UK banks paid 60% of profits in fines, KPMG says
7th Apr 2015 07:25
The UK's largest banks have collectively paid 60% of their profits since 2011 towards regulatory fines and reimbursing customers for mis-selling, according to KPMG. In a new report published on Tuesday, the global advisory firm estimated that such costs, including repayments related to Payment Prote
Read moreThursday newspaper round-up: Greece, Novartis, Election debate
2nd Apr 2015 06:45
Greece has submitted its most comprehensive reform plant yet with a 26-page proposal list, from tax evasion measures to a new bad bank, but warned that action was "urgently needed", writes The Guardian. Drug giant Novartis has been accused of attempting to block trails aimed at promoting a cheaper t
Read moreLondon close: Stocks come off intraday highs as US data disappoints
1st Apr 2015 16:37
UK stocks trimmed earlier gains by the close after a weak start on Wall Street, but still managed to finish in the green as markets bounced slightly following a sell-off the previous session. London's FTSE 100 finished the session up 36.46 points, or 0.54%, at 6,809.50. The index had dropped 1.7% to
Read moreBanking stocks rise with Morgan Stanley upbeat about QE impact
1st Apr 2015 14:01
Shares of UK domestic lenders were making gains on Wednesday after upbeat comments from analysts at Morgan Stanley in a note issued after the US bank's conference on the financial sector last week. Morgan Stanley named British banks Barclays and Lloyds among its most preferred stocks in the European
Read moreFTSE 100 movers: Shell boosted by Alaskan exploration approval, banks higher
1st Apr 2015 13:19
Oil major Shell was making gains after being given the green light by the US government to restart an exploration campaign in the Alaskan Arctic. Imperial Tobacco rebounded from Tuesday's losses, which were driven by concerns that the Lorrillard-Reynolds merger will fall apart. Banks such as Barcla
Read moreLondon midday: Banks lift Footsie 1% as stocks rebound
1st Apr 2015 11:19
UK stocks jumped nearly 1% on Wednesday morning, partly reversing steep losses experienced the previous session, as stimulus hopes in China and an improvement in global manufacturing repaired sentiment. London's FTSE 100 was up 0.98% at 6,839.14 by midday, after dropping 1.7% to 6,773.04 on Tuesday,
Read moreBroker tips: Mining stocks, Lloyds, Rolls-Royce, Asos
1st Apr 2015 11:17
JPMorgan Cazenove has reduced target prices across the UK mining sector after lowering its commodity forecasts, predicting further demand weakness, especially from China, in the second quarter. The broker has lowered its 2015/2016 forecasts for copper prices by 3%/6%, aluminium by 5%/9%, zinc by 4%/
Read moreJefferies upgrades Lloyds, sees "meaningful" dividend this year
1st Apr 2015 09:59
Shares in Lloyds Banking Group were given a lift on Wednesday by analysts at Jefferies who said they see a better reward/risk balance at the lender, upgrading the stock from 'underperform' to 'hold'. The broker raised its target price on Lloyds from 69p to 88p but refrained from taking a more positi
Read moreLondon open: Equities rebound as Chinese stimulus hopes rise
1st Apr 2015 09:02
UK stocks bounced off a two-and-a-half-week low on Wednesday morning as market sentiment recovered after a sharp sell-off. London's FTSE 100 was up 0.41% at 6,800.98 early on, after dropping 1.7% to 6,773.04 on Tuesday, its lowest close since 13 March. The rising possibility of state boost to the r
Read moreBank of England unveils plan for 2015 'stress tests' on UK banks
30th Mar 2015 14:13
The Bank of England on Monday outlined fresh plans to assess the UK's banks in the event of another global economic crisis. The new plan will be applied to the largest UK banks and building societies. The BoE said the purpose of the test is to ensure that the UK banking system can withstand a sever
Read moreLondon close: Stocks sink sharply as risk appetite scaled back
26th Mar 2015 16:38
The UK stock market suffered a sharp sell-off on Thursday, dropping to its lowest level in over a week, as geopolitical and macroeconomic fears hammered investor sentiment. The FTSE 100 finished down 1.37% at 6,895.33, as it continues to retreat from a record closing high of 7,037.67 reached on Mond
Read moreLondon midday: Footsie drops 1.4% as retreat from record high continues
26th Mar 2015 12:15
London's Footsie was registering steep losses on Thursday as the index continued to retreat from the record highs reached earlier in the week, as financial and airline stocks fell sharply. Airline stocks in particular were feeling the brunt of a spike in the price of oil after Saudi Arabia launched
Read moreLondon open: LSE and Easyjet lead stocks lower, oil prices spike
26th Mar 2015 08:55
UK stocks dropped sharply on Thursday morning following a steep sell-off on Wall Street, with financial and airline shares providing a drag. The FTSE 100 was down 1% at 6,919.49 early on as it continues to pull back from the fresh all-time closing high of 7,037.67 reached on Monday. The London Stoc
Read moreUK government raises £500m by further cutting its stake in Lloyds Bank
26th Mar 2015 08:07
The British government on Thursday reduced its stake in Lloyds Banking Group ahead of the upcoming UK elections in May. The UK government sold about £569m of shares in Lloyds, the nation's largest mortgage lender before elections in May. The government's stake is now down to 21.9% from 22.98% and i
Read moreLondon open: FTSE 100 inches up on growing optimism over Greek deal
20th Mar 2015 09:11
London's leading FTSE 100 benchmark index posted mild gains on Friday amid renewed optimism from talks between Greece's new government and EU creditors in Brussels. The Greek government is now expected to present its reforms in the next days after wrangling with EU leaders who will then decide on th
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