Ex-HSBC banker in frame for RBS job
Mark McCombe, a veteran banker with 20 years experience at HSBC, has emerged as the leading external candidate to be the next chief executive of RBS according to people close to the process. Mr McCombe, a Briton who has spent the past year running the Asian operations of Blackrock, is vying with at least four other candidates to replace Stephen Hester at the part-nationalised bank. Ex-Barclays executive David Roberts is another frontrunner, while RBS’ retail head Ross McEwan, finance head Bruce van Saun and corporate bank head Chris Sullivan are also in with a chance.
Cable hits out at tough capital rules
Business secretary Vince Cable fears tight capital rules on banks are chocking the economic recovery. “One of the anxieties in the business community is that the so-called capital Taliban in the Bank of England are imposing restrictions which make it more difficult for companies to operate and expand,” he said.
Irish property prices return to growth
Irish property prices have risen for the first time in more than five years, a sign that the market is stabilising after the country experienced one of the world’s biggest property busts.
Nokia steps up battle with Samsung
The cost of surfing 4G mobile networks is set to fall after Nokia launched a budget version of its Lumia smartphone. The 625 model will sell for £200, is the Finnish firm’s sixth launch this year as it develops a range to compete with Samsung.
Tories try to calm Crosby controversy
Senior Tories made a deal to allow Lynton Crosby to keep his business interests while advising David Cameron. A paper outlining his “principles of engagement” was released last night as Downing Street tried to close the lobbying row.
The Daily Telegraph
Chevron unveils £550m North Sea plan
US oil giant Chevron has awarded contracts worth £550m for two North Sea projects in the latest sign of revival in the sector. The work, for the planned multi-billion pound Rosebank and Alder developments, is to be carried out in the UK.
Banks accused of inflating metal price
Europe’s drinks can manufacturers have called for an overhaul of the way banks trade aluminium, amid allegations Wall Street is routinely warehousing it to inflate prices. A trade body has written to the European Commission.
THE WALL STREET JOURNAL
Pimco turns negative on Spain
Bond fund Pimco has cut back holdings of Spanish and Italian government debt. Pimco fears the Eurozone is failing to make progress towards a banking or fiscal union.
Freddie Mac offloads loan securities
US mortgage finance firm Freddie Mac yesterday sold $500m of derivatives linked to mortgage loans it holds and guarantees. The move represents a first step for the government-backed firm to make private investors take on more of risk in financing the housing market.