HSBC confirms talks over US credit card business
9th Aug 2011 07:42
Banking giant HSBC has confirmed the rumours that it is in discussions regarding the possible sale of its card and retail services business in the United States. The company released a statement on Tuesday stating, "these discussions are ongoing and no decision has yet been made to proceed with an
Read moreLondon pre-open: Footsie set to dive below 5,000
9th Aug 2011 07:30
Investors had better get used to the value of the Footsie starting with the number four as the blue-chip index is set for a triple-digit dive at the outset, following last night's nightmare on Wall Street. City traders predict the top-share index will open at around 4,960, down 109 points from last
Read moreSanderson refinances
2nd Aug 2011 16:02
Sanderson, the software and IT services supplier, has replaced RBS with HSBC as its banker to refinance its term debt and working capital facilities. HSBC has advanced a four year term facility of £7.4m together with a £1m working capital facility. The new facility is expected to generate signif
Read moreHSBC could take on 15,000 staff in three years
2nd Aug 2011 14:36
HSBC could take on up 15,000 staff in emerging markets in the next three years, according to chief executive Stuart Gulliver. Yesterday HSBC hit the headlines when it said it would cut 30,000 jobs as part of a global overhaul of it operations. This will see the bank focus more on its Asia-Pacific
Read moreSector movers: Metals/mining stocks lower on economic concerns
2nd Aug 2011 13:48
The metals and mining sectors were unwanted on Tuesday on fears over the global economic recovery. Despite the successful passage through the US House of Representatives of the budget deficit reduction bill last night, many have pointed to recent disappointing global manufacturing data and the ongo
Read moreBroker tips: HSBC, Rotork, Centamin
2nd Aug 2011 11:39
RBS has downgraded its rating on global banking giant HSBC from buy to hold and lowers its target price from 750p to 640p, due to uncertain economic conditions in the US and Europe. "The prospect of slowing economic growth in the US and Europe delays the all-critical gradual rise in US policy rates
Read moreBroker snap: RBS downgrades HSBC to hold
2nd Aug 2011 11:30
RBS has downgraded its rating on global banking giant HSBC from buy to hold, due to uncertain economic conditions in the US and Europe. The lender revealed its first half results on Monday which came in slightly better than RBS's forecasts, "notably due to the $0.9bn sequential uplift in [second qu
Read moreLondon open: Barclays boosts FTSE 100 but miners suffer
2nd Aug 2011 08:28
The top share index has edged higher amid a mixed reception for today's stream of company results. Investors are also digesting news that the US House of Representatives has voted through a bill to raise the debt ceiling in the first stage of a two-step process designed to avoid the country default
Read moreTuesday newspaper round-up: Osborne, US vote, HSBC, Italy
2nd Aug 2011 06:03
George Osborne and Vince Cable last night issued a double warning to Britain's banks to start lending to business - as they prepare to announce astonishing profits of more than £8bn.The Chancellor said the banks had an 'economic obligation' to lend to cash-strapped businesses and warned them that th
Read moreLondon close: Gains wiped out
1st Aug 2011 16:57
After a late dive the top share index finished deep firmly in the red, reversing strong gains after some weak economic data from the US. The Institute of Supply Management´s (ISM) purchasing managers´ index for the manufacturing sector fell to 50.9 points in July, from 55.3 the month before. That d
Read moreFTSE 100 Movers: HSBC on the up after profit growth
1st Aug 2011 12:50
Banking giant HSBC is heading north after it unveiled a rise in profits and a massive wave of job cuts. Pre-tax profits for the half year climbed by 3% from the same period the previous year, with strong performances from the retail banking and wealth management divisions, which benefited from fewe
Read moreLondon midday: FTSE 100 adds more gains as HSBC impresses
1st Aug 2011 12:12
The leading share index is approaching triple-digit gains now with company updates driving shares higher. The FTSE 100 got off to a strong start and was boosted further by results from HSBC, which updated after the open. The banking giant unveiled a rise in profits and announced plans to cut up to
Read moreUPDATE: HSBC profits rise, to cut 30,000 jobs
1st Aug 2011 11:42
Banking giant HSBC has unveiled a rise in profits and announced plans to cut up to 30,000 jobs. Pre-tax profits for the half year climbed by 3% from the same period the previous year, with strong performances from the retail banking and wealth management divisions, which benefited from fewer impa
Read moreLondon open: 5,900 in sight as Footsie starts strongly
1st Aug 2011 08:32
Only four stocks were in the red on Monday morning as the blue chip index recovered from a week of losses on the back of the back-and-forth debt ceiling debates in the US. However, the saga is apparently close to its end after President Barack Obama and congressional leaders agreed on a deal to put
Read moreLondon pre-open: Debt ceiling deal set for warm welcome
1st Aug 2011 07:33
With the US debt ceiling saga apparently close to its end, at least until the world's biggest economy needs to up its borrowing requirement again, equities on this side of the pond are set for a relief rally after Friday's fall. President Barack Obama and US congressional leaders have agreed on a
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