London Report: Ukraine unrest drags on FTSE as volatility climbs March 3, 2014 BRITAIN’S top share index fell to a two-week low yesterday, led down by asset management firms as stocks most exposed to emerging markets fell on increasing tensions in Ukraine. The possibility of war between Russia and Ukraine hit stocks that are particularly sensitive to optimism over global markets, such as fund managers Schroders and Aberdeen [...]
Ukraine conflict adds to perfect storm for international markets March 3, 2014 And investors should expect rising levels of geopolitical risk Market risk sentiment quickly unraveled yesterday, as investors reacted to what has been termed the biggest threat to European security this century. As Russian troops massed in Crimea, stocks in Moscow’s MICEX index crashed by around 9 per cent on the open (see graph), with the [...]
Asian shares tumble amid Ukraine crisis March 3, 2014 Asian shares are taking a hit in the wake of the deteriorating situation in Ukraine, with Russian troops surrounded a number of Ukrainian military bases last night. The US Secretary of State John Kerry warned yesterday that Russia could be expelled from the G8 unless President Vladimir Putin puts an end to his “incredible act [...]
Lloyds outstrips other big banks in UK’s mortgage lending boom February 27, 2014 LLOYDS is the driving force behind Britain’s mortgage boom, financing the recovery in house buying activity, the big four banks’ 2013 financial reports reveal. In stark contrast to Lloyds’ surging lending data, the other major banks cut lending or held relatively flat. Lloyds’ gross new mortgage lending came in at £36.9bn in 2013, up 40 [...]
City Moves for 28 February 2014 | Who’s switching jobs February 27, 2014 Standard Chartered The bank has announced the appointment of Sanjeeb Chaudhuri as group head of brand and chief marketing officer. He joined in 2011 from Citicorp, where he was chief executive for retail and commercial banking for Europe, the Middle East and Africa (EMEA). Chaudhuri has also held senior marketing and general management positions at [...]
Lloyds is the real driver behind the mortgage boom February 27, 2014 Britain’s housing market is booming, with mortgage lending soaring and prices rising at giddy, pre-crash rates. But not everyone is taking part – of Britain’s biggest four banks, two cut gross new mortgage lending last year, and one barely budged on the year. In fact, the boom in lending is almost all coming from Lloyds. [...]
£8.2bn loss confirms RBS’s uphill struggle February 27, 2014 As expected, RBS has reported big losses this morning, as compensation and bad loans continued to plague the lender last year. But results were even worse than expected, with a pre-tax loss of £8.2bn. Analysts had expected a loss of nearer £7bn. Deutsche Bank forecast £6.6bn. Shares have slumped nine per cent on the news, [...]
Inside Track: Essar deal could hurt JP Morgan February 26, 2014 IN the ultra-polite language of the City, even the biggest failures among departing bosses often leave with good wishes and gratitude for their contribution ringing in their ears. So when blue-chip fund managers dispense with pleasantries and bandy words such as “cynical” around, it’s clear that somebody is seriously unhappy. Having bought Essar Energy shares [...]
HSBC sells Kazakh operations for $176m February 26, 2014 HSBC has just exited Kazakhstan, selling up its operations in the country. The bank announced today that it’s sold its Kazakh operations to JSC Halyk Bank – Kazakhstan's second-biggest lender – for $176m (£105.5m) in cash. The move comes four years after it bought RBS’s business there, in an attempt to exploit fast-growing markets. But [...]
London Report: FTSE dragged back by weak mining sector February 25, 2014 LONDON-listed mining shares fell further yesterday, putting pressure on the blue-chip FTSE 100 index, which snapped a seven-session winning run. Mining shares recorded their biggest one-day slide in a month, amid concern that slower growth and lending curbs on the property sector in China would hurt metals demand. The FTSE 100 index, which touched its [...]