There’s more pain and selling to come for banking stocks November 28, 2010 EACH time that European banks have taken a step towards recovery since autumn 2008, it seemed that they suffered another a setback. Whether it was revelations of bad debts, government bailouts, exposure to indebted sovereigns or tighter regulation, it has been hard for their share prices to make sustained headway. The second bout of the [...]
No bonus cut at Stan Chart November 25, 2010 EMERGING markets bank Standard Chartered yesterday distanced itself from talks between the UK’s biggest banks over limiting bonus payouts. RBS, HSBC and Barclays are reportedly in discussions with each other and the government over potentially cutting 2010 bonuses as well as lending more to businesses. The UK’s five biggest banks may also contribute up to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2010 FINANCIAL TIMES TOYOTA STILL ON ALERT AFTER CRISIS Toyota remains on a “crisis” footing a year after the first of a wave of recalls of more than 12m vehicles, an executive at the Japanese carmaker has said. Shinichi Sasaki, the board member responsible for quality, told the Financial Times: “I don’t think the crisis is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2010 FINANCIAL TIMES TOYOTA STILL ON ALERT AFTER CRISIS Toyota remains on a “crisis” footing a year after the first of a wave of recalls of more than 12m vehicles, an executive at the Japanese carmaker has said. Shinichi Sasaki, the board member responsible for quality, told the Financial Times: “I don’t think the crisis is [...]
FTSE rises on strong financials November 24, 2010 BRITAIN’S top share index closed higher yesterday, boosted by commodity stocks and banks which bounced back after hefty falls earlier in the week, as investors welcomed economic data from both the UK and the United States. The FTSE 100 ended up 75.82 points, or 1.4 per cent, at 5,657.10, having hit a seven-week low earlier [...]
FTSE drops to a six-week low as fears grow over Eurozone debt and Korea November 23, 2010 THE leading share index dropped to a six-week closing low yesterday, weighed down by weak banks and commodity issues on worries over the Eurozone debt crisis and rising tensions in the Korean peninsula. The FTSE 100 ended down 99.55 points or 1.8 per cent at 5,581.28, its lowest close since 4 October. Banks led the [...]
Irish bailout concerns hit FTSE hard November 16, 2010 BRITAIN’S top share index recorded its biggest fall in three months yesterday as concerns over Irish government debt and the prospect of another euro zone bailout dragged banking and commodity-related stocks lower. At the close the FTSE 100 was down 138.51 points, or 2.4 per cent, at 5,681.90, its biggest daily fall since 11 August. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 15, 2010 FINANCIAL TIMES INVESTORS SCEPTICAL OF UNILEVER GROWTH PLAN For a company whose products clutter the shelves of virtually every home in the UK – not to mention plenty in Brazil, Indonesia and China – Unilever’s shares are not in demand. The maker of Dove soap, Persil detergent and PG Tips tea managed to confound analyst [...]
Bank levy set to be reduced November 14, 2010 GEORGE Osborne is likely to make significant concessions over his plans for a banking levy, after major institutions like HSBC and Standard Chartered warned it could force them to relocate. The partial climb-down follows weeks of intense lobbying from the industry during a consultation period that will end on Friday. Although the chancellor still intends [...]
Q & A : TAXING THE BANKS November 14, 2010 Q. HOW MUCH MONEY DOES THE GOVERNMENT EXPECT TO RAISE FROM THE BANKING LEVY? A. George Osborne wants to raise £2.5bn a year from a levy on banks’ balance sheets. Aides say he thinks this is the “maximum sustainable amount of revenue” he can extract from the banks. Q. WHAT DOES THE CHANCELLOR MEAN BY “MAXIMUM SUSTAINABLE REVENUE”? A. An aide familiar with the chancellor’s thinking [...]