London close: Footsie scuppered by Tesco
13th Jan 2011 16:51
London struggled all day after a grim performance by supermarket Tesco and disappointing US unemployment data in the afternoon. The Bank of England's decision to leave interest rates at 0.5% and the asset purchase programme unchanged was as expected. US shares fell back, with the Dow down 14 point
Read moreFTSE 100 movers: Motor insurers on the up
13th Jan 2011 13:31
A number of insurers are higher after they agreed with the OFT to limit the motor-related information they swap. RBS and Aviva were directly involved in the agreement. Admiral has also risen. Bank of America Merrill Lynch has upgraded IMI from neutral to buy. The same broker downgraded British
Read moreLondon close: Strong gains for FTSE 100
11th Jan 2011 16:51
Share prices edged back from earlier highs ahead of the close, but still finished with good gains as fears over European sovereign debt contagion recede in the wake of a show of support for eurozone bond issues from Japan. It has been a good day for banks, with Societe Generale issuing a bullish no
Read moreLondon afternoon: Good day for bankers
11th Jan 2011 14:11
Share prices levelled out over the lunch time session, but investors remain in good heart as fears over European sovereign debt contagion recede in the wake of a show of support for eurozone bond issues from Japan. It has been a good day for banks, with Societe Generale issuing a bullish note on th
Read moreLondon midday: FTSE 100 adds more gains
11th Jan 2011 12:07
The top share index is now well clear of the 6,000 point mark after building on earlier gains. Banks move higher after the government back-tracked on the question of bonuses. As a trade-off for no additional taxes on the expected £7bn of UK bonuses this year, the banks are in talks to raise their b
Read moreBarclays' chief Diamond talks of bonus 'restraint'
11th Jan 2011 11:22
Barclays' new chief executive Bob Diamond has defended bankers' bonuses and refused to confirm whether he will forgo his payout this year, thought to be worth up to £8m. Diamond, the former head of investment banking arm Barclays Capital promoted on 1 January, also told a Treasury Select Committee
Read moreRBS fined £2.8m over customer complaints.
11th Jan 2011 11:02
Royal Bank of Scotland (RBS) and its National Westminster Bank (NatWest) division have been fined £2.8m for poor responses to customer complaints. Financial regulator the FSA said the bank responded inadequately to more than half the complaints it reviewed. Some 53% showed deficient complaint hand
Read moreLondon open: Footsie back above 6,000
11th Jan 2011 08:50
UK blue chips have raced away this morning led by the banks as the government caved in on the issue of bonuses. As a trade-off for no additional taxes on the expected £7bn of UK bonuses this year, the banks are in talks to raise their business lending by 10%, or £20bn, to £200bn. Shares in Barclays
Read moreBank bonus row set to ignite
9th Jan 2011 13:25
The political row over bank bonuses is set to intensify next week as details of the size this year's bank bonuses start to be revealed. The government is said to be demanding that British banks give guarantees on business lending and pay disclosure as the trade-off for getting approval for bonuses
Read moreSunday newspaper round-up: Royal Bank of Scotland, Bank bonuses, Xstrata...
9th Jan 2011 10:00
Stephen Hester, the chief executive of the Royal Bank of Scotland, is to be paid almost £7m just two-and-a-half years after the state-controlled bank was bailed out by taxpayers. Mr Hester, parachuted in to rescue RBS at the height of the 2008 financial crisis, will take home an estimated £6.8m in
Read moreBanks to proceed with bonus bonanza
7th Jan 2011 08:31
City bankers will pocket billions of pounds in bonuses this year as bank bosses reject pleas from ministers to slash payouts. The total figure may be less than it would have been if the government hadn't put pressure on the banks, but that's all, according to the BBC. Quite how much of an impact i
Read moreFTSE 100 movers: Banks push higher
4th Jan 2011 13:40
Banks are helping to push the index higher on the back of positive economic data published yesterday. RBS, Barclays and Lloyds are all ahead. Bid rumours have boosted BP with talk that Shell has considered an offer for the giant oil company. Silver miner Fresnillo continues to rise on the bac
Read moreLondon open: Blue chips open 2001 in buoyant mood
4th Jan 2011 08:46
Big gains in the US overnight and a strong display in Asia this morning have encouraged a rush of buying in London. Banks are strong led by Royal Bank of Scotland on good economic data coming out of Europe and the US yesterday, while Bank or America's settlement with Fannie Mae and Freddie Mac has
Read moreThursday newspaper round-up: Strikes, BP, Italy...
30th Dec 2010 08:35
Union bosses are plotting mass strikes at around the time of the royal wedding. The most senior figures in the movement are to meet early in the new year at a TUC meeting aimed at delivering co-ordinated mass industrial action in the spring against government cuts. Mark Serwotka, the leader of the
Read moreLondon close: Footsie back below 6,000
29th Dec 2010 17:01
Footsie did not stay above 6,000 for long and it ended the day down 13 at 5,996. A strong performance from mining companies, particularly those involved in gold, was not enough to offset a decline in banks, which are weak on worries over the debt issues facing the eurozone. Royal Bank of Scotland
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