FTSE 100 movers: ABF warns on consumer demand
28th Feb 2011 13:53
Associated British Foods is leading the market lower. The British Sugar and Primark owner says that its interim figures will be in line with expectations but it warns of weakening UK consumer demand and rising cotton prices hitting margins. HSBC doubled its profits to over $19bn last year but it
Read moreLondon midday: Shares stuck lower
28th Feb 2011 12:05
Shares remain under pressure as the turmoil continues in the Arab world. Company updates have also been given a slightly frosty reception. Oil prices have edged up again amid continuing turmoil in Libya and the spread of protests to the Gulf state of Oman. Brent crude for April delivery was above $
Read moreLondon open: Oil worries hit blue chips
28th Feb 2011 09:02
London has opened lower on fears of unrest contagion in the Middle East and the possible impact that will have on global oil supplies. A cautious trading update from AB Foods and poorly received results from HSBC have added to the poor start. HSBC doubled its profits to over $19bn last year as bad
Read moreHSBC scales back profits target
28th Feb 2011 07:01
HSBC more than doubled its profits to over $19bn (£11.7bn) last year as bad debts tumbled, but the global banking giant has toned down its return on equity target after analysing the likely effects of new banking regulations. The UK's largest bank posted a pre-tax profit of $19.04bn, an increase of
Read moreSunday newspaper round-up: Libya, Oil, HSBC...
27th Feb 2011 11:08
The International Energy Agency, the adviser to developed nations, said this weekend it was ready to dip into emergency stockpiles if the upheaval in the Middle East and North Africa affects oil supplies for a "prolonged" period. Libya shut down 850,000 barrels of production last week ? about 1% of
Read moreWeek Ahead: HSBC, Standard Chartered, Xchanging
25th Feb 2011 11:37
The banking results season comes to a close next week with the two Asia-focused operators, HSBC and Standard Chartered, declaring full year figures. HSBC is first to declare, on Monday. The performance of the Personal Financial Services division is likely to be a highlight, as bad debt write-downs
Read moreBroker tips: Thomas Cook, HSBC, Drax
22nd Feb 2011 13:41
Panmure Gordon has downgraded travel firm Thomas Cook as the broker struggles to identify any near-term catalysts to the share price following the recent turmoil in the Middle East. Thomas Cook noted in its first quarter statement that the political unrest in Tunisia and Egypt would have an impact
Read moreBroker snap: HSBC to face headwinds in 2011
22nd Feb 2011 12:35
Nomura maintains its cautious stance on banking titan HSBC, saying that growth prospects in 2011, which could lead the new management to revise what the broker sees as ambitious growth targets. The lender appears to be facing headwinds to margin and revenue in the 2011 fiscal year given continued b
Read moreFTSE 100 movers: Banks move higher
17th Feb 2011 12:22
Banks head the risers. Positive comment from Nomura has boosted Lloyds. Even so, RBS, HSBC and Barclays are also higher. African Barrick Gold continues to rise after yesterday's figures. BAE Systems has fallen after warning that sales in 2011 will decline as cutbacks in government spending star
Read moreThursday newspaper round-up: FSA, Mervyn King, oil price
17th Feb 2011 06:29
Sweeping new powers to ban financial products and publish details of pending investigations of institutions suspected of misconduct will be handed to the three bodies replacing the Financial Services Authority, the Treasury will announce today. In a series of reforms that could prove controversial i
Read moreBarclays stops providing asset finance to smallest companies
14th Feb 2011 14:19
Barclays says that it will stop providing asset finance to firms with a turnover of less than £5m a year. This comes less than one week after Project Merlin the agreement between the main banks and the government which was supposed to secure additional lending to small businesses. Barclays, HSBC,
Read moreBanks agree to increase lending
9th Feb 2011 13:15
Britain's big banks are to lend about £190bn to businesses this year in a deal announced by the government today. Under 'Project Merlin', which was conjured up by chancellor George Osborne, £76bn of this sum will be made available to small businesses. Banks have been under heavy pressure to make mo
Read moreBank levy raised to £2.5bn
8th Feb 2011 08:16
Chancellor George Osborne has increased the government levy on bank profits this year by £800m to £2.5bn. Originally the chancellor said he would phase the tax in, with a lower rate of £1.7bn applicable in 2011 rising to about £2.5bn annually by 2012-13. But today, the Treasury said it had increas
Read moreSunday newspaper round-up: Bank bonuses, BP, Pfizer...
6th Feb 2011 11:02
Britain's biggest banks are poised to pay out a combined £6bn in bonuses despite government demands for restraint on City pay. The size of the payout will embarrass George Osborne, the chancellor, who is hoping to announce a peace deal with the City this week that will include targets for lending t
Read moreCBI opposed to break up of banks
4th Feb 2011 00:04
The desire to break up UK banks considered "too big to fail" should be resisted, John Cridland, the new head of the pressure group the Confederation of British Industry (CBI), said on Friday. In a series of recommendations to the Independent Commission on Banking, Cridland said: "Businesses value i
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