Citi axes 50 EMEA bankers February 13, 2013 Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank. Citi announced the global cuts, equal to about four per cent of the bank’s workforce, in December as part of an effort to eliminate $1.1bn [...]
MetLife hit by derivative losses February 13, 2013 MetLife, the largest US life insurer, last night reported a 90 per cent fall in quarterly profits as a result of derivative losses linked to its credit spreads. However its operating profit beat estimates and the company reported a fall in net income to $96m (£61m) from $959m a year earlier.
MF Global UK debtors boosted February 13, 2013 Unsecured British debtors of failed brokerage MF Global are set to receive an interim payment of 40p in the £1, according to KPMG who are winding up the business. Further payments could be made, depending on the outcome of lawsuits involving the US arm of the business.
African Barrick warns output will sink again February 13, 2013 SHARES in gold miner African Barrick Gold sank yesterday as it posted disappointing results for the full year, and forecast lower production for the fourth year in a row. The FTSE 250 gold miner said it expects production to sink for the fourth consecutive year in 2013, to between 540,000 and 600,000 ounces of the [...]
BP veteran Byron Grote set to join board of Anglo American February 13, 2013 MINER Anglo American has appointed BP board member Byron Grote as a non-executive director. The appointment of Grote, who announced last week that he was to step down as a senior board member of BP following 33 years with the oil giant, will be proposed to shareholders at Anglo’s AGM on 19 April. He will join [...]
Rosneft and Exxon in Arctic tie-up February 13, 2013 Oil giants Rosneft and ExxonMobil yesterday agreed to expand their cooperation agreement to include an extra 600,000 square kilometres of exploration acreage in the Arctic. The agreement includes seven new offshore licences in the Chukchi, Laptev and Kara seas. Russia’s Rosneft and the US’s Exxon have already agreed to jointly tap hydrocarbon deposits in Russia’s [...]
Finmeccanica names new head February 13, 2013 Italy’s Finmeccanica promoted company insider Alessandro Pansa to run the defence group as chief executive officer after the arrest of its head for alleged bribery led India to suspend a $750m (£483m) deal to buy helicopters. Finmeccanica said Pansa, the chief operating officer, would step up to ensure management continuity following the arrest on Tuesday [...]
Thomson Reuters beats forecasts February 13, 2013 Thomson Reuters posted a better-than-expected rise in quarterly profit yesterday and forecast that revenue would increase in the low single digits this year. The outlook was largely anticipated by analysts, who had forecast a two per cent rise. Adjusted earnings increased to $497m (£320m), or 60 cents a share, from $445m, or 54 cents a [...]
Telecity pleases market with robust outlook February 13, 2013 DATA centre operator Telecity yesterday posted a 22 per cent rise in full-year earnings, meeting analyst expectations, and gave a confident outlook for 2013 underlined by robust demand. The British company bases its facilities in European cities like London, Amsterdam and Paris, where multiple Internet connections provide near failsafe services to retailers, banks, social media [...]
Regulator warns Global-GMG radio deal may hit competition February 13, 2013 GLOBAL Radio’s £70m deal to buy GMG Radio was yesterday cleared by the Competition Commission, but the regulator warned that the takeover could drive up advertising prices across the UK. In London – where Global Radio runs Heart, LBC, Choice, Gold, Capital and Xfm – the commission cleared the deal, which would see Global take [...]
