Wednesday newspaper round-up: Mike Coupe sentenced, David Cameron, Horse Hill
29th Apr 2015 06:52
Mike Couple, the chief executive of J Sainsbury, has been sentenced to two years in jail in Egypt, reports The Times. "The case relates to claims that last July Mr Coupe tried to seize cheques connected with the collapse of a business it invested in 16 years ago, in contravention of Egyptian bankrup
Read moreRBS loses CEO of Williams & Glynn spin-out ahead of IPO
28th Apr 2015 13:41
The chief executive of Williams & Glynn, the high street banking business that Royal Bank of Scotland is being forced to spin out, has quit less than 18 months into the role. John Maltby will step down from his role as at Williams & Glyn, which is scheduled for a London flotation in the second half
Read moreUK's four major banks face further £19bn in litigation charges, S&P reveals
27th Apr 2015 12:19
The UK's four largest banks are expected to have £19bn more of litigation costs this year and next, said credit agency Standard & Poors, which said the quartet's credit ratings were safe for now. Although the credit agency said it thought the worst period for charges relating to payment protection p
Read moreLondon pre-open: Sharp gains expected in HSBC
27th Apr 2015 08:11
The Footsie is being called to start the day roughly flat on Friday´s closing level of 7,070.70. The news-flow surrounding corporate activity and M&A is front and centre before the opening bell. HSBC is expected to be the standout gainer on the top-flight index at the start of trading. That follows
Read moreRBS sells another batch of loans to Japan´s Mizuho
27th Apr 2015 07:28
Royal Bank of Scotland has sold another portfolio of loan commitments to Japanese lender Mizuho for a cash consideration of $500m. In the year ending 31 December 2014 the securities generated a profit aftertax of approximately $20m. Upon disposal the transaction will generate a loss, net of unamorti
Read moreRBS sells another batch of loans to Japan´s Mizuho
27th Apr 2015 07:28
Royal Bank of Scotland has sold another portfolio of loan commitments to Japanese lender Mizuho for a cash consideration of $500m. In the year ending 31 December 2014 the securities generated a profit aftertax of approximately $20m. Upon disposal the transaction will generate a loss, net of unamorti
Read moreTuesday broker round-up
14th Apr 2015 17:12
Marks&Spencer: UBS reiterates buy and lifts target price to 625p from 590p. HSBC: Credit Suisse reiterates underweight stance and Investec its recommendation to sell. Barclays: Credit Suisse reiterates neutral and 250p target. Tesco: Deutsche reiterates buy and 275p target price. Royal Dutch Shel
Read moreFriday tips round-up: UK Banks, Cranswick
10th Apr 2015 17:27
The loan loss ratio for UK banks stood at 0.14% at the end of 2014 according to Standard&Poor's, versus 0.69% in 2013 - a rare positive for the sector. It is a reflection of faster economic growth, low interest rates, higher property prices, banks' sale of dodgy property loans, lending deemed proble
Read moreUK 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 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 moreSpecialist UK bank Shawbrook rallies in stunning stock market debut
1st Apr 2015 08:14
Specialist British bank Shawbrook made a stunning stock market debut on Wednesday in London with shares rallying to 305p, well above the top of its preset price range of 290p. Shawbrook is seen as a new breed of British bank entering a market dominated by big institutions like Royal Bank of Scotland
Read moreTuesday newspaper round-up: RBS, David Cameron, Ed Miliband
31st Mar 2015 05:57
According to The Times, Rory Cullinan, executive chairman of RBS's corporate and institutional bank, is to leave the bank after it was revealed he was sending social media messages complaining about "bored" meetings. Prime minister David Cameron has promised to create an extra 1,000 new jobs every d
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: UK stocks fall for fourth day as mining shares tank
27th Mar 2015 17:04
UK stocks extended their losing streak into the fourth day on Friday as a sell-off in iron ore and a stronger dollar hit share prices in the mining sector. London's resource-heavy FTSE 100 finished the session down 40.31 points (-0.58%) at 6,855.02 as it continued its retreat from the record closing
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