London midday: Mixed fortunes for banks
10th Nov 2009 11:58
Despite a slew of company results to pick over the market continues to lack direction, though a good reception to results from index heavyweight HSBC helps underpin the FTSE 100's positive showing. Banking titan HSBC said underlying third quarter profit was "significantly" ahead of the same time la
Read moreLloyds axes 5,000
10th Nov 2009 11:24
State-controlled bank Lloyds Banking is axing a further 5,000 jobs to bring the total number of posts cut following its merger with HBOS to 12,500. The bank's insurance, retail mortgage and back office functions will bear the brunt of the latest cutbacks, with about 2,600 permanent jobs to go alon
Read moreMonday newspaper round-up: Cadbury, RBS/Lloyds, Vodafone
9th Nov 2009 06:18
Kraft, the American food company, is poised to initiate a hostile takeover bid for Cadbury today at or slightly above the offer it made in September, which valued the British confectioner at £10.2bn, according to a person familiar with the deal. Last night Kraft was finalising plans to go directly
Read moreSunday newspaper round-up: Barclays, Lloyds, Cadbury
8th Nov 2009 08:36
Gordon Brown yesterday threw his weight behind a "Tobin tax" on financial transactions as a way of taxing and reining in the banks, despite warnings that such taxes are unworkable. "We should discuss whether we need a better economic and social contract to reflect the global responsibilities of fi
Read moreLondon close: Shares shake off US blues
6th Nov 2009 17:15
The Footsie finished a see-saw day in positive territory, shrugging off concerns about the worse than expected US jobless figures, which revealed the US unemployment rate has risen above the 10% level. Banks enjoyed a day in the sun, helped by a positive response to results from Royal Bank of Scotl
Read moreLondon afternoon: Stocks slide on US jobless news
6th Nov 2009 14:04
Leading shares are retreating rapidly in the wake of worse than expected US non-farm payrolls data. October non-farm payrolls data showed the US unemployment rate rose to 10.2% from 9.8% in September. The number of jobs lost in October was 190,000, versus expectations of 175,000 job losses. So fa
Read moreSector movers: Banks make it higher
6th Nov 2009 12:36
Banks are going well Friday as investors take huge losses from RBS in their stride and a broker upgrade for Lloyds. More huge write-offs sent Royal Bank of Scotland deep into loss over the past three months. The state-controlled bank that on Tuesday announced another £33bn cash injection from the
Read moreLondon midday: Financials lead advance
6th Nov 2009 12:04
Banks and property stocks are leading the market higher, though the advance is being conducted at a leisurely pace. More huge write-offs sent Royal Bank of Scotland (RBS) deep into loss over the past three months. Nine-month losses now total £2.06bn against a profit £1.8bn this time last year. Des
Read moreWednesday tips round-up: Lloyds, Barclays, Stagecoach
4th Nov 2009 06:35
The Telegraph says investors in UK banks had a lot to digest on Tuesday, what with the confirmation of Lloyds' £13.5bn rights issue and Royal Bank of Scotland (RBS) coming back to the taxpayer cap in hand and the asset sales forced upon the banks by European regulators. The paper suggests existing
Read moreLondon close: Footsie down but above 5,000
3rd Nov 2009 16:24
London's blue chips ended off session lows and back above the 5,000 level, helped by positive reaction to announcements from Lloyds Banking and Legal & General. Royal Bank of Scotland (RBS) remained resolutely out of favour, however, as the market reacted negatively to the revised terms of its part
Read moreLondon afternoon: Market licking its wounds
3rd Nov 2009 14:11
The FTSE 100 index clawed its way back above the 5,000 level over the lunch-time session, helped by positive reaction to announcements from Lloyds Banking and Legal & General. Royal Bank of Scotland (RBS) remains resolutely out of favour, however, as the market reacted negatively to the revised ter
Read moreFTSE 100 movers: Banks split after latest cash calls
3rd Nov 2009 13:54
Banks dominate the day as investors try to get their heads around the sheer size of the sums being pumped into Royal Bank of Scotland and Lloyds. Lloyds is the best performer on hopes that once it is clear of the government's asset protection scheme it might be able to make something of its disatro
Read moreLondon midday: Retreat turns into a rout
3rd Nov 2009 12:08
The list of FTSE 100 constituents is bereft of risers, as stocks move swiftly into reverse while the market digests developments relating to the part-nationalised UK banks. The government is injecting another £25.5bn into Royal Bank of Scotland (RBS), with a further £8bn available if things get wo
Read moreLondon open: Mixed reception for latest bank rescues
3rd Nov 2009 08:52
Footsie is lower as investors assess confirmation of bonus curbs, dividend cuts and asset sales from Royal Bank of Scotland and a £21bn cash call from Lloyds Banking Group. RBS will not be allowed to pay dividends for the next two years and have to divest its insurance arm and a raft of other busin
Read moreRBS and Lloyds ditch bonuses for government cash
3rd Nov 2009 08:33
Royal Bank of Scotland (RBS) and Lloyds Banking Group have agreed to defer bonuses for this year and break up their businesses in return for tens of billions of pounds of extra state aid. Neither bank will pay discretionary cash bonuses for 2009 to any staff earning above £39,000, while both boards
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