Lloyds warns on Irish exposure
17th Dec 2010 15:06
Continuing difficulties in the Irish economy will result in further loan impairments at Lloyds by the year end, the part-nationalised UK lender has admitted. It said that it anticipates that compared to the mid-year point, about another 10% of its £26.7bn Irish portfolio will become impaired by the
Read moreLondon afternoon: Downbeat banks hold back Footsie
17th Dec 2010 15:05
Shares remain uncertain as the weekend approaches, with banks holding the leading share index back amid continuing eurozone worries. Ratings agency Moody's has slashed its credit rating on Ireland by five notches to Baa1 from Aa2 citing concerns over banking liabilities and economic prospects. Me
Read moreSector Movers: Astra drags down pharma sector
17th Dec 2010 14:57
The pharmaceuticals and biotechnology sector is the weakest sector Friday afternoon with AstraZeneca among the biggest fallers. AstraZeneca has tumbled after it suffered another delay in getting US approval for its potential blockbuster blood-thinning drug Brilinta after the US Food and Drug Admini
Read moreFTSE 100 movers: AstraZeneca disappointment
17th Dec 2010 12:58
AstraZeneca is the worst performer in the Footsie because the FDA has asked for more information about blood-thinning drug Brilinta. This represents a further delay is getting US approval for Brilinta. Gloomy comments by the Bank of England about potential bad debt provisions hit Royal Bank of Sco
Read moreLondon midday: Stocks retreat
17th Dec 2010 12:49
The leading index broke above 5,900 for a short time, but now finds itself stuck in the red as AstraZeneca and the banks offset gains in the property sector. The Bank of England has warned of more bad debt provisions for the banks and also expressed serious concerns for the bond markets if yields c
Read moreLondon open: Flat start for blue chips
17th Dec 2010 08:43
London has started slowly despite the late gains on Wall Street overnight with some gloomy comments from the Bank of England unsettling the mood. The Bank warned of more bad debt provisions for the banks and also expressed serious concerns for the bond markets if yields continued to rise. Lloyds an
Read moreBanks must retain more profits BoE warns
17th Dec 2010 08:27
UK banks should prepare for more financial turbulence ahead, especially in the eurozone, by retaining more profits, the Bank of England's latest financial stability report suggests. The Bank warns that the strong links between the UK and Europe would mean a knock on effect on British banks throug
Read moreBroker tips: UK banks, Serco, Misys
16th Dec 2010 14:29
Nomura highlights the attractive valuations of EU banks, but says the sector is volatile and its preference if for northern European commercial banks over those in the south. According to Peace, southern European banks are under a greater earnings risk than the northern sector due mostly to the imp
Read moreBroker snap: North European banks get nod over the south
16th Dec 2010 12:08
Nomura highlights the attractive valuations of EU banks, but says the sector is volatile and its preference if for northern European commercial banks over those in the south. Analyst Jon Peace says the sector valuation is low after recent macro-related underperformance, and ongoing uncertainty surr
Read moreTaxpayers to wash face on RBS and Lloyds
15th Dec 2010 12:03
The National Audit Office says that the UK government is unlikely to make a loss on bailing out the UK banks but it is paying £5bn a year in interest on cash used in the bail out. The final outcome depends on the cash raised from the eventual sales of the stakes in Royal Bank of Scotland and Lloy
Read moreLloyds and RBS should split says Myners
13th Dec 2010 13:47
Lloyds Banking and Royal Bank of Scotland, Britain's two state-controlled banks, should be split up according to the former City minister Lord Myners. "The future lies in less monolithic institutions, with more fluid entries into and out of the banking sector," the Labour peer wrote in the FT today
Read moreLondon close: Footsie clings to lead
9th Dec 2010 16:40
A weak morning session on Wall Street did London no favours Thursday, although the big banks helped the leading index to only its second close above 5,800 in over three weeks. Barclays, Lloyds and Royal Bank of Scotland were top of the pile. HSBC also did well, but fellow Asia-focused player Stand
Read moreLondon midday: Footsie keeps climbing
7th Dec 2010 12:18
Footsie has been moving steadily upward as higher commodity prices boost resource stocks after a US tax cut extension improved optimism on global economic growth. US president Barack Obama has said that he will agree to a two-year extension on tax-cuts from the Bush era, while on this side of the A
Read moreLondon open: Blue chips firmer
7th Dec 2010 08:47
London's blue-chips have opened firmer with resources stocks in demand and a solid update from Tesco providing some encouragement for buyers. Miners and oil stocks lead the risers with the price of crude edging up towards the $90 per barrel mark. Essar, Fresnillo and Antofagasta are the best of the
Read moreMonday newspaper round-up: De la Rue, IMF, Lloyds...
6th Dec 2010 06:24
Banknote printer De La Rue, which also has a contract with the Home Office to print passports, is expected to confirm to the stock market today that it received an audacious bid from the privately owned printer Oberthur Technologies. Oberthur, a 168-year-old company that prints euro notes circulate
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