According to a report today, banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review. The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations. However, a spokesperson for the [...]
According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]
After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]
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 [...]
Speculation is mounting again that Portugal may need financial assistance after a sharp rise in bond yields. In early trading, yields on Portuguese 10-year bonds climbed to almost 7.6%, their highest since the euro was introduced more than a decade ago. The country’s borrowing costs have risen in recent months – mimicking what happened in [...]
Beleaguered oil giant BP saw it shares surge 6% today after speculation mounts that rival Royal Dutch Shell is considering a takeover bid. Shares in the firm closed at 492.90p on London’s FTSE 100 - which, incidentally, closed at just above the key 6,000 mark - its highest level since June 2008. Meanwhile, Shell has [...]
Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that [...]
Japan’s Prime Minister, Naoto Kan, has today said he is “very concerned about the currency situation” as the yen continues to strengthen against the US dollar. The Japanese yen is currently hovering around 15-year highs against the dollar. Last month, the Bank of Japan (BoJ) intervened to stem its currency against the dollar – the [...]
Banking giant Barclays is understood to be exploring a number of options that would boost its capital reserves, in order to meet new Basel III regulations. The Basel III rules recently agreed banks need to look to capitalise around 7% and Barclays is rumoured to be issuing a special bond that would enable it boost [...]
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”. [...]
There is speculation that internet bank Egg is to be put up for sale by Wall Street banking giant, Citigroup. According to Sky News, the bank will be looking for around £500 million for its internet banking arm and will launch a formal process next month. Today, a spokesperson for Citigroup said: “We do not [...]
British insurance giant Prudential has today said it has no plans for a renewed bid for AIA, the Asian arm of US company American International Group (AIG). The statement came after media reports today suggested that a fresh takeover deal was in the pipeline. Chad Tendler, Prudential’s Hong Kong-based spokesperson, told Reuters: “We remain highly [...]
British confectioner Cadbury, renowned for Dairy Milk chocolate, saw its shares rise today on the back of speculation that Swiss food group, Nestlé, is to be the latest company set to make an offer. Shares in the confectioner gained more than 2% to a high of 817p - which is almost 13% above the original [...]
Shares in Barclays lost nearly 5% today after reports suggested that Qatar’s sovereign wealth fund was looking to sell 379 million shares in the bank in order to raise funds to bid for supermarket giant Sainsbury’s. The news sent Barclays shares down by 18.25p to 363.75p while Sainsbury’s rose 11p to 341.5p. The shares in [...]
Shares in Lloyds Banking Group have fallen today on the speculation that the banking giant is looking to raise between £10 - £15 billion by selling new shares. According to reports, the Treasury is said to be in support of the possible plans to raise cash from the stock market, which will therefore reduce the [...]
Shares in Bradford & Bingley (B&B) rose this morning amid speculation that the Financial Services Authority (FSA) has been holding talks with potential buyers. In early trading, shares in the UK’s biggest buy-to-let lender rose 15% to 32p. Shares in B&B have lost over 90% in value over the last year. Like other banks, B&B [...]
Britain’s third-largest bank, Barclays, said financial markets were tough last month and, as a result, profits fell in the first quarter. The bank posted profit of £7 billion for last year, this represented a 1% fall compared with the previous year. Chief executive, John Varley, said results at Barclays Capital and Barclays Global Investors were [...]
Britons duped into buying “shoe-box” homes
Britons are being duped into buying new homes that are too small to live in comfortably, with house builders and estate agents demonstrating a distinct “lack of transparency” over floor space. According to research from the Royal Institute of British Architects (RIBA), thousands of brand new homes are failing to provide the space families need, [...]
UK unemployment up to 2.51 million
The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to July – the biggest rise in almost two years. The ONS said unemployment rose by 80,000 in the three month period to 2.51 million – far higher than the 70,000 expected by economists. The latest figures take [...]
John Lewis reports challenging trading environment
The John Lewis Partnership, which is regarded as a barometer of British retailing, has reported a marginal increase in sales and said trading conditions are “extremely challenging”. The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July. However, across [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
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