Goldman Sachs and Intel trigger bumper day on FTSE July 15, 2009 STRONG corporate earnings numbers and improving economic data from the US lifted the blue chip share index by 2.6 per cent to its highest close in four weeks yesterday. Led by energy firms and banks, the FTSE 100 index ended up 108.78 points at 4,346.46, its third day of gains. The UK benchmark is up [...]
Treasury to recoup cash via Lloyds share placing June 7, 2009 LLOYDS Banking Group will effectively pay the Treasury back £2.3bn of the state aid it has received today, making it the first government-recapitalised British bank to repay part of its loan. The taxpayer will recoup the money as part of Lloyds £4bn share placing, aimed at repaying the £4bn in preference shares it issued to [...]
Commodities and financials emerge as stars of the index July 13, 2009 THE FTSE 100 closed 1.8 per cent higher yesterday, boosted by stronger energy and mining stocks, while financial shares also provided support to the market which had fallen in five of last eight sessions. The index ended 74.96 points higher at 4,202.13, after falling 0.8 per cent on Friday to its lowest close since 28 [...]
Miners, banks and oil groups emerge as stars of the index July 14, 2009 LONDON’S top share index closed up 0.9 per cent yesterday, led by miners, banks and oil producers as impressive corporate data from the United States outweighed mixed economic figures. The FTSE ended 35.55 points higher at 4,237.68, extending Monday’s 1.8 per cent gains. The index has risen more than 23 per cent since hitting a [...]
Plus a change, plus c’est la mme chose October 29, 2009 IT is becoming increasingly clear that the current crisis is much more similar to previous booms and busts than is usually understood. London’s secondary banking crisis of the 1970s, for example, saw a number of financial institutions that raised funds on the money markets go bust after the Bank of England hiked interest rates and [...]
We are sorry, says Goldman November 17, 2009 Goldman Sachs chief executive Lloyd Blankfein yesterday apologised for his bank’s participation in the cheap credit binge that fuelled the bubble. “We participated in things that were clearly wrong and have reason to regret,” Blankfein said, speaking at a conference in New York. “We apologise.” The admission came as Goldman, whose large profits and bonuses [...]
Lloyd’s of London is the City’s great gem October 27, 2009 IT was Lord Davies, the former boss of Standard Chartered and current trade minister, who put it best. Speaking at a gathering of senior figures at Drapers’ Hall organised by the City of London on Monday night, he pointed out that among all the chaos in financial services, there is one player that has emerged [...]
Lloyd’s of London is the City’s great gem October 27, 2009 IT was Lord Davies, the former boss of Standard Chartered and current trade minister, who put it best. Speaking at a gathering of senior figures at Drapers’ Hall organised by the City of London on Monday night, he pointed out that among all the chaos in financial services, there is one player that has emerged [...]
INGto carve up banking and insurance October 26, 2009 ING has staked its future on becoming a smaller, European-focused bank as it revealed plans yesterday to break up its empire, sell all insurance businesses and raise €7.5bn (£6.9bn) to pay down debts to the Dutch government. In a move that has ramifications for bailed-out British banks Lloyds and Royal Bank of Scotland, ING was [...]
Glaxo tops the table as the market hopes to feel better July 8, 2009 THE FTSE 100 ended down by 1.1 per cent yesterday, hitting its lowest closing level in more than two months, as weakness in banks, oil producers and miners offset minor resistance in some defensives. The index closed down 46.77 points at 4140.23, its third day of losses. Banks were under pressure on the economic outlook [...]