Financial News: How Budget Tax Measures Will Affect The Banks
23rd Jun 2010 14:37
By Dominic Elliott Of FINANCIAL NEWS Measures announced as part of the U.K.'s emergency Budget will provide a fillip to Lloyds Banking Group's (LYG) business by the year 2012 and will hit earnings at the country's other four large universal banks by "just" GBP56 million on average--or less t
Read moreBanks Won't Step Back From Deep-Water Drill Financing -HSBC Exec
23rd Jun 2010 10:36
LONDON (Dow Jones)--Major banks will not step back from financing deep-water oil and gas projects in the wake of the Gulf of Mexico oil spill, said Will Rathvon, Global Head of the Resources and Energy Group at HSBC Wednesday. "The U.S. Gulf issue will only cause folks to pause," Rathvon said at
Read moreBahrain's Mumtalakat To Price $750M 5-Year Bond At Swaps +3.00
23rd Jun 2010 09:54
LONDON (Dow Jones)--Bahrain Mumtalakat Holding Co., the Gulf state's $10 billion sovereign wealth fund, has set price guidance on its $750 million, five-year bond at 300 basis points over midswaps, a bank running the sale said Wednesday. This is in line with initial guidance and comes after Mumt
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
23rd Jun 2010 07:49
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0649 GMT [Dow Jones] U.K. banks will have to pay a combined GBP1.1 billion next year and GBP1.9 billion in 2012 in new taxes
Read moreMARKET TALK: UK Banks To Pay GBP1.1B In 2011 In New Tax
23rd Jun 2010 07:49
0649 GMT [Dow Jones] U.K. banks will have to pay a combined GBP1.1 billion next year and GBP1.9 billion in 2012 in new taxes imposed by the U.K. government, JP Morgan estimates. Adds this is 4% and 5% of group earnings for those years, respectively. Says the levy is "less punitive" than expected, wi
Read moreHSBC CEO: Ready For China Listing Once Chinese Regulators Allow
23rd Jun 2010 07:42
HONG KONG (Dow Jones)--HSBC Holdings PLC (HBC) Chief Executive Michael Geoghegan reiterated Wednesday that the U.K. lender is ready for a listing in mainland China once the country's regulators allow foreign companies to list domestically. The banking giant has been working toward becoming one o
Read moreMARKET TALK: HK Short Sales +9.3% Midday; HSBC Heaviest
23rd Jun 2010 07:29
0629 GMT [Dow Jones] HK short-selling volume +9.3% at HK$2.122 billion at interval, 6.6% of market total, vs 5.6% Tuesday's half-day, suggests index may consolidate further after 0.4% fall at midday. HSBC (0005.HK) leads with HK$210.53 million, then Tencent (0700.HK) with HK$190.32 million, China Co
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
23rd Jun 2010 07:21
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0621 GMT [Dow Jones] The levy on banks imposed by the UK Chancellor is not as bad as expected and there is the further relie
Read moreMARKET TALK: Lloyds Banking Seen Benefiting From Budget
23rd Jun 2010 07:21
0621 GMT [Dow Jones] The levy on banks imposed by the UK Chancellor is not as bad as expected and there is the further relief in the form of an unexpected cut in the corporate tax rate, says Citigroup. Lloyds Banking Group (LLOY.LN) is the clear winner in the budget. It estimates the net effects on
Read moreBahrain Mumtalakat Plans 5-Year Dollar Bond - Source
23rd Jun 2010 04:49
(This item was originally published Tuesday.) By Clare Connaghan Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Bahrain Mumtalakat Holding Co., the Gulf state's $10 billion sovereign wealth fund, is planning to sell a five-year, dollar-denominated bond, a person familiar with the situation s
Read moreMARKET TALK: HK Short Sales Down 5.1% Wed; Tencent Leads
23rd Jun 2010 00:44
2344 GMT [Dow Jones] HK short-selling volume down 5.1% at HK$4.336 billion Wednesday, 7.7% of market total, vs 7.5% Tuesday, suggests index likely to remain in narrow trading range near term after yesterday's 0.2% rise. Tencent (0700.HK) leads with HK$313.51 million, then HSBC (0005.HK) with HK$263.
Read moreHEARD ON THE STREET: UK Levy Not Too Taxing For Banks
22nd Jun 2010 19:13
By Simon Nixon A DOW JONES COLUMN Following an election in which bank-bashing figured prominently, the U.K. banking sector can count itself lucky with the coalition government's emergency budget. Although Chancellor George Osborne is pushing ahead unilaterally with a bank levy, it is only ex
Read moreUK Banks Hit With New Tax, But Escape Harsher Measures
22nd Jun 2010 17:29
By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. banks escaped new taxes on profits and remuneration, but a widely expected levy on their balance sheets that could provide an extra GBP2 billion a year to the government raised warnings from the sector, which said the U.K.
Read more2nd UPDATE: J.P. Morgan Shuffles Executives, Appoints New CFO
22nd Jun 2010 17:05
(Updates with details throughout) By Matthias Rieker and Nathan Becker Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--J.P. Morgan Chase & Co. (JPM) established international expansion as a top priority for growth in its second management reshuffle in less than a year. Chief Executive J
Read moreMARKET TALK: UK Bank Levy Better Than Feared - Oriel
22nd Jun 2010 16:15
1515 GMT [Dow Jones] The newly-announced U.K. bank levy to raise roughly GBP2B is better than feared, says Oriel Securities analyst Mike Trippitt. Oriel sees Barclays (BCS) having a relatively large exposure because of its big balance sheet, with Standard Chartered (STAN.LN) and HSBC Holdings (HBC)
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