London close: Footsie clings to lead
9th Dec 2010 16:40
A weak morning session on Wall Street did London no favours Thursday, although the big banks helped the leading index to only its second close above 5,800 in over three weeks. Barclays, Lloyds and Royal Bank of Scotland were top of the pile. HSBC also did well, but fellow Asia-focused player Stand
Read moreFTSE 100 movers: Financials lead market higher
9th Dec 2010 13:07
Financials dominate the risers on the Footsie as the Bank of England keeps the base rate unchanged and confidence recovers in the global economy. Man Group and RBS are both more than 3% ahead on the day. Cobham is the best performer even though the defence group will be dropped from the index on 2
Read morePay clawback warning for failed bank bosses
8th Dec 2010 10:55
The heads of Britain's failed banks may have to pay back two years worth of pay, according to the chairman of the Financial Services Authority (FSA). Lord Turner told the BBC that such a rule, already in place in the US, would make banks think twice about taking excessive risks. His comments follo
Read moreLondon midday: Footsie keeps climbing
7th Dec 2010 12:18
Footsie has been moving steadily upward as higher commodity prices boost resource stocks after a US tax cut extension improved optimism on global economic growth. US president Barack Obama has said that he will agree to a two-year extension on tax-cuts from the Bush era, while on this side of the A
Read moreLondon open: Blue chips firmer
7th Dec 2010 08:47
London's blue-chips have opened firmer with resources stocks in demand and a solid update from Tesco providing some encouragement for buyers. Miners and oil stocks lead the risers with the price of crude edging up towards the $90 per barrel mark. Essar, Fresnillo and Antofagasta are the best of the
Read moreMonday newspaper round-up: De la Rue, IMF, Lloyds...
6th Dec 2010 06:24
Banknote printer De La Rue, which also has a contract with the Home Office to print passports, is expected to confirm to the stock market today that it received an audacious bid from the privately owned printer Oberthur Technologies. Oberthur, a 168-year-old company that prints euro notes circulate
Read moreSunday newspaper round-up: Glencore, Energy bills, RBS...
5th Dec 2010 10:38
Glencore, the world's biggest commodities trader, is poised for a £31bn float that should be one of the largest ever on the London Stock Exchange. The Switzerland-based group has lined up three investment banks ? Credit Suisse, Citigroup and Morgan Stanley ? to prepare for a stock market debut as e
Read morePressure mounts for RBS report to be published
3rd Dec 2010 11:45
The FSA is coming under pressure to publish the full details of its investigation in the Royal Bank of Scotland's near collapse. RBS needed a £45bn taxpayer-funded bail-out to survive after it bought ABN Amro for €70bn in 2007 just as the credit crunch gripped the bank sector. After an 18-month i
Read moreRBS Uzbekistan sold to Koreans
3rd Dec 2010 09:37
Royal Bank of Scotland has sold its Uzbekistan business to state-owned Korea Development Bank (KDB), the UK company confirmed Friday. The disposal of its 82.35% stake in RBS NB Uzbekistan CJSC is expected to complete during the second quarter of 2011. No price was specified but KDB says it paid ar
Read moreUK banks received one third of US bail-out funds
2nd Dec 2010 12:16
UK banks borrowed a third of the $3.3trn lent by the US Federal Reserve to keep the banking system afloat during the credit crunch, with Barclays alone borrowing over $860bn. News of the loans were revealed by disclosures under the newly introduced Dodd-Frank Wall Street Reform Act. The Fed detaile
Read moreNo fraud by Goodwin and RBS concludes FSA
2nd Dec 2010 10:50
Sir Fred Goodwin and other former senior executives of Royal Bank of Scotland made 'bad decisions' but did not act fraudulently prior to its near-collapse, an 18-month investigation by the Financial Services Authority has concluded. RBS needed a £45bn taxpayer-funded bail-out to survive the credit
Read moreThursday newspaper round-up: Spain, Ireland, BP
2nd Dec 2010 06:07
Spain and Ireland are set to launch large-scale privatisation programmes as they fight to preserve market faith in their turnaround plans. The Spanish government is looking at auctioning stakes in its national lottery operator and airports, while Ireland will look at privatisations in its electricit
Read moreLondon afternoon: Footsie jumps 120 points
1st Dec 2010 14:17
After a strong morning session leading shares kicked on some more over the lunch time period, as worries over the eurozone debt situation subside. Talk that the European Central Bank may take more measures to deal with the debt crisis has buoyed European markets, with banks bouncing back more than
Read moreFTSE 100 movers: Cost cutting helps Sage
1st Dec 2010 13:20
Accountancy software provider Sage is the best performer in the Footsie following its full year figures. Sage reported a 14% increase in underlying pre-tax profit thanks to cost-cutting. Profit before tax, adjusted for foreign exchange movements, rose to £355.7m in the year to September 2010, from
Read moreLondon midday: Shares keep climbing
1st Dec 2010 12:04
The leading share index looks to be heading towards triple-digit gains now as worries over the eurozone debt situation subside. Strong economic data and well-received company news here is also helping. Talk that the European Central Bank may take more measures to deal with the debt crisis has buoye
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