No PPI provision yet for RBS
6th May 2011 07:05
Part-nationalised lender Royal Bank of Scotland made an underlying operating profit of more than £1bn in the first quarter but, unlike its sector peer Lloyds on Thursday, it has not made any provision for claims relating to mis-selling of payment protection insurance (PPI)' "RBS continues to settle
Read moreFriday newspaper round-up: SFO, Portugal, Jaguar
6th May 2011 06:06
Ministers' plans to break up the Serious Fraud Office have been attacked by a top prosecutor as a "dangerous" move that will undermine Britain's ability to fight fraud. Vivian Robinson, QC, the SFO's general counsel who resigned last week, warns today that the "disastrous" plans would disrupt more t
Read moreFriday preview: RBS, IAG, US non-farm payrolls
5th May 2011 18:34
After Lloyds Banking dropped a bombshell by making a £3.2bn provision in case it has to pay compensation to customers who were mis-sold payment protection insurance (PPI), the first quarter trading update from the UK's other state-owned bank, Royal Bank of Scotland (RBS), will be awaited with a cert
Read moreSector movers: Smith & Nephew bolsters heath care sector
5th May 2011 16:06
Medical devices firm Smith & Nephew is propping up the heath care equipment and services sector, after a strong first quarter performance. Revenues during the three months ended 2 April rose to $1.06bn, from $995m the year before, boosted by progress at its US knee franchise. Few seemed to be disap
Read moreFTSE 100 movers: Schroders drops after profit misses targets
5th May 2011 15:26
Asset management firm Schroders has taken a tumble as profits came short of expectations in the first quarter. The group's profit before tax rose to £103.8m, from £93.2m in the first quarter of 2010, but that wasn't enough for investors who were hoping for a figure closer to £117m. Lloyds has also
Read moreTuesday newspaper round-up: Mervyn King, Tesco, BAE
3rd May 2011 06:11
High debt levels pose "massive" economic challenges that would be exacerbated by higher interest rates, the Governor of the Bank of England said. Speaking yesterday at the European Parliament in Brussels, Mervyn King warned that a rise in long-term interest rates would have "severe" consequences, sa
Read moreTuesday newspaper round-up: Lloyds, HSBC, Barclays
26th Apr 2011 06:31
Lloyds Banking Group, which is now 43% owned by the taxpayer, is reported to be considering a sale of its pensions and insurance business Scottish Widows. The group's new chief executive, Antonio Horta-Osorio, is said to be poised to offload the subsidiary, possibly together with the bank's 60 per c
Read moreWednesday newspaper round-up: BP, Waitrose/Ocado, Formula 1
20th Apr 2011 06:07
BP lost valuable time at the height of its devastating accident in the Gulf of Mexico last year pursuing solutions to contain the oil spill that were never going to succeed, the chief executive of ExxonMobil has claimed. In a sharp criticism of the handling of the disaster, Rex Tillerson said Exxon'
Read moreRBS chairman sees progress
19th Apr 2011 14:10
Royal Bank of Scotland is well on its way to becoming an "opportunity" for its shareholders, including the UK government, rather than a "problem", the bailed-out bank's chairman Philip Hampton said at the annual meeting today. An announcement from RBS quoted him as saying that, halfway through the
Read moreFTSE 100 movers: Resolution unwanted after downgrade
18th Apr 2011 13:43
Insurance giant Resolution is the worst performer on the FTSE 100, after being downgraded from 'buy' to 'neutral' by UBS. The broker cuts its rating given the weak operational performance, mixed valuation picture and strong recent share price performance. The share price is left at 300p. Also lowe
Read moreFTSE 100 movers: Banking shares head south
15th Apr 2011 12:37
The banking sector is heading lower today as sentiment sours after credit rating agency Moody's cut its rating for Ireland's sovereign debt by two levels to Baa3 from Baa1, while retaining its negative outlook. RBS, Lloyds and Barclays are among the worst performers. Also in the red are the blue ch
Read moreLondon midday: Banks dull after Ireland downgrade
15th Apr 2011 12:02
The top share index failed to regain the 6,000 level in the morning, but came close before subsiding just before midday. Banks are dragging the index lower, offsetting good gains among property companies. Banks such as Royal Bank of Scotland, Lloyds and Barclays are off the pace as sentiment sour
Read moreLondon close: Retailers lift Footsie higher
13th Apr 2011 16:08
While the Footsie came off its daily highs, it still managed to post a gain of close to 1% as strong results from ASOS boosted the retail sector higher. Meanwhile, stocks were recovering from the 89 point sell-off yesterday, its worst one-day fall since mid-March. Strong growth overseas helped the
Read moreLondon close: Flat finish despite banks' advance
11th Apr 2011 16:54
The top share index was seeking direction all day Monday even as banks advanced following the publication of changes proposed for the sector by the Independent Commission on Banking (ICB). While Lloyds Banking had a grumble about the ICB's recommendation that it should have to sell more than 600 br
Read moreFTSE 100 movers: Banks firmer after ICB report
11th Apr 2011 15:02
The banking sector is performing well today after a report from the Independent Commission on Banking (ICB). The ICB stopped short of recommending that banks that have investment banking arms should demerge those operations. Instead, it has recommended that banks' retail operations should be protec
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