Credit Suisse results: Swiss banking expected to post a loss as it gets ready for billions of pounds in goodwill write-down January 31, 2016 Swiss banking giant Credit Suisse is expected to reveal a loss later this week as it gets ready to write down billions of pounds worth of assets. The bank’s chief financial officer David Mathers said last year that he expected a 6.3bn Swiss franc (£4.3bn) impairment charge in the fourth quarter in relation to the company’s [...]
Challenger bank Secure Trust is weighing up a bid for RBS business Williams & Glyn January 31, 2016 Challenger bank Secure Trust is considering making a bid for Williams & Glyn, the banking business that Royal Bank of Scotland (RBS) is required to sell off by the end of next year. City A.M. understands that Secure Trust, an AIM-listed retail and commercial bank, is looking at Williams & Glyn, which RBS is getting [...]
HSBC freezes hiring and pay across the entire business to cut costs January 31, 2016 HSBC is imposing a global hiring and pay freeze for 2016 in an effort to cut costs. The bank sent an email to staff on Friday outlining the changes, according to a source close to the bank. HSBC, which is Europe's largest lender, is in the middle of a major cost-cutting drive, with management looking to save up [...]
Saudi market rallies despite threat of austerity as oil price ticks up January 31, 2016 A rise in oil prices has seen Saudi Arabia’s stock market rally impressively despite warnings that the country faces growing fiscal difficulties. The Tadawul All Shares Index – Saudi Arabia’s highly secretive stock market – rose for the fourth day in a row on Sunday, its longest winning streak since November 2015. For the week ending 28 January [...]
The UK economy is having a slow start to the year, says the CBI January 31, 2016 The economy has had a sluggish start to the year, a business lobby group has said. The percentage of firms reporting higher growth over the last three months outweighed the percentage reporting more sluggish growth by six percentage points, according to the figures from the Confederation of British Industry (CBI) published today. It was the [...]
BP, Shell, BG Group: Investors brace for “messy quarter” as oil firms report results January 30, 2016 Analysts have warned investors should ready themselves for a "messy" set of fourth quarter results from some of the world's biggest oil companies, with BP due to kick off oil earnings season next week. BP is reporting its results on Tuesday. It will be followed by Royal Dutch Shell and BG Group, however, much of its outlook has already been outlined [...]
Oil prices: Iraq will co-operate to cut production in bid to prop up Brent crude January 30, 2016 Iraq's oil minister has said his country would co-operate if Organization of the Petroleum Exporting Countries (Opec) and non-Opec members agree to cut crude production, in the wake of a supply glut that's sent oil as low as $27 per barrel this year. It comes as one of Opec's poorer member, cash-strapped Venezuela, has called a meeting to [...]
Swiss probe finds Malaysian 1MDB state fund could be missing $4bn January 30, 2016 Swiss prosecutors have said that their investigation into a Malaysian state fund has unearthed a shortfall to the tune of $4bn (£2.8bn). The office of Swiss Attorney General Michael Lauber said it's formally asked Malaysia to help with its probe into possible violations of Swiss laws regarding the 1Malaysia Development Berhad (1MDB). "The monies believed to have [...]
Former Conservative chancellor Lord Lawson calls for corporate tax reform in the wake of Google row January 30, 2016 A former Conservative chancellor has urged the government to ditch corporation tax which he says has "had its day", weighing in on an increasingly heated row over tech giant Google's arrangement in the UK. Lord Lawson, who was part of the Thatcher government from 1983 to 1989, said that the government should instead tax a company's sales. "It is [...]
Azerbaijan downgraded to junk status by Standard & Poor’s due to oil price rout January 29, 2016 The oil price rout has taken its latest victim – Azerbaijan, which saw its credit rating downgraded to junk status by Standard & Poor’s. The ratings agency said it expects the oil-dependent country’s economy to contract in 2016 as exports decline, while consumption will fall due to the devaluaton of the manat, its crisis-struck currency. “Oil [...]