Rise in financial hardship for Hull University students - BBC News Rise in financial hardship for Hull University students - BBC News

Friday, June 1, 2012

Rise in financial hardship for Hull University students - BBC News

Rise in financial hardship for Hull University students - BBC News

The number of Hull University students facing financial hardship increased by 54% over the past four years, its union said.

The student union said 2,300 students had contacted its advisors for support last year compared to 1,500 in 2008.

About 22,000 students study at the university. Four years ago, there were 21,000.

The Department for Business, Innovation & Skills (BIS) said "generous packages of financial support" were available.

Gina Rayment, from Hull University's student union, said: "They're coming to us with quite serious problems such as possible rent arrears where they could actually lose a roof over their heads."

Food parcels

"It isn't just that they need some money for a Friday night, it's actually that they need money for food, they need money to pay their bills and they need money for rent."

The union said there were a number of reasons why students were facing hardship including mismanagement of money or loss of parental incomes.

"One of the main reasons here in Hull is that there are no part-time jobs that students used to rely on to get themselves through university," said Ms Rayment.

The rise in financial hardship has also led to an increase in the number of food parcels it provides to students.

Last year the union distributed 70 food parcels to students compared to 30 in 2008, the union said.

A spokesperson from BIS said: "There is a generous package of financial support to help with living costs in the form of loans and non-repayable grants.

"Our reforms will offer more financial support and lower monthly repayments once you are in well paid work."

Stocks headed for an ugly start to June - KCRA.com

Stock futures plunged, the 10-year yield on U.S. Treasuries hit another record low and a world market sell-off gained steam early Friday after a U.S. jobs report fell far short of expectations.

The jobs report showed only 69,000 jobs added to payrolls, far below the 150,000 jobs forecast by economists surveyed by CNNMoney. The unemployment rate crept up to 8.2%.

U.S. stocks were already headed for an ugly start due to weakness in Chinese manufacturing figures and a report showing eurozone unemployment rate at a record high of 11%.

Following the dismal jobs report, the yield on the 10-year Treasury note fell as low as 1.46%.

The Dow Jones industrial average, S&P 500 and Nasdaq futures were down between 1.5% and 1.9% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Two manufacturing reports out of China Friday morning showed that the sector contracted more than expected in May, fueling investors concerns that the country may be headed for a hard landing.

As global economic growth has slowed in the last year, exports to Europe -- China's largest foreign market -- have taken a hit as the debt-ridden region teeters on the brink of recession.

Employers in Europe slashed 110,000 jobs across the eurozone in April, as the unemployment rate hit 11% -- the highest level since the creation of the common currency. A new manufacturing reading there Friday also showed more weakness.

Worries about Spain's possible inability to fund bank bailouts continue to build. The yield on 10-year Spanish debt climbed back to 6.6% Friday. Meanwhile the flight to quality took the yield on the German 10-year down to a record low of 1.16%, while the 2-year German bond briefly had a negative yield.

U.S. stocks finished in the red Thursday, ending a difficult month on a weak note. The Dow and S&P 500 dropped more than 6% in May, while the Nasdaq shed more than 7%.

Stocks set to drop after gloomy jobs data - msnbc.com

Updated at 8:30 a.m. ET: Stocks are set to drop Friday, following news that U.S. employers added just 69,000 jobs in May, far fewer than the increase of 150,000 investors had expected.

The troubles in the euro zone also remain a focus for Wall Street, as investors digest the latest economic data from the region.

Unemployment the euro zone was 11 percent in April. The figure was unchanged from March, but still at the highest level since records started in 1995. Spain’s had the highest rate in the region at 24.3 percent.

Treasury yields hit their lowest level in hundreds of years and global stock indexes dropped toward 2012 lows as investors scrambled for lifelines amid worries about Spain's parlous finances and China's growth outlook.

Chinese demand seen slowing, record after record has tumbled across asset classes as investors seek security for their cash.

The German two-year bond yield fell below zero for the first time, meaning investors are paying for the right to hold that debt. Other "safe havens" Denmark and Switzerland said they were prepared to set negative interest rates to prevent their currencies spiraling.

Oil fell below the psychologically key level of $100 a barrel, striking an eight-month low.

"We've had constant worries about Greece, Spain, the euro, poor data from the U.S., and overnight the Chinese data was not positive," said Tony Machacek, an oil futures broker at Jefferies Bache.

The euro hit its lowest against the dollar in nearly two years at $1.2316 while 10- and 30-year German Bund yields hit all-time lows. The dollar index rose to a 21-month high.

Madrid's need to recapitalize its troubled banks and shore up its heavily indebted regions is the latest focus for turbulent markets, though IMF Managing Director Christine Lagarde denied late on Thursday that the Fund was preparing financial assistance for Spain.

Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday.

The gloomy economic news was not confined to Europe.

Weighing on the global demand outlook, China's official purchasing managers' index fell to 50.4 in May from April's 13-month high of 53.3.

Earlier, European stocks fell 1.3 percent to their lowest levels this year.

Reuters contributed to this report.

The unemployment rate ticks up to 8.2 percent after the May unemployment report showed US employers added a meager 69,000 jobs for the month. A CNBC panel discusses the data.

NBNK gets regulator backing for Lloyds branches bid - The Guardian

Commercial and Business Director

Liverpool, Chester | £50,000 + PRP of up to £50,000


No comments: