RBS, Barclays and StanChart hit with Singapore rate censure
14th Jun 2013 13:31
UK banks have been reprimanded and ordered to make one billion pounds of new provisions due to suspected interbank rate manipulation in Singapore. Royal Bank of Scotland (RBS), Barclays and Standard Chartered were three of the 20 banks to have been upbraided by the Singapore central bank. Eschewi
Read moreLondon midday: Stocks slip after EU jobs data
14th Jun 2013 11:47
The upbeat tone seen from markets in early trading on Friday morning didn't last for long, with the FTSE 100 slipping into the red by midday after some gloomy data from Europe. Strong gains on Wall Street last night prompted a decent start in London this morning on expectations that the Federal Res
Read moreLondon open: FTSE 100 tracks US and Asian markets higher early on
14th Jun 2013 08:46
Stocks were registering moderate gains on Friday morning as fears over the Federal Reserve's eventual 'exit strategy' from stimulus were eased overnight. Wall Street benchmarks rose strongly on Thursday on expectations that Fed Chairman Ben Bernanke will attempt to calm markets by pushing back pred
Read moreFriday broker round-up UPDATE
14th Jun 2013 08:15
Amlin: UBS starts with a target price of 400p and a neutral rating. Cairn Energy: JP Morgan takes target price from 320p to 340p maintaining a neutral rating. Catlin: UBS initiates with a target price of 475p and a neutral rating. Chemring: Credit Suisse increases target price from 210p to 260p a
Read moreLondon pre-open: Strong start expected as 'tapering' concerns ease
14th Jun 2013 07:55
Markets are expected to open with decent gains on Friday morning following a rebound on Asian markets overnight as fears about 'tapering' at the Federal Reserve eased. City sources predict the FTSE 100 will open up around 40 points from yesterday's close of 6,305. Fed Chairman Ben Bernanke is exp
Read moreFriday newspaper round-up: RBS, Polymetal, Apple...
14th Jun 2013 06:46
According to The Scotsman, Sainsbury's Chief Executive Officer (CEO) Justin King is among the names being thrown into the hat of potential recruits for the CEO role at RBS, "although a candidate from within the financial services sector remains most likely to replace Stephen Hester". The paper also
Read moreLondon close: Investors reconnect with reality
13th Jun 2013 17:44
Uncertainty regarding central-bank stimulus, reductions in global growth forecasts by the World Bank and the surprise departure of the head of one of the UK's biggest domestic banks prompted a sell-off on the FTSE 100 on Thursday, as volatility continued on markets across the globe. London's benchm
Read moreFTSE 100 movers: RBS leads march south
13th Jun 2013 14:28
Royal Bank of Scotland led the march of the blue chips southwards on Thursday after pressure from the bank's government owners led to the resignation of Chief Executive Stephen Hester. Although the bank's plans to slash costs in its investment banking arm leaked out, brokers rallied to praise Heste
Read moreLondon midday: Financials pull markets lower after Hester exit from RBS
13th Jun 2013 11:38
Uncertainty regarding central-bank stimulus, reductions in global growth forecasts and the surprise departure of the head of one of the UK's biggest domestic banks prompted a sell-off on the FTSE 100 on Thursday, as volatility continued on markets across the globe. London's benchmark index slumped
Read moreBroker tips: RBS, HSBC, Petrofac
13th Jun 2013 11:34
Credit Suisse gave its initial thoughts on the news that Royal Bank of Scotland Chief Executive Officer Stephen Hester has agreed to leave the group, saying that while the exit had been speculated in the past, "it still comes as a surprise in terms of timing". The broker reiterated its 'underperfor
Read moreRBS swings the axe on 2,000 investment banking jobs
13th Jun 2013 09:45
Royal Bank of Scotland is expected to announce another 2,000 job cuts in its investment banking division today. The job losses are due to filter through over the coming 18 months and be made across the division's worldwide offices, including the UK. The investment arm will shrink from a work forc
Read moreBroker snap: Hester exit causes greater uncertainty for RBS, says Credit Suisse
13th Jun 2013 09:01
Royal Bank of Scotland (RBS) surprised the City on Wednesday night by announcing that Chief Executive Officer (CEO) Stephen Hester has agreed to leave the group after five years. The boss, praised widely for his work for turning the bank around following its government bailout in 2008, said he was
Read moreThursday tips round-up: RBS, Severn Trent, Xcite Energy
13th Jun 2013 08:36
Shareholders in Royal Bank of Scotland (RBS) face even more uncertainty now that Mr.Hester is abandoning the top job at RBS. Yes, the lender will probably manage to turn a profit this year of 2bn pounds, versus net losses of 24bn pounds during the year he started. However, his successor will need to
Read moreLondon open: RBS leads market sell-off early on after Hester exit
13th Jun 2013 08:33
Markets sunk sharply from the off on Thursday morning as the FTSE 100's losing streak was extended into its fourth day, with RBS in focus after shocking the City with the surprise resignation of Chief Executive Officer (CEO) Stephen Hester. Following the impressive rise seen at the start of the ye
Read moreLondon pre-open: Sharp falls expected after volatile session in Asia
13th Jun 2013 07:29
The FTSE 100 is expected to extend its current losing streak into its fourth day following heavy falls on Wall Street and another volatile session for Asian markets overnight. Continuing uncertainty regarding the Federal Reserve's 'exit strategy' from stimulus and a strengthening yen saw Japan's Ni
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