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Bankruptcy epidemic in Wales
A RECORD number of people became insolvent this spring as Britons struggled to pay off credit card bills and loans, the Government said yesterday.
The Insolvency Service said 26,021 people in Wales and England became insolvent between April and June. It is the highest figure ever, well above the 15,645 in the same period last year. And it beats the 23,653 who went through the courts between January and March this year. In Wales more than 1,200 people now become insolvent each month. The Cardiff office of accountancy firm Grant Thornton said the figures were worrying for a relatively prosperous period. Richard Hawes, Grant Thornton recovery and reorganisation partner, said, "Personal insolvencies have hit the roof and carried on rising, reaching an average of almost 9,000 per month when just five years ago they averaged 2,500.Barclays First-Half Net Rises 25% on Securities Unit (Update1)
Aug. 3 (Bloomberg) -- Barclays Plc, Britain's third-largest bank, said first-half profit climbed 25 percent as it earned more from investment banking and consumer lending outside the U.K.
Net income advanced to 2.31 billion pounds ($4.3 billion), or 35.1 pence a share, from 1.84 billion pounds, or 28.4 pence, in the year-earlier period, the London-based bank said in a statement today. That beat the median estimate of 2.14 billion pounds from 12 analysts surveyed by Bloomberg. Pretax profit at Barclays Capital surged 66 percent to 1.25 billion pounds, beating estimates.
Chief Executive Officer John Varley, 50, is under pressure to maintain profit gains at Barclays Capital after hiring more than 3,200 people for the investment banking unit since 2003. Barclays is also beefing up its international unit after buying Absa Group Ltd.
Lloyds TSB profits up 8
Britain's fifth biggest bank, Lloyds TSB, today posted half-year pre-tax profits of £1.75bn, up 8%, despite a surge in bad loans.
As with other banks reporting this week, Lloyds TSB saw a sharp rise in provisions to cover bad debts, reflecting changes to personal bankruptcy laws.
For the six months to 30 June, the owner of Cheltenham & Gloucester and Scottish Widows said impairment losses on loans and advances increased by a fifth to £800m. In the UK, bad debt provisions was up by £86m, or 16%, to £632m.
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