Banks cave in over PPI
9th May 2011 14:45
The banking industry has admitted defeat in its legal battle over the mis-selling of payment protection insurance (PPI). The British Bankers' Association (BBA) announced on Monday it would not appeal against a ruling by the High Court in favour of tough new rules on selling PPI. Several million pe
Read moreBarclays to take £1bn PPI hit
9th May 2011 09:10
Barclays is setting aside £1bn to cover the cost of mis-selling of Payment Protection Insurance (PPI), the bank has announced. It said it will not participate in any application to appeal against a High Court Judgement dismissing a bid by the British Bankers' Association to overturn a ruling that b
Read moreMonday newspaper round-up: Greece, Barclays, GDP
9th May 2011 06:26
The Chancellor has ruled out British participation in a further bailout of Greece as the eurozone grapples with the country's debt crisis. George Osborne said yesterday that the UK had been a "reluctant partner" in Portugal's rescue and would not be writing further cheques for the Greeks. His commen
Read moreSector movers: Smith & Nephew bolsters heath care sector
5th May 2011 16:06
Medical devices firm Smith & Nephew is propping up the heath care equipment and services sector, after a strong first quarter performance. Revenues during the three months ended 2 April rose to $1.06bn, from $995m the year before, boosted by progress at its US knee franchise. Few seemed to be disap
Read moreFTSE 100 movers: Schroders drops after profit misses targets
5th May 2011 15:26
Asset management firm Schroders has taken a tumble as profits came short of expectations in the first quarter. The group's profit before tax rose to £103.8m, from £93.2m in the first quarter of 2010, but that wasn't enough for investors who were hoping for a figure closer to £117m. Lloyds has also
Read moreBroker tips: ARM, Barclays, Elementis
28th Apr 2011 12:46
While Nomura keeps its 'neutral' rating on chip giant ARM Holdings, it hikes the target price by 14% from 500p to 570p, following the company's first quarter results issued yesterday. First quarter revenue came in 6% ahead of forecasts, primarily driven by a 16% beat on the processor division (PD)
Read moreBroker snap: Target price cut at Barclays
28th Apr 2011 12:21
Banking giant Barclays has seen its target price lowered by two brokers, RBS and UBS, after its first quarter update disappointed on Wednesday. The lender reported a 9% fall in earnings per share, from 9.3p to 8.5p, while adjusted pre-tax profit rose 10% from £1,822m to £2,004m. Net operating incom
Read moreThursday newspaper round-up: National Express, Barclays, BP
28th Apr 2011 06:24
National Express, the coach and train operator, received a boost yesterday after three major corporate governance groups came out in support of the board in its battle with Elliott Advisors, the activist hedge fund, over motions it has tabled for next month's annual meeting. Pirc, ISS Governance Ser
Read moreLondon close: Flat finish on eventful day
27th Apr 2011 16:56
Shares lost their puff ahead of the close having burst into life following a sluggish start, but there were some big movers in both directions, particularly in the mid-cap index. First quarter GDP data was the main talking point though growth of 0.5% was in line with expectations. On the company f
Read moreFTSE 100 movers: Aggreko leaps on full year guidance
27th Apr 2011 13:39
Temporary power supplier Aggreko has surged ahead after saying it expects its full year profits to be slightly ahead of 2010 after a strong start to the year. Airline IAG is firmly highly, continuing from strong gains made yesterday. Engineers GKN, IMI and Weir Group are also among the best perfo
Read moreLondon midday: FTSE 100 bounces back
27th Apr 2011 12:05
Shares are slightly in the blue now, though the relatively calm performance overall belies some big share price movements in both directions following a stream of updates. Banking giant Barclays is lower after saw adjusted profit before tax rise 10% in the first quarter of 2011, despite a 15% slide
Read moreLondon open: Stocks move both ways after updates
27th Apr 2011 08:32
Shares have edged slightly lower in early dealings with some big name company updates getting a poor reception, though there are some significant risers. Banking giant Barclays is lower after saw adjusted profit before tax rise 10% in the first quarter of 2011, despite a 15% slide in top-line incom
Read moreLondon pre-open: Shares to edge slightly lower
27th Apr 2011 07:56
Shares are expected to open slightly lower as traders digest a raft of trading updates and await first quarter economic growth data later this morning. Controversial oil colossus BP saw its first quarter profit advance to $7,124m from $6,079m the year before. Replacement cost profit dipped to $5,48
Read moreBarclays maintains full year guidance
27th Apr 2011 07:23
Banking giant Barclays saw adjusted profit before tax rise 10% in the first quarter of 2011, despite a 15% slide in top-line income at Barclays Capital, its high profile investment banking arm. Adjusted profit before tax grew to £2,004m from £1,822m in the first quarter of 2010. Net operating incom
Read moreWednesday preview: BP, Barclays, Glaxo ...
26th Apr 2011 16:12
It is just over a year since the Gulf of Mexico Macondo oil well tragedy, an event that will continue to loom large over oil colossus BP when it announces its first quarter results on what is a busy Wednesday for company results. However, recent events in Russia are likely to be more to the forefro
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