HSBC fined £27.8m in Swiss money-laundering probe
4th Jun 2015 15:04
HSBC has been fined £27.8m by Swiss authorities over money-laundering claims related to the bank's Swiss division. The fine, the biggest ever imposed by the Geneva court, described the FSTE 100 group as guilty of "organisational deficiencies" which allowed money laundering to take place. The city's
Read moreLondon pre-open: FTSE set for slight drop amid default fears, weaker Asia
2nd Jun 2015 07:08
Weak trading in Asia overnight and mounting concerns about a Greek default look set to nudge the top tier index into negative territory at Tuesday's opening bell. City sources predict the FTSE 100 will open around 8-9 points lower than Monday's close of 6,953.58. Making headlines early on is HSBC,
Read moreHSBC set to cut thousands of jobs globally, media reports say
2nd Jun 2015 07:01
HSBC is reportedly planning to cut thousands of jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises. According to Sky News, HSBC's chief executive Stuart Gulliver will set out a revised target for he
Read moreTuesday newspaper round-up: Greece, British American Tobacco, HSBC
2nd Jun 2015 06:41
Greek banks are at "five minutes to midnight", Germany's Bundesbank has warned, raising the prospect of capital controls to stem a haemorrhage of deposits if the government cannot strike a deal with creditors imminently. Andreas Dombret, an executive board member of the German central bank, urged ne
Read moreCiti sees 40% return on European equities to end-2016
1st Jun 2015 10:50
European shares are set to 'deliver' as economic recovery in the euro area gains traction and given that valuations are not currently expensive, contrary to what some observers say, a leading broker argued on Monday. In a research note entitled "El Toro - the European bull" analysts at Citi highligh
Read moreBroker tips: HSBC, Intertek, ICAP, Non-life insurers
28th May 2015 11:36
UBS has maintained a 'neutral' stance on HSBC ahead of the bank's strategy update on 9 June, saying that management is unlikely to deliver what is needed. HSBC's Asian franchise is the bank's "jewel in the crown", UBS said, but it faces substantial challenges over the next few decades as Hong Kong i
Read moreUBS predicts underwhelming strategic update from HSBC next month
28th May 2015 11:02
UBS has maintained a 'neutral' stance on HSBC ahead of the bank's strategy update on 9 June, saying that management is unlikely to deliver what is needed. HSBC has already signalled that its strategic update will be evolutionary rather than revolutionary, but UBS reckons that it is probably the latt
Read moreWednesday broker round-up
27th May 2015 07:57
Beazley: JP Morgan upgrades to overweight from neutral and sets 308p target, up from 255p. Hiscox: JP Morgan upgrades to overweight from neutral and ups target to 950p from 801p. Lancashire Holdings: JP Morgan improves target price to 642p from 589p, stays at neutral. Dixons Carphone: Exane keeps
Read moreLondon close: Stocks hit two-week high as blue chips rise
22nd May 2015 16:36
UK stocks reached a two-week high on Friday on the back of decent performances from heavyweights Vodafone and HSBC, along with gains in defensive categories such as pharmaceuticals. Markets across Europe were struggling to push higher on concerns about Greece, while Wall Street opened in the red on
Read moreStart-up British banks seeing better returns than larger rivals, says KPMG
22nd May 2015 13:35
New 'challenger' banks are outperforming the 'Big Five' high street banks, and the larger lenders need to examine better ways of standing out in the market, according to a report by KPMG. The reported said that new banks in the UK are securing stellar returns, as they pick up "the whitespace left be
Read moreFTSE 100 movers: Vodafone surges on continued merger speculation, miners higher
22nd May 2015 12:51
UK stocks were buoyed on Friday by higher commodity prices and data revealing the US had remained in deflation last month. Sector-wise gains made by miners, engineers and telecoms stocks outweighed weakness in technology and travel stocks. At 14:00 BST, the FTSE 100 was trading 37 points higher at 7
Read moreLondon midday: Stocks hold on to gains before US CPI, Vodafone continues to rise
22nd May 2015 11:23
UK stocks held on to gains on Friday ahead of some key economic data from the States, which is forecast to show that the US remained in deflation last month. Strong gains from Vodafone, HSBC and a host of stocks in the mining sector were supporting markets in London. The FTSE 100 was up 0.37% at 7,
Read moreLondon open: Vodafone, HSBC and miners lead UK stocks higher
22nd May 2015 08:41
UK stocks opened higher on Friday morning and were on track to hit a two-week high ahead of another busy day for economic data. The FTSE 100 was trading up 0.41% at 7,042.57 early on, helped by decent gains from blue chips Vodafone and HSBC and the heavyweight mining sector. The index has not close
Read moreLondon pre-open: Subdued start expected ahead of economic data
22nd May 2015 07:32
UK stock markets were set for a quiet start on Friday as investors awaited a busy day on the economic data calendar. City sources predict the FTSE 100 will open flat on Thursday's close of 7,013.47, its highest close since 11 May. Macro indicators came in mixed the previous session, with manufactur
Read moreHSBC considering sale of Brazilian unit
22nd May 2015 07:15
HSBC has confirmed speculation that it is looking at a possible disposal of its Brazilian operations, though it has not yet made a decision. In a short statement on Friday morning, the global banking giant said: "HSBC confirms that it is exploring various strategic options for its operations in Braz
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