London pre-open: UK stocks to inch higher after heavy sell-off
16th Dec 2014 07:37
News that the Bank of England (BoE) has given a clean bill of health to seven out of eight of the UK's largest banks and building societies may offer some respite for financial markets on Tuesday, though sentiment is likely to still be fragile after an eye-watering sell-off the previous session. Cit
Read moreSeven out of eight UK banks pass BoE stress tests, Co-op Bank fails
16th Dec 2014 07:10
Seven out of eight of the UK's largest banks and building societies have passed the Bank of England's (BoE) latest round of stress tests, with the struggling Co-operative Bank being the only lender to have failed. BoE governor Mark Carney said that the results show that "the core of the banking syst
Read moreLondon midday: Stocks tumble as oil prices extend losses, data disappoints
12th Dec 2014 11:36
Weaker-than-expected data from across the globe and a continued plunge in oil prices meant that there was no let-up in the sell-off for UK equity markets on Friday. Stocks were falling for the fifth day straight, with shares in the oil and gas sector faring the worst. London's FTSE 100 was down a s
Read moreLondon open: Sell-off continues as UK resource stocks tank
12th Dec 2014 08:42
The dramatic sell-off on the FTSE 100 continued into its fifth straight day on Friday as a weak finish on Wall Street and disappointing data from China hammered already-fragile sentiment on the market. London's benchmark index was down a staggering 1.3% at 6,377 early on, dropping below the 6,400 le
Read moreSunday newspaper round-up: BP, Sainsbury, Premier Foods
7th Dec 2014 17:59
BP will shed middle managers and put projects on hold as it deals with the falling price of oil, the Sunday Times reported. Finance Director Brian Gilvary told the paper headcounts were falling across all operations and that it would cut the estimated price of oil it uses for budgeting. Gilvary said
Read moreBanks may be understating the level of fraud in the banking system, says Tyrie
7th Dec 2014 13:30
Andrew Tyrie, Chairman of the Treasury Committee, has written to some of the UK's major banks after the Committee heard evidence last month that the figures published by banks may be understating the level of fraud in the banking system. In the letter, thought to be addressed to Barclays, HSBC, Lloy
Read moreSector movers: UK banking stocks rebound after strong US jobs report
5th Dec 2014 14:37
UK banking stocks were on the rise on Friday, bouncing back after taking a hit earlier in the week following the Autumn Statement, with market sentiment helped by a much better-than-expected US jobs report. Global stock markets jumped after the US Labor Department revealed that monthly non-farm payr
Read moreThursday broker round-up
27th Nov 2014 10:15
Amlin: Numis upgrades to 'buy' with a target price of 535p. Amerisur Resources: PeelHunt lowers target price from 58p to 50p and reiterates a 'hold' recommendation. Associated British Foods: Citi raises target price from 3100p to 3700p and maintains its 'buy' recommendation. Avingtrans: FinnCap up
Read moreHSBC to refund excessive foreign currency fees
26th Nov 2014 13:50
HSBC will refund customers in certain Middle Eastern and North African countries for charging excessive foreign currency fees on debit and credit card transactions. According to Reuters, the decision was made following an internal review of the bank's terms and conditions for forex fees on debit and
Read moreWednesday newspaper round-up: BG, Apple, Opec, Microsoft
26th Nov 2014 06:51
The Guardian reports that The Institute of Directors has attacked the £25m pay deal promised to the new boss of oil and gas group BG, claiming it damaged the reputation of corporate Britain, and asked the company's shareholders to block the proposed package. On Tuesday, Apple set a record by becomin
Read moreUS Justice Department to interview London forex traders over rigging
25th Nov 2014 09:11
US Department of Justice prosecutors are stepping up their major investigation into banks' rigging of the forex markets, conducting interviews with London traders in the coming weeks. Officials from the US Department of Justice will interview current and former bank staff at several UK banks as part
Read moreHSBC's Swiss private bank facing tax probe
21st Nov 2014 15:57
France has launched a formal investigation into suspected tax avoidance involving the Swiss private banking arm of HSBC, it emerged on Friday. French magistrates are looking into allegations about whether HSBC Private Bank helped certain customers to avoid paying tax between 2006 and 2007. The bank
Read moreHSBC's private banking arm charged with tax fraud in Belgium
17th Nov 2014 18:29
HSBC's private banking arm is facing charges of tax fraud by Belgium authorities. The Switzerland-based bank is accused of enabling more than 1,000 Belgians dodge taxes by transferring money to offshore tax havens. Brussels authorities said the bank had "knowingly eased and promoted fiscal fraud by
Read moreHSBC loses 2.7m customers' data in Turkey cyber-attack
13th Nov 2014 18:21
HSBC's Turkish unit revealed it lost the data of 2.7m of its customers in a cyber-attack similar to the one that hit JP Morgan Chase & Co. The attack resulted in the theft of data on cards and related bank accounts, HSBC said in a statement on Thursday, adding the breach was limited to Turkey and di
Read moreLondon close: UK stocks snap winning streak on banking fine, BoE outlook
12th Nov 2014 16:20
News of a big fine in the banking sector and gloomy comments from the Bank of England (BoE) weighed on UK equities on Wednesday, with London's stock market finishing lower for the first time in six sessions. A weak start on Wall Street was also pressuring stocks as the benchmark S&P 500 and Dow Jone
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