|Bid||227.10 x 0|
|Ask||227.30 x 0|
|Day's range||226.80 - 230.60|
|52-week range||2.23 - 274.20|
|Beta (3Y monthly)||1.14|
|PE ratio (TTM)||13.77|
|Earnings date||14 Feb 2020|
|Forward dividend & yield||0.04 (1.75%)|
|1y target est||301.06|
Buying these two FTSE 100 (INDEXFTSE:UKX) stocks today could catalyse your financial outlook in my opinion.
Banks like Lloyds and utility stocks such as Pennon are among the stocks most at the whim of the election results, according to analysts and investors.
Regulators made proposals on Thursday to strengthen the ability of banks and payment firms in Britain to cope with major incidents and maintain key services with minimum interruption. The Bank of England and the Financial Conduct Authority have proposed that banks, insurers, investment firms, exchanges and financial market infrastructure (FMIs) firms like Visa that make payments possible, set "impact tolerances" for important services. Firms themselves would quantify the maximum level of disruption they would tolerate in terms of time, volume of business or number of customers affected.
Investing for income? You'll want to see these 2020 dividend forecasts for BT Group (LON: BT.A), RBS (LON: RBS), and Royal Mail (LON: RMG).
(Bloomberg) -- RocketSpace Inc., a San Francisco-based WeWork rival, is pulling out of its U.K. shared office business and will shut down the subsidiary by April in another blow to London’s co-working scene.Chief Executive Officer Duncan Logan told U.K. employees last month that they’d be out of a job after Dec. 20, according to a person familiar with the plans, who asked not to be identified because the information is private. The company will instead refocus on funding services for startups, according to emails seen by Bloomberg News.The 1,500-seat office in the North London borough of Islington has already removed marketing materials from its website and no longer lets visitors request tours. RocketSpace has said it plans to close RocketSpace U.K. Ltd. and RocketSpace Angel Ltd. by April, according to regulatory filings. The latter had debts of about 9 million pounds ($11.6 million) due this year, which the company has sufficient money to repay, according to the November filing.Representatives for the company couldn’t be immediately reached for comment, as phone lines had been disconnected or diverted to voicemails. Logan didn’t immediately respond when contacted on LinkedIn.The decision follows WeWork’s sweeping review of its expansion plans for London following its bailout by SoftBank Group Corp. The embattled office company is reassessing whether to proceed with about 28 potential office deals in its second-largest market, people with knowledge of the matter had said. The cash-strapped company has also warned European staff -- most of whom are based in London -- that job cuts are looming, Bloomberg reported last month.Read more about WeWork’s review here.RocketSpace’s expansion into Britain in 2017 was the company’s first market outside the U.S, helped by a partnership with Royal Bank of Scotland Group Plc. RBS has a long-term lease on the Regents House building, which spans about 60,000 square feet (5,575 square meters), according to a person with knowledge of the contract. The bank will likely seek a new tenant to sublet the space though no firm decisions have yet been taken, the person said.“As a bank, we’re proud of our partnership with RocketSpace and of what has been achieved by so many of the innovative tech startups based at Regents House over the last two years,” said RBS Group Chief Administrative Officer Simon McNamara. "We wish them and their members every success with their future ventures and look forward to working with many of them as they grow their businesses.”According to archived versions of RocketSpace’s website, facilities available included private offices, “hot desks” for individuals, an event space with 350 seats, kitchens and showers.(Updates with RBS comment in penultimate paragraph)\--With assistance from Jack Sidders.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Amy Thomson, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
London-listed shares most exposed to the domestic economy took a beating on Friday after a poll showed the Conservative Party's lead over the opposition Labour Party had narrowed ahead of Britain's Dec. 12 election. Prime Minister Boris Johnson's Conservatives now hold an 8 point lead over Labour, compared with 10 a week ago, according to a Panelbase poll.
Barclays is planning to cut the 396,000 pounds ($508,068) pension allowance it pays Chief Executive Jes Staley by around half, echoing moves by rivals who have pledged to rein in executive pension perks following a campaign by investors. The possible changes follow protests from investors and employee unions over the disparity between pension payouts offered to Britain's top bank bosses and their staff.
Shares in Virgin Money UK leapt as much as 24% on Thursday after the British bank said it believed the worst of an industry-wide insurance scandal was behind it. The owner of Clydesdale and Yorkshire Bank said it had set aside 385 million pounds ($494 million) in the last quarter to cover costs related the mis-selling of payment protection insurance (PPI) - a scandal that has cost the industry billions and continues to unsettle investors worried about more charges.
Royal Bank of Scotland has launched its standalone digital bank Bó in a plan to fend off competition from fast-growing online start-ups including Monzo and Starling. Bó Chief Executive Mark Bailie told reporters on Wednesday the venture could offer its parent cheaper funding by amassing customer deposits on its lower cost banking platform, although he did not say how much the bank had spent on the project. RBS, still majority state owned after a bailout in the 2008 financial crisis, has opted to launch a spin-out service, wagering that some consumers are tired of established brands.
Roger Jenkins, a former senior Barclays banker tasked with securing a financial lifeline from Qatar at the height of the credit crisis, told a London fraud trial on Tuesday he had been taken aback at the fees demanded by the Gulf state. Jenkins, 64, told a jury at the Old Bailey criminal court that he had expected Hussain Al-Abdullah, the negotiator for Qatar's former prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani, to play hardball when he and colleagues met him in his suite at London's luxury Claridges Hotel on June 3, 2008.
(Bloomberg) -- Premium Point Investments co-founder Anilesh “Neil” Ahuja was sentenced to 50 months in prison for conspiring to overvalue the hedge fund’s assets by more than $100 million to attract new investors and prevent withdrawals, in what the U.S. called “one of the largest mismarking schemes ever prosecuted.”Before U.S. District Judge Katherine Polk Failla handed down his sentence on Monday, Ahuja apologized to dozens of friends and family members who had packed the Manhattan courtroom and said he’d failed as a leader of the firm.“I take full responsibility for those failures,” he said.Yet in requesting an 18-month term, Ahuja called portfolio manager Amin Majidi, who pleaded guilty and testified for prosecutors, the architect of the plot. The judge rejected that argument, saying Ahuja drove the conspiracy from the top.“I do not believe all of this was going on without his assent,” Failla said.Prosecutors have been cracking down on mismarking, the use of questionable methods to make assets appear more valuable than they are. The chief executive officer of Live Well Financial Inc. was charged in August with defrauding lenders by artificially inflating the value of bonds used as loan collateral. He has pleaded not guilty. A former analyst at Visium Asset Management LP got more than 18 months in 2017 for helping inflate the value of bond holdings to hide losses.Ahuja was convicted of conspiracy and fraud by a federal jury following a monthlong trial, along with a former trader at the now-defunct firm, Jeremy Shor, who was sentenced to 40 months last week. Prosecutors said Ahuja and Majidi, the portfolio manager, set inflated monthly targets for returns, then ordered Shor and other traders to manipulate the valuations accordingly.Prosecutors had asked Failla to impose a “substantial period” of prison time, saying Ahuja was the chief culprit. Assistant U.S. Attorney Joshua Naftalis told the judge on Monday that Ahuja was a “leader of the fraud.”“He lied to investors for years, and over the course of his fraud his victims lost tens of millions of dollars,” Naftalis said. “This case was about a hedge fund director who led, concealed and directed one of the largest mismarking schemes ever prosecuted.”Read More: Star Witness Has to Admit He Stole From MomAhuja’s attorney Roberto Finzi said Ahuja only wanted his clients to make money.“Nothing in this record suggests that Mr. Ahuja took any comfort, joy or pleasure in what happened,” Finzi said. Lawyers for Ahuja and Shor had argued that the firm’s valuations were within appropriate ranges for assets that are mostly illiquid and difficult to price, and that its methods were known to employees throughout the firm and to investors.Ahuja headed mortgage structuring at Lehman Brothers, was responsible for several trading desks at RBS Greenwich Capital and led global residential mortgage bond trading at Deutsche Bank AG for four years before leaving to found Premium Point in 2008.The firm initially focused on the U.S. residential loan market and began amassing subprime mortgage bonds made up of distressed assets after the global credit crisis by monitoring borrower behavior. It later expanded into the jumbo loan and home rental businesses and managed about $2 billion of assets at its peak.Premium Point began winding down in late 2016 after posting large losses and revealed the following year that federal securities regulators were examining the way it valued its assets. Its mortgage credit funds filed for bankruptcy protection in March 2018, and Ahuja, Majidi and Shor were charged two months later. Former chief risk officer Ashish Dole also pleaded guilty and testified for the prosecution at the trial.Prosecutors said the goal of the scheme was to make the firm’s performance seem better than it was and to charge its clients -- including a hedge fund founded by former White House communications director Anthony Scaramucci that lost more than $51 million in the plot -- higher fees and keep them from withdrawing their investments.The case is U.S. v Ahuja, 18-cr-328, U.S. District Court, Southern District of New York (Manhattan).Read More: Ahuja, Shor Convicted in Hedge-Fund-Fee Scam(Updates with remarks by Ahuja, the judge and lawyers for both sides)To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Peter Jeffrey, Joe SchneiderFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Former senior Barclays executive Roger Jenkins told a fraud trial over undisclosed payments by the bank during the credit crisis that Qatar had wanted to be the British bank's "special" Gulf partner in 2008. The former head of Barclays' Middle East business, and co-defendants Tom Kalaris, who ran its wealth division, and Richard Boath, a former head of European financial institutions, deny conspiring to commit fraud by false representation and fraud by false representation. Giving evidence for the first time in the landmark London case, Jenkins, 64, said on Monday he first met former prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani, who was also head of Qatar's sovereign wealth fund, in July 2007 in Sardinia.
LONDON/MADRID, Nov 25 (Reuters) - British bank TSB said it will shut 82 branches next year, or 15% of its network, in a turnaround plan that aims to save a total of 100 million pounds ($128 million) by 2022 and which a source said could mean the loss of up to 400 jobs. The bank, whose roots go back about 200 years, was bought by Banco Sabadell for 1.7 billion pounds in 2015 as the Spanish bank sought to expand into Britain. The move backfired when IT glitches sent TSB's costs spiralling, forcing Chief Executive Paul Pester to resign amid complaints from customers and lawmakers over the fiasco.
UK shares fell on Thursday on concerns about U.S.-China relations and the opposition Labour Party's election manifesto plans to raise taxes on companies and renationalise infrastructure groups. The FTSE 250 dipped 0.5%, hit by a 14.2% fall in Royal Mail after it said its turnaround plan has fallen behind schedule.
(Bloomberg) -- A former JPMorgan Chase & Co. banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets -- a victory for prosecutors in their campaign against collusion in foreign exchange.A federal jury in New York on Wednesday took less than four hours to find Akshay Aiyer guilty of a single count of conspiracy to violate antitrust laws, following a trial that lasted more than two weeks.He’s the second person to be convicted in a crackdown on dubious practices used by currency traders and faces as long as a decade in prison and a $1 million fine when he is sentenced on April 3.Prosecutors had relied on testimony from two alleged conspirators, former Citigroup trader Christopher Cummins and ex-Barclays banker Jason Katz, who pleaded guilty and agreed to cooperate with prosecutors. Cummins and Katz testified that the traders plotted in chat rooms, on the phone and at social gatherings to rig trades while leading customers to believe that they were actually competing with each other.Conviction a Reminder“This conviction serves as a reminder of our commitment to hold individuals responsible for their involvement in complex financial schemes which violate the integrity of the global financial markets,” Assistant Attorney General Makan Delrahim of the Justice Department’s Antitrust Division said in a statement. Aiyer and his lawyers declined to comment after the verdict.The conviction shows that antitrust prosecutors can successfully pursue currency-market cases despite previous acquittals, said Philip A. Giordano, a partner with Hughes Hubbard & Reed LLP and a former prosecutor in the Justice Department’s Antitrust Division.The verdict also underscores the importance of the role that victims play in these types of trials, as the government called representatives of asset management firms who testified that they were harmed by the traders’ collusion, he said.“That helps to put the other evidence, the evidence from the co-conspirators, in perspective,” Giordano said. “It shows that the alleged conduct did not occur in a vacuum. The conduct is less susceptible to interpretation when it is connected to a negative impact on a customer. It makes it easier for the jurors to accept the prosecutors’ assessment of the facts.”Read more on judge throwing out a related caseDefense lawyers argued that all three of the traders made their decisions independently. They argued that Cummins and Katz had been colluding with other foreign-exchange traders for years before they even met Aiyer and were simply trying to save themselves by implicating him to avoid prison.Aiyer is a native of India who came to the U.S. in 2002 to attend college. He joined JPMorgan in 2006 and worked there until 2015, first as a foreign-exchange analyst and later as a trader.The first person charged in the crackdown, Mark Johnson, a former global head of foreign exchange at HSBC Holdings Plc, was found guilty in 2017 of front-running a $3.5 billion client order. But a U.K. court refused to extradite Johnson’s underling, Stuart Scott, and three British traders accused of similar conduct were acquitted by a jury in New York last year. U.K. investigators dropped a criminal probe into individual traders, finding there wasn’t enough evidence to prosecute.Banks around the world have paid more than $10 billion in penalties for misconduct in the currency markets since the crackdown began. Citigroup Inc., Barclays Plc, Royal Bank of Scotland Group Plc and JPMorgan Chase pleaded guilty in 2015 to rigging currency rates and agreed to pay about $2.5 billion to the Justice Department as part of an overall $5.8 billion settlement with multiple regulators.The case is U.S. v. Aiyer, 18-cr-333, U.S. District Court, Southern District of New York (Manhattan).(Updates with sentencing date in third paragraph)To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Joe Schneider, Steve StrothFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There is some evidence that buying progressive dividend payers with solid balance sheets is a strategy well-rewarded by the market. After all, who doesn’t like8230;
Andy Ross explains that the Royal Bank of Scotland Group plc (LON:RBS) share price might be worth keeping an eye on for future gains as the bank gets stronger.
British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups. HSBC rolled out a new app-based business banking service - previously known internally as 'Project Iceberg' and now named 'HSBC Kinetic' - in beta testing mode on Monday, while RBS is putting the finishing touches to its new digital bank Bo ahead of a public roll-out later this month. HSBC Kinetic will offer small businesses mobile-managed current accounts, overdrafts and spending and cashflow insights generated by the app crunching data on a company's spending habits.