The Independent - Business RSS Feed

Econoblog: It's painful, but the banking sector has to slim down

Tue, 10 Nov 2009 14:40:37 GMT

Harsh as it is on the staff who are losing their jobs at Lloyds, the move is inevitable.

Lloyds to axe another 5,000 jobs

Tue, 10 Nov 2009 11:34:50 GMT

Lloyds Banking Group is to axe thousands of jobs next year in a fresh wave of cuts under plans to reduce costs, sources said today.

Barclays and HSBC report strong underlying profits

Tue, 10 Nov 2009 08:29:13 GMT

Banking giants HSBC and Barclays today reported stronger underlying profits so far this year as the gulf widens with their beleaguered taxpayer-supported counterparts.

Investment banking boosts Barclays profits

Tue, 10 Nov 2009 08:29:13 GMT

Barclays said today that it had delivered third-quarter profits of £1.56 billion after another strong performance from its investment banking business.

The mystery of rising house prices

Tue, 10 Nov 2009 00:00:01 GMT

What on earth is happening in the housing market? Of the many economic puzzles thrown up by the recession, this is the most mind-boggling – for homeowners, first-time buyers and the wider economy.

European Commission asks UK to deliver £25bn a year in spending cuts

Tue, 10 Nov 2009 00:00:01 GMT

The European Commission will propose tomorrow that the UK's budget deficit be brought down from a prospective 12 per cent of GDP to just 3 per cent by 2014-15, requiring tax increases and public spending cuts as yet unimagined by the main political parties. It would mean about £25bn in spending cuts and tax rises every year.

Ten new nuclear sites win approval from the Government

Tue, 10 Nov 2009 00:00:01 GMT

The Government signed off 10 sites for new nuclear power stations yesterday and is pushing ahead with plans to cut the cumbersome planning process for energy infrastructure down to a year.

AXA in rights issue but Asian bid is snubbed

Tue, 10 Nov 2009 00:00:01 GMT

AXA yesterday launched a €2bn (£1.8bn) rights issue to fund an expansion drive in Asia, but suffered a setback as independent directors of its own Asian business snubbed the company's takeover plans.

Investment Column: Investors can lock up returns with G4S

Tue, 10 Nov 2009 00:00:01 GMT

FSA chief in attack on City of London

Tue, 10 Nov 2009 00:00:01 GMT

The City watchdog yesterday launched a broadside against bankers saying they were unwilling to make the neccessary changes to prevent a repeat of the financial crisis.

Market Report: Asian assets lifts the Pru on good news day

Tue, 10 Nov 2009 00:00:01 GMT

The man from the Pru was looking sharp as several news items pushed the UK insurer to one of the strongest performers of the day. Prudential ended up 30p at 608p, as Germany's Allianz beat forecasts to post a 23 per cent jump in third-quarter operating profits. The results helped lift insurers across Europe as did a note from ING. The Dutch broker raised its valuation on 12 insurers across Europe, upping the Pru's price target from 392p to 584p.

Cadbury dismisses 'derisory' Kraft bid

Tue, 10 Nov 2009 00:00:01 GMT

Cadbury rejected a hostile £9.7bn takeover bid from the US food giant Kraft yesterday, labelling it "derisory" and "unattractive" and calling on its shareholders to turn it down.

Business Diary: Former Bear boss busts out at poker

Tue, 10 Nov 2009 00:00:01 GMT

It seems that Steven Begleiter is rather better at casinos than he was at casino capitalism. The former Bear Stearns head of corporate strategy came within an ace (literally) of a shot at the $22m first prize of the World Series of Poker in Las Vegas.

James Moore: Shareholders can't allow Kraft to win

Tue, 10 Nov 2009 00:00:01 GMT

If ever an explanation was needed for why the City makes so much money, just take a look at the takeover battle between Kraft and Cadbury.

Clothes stores drive retail sales higher

Tue, 10 Nov 2009 00:00:01 GMT

The best October retail sales since 2002 provided further evidence that consumer confidence is improving ahead of the crucial Christmas trading period, but the figures were flattered by "dreadful" trading last year when the banking crisis gripped the nation.

Shoplifting rockets during recession

Tue, 10 Nov 2009 00:00:01 GMT

Thefts from shops in the UK soared by a record 19 per cent to nearly £5bn in the year to the end of June, as a new breed of middle-class shoplifter sought to maintain a wardrobe of luxury items during the recession. The Global Retail Theft Barometer 2009 also revealed that Britain remains at the top of the European shoplifting league ahead of Germany and France.

Jury ponders fate of Bear Stearns duo in first credit crunch trial

Tue, 10 Nov 2009 00:00:01 GMT

Prosecutors were last night awaiting the outcome of their efforts in a Brooklyn courtroom to win the conviction of two former hedge fund managers at Bear Stearns at the end of the first criminal trial directly connected to the meltdown of the world financial system last year.

FTSE 250 directors face tougher curbs on pay

Tue, 10 Nov 2009 00:00:01 GMT

Directors of FTSE 250 companies have seen deeper and more wide-ranging cuts to their remuneration packages during the recession than counterparts running businesses on the FTSE 100, research published yesterday shows.

Anglo American starts boardroom shake-up with Hampton appointment

Tue, 10 Nov 2009 00:00:01 GMT

Anglo American has appointed Sir Philip Hampton to its board as the mining group continues its restructuring programme aimed at rewarding shareholders for eschewing Xstrata's approach for the group.

The mystery of the rising house prices

Tue, 10 Nov 2009 00:00:01 GMT

What on earth is happening in the housing market? Of the many economic puzzles thrown up by the recession, this is the most mind-boggling – for homeowners, first-time buyers and the wider economy.

Brief encounters of a business kind

Tue, 10 Nov 2009 00:00:01 GMT

As banks rein in lending and erstwhile technology investors struggle to find cash in the wake of the economic meltdown of the past two years, small companies are having to use increasingly desperate measures to get funding. The normally subdued halls of the Institute of Chartered Accountants were buzzing earlier this autumn, as a plethora of such companies resorted to speed-dating in a bid to get the funds or business development partners that would allow them to chase their dreams.

David Prosser: 'The offer of unaffordable credit is as useless as the offer of no credit at all'

Tue, 10 Nov 2009 00:00:01 GMT

Who to believe? Royal Bank of Scotland (RBS) said on Friday that businesses were paying back loans as fast as the bank could make them – and that British companies have unused overdrafts with it worth a total of £27bn. Like the rest of the banks, RBS insists it is not restricting the supply of credit to business customers.

Six of the best: Corporate gifts

Tue, 10 Nov 2009 00:00:01 GMT

FORTNUM & MASON

John Cheney: Clarity is key for small and medium-sized enterprises

Tue, 10 Nov 2009 00:00:01 GMT

To say that we are operating in challenging times is an understatement. This is especially true for small and mid-size businesses, many of which don't have the depth

Adventures in Micro-business

Tue, 10 Nov 2009 00:00:01 GMT