19th Dec 2019 08:16
(Alliance News) - Royal Bank of Scotland Group early Thursday said Chris Marks and Richard Place have stepped down as chief executive officer and chief financial officer, respectively, of investment banking subsidiary Natwest Markets.
Robert Begbie, RBS treasurer, has been appointed interim CEO and Robert Horrocks, RBS treasury finance director, has been appointed interim CFO. RBS said an internal and external search is underway for permanent replacements.
"NatWest Markets plays a crucial role within RBS, allowing us to provide our customers with the products and services they need to succeed. Prior to joining group treasury, Robert worked in our markets division for many years and has the experience and expertise required to lead NatWest Markets," said Alison Rose, RBS Group's recently installed chief executive.
RBS and Natwest will publish their 2019 results on February 14, with the state-backed lender adding that there is "no update" on the performance of the group at this time.
RBS shares were marginally lower early Thursday at 248.60 pence.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: flat at 7,541.73
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Hang Seng: down 0.4% at 27,782.80
Nikkei 225: closed down 0.3% at 23,864.85
DJIA: closed down 27.88 points, 0.1%, at 28,239.28
S&P 500: closed marginally lower at 3,191.14
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GBP: up at USD1.3118 (USD1.3070)
EUR: flat at USD1.1130 (USD1.1125)
Gold: flat at USD1,476.25 per ounce (USD1,475.70)
Oil (Brent): unchanged at USD66.12 a barrel
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
0930 GMT UK retail sales
1100 GMT UK CBI distributive trades survey
1200 GMT UK Bank of England interest rate decision
1200 GMT UK BOE MPC meeting minutes
0830 EST US Philadelphia Fed business outlook survey
0830 EST Canada wholesale trade
0830 EST Canada payroll employment, earnings & hours
1000 EST US existing home sales
1030 EST US EIA weekly natural gas storage report
1630 EST US money stock measures
1630 EST US foreign central bank holdings
1630 EST US federal discount window borrowings
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Hedge funds could have gained a crucial advantage over rivals by listening to a hacked audio feed of Bank of England press conferences a few seconds ahead of the broadcast feed. A Times newspaper investigation revealed a back-up communications system installed by the Bank a few years ago had been hijacked and shared with a market news service. The illegitimate use of the audio can be compared to insider trading because it gave traders a boost based on information their rivals did not have. The Bank said the audio feed had been installed in the event of a failure of the video broadcast, and had been misused by the supplier since earlier this year.
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German exporters' business confidence has become "noticeably" brighter in December, survey results from the Munich-based Ifo Institue showed. The ifo export expectations in manufacturing index for the next three months climbed to plus 2.6 balance points in December - the best level since February - from minus 1.6 balance points in November. The survey showed that manufacturers of electrical products are expecting a "significantly" higher number of orders from abroad, with export expectations surging to their highest level for over a year in this sector.
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BROKER RATING CHANGES
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BERENBERG CUTS TUI TO 'HOLD' ('BUY') - TARGET 950 (1200) PENCE
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HSBC CUTS RIO TINTO TO 'HOLD' (BUY) - PRICE TARGET 4630 (4725) PENCE
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HSBC CUTS ANTOFAGASTA TO 'REDUCE' ('HOLD') - TARGET 835 (820) PENCE
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HSBC CUTS ANGLO AMERICAN TO 'HOLD' ('BUY') - TARGET 2300 (2350) PENCE
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COMPANIES - FTSE 250
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Paypoint said CEO Patrick Headon has stepped down from his role with immediate effect after taking a temporary leave of absence to receive medical treatment. The search for a new CEO is now underway, the company said, and in the meantime Chair Nick Wiles has agreed to continue in the role of executive chair.
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Endeavour Mining said that due to a lack of "meaningful engagement" with takeover target Centamin, there is now insufficient time before the current 'put up or shut up' deadline of December 31 for necessary due diligence to take place. Canada's Endeavour at the start of December proposed a deal in which Centamin shareholders would get 0.0846 of an Endeavour share per Centamin share held, giving Centamin shareholders 47% of a combined company and valuing Centamin at GBP1.47 billion. Endeavour on Thursday said it will only proceed if it can complete a "proper and comprehensive" due diligence exercise, including technical analysis and site visits. "Endeavour continues to believe in the strategic merits of the combination for both sets of shareholders, and therefore urges Centamin to request that the Takeover Panel consents to an extension of the current PUSU period to January 31, 2020, to enable completion of the necessary reciprocal due diligence exercise, which cannot realistically be completed in 7 working days," said Endeavour. Centamin, which mines from Sukari in Egypt, on Wednesday had said it was "disappointed" that Endeavour had "repeatedly refused to engage in a proper manner".
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COMPANIES - OTHER MAIN MARKET AND AIM
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Circassia Pharmaceuticals said BeyondAir has terminated a licensing agreement agreement for "material breach". The deal between the two companies is for the commercial rights to the late-stage ventilator-compatible nitric oxide product LungFit PH in the US and China, "Circassia refutes the allegations in the strongest terms and believes there are no grounds to terminate the agreement. The company will enforce its rights under the agreement and defend its position vigorously," the respiratory disease-focused biopharmaceutical company said.
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COMPANIES - INTERNATIONAL
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US energy firm Chevron said it will acquire Australian service station network and fuels business owner Puma Energy Australia Holdings for AUD425 million, about USD292 million. The deal has been signed between Chevron subsidiary Chevron Australia Downstream and Puma Energy Asia Pacific, part of Singaporean oil firm Puma Energy. Chevron will acquire all shares and equity interests of Puma Energy Australia. Puma Energy Australia's assets include a network of service stations in Australia, seaboard import terminals, fuel distribution depots, and a commercial and industrial fuels business.
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Thursday's Shareholder Meetings
Amerisur Resources (re takeover by GeoPark)
Egdon Resources
J Smart & Co
Carclo (re appointment of KPMG as auditors)
Haydale Graphene
Transense Technology
Playtech (re CEO option grant)
Parkmead Group
Fragrant Prosperity
SkinBio Therapeutics
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By Tom Waite; [email protected]
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