London midday: FTSE 100 drops another 1.8% as sell-off resumes
16th Oct 2014 11:39
In spite of an initial 'dead cat bounce' in early deals, London's FTSE 100 tanked again on Thursday morning with the index sinking to levels not seen since June 2013 The UK benchmark index was down 1.8% at 6,099 by lunchtime, having earlier touched a high of 6,282.95, with banking shares sinking sha
Read moreUK bank reforms negative for bondholders, Moody's says
13th Oct 2014 10:31
Recent proposed structural reforms released by the UK's Prudential Regulation Authority (PRA) are negative for all large bank bondholders, Moody's warned in a note published on Monday. "The proposed hanges are credit negative for all bondholders of large UK banks because they remove some key obstacl
Read moreThursday tips round-up: TSB, Virgin,Marston's
9th Oct 2014 07:21
The long list of challenger banks, both those who have recently floated as well as those which are waiting in the wings to do so, enjoy some important advantages over their big four rivals (HSBC, Barclays, Lloyds, RBS). Namely, they lack the legacy problems which are dogging their competitors and th
Read moreFidelity Worldwide Investment appoints ex-Barclays executive as UK boss
8th Oct 2014 11:28
Fidelity Worldwide Investment (FWI) has appointed a former Barclays senior executive as the new boss of its UK business. Fidelity said Peter Horrell would become managing director of its £70bn UK arm, which provides professional investors, financial intermediaries, employers and personal investors w
Read moreLondon midday: UK stocks rise despite weak economic data
6th Oct 2014 11:37
Weak economic data from Germany and the wider Eurozone failed to deter bullish investors on Monday as UK stocks continued to bounce off a 10-month low reached last week. London's FTSE 100, spurred by gains in the banking, airline and supermarket sectors, was trading nearly 0.4% higher at 6,550 by mi
Read moreLondon open: Banks, supermarkets give FTSE 100 a lift
6th Oct 2014 08:37
Decent gains from banking and supermarket stocks gave the FTSE 100 a boost on Monday morning as the UK's benchmark index continues to recover after hitting a 10-month low last week. The Footsie was trading 0.4% higher at 6,554 early on, rising for the second straight day after falling to 6,446.39 la
Read moreSunday newspaper round-up: Tesco, Supermarkets, BP
5th Oct 2014 17:19
Tesco is planning a boardroom purge after a string of profit warnings and the revelation of a £250m hole in its accounts, the Sunday Times said. The retailer was planning to unveil up to three non-executive directors 10 days ago but the accounting problem put the announcement on hold. Patrick Kenned
Read moreMade in Britain labels could generate £2.1bn extra for UK exporters
3rd Oct 2014 09:38
New research undertaken by Barclays Corporate Banking has revealed that international customers will pay more for products carrying a "Made in Britain" label. The firm estimates that UK exporters could increase their revenue by more than £2bn. According to the survey, 64% of new and emerging markets
Read moreTesco moves to secure £2.5bn crisis warchest
29th Sep 2014 13:31
Tesco has lined up a £2.5bn banking facility as a preventive measure in case of possible ratings downgrades. According to a Sky News report, the UK's biggest retailer has signed up between four to six banks to a new credit facility intended at providing an insurance policy, as the group seeks a solu
Read moreSunday newspaper round-up: Tesco, RBS, IAG
28th Sep 2014 21:05
The whistleblower who alerted Tesco to its accounting problem tried to do so before but was ignored, the Sunday Times reported. The accountant, reporting to Tesco's UK Finance Director, Carl Rogberg, raised concerns with superiors during ex-chief executive Philip Clarke's time in charge but "failed
Read moreJPMorgan world's best performing investment bank, report shows
25th Sep 2014 10:51
US bank JP Morgan was the world's best performing investment bank in the first six months of 2014, making $11.5bn (£7.05bn) in revenue. Data released on Thursday by industry analytics firm Coalition showed that the bank topped the rankings for both its fixed income and deals advisory business, with
Read moreThursday newspaper round-up: RBS, GSK, Barclays, BP
25th Sep 2014 07:08
Sir Philip Hampton, the chairman of Royal Bank of Scotland (RBS) is to quit his role at in charge of the bank and take on the same role at pharmaceutical company GlaxoSmithKline (GSK), The Guardian reported on Thursday. Confirming rumours reported here on Wednesday, Hampton will succeed Sir Christop
Read moreWednesday newspaper round-up: ECB, Barclays, Greene King
24th Sep 2014 07:11
The European Central Bank (ECB) is under pressure to help the Eurozone's struggling economy, The Financial Times reported on Wednesday. On Monday, leading shares in London closed 97 points lower, their biggest daily drop since March, following disappointing purchasing managers' index (PMI) data from
Read moreBig banks see rise in loan numbers, BBA reveals
23rd Sep 2014 12:30
The number of mortgages taken out by customers of the UK's big banks has jumped 15% year-on-year, the British Bankers' Association (BBA) revealed on Tuesday. The data showed that gross mortgage borrowing totalled £11.1bn and that although approval processes were temporarily disrupted by the implemen
Read moreBarclays set for record fine
23rd Sep 2014 10:05
The Financial Conduct Authority (FCA), the City regulator, is set to impose another huge fine on Barclays for failing to ensure adequate protection for clients' funds. It is not the first time Barclays has faced a fine for such an offence. Though when it was first fined for failing to protect its cu
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