Ford has unveiled its strongest first quarter profits for 13 years, helped by increasing demand for more fuel-efficient cars.
Profits rose to $2.55bn (£1.54bn; 1.75bn euros) in the first three months of 2011, compared with $2.09bn at the same period the year before.
"Our team delivered a great quarter, with solid growth in all regions," said Ford president Alan Mulally. Ford said the 2011 outlook was good, despite higher commodity costs. Revenue for the first quarter was $33.1bn, up from $28.1bn a year earlier.
The firm said it had seen a strong performance in its home North American market, as well as "solid improvement" in Europe. US sales were up 16%, while market share in the Asia Pacific and Africa regions also increased, the carmaker said.
source: BBC
Labels: BBC, Money, Motor Industry, News
Botched roadworks are costing taxpayers in England and Wales £70m a year, the Local Government Association says.
It says councils are being left with the bill after contractors for utility companies fail to properly repair road surfaces they have dug up.
Workers dug two million holes last year and about 360,000 jobs were not properly completed, often leaving roads in a worse state, the LGA says. The utility industry said controls over repairs were being tightened.
This was in response to an LGA suggestion that utility companies should pay a bond before starting any work, which could then be used to cover the cost of any subsequent repairs or delays. The utility industry said any extra regulations would increase the cost of carrying out the work.
The LGA, which represents 419 local authorities in England and Wales, also wants councils to be given further powers to ensure roadworks are timed to cause minimum disruption to motorists.
source: BBC Labels: Highways, Money, News
Motoring costs should fall for families and businesses as a result of fuel duty changes announced in the Budget. Chancellor George Osborne announced a 1p per litre cut in fuel duty in response to a recent surge in global oil prices, effective from 1800GMT. He also said he would cancel a fuel duty escalator that would have pushed fuel costs higher. An inflation-linked rise in the fuel duty planned for next week was delayed until next year. "It's about doing what we can to help with the high cost of living and the high cost of oil," the chancellor said. "The fuel duty escalator, that adds an extra penny on top of inflation every year, will be cancelled," he said, "not just for this year, or next year, but for the rest of this Parliament". Under the old system the fuel duty would have risen by the rate of inflation, plus 1p per litre. Instead, the fuel duty will fall by 1p per litre. "We will delay the inflation rise in duty planned for next week until next year - and also delay the April 2012 inflation rise until the following summer." The cut will be financed by taxing the oil industry, Mr Osborne said. source: BBC Labels: Budget, HMRC, Money
The head of insurance giant Legal & General has predicted good growth in the UK as more people take control of their own financial affairs. Tim Breedon said the firm "will be a growing force as the welfare state retrenches" and people look for insurance and savings provisions. L&G unveiled annual pre-tax profits of £1.09bn, up from £1.07bn, on worldwide sales up 28% to £1.8bn. L&G also beat its £600m cash generation target by making £728m. The company's savings division was a key driver, with operating profit up 130% to £115m and net cash generation up 134% to £68m. source: BBC Labels: BBC, Money, News
Most travel costs have risen over the past three years, except for car rental, which has fallen in most popular tourist destinations. According to a recent study in The Telegraph, most air fares, ferry crossings, Eurostar tickets and travel insurance premiums have risen in price since 2007. In comparison, car rental prices continued their downward trend from the early 1990s despite the increasing operating and regulatory costs. The Telegraph article can be read here... source: BVRLA Labels: BVRLA, Money, Rental
Fraud costs the UK economy £38bn a year, with more than half of that suffered by the public sector, according to official estimates. The National Fraud Authority (NFA) said that if the total cost was broken down, every UK adult would be £765 worse off. The NFA said "a stronger counter-fraud culture" was needed. Cabinet Office minister Francis Maude said the £21bn cost of public sector fraud could pay for 800 secondary schools or 615,000 nurses. The cost to the private sector was £12bn and charities lost £1.3bn, the NFA reported, while individuals' losses were estimated at £4bn. Frauds included marketing scams, bogus operators, fake lotteries and online ticketing and rental crimes. Bernard Herdan, of the NFA, said the authority's annual fraud indicator was a "blueprint" for work to tackle the "rising tide" of fraud. Everyone should make an effort to protect themselves and share information on suspicious behaviour with the authorities. "We want to develop a stronger counter-fraud culture, which helps to disrupt fraudulent activity across the UK and globally," Mr Herdan said. source: BBC Labels: BBC, Fraud, Money, News
The Department for Business, Innovation and Skills (BIS) has decided not to regulate 'ancillary' charges – those which, from a consumer's perspective, do not form part of the 'essential bargain' between trader and customer. The BVRLA welcomed the announcement, calling it both sensible and fair. The association's head of legal services, Jay Parmar, said: "There was no justifiable basis for charges for administration, fuel and excess mileage to be regulated, especially as these are intended to recoup losses or costs incurred by our members and are therefore driven by cost recovery." source: BVRLA Labels: BVRLA, Money, Regulation
The BVRLA has rejected suggestions that contingent and ancillary charges – such as those for administration, fuel and excess mileage – should be assessed for unfairness. In its response to a call for evidence from the Department for Business, Innovation and Skills (BIS), the association called for the government to clarify what the objectives of changing existing legal principles would be and how this would improve consumer protection. BIS believes that a case may exist for it to regulate charges which, from the consumer's perspective, do not form part of the 'essential bargain' between trader and consumer. The department believes these charges are not actively considered by consumers when entering into a contract and are therefore not subject to normal competitive pressures. The BVRLA contends that charges for administration, fuel and excess mileage do not need to be regulated by the government as these are intended to recoup losses or costs incurred by members and are therefore driven by cost recovery. source: BVRLA
Labels: BVRLA, Money
Charges for administration, fuel and excess mileage could be regulated by government, according to a discussion document published last week by the Department for Business, Innovation and Skills (BIS). The government believes that an economic case may exist for it to regulate charges which, from the consumer's perspective, do not form part of the 'essential bargain' between trader and consumer. BIS believes that these charges are not subject to normal competitive pressures because they are not actively considered by consumers when entering into a contract. The government's interest in ancillary costs follows the Supreme Court decision in November 2009 that charges for an unauthorised overdraft are a legitimate part of the cost of banking services. The deadline for responses to the BIS discussion document is 23 August. For a copy contact BVRLA legal services executive Amanda Brandon. source: BVRLA Labels: BVRLA, Money, News
The £20 English banknote featuring the image of composer Edward Elgar will be accepted in shops for the last time on Wednesday. Banks, building societies and post offices will only exchange the note for a newer replacement at each institution's discretion after then. From 1 July, customers may find they can only swap it by sending it back to the Bank of England. The alternative £20 note carries a picture of economist Adam Smith. The Elgar £20 banknote, first issued in June 1999, has gradually been replaced by the Adam Smith note since March 2007. source: BBC Labels: Money, News
Identity fraud is likely to accelerate in 2010 as organised criminals target the rich, according to a report. Some 72% of ID fraud in 2009 came in the 2nd half of the year with company directors and business owners the most at risk, Experian found. The credit reference agency said that the number of ID fraud victims rose by 20% in 2009 compared with 2008. London remained the UK's crime hotspot area but Salford, Manchester and Cardiff were also vulnerable, it said. Experian also noted a rise in the proportion of fraud cases when people manipulated their own information in order to access financial services such as credit. The company estimated that these numbers would increase owing to lower levels of lending and the potential for more unemployment in 2010. source: BBC Labels: BBC, Money, News
Credit hire firm Drive Assist is at the centre of allegations it falsified hire days to claim extra money from insurers. In a leaked email, released by a whistleblower and seen by Insurance Times, a Drive Assist employee explains to staff how to claim two extra hire days from insurers. The email has been sent to the ABI and insurers are currently considering their response. Drive Assist chief executive Steve Binch said the employee who sent the email has been 'disciplined' while a full investigation is being carried out. In a letter to the ABI, he said that following an initial investigation, he was: “Confident that the many other systems and procedures within Drive Assist have captured this unfortunate procedural error/misrepresentation.” He added: “The Board and I do not condone any process which artificially inflates hire invoice values and Drive Assist prides itself on being one of the lower cost operators in the sector.” source: Insurance Times Labels: Insurance, Money, News
The UK could face power shortages in the years ahead, according to the energy regulator, Ofgem. The regulator also warns that a significant number of consumers may not be able to afford the higher energy prices they will have to face. Ofgem says there is "reasonable doubt" about whether the UK's energy market will be able to deliver sustainable supplies in the coming decade. The industry needs £200bn of investment, Ofgem said. source: BBC Labels: BBC, Money, News
Ford has posted an annual profit for the first time in four years. The carmaker made $2.7bn (£1.7bn) in 2009, compared with a loss of almost $15bn in 2008, and said it expects to be profitable this year as well. For the final three months of last year, the company made $868m, a dramatic improvement on the $6bn loss it made a year earlier. Ford said its return to profitability was in part due to cutting costs and reducing debt levels. source: BBC Labels: BBC, Money, Motor, News
The UK economy has come out of recession, after figures showed it had grown by a weaker-than-expected 0.1% in the last three months of 2009. The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955. There have been recent recovery signs - last week, UK unemployment fell for the first time in 18 months. The UK's had been the last major economy still in recession. Europe's two biggest economies - Germany and France - came out of recession last summer. Japan and the US also emerged from recession last year. source: BBC Labels: BBC, Money, News
Scams, online theft, insurance cheats and tax fraud is costing the UK £30bn a year, according to an official estimate. The National Fraud Authority (NFA) has calculated the figure for the first time and said it equated to £621 per adult in the UK. Some 58% of fraud was in the public sector, at a cost of £17bn, it added. It said the losses were paid for through taxes and rising prices of products and services. The highest sector was losses from tax fraud - estimated at £15.2bn - although this was only 3% of tax liabilities, consumer scams were estimated at £3.5bn, insurance fraud at £2bn and some 31% of losses came in the private sector, with the financial services sector suffering the biggest hit.
source: BBC
Labels: BBC, Money, News
The biggest ever shake-up to the costs of taking cases through the civil courts is contained in proposals in a report by one of the most senior judges in England and Wales. The civil courts deal with personal injury claims, disputes over goods and services, and landlord and tenant actions, among others. Lord Justice Jackson's Review of Civil Litigation Costs is a result of a recognition that it is simply too expensive for many people and small companies to bring or defend civil cases. His proposals are radical. He has looked at the factors forcing costs up in civil actions, and in particular he has focussed on Conditional Fee Agreements (CFAs), more commonly known as "no win, no fee" agreements. They have proved controversial in personal injury and defamation and privacy cases where the winning party can recover, in addition to damages, a hefty lawyer's "success" fee and "After the Event" (ATE) insurance premiums taken out by the claimant to protect against the costs of losing.
He proposes that success fees and ATE insurance premiums should cease to be recoverable from unsuccessful opponents in civil litigation. This will have particular significance for personal injury claims where no win no fee agreements are most common.
source: BBC Labels: BBC, Money, News
The place of supply rules for VAT changed on 1 January 2010 – now VAT is payable in the country in which the customer is established, rather than the supplier. Supplies to private individuals will follow this approach from 1 January 2013. As a result of the BVRLA's lobbying efforts, all rental agreements lasting 30 days or less will remain unaffected. In practical terms, this means that rental staff will not be required to check the VAT status of each customer in order to decide whether to issue a zero-rated VAT invoice. In conjunction with HM Revenue and Customs, the BVRLA has produced a fact sheet on the new rules, particularly how they affect agreements lasting longer than 30 days. source: BVRLA Labels: BVRLA, Money, News
The Van Best Practice Programme helps van users to save money by improving the operational, environmental and safety performance of their vans. By making small changes to everyday practice, you can drive down costs and improve business performance. Van Best Practice offers free advice to businesses of all sizes on how they can change the way they run their vans to reduce fuel costs, running costs and CO2 emissions. source: DfT Labels: DFT, Good Ideas, Money
Oil giant BP has reported third-quarter profits well ahead of expectations, sending its share price up nearly 4%. Its replacement cost profit between July and September was $4.98bn (£3bn). Experts said the figure had "obliterated" market forecasts. BP's results were boosted after it made bigger-than-expected cost cuts. source: BBC News Labels: BBC, Money, News
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