Sector movers: Banks drop on fears over Portugal's banking sector
10th Jul 2014 14:33
UK-listed banking stocks felt the brunt of the sell-off on Thursday as concerns about Portugal's financial sector prompted investors to scale back risk appetite. The retreat followed widespread pressure across European equity markets after a missed debt payment by Espirito Santo International, the
Read moreLondon pre-open: Small dip expected on FTSE early on
9th Jul 2014 07:42
Tracking losses in the US and Asia last night, London-listed stocks are set to move lower at this morning's opening bell, extending their own declines seen in yesterday's session. However, the move lower is predicted to be a modest one, with City sources predicting the FTSE 100 will open just one
Read moreHSBC offloads Cayman business
9th Jul 2014 07:33
HSBC has agreed to sell parts of its corporate and retail banking business in the Cayman Islands to a local Caribbean rival, Butterfield Bank. Gross assets of HSBC Bank (Cayman) Limited, an indirect wholly owned subsidiary of the HSBC corporation, were approximately $0.8bn at the end of March, wit
Read moreSector movers: Barclays lawsuit and StanChart update sink banking stocks
26th Jun 2014 15:14
Claims of fraud and a disappointing trading update pushed UK banking stocks firmly lower on Thursday. Shares in Barclays plunged after a lawsuit was filed by the New York State Attorney General against the group's "dark pool" trading division. The complaint was made specifically in relation to it
Read moreHSBC offloads part of Swiss banking portfolio
24th Jun 2014 10:37
HSBC's Swiss private banking arm has agreed to sell a portfolio of its assets in the country, as part of the group's strategy to streamline its business in Europe and North America. The group stressed that it remained "fully committed" to Switzerland as a key centre for its Global Private Banking b
Read moreSunday newspaper round-up: Tesco, AstraZeneca, Asos
22nd Jun 2014 13:02
Some of Tesco's biggest shareholders have complained to the retailer's senior independent director (Sid) about its strategy and management, the Sunday Times said. An unidentified top 10 shareholder said it expressed its concerns with the Sid, Patrick Cescau, and not Tesco's Chairman, Sir Richard Bro
Read moreThursday broker round-up UPDATE
19th Jun 2014 08:56
BAE Systems: Westhouse Securities initiates with a target price of 360p and a sell recommendation. Berkeley Group: Deutsche Bank increases target price from 2587p to 2877p retaining a hold recommendation. Jefferies raises target price from 2477p to 2543p and keeps a hold recommendation. BG Group:
Read moreSantander removes Lloyds Banking Group from 'core buy' list
18th Jun 2014 15:32
Santander Global Banking & Markets has blamed a possible UK interest rate rise for its waning enthusiasm towards Lloyds Banking Group. The broker is removing Lloyds from its 'core buy' list, on which the UK bank has been for most of 2012, 2013 and 2014, although it is keeping a 'buy' recommendation
Read moreHSBC to create 200 new jobs in Scotland
18th Jun 2014 12:48
Global banking giant HSBC has announced that it will create 200 jobs across Scotland to help better connect with customers and support businesses. The bank, which already employs around 3,300 in Scotland, said it is a "very positive sign for Scotland and HSBC". 100 new project staff posts are expe
Read moreFriday broker round-up UPDATE
13th Jun 2014 09:23
African Minerals: Deutsche Bank reduces target price from 316p to 249p maintaining a buy recommendation. Atkins: Numis ups target price from 1650p to 1700p and keeps a buy recommendation. JP Morgan reduces target price from 1619p to 1548p and reiterates its overweight rating. Ferrexpo: Deutsche Ba
Read moreHSBC sells UK pension business to Swiss Re
11th Jun 2014 12:14
HSBC on Wednesday said it has agreed to sell its UK pensions business to ReAssure, owned by Swiss Re. The bank will sell the business's policies and associated annuities book, but continue to manage its assets. At the end of last year the underlying assets of the firm was £4.2bn, on which £4bn we
Read moreSunday newspaper round-up: Intercontinental Hotels, George Osborne, AstraZeneca
25th May 2014 09:42
Intercontinental Hotels has turned down a 6bn pounds takeover approach from an unnamed investment fund, the Sunday Times reported. The approach is said to have been made in the last three weeks but the board thought it was too low to consider. City sources think the group could now be a target for a
Read moreFriday broker round-up UPDATE
23rd May 2014 09:53
Admiral Group: JP Morgan raises target price from 1022p to 1164p, while staying with its underweight rating. Antofagasta: Investec cuts target price from 715p to 690p and leaves its sell recommendation unchanged. Assura Group: Liberum Capital shifts target price from 44p to 47p and stays with its
Read moreWednesday newspaper round-up: Bank of England, Lloyds, AstraZeneca
21st May 2014 06:38
Raising interest rates might be the only effective tool the Bank of England has to cool the housing market, its deputy governor has conceded. Charlie Bean, who retires at the end of June, said that while it was sensible for the Bank to use macro-prudential tools to control rapid price rises and mana
Read moreEU charges HSBC, JP Morgan and Credit Agricole with Euribor rigging
20th May 2014 14:30
HSBC, JP Morgan and Credit Agricole on Tuesday were charged by the European Union (EU) antitrust regulators with rigging financial benchmarks linked to the euro. The European Commission said it has concerns that the three banks may have taken part in a collusive scheme which aimed to distort the no
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