The financial services company and industry news with expert analysis from the Financial Times on FT.com
Updated: 15 min 47 sec ago
Numbers count in Glencore-Xstrata deal
The two companies will embark on roadshows to convince shareholders of the value of the merger, with votes expected to be cast in June
Cotton trading costs Glencore $330m
Extreme volatility in the cotton market blamed for weakness in trader’s agricultural division, with many physical suppliers and customers defaulting
Itaú to buy out Redecard
Brazil’s biggest private sector lender to spend almost $7bn on the half of the credit card processing company it does not own
Glencore-Xstrata model could reshape industry
History suggests that a vertically integrated business – where a commodities trader is combined with a miner under the same roof – is no mean feat
UBS fights to hang on to key staff
Swiss bank said the so-called ‘special plan’ awards
will have strict forfeiture conditions attached
UBS issues gloomy outlook for 2012
Downbeat forecast for Swiss group which warns of more structural changes as fourth quarter net profits fall from SFr1.66bn to SFr393m a year earlier
Spanish banks race to meet latest government rules
Lenders must find billions in provisions for bad property loans, but will use existing capital to lighten some of the burden
Glencore and Xstrata deal draws criticism
Two leading Xstrata shareholders – Standard Life and Schroders – said they would vote against the proposed $90bn tie-up between the miner and the trading house
Ex-TCI star emerges at rival
Oscar Hattink joins six other ex-TCI stars at Thélème, an exodus that is raising eyebrows among fellow Mayfair-based hedge fund managers
Two bidders remain for RBS Asian units
CIMB of Malaysia and China’s CICC in the running after three potential buyers drop out of the race
Qatar seeks to lure asset managers
Doha recruits veteran leader of the UK financial services industry as looming regulatory changes in UAE raise alarm in the funds sector
MF Global dipped into customer funds earlier than thought
Struggling to deal with customer withdrawals and margin calls in the run-up to its bankruptcy filing, the futures broker drew on the money a day earlier than previously believed
Firms flock to take up ‘Tesco Law’ status
The solicitors’ regulator says that almost 100 law firms and companies have applied to take advantage of a liberalised legal market in England and Wales
UK bankers and the matter of the public good
The government had better make sure it has in reserve another banker of Stephen Hester’s calibre
Fund aims to link Hollywood films with China
Entrepreneur Bruno Wu and Harvest Fund Management set up a private equity fund to exploit studios’ hunger for Chinese movie market
Lazard hurt by capital markets slowdown
The independent investment bank swings to a loss after lower M&A activity and the euro’s troubles weigh down revenues
TPG bid for GlobeOp under threat from rival
US-based SS&C urges GlobeOp’s shareholders not to accept the private equity group’s proposed £508m bid for the software and services company
Citigroup to issue China credit cards
The US bank will become the first western lender to offer its own-brand mainland cards in China after winning approval for the move
Carlyle to focus on Turkey and Saudi Arabia
Leadership change reveals shift in focus towards Turkey and Saudi Arabia as investors shun north African economies, fearing political upheaval
Apple under pressure over board elections
Tech group ‘needs a governance upgrade’ says pension fund and activist shareholder