Nina Ricci heiress found guilty of tax evasion in HSBC tax scandal investigation
13th Apr 2015 14:10
Nina Ricci's heiress Arlette Ricci was on Monday sentenced for one year in prison after being found guilty of tax fraud. The granddaughter of perfume and fashion designer Nina Ricci was sentenced to three years in prison, with two of them suspended, and will also pay a €1m fine for trying to hide mi
Read moreFTSE 100 movers: Miners hit by sector-wide downgrades
13th Apr 2015 14:08
Citigroup downgraded its stance on the mining sector on Monday to 'neutral' from 'bullish', saying that upside is "now capped" by weaker iron ore prices. Citigroup now expects iron ore price to $45 per tonne in 2015 and $40 per tonne in 2016. Consequentially, the bank lowered its ratings on BHP Bill
Read moreBroker tips: Mining stocks, HSBC, BG Group, Pearson
13th Apr 2015 12:19
Citigroup downgraded its stance on the UK metals and mining sector on Monday to 'neutral' from 'bullish' after cutting its short and medium term outlook for iron ore. Citi now expects iron ore price to $45 per tonne in 2015 and $40 per tonne in 2016 and said "upside in the sector is now capped". Th
Read moreMonday broker round-up
13th Apr 2015 10:02
BP: Bank of America downgrades to neutral. BG Group: Investec upgrades to hold, Deutsche reiterates buy and 1,460p target. HSBC: Morgan Stanley upgrades to equalweight. IMI: Investec downgrades to hold. Fresnillo: Bank of America upgrades to buy. Anglo American: Citi downgrades to sell and decre
Read moreHSBC rating upgraded to 'equalweight' by Morgan Stanley
13th Apr 2015 09:01
Banking giant HSBC had its rating on Monday upgraded to 'equalweight' from 'underweight' by Morgan Stanley. Analysts at the US investment bank said the reason behind the rating upgrade is because HSBC's stock has underperformed the Stoxx 600 banks index by around 17% year-to-date. They said that ch
Read moreLondon open: FTSE pulls back from all-time high as mining stocks decline
13th Apr 2015 08:22
London's FTSE 100 retreated from a fresh record on Monday morning as investors took profits ahead of a busy week for global financial markets, with shares in the mining sector in particular under pressure. The Footsie was trading 0.24% lower at 7,072.78 early on after settling at a new all-time clos
Read moreFriday tips round-up: UK Banks, Cranswick
10th Apr 2015 17:27
The loan loss ratio for UK banks stood at 0.14% at the end of 2014 according to Standard&Poor's, versus 0.69% in 2013 - a rare positive for the sector. It is a reflection of faster economic growth, low interest rates, higher property prices, banks' sale of dodgy property loans, lending deemed proble
Read moreHSBC's Swiss arm to face French criminal investigation
9th Apr 2015 14:24
The Swiss private banking arm of HSBC has been placed under a formal criminal investigation by French magistrates over alleged tax-related offences. In a statement to the London Stock Exchange, the bank said the formal criminal investigation had been initiated in connection with the conduct of its S
Read moreSome investors think HSBC should reconsider UK domicile
7th Apr 2015 13:13
Some of HSBC's largest shareholders are pressing for the bank to reconsider the costs of being domiciled in the UK, according to a report. That follows a promise repeated on Tuesday by Labour's Ed Balls to raise an extra £800m through an additional Bank Levy, which would come on top of the increase
Read moreBanking stocks rise with Morgan Stanley upbeat about QE impact
1st Apr 2015 14:01
Shares of UK domestic lenders were making gains on Wednesday after upbeat comments from analysts at Morgan Stanley in a note issued after the US bank's conference on the financial sector last week. Morgan Stanley named British banks Barclays and Lloyds among its most preferred stocks in the European
Read moreBank of England unveils plan for 2015 'stress tests' on UK banks
30th Mar 2015 14:13
The Bank of England on Monday outlined fresh plans to assess the UK's banks in the event of another global economic crisis. The new plan will be applied to the largest UK banks and building societies. The BoE said the purpose of the test is to ensure that the UK banking system can withstand a sever
Read moreFinancial advisers should be prosecuted for recommending tax avoidance schemes, say MPs
26th Mar 2015 10:17
Financial advisers should be prosecuted by the next government for aiding tax avoidance schemes, a new UK parliamentary report has claimed. The parliamentary Public Accounts Committee analysed public spending, use of tax relief as well as advice given by the big four accountancy firms, and scrutinis
Read moreFTSE 100 movers: TUI soars on strong first half results, supermarkets lower
25th Mar 2015 13:54
TUI topped the risers after the group's first half trading update had surpassed last year's trading figures. The group's full year guidance of underlying operating profit growth of 10% to 15% was reiterated, based on the strength of current trading, as online bookings for hotel resorts and cruises s
Read moreHSBC looks to move UK operations to Birmingham
24th Mar 2015 14:22
Banking giant HSBC on Tuesday announced that the ring-fenced section of the bank that is being set up will be based in a new headquarters in Birmingham. The ring-fenced entity of a UK bank is under a new law designed for the sector to avert risk by moving operations with separate funding, leadership
Read moreMonday broker round-up
23rd Mar 2015 13:51
RBS: Nomura reiterates buy and lowers target to 350p from 370p. WPP: Westhouse Securities reiterates add lifts target to 1732p from 1577p. HSBC: Nomura reiterates neutral and shaves target to 590p. StanChart: JP Morgan upgrades to overweight. Citi reiterates buy and lifts target to 1300p from 1250
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