Lloyds boss targets profit for dividend
Antonio Horta-Osorio, chief executive of Lloyds Banking Group, has said he aims to start paying out up to 70 per cent of the bank’s earnings in dividends within three years as he seeks to attract investors ahead of the sale of the government’s stake. Lloyds has not paid a dividend to investors since 2008.
Ex-banker poised for job as EU envoy
A former Treasury official and City banker has emerged as the favourite to take on one of the toughest jobs in British diplomacy: renegotiating Britain’s relationship with the rest of the EU ahead of a proposed referendum. Ivan Rogers, David Cameron’s adviser on European and global issues, is expected this month to be named as the new British ambassador to the EU, a post laden with political sensitivity.
Huawei to set up UK finance operation
Huawei will establish a London-based team to manage the Chinese telecoms manufacturer’s international finances in the latest sign that the privately owned group is embracing western practices. The office, to be based in the City, will carry out a broad range of financial activities such as treasury and risk management functions.
Pressure on banks to act over PPI
Campaigners have called for millions of rejected PPI compensation claims to be reopened after new research showed that banks had saved more than £4bn in payouts.
Hottest July for M&A deals since 2008
Corporate dealmaking had its strongest July since before Lehman Brothers collapsed in September 2008, new figures have revealed. Global M&A deals last month totalled $237.3bn, the highest level for July since the $352.7bn recorded in July 2008, according to Thomson Reuters.
The Daily Telegraph
Treasury may find £1.5bn for RBS
The Treasury is considering plans to inject another £1.5bn into Royal Bank of Scotland if a review it commissioned recommends the state-backed lender be broken up.
UK finds £4bn-worth of cash in attics
Britain’s local authorities have discovered a £4bn treasure trove hidden in their vaults and hanging on their walls. Accountants have pored over councils’ collections of fine art, statues, fountains and “civic regalia” and found that the country has £4bn more “heritage assets” than estimated.
THE WALL STREET JOURNAL
Apple suppliers in pollution probe
Regulators in China are scrutinising two suppliers to Apple and other gadget makers following allegations by an environmental group that their plants are pumping large amounts of toxic heavy metals into Chinese rivers.
2 Guns Outdraws Competition
The shoot-’em-up action movie “2 Guns” outdrew the competition at the box office this weekend, while the international performance of “The Smurfs 2” helped it claim third ranking.