Friday newspaper round-up: BP, Air tax, Eurozone debt...
29th Oct 2010 06:22
BP and contractor Halliburton were aware the cement used in the well in the Gulf of Mexico was unstable, an official US commission investigating the fatal explosion said. The US company conducted four tests between February and April on the cement slurry that were relevant to the Macondo well, wit
Read moreAllied Irish appoints HSBC veteran
28th Oct 2010 15:05
Trouble Irish bank Allied Irish , has appointed ex-HSBC director David Hodgkinson as its new interim executive chairman. Hodgkinson will head the group until the appointment of a Group Chief Executive. Previously, he had been Group Chief Operating Officer for and Member of the Group Management Boar
Read moreLondon close: Footsie struggles
26th Oct 2010 16:24
Investors pocketed gains after an impressive autumn rally, though the decision was made easier by some disappointing corporate news, weak miners and negative broker comment on the insurance sector. The top 100 index fell back sharply from six-month highs, dropping below 5,680 at one point although
Read moreLondon afternoon: Bleak mid-winter for Cairn
26th Oct 2010 14:27
With Wall Street tipped to open lower London's leading shares fell back further over the lunch time period, resulting in the Footsie subsiding below 5700. Cairn Energy tops the list of fallers after it failed to find a commercial discovery at either the T8-1 or T4-1 wells offshore Greenland. The c
Read moreLondon midday: UK growth cuts little ice
26th Oct 2010 12:08
Better than expected UK third quarter growth has cut little ice with investors this morning, who are firmly focused on weak miners, negative corporate news and broker downgrades. Britain's economy grew twice as fast as expected in the three months to September, according to preliminary estimates by
Read moreFriday newspaper close: BAE, Gilts, BHP Billiton...
22nd Oct 2010 06:44
Taxpayers will have to pick up the £2.6bn bill for the controversial aircraft carrier that will never carry jets because Gordon Brown agreed an "unbreakable" contract designed to protect shipbuilding jobs in Scotland. Under a 15-year agreement signed with BAE Systems, the Labour Government guarant
Read moreBank levy to raise £2.5bn
21st Oct 2010 16:47
A permanent tax on the banks will raise about £2.5bn each year by 2012-13 onwards, the government said today. The new levy comes into force from January and will mean the banks make "'a fair contribution" to the potential risks they pose to the financial system and to encourage them to move to less
Read moreLondon close: Lower finish for FTSE 100
15th Oct 2010 16:38
London finished in the red heading into the weekend after Federal Reserve chairman Ben Bernanke's comments saying he sees the case for 'further action' to stimulate the US economy failed to stir up much excitement. 'There would appear - all else being equal - to be a case for further action,' Berna
Read moreSector movers: Insurers under the weather
15th Oct 2010 14:41
Insurers have been clobbered by a downgrade of the whole sector by Citigroup. RSA, Standard Life and Legal & General all retreat but it is insurance firm Old Mutual that is the main casualty after banking giant HSBC said is not going to go through with its proposed acquisition of a controlling stak
Read moreLondon afternoon: BT boosted by government deal
15th Oct 2010 14:23
Leading shares are mixed with traders reluctant to take on big positions ahead of this afternoon's speech from Federal Reserve chairman Ben Bernanke. The market is hoping that Bernanke will provide clues to the Fed's plans for a possible resumption of quantitative easing. Insurers and miners remai
Read moreHSBC calls off Nedbank bid
15th Oct 2010 10:14
HSBC has walked away from its £5bn bid for South African bank Nedbank. The bid was expected to see HSBC take a controlling 70% stake in the bank, including Old Mutual's current 52% stake in the company. The two-month period of exclusive talks between the two groups is due to expire this weekend, w
Read moreFriday newspaper round-up: HSBC, Dollar, Equitable Life...
15th Oct 2010 06:31
HSBC is close to walking away from a £5bn ($8bn) plan to buy Nedbank in South Africa, after a two-month period of exclusive talks with majority owner Old Mutual expires this weekend. The bank is not in a position to make an offer for Nedbank before the period of exclusivity finishes, according to p
Read moreThursday newspaper round-up: Banks, Lloyds, airlines
14th Oct 2010 06:25
Britain's biggest banks have admitted for the first time that there was a problem with lending to small businesses and that they should offer greater support. In a wide-ranging report published last night, the banks - Barclays, Royal Bank of Scotland, Lloyds Banking Group, HSBC, Santander and Stand
Read moreHSBC staying put
29th Sep 2010 17:55
HSBC's outgoing chairman Stephen Green announced today that the bank has no immediate plans to relocate its headquarters to Hong Kong. In the board meeting in Shanghai, Green announced that although it won't leave its headquarters in London, it will remain committed to developing their business in
Read moreLondon close: Lower finish after sluggish day
29th Sep 2010 16:39
Footsie closed a few points lower at the end of a dull day's trading that was overshadowed by continuing eurozone debt worries. Ireland was the focus of attention again. The rating agency Standard & Poors says the price of bailing out nationalised bank Anglo Irish could exceed $47bn. Banks Royal B
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