Tesco 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
Read moreTuesday newspaper round-up: Tesco, Barclays, Phones 4u, China
23rd Sep 2014 07:03
Tesco's crisis shows no sign of stopping, after the retail giant was forced to call in investigators and suspend four senior executives as it discovered its profits had been inflated by £250m, The Guardian reported on Tuesday. Over £2bn was wiped off the group's value on during Monday trading after
Read moreBarclays to invest £1bn in green bonds
22nd Sep 2014 13:40
Barclays plans to invest £1bn in green bonds in a move that will treble its involvement in financing environmentally-friendly schemes. Barclays said it will buy the bonds by November next year from issuers such as the European Investment Bank, World Bank, International Finance Corporation and the Eu
Read moreFirstgroup comments on McFarlane's departure to Barclays
12th Sep 2014 12:33
Firstgroup's chairman, John McFarlane, has announced that he plans to step down from the role in July next year as part of his move to Barclays. The group said it had begun the process of finding a "strong replacement". Shares in Firstgroup had fallen 0.61% to 122.45p by 12:44.
Read moreBarclays appoints Aviva's McFarlane as Chairman - UPDATE
12th Sep 2014 09:22
Barclays has appointed John McFarlane as chairman to replace David Walker, who will step down following the bank’s annual general meeting in 2015. McFarlane, who is currently chairman of Aviva and FirstGroup, will take on the role on 1 January. He will step down from Aviva and FirstGroup in A
Read moreLondon open: UK stocks bounce off three-week low but gains limited
12th Sep 2014 08:51
UK stocks edged higher on Friday but choppy trading continued with investors concerned about the potential impact from a 'yes' vote on Scottish independence next week. Supermarket stocks were among the best performers as Morrisons extended gains made the previous session, while banks advanced, thoug
Read moreFTSE 100 movers: Kingfisher leads risers after seeing improved demand for DIY products
10th Sep 2014 15:18
B&Q and Brico Depot owner Kingfisher saw shares jump after replacing its chief executive as it reported flat profits due to currency volatility, although it said the buoyant UK housing market had lifted demand for DIY products. Housebuilder Barratt Developments was higher after it pledged to return
Read moreBarclays poaches BofA's Casavechia for M&A arm
10th Sep 2014 11:30
Barclays has strengthened its mergers and acquisitions (M&A) team in the US, building on its recent success in that space. In what may be a good sign for Barclays, it has managed to poach Richard Casavechia from rival Bank of America Merrill Lynch to lead its M&A structuring arm, according to an int
Read moreLondon midday: Stocks inch lower on Scottish vote concerns
9th Sep 2014 11:45
UK stocks fell for the third straight day on Tuesday as uncertainty caused by the upcoming Scottish referendum and geopolitcal tensions in eastern Europe dampened risk appetite. The FTSE 100 was 0.1% lower at 6,829 by midday, though it traded within a narrow range for most of the morning. Equity ma
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