Tuesday 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
Read moreHSBC offloads New York branches for $1bn
1st Aug 2011 07:03
HSBC, the global banking giant which is to release its first half results later today, has announced the sale of 195 branches in the US for $1bn. Through HSBC Bank USA, HSBC's wholly-owned subsidiary, the group has reached agreement to offload the branches (the majority of which are in Upstate New
Read moreWeek Ahead: Banks, insurers, properties, base rates
29th Jul 2011 13:21
The end-quarter results season is fully in its stride, with trading updates expected from the high street banks, as well as reports from insurers and miners. On top of that, there are some heavy-duty economic announcements, in the form of interest rate decisions from the Bank of England and the Eu
Read moreLondon close: Late rally lifts stocks
28th Jul 2011 16:41
Stocks finished in positive territory after a choppy day, with US economic data helping to spark a late rally. Weekly Initial jobless claims in the world's biggest economy fell below 400,000 for the first time since April and homes sales data also came in ahead of expectations. The rush of company
Read moreLondon midday: Stocks fall back after news flurry
28th Jul 2011 12:00
Stocks are in the red after this morning's splurge of company updates. Anglo-Dutch integrated oil company Royal Dutch Shell fell after it reported net income on a current cost of supplies (CCS) basis, excluding specific items, of $6.6bn, compared to $4.2bn in the second quarter of last year. The fi
Read moreLondon open: Footsie opens lower after flurry of results
28th Jul 2011 08:34
After a flurry of company results this morning, the Footsie fell into the red. While investors digest the figures, in the back of their minds they are still fretting about the US debt ceiling negotiations, with the Republicans and Democrats set for a show-down later on today in the House of Represen
Read moreHSBC could cut more than 10,000 jobs
28th Jul 2011 08:00
HSBC could soon announce more than 10,000 job cuts, according to insiders at the bank cited by Sky News, with some of those redundancies coming from the head office. The above as part of the bank's efforts to improve its cost structure and return on equity. AB
Read moreThursday newspaper round-up: Banks, Bernanke, BSkyB
14th Jul 2011 06:27
Britain's banks have lined up to oppose reforms proposed by the Government's Independent Commission on Banking (ICB). In submissions to the ICB, the "big four" banks - Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group - raised objections or tried to buy time on the ICB's proposals. The
Read moreFriday newspaper round-up: Vedanta/Cairn, SFO, Paul Fisher, broadband spat
1st Jul 2011 06:04
India's Cabinet has finally given the go-ahead for London-listed mining company Vedanta Resources to take over Cairn Energy's prized India assets, nearly 11 months after the two companies first announced plans for the $9.6bn deal. However, New Delhi will require Cairn India's new owner to take on mo
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