Slowing China hits HSBC profit growth hopes August 5, 2013 PROFITS jumped 10 per cent at HSBC after a campaign to cut costs and close inefficient business units, the bank announced yesterday. But the first half results fell short of investors’ hopes as emerging markets growth missed expectations, leaving the lender’s shares down 4.37 per cent at the end of the day. Pre-tax profits came [...]
Lloyds shares could climb to £1 each from dividend boost August 5, 2013 LLOYDS shares could hit 100p, UBS analysts predicted yesterday, up from 75.7p yesterday and more than four times their level just a year ago. The bank returned to profit in the first half of the year, and chief executive Antonio Horta Osorio last week said he wants the bank to begin paying large dividends. And [...]
Bottom Line: Bank takes Flinty stance on bonuses August 5, 2013 FOR HSBC, a bank that makes 80 per cent of its profits outside of Europe yet is domiciled within it, the EU’s planned bonus cap would be a huge disadvantage when trying to attract talent. So it’s no wonder HSBC chairman Douglas Flint came out (almost) all guns blazing yesterday – his bank has [...]
Bank of Scotland fined for fax farce August 5, 2013 BANK of Scotland, part of Lloyds Banking Group, was yesterday fined £75,000 by the Information Commissioner for repeatedly faxing bank details and payslips to the wrong people. The error, which went on for three years, related to 32 customer accounts and happened after fax number digits were entered incorrectly. Lloyds has apologised.
MF Global’s UK creditors enjoy extra payouts August 5, 2013 UNSECURED British creditors of the collapsed derivatives broker MF Global will receive their first payments later this year, it was announced yesterday. The company, led by former US senator Jon Corzine, went bust in October 2011 after encountering serious liquidity problems following a series of regulatory fines and disastrous investments in European bonds. “Returning funds will feel like [...]
Most London homebuyers pay stamp duty of more than £7,500 August 5, 2013 TWO THIRDS of London home sales attract stamp duty of more than £7,500, according to research based on Land Registry data out today from the TaxPayers’ Alliance (TPA). Figures from the Nationwide show the average price of a London house hit £318,214 in July, meaning potential purchasers must be able to pay £9,500 in cash to the [...]
PM and Osborne back fracking August 5, 2013 David Cameron and George Osborne both affirmed their commitment to British shale gas exploration yesterday, despite signs of a growing rebellion from Tory backbenchers. Recent protests against fracking, the process used to extract the gas, have sprung up as rural communities face exploratory drilling in their area. But the Prime Minister’s spokesman and Osborne both said [...]
Lib Dems eye mansion tax return August 5, 2013 Lib Dem Treasury secretary Danny Alexander is to make another push for a mansion tax on high end property, according to the agenda of the party’s autumn conference. The document, released yesterday, shows Lib Dems members will vote on whether to adopt his proposal of an annual levy on houses worth more than £2m. Previous [...]
Real wages to fall during coalition August 5, 2013 Real wages are set to fall £1,520 over the course of the coalition government, according to figures released today by the Labour party. The calculation, produced by the House of Commons library, shows the estimated effect of inflation and stagnant wages between 2010 and 2015. Recent positive economic data has prompted Labour to concentrate its attacks [...]
Barclays hires 13 banks to sell £5.8bn of shares August 5, 2013 BARCLAYS hired another nine investment banks yesterday to sell its shares, adding to the four already announced last week to bring a total of 13 on board for its multi-billion pound rights issue. The advisers will share a fee pot of around £130m for working on the £5.8bn issue. The shares are being issued as [...]
