Managers for the chop as HSBC swings axe
26th Apr 2012 13:00
Global banking giant HSBC has confirmed it is to slash its UK workforce by more than 2,200, with senior and middle management bearing the brunt of the wave of redundancies. The bank employs more than 52,000 workers in the UK, of which around 40,000 work in HSBC branches, and is looking to "eliminat
Read moreThursday broker round-up - UPDATE
26th Apr 2012 08:36
Admiral: Oriel Securities retains sell rating and 740p target. AstraZeneca: Panmure Gordon maintains buy rating and 3,600p target. Barclays: Nomura reiterates neutral rating and 268p target; Exane BNP Paribas keeps outperform rating and 300p target; Oriel Securities keeps buy rating and 285p targe
Read moreThursday newspaper round-up: Eurozone, BP, North Sea
26th Apr 2012 07:14
Nicolas Sarkozy has promised to hold a referendum on Europe's fiscal pact, dealing a hammer-blow to Angela Merkel's "non-negotiable" plans to impose austerity on the Eurozone. The French president, who is struggling in his bid to be re-elected, said he intended to insert the "balanced budget" rule i
Read moreHSBC to create new Omani bank through merger
18th Apr 2012 15:25
Global banking giant HSBC has announced that the Oman branch of its Middle-Eastern subsidiary is to merge with the country's fifth-largest bank, Oman International Bank (OIB), in an attempt to expand its presence in a 'key Gulf economy'. HSBC Bank Middle East will retain a 51% interest in the new c
Read moreSunday newspaper round-up: Tesco, BA, Recession
15th Apr 2012 14:48
Tesco's travails in its core British market will be exposed for all to see this week, with the group's full-year results expected to show dismal trading in the UK. The call from many quarters is that Tesco must get back to basics and sort out Britain at all costs - and pull back from its difficult A
Read moreLondon close: Banks, miners lead the rebound
11th Apr 2012 16:43
- Spanish, Italian yields fall on ECB intervention speculation - Barclays leads banks higher after upgrade - UK retail sales values rise in March London's FTSE 100 index finished Wednesday's session strongly following a steep fall yesterday, as investors saw opportunity to build positions in two he
Read moreLondon close: Footsie sinks to 2012 low
10th Apr 2012 16:56
- Miners suffer sell-off on macro-economic concerns - US jobs data dampens sentiment - Randgold bounces back after Malian settlement London's FTSE 100 index slumped to its lowest levels in 2012 on Tuesday as investors had a four-day weekend to digest a gloomy US jobs report out on Friday. Just a ha
Read morePakistan business latest in HSBC firing line
10th Apr 2012 10:13
HSBC's Pakistan operations are the latest to go on the block as the bank continues to sell off non-core assets. HSBC Bank Middle East, a subsidiary of HSBC Holdings, confirmed on Tuesday that it is in discussions with a number of interested parties regarding the possible sale of its operations in
Read moreLondon open: Stocks drop on US jobs report
10th Apr 2012 08:32
- Markets digest Friday's US jobs data - Rising exports push China into trade surplus - Randgold bounces back after Malian settlement After a long weekend, the FTSE 100 fell sharply in early trade on Tuesday on the back of a mixed performance by the miners and a decline in the banking sector, as in
Read moreLondon pre-open: Steep fall expected for FTSE opening
10th Apr 2012 07:20
City sources predict the FTSE 100 will open down 56 points from Thursday's close of 5,724 following the bank holiday weekend, tracking significant falls seen in the US resulting from monthly jobs data. Stocks to watch The UK's biggest bank, HSBC, has confirmed it is in talks over a possible sale
Read moreHSBC in talks to sell Korea business
10th Apr 2012 07:04
The UK's biggest bank, HSBC, has confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea. The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal. "HSBC remains committed to the Korean market
Read moreFTSE 100 movers: Ashmore bucks the trend
5th Apr 2012 14:32
Fund manager Ashmore was bucking the downward trend of the financial sector after UBS raised its rating on the stock from neutral to buy. The broker said that its recent under-performance, combined with the strong fund performance and record inflows at industry level, was the reason behind the upgra
Read moreLondon midday: Footsie down after manufacturing data, BoE holds rates
5th Apr 2012 11:41
- BoE holds rates, QE - UK manufacturing in surprise decline - Financials lead Footsie lower, Ashmore bucks trend After a cautious start, the Footsie found its direction by mid-morning, falling steeply after some worse-than-expected domestic manufacturing data. Meanwhile, the Bank of England's po
Read moreFlockhart retires from HSBC's main board
5th Apr 2012 11:00
One of HSBC's most experienced bankers, Sandy Flockhart, is to retire as Executive Director from the main board, having served 37 years with the firm. His experience in international banking means the bank has decided to retain him as a non-executive. He will also retain his positions as Chairman o
Read moreSector movers: Diageo rises on Jose Cuervo speculation
2nd Apr 2012 15:10
Drinks giants Diageo and SABMiller were making decent gains on Monday afternoon, meaning that the beverages sector was at the top of the pile. Diageo is rumoured to be nearing the acquisition of a further stake in Mexican tequila maker Jose Cuervo. According to media reports, Diageo could be buying
Read more