BGN Entrepreneur

KPMG, one of the world’s biggest accountancy firms, is facing the possibility of an extensive redundancy programme.
Now the company have been offering all its eleven thousand UK staff extended unpaid leave. This morning, a proposal was sent to the staff via e-mail. The staffs were asked to volunteer for sabbaticals of between 4 and 12 weeks on 30% payment or move to a 4 day-week with the fifth day unpaid.
The sabbaticals are not compulsory. According to KPMG, this offer to unpaid staff was designed to help KPMG avoid a firm-wide redundancy programme. The company will decide how many workers will take part in the scheme next month.

The Mortgage Rescue Scheme is a £200m  package of measures originally unveiled by the Government last September. It is part of a package of measures announced by the Government to stem the tide of predicted repossessions.
The rescue scheme is designed to prevent some of the most vulnerable families from losing their properties and experiencing the trauma of repossession. It can be divided into two parts. The first allows homeowners to sell part of their property in a shared equity deal to a housing association to help reduce the mortgage repayments. The second enables households to sell their entire home outright to a housing association and pay subsidised rent to go on living in the property. It is predicted by the Department for Communities and Local Government that over the next two years, about 6000 households would be helped by the £200 million scheme.
People who would be eligible for homelessness assistance and is subject to a range of eligibility criteria can be help by this rescue scheme. Though the scheme is primarily aimed at elderly and disabled homeowners and families with young children, any household with an income of less than £60000 a year can also apply for financial help. The scheme can be easily applied for via contacting the housing department of the local authority or visiting the local Citizen’s Advice Bureau. However, people cannot apply if they are in negative equity, which means their mortgages are worth more than the value of their properties.

Bank of America could receive an additional bailout of billions of dollars to stave off the impact of Merrill Lynch’s fourth-quarter losses, after the closure of a deal between the two banks.
In September, the bank announced that it would pay $50 billion in shares for Merrill Lynch. The deal saved the Wall Street bank from the same fate as Lehman Brothers.
However, it is thought that BoA have warned the US Treasury in December that it would not close the deal due to the danger from Merrill’s larger-than-expected credit-related losses in the fourth quarter. Desperate for the transaction to go through, it is believed that the Treasury have agreed to protect BoA from Merrill’s losses, possibly via a cap on the amount of red ink that the bank would have to absorb because the Government stepped in to take responsibility for the remainder. And on January 1, BoA took ownership of Merrill.
So far, from the Government’s $700 billion Troubled Assets Relief Programme (Tarp), BoA has already received $25 billion, including $10 billion that Merrill would have received had their deal not gone through.
The details of the rescue plan have not been finalised but are expected to be announced after the bank reveals its fourth-quarter figures on January 20.

The tightening credit conditions and rising unemployment contributed to a stunning slowdown in consumers.
Almost all large retailers have trimmed their full-year forecasts after a dire festive sales period despite record-breaking discounting. Eleven of the 13 major product categories monitored by the Government fell with most down by at least 1% last month. Only retailers of health and beauty products as well as the miscellaneous category reported a slight rise in sales in December. In total, the US retail sales fell by 2.7%, which is twice as much in December as forecast and became the worst fall since records began in 1992.
As a result, the markets in London and New York plunged today. The FTSE 100 index of leading UK companies fell 256.93 points to 4,142.22 in London, while the Dow Jones industrial average fell 263.87 points to 8,184.69 in New York.

The financial crisis has affected every industry sector of business and sport is no exception. The sports industry has also suffered from great loss in profits and revenue of investment as a result.
For example, transfer spending in the Premier League and Football League has soared in recent months due to the credit crunch. Besides, turmoil in the world’s financial markets is making it difficult to secure private sector funding for the Olympic Village and media centre.
However, despite of the impact of global financial downturn,various sports activities still keep shining through the tough time of market downturn. At the other hand, the sport sector also benefits from the recession. Because people now have greatly changed their lifestyle, entertaining more at home instead of going out clubbing in order to save money. TV sports program and on-line sport program are becoming increasingly popular these days. According to some analysis from experts in the field, the sports market is to weather the current credit crunch and is set to experience an annual growth of 9% til 2012.
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Following days of increasing redundancies as UK businesses struggle to cope with the economic downturn, the employment numbers in the UK toll surged higher today after Barclays double its job cut to 4200.
It emerged yesterday that the bank was planning to reduce the staff numbers by 2100 across its investment banking division, adding to the 400 IT staff cut by the bank last week. However, today, the bank surprised the investors by further shedding 2100 jobs from its retail and commercial businesses.
Unemployed population hit 1.86 million and economists expect the number to reach three million by next year. This situation will put more pressure on the Government to act quickly to help companies and out-of-work individuals.
According to an announcement by Labour on Monday, the government is palnning to invest £500 million in getting the long-term unemployed back to work through a series of measures. And Lord Mandelson unveiled a £20 billion scheme today to help small businesses to secure funding from banks, which are still proving reluctant to lend to companies.

Are you preparing to purchase luxury like cars? Are you searching for the best loan lender with the most competitive car loan interest rates to suit your own finance needs now? Are you considering consolidating your debts into lower cost easy payment? During the time of credit crisis, getting a professional agency that offer you reliable financial solutions could be very important.
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