Goldman Sachs expects rethink on bank levy in UK Budget
7th Jul 2015 12:43
Ahead of Chancellor George Osborne's Budget on Wednesday, here's a round-up of what Goldman Sachs expects. For UK banks, attention will be focused on any potential reform of the bank levy, as Osborne did not discuss it in his Mansion House speech in June, despite prior speculation. Goldman does not
Read moreLondon midday: Stocks weaken ahead of Greek summit as crisis continues
7th Jul 2015 11:14
Oil and gas stocks dragged the UK equity market lower on Tuesday after the recent plunge in crude prices, as investors showed caution ahead of a key Eurozone summit on Greece. The FTSE 100 was down 0.13% at 6,526.92 by midday, with Rolls-Royce providing a further drag as the stock extended losses fo
Read moreInvestec upgrades Lloyds from 'sell' to 'hold', but prefers other banks
7th Jul 2015 10:20
Investec has lifted its rating for Lloyds 'sell' to 'hold,' and upped its price target from 84p to 86p. Analyst Ian Gordon said a recent price correction meant the bank was close to fair value, and he was encouraged by the rapid sell down of the UK government's stake. However Investec preferred One
Read moreLondon open: Stocks inch lower ahead of key Greek summit
7th Jul 2015 09:15
UK stocks were trading slightly lower on Tuesday morning as investors awaited news from a meeting of Eurozone officials to discuss fresh proposals from Greece. The FTSE 100 was down 0.17% at 6,524.60 early on with oil and gas stocks out of favour following the recent plunge in crude prices. Stocks
Read moreUK government trims stake in Lloyds Banking Group
2nd Jul 2015 08:04
Lloyds Banking Group said on Thursday that the UK government has reduced its stake in the bank to 15.9% from 16.87%, as it moves towards full privatisation. The finance ministry started selling off its shares in Lloyds in September 2013 and the bank is expected to return to full private ownership by
Read moreThursday newspaper round-up: Greece, Chinese margin rules, General Electric
2nd Jul 2015 06:51
Michael Fuchs, a close ally of German Chancellor Angela Merkel, dismissed Greece's latest bailout proposal and said Germany would not "pour money" into a government that refused to change, The Telegraph reports. "China's securities regulator has moved to curb downward pressure on the country's tumbl
Read moreFTSE 100 movers: Travel and banking stocks surge, miners decline
1st Jul 2015 13:05
London markets were buoyed by strength in the travel and banking sectors, which offset weakness in mining and oil stocks. As of 14:30 BST, the FTSE 100 was trading 1.5% higher at 6,617. Travel and leisure stocks including Easyjet, IAG, TUI and IHG rebounded after a recent sell-off. The sector had b
Read moreLloyds completes TSB sale
30th Jun 2015 12:48
Lloyds has confirmed that Banco de Sabadell SA's takeover for TSB Banking Group has become unconditional after receiving regulatory approval from the Bank of England. In a statement released on Tuesday, Sabadell said the Prudential Regulation Authority had given the green light to the deal, which va
Read moreLloyds non-exec steps down
29th Jun 2015 12:26
Banking giant Lloyds Banking Group confirmed on Monday that Carolyn Fairbairn will step down from her role as non-executive director on 31 October. Fairbairn, who has been a member of the board since 2012, will become director-general of the Confederation of British Industry (CBI) in November, the F
Read moreBarclays and Lloyds merit multiple expansion, Morgan Stanley says
25th Jun 2015 15:31
European Banks are undervalued as their risk profile and cost of equity have fallen sharply, one of the world's largest brokers said on Thursday. Lenders' move to de-lever has seen their beta, the most widely accepted measure of an investment's riskiness in comparison to the wider market, "fall dram
Read moreTuesday share tips: UK banks, Severn Trent
23rd Jun 2015 16:20
Banks may not be happy with the new 'ring-fencing' rules, but just a decade on from the financial crisis they need to learn live with them. Legislation passed in 2013 set out the need for lenders to separate their retail and small business operations by 2019. The aim was to avoid banks using retail
Read moreGoldman Sachs said to be advising government on sale of bank shares
19th Jun 2015 07:49
Goldman Sachs is reportedly set to advise the government on the sale of its remaining stakes in Britain's bailed-out lenders at the same time as one of its divisions tries to buy billions of pounds of bank assets from the taxpayer. According to Sky News, Goldman was hired as the privatisation advise
Read moreBroker tips: Lloyds, Betfair, Safestore, Danone
18th Jun 2015 11:45
Credit Suisse has lifted its target price for shares of Lloyds Banking Group from 72p to 80p to reflect strong revenues and lower impairments in the first quarter. The Swiss broker maintained a 'neutral' rating on the stock, but said Lloyds remains its "preferred UK bank". It said the lender is the
Read moreLloyds boss urges industry to get behind ring-fencing
18th Jun 2015 09:59
The boss of Lloyds Banking Group has called on the banking industry to stop complaining about regulatory changes and back moves to ring-fence high street banks from their investment arms. Speaking at the British Bankers' Association retail banking conference on Thursday, chief executive Antonio Hort
Read moreLondon close: FTSE 100 drops to January lows on Greek uncertainty, traders await FOMC comments
17th Jun 2015 17:16
UK stocks fell for the fourth straight day on Wednesday with London's FTSE 100 finishing at its lowest level in five months as Greece continued to fight with creditors to secure a bailout deal. Investors were also showing caution ahead of the conclusion of a monetary policy meeting at the Federal Re
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