Sector movers: Banks and miners bear the brunt
26th Nov 2009 12:16
With no sectors in the blue today amid heavy falls in equity prices, banks and miners are among the worst performers. Banks are under the cosh on concerns over Dubai's debt situation. The government owned Dubai World, which has debts of $59bn, has asked creditors if it can delay debt repayments due
Read moreThursday newspaper round-up: Walker Review, Lloyds/HBOS, Vodafone
26th Nov 2009 06:30
Big banks will have to disclose how many of their UK employees are paid more than £1m under recommendations to be published today by City banker Sir David Walker, the FT writes. Sir David will say that half the bonuses paid to employees should be deferred for three to five years. He will also propo
Read moreWhat to do with your Lloyds shares
25th Nov 2009 14:12
Almost three million shareholders will have some tough decisions to make over the next few weeks after Lloyds Banking Group yesterday priced its colossal £13.5bn rights issue. The bank is offering the 2.8 million private investors on its share register, the largest shareholder base in Britain, the
Read moreDarling defends secret loans to RBS and HBOS
25th Nov 2009 14:11
Chancellor Alistair Darling today defended the decision to keep secret £61.6bn of loans to Royal Bank of Scotland and HBOS during the height of the credit crunch in 2008, claiming their disclosure would have "seriously jeopardised" the UK financial system. News of the loans only came out yesterday,
Read moreWednesday tips round-up: Lloyds Banking, Severn Trent, SSL
25th Nov 2009 06:35
On balance, Lloyds Banking investors should take up their rights and consider this an investment for the long term suggests the Telegraph. The average shareholder owns 740 shares, which means the average sum an investor will have to stump up to prevent dilution at this stage is £367. Ultimately, t
Read moreWednesday newspaper round-up: Royal Bank of Scotland, Lloyds Banking, BBC
25th Nov 2009 06:27
Royal Bank of Scotland and HBOS were given a secret £61.6bn in bridging loans last year on top of the £500bn of support that the banking sector received from the taxpayer, the Governor of the Bank of England disclosed yesterday. MPs expressed astonishment when Mervyn King told them about the emerg
Read moreLondon close: FTSE 100 closes 32 points lower
24th Nov 2009 16:48
London ended the day in the red as the FTSE 100 lost its earlier gains after Wall Street opened sharply lower. London did not sustain a short-lived rally in the late afternoon. The market seemed to initially ignore Bank of England governor Mervyn King's cautious comments to the House of Commons Tr
Read moreLondon afternoon: Shares still drifting
24th Nov 2009 14:31
London continues to lack direction, with Bank of England governor Mervyn King's comments to the House of Commons Treasury select committee on the state of the economy having more of an effect on sterling than on share prices. With sterling dipping after King's comments, package holiday firms Thomas
Read moreFTSE 100 movers: Marks boosted by broker optimism
24th Nov 2009 12:36
Japanese broker Nomura has been casting an eye over the general retail sector where it reckons almost all data indicators point to an improvement. Marks & Spencer is one of those it likes. The group is set to 'benefit from weaker comparative figures, market share gains, reduced sales at markdown l
Read moreLondon midday: Leading shares mixed
24th Nov 2009 12:10
Footsie has fought its way into positive territory after a dull opening, helped by a recovery by some mining stocks. Anglo American, ENRC and Lonmin are the brightest features of a mining sector that initially opened lower on softer copper prices. Lloyds Banking Group is firmer after it priced i
Read moreSecret £62bn bank loans revealed
24th Nov 2009 11:17
The Bank of England provided emergency funding of £61.6bn to Royal Bank of Scotland and HBOS as the financial system faced meltdown, it was revealed today. Policymakers finally owned up to the huge loans at a parliamentary hearing, having kept the move secret for fear of sparking further panic in e
Read moreLondon open: Lloyds unveils record cash call
24th Nov 2009 08:52
London's blue chips have fallen back after yesterday's strong gains, with Lloyds Banking getting most of the attention. Lloyds Banking Group priced its world record £13.5bn rights issue at 37p a share, a discount of 59.5% to last night's closing price. Britain's third-largest lender will offer s
Read moreLondon pre-open: Negative start ahead
24th Nov 2009 07:31
London's blue chips are expected to start around 50 points lower, falling back from yesterdays triple-digit gains. Footsie closed more than 100 points higher on Monday thanks to a record price for gold, an early rally on Wall Street and strength across the financial sector. Lloyds Banking Group h
Read moreLloyds prices rights issue at 37p
24th Nov 2009 07:02
Lloyds Banking Group has priced its world record £13.5bn rights issue at 37p a share, a discount of 59.5% to last night's closing price. Britain's largest mortgage lender will offer shareholders the chance to buy a total of 36.5bn shares on the basis of 1.34 new shares for every 1 share held. The
Read moreTuesday newspaper round-up: Lloyds Banking, Tesco, Informa
24th Nov 2009 06:31
Lloyds Banking Group will on Tuesday launch the UK's largest rights issue to raise £13.5bn ($22bn), offering investors new shares at 36p each, a huge discount, ahead of a shareholder vote on Thursday. The rights issue is part of a £22.5bn capital raising that aims to repair the bank's balance sheet
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