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Share Price Information for Barclays (BARC)

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Share Price: 202.00
Bid: 202.40
Ask: 202.50
Change: -3.15 (-1.54%)
Spread: 0.10 (0.049%)
Open: 205.75
High: 206.10
Low: 197.68
Prev. Close: 205.15
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Monday newspaper round-up: Barclays, RBS, Cyprus bailout...

Mon, 21st Jan 2013 06:56

Barclays was hit by further damaging revelations about the culture that was allowed to flourish in certain parts of the bank yesterday after it emerged that a senior executive had suppressed a damaging report into Barclays Wealth in America. The report, compiled by consultancy firm Genesis Ventures, was said by a Sunday newspaper to have sharply criticised a "revenue at all costs" strategy and a "culture that is high-risk and actively hostile to compliance". Management was said to have "ruled with an iron fist", acting to remove "any intervention from those who speak up in opposition". Genesis Ventures' report was initially only supplied to Andrew Tinney, chief operating officer of the private investment division, and he suppressed it. His departure was announced to staff in an email a week ago, and it is understood he did not receive a pay-off. [The Independent]It sounds like such fun. A Royal Bank of Scotland trader quips "hahaha" in a series of jovial electronic exchanges as he goes about his work. But it will soon become clear that however much fun the trader felt he was having, the repercussions for the bailed-out bank will be anything but when it is hit with a staggering £500m or so in fines for manipulating Libor. Ever since Barclays was fined £290m in June for rigging the benchmark interest rate, Stephen Hester, the RBS chief executive, has been softening the ground for the bailed-out bank to suffer a similar - or worse - humiliation by regulators on both sides on Atlantic. [The Guardian]The long-delayed bailout of Cyprus is set to be pushed back at least two more months amid mounting disagreement over how to bring down the cost to a manageable level for the debt-laden government. Although fears Cyprus would run out of cash have dissipated after it tapped previously off-limits cash reserves and Russia showed willingness to delay repayment on a €2.5bn loan, officials said the delay until late March would push Nicosia to the edge of its ability to fund government and banking operations. Publicly, Cypriot leaders said the delay was due to a protracted review of its teetering banking sector's capital needs, which California-based investment group Pimco began in September. [Financial Times]More than 100 energy companies, charities and businesses have joined forces to warn David Cameron that Britain is heading for a fuel poverty crisis owing to a failure of government policy. In a letter to the Prime Minister, seen by The Times, they argue that ministers are not doing enough to tackle soaring gas and electricity bills that leave a growing number of people unable to heat their homes. An unprecedented alliance, including Npower, the Co-operative, Age UK and Barnardo's, urges Mr Cameron to use money raised from the "carbon tax" to be levied from April to tackle the "national disgrace" of cold homes. A programme to fit houses with proper insulation would, they say, protect the vulnerable, help the environment and boost the economy. [The Times]BP's new alliance with Rosneft, the Kremlin-controlled oil group, has threatened to undermine its position in Azerbaijan, The Times has learnt. Bob Dudley, BP's chief executive, flew to Baku, the Azeri capital, just before Christmas to reassure the Government that the company remained committed to the oil and gas-rich Central Asian state. His visit came after the announcement in October of BP's $28 billion sale of its stake in the TNK-BP joint venture to Rosneft. BP holds a 20 per cent stake in Rosneft, will take two seats on its board and is expected to appoint at least one Russian to its board. However, executives at Socar, Azerbaijan's state-run oil and gas group, raised strong concerns that the Rosneft deal would allow the Kremlin to exert indirect influence through the British company. [The Times]The Government must do more than "muddle through" if it is to pull Britain out of its economic hole, economists warned today, ahead of figures expected to show the UK is veering towards a triple-dip recession. The Coalition lacks imagination on how to stimulate the economy, leaving countries like the US to stage a faster and sharper rebound from the worst financial crisis since the 1930s according to the Ernst & Young ITEM Club. "The UK has crawled out of recession but the government's mid-term report card should read 'could do better'," said Peter Spencer, chief economic advisor to ITEM.[The Telegraph]Dell could be taken private in a $22bn (£14bn) deal this week as the mounting crisis in the PC market forces one of the world's largest technology companies to switch from making computers to providing information technology services. The buyout, led by private equity group Silver Lake Management and Dell's founder and chief executive, Michael Dell, would be the largest leveraged takeover since the banking crisis struck in 2007. [The Guardian]The London-based insurance broker Aon is helping 250 of its highly paid staff avoid 50% income tax by deferring bonus payments until the new tax year. Other top brokers, including Willis, are also considering whether to allow their staff to postpone payments until after 6 April when the top rate of income tax falls to 45%. Just days after the investment bank Goldman Sachs was forced to back down on its own plans to defer bonuses, it has emerged that Aon has put mechanisms in place to delay payments for its employees so they pay income tax at 45%. The move allows an executive expecting a £200,000 payout to save £10,000 in tax. [The Guardian]Scotland has seen the second largest increase in shopper numbers in the UK, according to figures today which point to signs of life on the nation's high streets. The number of people visiting stores was 6.2 per cent higher last month than in December 2011, according to the Scottish Retail Consortium/Springboard "footfall monitor". Scotland was just one of four areas of the UK to record an increase in the volume of shoppers, and was second only to the West Midlands, where there was a 10 per cent rise. [The Scotsman]
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12 Dec 2023 09:10

UK lenders face smaller impact from Basel rules than rivals, BoE says

LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, far less than for their European Union and U.S. peers.

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12 Dec 2023 07:16

BoE says UK lenders to be hit less than EU, U.S. rivals by Basel capital rules

LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, less than for their European Union and U.S. peers.

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7 Dec 2023 16:55

Director dealings: Barclays chair invests, York Holdings settles LSEG call options

(Sharecast News) - Nigel Higgins, the group chairman of Barclays, was on the buying side of the ledger on Thursday.

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7 Dec 2023 15:35

IN BRIEF: Barclays Chair Nigel Higgins buys 200,000 shares

Barclays PLC - London-based consumer, business and investment bank - Chair Nigel Higgins buys 200,000 shares at GBP1.3867 each, worth GBP277,340, in London on Thursday.

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5 Dec 2023 15:26

London close: Stocks mixed as investors mull fresh data

(Sharecast News) - London's financial markets finished with a mixed performance on Tuesday as investors considered key economic data and developments from both sides of the Atlantic.

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5 Dec 2023 09:05

LONDON MARKET OPEN: FTSE 100 struggles after Moody's warning on China

(Alliance News) - London's FTSE 100 got off to a slow start on Tuesday, with miners falling amid fears for the Chinese economy, while Barclays shares fell after Bloomberg reported Qatar is trimming its stake in the lender.

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5 Dec 2023 08:01

Qatar almost halves stake in Barclays

(Sharecast News) - Banking giant Barclays was in the red early on Tuesday after its largest shareholder made moves to offload roughly £510.0m in shares.

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5 Dec 2023 07:48

LONDON BRIEFING: Ashtead in record half-year; tinyBuild cuts outlook

(Alliance News) - London's FTSE 100 is called to open lower on Tuesday, continuing a lacklustre start to the week, after tepid trade in New York overnight.

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30 Nov 2023 09:57

Lloyds to shut 45 branches

(Sharecast News) - Lloyds Banking Group is to shut another 45 branches, it was confirmed on Thursday, as lenders continue to downsize their estates.

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28 Nov 2023 15:40

Barclays axes 900 staff in "disgraceful" pre-Christmas move - UK union

(Alliance News) - Banking firm Barclays PLC is cutting 900 jobs in its UK business as it looks to slash costs in a "disgraceful" pre-Christmas move, trade union Unite has said.

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28 Nov 2023 15:30

London close: Stocks slip after mountain of broker notes

(Sharecast News) - London's stock markets finished in the red on Tuesday as investors deliberated over the latest shop price data, as well as a deluge of broker notes.

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28 Nov 2023 08:52

PRESS: Barclays eyes dropping quarter of investment bank clients - FT

(Alliance News) - Barclays PLC is exploring the possibility of dropping thousands of its investment bank clients - a quarter of its total - amid a strategic overhaul to bolster its bottom line and cut GBP1 billion of costs, the Financial Times reported on Tuesday.

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28 Nov 2023 07:56

Barclays considers dropping thousands of investment banking clients - report

(Sharecast News) - Barclays is reportedly exploring a plan to drop thousands of clients at its investment bank as part of a strategic overhaul that is meant to boost profits and cut £1bn of costs.

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28 Nov 2023 07:42

LONDON BRIEFING: Rolls-Royce plans disposals, sets out 2027 targets

(Alliance News) - Stocks in London are called lower on Tuesday, with a stronger pound likely to weigh on the FTSE 100.

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