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Posts Tagged ‘News by Sector’

RBS to unveil £8bn US bank float

RBS to unveil £8bn US bank float
Royal Bank of Scotland will next week reveal plans to float its US retail bank, Citizens, in a deal expected to raise more than £8bn for the state-backed lender. The potential initial public offering (IPO) would be one of the largest ever spin-outs from a UK bank and would dwarf the returns made by RBS on ... Full story

BHP Billiton chief Marius Kloppers to retire, profits plunge

BHP Billiton chief Marius Kloppers to retire, profits plunge
BHP Billiton, the world’s biggest mining company, named base metals head Andrew Mackenzie as its new chief executive and confirmed Marius Kloppers is stepping down from the top job. The move underlines the change sweeping the world’s natural resource giants in the face of a worsening environment, after rivals Rio Tinto and Anglo American unveiled new ... Full story

Britain ‘on the brink’ of energy crisis, warns regulator

Britain 'on the brink' of energy crisis, warns regulator
Households must prepare for a sharp rise in energy bills within two years as Britain comes “dangerously” close to power shortages, the chief executive of Ofgem has warned. The country would become more reliant on foreign gas to generate electricity as European Union pollution laws meant the dirtiest coal-fired stations had to shut, said Alistair Buchanan, ... Full story

Cameron set for questions on helicopter bribes claim

Cameron set for questions on helicopter bribes claim
David Cameron is expected to be quizzed about bribery allegations linked to British-built helicopters and other issues ranging from Vodafone’s disputed $2.5bn (£1.6bn) tax bill to his meetings with the presidents of Pakistan and Afghanistan during a three-day visit to India to boost trade. The Prime Minister is heading the biggest delegation of British business leaders ... Full story

Barclays cuts 3,700 jobs in overhaul to restore reputation

Barclays cuts 3,700 jobs in overhaul to restore reputation
Barclays will close businesses generating £500m in annual revenues as a result of a major overhaul of the bank that will see 3,700 jobs axed. Antony Jenkins, chief executive of Barclays, said the cuts showed his plans for change at the bank were not mere “window dressing or PR” as he pointed to the financial cost ... Full story

RBS executive John Hourican tells colleagues ‘not to waste my death’

RBS executive John Hourican tells colleagues 'not to waste my death'
Royal Bank of Scotland’s outgoing executive John Hourican has warned colleagues not to waste “my death” after ordering them to get angry over the Libor scandal that led to his resignation. Mr Hourican was one of five RBS executives who gave evidence on Monday to the Commission on Banking Standards and claimed a “cultural shudder” had ... Full story

Former boss of Next and JJB Sports charged

Former boss of Next and JJB Sports charged
Sir David Jones, the man who turned Next into one of Britain’s largest retailers, has been charged over allegations of forgery and making misleading statements to the market while he was executive chairman of JJB Sports. The allegations are understood to relate to a £1.5m loan made to Sir David by Mike Ashley, the founder of ... Full story

Barclays finance director to step down

Barclays finance director to step down
The finance director of Barclays is to step down from his role after six years at the bank. The bank confirmed last night that Chris Lucas will retire, as will Mark Harding, the lender’s general counsel. Mr Lucas is one of the last executives still at the bank from the era of former chief executive Bob Diamond ... Full story

Barclays boss Antony Jenkins waives bonus

Barclays boss Antony Jenkins waives bonus
The chief executive of Barclays has waived his bonus for 2012 admitting it would be “wrong” to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar’s investment in 2008. Antony Jenkins, who took over from Bob Diamond in August, said it was “only right” that he took ... Full story

Facebook warns costs will grow faster than sales

Facebook warns costs will grow faster than sales
Facebook has warned Wall Street that its costs will grow faster than sales this year, as the social networking site battles for a larger slice of the mobile advertising market. The Silicon Valley company expects expenses to surge 50pc this year as it acclerates the hiring of engineers and ploughs money into new ventures such as ... Full story

Britain becomes Germany’s biggest trade partner as Berlin-London pact deepens

Britain becomes Germany's biggest trade partner as Berlin-London pact deepens
Britain has overtaken France to become Germany’s biggest global trade partner for the first time in the modern era, solidifying the emergence of a “special relationship” between Europe’s two like-minded northern powers. Fresh data from the Bundesbank show that Anglo-German trade in goods and services soared to €153bn in the first nine months of 2012, with ... Full story

Rio Tinto CEO Tom Albanese out over $14bn write-down

Rio Tinto CEO Tom Albanese out over $14bn write-down
Tom Albanese suddenly resigned as chief executive of mining giant Rio Tinto over a $14bn (£9bn) write-down of its assets following bad deals, stating that “accountability” for the hit rested with him. A disastrous $4bn African coal takeover spelled the end for Rio Tinto’s chief executive Tom Albanese, forced out by a massive write-down after the ... Full story

JP Morgan halves Jamie Dimon’s pay over $6bn London loss

JP Morgan halves Jamie Dimon's pay over $6bn London loss
JP Morgan has halved chief executive Jamie Dimon's pay to $11.5m (£7.2m) because he had "ultimate responsibility" for a multi-billion trading loss racked up in London. The US bank said that Mr Dimon received $1.5m in salary and $10m in shares for 2012, down from the $23m he secured in 2011. Mr Dimon stunned Wall Street ... Full story

Honda’s UK boss warns Britain must stay at heart of EU as it cuts 800 jobs

Honda's UK boss warns Britain must stay at heart of EU as it cuts 800 jobs
Britain must retain a leading position within the European Union or face damaging economic consequences and risk losing valuable investment, the head of Honda in the UK has warned. Despite the Japanese car maker suffering a slow down in its European car sales which prompted it to announce up to 800 job losses on Friday at ... Full story

Brussels orders Google to change way it presents results

Brussels orders Google to change way it presents results
Google will be forced to change the way it presents search results in Europe or face sanctions from Brussels for unfairly manipulating its position as the world’s biggest internet search engine. The European Union’s competition chief, Joaquin Almunia, told a newspaper that it is his “conviction” that Google is unfairly promoting links to its own services ... Full story

Tesco’s Christmas sales strongest in three years

Tesco's Christmas sales strongest in three years
Tesco posted a rise in sales over Christmas and New Year, driven by strong online sales and a recovery of in-store food sales, showing signs its turnaround plan is starting to work. Britain's largest supermarket chain posted a 1.8pc rise in like-for-like sales in the six weeks to January 5, in its trading statement on Thursday, ... Full story

Apple chief Tim Cook takes 99pc pay cut

Apple chief Tim Cook takes 99pc pay cut
Apple chief executive Tim Cook took a 99pc pay cut this year after receiving record compensation in 2011. The head of the iPhone maker will receive $4.17m (£2.6m) for the past 12 months, Apple said on Thursday, after pocketing $378m last year. That award was inflated after Apple handed Mr Cook stock options that he will ... Full story

Bargain-hunters drive record Christmas sales

Bargain-hunters drive record Christmas sales
Bargain-hunters drove record sales this Christmas with both John Lewis and Selfridges reporting record figures and high streets claiming increases of up to 50% in the number of Boxing Day shoppers. Selfridges took a record £1.5 million within an hour of opening its doors yesterday while John Lewis said it was a “record Christmas” with the ... Full story

Morrisons boss vents fury over government inflexibility on Sunday trading hours

Morrisons boss vents fury over government inflexibility on Sunday trading hours
The Government was accused of "ridiculous bureaucracy" in refusing to extend Sunday trading hours as retailers and supermarkets struggled to cope with the Christmas rush. Dalton Philips, chief executive of Wm Morrison, told The Daily Telegraph businesses "would have gone bust" if they had behaved with the same intransigence as the Government displayed over Sunday opening ... Full story

MPs look to crack down on banks selling interest rate swaps

MPs look to crack down on banks selling interest rate swaps
The sale by retail banks of controversial interest rate hedging products could be limited under plans by MPs and peers to look further at the way derivatives have been sold to small businesses. The Commission on Banking Standards has said it will investigate the “control of the sale of derivatives to prevent mis-selling” in the new ... Full story
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