Tuesday newspaper round-up: Power suppliers, Budget...
22nd Mar 2011 06:31
The Big Six household energy suppliers have been spared an industry-wide Competition Commission investigation, despite Ofgem finding evidence that they may be profiteering, manipulating their own figures and misleading consumers. Alistair Buchanan, Ofgem's chief executive, said: "Energy companies h
Read moreLondon close: Stocks hold on to gains
21st Mar 2011 16:17
The FTSE 100 remained broadly flat since 0900, holding on to gains made in early trading. Sentiment was boosted by signs of progress being made in the handling of the nuclear crisis. Two reactors at the Fukushima Daiichi nuclear power plant in Japan were successfully brought into cold shut down unde
Read moreFTSE 100 movers: Barclays sells mortgage assets
21st Mar 2011 13:44
Barclays has sold a portfolio of property loans to CreXus Investment Corp, a commercial mortgage REIT, for $586m in cash. CreXus needs to sell shares to raise money via a share issue in order to buy the 30 commercial real estate assets. CreXus is managed by a subsidiary of Annaly Capital Managemen
Read moreSunday newspaper round-up: Barclays, Budget, Punch...
20th Mar 2011 08:59
Barclays has warned the Treasury against breaking up banks in a thinly veiled threat that it may move its headquarters to America. John Varley, the bank's former chief executive and its lead adviser on government affairs, held a tense meeting with officials last week. It was one of a series of priv
Read moreMore banks subpoenaed over LIBOR manipulation
17th Mar 2011 12:26
US regulator, the Securities and Exchange Commission (SEC) has handed out subpoenas to more banks over alleged manipulation of the LIBOR rate, the wholesale rate at which banks lend to each other. Barclays, Citigroup and Bank of America are now being investigated by US regulators - as well as autho
Read moreSector movers: Alternative energy is wanted as nuclear crisis continues
16th Mar 2011 15:43
The alternative energy sector is the best performing sector for the third consecutive day, as the problems in Japan continue to have a positive effect on shares. The sector has risen almost 14% over the last week. Workers had to be evacuated from the stricken Fukushima Dai-ichi nuclear plant after
Read moreLondon close: Shares fall back as oil rallies
9th Mar 2011 16:53
A drop in the oil price failed to gain ground as the Libya violence continued, sending shares firmly into the red. Attacks against rebel-held towns in western Libya continued, helping oil prices to win back some recent losses. Traders are worried that violence could erupt in other oil-producing Ar
Read moreLondon afternoon: Downward drift continues
9th Mar 2011 14:16
Blue-chip shares drifted lower still over the lunchtime session though a number of bright spots can be found, particularly among second liners. Insurer Prudential is in demand after saying it made 20% more in 2010 than it did the year before as Asia raced ahead of the US as the UK company's bigges
Read moreLondon midday: FTSE 100 seeking direction
9th Mar 2011 12:02
Shares are moving in both directions after updates, but the FTSE 100 sits a few points lower. Insurer Prudential is in demand after saying it made 20% more in 2010 than it did the year before as Asia raced ahead of the US as the UK company's biggest earner. Group operating profit before tax on a Eu
Read moreCredit Suisse prefers UK banks
9th Mar 2011 08:56
Credit Suisse has downgraded European banks to benchmark from a small overweight position in the second half of 2010, instead preferring UK lenders like HSBC and Barclays. It thinks Continental European banks could be hurt by an ECB policy "error" - a rate rise in April - and significant uncertaint
Read moreLondon open: Early falls despite Pru show of strength
9th Mar 2011 08:43
London has slipped lower in early dealings, despite good numbers from Prudential and a strong performance on Wall Street overnight as oil prices fell back. Insurer Prudential made 20% more in 2010 than it did the year before as Asia raced ahead of the US as the UK company's biggest earner. Group o
Read moreTuesday newspaper round-up: Oil prices, Barclays, Pension reform...
8th Mar 2011 06:38
The conflict in Libya helped propel the price of oil towards $120 a barrel on Monday as forces loyal to Col Muammar Gaddafi and rebels trying to overthrow his regime formed a front line around the strategic oil town of Ras Lanuf. Saudi Arabian political activists have also added to energy fears wi
Read moreBarclays chief trousers £6.5m bonus
7th Mar 2011 12:46
Bob Diamond, chief executive of Barclays, has been awarded a £6.5m bonus for his work in 2010. The former head of investment banking arm Barclays Capital, who replaced John Varley on 1 January, will get £1.8m in shares plus £4.7m of deferred shares. That's on top of his £250,000 a year salary. A £
Read moreLondon close: Shares in late dive as Mideast worries resurface
1st Mar 2011 16:43
The spectre of higher oil prices sent a chill down traders' spines late in the afternoon, sending shares plummeting into the red. The turmoil in the Arab World is behind the spike in crude, with a barrel for April delivery rallying towards $100 in New York. Worries over the possibility of protests
Read moreLondon afternoon: Hard going for Footsie
1st Mar 2011 14:53
It's proving a struggle in London with not long to go until the close, as Wall Street fails to inject much excitement and miners either see gains trimmed or disappear completely. Aerospace and vehicles engineer GKN has few friends. It bounced back into the black last year as all divisions bar aeros
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