Lloyds mulls capital raising plans
29th Oct 2009 11:06
Lloyds Banking has confirmed that it is in advanced discussions with UK authorities regarding alternatives to entering the state insurance scheme for toxic debt. The part-nationalised lender is considering raising cash via a rights issue and debt swap as an alternative to participating in the Gover
Read moreLondon open: Banks cure Shell shock
29th Oct 2009 08:34
UK blue chips continued yesterday's poor form, falling further in early deals as Shell disappointed with a 73% plunge in quarterly profits, but recovering financial plays soon erased the deficit. Royal Dutch Shell's third quarter earnings crashed to just $3bn from $10.9bn a year ago on a current co
Read moreThursday newspaper round-up: Lloyds, National Express, Best Buy
29th Oct 2009 06:01
Lloyds Banking Group will begin sounding out investors about launching a £25bn capital raising to withdraw from the state insurance scheme for its toxic debts. The Government and other Lloyds shareholders are due to see the bank amid fears that its crumbling share price has thrown the planned £11bn
Read moreUpdate: EU approves Northern Rock split
28th Oct 2009 11:47
The European Commission has approved plans to break up Northern Rock into a 'good' and a 'bad bank'. The good part will include its branch network, its good loans and ongoing mortgage business, while the bad part will hold the remaining toxic assets and will be wound down over time. The British go
Read moreEU to approve Northern Rock sale, reports
28th Oct 2009 07:23
The European Commission is expected to approve plans to break up and sell Northern Rock, according to press reports. The government hopes to sell the viable part of Northern Rock ahead of next year's general election. The Independent is quoting a British Government sources as saying that ministers
Read moreWednesday newspaper round-up: Lloyds, RBS, Northern Rock
28th Oct 2009 06:00
Lloyds, Royal Bank of Scotland and Northern Rock will be broken up and parts of their businesses sold off to create three new banks, it emerged last night. Government sources said ministers were "determined" to see more competition in the market, following the £1.2 trillion bailout of the sector whi
Read moreFTSE 100 movers: BP leads the way
27th Oct 2009 14:42
Shares in BP are higher after the oil giant kicked off the oil majors results season on Tuesday with third quarter figures that showed a smaller than feared drop in profits. Peer BG Group, due to deliver third quarter results tomorrow, is also higher. Drug group GlaxoSmithKline is another FTSE 10
Read moreSector movers: BP lifts oil stocks
27th Oct 2009 12:50
Oil stocks are gushing higher after BP kicked off the oil majors results season on Tuesday with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came to $5.34bn between July and September from $8.05bn in the third quarter last year. Repla
Read moreLondon midday: Oil fuelled advance
27th Oct 2009 12:14
Better than expected results from BP have given the market a lift but banking shares have declined to join the party. Index heavyweight BP kicked off the oil majors results season with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came
Read moreLondon open: BP heads advance
27th Oct 2009 08:35
BP has helped investors get over last night's three-figure dive on Wall Street, leading London higher in early deals. Index heavyweight BP kicked off the oil majors results season with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came
Read moreLondon close: Footsie suffers reversal of fortunes
26th Oct 2009 16:21
Stocks had looked like making a decent start to the week, but a dramatic and sudden sell-off on Wall Street quickly sent London into the red. The Dow Jones turned an early three-digit gain into a 100-point loss as US analyst Dick Bove downgraded Fifth Third Bancorp, SunTrust Banks and US Bancorp.
Read moreLondon afternoon: Stocks get lift from Wall Street
26th Oct 2009 14:20
After crawling higher throughout the morning session London's leading shares received a boost from a firm start on Wall Street. The market is buoyant despite weakness in the banking sector, where the market is holding its breath for the anticipated cash call by Lloyds Banking. Elsewhere in the sect
Read moreFTSE 100 movers: BA and banks lead fallers
26th Oct 2009 13:03
British Airways is one of today's main fallers. The carrier's cabin crew will get a chance to decide whether to strike in a row over new contracts, the Unite union said today. Talks between BA and the union, which has 14,000 members at the carrier, ran through the summer, but broke down last week.
Read moreING plans rights call and downsizing
26th Oct 2009 08:08
Dutch banking group ING is to launch a massive rights issue and is splitting itself in two to enable it to pay back government bail-out funds. The group, which received a €10bn hand-out from the Dutch government last year, is to raise €7.5bn through a right issue, and said it intends to raise more
Read moreMonday newspaper round-up: Bradford & Bingley, Northern Rock, BA
26th Oct 2009 06:25
Bradford & Bingley is to divide its £50 billion balance sheet into "good" and "bad" assets in an exercise that echoes similar plans at Northern Rock. B&B, which was broken up and partly nationalised a year ago, is looking for attractive assets that it can sell to private buyers, says the Times. The
Read more