Latest news with #financialtrouble
Yahoo
5 days ago
- Business
- Yahoo
Intel slumps as potential foundry exit deepens investor gloom
By Rashika Singh and Deborah Mary Sophia (Reuters) -Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon. Lip-Bu Tan said on Thursday he would further shrink Intel's workforce, halt work on two plants in Europe and slow another in Ohio, binning his ousted predecessor's strategy that relied on building costly facilities to restore its manufacturing edge. The plan for such extreme measures follows a surprise second-quarter adjusted loss and a forecast for a bigger-than-expected loss in the third quarter. The weakening financials pointed to more trouble for Intel after years of mismanagement eroded its PC and datacenter market share and left it with almost no presence in the AI market. The disclosures "revive long-unanswered questions on the chances of success for its foundry business the path forward is if Intel does not develop leading edge manufacturing capability," TD Cowen analyst Joshua Buchalter said. "It's hard to understate the significance of this potential outcome in the context of the history of the semiconductor industry." As part of its new strategy, Intel may reserve the advanced 18A manufacturing process for its products and proceed with its next-generation 14A only if it lands a major external customer commits, Tan told analysts on the post-earnings call. The move could put $100 billion in assets at risk and deepen its dependence on rival TSMC, adding strain to margins already running at about half their historical highs. "Intel Foundry is a big story and currently people are questioning how successful 18A is. A failure in 18A will be a broken story," said Hendi Susanto, portfolio manager at Gabelli Funds. Intel was set to lose nearly $8 billion in market value, if current losses hold. Its current valuation of around $100 billion is less than half of Advanced Micro Devices' more than $260 billion. The stock has lagged far behind rivals this year, rising 12.8% compared with AI darling Nvidia's 30% gain and AMD's 34%. Intel trades at a 12-month forward price-to-earnings ratio of 42.55 versus 33.90 for Nvidia and 32.12 for AMD. Since taking the helm in March, Tan has divested businesses, laid off employees and redirected resources as part of his strategic reset to revive the embattled chipmaker. "There are no more blank checks," he wrote in a memo to employees on Thursday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
6 days ago
- Business
- CNA
Intel slumps as potential foundry exit deepens investor gloom
Intel shares sank 8 per cent on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon. Lip-Bu Tan said on Thursday he would further shrink Intel's workforce, halt work on two plants in Europe and slow another in Ohio, binning his ousted predecessor's strategy that relied on building costly facilities to restore its manufacturing edge. The plan for such extreme measures follows a surprise second-quarter adjusted loss and a forecast for a bigger-than-expected loss in the third quarter. The weakening financials pointed to more trouble for Intel after years of mismanagement eroded its PC and datacenter market share and left it with almost no presence in the AI market. The disclosures "revive long-unanswered questions on the chances of success for its foundry business the path forward is if Intel does not develop leading edge manufacturing capability," TD Cowen analyst Joshua Buchalter said. "It's hard to understate the significance of this potential outcome in the context of the history of the semiconductor industry." As part of its new strategy, Intel may reserve the advanced 18A manufacturing process for its products and proceed with its next-generation 14A only if it lands a major external customer commits, Tan told analysts on the post-earnings call. The move could put $100 billion in assets at risk and deepen its dependence on rival TSMC, adding strain to margins already running at about half their historical highs. "Intel Foundry is a big story and currently people are questioning how successful 18A is. A failure in 18A will be a broken story," said Hendi Susanto, portfolio manager at Gabelli Funds. Intel was set to lose nearly $8 billion in market value, if current losses hold. Its current valuation of around $100 billion is less than half of Advanced Micro Devices' more than $260 billion. The stock has lagged far behind rivals this year, rising 12.8 per cent compared with AI darling Nvidia's 30 per cent gain and AMD's 34 per cent. Intel trades at a 12-month forward price-to-earnings ratio of 42.55 versus 33.90 for Nvidia and 32.12 for AMD. Since taking the helm in March, Tan has divested businesses, laid off employees and redirected resources as part of his strategic reset to revive the embattled chipmaker.
RNZ News
23-07-2025
- Business
- RNZ News
Sharp rise in housing and personal loans hardship cases over past year
Photo: RNZ Banks and other lending groups are being more accommodating in their approach to borrowers in deep financial trouble, according to a credit agency. Equifax's latest report shows a sharp rise in hardship cases particularly in housing and personal loans over the past year -- up 25 and 40 percent respectively for the 12 months ended May. New Zealand manager Nick Foster said unlike past downturns lenders have not been taking an unnecessarily hardline approach. "The change in lenders' attitudes is markedly different to the GFC (global financial crisis) where we saw a lot of people have their mortgages foreclosed for going into serious default listing within the [credit] bureau. "We have in the last year seen a big increase in defaults in quite a while -- that's when it goes beyond 90 days in arrears --... but on the whole that's the very last resort for lenders and we're not seeing as much as we have in previous cycles of economic uncertainty." Foster said lenders were much more open to making schemes of arrangement with troubled borrowers to restructure loans. However, data showed individuals dipping into their Kiwisaver accounts for hardship reasons and withdrawing $470 million in the past year. Overall, arrears levels were generally steady in May on the month before, and in many categories were close to or a shade below last year's levels. However, personal loans in arrears were higher, which Foster said reflected that most were unsecured and so there was nothing for a lender to be able to take back to cover long running debt. He said generally households were keeping control over debt levels as shown by soft demand for big consumer ticket items, and the rise in housing credit enquiries was largely existing borrowers looking to refinance at lower rates.
Daily Mail
22-07-2025
- Entertainment
- Daily Mail
EXCLUSIVE Revealed: How Martine McCutcheon ended up bankrupt for a second time after her work dried up and she blew her fortune on high spending
Martine McCutcheon appeared to have a golden financial future at the height of her fame thanks to roles in EastEnders the hit movie Love Actually. But MailOnline revealed exclusively on Saturday how she had gone bankrupt for a second time while her company owed £175,000 to the taxman. The astonishing reversal in her fortunes after a career - which included having a number one single and an Olivier Award as a West End stage star - have led to questions about what happened to the millions of pounds she earned. Now we can disclose that friends believe her money was frittered away thanks to her high spending habits and her acting work largely drying up in recent years. McCutcheon, 49 has previously admitted being obsessed with buying luxury goods such as Ralph Lauren sheets and Gucci bags. She has also made some highly questionable spending decisions such as paying 'thousands' to the Mafia to allow her glitzy wedding to her husband Jack McManus, 40, to go ahead in 2012 in Lake Como, Italy. Her poor health has also hit her earnings potential with her having been diagnosed with chronic fatigue syndrome (ME) in 2011 and Attention Deficit Disorder (ADD) in 2022. The final straw appears to have been the break-up of her marriage last year to singer songwriter Jack which apparently forced her to sell their five bed marital home in Surrey for £1,355,000. One source close to the star told MailOnline: 'Martine remains one of TV's most recognisable faces and a much-loved personality. 'You would think her performances in those two juggernauts alone would guarantee her work for life, but it hasn't worked out that way. 'She was well paid for both roles, but they were both more than 20-years-ago, and money does not last for ever if you do not invest it wisely. 'It has not helped that she loves the finer things in her life, and it is no secret that she has spent more than she should have done over the years. 'She has had bits and pieces of TV work recently – but nothing has come close to being a blockbuster role that might get her out of her financial mess. 'It's a real shame as she's immensely talented with a wealth of experience. Hopefully she can turn things around, but she's had a real tough time.' McCutcheon was said to be earning just £1.50 an hour as an assistant in Knicker Box before she shot to fame in 1995 at the age of 18 when she played Tiffany Mitchell in EastEnders. She stayed in the BBC1 show until 1998 when her character was killed off, and went on to launch a pop career, having a number one hit in 1999 with her song Perfect Moment. A Laurence Olivier Award followed in 2002 when she played Eliza Doolittle in the National Theatre's stage production of My Fair Lady. And Hollywood stardom beckoned in 2003 when she played Natalie, the Downing Street tea lady who caught the Prime Minister's eye in the romcom Love Actually, alongside Hugh Grant, Keira Knightley and Colin Firth. McCutcheon was widely acclaimed for her role as the love interest of the premier played by Grant, and she went to America where agents lined her up for meetings with movie producers But a Tinseltown career failed to materialise, and she instead turned to literature with her novel The Mistress becoming a top ten bestseller in 2009. McCutcheon's personal fortune was estimated as being at between £1.5m and £2m before she found herself another moneyspinning role as the face of Dantone's UK advertising campaign for its Activa yoghurt. But a look at her career in recent years shows shows how work and long term money-making opportunities appear to have largely passed her by since then. Her last major TV appearances were as herself in The Masked Singer in 2021 and a stint on Celebrity Gogglebox the previous year, in which she starred alongside her ex-husband Jack. McCutcheon's big screen role was in 2018 coming-of-age comedy film The Bromley Boys, about a teenager's support for his local team Bromley FC, described as the 'worst football team' in Britain in the late 1960s. Her last notable drama role on the small screen was even further back when she had a brief stint in Midsomer Murders in 2013. McCutcheon previously admitted that her world came crashing down following her diagnosis of ME in 2011, after previously fighting Lyme disease, which can cause fever, and Fibromyalgia, a chronic disorder that creates pain throughout the body. The condition left her temporarily confined her to a wheelchair and battling extreme tiredness and depression while she stayed at home for a month, not wanting to see anyone. She claimed the illness was sparked by the pressures of her role in My Fair Lady back in 2001, coupled with her hectic lifestyle at the time. Martine said previously: 'I became a complete workaholic, I went to work and then I'd go to some shuzzy do, and I tried to escape. Around the time of My Fair Lady, everything was perfect, and I just got ill and it all fell apart for me.' She added: 'You think you can do it all, but all you do is hurt yourself. It all did and then I was a wreck.' Pouring her heart out on Loose Women in 2016, she said: 'It was a real pressure especially on matinee days and then as well as shoots and relationships, and I think that's why I got ME. 'I got a virus, infections and I don't think anything else would have stopped me but that.' She added: 'It stopped me in my tracks. It was horrible. I've learnt a lot. But still now I'm here going: "Should I be here?" 'But now instead of back then, there's another voice saying "Yes, yes you should!" My Fair Lady's producer Sir Cameron Mackintosh previously spoke about how her determination for perfection caused her so much stress. He said: 'She'd be hysterical, beating herself up and saying, "It wasn't perfect, it wasn't perfect." You'd go back and say, "It was terrific, listen to the audience." Six years later, McCutcheon revealed she was suffering with further health issues after being diagnosed with ADD shortly after her brother LJ tragically died aged 31 in 2022. Speaking about the moment she was told of her ADD condition, she said: 'At first I went into denial, completely into denial, because my brother had passed away. 'I've been diagnosed with ME, and I just thought, I can't take this diagnosis on and whatever it means. I need to just keep going at life the way that I am. 'And in a way, I was kind of right. And then when I did finally look at it, I cried, I cried, cried and cried, I grieved, and it was just for if only I'd known how different things could have been, how much more with ease I would have been able to have done things. 'I do look back and see a lot of struggle with what I did. People just sort of think, oh, you know, she had the Midas touch. 'She'd do this, she'd do that. But I was always told by agents, why don't you just stick with one thing, because then you could go all the way to the top in it and stay there. 'Now I look back and I think, my God, it was a blessing that I couldn't, or didn't want to focus on the one thing.' Incredibly, the seeds of McCutcheon's financial implosion appear to have been planted at the time of her glitzy and expensive fairytale wedding to her husband on the shores of Lake Como, five years after they met. Jack later revealed they incurred 'hidden costs' and had to stump up 'thousands' to the Mafia to let off fireworks on the lake. When the mobsters discovered they had sold the rights to the photos and coverage of the big day to Hello magazine, they demanded more cash, which Jack refused to pay, leaving McCutcheon in fear of her life. She once recalled: 'I went, "Oh my God, there's going to be a dead horse's head in our bed!". I was petrified. I was like, "Don't stand your ground now, Jack. Please be quiet". But he wouldn't make another donation.' McCutcheon's mounting debts came home to roost within a year of their wedding day. When she was forced to sell her £25,000 engagement ring. It was also reported that she had suffered a string of 'horrific' miscarriages in the early years of her marriage. She said at the time: 'I just thought my health, money, career have all been taken from me, and now even my engagement ring — the one thing that represents what is solid in my life — has gone.' Things took a turn for the worse when she declared herself bankrupt for the first time in 2013 due to reportedly racking up £187,000 of debts, including £150,000 owed to HMRC. McCutcheon is believed to have been discharged from her bankruptcy in 2014 and got back on her feet financially. She and her husband were able to splash out £1.3m on buying their dream detached home in Surrey in June 2022, but the couple revealed last August that they were splitting up after 18 years together. It later emerged that they had put their home on the market three months earlier in May last year with an asking price of £1.5m. They later reduced the price to £1.25m – meaning they faced making a loss on the property – before securing a sale in January this year for £1,355,000, according to Land Registry records. On top of everything else, McCutcheon has spoken about having bouts of crippling anxiety and battles with her weight. She was reported last year to have lost five stone, dropping three dress sizes thanks to a strict Cambridge Weight Plan diet, although she said she occasionally took a break to enjoy pizza or a gin and tonic. A bankruptcy order in her married name – Martine McManus - was made in March at the County Court in Guildford, Surrey after a petition was filed against her last November by a finance firm called LDF Finance which she owed an unspecified sum of money to. It is not known if the Official Receiver will apply for a public examination of her bankruptcy which would disclose her financial affairs to the world. MailOnline disclosed on Saturday how McCutcheon's company Raven Music Ltd which she launched in February 2017, was wound up by a judge at the High Court on June 4 this year after a petition from HMRC. The company's last accounts filed in February 2023 showed it had assets of £272,977 including more than £211,000 in cash in the bank in February 2022. But at the same time, it had debts falling due for payment in the future for £255,693, including £110,000 in Corporation Tax and £64,790 in other HMRC payments, payable in the 12month period after February 2022. The current financial position of the company has not been disclosed. It had faced a notice for compulsory strike off in February last year, but it was suspended two weeks later. McCutcheon revealed in an Instagram statement last August that her husband had walked out on her. She wrote: 'After much thought and consideration, Jack has decided it's best for us to separate after 18 years together and I accept his decision.' McCutcheon later added: 'I continue to send Jack, all the love, luck and happiness for the next chapter of his life.' The actress also previously once admitted she was 'materialistic' with a love of luxury goods. She once said: 'I love nice things – I consider Ralph Lauren sheets to be a necessity, not a luxury – but I've known what it's like to be poor. 'I'm a Taurean, so I'm very passionate and determined and materialistic. Down the years I've spent a lot of money and saved a bit of money and had a lot of fun. 'And yes, if it all ended tomorrow and I could never afford another Gucci bag, then I think it's safe to say that I've got enough to be going on with.' In an interview with BBC4's Woman's Hour, she admitted that she turned into a recluse when her marriage first came under strain. She said: 'I didn't want to answer my phone. I didn't want to answer the front door, go outside and I would panic out of nowhere and have to pull over when I was driving because I felt this huge fear and couldn't breathe.' The actress added: 'I genuinely felt I was losing my mind. I didn't know if I really was or if it was something that was perimenopausal. 'It would just come on out of nowhere and when I spoke to my specialist about it she said, 'You know this is sadly the case for many women.'
BBC News
18-07-2025
- Business
- BBC News
Huddersfield woman urges more support for people struggling with debt
When Beverley Callon moved from Dorset to Huddersfield with her young son after a family breakdown, she hoped for a fresh start. Instead, the stress of mounting debt pushed her to the edge."I wasn't eating, I wasn't paying any bills. The rent wasn't getting paid," she says."I just didn't know where to start."Beverley's story is painfully familiar to thousands across the cost-of-living crisis bites, Bradford-based debt advice charity Christians Against Poverty (CAP) warns of a silent epidemic of fear, shame and isolation gripping those in financial trouble. CAP's latest report, No Time to Lose, finds that most people seeking help feel isolated - fearing phone calls, opening the post and even a knock at the fear is all-too familiar to Beverley, 54."The phone calls started, people were coming to the door - it was just a strain," she says. With bailiffs looming, she turned to her local church and met Yvette Robinson, a CAP debt worked together on budgets and savings plans until Beverley finally cleared her £11,000 debt over a number of years."Anybody can get into debt - for any reason," says Yvette."We never judge how someone got into debt."We're here to help them get out of it. The important thing is that people don't have to face it alone." Early education 'vital' The average new CAP client in Yorkshire owed more than £11,600 last year, the charity figures released earlier this year by financial advisers Hargreaves Lansdown found households are now spending an average of £216 a month on credit cards, loans and overdrafts - a figure that soars to nearly 20% of income in the UK's debt unsecured debt growing faster than people's incomes, campaigners warn this is fuelling poverty, deepening inequality and exposing the urgent need for government believes that early financial education from primary school onwards would be a "vital" tool in helping children learn lifelong good money habits."Because if young people don't learn, when they grow older, they're not going to be able to manage," she last year's election, Labour faced calls to commit to action on debt, but though it made tackling unsustainable international debt a key manifesto policy, campaigners say progress on household debt support has been notable move came last month when the Ministry of Justice announced a consultation on debt enforcement proposals included independent regulation of bailiffs, limiting doorstep visits and making enforcement fees fairer."Debt recovery must be fair to everyone," said Justice Minister Sarah Sackman KC, launching the changes."If you fall into debt you should be treated fairly and supported to get back on your feet." But campaigners want further comprehensive reforms on lending practices and bigger investment in community-based debt Murray, from the Debt Justice campaign group which has launched a People's Manifesto On Debt, said: "Labour came to power promising to tackle economic insecurity."But so far, this government has barely scratched the surface."While a cap on Universal Credit deductions, Buy-Now-Pay-Later regulation and consultations on debt enforcement are welcome steps, they do little to tackle the reality of the household debt crisis."Worse, government welfare reforms and financial deregulation risk pushing more people into hardship."People in debt are calling for urgent action: a ban on bailiffs, a duty of care for public creditors, and fair routes to write off unaffordable debt. The government needs to listen." For people like Beverley, the gap in - and growing demand for - statutory support is glaring."I went to Citizens Advice, but I couldn't get an appointment," she says."If it hadn't been for CAP, I don't know where I'd be."While the government provides information on debt support options through its website, campaigners say advice is often not easy to access when people are in crisis."We need more community hubs - places where people can get advice, mental health support, everything in one place," Beverley says."Debt's still a taboo. People shouldn't have to suffer alone."Today, Beverley - previously a full-time carer for her son, who has ADHD - is building a new is retraining as a barista and dreams of starting her own coffee business. But she knows many others remain stuck in the shadows of debt."I've never had a proper conversation about my future or what support I might need," she says."It was through community courses I found a way forward - not through the system."A lot more needs to be done."If you are affected by the issues raised in this story, you can access support via the BBC Action Line. Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
