HSBC's dirty laundry to cost a packet
30th Jul 2012 09:19
Europe's largest bank HSBC reported a jump in profits as management begged forgiveness for the money laundering scandal that has engulfed the bank. The bank posted a reported profit before tax of $12.7bn, 11% higher than in the first half of 2011. This included $4.3bn from disposals as the bank c
Read moreSector movers: Barclays provides a lift to the banking sector
27th Jul 2012 16:01
Banks were among the best performing stocks on Friday afternoon, helped by the well-received interim results from Barclays and some reassuring remarks by European officials about the debt crisis. Underlying pre-tax profits came in at £4.2bn, 11% ahead of consensus estimates, with investment banking
Read moreLondon midday: Stocks flat in Draghi aftermath
27th Jul 2012 11:37
- Markets still digesting Draghi's comments - Barclays leads the risers on the Footsie after first-half beat - 'Fiscal-cliff' worries weigh on sentiment London's stocks swung between gains and losses on Friday morning and were trading broadly flat by lunchtime, as investors continue to ponder over
Read moreWeek Ahead: HSBC, BP, BoE rate decision, US jobs ...
27th Jul 2012 09:24
Though not as busy as the week just ended, next week has its fair share of big events, including results from BP, the Bank of England's interest rate decision and US jobs data for July. On Monday, under-fire banking giant HSBC and household goods titan Reckitt Benckiser get the week underway. HSBC
Read moreLondon open: Stocks edge higher, Barclays in demand
27th Jul 2012 09:00
- Peripheral bond yields ease - Markets still digesting Draghi comments - Barclays up after first-half beat The Footsie edged higher in early trading on Friday with Barclays providing a lift after its interim results. Markets were still reacting to yesterday's comments by Mario Draghi, who said tha
Read moreHSBC to sell out of card-processing joint venture
27th Jul 2012 07:37
Global banking titan HSBC announced that it is to offload its 44 per cent stake in Global Payments Asia-Pacific (GRAP), the card-processing joint venture with partner Global Payments. GRAP was created in 2006 when HSBC sold a 56% shareholding to Global Payments. The sale of HSBC's 44% stake will se
Read moreHSBC slapped with fine following failings in Mexican division
25th Jul 2012 15:05
Shamed banking giant HSBC has been hit with a fine amounting to around 27.5m dollars which was imposed by the National Banking and Securities Commission (CNBV) in relation to the bank's non-compliance with anti-money laundering systems and controls. The fine was for the late reporting of 1,729 un
Read moreLondon close: Stocks fall on Eurozone outlook
24th Jul 2012 16:40
- Spanish bond yields continue to set new records - Moody's turns 'negative' on Germany, Netherlands and Luxembourg - Croda surges after first-half results Equity markets spent another day in the red on Tuesday as concerns over the Eurozone continued to dampen the mood; following the two per cent
Read moreLondon midday: Stocks lower as Spanish yields keep rising
24th Jul 2012 11:45
- Investors digest PMI data from China and Eurozone - Moody's turns 'negative' on Germany, Netherlands and Luxembourg - Spanish bond yields continue to set new records The Footsie was slightly lower by Tuesday lunchtime as Eurozone jitters continue to dampen equity markets. The index was swinging
Read moreBroker tips: UK banks, Carpetright, Dragon Oil
24th Jul 2012 10:49
Investec has reiterated its 'buy' ratings for all five major UK banks, saying that while the first-half results season will be 'unexciting', lenders are unlikely to provide a negative surprise. The broker labels Barclays (target price of 240p) as a "key value play" and its top pick in the sector. M
Read moreBroker snap: Investec positive on UK banks ahead of results reason
24th Jul 2012 09:55
Investec has reiterated its 'buy' ratings for all five major UK banks, saying that while the first-half results season will be 'unexciting', lenders are unlikely to provide a negative surprise. "With limited scope for negative surprise on impairments and with a predictable weak outlook for revenues
Read moreTuesday broker round-up
24th Jul 2012 08:15
Aberdeen Asset Management: Societe Generale upgrades to buy from hold. Aggreko: S&P Equity Research upgrades to buy. BT Group: Societe Generale raises target from 210p to 220p, hold rating kept. CareTech: Canaccord Genuity ups target from 166p to 194p, buy rating kept. Carpetright: Merchant Secu
Read moreLondon close: Time to cut the Gordian knot?
20th Jul 2012 17:07
- Spanish bond yields soar - Sicily´s non-collected receivables rise to EUR 15.7bn - Valencia asks Madrid for help - Resolution leads the Footsie lower Equity markets across Europe tanked on Friday afternoon, presumably on the back of concerns over Spain's financial health, with capital markets in
Read moreRegulators focus on EURIBOR manipulation
19th Jul 2012 07:37
After Barclays was fined 290m pounds for manipulating LIBOR, regulators are now focusing on its European equivalent, EURIBOR (euro-based intebank lending rate set in Brussels via the averaging of bank submissions). Barclays once again is to be the main culprit although the investigation also invol
Read moreThursday newspaper round-up: Britain, Sicily, BP
19th Jul 2012 06:51
In an interview with The Daily Telegraph, Mr Cameron says that he now expects the crisis in the eurozone to drag on for years, blighting the British economy. He indicates that the programme of spending cuts, initially planned to take five years, is now likely to last for the entire decade. Mr Camero
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