FTSE 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
Read moreLondon pre-open: Banks to feature early on
3rd Nov 2009 07:40
Expect an early 50-point slide as investors assess confirmation of 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 busi
Read moreLloyds confirms £21bn fundraising
3rd Nov 2009 07:03
Lloyds Banking Group today confirmed the City's worst kept secret that it will raise £21bn through a £13.5bn rights issue and £7.5bn swap of existing debt for contingent capital. The details of today's string of announcements were in line with details published in Monday's papers. The government wi
Read moreTuesday newspaper round-up: Royal Bank of Scotland, Lloyds, ITV
3rd Nov 2009 06:12
The Government will today announce plans to inject a further £40bn of taxpayers' money into Royal Bank of Scotland and Lloyds Banking Group as part of a fresh, wide-ranging restructuring of the UK banking sector. The sum is higher than expected because RBS will take about £25bn in new "B" shares an
Read moreLondon close: Miners fire Footsie higher
2nd Nov 2009 16:23
Miners dominated London's top ten risers, offsetting weakness among financials, while promising US manufacturing data encouraged buyers over here. Randgold Resources was top of the pile as the price of gold topped $1,060 an ounce. It's also keen to bring the renamed Kibali mine into production as s
Read moreTuesday preview: Lloyds, AB Foods, Rolls-Royce
2nd Nov 2009 15:50
Part-nationalised lender Lloyds Banking Group's £25bn recapitalisation programme will finally be made public tomorrow, according to reports. The bank is expected to raise £13.5bn from a deeply discounted rights issue, possibly at 50p a share, with the British government subscribing for £5.5bn of s
Read moreLondon afternoon: Market consolidates gains
2nd Nov 2009 15:11
Footsie has spent the afternoon session consolidating the morning's gains., with miners continuing to be the star performers while financials stumble. Sharply higher metal prices and news that Randgold Resources is keen to bring the renamed Kibali mine into production as soon as possible helped min
Read moreLloyds cash call expected Tuesday
2nd Nov 2009 15:05
Part-nationalised lender Lloyds Banking Group's £25bn recapitalisation programme will finally be made public tomorrow, according to reports. The bank is expected to raise £13.5bn from a deeply discounted rights issue, possibly at 50p a share, with the British government subscribing for £5.5bn of sh
Read moreLondon midday: Black morning for banks
2nd Nov 2009 12:10
Though it has not been a good morning to hold financial stocks, the FTSE 100 index still had a positive session, thanks largely to strong demand for mining stocks. Sharply higher metal prices and news that Randgold Resources is keen to bring the renamed Kibali mine into production as soon as possi
Read moreLondon open: Early gains for Footsie
2nd Nov 2009 08:57
London's blue chips have opened higher driven by resource stocks though it is banking shares that are the main focus. Royal Bank of Scotland is close to an agreement with the government over its proposed participation in the toxic asset protection scheme (APS) and also confirmed weekend reports it
Read moreMonday newspaper round-up: Lloyds Banking, Ryanair, British Airways
2nd Nov 2009 06:11
Lloyds Banking will on Tuesday unveil twin sweeteners to persuade existing bondholders to exchange their bonds for riskier investments that could convert into equity - the most innovative, and closely guarded, element of the part-nationalised bank's £25bn recapitalisation programme, the FT writes.
Read moreSunday newspaper round-up: RBS, Lloyds, Cadbury
1st Nov 2009 14:40
Britain's banks face one of the most crucial weeks in their history with sell-off plans for Lloyds Banking Group and Royal Bank of Scotland assets to be finalised, just as the financial regulator begins scrutinising City bonuses. Alistair Darling is expected to say on Tuesday that Lloyds will not b
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