London midday: FTSE 100 little changed
15th Feb 2011 12:09
Shares are still seeking direction in spite of some notable movements in both directions. Barclays has moved ahead after results. The bank has cut its staff bonuses by 7% even though profits jumped by a better than expected 32% as bad charges tumbled everywhere except Spain. Pre-tax profits in 2010
Read moreLondon open: Footsie marks time
15th Feb 2011 08:57
A limp performance in the US overnight and a tricky session in Asia this morning has resulted in London trading sideways in early dealings. Barclays has cut its staff bonuses by 7% even though profits jumped by a better than expected 32% as bad charges tumbled everywhere except Spain. Pre-tax profi
Read moreBarclays stops providing asset finance to smallest companies
14th Feb 2011 14:19
Barclays says that it will stop providing asset finance to firms with a turnover of less than £5m a year. This comes less than one week after Project Merlin the agreement between the main banks and the government which was supposed to secure additional lending to small businesses. Barclays, HSBC,
Read moreThursday newspaper round-up: Banks, interest rates, stock exchanges
10th Feb 2011 06:05
George Osborne was accused by a senior Liberal Democrat of letting bankers off the hook after the banks bought themselves an easy ride on bonuses by promising to lend more to small businesses. Lord Oakeshott was dismissed as his party's Treasury spokesman in the Lords within hours of castigating a l
Read moreBanks agree to increase lending
9th Feb 2011 13:15
Britain's big banks are to lend about £190bn to businesses this year in a deal announced by the government today. Under 'Project Merlin', which was conjured up by chancellor George Osborne, £76bn of this sum will be made available to small businesses. Banks have been under heavy pressure to make mo
Read moreLondon midday: China rate rise hits miners
8th Feb 2011 12:10
Shares are slightly under pressure after China's interest rate rise, but stocks move in both directions after updates. China has raised interest rates for the second time in just over a month as the fast-growing east Asian economy continues battling inflation. Mining giant Xstrata is in the red no
Read moreLondon open: Slow start for Footsie
8th Feb 2011 08:56
As expected, London has made a slow start, with the leading index giving back a handful of points after closing at its highest in almost three weeks last night. In company news, BG Group grew fourth quarter profits by 3% thanks to higher energy prices and a lower exploration charge. Operating profi
Read moreBank levy raised to £2.5bn
8th Feb 2011 08:16
Chancellor George Osborne has increased the government levy on bank profits this year by £800m to £2.5bn. Originally the chancellor said he would phase the tax in, with a lower rate of £1.7bn applicable in 2011 rising to about £2.5bn annually by 2012-13. But today, the Treasury said it had increas
Read moreLondon close: Good gains for FTSE 100
7th Feb 2011 16:40
Shares held onto their gains after a decent start on Wall Street to close well in advance of 6,000 points. Gold miner Randgold Resources is wanted after it shrugged off operational and political setbacks in 2010 to post a sharp increase in profit, helped by the increase in the price of gold. Profi
Read moreLondon afternoon: Gains pared
7th Feb 2011 14:19
Leading shares saw gains trimmed over the lunch time session but the Footsie remains comfortably in positive territory, due in no small part to the strength of mining stocks, Gold miner Randgold Resources is wanted after it shrugged off operational and political setbacks in 2010 to post a sharp in
Read moreLondon midday: Miners push FTSE 100 past 6,000
7th Feb 2011 12:04
Strength in the miner sector has helped lift the FTSE 100 well above 6,000 points. Gold miner Randgold Resources as among the best performers after it shrugged off operational and political setbacks in 2010 to post a sharp increase in profit, helped by the increase in the price of gold. Profit befo
Read moreLondon open: Footsie through 6,000 again
7th Feb 2011 08:53
After an uncertain start, Footsie has now pushed on through the 6,000 barrier as miners rally from some early profit taking. Gold miner Randgold Resources shrugged off operational and political setbacks in 2010 to post a sharp increase in profit, helped by the increase in the price of gold. Profi
Read moreSunday newspaper round-up: Bank bonuses, BP, Pfizer...
6th Feb 2011 11:02
Britain's biggest banks are poised to pay out a combined £6bn in bonuses despite government demands for restraint on City pay. The size of the payout will embarrass George Osborne, the chancellor, who is hoping to announce a peace deal with the City this week that will include targets for lending t
Read moreCBI opposed to break up of banks
4th Feb 2011 00:04
The desire to break up UK banks considered "too big to fail" should be resisted, John Cridland, the new head of the pressure group the Confederation of British Industry (CBI), said on Friday. In a series of recommendations to the Independent Commission on Banking, Cridland said: "Businesses value i
Read moreBroker tips: UK banks, Experian
3rd Feb 2011 14:08
According to Credit Suisse, there is "little to excite" investors in UK banking: Barclays remains the broker's top pick in the sector, while target prices are reduced for Lloyds, RBS, HSBC and Standard Chartered. In regards to the sector as a whole, "our advice is unchanged", says analyst John Pier
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