HSBC bounces back with profits set to reach £15.6bn


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HSBC bounces back with profits set to reach £15.6bn

HSBC bounces back with profits set to reach £15.6bn
HSBC is expected to post a rise of $1.5bn in annual profits today, which will take the bank’s earnings back to levels not seen since the onset of the financial crisis in 2007, despite being hit with a record $1.9bn fine in the US, to settle allegations that the bank failed to enforce anti-money laundering rules last year.
The Daily Telegraph Business, p. 3
Also appeared in : The Daily Telegraph Business, p.7, Financial Times Companies and Markets, p.28

Pension funds are preparing […]
Pension funds are preparing to allocate more of their cash to alternative investments and to emerging markets, according to research by State Street Corporation.
The Times, p. 33

Construction & property
Skipton Building Society and Aldermore Bank, which was launched in 2009 in the midst of the credit crisis, have changed their rules to allow homeowners to remortgage properties as let-to-buys.
The Times, p. 32

Lloyds shares: Know when to hold ’em
Lloyds Banking Group has its eye on 61 pence. The banking group’s chief executive, António Horta-Osório, and the British government are targeting a share price of 61 pence, about 7 pence above its current level, for two reasons: First, that is what the British government paid to bail out the bank in 2008, which means any price above that level equals a profit; and second, a sale of one-third of the government’s 39 percent stake in the bank at a price above 61 pence a share is required for Mr.
International Herald Tribune, p. 20

Osborne takes on Brussels over bonus ceilings for bankers
The Chancellor will make a last-ditch plea to soften the cap on bankers’ bonuses tomorrow when he tries to block plans to impose the rules outside the European Union.
The Times, p. 33
Also appeared in : The Times, p.32, Financial Times, p.3

Curb executive pay or face sack, directors are warned
Non-executive directors of Britain’s biggest quoted companies have been warned by the National Association of Pension Funds to be robust in curbing excessive boardroom pay or face being voted out at annual meetings this spring.
The Times, p. 33

Swiss vote for tough executive pay curbs
Voters in Switzerland have overwhelmingly backed curbs on corporate wages that snatch the power away from company boards.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : International Herald Tribune, p.1

Cyprus banks experience ‘substantial outf lows’
Banks in Cyprus have suffered “substantial outflows” from depositors spooked by speculation over forced losses.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 5

Commerzbank prepared for London appeal against bonus ruling
Commerzbank is beginning its appeal against a ruling that means it has to pay €50m to 104 bankers in one of the biggest bonus disputes arising from the credit crunch.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

ABN Amro’s timetable for privatisation still unclear
ABN Amro still has no concrete schedule for a return to private hands, four years after the Dutch state nationalised it after its failed merger with Fortis and RBS.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Wake up and cut taxes, top Tories tell the Chancellor
George Osborne is facing demands from Conservative MPs and business leaders to use the Budget to cut taxes and demonstrate Tory support for “aspiration” after last week’s crushing Eastleigh by-election defeat.
The Daily Telegraph, p. 1-4

SFO files defence over Tchenguiz claims
Vincent and Robert Tchenguiz are suing the SFO for £200m and £100m respectively, in relation to the agency’s investigation into the collapse of Iceland’s Kaupthing bank.
The Daily Telegraph Business, p. 4

Bank of England pressed to increase quantitative easing as confidence sags
The Bank of England will come under intense pressure to inject billions of pounds into the economy when it meets on Thursday after a survey showed business confidence fell in February. According to a survey by Lloyds bank, all business sectors were less confident about the outlook for sales while the outlook for the economy remained weak. Small businesses were the most pessimistic, dragging down the share of firms that were positive about their business prospects to 41% from 50% in January.
The Guardian, p. 21

The above articles appeared on 04/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.