Banks incur hefty fine after mis-selling insurance in CPP debacle
22nd Aug 2013 10:17
Some of the UK's biggest banks are to pay compensation to some seven million customers after mis-selling credit card and ID theft insurance cover. Customers will receive up to £300 each, with the total bill coming to £1.3bn. The insurance was mis-sold because in most cases it was already provide
Read moreLondon midday: Ex-div stocks drag FTSE 100 to six-week low
21st Aug 2013 11:33
Markets were sharply lower on Wednesday morning as risk appetite was scaled back ahead of this evening's release of the minutes of the latest Federal Reserve policy meeting. The FTSE 100 was trading as low as 6,400 today in London today; the last time it closed below this level was on July 5th when
Read moreLondon open: FTSE 100 slips as investors await Fed minutes
21st Aug 2013 08:29
The FTSE 100 fell into the red on Wednesday morning, hitting a fresh six-week low as investors nervously awaited the minutes of the latest Federal Reserve meeting. The index dropped 0.5% to around the 6,420 mark early on. The last time the London benchmark closed lower was on July 5th when it finis
Read moreMonday newspaper round-up: Tesco, Egypt, JPMorgan, Vodafone
19th Aug 2013 06:47
Tesco is set to introduce its own tablet computer which is expected to be ready for Christmas loaded with books, films and music, The Times reported. Egypt's turmoil threatens to create a potential oil spike that could damage any nascent economic recovery, according to The Telegraph. JPMorgan Chas
Read moreLondon open: Markets rangebound after steep sell-off
16th Aug 2013 08:42
The FTSE 100 opened broadly flat on Friday morning with markets rangebound as sentiment still remained fragile following the steep sell-off the day before. The London benchmark lost 1.6% on Thursday after better-than-expected jobless claims data in the States ignited concerns that the Federal Reser
Read moreLondon close: Markets lower despite better-than-expected Eurozone GDP
14th Aug 2013 17:27
A return to growth in the Eurozone wasn't enough to buoy markets today with the FTSE 100 finishing down 24.51 points at 6,587.43 after a choppy session. Eurozone gross domestic product (GDP) figures showed that the single-currency region exited a recession in the second quarter by expanding 0.3%, a
Read moreFTSE 100 movers: RBS leads banks higher after Fitch report
14th Aug 2013 14:54
Royal Bank of Scotland Group topped the risers on the FTSE 100 on Wednesday after ratings agency Fitch said that a break-up of the state-backed UK lender into a 'good' and 'bad' bank is increasing unlikely as the costs would outweigh the benefits. Part-nationalised counterpart Lloyds was also making
Read moreLondon midday: Stocks flat despite decent data from UK, Eurozone
14th Aug 2013 11:18
The FTSE 100 was continuing to trade more or less flat on Wednesday morning despite economic data from the UK and Eurozone coming in ahead of expectations. "The equity market continues to trade within its recent range this morning as volumes bounce along the bottom and traders struggle for motivati
Read moreLondon open: Subdued start as markets await influx of data
14th Aug 2013 08:23
Markets opened broadly flat on Wednesday as traders showed caution ahead of a barrage of economic reports, including the minutes of the latest Bank of England policy meeting. As well as the minutes, investors will look out for gross domestic product (GDP) figures from the Eurozone, unemployment da
Read moreLondon pre-open: Flat start expected ahead of data, MPC minutes
14th Aug 2013 07:24
Markets are expected to open more or less flat on Wednesday as traders await a barrage of economic reports, including the minutes of the latest Bank of England policy meeting. As well as the minutes, investors will look out for gross domestic product figures from across the Eurozone, unemployment
Read moreBarclays Financial Director to step down on Friday
14th Aug 2013 07:04
Barclays has confirmed Financial Director Chris Lucas will step down this week for health reasons. Lucas was due to depart the company on February 28th 2014 but said he would now leave on Friday. "My health was a key factor behind my decision to step down which we announced in February," he said
Read moreWednesday newspaper round-up: Barclays, US Airways, Miliband
14th Aug 2013 06:49
Barclays Finance Director Chris Lucas is to step down this week, leaving the bank in the lurch as it tries to raise nearly 6bn pounds from shareholders, The Telegraph revealed. The US Department of Justice has sued to block the $11bn merger of US Airways and American Airlines' bankrupt parent, sayi
Read moreFTSE 100 movers: Fresnillo, Wood Group, G4S
13th Aug 2013 13:00
Fresnillo's shares surged after UBS rated its stocks a 'buy', saying it was well placed to handle the volatility of gold and silver prices by keeping costs down and generating free cash flow. Wood Group rallied after Investec raised its target price to 900p from 800p, noting the company's strong p
Read moreBarclays reviews UAE retail banking operations
13th Aug 2013 09:15
Barclays is reviewing its retail banking operations in the United Arab Emirates (UAE) for the possible sale of the business, sources told Reuters. The British bank confirmed it was conducting a review of the business but did not provide any further details. The review is being conducted internall
Read moreEuropean banks need to cut 3.2trn euros in assets
12th Aug 2013 10:46
European banks need to cut 3.2trn euros in assets by 2018 in order to comply with the Basel III regulations. The largest financial institutions need to shed €661bn in assets and come up with €47bn in capital, while smaller banks would be required to remove €2.6trn from their balance sheets, accordi
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