HSBC 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
Read moreLondon midday: Banks lift Footsie on euro optimism
5th Dec 2011 12:00
Hopes that leaders can bring an end to the euro crisis lifted markets on Monday. Many believe that it is now make-or-break time for the single currency, echoing remarks made last week by Economic and Monetary Affairs Commissioner Olli Rehn that the continent had just 10 days to save the euro. The de
Read moreLondon close: Footsie nudges higher, Ecofin meeting eyed
29th Nov 2011 16:37
The FTSE 100 nudged higher in afternoon trading after swinging between gains and losses all day, as some better-than-expected US economic data boosted equities stateside. Lifting sentiment late on was the Conference Board's consumer confidence index which rose from a revised 40.9 in October to 56 t
Read moreLondon midday: Modest gains ahead of Osborne speech
29th Nov 2011 12:01
With US stock futures pointing to a positive start on Wall Street, London's FTSE 100 index reversed its earlier losses to trade modestly in the blue by midday on Tuesday. All eyes have turned to the Chancellor of the Exchequer, ALL EYES ON GEORGE George Osborne is to make his Autumn statement at
Read moreMarkets welcome £200m lifeline for Thomas Cook
28th Nov 2011 07:44
Shares in troubled tour-operator Thomas Cook shot up on Monday morning in reaction news issued late on Friday that the cash-strapped firm has reached an agreement with its bankers to provide the company with a new lending facility. Shares were nearly 50^ in the first half-hour of trading to 27p.
Read moreTuesday broker round-up - UPDATE
22nd Nov 2011 09:34
British Land: Bank of America-Merrill Lynch upgrades to buy from neutral. Centrica: Goldman Sachs keeps at Conviction Buy. Smith&Nephew: Citi cuts target to 492p from 507p, keeps at sell. Smith&Nephew: Citi reiterates neutral. Thomas Cook: Evolution Securities downgrades from neutral to sell, t
Read moreHSBC has made a formal offer for Denizbank, Sky says
22nd Nov 2011 09:12
Some analysts are this morning citing reports out on Sky News that HSBC has made a formal offer for Dexia´s Turkish business, Denizbank, of over 3bn pounds. The possibility also exists, apparently, that HSBC might not buy the whole business, in which case the price would be considerably lower. Tho
Read moreS&P to update ratings for 30 main banks
18th Nov 2011 10:03
Debt ratings agency Standard & Poor's (S&P) plans to update its ratings for the world's thirty largest banks within three weeks, which could lead to some rating cuts, reports broadcaster CNBC. Bank of America, Citigroup and Morgan Stanley are among the banks that could be downgraded, said Baylor La
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