Thursday newspaper round-up: HSBC, Vince Cable, Luminar
23rd Sep 2010 06:26
HSBC will try to get its chosen candidate for the bank's next executive chairman signed off by the Financial Services Authority tomorrow before a final decision at a board meeting next Tuesday, says the Times. The bank is scrambling to resolve the situation after an extraordinary period of internal
Read moreWednesday newspaper round-up: Bank tax, Lord Turner, HSBC...
22nd Sep 2010 06:35
A new windfall tax on banks is being threatened by ministers amid concerns that many bankers will receive "irresponsible and unacceptable" bonuses this year. Vince Cable, the Business Secretary, will claim today that bankers present more of a threat to Britain than trade unions. In an outspoken att
Read moreTuesday newspaper round-up: HSBC, Lloyds, Cotton...
21st Sep 2010 06:32
HSBC is considering a controversial plan to base its next chairman in Hong Kong in a move that could mark a turning point in the international bank's relationship with Britain. HSBC is looking at whether it can hand the chairman's role to Michael Geoghegan, its chief executive, who relocated to Ho
Read moreLondon close: Second wind lifts Footsie higher
20th Sep 2010 16:40
A strong start on Wall Street ensured Footsie finished with good gains having started the day on a strong footing. US shares moved ahead including housebuilder and economic bellwether Lennar, which beat profit forecasts. Part-nationalised banking giant Lloyds Banking held up well after it was ann
Read moreLondon afternoon: Lloyds up as Daniels names exit date
20th Sep 2010 14:29
Stocks gave up a proportion of their gains over the lunch time session despite expectations of a firm start on Wall Street. Part-nationalised banking giant Lloyds Banking is holding up well after it was announced that chief executive Eric Daniels is to retire in a year's time. The move was not unex
Read moreLondon midday: US coast guard verdicts lifts BP
20th Sep 2010 12:09
Investors are in an optimistic frame of mind ahead of the Federal Reserve's Federal Open Market Committee (FOMC) meeting tomorrow. The 'glass half full' crowd are expecting the FOMC to announce further measures to revitalise the global economy. Barely a dozen Footsie constituents are in the red, an
Read moreFrench banks fined for cheque fee cartel
20th Sep 2010 11:51
France's banking watchdog has rapped numerous banks across the knuckles, including UK-based HBSC, for charging too much for handling cheques. The Autorite de la Concurrence has handed out fines totalling €384.9m (£321m) to 11 French banks for charging an unwarranted 4.3 cents on check image transfe
Read moreLondon open: Bright start for blue chips
20th Sep 2010 08:37
UK blue chips have made good ground in early dealings with oil and mining groups in demand. BP is the top performer after the US coast guard signalled that the oil spill into the Gulf of Mexico has been permanently sealed. US authorities described the leak from the Macondo well in the Gulf of Mexic
Read moreLondon pre-open: Positive start indicated
20th Sep 2010 07:26
UK blue chips are expected to post modest gains early doors as Wall Street ended higher Friday. Futures prices indicate an initial gain of about 16 points for the FTSE 100, hoping to snap a three-day losing streak. BAE Systems has strengthened its position in the US counter-terrorism market with t
Read moreHSBC sells Asia banknotes business
20th Sep 2010 07:05
Global banking titan HSBC is to sell its wholesale banknotes business in Asia to United Overseas Bank (UOB). UOB is paying $15m in cash for the assets, with the transfer expected to take place in the final quarter of 2010. As part of the agreement, HSBC will also licence to UOB the technology syst
Read moreSunday newspaper round-up: ENRC, Bank Commission, Vodafone...
19th Sep 2010 11:13
Sir Richard Sykes, former chairman of Glaxo Smith Kline, the drugs giant, faces the risk of being "blackballed" from the City in a growing row over a disputed African mining deal. Some of the Square Mile's biggest investors are furious with Sykes over his role as senior independent director of Eura
Read moreMonday newspaper round-up: Basel III, BAE Systems, Connaught...
13th Sep 2010 06:34
Financial regulators have reached a deal to force global banks to double the spare cash they hold in the biggest shake-up since the economic crisis nearly brought down the system, the Telegraph reports. The new rules, to be phased in between 2015 and 2018, demand that banks hold 4.5% of common equi
Read moreCable renews call for banks to split
8th Sep 2010 12:45
A rift could be growing within the coalition government over the future of the UK's banks after business secretary Vince Cable again called for a split of their retail and investment businesses. Commenting after the appointment of Barclays' investment bank head Bob Diamond as the bank's new chief e
Read moreWednesday newspaper round-up: Barclays, HSBC, BP...
8th Sep 2010 06:34
The appointment of Bob Diamond as chief executive of one of Britain's biggest banks has split the coalition along party lines, it emerged last night. Downing Street and the Treasury ? both of which were told of the appointment before it was announced ? insisted that they were relaxed about the prom
Read moreLondon close: Winning streak ends
7th Sep 2010 16:48
London's leading share index gave up a winning streak that lasted all last week and continued yesterday. The day started sluggishly and continued in that vein after a lower start on Wall Street. Takeover talk provided much of the excitement, with bid speculation about engineering group Invensys an
Read more