Talks to save Port Talbot steelworks rest on carbon tax deal, as Liberty House boss meets with government ministers and Tata executives April 3, 2016 A deal to save the Port Talbot steelworks will hinge on reforms to carbon tax rates, potential bidder Liberty House has warned. The founder of the metals group and commodities trader, Sanjeev Gupta, flew back to the UK today to meet with government ministers and current owners Tata to discuss potential plans for the site. Liberty House [...]
Iranian minister rebuffs Saudi oil demands, throwing a spanner in the Opec and Russia production freeze talks April 3, 2016 Plans for a deal to clear the global oil supply glut with a production freeze have hit a hurdle after the Iranian oil minister refused demands from Saudi Arabia to throttle its production. Iran’s Bijan Zanganeh told the country’s Mehr News Agency today Iran still intends to increase its output to four million barrels a day, [...]
Panmure Gordon boss boasts of first quarter profitability despite record loss for 2015 and Brexit headwinds March 31, 2016 Panmure Gordon’s chief executive has played down the company’s record £16.7m loss for 2015, while boasting of a return to profitability in the mid cap specialists first quarter. The broker warned though that market volatility and fears over the approaching European Union membership referendum could weigh on its performance. “Headwinds aside, we’re in good shape,” [...]
Oil pares back gains as it records strongest March rally since 2007 March 31, 2016 The oil price was traded flat yesterday, though still managed to record its strongest March rally in almost a decade. International benchmark Brent crude climbed back above $40 per barrel and was going for $40.11 in evening trading. US benchmark West Texas Intermediate gained around half a dollar throughout the day, settling around $38.25. The euro [...]
Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Bank of Cyprus could become a FTSE 250 company as it seeks London Stock Exchange listing in the second half of 2016 March 31, 2016 The Bank of Cyprus is planning to move its primary stock market listing to London in the second half of 2016, the bank has announced, following months of rumours it was mulling a move. The business, led by former RBS banker John Hourican, plans to ditch its listing on the Athens stock exchange but will maintain [...]
Steel crisis: Government urged to spend £400m on UK steel workers to support towns and families March 31, 2016 The government is facing calls to spend up to £400m to support the families and towns of steelworkers hit by Indian steel giant Tata's plans to sell its UK operations. The government has been under pressure to act since Tata announced the decision that it would be putting its UK operations up for sale early on Tuesday morning. Earlier today Prime [...]
GE Capital and AIG jump on too small to be too big to fail bandwagon after MetLife win March 31, 2016 GE Capital has petitioned the US regulator to remove it from the list of financial institutions that are deemed too big to fail following a judge ruling in MetLife's favour yesterday. GE claims that reducing its balance sheet by half and scaling back its links to other firms mean it should no longer qualify for the tag [...]
Former Prudential boss Tidjane Thiam earned £1m a month last year before jumping ship to Credit Suisse March 31, 2016 Former Prudential boss Tidjane Thiam took home £5m in 2015, despite only being in the job until the end of May before taking the helm at Credit Suisse. The majority of the pay packet came from £3.7m from a long-term incentive scheme, according to the British insurer’s annual report. This basic salary for the first five months [...]
George Osborne gives former Bank of America Merrill Lynch banker top job at RBS manager UK Financial Investments March 31, 2016 A former Bank of America Merrill Lynch (BoAML) banker has landed the top job at government financial asset manager UK Financial Investments (UKFI), following media reports last month. Oliver Holbourn, who was appointed chief executive by chancellor George Osborne, previously worked for BoAML as head of UK equity capital markets before joining UKFI in 2013. Current chief executive James Leigh-Pemberton will become UKFI's chairman [...]
