HSBC to offload Korean arm, FT reports
6th Jan 2012 07:58
The Financial Times (FT) believes Britain's biggest bank, HSBC, could be about to sell its Korean retail operation to local player KDB Financial. The paper quotes Kang Man-soo, KDB's Chairman as saying talks between the two banks are "progressing well". HSBC is known to want to get out of unprofit
Read moreHSBC sells Maltese card acquiring unit
28th Dec 2011 15:10
Global banking titan HSBC is to offload its Maltese card acquiring business for €11.075m. HSBC Bank Malta will sell the said unit to HSBC Merchant Services, a subsidiary of Global Payments Inc, as part of group's strategic decisions set out earlier this year. HSBC Chief Executive Stuart Gulliver o
Read moreLondon close: Footsie flounders at the finish
21st Dec 2011 16:40
It was a day of two halves for the Footsie, with the morning's gains reversed in the afternoon session in the wake of the result of the European Central Bank's new three-year credit facility. The European Central Bank allotted €489.2bn in its auction of three-year loans, whereas the market had been
Read moreLondon midday: Footsie laid low by Unicredit, rumours of French downgrade?
21st Dec 2011 11:39
The banks were providing a lift at midday, but the Footsie was registering only slight gains with only a few days before Christmas. Hopes of a 'Santa rally' seem to have been dampened towards midday by the suspension from trading of shares of Unicredit 'limit-down'. They have since resumed trading
Read moreWednesday broker round-up - UDPATE
21st Dec 2011 08:51
HSBC: Investec reiterates buy with 800p target. Barclays: Investec reiterates buy with 330p target. Tesco: Nomura maintains buy rating and 500p target. AstraZeneca: Nomura keeps reduce recommendation and 2,400p target. Thorntons: Investec puts 35p target under review, hold rating kept; Merchant
Read moreLondon open: Wall Street tailwinds lift London
21st Dec 2011 08:34
Following last night's strong showing on Wall Street, UK shares are heading higher this morning, although in more leisurely fashion than their US counterparts did yesterday. Investors do not seem to be too fazed by credit ratings agency Moody's saying Britain's cherished triple-AAA credit rating co
Read moreLondon pre-open: London not bothered by Moody's warning
21st Dec 2011 07:31
Investors do not seem to be too fazed by credit ratings agency Moody's saying Britain's cherished triple-AAA credit rating could be under threat if the Eurozone crisis worsens. Moody's Investors Service said last night: "Any additional weakening in the macro-economic outlook or a need to support th
Read moreHSBC sells Japanese private bank to Credit Suisse
21st Dec 2011 07:05
Global banking giant HSBC is to offload its private banking business in Japan to Credit Suisse for an undisclosed sum. HSBC said that this deal is in line with its global restructuring strategy outlined back in May that will see 30,000 jobs go. The "Strategy Execution Plan" targeted cost savings of
Read moreSunday newspaper round-up: ECB, India, Next, LSE
18th Dec 2011 14:49
Risk appetite recovered a bit towards the end of last week, as evinced by the rise in the Euro/dollar cross to over 1.30 on Friday, the Financial Times writes in this weekend´s edition. Likewise, in general Eurozone government bonds did well, although Italian 10 year bond yields did rise by 20 basis
Read moreLondon open: Stocks flat, trading cautious after summit
9th Dec 2011 08:29
It was a flat start for the Footsie as investors digested the details coming from last night's pivotal summit, in which leaders failed to make sweeping changes to treaties which govern all 27 members of the European Union. EU SUMMIT DISAPPOINTS Britain blocked an agreement that would apply to all
Read moreLondon midday: Footsie in the blue despite S&P warning
6th Dec 2011 12:01
UK equities pushed into positive territory (albeit only slightly) by midday but trade was choppy in the morning session, as a Standard & Poor's warning over Eurozone ratings rattled markets' nerves. Nevertheless, US futures were pointing to a positive start on Wall Street, providing a lift here in
Read moreLondon open: Flat start after S&P warning
6th Dec 2011 08:23
UK stocks opened flat on Tuesday morning as yesterday's optimism surrounding the key Merkel-Sarkozy meeting and an upcoming EU summit was outweighed by some worrying comments from Standard & Poor's (S&P). S&P WARNS OF MASS EUROZONE DOWNGRADE Reports of a impending credit rating agency action on th
Read moreLondon close: Gains pared after 'Merkozy' meeting
5th Dec 2011 16:23
Gains for the FTSE 100 were trimmed late on after earlier optimism surrounding the key Franco-German meeting faded, but the index still finished modestly higher, up 0.28%. Investors will likely be cautious ahead of a pivotal EU summit to take place on Friday. "WE NEED STRUCTURAL CHANGES" German Ch
Read moreFTSE 100 Movers: Banks rise on euro hopes
5th Dec 2011 14:35
Banks continued to lift the index with Lloyds leading the way, rising over 8% on hopes that leaders can bring an end to the euro crisis. RBS and Barclays were also making gains. As the continent gears up for the EU summit on Friday, which is to focus on proposals to move euro area countries furthe
Read moreHSBC slapped with £10.5m fine
5th Dec 2011 13:38
The Financial Services Authority (FSA) has levied a £10.5m fine on HSBC, the UK's largest bank, after it mis-sold five-year bonds to the over 80s. The penalty is the biggest fine ever to be slapped on a firm in the City for this type of misdeed. The banking giant sold the bonds to nearly 2,500 el
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