Written By Unknown on Jumat, 27 Februari 2015 | 16.01
Protesters have clashed with riot police in Greece in the first display of anti-government sentiment since the leftist Syriza party took power a month ago.
Around 450 people took to the streets of Athens on Friday to demonstrate against the newly elected left-right coalition government of Prime Minister Alexis Tsipras, which agreed a deal with EU partners last week to extend an EU aid programme to Athens.
The deal has triggered dissent within Mr Tsipras' own party and accusations by some on the hard left that the government is going back on pre-election promises.
After the march, around 50 activists in hooded tops hurled petrol bombs and stones at police in the city's Exarchia district.
A small number of shop windows and bus stops were also smashed or damaged during the violence.
Video:Does Germany Trust Greece?
The leftist government was elected on 25 January on a promise to write off a chunk of the country's debt and end tough austerity measures which are blamed for pushing one in four Greeks out of work.
Meanwhile, Greece's four-month bailout extension is expected to get wide support in the German Parliament after a large majority of lawmakers in Chancellor Angela Merkel's conservative bloc signalled their backing on Thursday.
Parliament will vote today on the deal hammered out by eurozone finance ministers.
Video:Tsipras: We Won Battle, Not The War
Volker Kauder, caucus leader of Mrs Merkel's bloc, said an "overwhelming majority" of his lawmakers will back the agreement.
In a test vote among the 311 conservative lawmakers, 22 opposed the bailout extension and five abstained. A minority of conservative lawmakers has consistently voted against bailouts over the five years of Europe's debt crisis.
Lloyds Banking Group is to pay a dividend for the first time since its taxpayer bailout after annual profits quadrupled to £1.76bn in 2014.
The taxpayer is set to net £130m from the payment, which equates to 0.75p-per-share or £535m in total.
It is a sign the bank's recovery plan is on track as the Treasury continues to slowly return Lloyds to private hands through share sales.
Its share price rose 1% in early trading on the FTSE 100 after the development was confirmed.
Chancellor George Osborne said the payout was good news for millions of savers who hold Lloyds shares or have money invested in Lloyds through their pensions.
He added: "Today's results are another major milestone in the recovery of the British economy from the great recession and the bank bailouts."
However, there is likely to be a backlash against the Lloyds chief executive Antonio Horta-Osorio, who is in line to net £11.5m in bonuses, including a £7m long-term award set three years ago which was linked to a recovery in the bank's share price.
Lloyds' total bonus pool for the year was set at £369m - a decline of almost 4% on last year - and considerably lower than that of RBS for 2014 which on Thursday confirmed it remained loss-making.
Like its high-street rival, Lloyds was rescued in 2008 with a £20bn injection of taxpayer cash which led to it being 40% owned by the Government.
That stake has since been reduced to 24%.
Mr Horta-Osorio said: "Over the last four years we have transformed Lloyds Banking Group into a low cost, low risk, UK-focused retail and commercial bank.
"This has been made possible by the hard work of everyone at the Group. Today's results also demonstrate that our profitability and capital position have improved significantly, and this has enabled the Board, for the first time in over six years, to recommend we pay a dividend to our shareholders.
"While we recognise we have more to do, we enter the next phase of our strategy from a position of strength.
"We will remain focused on our customers, embrace the digital age throughout the whole Group, continue our support for the UK economy and aim to deliver strong and sustainable returns for our shareholders."
Its profits were achieved despite £2.2bn of charges in respect of the mis-selling of payment protection insurance (PPI) during the year - down from over £3bn in 2013 - and other regulatory provisions of £925m, which included its £217m fine for fixing the Libor inter-bank lending rate.
Lloyds said it was expecting 600,000 new PPI complainants in the current financial year and warned it may have to raise its current provision, which currently totals more than £12bn to date.
The bank also confirmed that it had withdrawn from a US Department of Justice programme examining allegations of tax evasion related to its historic private banking operations in Switzerland.
Lloyds said it had completed a process of due diligence related to the investigation and determined no further participation was warranted.
The owner of British Airways, International Consolidated Airlines Group (IAG), has confirmed a 265% rise in annual profits to £601m.
The company, which is currently aiming to bring Irish carrier Aer Lingus into its stable, said Spain's Iberia had returned to annual profit for the first time following a major restructuring.
British Airways' operating profit increased to £883m last year, which IAG said demonstrated progress on its long-term targets.
Its share price rose almost 5% when the FTSE 100 opened for business on news the company had upgraded its profit forecast for 2015 by over 20%.
It cited lower fuel costs and rising capacity for the move.
The upgrade is the latest in a series from IAG, which raised this year's forecast last October, buoyed by its exposure to strong demand for North Atlantic travel and Iberia's profitability.
IAG, which also owns low-cost Vueling in Spain, wants to add Aer Lingus to its portfolio but its approach is yet to get the backing of the Irish government which owns a 25% stake.
Ryanair is the biggest shareholder in Aer Lingus
Unions are also cautious as the £1bn bid is set to result in back office job losses though IAG insists its plans will grow the business.
IAG chief executive Willie Walsh told Sky News: "The board and the management team of Aer Lingus recognise the value of that and have strongly supported our bid ...we remain excited about the prospect of Aer Lingus being part of IAG.
"We believe we can bring a lot of additional value to Aer Lingus so we'll wait to see what shareholders in Aer Lingus have to say."
Ryanair, which holds a 29% stake in Aer Lingus, is believed to support the offer as it remains under regulatory pressure to draw down its holding to just 5%.
Mr Walsh added that the IAG proposals would, in his view, "significantly accelerate" the growth opportunities Aer Lingus had identified for its business.
"I think the management team at Aer Lingus has done a very good job but they recognise that their plan has quite an element of risk and that that risk could be eliminated or significantly reduced as part of IAG", he said.
Written By Unknown on Kamis, 26 Februari 2015 | 16.01
A £4bn writedown on its US business meant Royal Bank of Scotland (RBS) remained in the red in 2014, with the bank confirming a £3.5bn loss.
The annual loss marked the seventh consecutive year the part-nationalised bank has failed to achieve profitability however the figure was a marked improvement on 2013 when it lost £9bn.
RBS said it would have made a profit but for the money it had written off at its US bank Citizens, which was built up over 25 years, through what it called a "fair value adjustment".
The bank also confirmed a Sky News story of Wednesday evening that chief executive Ross McEwan was giving up his £1m "role-based allowance" for 2015, which is intended as a top-up to his £1m basic salary.
He had already decided not to take a bonus for 2014 and RBS said it was reducing the size of its total bonus pool for the year by 16% to £483m.
Sir Howard Davies, currently leading the Airports Commission, was to be its new chairman and he would replace Sir Philip Hampton from September, it added.
The bank said it had £2.2bn in litigation and conduct provisions during the year - money it set aside to cover the cost of previous misconduct.
It included additional provisions for the mis-selling of payment protection insurance (PPI) of £650m and provisions relating to investigations into the foreign exchange market of £720m.
The bank confirmed on Wednesday that it had suspended two further employees in connection with the currency-rigging investigation.
Operating profits were £3.5bn - the highest since 2010. - which RBS said reflected its restructuring efforts and renewed focus on the customer.
Mr McEwan said: "Our 2014 performance shows a strategy that is working. The strong execution against the targets we set now gives us a platform to go further and faster against this strategy.
"These results make clear that underneath the conduct, litigation and restructuring charges, we have strong performing customer businesses that are geared towards delivering sustainable returns for investors.
"What you see today is a bank that is on track and delivering on its plan; a bank that is able to deliver on its ambition to be number one for customer service and advocacy in the UK and Republic of Ireland".
Unions expressed concern that further planned restructuring would hurt jobs.
Unite national officer Rob MacGregor said: "Unite is deeply concerned that the announcement today by RBS of further restructuring will unfairly impact low-paid and administration staff within the investment banking division.
"Today's announcement won't leave the wealthy traders devastated and worried about how they pay their mortgages. It will be the worker in the back office earning £20,000 per year who now faces uncertainty about what the future holds.
"Already over 30,000 jobs have been cut from across RBS since the bailout in 2008.
"We now want a proper consultation period with Unite involving serious negotiations about how the business will be restructured."
The Chancellor welcomed Sir Howard's appointment as chairman in a letter this morning, calling on him to ensure the bank's business was "conducted to the very highest ethical standards".
George Osborne wrote: "Given the extraordinary support it has enjoyed in the past from taxpayers, I know you recognise that RBS must remain a backmarker on pay and continue to show responsibility and restraint."
The struggling emerging markets lender Standard Chartered is appointing a former architect of British banking reform as its new chief executive.
Sky News has learnt that Bill Winters, who was a member of the Independent Commission on Banking set up in the early days of the Coalition, will replace Peter Sands later this year.
The announcement was later confirmed by the bank.
Mr Winters is a former JP Morgan executive who has been running his own hedge fund business, Renshaw Bay.
Mr Sands, who has led Standard Chartered since 2010, recently told staff that he had no plans beyond running the bank and was solely focused on improving its performance.
Peter Sands has been under mounting pressure
The board of Standard Chartered had insisted until the latest wave of speculation emerged last month that no specific planning was taking place for the departure of either Mr Sands or Sir John Peace, the bank's chairman.
In a recent statement, the bank said:
"Peter and the management team are focused on executing the group's refreshed strategy, delivering growth, cost savings and shareholder returns, and have the full support of the board in achieving this.
"The group is clearly aware of its disclosure obligations in respect of executive directors, and we are not making any announcement.
"The chairman announced a multi-year refresh of the board in 2011, and we will make any further announcements on this in due course."
The bank, which sponsors Liverpool FC, recently announced the sale of its consumer finance operations in Hong Kong, days after US authorities said they were extending their scrutiny of StanChart until 2017 as part of a deferred prosecution agreement.
In 2012, Standard Chartered struck a deal with regulators that saw it pay a $667m fine for violating sanctions requirements, and was forced to pay a further $300m in August after failing to make sufficient improvements to its systems and controls.
Temasek, the Singaporean state fund, which owns nearly 18% of Standard Chartered's shares, is not agitating for changes at the top of the board, according to a person familiar with its views.
However, Aberdeen Asset Management, the second-largest shareholder, is reported to be keen for Mr Sands to step down and is expected to back Mr Winters' appointment.
Standard Chartered, which has seen shares fall by more than 25% during the last year, has shaken confidence among investors after a string of profit warnings, regulatory bust-ups and management changes.
Hundreds of 'white hat' hackers shared a bounty of $1.3m (£840,000) in 2014 for spotting and reporting Facebook's security flaws.
The bug bounty programme was started in 2011 to encourage hackers to report security problems for cash.
Hackers who report security flaws rather than exploit them are known as white hat hackers, instead of black hat hackers.
More than 17,000 bugs and security issues were reported in 2014, up 16% year-on-year.
The average payout per hacker was $4,049 (£2,607) but many hackers were paid far higher or lower sums based on how serious the issues spotted were.
The highest bounty in 2014 was $30,000 (£19,300) paid to a Lithuanian researcher.
The minimum bounty payment is $500 (£321).
Hackers in India found the most bugs, followed by Egypt then the US. The UK and the Philippines were next on the list.
Some of the security problems could have allowed hackers to upload content to Facebook and Instagram's servers, view a user's private messages and post on their timelines.
Facebook's security engineer Collin Greene said: "Every year we are surprised by what we learn from the security community, and 2014 was no exception."
The money paid by technology firms for the information is a fraction of how much hackers could get on the black market.
Written By Unknown on Rabu, 25 Februari 2015 | 16.01
Companies to blame for nuisance calls and texts can be fined up to £500,000 under tough new regulations that come into force soon.
Changes to the current law, which has been described as "a licence for spammers and scammers", will make it easier to impose hefty sanctions.
From 6 April the Information Commissioner's Office (ICO) will no longer have to prove that unwanted messages are causing a "substantial damage or substantial distress" before taking action against those responsible.
The Government is also hoping to introduce measures to hold board-level executives responsible for nuisance calls and texts.
"For far too long companies have bombarded people with unwanted marketing calls and texts, and escaped punishment because they did not cause enough harm," said digital economy minister Ed Vaizey.
Video:Nuisance Calls: 'Must Be Stopped'
"This change will make it easier for the Information Commissioner's Office to take action against offenders and send a clear message to others that harassing consumers with nuisance calls or texts is just not on."
Which? led a taskforce last December calling for a review of the rules in order to act as a stronger deterrent to rogue companies.
Its executive director, Richard Lloyd, said: "These calls are an everyday menace blighting the lives of millions so we want the regulator to send a clear message by using their new powers to full effect without delay.
Video:Action Urged On Nuisance Calls
"It's also good news that the Government has listened to our call and is looking into how senior executives can be held to account if their company makes nuisance calls."
Online white good retailer AO World has seen its share price drop by almost 50%, wiping £500m from its market value.
The plunge occurred after it released a statement lowering its financial forecast for the full-year ending March 31.
The company's proit warning said Black Friday resulted in "adverse effects".
As a result would be "slightly below" market expectations.
The company said: "AO has found achieving expected sales growth to date in Q4 FY15 difficult and this has negatively affected adjusted [pre-tax earnings].
"It is now apparent that some of the revenue growth in the second half of FY14 and going into FY15 was due to the extra publicity surrounding the company at that time."
It now expects gross revenue to be around £472.5m and pre-tax profit to reach £16.5m.
The Bolton-based retailer said that November's Black Friday damaged longer-term sales growth.
It said the online frenzy "did not produce incremental sales but condensed sales into a shorter time period".
The company reassured investors its business plan was sound as it pursued expansion in Germany and other potential markets.
Chief executive John Roberts said: "We remain committed to our market-leading, customer-focused business model.
"Having delivered on all our strategic objectives through this financial year, we are confident of our ability to continue to deliver for our customers and to further drive the success of AO in the interest of all stakeholders."
Supermarket chain Morrisons has announced the appointment of an ex-Tesco staff member as its new chief executive.
In a statement to the London Stock Exchange, Britain's fourth biggest grocer said David Potts would be the new CEO.
He replaces Dalton Philips, who struggled to reassure shareholders amid Britain's bitter supermarket price war.
Mr Potts, 57, is expected to start on March 16 on the same £850,000 salary of his predecessor.
Morrisons is Britain's fourth biggest grocer, behind market leader Tesco, Sainsbury's and Asda.
Video:Morrisons Shares Rise As Sales Fall
Mr Philips was at the helm during last Christmas' disappointing sales results and was sacked on 13 January.
He had also overseen Morrisons' late dash to create convenience stores and online delivery services.
Both areas had suffered as the supermarket focused on its core portfolio of stores as rivals expanded into smaller outlets and home service.
Video:Morrisons Takes On Aldi & Lidl
Mr Potts is a former Tesco colleague of Morrisons chairman Andrew Higginson.
He held a 40-year career with Tesco before quitting in 2011 to act as a retail expert and private equity consultant.
He started his supermarket career stacking shelves in a local store before rising to head the Tesco's supply chain, its UK business and then its Asian operations.
Video:Morrisons To Cut 2,600 Jobs
"David is the best retailer I have worked with in 25 years in the industry," Mr Higginson said.
"Having worked alongside him for 15 years, I know he will bring to Morrisons a focus on the customer, a track record of delivery, flair, talent, and immense energy to his new role."
A third Tesco-trained executive has a key role at Morrisons - chief financial officer Trevor Strain - who was previously Tesco UK's property finance director.
Written By Unknown on Selasa, 24 Februari 2015 | 16.01
The UK's offshore oil and gas industry needs Government support if its future is to be secured following its most costly year since the 1970s, a report says.
The study, conducted by the industry pressure group Oil & Gas UK, was said to have found "striking evidence" of how rising costs, taxes and "inadequate regulation" had taken their toll on international competitiveness.
The body's 2015 activity survey of exploration and production companies, operating mainly in the North Sea, found that revenues declined to just over £24bn last year, the lowest since 1998.
That, combined with rising costs, resulted in a negative cash flow of £5.3bn - the worst since the 1970s.
Investment in new projects over the next three years was last year forecast at £8.5bn, but this year's survey estimates it at around £3.5bn.
Video:Charting The Future Of Oil Prices
It can be partly put down to the collapse in world oil prices - falling by 60% at their weakest, below $50-per barrel - while raw gas costs are 30% down on 12 months ago.
Companies have reacted by scaling back exploration plans and cutting jobs and pay, particularly among sub-contractors.
Chancellor George Osborne has promised measures in next month's Budget to support the industry.
The report demanded urgent action to secure new investment and address a "collapse" in exploration that saw only 14 out of the expected 25 new wells drilled.
Oil & Gas UK's chief executive Malcolm Webb said: "This year's activity survey paints a bleak picture but also identifies this region's potential, emphasising the importance of government and industry now putting the right measures in place to secure its long-term future.
Video:Why BP Is Cutting British Jobs?
"This is crucial, not only for the energy security that domestic oil and gas production provides, but also for the hundreds of thousands of highly skilled jobs, advanced technology and billions of pounds of exports which the industry underpins.
"Without sustained investment in new and existing fields, critical infrastructure will disappear, taking with it important North Sea hubs, effectively sterilising areas of the basin and leaving oil and gas in the ground."
"Even at $110-per-barrel the ability of the industry to realise the full potential of the UK's oil and gas resource was hamstrung by escalating costs, an unsustainably heavy tax burden and inappropriate regulation.
"At current oil prices, we now see the consequences only too clearly.
"The industry recognises that its cost base is unsustainable. Cost and efficiency improvements of up to 40% are required to give this basin a viable future. This adjustment is now under way, but cost control alone is not the answer."
Video:Oil: The Winners And Losers
A Government spokesman said: "The Oil & Gas UK report underlines the need for a concerted and joined-up approach between the Government, the Oil and Gas Authority and industry to ensure investment and exploration in the UK North Sea continues and is able to get through this difficult period.
"The UK Government recognises how important the North Sea is, both in terms of the thousands jobs it supports and the benefit it brings to the UK economy.
"The package of fiscal changes and initiatives announced by the Treasury in early December shows the Government understands the challenges and is on the front foot in dealing with them."
A regulator has published new rules for payday loan firms in a bid to boost price competition and help borrowers shop around.
In its final report on the controversial industry, following a 20-month investigation, the Competition and Markets Authority (CMA) said it was ordering online companies to publish details of their products on at least one price comparison website (PCW).
But it said the site must be authorised by the Financial Conduct Authority (FCA) and it admitted there was currently no commercial PCW with such approval on payday loans.
The CMA said lenders would be obliged to set up a site if one did not emerge but it added there would be an additional consultation before the ruling was implemented.
It said a 20-month investigation into the payday lending market had found that a lack of price competition between lenders has led to higher costs for borrowers and many did not shop around, partly because of the difficulties in accessing clear and comparable information.
The regulator also cited a lack of awareness of late fees and additional charges.
The CMA estimated the UK's 1.8 million payday borrowers could save themselves an average £60 annually by hunting down cheaper deals.
Payday lenders operating online and on the high street will also be ordered to provide existing customers with a summary of the cost of their borrowing.
Its action is part of a wider regulatory focus on the industry.
Politicians and consumer groups demanded action on the treatment of customers who fell foul of sky high interest rates for late payments.
The FCA has already strengthened its rules under which payday lenders are allowed to operate and has placed limits on the amounts lenders are allowed to charge as well as the number of times that they can roll a loan over.
Simon Polito, Chair of the CMA's Payday Lending Investigation Group, said: "The payday lending market is undergoing substantial change as a result of FCA initiatives to eradicate unacceptable practices.
"Our actions complement the FCA's measures and are aimed at making the market more competitive and further driving down costs for borrowers."
Hopes have been raised that Greece will secure its four-month bailout extension, with a European Commission source welcoming its planned economic reforms.
The list of measures, which has to be agreed by its creditors, was submitted just ahead of a midnight deadline last night.
Written By Unknown on Senin, 23 Februari 2015 | 16.01
Stuart Gulliver, HSBC's chief executive, reportedly kept millions of his own money sheltered in the bank's private Swiss offshoot.
The Guardian says Mr Gulliver - due to announce the bank's full-year results this morning - kept $7.6m (£4.93m) via an account held by a Panamanian company.
Leaked files reportedly show that in 2007 he was the beneficial owner of an account held by Worcester Equities Inc.
It comes amid the ongoing scandal over claims HSBC's Swiss private banking arm helped wealthy clients evade and avoid tax, and provided services to criminals including arms dealers.
The Derby-born banking chief apologised for the behaviour of the Swiss division in national newspaper advertisements last week.
Video:Timeline Of Whistleblower's Claims
Mr Gulliver insisted it had been "completely overhauled" since 2007, when whistleblower Herve Falciani opened the door to the scandal, stealing company data and passing it to French authorities.
Swiss prosecutors have launched a criminal investigation into allegations of money laundering after raiding the bank's offices in Geneva.
The 55-year-old - believed to have raked in a £7.4m reward package last year - is legally domiciled in Hong Kong after working there for many years, despite now working in the UK.
Video:HSBC Whistleblower Speaks Out
Representatives for the banking boss told the Guardian he had paid his bonus payments into HSBC Suisse until 2003.
They said Hong Kong tax had been paid and that Mr Gulliver had also told the UK taxman about the account a "number of years" ago.
A representative said: "Full UK tax has been paid on the entirety of his worldwide earnings less a credit for tax paid additionally in Hong Kong…"
Video:Cameron And Miliband Clash On HSBC
But, according to the newspaper, they would not say why a Panamanian company had been used to hold the money when Swiss accounts already offer secrecy.
MPs are set to grill HMRC tax officials on Wednesday over accusations they failed to act properly on the leaked files and potential evidence of tax evasion by more than 3,000 Britons.
The UK's biggest banks slashed the number of employees earning at least £1m last year in a move they will argue demonstrates that they are heeding calls for greater pay restraint.
Sky News understands that Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS) will disclose alongside their annual results during the next eight days that the number of millionaires they created during 2014 fell sharply from the 583 a year earlier.
Insiders familiar with the figures said that the combined number of £1m-plus pay deals across the three banks would fall to approximately 450.
That decline partly reflects the fact that the bonus pool at each bank will be lower for 2014 than in the previous year despite the fact that City analysts expect them all to report stronger financial performances for the last 12 months.
Sky News revealed last week that the three banks were close to finalising bonus pools worth an aggregate £2.8bn, down from nearly £3.4bn in 2013.
However, the fall in the bonus pools can be partly explained by the fact that under new European rules, banks have shifted sums of money from senior employees' variable pay to their fixed remuneration.
This has led some critics to accuse the banks of sleight of hand in seeking to claim credit for reducing bonus payouts just weeks before the General Election campaign gets underway.
The banks are therefore likely to argue that the reduced number of millionaire pay deals - the figures for which include both fixed and discretionary pay - is illustrative of their determination to exhibit more restraint.
Last year, Barclays said it had paid 481 staff more than £1m, while at Lloyds the figure was 27 and at RBS, 75.
Collectively, bonuses at the three banks will be roughly 15% lower than the equivalent numbers for 2013.
Barclays, which is independent of the taxpayer and has by far the largest investment bank of the three institutions, will say that bonuses fell from almost £2.4bn in 2013 to below £2bn last year.
The fall will come amid a retrenchment at Barclays' investment bank, with thousands of jobs being shed under a revamped strategy announced last year by Antony Jenkins, the chief executive.
Analysts are forecasting an uptick in annual profits at Barclays, which is due to report its results on March 2.
The news on pay will mark a contrast with last year's situation at the lender, which provoked a row with some leading shareholders by increasing bonuses despite a fall in profits.
Barclays has also set aside £500m to pay fines related to control failings in its foreign exchange operations, although it has yet to reach a formal settlement with any regulators.
Lloyds and RBS will collectively pay out approximately £875m in bonuses for 2014, sources said on Thursday, compared to an equivalent figure of roughly £975m a year earlier.
The two banks, which report results towards the end of the week, are continuing negotiations over their bonus plans with UK Financial Investments (UKFI), which manages the taxpayer's stakes in them.
Sky News revealed on Friday that the chief executives of Barclays, Lloyds and HSBC would receive annual bonus awards for 2014 totalling more than £3m, although the payouts have been reduced because of fines imposed on them for mis-selling and market manipulation.
HSBC will kick off the reporting season on Monday, when it is expected to disclose that its bonus pot for 2014 was more than 5% lower than the previous year.
None of the banks would comment on their pay proposals.
HSBC, the global bank currently at the centre of a tax scandal, has blamed a 17% fall in annual profits on the cost of past mistakes.
The London-listed group said reported profit before tax fell to $18.68bn (£12.14bn) in 2014 and it reflected "lower business disposal and reclassification gains and the negative effect, on both revenue and costs, of significant items including fines, settlements, UK customer redress and associated provisions".
The explanation reflected the continued cost on the industry of a number of scandals, including the mis-selling of payment protection insurance (PPI).
The results were announced just hours after HSBC's chief executive Stuart Gulliver, who has vowed to reform the bank in the wake of allegations of complicity in tax evasion at its Swiss arm, was dragged into a tax row himself.
Mr Gulliver, who denies any wrong-doing in connection with his own Swiss-based account, said he was "disappointed" in the group's performance in 2014.
"Profits disappointed, although a tough fourth quarter masked some of the progress made over the preceding three quarters.
"Many of the challenging aspects of the fourth-quarter results were common to the industry as a whole."
Banks have not only been negotiating the effects of record-low interest rates but also uncertainty over the global economy.
In relation to the Swiss tax scandal, HSBC chairman Douglas Flint said the bank needed to reinforce controls and demonstrate their effectiveness.
He added: "We deeply regret and apologise for the conduct and compliance failures highlighted, which were in contravention of our own policies as well as expectations of us."
The bank was also the subject of a £216m fine from the Financial Conduct Authority relating to HSBC's failure to prevent the rigging of foreign exchange operations.
Written By Unknown on Minggu, 22 Februari 2015 | 16.02
Eurozone finance ministers have agreed to extend Greece's rescue loans - although not by as long as the government wanted.
The deal, which will enable Athens to continue paying its bills, was reached at talks in Brussels which were delayed for four hours as ministers worked on a draft accord.
Jeroen Dijsselbloem, the eurozone's top official and the Dutch finance minister, said Athens had asked for a six-month extension but this was rejected.
"Four months is the appropriate delay in terms of financing and future challenges," he said.
The agreement was clinched just a week before Greece's €240bn (£178bn) bailout expires, leaving just enough time for some member country parliaments to endorse it.
Video:Greek Rescue Package Explained
As part of the deal Greece must provide a list of economic and other reforms based on the current bailout programme by Monday.
This will be reviewed on Tuesday by the European Central Bank, the International Monetary Fund and the European Commission.
If the three institutions do not believe the proposals go far enough, the list will be revised with a view to it being agreed by the end of April.
Greek Finance Minister Yanis Varoufakis said the deal would mark a new era for Athens and its relations with the European Union.
Video:Osborne Urges Eurozone Deal
"Today was a pivotal moment because Greece for five years now has been lonely, isolated in the Eurogroup. Today that isolation has broken," Mr Varoufakis said.
He said Greece had not used any threats or bluff to get the agreement and added it was a small step in a new direction for the country.
Markets reacted positively to the deal, with the Dow and S&P 500 surging to fresh records on Wall Street.
Mr Dijsselbloem said it was a "first step in this process of rebuilding trust" between Greece and its euro partners and allows for a strategy to get the country "back on track."
Video:Greece: Everything You Need To Know
"Trust leaves quicker than it comes," he said.
Mr Dijsselbloem worked flat out on Friday to secure an agreement as Germany insisted Greece stick with the austerity commitments included in its bailout programme.
The fraught discussions focused on a new package of concessions beyond those contained in the formal request for a loan extension submitted on Thursday.
Greece has ruled out another bailout like the existing one, saying the people who swept the anti-austerity Syriza party to power last month would not tolerate it.
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Gallery: Art War On The Streets Of Athens
Athens has become a Mecca for street artists as anger grows over the impact of Greece's bailout deal with Europe
Wall paintings have sprung up all over the city reflecting the general frustration at rising unemployment and falling living standards
The high street fashion retailer New Look has recruited bankers to work on a stock market listing that could value it at as much as £2bn.
Sky News has learnt that the company this week appointed JP Morgan, the Wall Street investment bank, to work on options for a flotation.
The hiring will fuel expectations that New Look's owners are actively preparing to take it public five years after it aborted an identical move amid challenging markets.
JP Morgan is working alongside Goldman Sachs, which is working with New Look to identify other potential investors for the company.
The chain, which trades from more than 800 stores in 21 countries around the world, is the UK's second-biggest women's value clothing and accessories retailer, according to Kantar Worldpanel, a research firm.
New Look has been owned since 2004 by Apax and Permira, two private equity firms, along with Tom Singh, its founder.
According to third-quarter financial results released last week, New Look saw like-for-like sales in the UK declined by 1%, a dip that it attributed to unseasonably warm weather.
The company is continuing to expand internationally, as well as attempting to grow its menswear business.
It now has nearly 20 shops in China although it retreated from Russia and Ukraine because of continuing instability in the two countries.
Anders Kristiansen, its chief executive, described New Look's trading performance as "robust...against a challenging backdrop".
"It was a record online sales performance over the Christmas period with all channels well-prepared for peaks in demand around Black Friday, Cyber Monday and Boxing Day, whilst our high street presence came into its own as we handled a surge in demand for our Click & Collect and Order in Store offerings," he said.
Mr Kristiansen said last week that New Look was a company "ready to float" although he added that a decision to do so rested with the chain's owners.
New Look's examination of a stock market listing makes it one of several well-known companies looking at such a move.
Sky News revealed earlier this week that Center Parcs had hired bankers to work on a flotation which would value it at about £2.5bn.
The clue came right at the start of Yanis Varoufakis' press conference.
Up until last night's bailout extension deal, the Greek finance minister spent most of his international media appearances addressing an international audience - speaking fluent, verbose English, taking questions from outlets from around the world.
Last night, in the small Greek briefing room in the Justus Lipsius building in Brussels, he was talking to someone else entirely.
His eyes fixed down the barrel of the cameras, for a quarter of an hour he spoke only in Greek.
"We are now co-authors of our own destiny," he said.
Video:Greek Rescue Package Explained
"Negotiation means compromise. But this deal is a small step in the right direction.
"We are no longer following a script given to us by external agencies," he added.
Unusually for him, though, he was reading his speech rather than talking off the cuff.
It did not take a political genius to work out what was going on.
Syriza came to power in Greece last month promising not to do a deal with the shady characters in Brussels.
It promised not to sign up to a continuation of the unpopular bailout programme.
It promised not to have its domestic policies monitored and influenced by the so-called Troika of lenders (the International Monetary Fund, European Commission and European Central Bank).
Video:Greeks Win Loan Extension
But the deal it signed up to on Friday night involved, essentially, all of the above.
There were changes in some of the terminology.
The "programme" is now renamed the "contract"; the hated "memorandum of understanding" which entailed the reforms the country needed to make, is called the "Master Financial Assistance Facility Agreement"; the "Troika" is now referred to as "the institutions".
But, for the most part, the bailout extension Greece signed up to looks like precisely the thing Syriza and Varoufakis said they would not agree to.
True, there are some important changes: Greece will be given more leeway on its public finances this year; it will have the opportunity to curtail some of the tougher reforms, such as firesales of assets and changes in pension provisions - though these, too, will have to be approved by the Troika, sorry, institutions, in conversations starting on Monday.
Crucially, Syriza can rightly claim that its government has eased the conditions on the bailout a lot more than its predecessors.
However, this was hardly the revolution in economic policy that many Greeks will have hoped for.
Video:Greece: Everything You Need To Know
It does not represent a new deal - so much as an old deal in new clothing.
Then again, perhaps that is the best that could have been expected.
This is only a short-term extension to bide the country over.
Without it, there was a distinct chance it would have defaulted and left the euro - the latter of which the vast majority of Greeks are set against.
The country's financial system was looking perilously exposed.
Throughout the Eurogroup meeting, the ECB president Mario Draghi warned repeatedly that unless Greece and its euro counterparts came up with a deal soon, money could start escaping from Greek bank accounts rapidly that there might be a full-blown financial crisis as soon as Monday.
This was a difficult meeting for Mr Varoufakis.
Video:Anti-Austerity Party Wins In Greece
The former academic has taken the political world by storm in recent weeks, carrying out a whistlestop tour of European capitals to explain the Greek position.
However, so visible has he been in this period, so adamant that Greece will not water down its demands, that the events of the past 24 hours may prove tough to contextualise.
What made the job harder still is the fact that he and the finance ministry were marginalised towards the end of the negotiations.
Alexis Tsipras, the Prime Minister, stepped in and carried out some of the talks behind the scenes with his fellow leaders when things looked as if they were breaking down.
After the previous Eurogroup meeting on Monday descended into farce, amid a flood of leaks, the PM insisted that all press communications should be done through his office, rather than Mr Varoufakis'.
It was said that behind-the-scenes, the Germans were refusing to talk to Mr Varoufakis - that some Greek finance officials had been urged to get rid of their boss.
That would be a terrific mistake: their new finance minister is one of the biggest assets Greece has, particularly when it comes to explaining to an international audience why austerity has not worked, and why future deals might have to be different.
Video:Family Living Off Food Donations
And there will almost certainly need to be another deal once these four months have elapsed.
In the meantime, Mr Varoufakis and his colleagues have a tough job on their hands explaining why what was agreed in Brussels was a triumph rather than a defeat.
Their previous feat - overturning decades of two-party domination in Greece - may end up looking easy in comparison.
