Economy
RBS boosted by upgrade |
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| Economy | |
| Written by Gary Howes and Sharecast | |
| Thursday, 25 June 2009 | |
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RBS shines on the FTSE which is hovering at the 0% change mark this morning despite a weak close on Wall Street.
The FTSE was flat at 9:25am - unchanged on yesterday's close. The news is welcome on a day when RBS was revealled as being the worst performing bank in the world last year. Industry magazine The Banker said that the losses of $59.3bn in 2008 were the worst suffered by any bank last year. RBS shares are up 3.92% by 9:26am. Xstrata (LON:XTA) is up slightly as it is revealed that the company is courting Anglo American shareholders in attempt to forge a merger between the two mining giants. Xstrata stepped up its campaign to merge with Anglo American (LON:AAL) last night, taking its £41 billion merger proposal over the heads of Anglo’s board to its shareholders. The Anglo-Swiss miner will intensify its charm offensive in the coming days, with Mick Davis, its chief executive, expected to meet the South African Government and trade unions, as well as key investors, says the Times. Stagecoach's contractual dispute with the Government has broken out into open warfare, with the rail and bus operator claiming a "dysfunctional" and "deceitful" Department for Transport could owe the company more than £200m, reports the Telegraph. Stagecoach shares are down 0.20% on the FTSE. The board of Independent News & Media, the publisher of the Independent in the UK, and its creditors have agreed an extension to a “standstill” agreement that allows more time for debt restructuring negotiations, according to people familiar with the situation. They said that agreement was reached on the extension after bondholders rejected the latest offer from the company, which is controlled by the Irish billionaires Sir Anthony O’Reilly and Denis O’Brien, says the FT.
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