Rally in energy stocks helps FTSE to end up – London Report November 4, 2015 A late rally in energy stocks on the back of strong crude oil prices yesterday helped to outpace weaker banks – particularly Standard Chartered – and lift the FTSE 100. The blue-chip FTSE 100 index ended 0.3 per cent higher at 6,383.61 points, helped by a 3.3 per cent jump in the UK Oil and [...]
Emerging market slowdown wipes £79bn off the value of Britain’s biggest firms November 4, 2015 One day after Standard Chartered’s “disappointing” third-quarter results sent the Asia-focused bank’s share price down nearly 10 per cent during trading, City A.M. analysis reveals that the slowdown in China and other emerging markets has wiped off around £79bn from some of Britain’s biggest businesses. Eight blue-chip companies have seen their combined market cap plummet by £78.7bn [...]
Standard Chartered results: Investors are backing Bill Winters while analysts raise red flags November 3, 2015 Standard Chartered may have posted another “disappointing” set of results, but the Asia-focused bank’s biggest investors are enthusiastically backing new chief executive Bill Winters. Winters announced earlier today that he planned to axe 15,000 jobs and raise $5.1bn (£3.3bn) in capital, as the bank posted an operating loss of $139m in the third quarter. Revenue had [...]
At the close: FTSE 100 marginally up despite slides from housebuilders and Standard Chartered November 3, 2015 The FTSE 100 closed marginally up on Tuesday after energy stocks rallied to counter to slides in housebuilders' stocks and Standard Chartered's share price. The FTSE 100 ended the session 0.2 per cent up at 6,374. Housebuilders were hit after being downgraded by Liberum, a broker, to "sell" saying the largest housebuilders' valuations were "too optimistic". Barratt [...]
Fifa crisis: UBS has “received inquiries” over accounts linked to football’s governing body November 3, 2015 UBS is the latest bank to reveal it has been approached by law enforcement authorities investigating Fifa corruption. The paper trail from football's under-fire governing body has led Swiss investigators to a number of "suspicious" transactions at various banks while US authorities have questioned HSBC, Standard Chartered, Deutsche Bank and Credit Suisse amongst others. British banks Standard Chartered, [...]
FTSE 100 opens flat despite Standard Chartered’s share price plummeting after announcing 15,000 job cuts November 3, 2015 The FTSE 100 opened flat this morning, after finishing yesterday's session in the same manner. The UK's top blue chip index rose 0.13 per cent to 6,370 points on opening, but fell back to 0.04 per cent down at 6,359 points after five minutes. Standard Chartered's shares were down just over six per cent as the market [...]
Standard Chartered share price plummets on 15,000 job cuts as part of $5.1bn-plan to rebuild troubled bank November 3, 2015 Standard Chartered is cutting 15,000 jobs as it looks to shore the business up after posting “disappointing” third quarter results this morning. The figures The Hong Kong bank reported revenues of $3.7bn for the quarter ending 30 September, down from $4.5bn for the same period last year. This fell short of the $4.1bn forecast by most [...]
Standard Chartered results 2015: Asia-facing bank to post third-quarter performance amid capital-raising reports November 2, 2015 Standard Chartered is expected to post another drop in profits tomorrow, as new chief executive Bill Winters struggles to turn around the ailing Asia-facing bank. The results come amid increased speculation that Standard Chartered is looking to raise at least $4bn (£2.59bn) from investors. Bloomberg first reported last week that Standard Chartered management had met [...]
Bank’s super Thursday could cause fireworks – London Report November 1, 2015 HSBC was this morning the latest UK bank to report results, with Standard Chartered rounding off third quarter earnings season tomorrow. There are concerns the emerging market focused Standard Chartered will have taken a hit over the past three months due to the slowing economy in China and fears surrounding emerging market growth. The bank’s [...]