Monthly Archives: October 2013

RBS to refocus on retail with overhaul

©EPA Royal Bank of Scotland is preparing to sweep away a litany of past problems with a drastic plan to clear out bad loans, overhaul business lending and refocus on its UK retail and commercial business. The bank, which collapsed in 2008 and is still mostly state-owned, is set to outline a plan on Friday to siphon off tens of…

RBS suspends two forex traders

Royal Bank of Scotland has suspended two traders in its foreign exchange division according to two people familiar with the situation, in another sign that the global probe by regulators into the suspected manipulation of the currency market is rapidly gaining traction. Some of the world’s largest banks, including UBS, Barclays, Deutsche Bank and RBS, have confirmed they are co-operating…

Barrick Gold moves to pay down $2.6bn debt

Barrick Gold has launched plans to raise nearly $3bn through a placing of shares to help pay down debt after announcing plans to suspend work on a multibillion-dollar flagship mining project in Chile. Confirmation of plans to place more than 165m shares at $18.35 each by November 14 came after Barrick halted plans to continue spending on its Pascua-Lama project…

Dunelm founder takes 3% stake in M&S

©Bloomberg Shop floor: M&S held its overall clothing market share flat to the end of September Bill Adderley, the billionaire founder of home furnishings retailer Dunelm, has spent £244m snapping up a 3 per cent stake in Marks and Spencer. The holding, revealed by M&S in an announcement to the stock exchange on Thursday, sent shares in the high-street bellwether…

Expedia among top Wall Street gainers

Expedia was among the top S&P 500 percentage gainers on Thursday following its upbeat quarterly results, standing out on a mixed day for corporate earnings. The online travel agency jumped 18 per cent to $58.97 a day after reporting third-quarter profit that beat Wall Street estimates. TripAdvisor shares rose 3.1 per cent to $82.72. Optimism about earnings was also boosted…

Refining overcapacity hits oil majors

©Reuters Squeezed margins in the global refining industry are hurting the world’s largest oil companies, as Royal Dutch Shell, Total and ExxonMobil all blamed poor quarterly earnings on a decline in their downstream businesses. Results from Shell were the most disappointing Thursday, as its profit dropped almost a third to $4.5bn. ExxonMobil’s profit fell 18 per cent to $7.87bn, while…

Germany rebuffs US Treasury criticism

Germany has struck back at the US Treasury after it became the target of an unusual swipe in a report blaming the eurozone’s biggest economy for giving a deflationary bias to the euro area and the world economy. Although the US Treasury has criticised German policy before, in its new semi-annual currency report it elevated the comments to a “key…

Batista sits on both sides of debt talks

©Reuters Batista, CEO of EBX Group, gestures to the audience during a ceremony in celebration of the start of oil production of OGX in Rio de Janeiro Creditors of Brazilian businessman Eike Batista’s failed oil enterprise OGX will have an unlikely competitor for any proceeds paid out from the group’s debt restructuring talks – the industrialist himself. Mr Batista’s oil…

AB Foods advances on Primark hopes

What next for Primark? Owner AB Foods hit a record high on Thursday, up 2 per cent to £22.67, ahead of annual results on Tuesday. The stock surged 20 per cent in October on optimism about the global expansion of its Primark chain, which has revived talk of a potential break-up. Analysts expect Primark to overtake sugar as AB’s biggest…

Euro tumbles on ECB rate cut speculation

©Getty The euro fell sharply on Thursday after data showing eurozone inflation at its weakest in nearly 4 years prompted speculation that the European Central Bank could soon take action to avert the risk of Japan-style deflation. The euro has been one of the strongest major currencies this year, supported by a hefty current account surplus, a resumption of capital…