Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year – after already divulging its chief executive, Stephen Hester, received a [...]
HSBC, which is Europe’s largest bank, has once again denied rumours that it is planning to relocate its UK headquarters to Hong Kong. A report in the Sunday Telegraph quoted an unnamed, investor as saying “we were told that a move [to Hong Kong] is now more than likely”. However, the bank has refuted the [...]
Manufacturing activity in China eased in February, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52.2 in February from January’s 52.9. According to the CFLP, this was the third consecutive month in which activity fell. However, the index remains [...]
HSBC has today posted pre-tax profits of $19 billion (£11.8 billion) for the 2010 year, compared with $7.1 billion for the 2009 year. While the banking giant saw profits double, the results disappointed investors as they were slightly below the $20 billion analysts had expected. Shares in the bank were up 2% prior to the [...]
Manufacturing activity in China remained strong in January, two separate surveys have revealed. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52.9 in January, from 53.9 the previous month. Secondly, the HSBC China Manufacturing PMI edged higher to 54.5 in January, from 54.4 in December. [...]
Manufacturing activity in China slowed in December, two separate surveys have revealed. Firstly, the China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 53.9 in December, from 55.2 the previous month. It was the first time in five months that the index had fallen. However, the index remains above [...]
Manufacturing activity in China slowed in December, according to a survey published today. The HSBC China Manufacturing purchasing managers’ index (PMI) dropped to 54.4 in December from 55.3 in November as output and new orders grew at the slowest pace in three months. However, the index remains above the crucial 50 level, which indicates expansion [...]
Manufacturing activity in China picked up further in November, two separate surveys showed today. The China Federation of Logistics and Purchasing (CFLP) showed manufacturing activity rose to 55.2 last month, up from 54.7 in October and 53.8 in September. Meanwhile, a separate survey from HSBC bank also confirmed manufacturing activity increased. Activity rose to 55.3 [...]
Banking giant HSBC has announced some changes to its management team. The announcement is part of a boardroom reshuffle under incoming group chief executive, Stuart Gulliver, who is set to replace Michael Geoghegan next year. Paul Thurston will assume the role of Chief Executive, Retail Banking and Wealth Management with effect from March 2011. His [...]
Banking giant HSBC is proposing to raise the basic salaries of its senior investment bankers, in an attempt to beat the crackdown on bonus payouts. However, the move is likely to trigger unrest among the public sector, which is faced with savage cuts, as the Government attempts to bring down the budget deficit. Furthermore, the [...]
Banking giant HSBC has today said third-quarter profits were well ahead of the same period a year ago with bad debts on the decline. The bank did not provide exact figures in today’s statement but did caution that the global recovery was “taking longer than previous cycles”. The bank, which is Europe’s largest, also expressed [...]
Manufacturing activity in China continued to improve in October, two separate surveys showed today. Firstly, a survey released by the China Federation of Logistics and Purchasing (CFLP) showed the manufacturing activity index rose to 54.7 in October from 53.8 in September. The reading beat forecasts of a level of 52.9. A separate survey from HSBC [...]
The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]
Manufacturing activity in China improved in September, two separate surveys showed today. Firstly, the HSBC China Manufacturing purchasing managers index (PMI) edged higher to 52.9 in September, from 51.9 in August, due to growth in production and new orders. In the meantime, a separate survey released by the China Federation of Logistics and Purchasing (CFLP) [...]
Despite speculation that banking giant HSBC would consider moving its UK headquarters, outgoing chairman, Stephen Green, has confirmed the bank will stay in London. The bank, which is Europe’s biggest, has a significant presence in Asia, which has led many to believe the bank would one day move its headquarters to Hong Kong. “Our policy [...]
Banking giant HSBC has this weekend confirmed several boardroom changes after days of speculation. The bank, which is Europe’s largest, confirmed that its chief executive, Michael Geoghegan, will be replaced by investment banking chief Stuart Gulliver. Meanwhile, outgoing chairman Stephen Green (who is moving on to take up the post of trade minister with the [...]
There is speculation that HSBC’s chief executive, Michael Geoghegan, will step down at the end of the year. The report comes shortly after 56-year-old Geoghegan was reported to have threatened to leave the bank if he was not promoted to chairman. However, HSBC, which is Europe’s largest bank, dismissed the claim as “offensive” and “nonsense”. [...]
According to Sky News, banking giant HSBC has dismissed claims that chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. The bank, which is Europe’s largest, dismissed the claim as “offensive” and “nonsense”. Earlier today, a source familiar with the matter told the Financial Times that Mr [...]
HSBC’s chief executive, Michael Geoghegan, has threatened to leave the bank if he is not promoted to chairman. According to the Financial Times, a person familiar with the bank’s succession plan, said: “He [Geoghegan] was told the board was not ready to give him the chairmanship and he was not happy.” Earlier this month, it [...]
Two of the UK’s leading banks have today announced changes in leadership. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays PLC and chief executive officer of the group’s Corporate and Investment Banking and Wealth Management units. In addition HSBC chairman, Stephen Green, [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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