HSBC 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
Read moreLondon midday: Stocks edge higher despite Ocado slump
27th Jun 2011 12:14
Stocks are clinging onto gains overall on a quiet start to the week, but Ocado, the grocery deliverer, has slumped following negative broker coverage after its half year results. Ocado said the only limit on its growth is capacity as it moved into profit in the half year to 15 May and announced a
Read moreLondon open: Ocado and Salamander updates impress
27th Jun 2011 08:26
Shares have edged higher in early dealings with some company news updates whetting investor appetite. Grocery deliverer Ocado is flying off the shelf after it said the only limit on its growth is capacity as it moved into profit in the half year to 15 May and announced a deal to supply products f
Read moreLondon pre-open: Week to start on a dull note
27th Jun 2011 07:45
London is set to start the week heading in its now familiar southerly direction, with City traders predicting the blue-chip index will open around 20 points down from Friday's close of 5,698. Grocery deliverer Ocado said the only limit on its growth is capacity as it moved into profit in the half y
Read moreHSBC in Saudi joint venture
27th Jun 2011 07:05
Global banking titan HSBC said its Saudi wholesale and investment banking business is to merge with a subsidiary of the Saudi British Bank (SABB). SABB will have a 51% stake in the new venture, which is to be called HSBC Saudi Arabia, but HSBC will retain full management control of the business. T
Read moreFTSE 100 movers: Man Group leads the recovery
22nd Jun 2011 15:33
Hedge fund manager Man Group is the high riser of the day, pulling the Footsie back into positive territory, after some kind words from Credit Suisse. Man is "moving in the right direction", according to the Swiss brokerage, who upgraded the firm from a 'neutral' to an 'outperform' rating. "Clearly
Read moreLondon close: Miners dominate fallers as global worries continue
16th Jun 2011 16:45
Global growth worries dampened the markets on Thursday as all but a few constituents on the FTSE 100 finished in the red. While the Footsie edged higher in the late afternoon, it still closed under the 5,700 level, a level not seen since mid-March. FTSE 100 closed down 44 at 5,699. A lack of clarit
Read moreLondon close: Glencore drags Footsie 1% lower
15th Jun 2011 16:39
The blue chip index slipped further into the red on the back of a poor start on Wall Street as economic data disappointed. US May consumer price index came in ahead of forecasts, rising 0.2%. While the Federal Reserve Bank of New York manufacturing sector index fell to a reading of -7.79, from 11.9
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