Glencore-Xstrata base metal output dips February 12, 2013 Commodities trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, this morning posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore this morning, show a nine per cent annual drop in copper output in 2012, and a one per cent fall [...]
G4S takes £70m hit for Olympic contract February 12, 2013 Security firm G4S this morning said it had agreed a £70m loss on the Olympic contract after reaching a settlement with Games organisers. G4S was rocked last year when just weeks before the London Games it admitted it could not recruit the necessary 10,400 security staff needed, and an extra 4,700 military troops had to [...]
Barclays to axe 3,700 jobs in strategic restructuring February 12, 2013 Barclays is to axe at least 3,700 jobs across the company this year, in a bid to reduce the bank’s cost base by £1.7bn in 2015 as part of a strategic restructuring announced this morning. Within the job cuts, 1,800 will come from the corporate and investment bank and 1,900 will come from within the [...]
Brussels takes aim at fund pay February 11, 2013 EUROPEAN authorities have unveiled strict plans to curb the pay of London’s alternative fund managers, in a move which could see their compensation treated in the same way as that of bankers. The proposals, laid down by the European Securities and Markets Authority (Esma) yesterday, target the bonuses of senior executives at hedge funds and [...]
“I’m too frail to carry on” – pope resignation shocks the world February 11, 2013 POPE Benedict XVI announced yesterday he will step down as head of the Catholic Church at the end of this month, becoming the first pontiff to abdicate from the role since the 15th century. The 85-year-old Pope told his cardinals that he no longer had the mental or physical strength to fulfil his papal duties, [...]
RBS: we did not gain from Libor fixing February 11, 2013 RBS did not make any money from its traders’ attempts to fix key interbank interest rates, the investment bank’s incoming boss claimed yesterday, meaning the bank took a £390m fine for wrongdoing that was not even beneficial at the time. It came as outgoing head John Hourican, the only senior executive to leave over the [...]
Money laundering check to slow down Cyprus cash February 11, 2013 CYPRIOT anks will face independent money-laundering investigations before getting hold of any Eurozone bailout funds, the Eurogroup of finance ministers said yesterday. “We agreed that an independent assessment conducted by a private sector firm is required,” aid Jeroen Dijsselbloem, at his first meeting heading up the Eurogroup, after taking over from Jean-Claude Juncker. Cypriot leaders [...]
What the other papers say this morning February 11, 2013 FINANCIAL TIMES EDF seeks state backing on site EDF Energy has asked the Treasury to guarantee some of the costs of the new nuclear reactors it will build in the UK, in a move likely to spark controversy for a government that has pledged not to provide public subsidies for the industry. The French company’s [...]
EU banks could face faster rise in cash buffer February 11, 2013 EU BANKS may have to implement new liquidity rules a year earlier than expected as European lawmakers try to push forward the proposals, it emerged yesterday. Regulators last month decided to delay the liquidity coverage ratio (LCR), phasing it in gradually from 2015 to 2019 on the basis that a cut off date of 2015 [...]
Nasdaq could not agree sale with Carlyle February 11, 2013 NASDAQ OMX Group recently talked with private equity firm Carlyle Group about taking the trans-Atlantic exchange operator private, but the talks broke down because of price disagreements, according to people familiar with the matter. Carlyle initiated the discussions around three weeks ago and was in early stages of due diligence when differences emerged, ending talks. [...]