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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Standard Chartered leads FTSE 100 lower as US investor cautions on bank’s loan book

Category : Business

Leading index dips after seven days of gains, after disappointing Chinese data and banking sector weakness

Standard Chartered is leading the way lower as the market slips back after seven days of gains.

The bank is down 70p at £15.13, a decline of more than 4%, following a report that investment group Muddy Waters was shorting its shares. According to Bloomberg, the group’s Carson Block said he was concerned about the bank’s deteriorating loan quality, and said its loan book could come under stress when the Chinese economy slows down. He reportedly said at a conference in Las Vegas on Friday:

We think the market misunderstands the amount of risk that’s presently in the book.

He pointed to a $1bn loan to Samin Tan, the chairman of Bumi, the coal company at the centre of a dispute between co-founders Nathaniel Rothschild and Indonesia’s Bakrie family.

Meanwhile HSBC is 11.4p lower at 733.4p after Investec moved from buy to reduce. Analyst Ian Gordon said:

We are perfectly comfortable with HSBC’s first quarter 2013 financials – sharply lower impairments and an improving cost performance broadly offsetting weak revenues – but after the stock’s recent outperformance we see limited further upside.

Overall the FTSE 100 is down 21.65 points at 6603.33, not helped by disappointing Chinese industrial production figures. Investors have turned a little more cautious following recent market performances, including a five and a half year high on the FTSE 100.

Miners are mixed after the Chinese data, with Anglo American down 29.5p at 1561.5p and Eurasian Natural Resources Corporation 4.7p lower at 289.2p.

But Lonmin has been lifted 15.4p to 294.2p after the platinum miner reported a better than expected first half profit of $54m, up from $18m and lifted its production guidance. The group has been hit by a wave of unrest and violence in South Africa, and warned that wage talks ahead presented a significant challenge.

Elsewhere GlaxoSmithKline has climbed 19p to £16.89 following news late on Friday that US regulators had approved Breo, a treatment for chronic pulmonary disease made in partnership with American group Theravance.

G4S has added 5.1p to 252.8p as bargain hunters emerged after the company’s recent declines. The company has won a couple of UK government contracts as it tries to shed the legacy of its chaotic London Olympic performance.

Electronic Arts sees brighter 2014

Category : Business

The video game maker Electronic Arts (EA) reports lower profits, but forecasts higher earnings in 2014.

Continued here: Electronic Arts sees brighter 2014

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Fund manager: Now’s the time to buy bonds

Category : Business, Stocks

Fund manager Jeffrey Gundlach says yields may be painfully low now, but they may go even lower so investors should get in now.

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Dow tops 15,000 on jobs report

Category : Business, Stocks

Stocks surged after the U.S. government announced 165,000 jobs were added in April and the unemployment rate ticked lower.

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Apple proves lower tax rate won’t matter

Category : Business

A lower corporate tax rate won’t deter companies from playing tax and accounting games. Just look at Apple’s math.

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Slight dip in UK public borrowing

Category : Business, World News

The UK government borrowed £120.6bn in the financial year to April 2013, slightly lower than the amount it borrowed the previous year.

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Slight dip in UK public borrowing

Category : Business, World News

The UK government borrowed £120.6bn in the financial year to April 2013, slightly lower than the amount it borrowed the previous year.

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Retail sales slip on icy March weather

Category : Business

Retail sales in March were 0.7% lower than in February because of bad weather, according to the Office for National Statistics (ONS).

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Akzo Nobel N.V. (AKZOY: OTCQX International Premier) | AkzoNobel publishes Q1 2013 results

Category : Stocks, World News

April 18, 2013

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Moleskine shares close down on debut

Category : Business, World News

Shares in upmarket notebook-maker Moleskine closed lower on its first day of stock market trading in Milan, after the company’s flotation raised 488m euros.

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