RBS axes 3,700 UK jobs
2nd Nov 2009 17:41
Royal Bank of Scotland stepped up its efforts to cut costs by announcing the loss of 3,700 jobs across its UK branch network. The move was "absolute madness", according to Unite National Officer, Rob MacGregor. "Essentially RBS has decided that front line costs should be cut, to fund the crisis cau
Read moreLondon close: Miners fire Footsie higher
2nd Nov 2009 16:23
Miners dominated London's top ten risers, offsetting weakness among financials, while promising US manufacturing data encouraged buyers over here. Randgold Resources was top of the pile as the price of gold topped $1,060 an ounce. It's also keen to bring the renamed Kibali mine into production as s
Read moreLondon afternoon: Market consolidates gains
2nd Nov 2009 15:11
Footsie has spent the afternoon session consolidating the morning's gains., with miners continuing to be the star performers while financials stumble. Sharply higher metal prices and news that Randgold Resources is keen to bring the renamed Kibali mine into production as soon as possible helped min
Read moreLloyds cash call expected Tuesday
2nd Nov 2009 15:05
Part-nationalised lender Lloyds Banking Group's £25bn recapitalisation programme will finally be made public tomorrow, according to reports. The bank is expected to raise £13.5bn from a deeply discounted rights issue, possibly at 50p a share, with the British government subscribing for £5.5bn of sh
Read moreFTSE 100 movers: Asset sale shock hits RBS
2nd Nov 2009 14:38
Royal Bank Of Scotland (RBS) shares are out of favour after the part-nationalised bank issued a statement about the status of its negotiations about participation in the government asset protection scheme (APS). Broker Charles Stanley said 'the big news in this statement is that RBS will be require
Read moreBroker tips: RBS, Glaxo, Tesco
2nd Nov 2009 12:56
Royal Bank Of Scotland (RBS) shares were out of favour on Monday morning after the part-nationalised bank issued a statement about the status of its negotiations about participation in the government asset protection scheme (APS). Broker Charles Stanley said 'the big news in this statement is that
Read moreBroker snap: Bigger RBS sell-off than expected
2nd Nov 2009 12:43
Royal Bank Of Scotland (RBS) shares were out of favour on Monday morning after the part-nationalised bank issued a statement about the status of its negotiations about participation in the government asset protection scheme (APS). Broker Charles Stanley said 'the big news in this statement is that
Read moreLondon open: Early gains for Footsie
2nd Nov 2009 08:57
London's blue chips have opened higher driven by resource stocks though it is banking shares that are the main focus. Royal Bank of Scotland is close to an agreement with the government over its proposed participation in the toxic asset protection scheme (APS) and also confirmed weekend reports it
Read moreLondon pre-open: Footsie to inch higher
2nd Nov 2009 07:37
London's blue chips are expected to open marginally higher with banking shares likely to be in focus early on. Royal Bank of Scotland is close to an agreement with the government over its proposed participation in the toxic asset protection scheme (APS) and also confirmed weekend reports it will ha
Read moreRBS has to sell to join APS scheme
2nd Nov 2009 07:05
Royal Bank of Scotland has confirmed it may have to sell significant chunks of its business as a result of its participation in the government's toxic loan insurance scheme (APS). The bank confirmed it is close to agreement about the terms of it joining the asset protection scheme, but added it wil
Read moreMonday newspaper round-up: Lloyds Banking, Ryanair, British Airways
2nd Nov 2009 06:11
Lloyds Banking will on Tuesday unveil twin sweeteners to persuade existing bondholders to exchange their bonds for riskier investments that could convert into equity - the most innovative, and closely guarded, element of the part-nationalised bank's £25bn recapitalisation programme, the FT writes.
Read moreSunday newspaper round-up: RBS, Lloyds, Cadbury
1st Nov 2009 14:40
Britain's banks face one of the most crucial weeks in their history with sell-off plans for Lloyds Banking Group and Royal Bank of Scotland assets to be finalised, just as the financial regulator begins scrutinising City bonuses. Alistair Darling is expected to say on Tuesday that Lloyds will not b
Read moreLondon midday: Retailers lifted by consumer confidence
30th Oct 2009 12:12
Insurers and miners are hampering the Footsie's progress today, but outside of these two sectors most blue-chips are on an upward trajectory, helped by some decent news on the economy. Economic data released Friday shows that UK consumers are more confident now than at any time in the last 21 mont
Read moreLondon close: Shares end near session high
29th Oct 2009 16:23
London's top stocks closed near its session high on news that the US economy grew faster than expected in the third quarter. Traders loved news that the US economy grew 3.5% annually in the last quarter, more than expected and the fastest rate of increase in two years. Part-nationalised bank Lloyd
Read moreFTSE 100 movers: Banks bounce back
29th Oct 2009 15:10
Shares in Lloyds Banking, which is in advanced discussions with UK authorities regarding alternatives to entering the state insurance scheme for toxic debt, are soaring. The lender is considering raising cash via an underwritten rights issue and debt swap. Fellow part-nationalised lender Royal Bank
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