Romania meets IMF, EU conditions for bailout deal

Romania meets IMF, EU conditions for bailout deal

Romania has met IMF and EU conditions for continuing its €20bn bailout programme, offering some reassurance to investors concerned about the country’s deep and prolonged recession. IMF mission chief Jeffrey Franks has said no major policy changes were needed after the latest review of Romania, which has slashed public spending including wages and raised value […]
Outsourcer Mouchel sees tough trading on govt cuts

Outsourcer Mouchel sees tough trading on govt cuts

British outsourcer Mouchel Plc says it expects its full year results to be at the lower end of expectations as government spending cuts create a difficult trading environment. Mouchel, which provides maintenance for highways in Britain, said that over the past year it secured £650m ($1bn) of new contracts but a lack of clarity over […]
Gold miner Kinross to buy Red Back for $7bn

Gold miner Kinross to buy Red Back for $7bn

Gold miner Kinross Gold Corp said it will buy the 91 percent of Red Back Mining Inc that it does not already own for around $7bn to create one of the world’s largest gold miners. The company said it will pay around $30.50 Canadian a share in stock and warrants for each Red Back share, […]
Profits beat view after bad debts tumble

Profits beat view after bad debts tumble

The two banks showed a dip in investment banking income in the latest quarter, but more than made up for that with lower losses on personal and corporate loans as broad economic conditions improved. Half-year profits for HSBC, Europe’s biggest bank, hit $11.1bn, more than double the $5bn of a year ago and above the […]
Customers intrigued by new British bank Metro

Customers intrigued by new British bank Metro

A steady stream of customers were greeted with an array of gimmicks. Not only does the bank welcome dogs, it provided them with free biscuits and offered their owners free breakfast. “We’re in the business of turning customers into fans,” American billionaire and Metro Bank co-founder Vernon Hill told reporters. Metro Bank aims to have […]
Guinea must review mining deals – Diallo

Guinea must review mining deals – Diallo

Guinea must review billions of dollars worth of mining deals signed since a coup in 2008 to make sure the West African state is getting its fair share of revenue, election front-runner Cellou Dallein Diallo said. Contracts signed by multinationals such as Rio Tinto, Vale, and Chalco should be reviewed fairly, in a way that […]
Russia grain export forecasts cut as drought rages

Russia grain export forecasts cut as drought rages

A key lobby group has became the latest body to downgrade Russia’s 2010 crop prospects as the worst drought in 130 years threatened harvests in the major wheat exporter, sending key wheat prices to 22-month highs. The recent jump in US wheat prices followed a 42 percent leap in wheat futures on the Chicago Board […]
Investor pressure to oust Pru execs waning

Investor pressure to oust Pru execs waning

The pressure on Prudential chief Tidjane Thiam to quit in the wake of the insurer’s failed bid for Asian rival AIA has eased, with big investors refusing to put their weight behind an attempt to remove him. Both Thiam and Pru chairman Harvey McGrath faced calls to step down after the insurer’s $35.5bn bid for […]
IMF gives ground on yuan exchange rate debate

IMF gives ground on yuan exchange rate debate

The International Monetary Fund has chosen not to call the yuan “substantially” undervalued, a move that recognises China’s efforts to free up its exchange rate and avoids friction with an increasingly influential shareholder. The summary of an annual review of China’s policies omitted the contentious word, used by IMF Managing Director Dominique Strauss-Kahn as recently […]
BP replaces CEO; posts $17bn Q2 loss on spill

BP replaces CEO; posts $17bn Q2 loss on spill

BP Plc has named American Bob Dudley as its next CEO, saying Tony Hayward would stand down after his gaffe-prone handling of the worst oil spill in US history that triggered a $17bn quarterly loss. Dudley, the US executive managing BP’s response to the spill in the Gulf of Mexico, will get the top job […]