during "concerted efforts to tear down perimeter fencing and enter the site".

The plant, which is coal powered, generates most of the power for the region, and the form of power generation fuels nearly a third of the UK's power consumption. The climate protestors believe that the power plants have a direct impact on the environment. It is the same group of protestors that set up the 'Climate Camp' in London over the summer, which ultimately ended up in a farce.

According to the Reuters news agency, an E.ON spokesman said the plant would continue to operate as normal unless protesters enter operational areas. He said; "We have increased security and got extra fencing and we are working very closely with police."

Tsunami Warning Issued For South Pacific

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 07 Oct 2009 22:58:27 +0000

The South Pacific is on a Tsunami Warning following a 7.8 Magnitude earthquake off Vanuatu. The warning is in effect for Vanuatu, the Solomon Islands, Nauru, Papua New Guinea, Tuvalu, New Caledonia, Fiji, Kiribati, Kosrae, Wallis and Futuna, and the Howland and Baker islands.

The epicentre was 295km (180 miles) north-northwest of Vanuatu's largest island, Santo, at a depth of 35km (21.7 miles), according to the US Geological Survey.

The quake comes amidst increased geological activity in the Pacific, with three quakes causing widespread distruction last week.

Chicago Will Not Hold 2016 Olympics

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Fri, 02 Oct 2009 15:31:01 +0000

Chicago and Tokyo have been eliminated from the running to hold the 2016 Olympics. President Obama is in Copenhagen where the IOC members are gathered to decide who will take the torch from London. Obama said before the deciding began; "Chicago is a place where we strive to celebrate what makes us different, just as we celebrate what we have in common."

The cities also in the vote on Friday include Rio de Janeiro and Madrid. "It's difficult to say who the frontrunner is, but we feel that Chicago and Rio are neck and neck," said Ed Hula, editor of the Olympics Web site Around the Rings when speaking to CNN. "The influence of President Barack Obama coming to Copenhagen is considered something that could put Chicago ahead. It certainly has given them a lot more attention and a lot more sway."

Many heads of state have decended on Copenhagen for the IOC meeting, with a spokesperson saying; "It's not a requirement for heads of state to come to our session. We are obviously very honored if they decide to come, but there's no particular requirement."

Rio de Janeiro is now the frontrunner, as the decision making continues.

6.3 Magnitude Quake Near Tonga, Samoan Islands

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Fri, 02 Oct 2009 01:52:04 +0000

A 6.3 Magnitude earthquake has struck of the coast of Tonga and the Samoan Islands, 48 hours after an earthquake triggered a tsunami which has killed over 150 people. The quake occurred just before 14:10 local time some 55 miles south-east of Hihifo, Tonga at a depth of 6.2 miles. There are no immediate reports of damage or any tsunami warnings being in effect, and details are still sketchy.

The United States Geological Survey reported after the first earthquake that strong aftershocks could continue for days.

Television pictures from the Samoan islands show a scene of complete destruction along coastlines. Many buildings have simply vanished, being reduced to their foundations. The images, reminiscent of the 2004 tsunami, show trees flattened and piles of rubble where resorts, towns and villages once stood.

Iran Agrees to Send Enriched Uranium to Russia, Open Sites to Inspection

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Fri, 02 Oct 2009 01:00:04 +0000

Iran has agreed at talks in Geneva to send its openly declared enriched uranium to Russia and France, and allow inspections in the next two weeks of its newly revealed plant near Qum. The enriched uranium will be turned into fueld of small reactors that produce medical isotopes in Russia according to western officials.

If the deal happens, it will be seen as a major accomplishment for the west, and will significantly reduce Iran's ability to develop nuclear weapons allowing more time for diplomatic negotiations. A senior American official said however that the deal would be less significant, if as feared, Iran has a secret stockpile of enriched uranium.

The International Atomic Energy Agency's head, Mohamed El Baradei will travel to Tehran this weekend to discuss the inspections, but the west are demanding that Iran co-operates by making personnel and information about the newsly disclosed plant available.

Death Tolls Continue to Rise in Pacific Quakes

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Fri, 02 Oct 2009 00:17:05 +0000

The death tolls following three earthquakes in the Pacific continue to rise. In Samoa, the islands hit by tsunami's following a nearby earthquake, the prime minister says 149 have lost their lives. On the indonesian island of Sumatra, the death toll has officially risen to 777 according to the Indonesian Government, with the toll actually thought to be over 1,000. Tens of thousands are homeless after two earthquakes in quick succession devestated towns and cities.

Many are thought to remain trapped in the rubble of collapsed buildings, and the risks of further aftershocks remain a very real fear. The full scale of the devestation is not yet known, with many roads remaining impassable due to damage from the quake. Until isolated regions are reached, it will be hard to estimate the real level of the devestation.

Sumatra Hit by Second Powerful Earthquake

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Thu, 01 Oct 2009 03:35:32 +0000

A second powerful earthquake has struck the Indonesian island of Sumatra. Registering as a magnitude 5.0 earthquake, the strong aftershock comes less than 24 hours after two earthquakes struck in the Pacific. The first triggered Tsunami's near to Samoa and American Samoa, and the second hitting Sumatra.

Many thousands are feared to be trapped by the quake in Sumatra, with the death toll from the Samoan quake continuing to rise. Following the Samoan quake, New Zealand, Hawaii and Japan were issued with Tsunami warnings, however these were cleared several hours later.

The second earthquake in Sumatra comes following warnings of potentially powerful aftershocks, which could continue for days.

Pacific Rim Stood Down from Tsunami Alert

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 30 Sep 2009 01:43:34 +0000

Tsunami warnings have been relaxed from across the Pacific Rim following an 8.3 magnitude quake near to American Samoa. Reports suggest that the remote islands in the Pacific where the earthquake of 8.3 magnitude took place are in a state of utter devistation, but these reports are hard to varify. Japan has relaxed its tsunami warning following the potential danger that a wake could hit the island nation.

It is reported that thousands are homeless and an untold amount are dead.

New Zealands Ministry of Civil Defence continues to warn its citizens to stay away from beaches and coast lines following an 8.3 magnitude earthquake that has devistated the Samoan islands. iNewsroom reports that the risk remains for New Zealanders, and that Japan has issued a Tsunami watch.

In American Samoa. several villages are reported to have been leveled with thousands left homeless and many more injured. It is hard to understand the situation with little communication from the area, but we have learned that vast swathes of land have been totally destroyed.

New Zealand has been hit by a 40cm wave following the quake although the all clear has now been issued pacific-wide. The United States Geological Survey has warned however of potentially stronger aftershocks in the area, which could trigger further Tsunami's.

Samoa 'absolutely devistated' - reports

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 30 Sep 2009 01:18:53 +0000

Reports are now coming in from the remote islands in the Pacific where the earthquake of 8.3 magnitude of utter devistation. It is reported that thousands are homeless and an untold amount are dead. New Zealands Ministry of Civil Defence continues to warn its citizens to stay away from beaches and coast lines following an 8.3 magnitude earthquake that has devistated the Samoan islands. iNewsroom reports that the risk remains for New Zealanders, and that Japan has issued a Tsunami watch.

New Zealand Downgraded, People Warned to Stay off Beaches

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 30 Sep 2009 00:52:19 +0000

New Zealands Ministry of Civil Defence is warning its citizens to stay away from beaches and coast lines following an 8.3 magnitude earthquake that has devistated the Samoan islands. iNewsroom reports that the risk remains for New Zealanders, and that Japan has issued a Tsunami watch.

An earlier alert for Hawaii has since been stood down.

In American Samoa. several villages are reported to have been leveled with thousands left homeless and many more injured.

Japan Issues Tsunami Warning

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Wed, 30 Sep 2009 00:12:06 +0000

Following the massive 8.3 magnitude quake in American Samoa that has New Zealand on alert, Japan has issued its own Tsunami Warning. Reports remain sketchy, with news organisations and aid teams scrambling to the scene. As they travel, tidal surges are reported to be hitting Auckland, New Zealand, which remains on Tsunami alert, according to iNewsroom.net which has been on top of the story.

Tsunami watches have been re-issued following a devestating 8.3 Magnitude earthquake close to American Samoa, several villages are reported to have been leveled with thousands left homeless and many more injured.

Hawaii was also on Tsunami warning for a time, although these have also now been cancelled.

Tidal Surges Hit Auckland, American Samoa 'devistated'

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 29 Sep 2009 22:56:41 +0000

An 8.3 Magitude earthquake hit earlier near to American Samoa, triggering a devistating tsunami. Reports remain sketchy, with news organisations and aid teams scrambling to the scene. As they travel, tidal surges are reported to be hitting Auckland, New Zealand, which remains on Tsunami alert, according to iNewsroom.net which has been on top of the story.

Hawaii was also on Tsunami warning for a time, although these have also now been cancelled.

Tsunami Watches Re-Instated for New Zealand

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 29 Sep 2009 22:35:49 +0000

Tsunami watches have been re-issued for New Zealand following a devestating 8.3 Magnitude earthquake close to American Samoa, several villages are reported to have been leveled with thousands left homeless and many more injured. iNewsroom reports that warnings have been re-issued following additional swells hitting the shores of New Zealand.

Hawaii was also on Tsunami warning for a time, although these have also now been cancelled.

Tsunami Watches Cancelled in the Pacific

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 29 Sep 2009 22:00:29 +0000

Following a devestating 8.3 Magnitude earthquake close to American Samoa, several villages are reported to have been leveled with thousands left homeless and many more injured.

Hawaii was also on Tsunami warning for a time, although these have also now been cancelled.

New Zealand Hit by 40cm Wave, Samoa Thought to be Badly Hit

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 29 Sep 2009 21:41:04 +0000

New Zealand has been hit by a 40cm wave following an 8.3 magnitude earthquake earlier. The all clear is expected to be issued shortly according to the Civil Defence Emergency Management Centre in New Zealand. Samoa is thought to be much worse of with thousands reported to be left homeless and scores dead.

Reports from the islands are sketchy, but villages are said to be leveled. Hawaii was earlier on a Tsunami warning but this has also since been cancelled.

The United States Geological Survey has warned however of potentially stronger aftershocks in the area, which could trigger further Tsunami's.

Hawaii Tsunami Watch Cancelled

kevin.coy@worldbusinessnews.co.uk (Kevin Coy) — Tue, 29 Sep 2009 21:29:07 +0000

A Tsunami watch that was downgraded from a warning has now been cancelled for Hawaii, however New Zealand remains under warning. It is expected that a wave, if coming, will hit within the next hour to two hours. New Zealand is on full alert with beaches and low lying areas reported to be being cleared as a precaution. The earthquake, an 8.3 magnitude quake, hit near to American Samoa at around 8pm GMT, and has caused what is reported to be significant damage in Samoa. At least one village is reported to have been leveled.

A wave reported to be as high as 23 feet is reported to have swept 100 metres in-shore, washing cars and building away, and leaving devestation in its wake.

Information is still sketchy from the scene, and New Zealand remains on high alert.

More Soon.