European stocks push higher; Barclays freezes Jes Staley proportion awards – business live
Rio Tinto warns on deliver disruption as aluminium near thirteen-yr top
Barclays freezes former boss’s percentage awards
A view of Ukraine's the Motherland Monument in Kyiv on Sunday, thirteen February.
A view of Ukraine's the Motherland Monument in Kyiv on Sunday, 13 February. Photograph: Efrem Lukatsky/AP
Julia Kollewe
Wed 23 Feb 2022 08.29 GMTFirst posted on Wed 23 Feb 2022 07.Forty two GMT
25m agoEuropean stocks edge better on the open
35m agoBarclays boosts bonuses, freezes Jes Staley proportion awards
49m agoRio Tinto warns on aluminium supply disruption
1h agoIntroduction: IMF starts talks in Ukraine, markets stay traumatic
13m in the past
08:29
European stocks are up greater strongly now.
UK’s FTSE a hundred up 32 points, or zero.4%, at 7,526
Germany’s Dax up nearly 1% at 14,839
France’s CAC up 1% at 6,855
Italy’s FTSE MiB up 0.8% at 26,258
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16m in the past
08:25
Barclays has additionally appointed its first female finance director. As Tushar Morzaria is stepping down as institution finance director, the financial institution promoted Anna Cross, presently his deputy.
Cross, a qualified chartered accountant, joined Barclays in 2013, and previously worked in finance roles at Lloyds Banking Group, Halifax Bank of Scotland, and Asda.
The Barclays chairman, Nigel Higgins said:
The board is thrilled to have, in Anna Cross, any such sturdy inner successor. Anna become recognized over a yr in the past because the board’s desired successor, following a evaluation of ability internal and outside applicants.
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25m ago
08:sixteen
European stocks aspect better on the open
European markets have edged up on the open, with the UK’s FTSE 100 buying and selling 40 points higher at 7,532, a 0.5% advantage, while France’s CAC and Spain’s Ibex rose 0.Three%. Italy’s FTSE MiB has recorded a corpulent advantage of 1.Sixteen%.
Barclays is the pinnacle riser on the FTSE a hundred in London, up 2.7% to 195.3p, after extra than doubling pre-tax profits to £eight.4bn thanks to a increase in deal-making. It has also frozen its former boss Jes Staley’s proportion awards. More on that soon.
Updated at 8.24am GMT
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35m ago
08:07
Barclays boosts bonuses, freezes Jes Staley share awards
Barclays is the modern-day UK bank to boost bonuses following a surge in annual earnings connected to the discharge of coins at first positioned apart to cushion the blow of the Covid crisis, reports our banking correspondent Kalyeena Makortoff.
The lender confirmed it had multiplied its personnel bonus pool with the aid of greater than 17% to £1.3bn for 2021, having paid out almost £1.1bn a yr earlier at the same time as the pandemic raged.
However, it has frozen share awards for its former leader government Jes Staley, who stepped down in November after an investigation by means of the City watchdog, the Financial Conduct Authority, over how he defined his links to the intercourse perpetrator and disgraced financier Jeffrey Epstein. Staley acquired hundreds of thousands of kilos really worth of shares so that it will not vest as scheduled.
He become changed as CEO with the aid of CS Venkatakrishnan. The findings of the investigation have no longer yet been made public.
The news came because the bank said an annual pre-tax profit of £eight.4bn, extra than doubling the £3.1bn reported for the entire of 2020. The surge in profits turned into because of the enhancing economic outlook, which meant Barclays became able to release £653m from reserves at the start set aside to offset a potential bounce in mortgage defaults throughout the pandemic.
That compares with the £four.8bn it become pressured to put aside amid fears that client debts could sour in 2020.
Barclays boosts bonuses to £1.3bn after doubling annual pre-tax income
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A Barclays bank constructing is seen at Canary Wharf in London.
A Barclays financial institution constructing is visible at Canary Wharf in London. Photograph: Stefan Wermuth/Reuters
Updated at 8.08am GMT
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49m in the past
07:52
Rio Tinto warns on aluminium deliver disruption
Aluminium prices are preserving close to their maximum ranges in greater than thirteen years, as sanctions on Russia have raised fears over supply disruptions.
The leader government of the London-listed mining group Rio Tinto, Jakob Stausholm, said US sanctions could have an effect on Russia’s aluminium enterprise. He told journalists:
It’s a completely tough state of affairs... Specifically in our business, there may be disruptions in the main in the aluminium industry if we are going to see sanctions.
You could also see disruptions in the metallic industry, but likely less so.
Three-month aluminium at the London Metal Exchange is trading widely unchanged at $three,302.Five a tonne. Prices hit $3,380 yesterday, a tad beneath the report set in 2008 of $3,380.15.
Nickel charges eased zero.1% to $24,525 a tonne, after hitting the highest degree in view that August 2011 the day past.
Employees paintings with aluminium ingots at a manufacturing facility in Huaibei in China’s eastern Anhui province.
Employees work with aluminium ingots at a factory in Huaibei in China’s jap Anhui province. Photograph: AFP/Getty Images
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1h in the past
07:42
Introduction: IMF starts talks in Ukraine, markets stay disturbing
Good morning, and welcome to our rolling coverage of the world economy, the monetary markets, the eurozone and commercial enterprise.
The venture of the International Monetary Fund is beginning discussions in Ukraine for the second evaluate of the Fund-supported programme, the worldwide lender said nowadays. (The meetings might be performed actually.)
Ukraine hopes that the talks will bring about disbursement of $700m beneath the $5bn IMF programme, and reassure markets which have been rattled by the deepening disaster.
Western international locations and Japan unveiled new sanctions the previous day in response to Vladimir Putin’s choice to order troops into separate areas of Eastern Ukraine and to formally recognise them as independent states.
The United States, European Union, UK, Australia, Canada and Japan announced sanctions focused on banks and Russian elites, whilst the German chancellor Olaf Scholz halted the Nord Stream 2 pipeline, a primary fuel mission from Russia.
Britain may even prevent Russia selling sovereign debt in London, with comparable actions by using the United States and Canada.
Asian stock markets edged cautiously better after the previous day’s losses, with the exception of Japan’s Nikkei, which fell 1.7%. Hong Kong’s Hang Seng rose zero.67%, the Shanghai Composite index gained nearly 1% and the South Korean Kospi rose zero.47%. European markets are anticipated to follow fit once they open.
Ipek Ozkardeskaya, senior analyst at the bank Swissquote, stated:
More sanctions are predicted inside the coming days, but the measures which have been introduced up to now aren't as heavy as feared.
Market mood isn't always cheerful however the softer-than-feared sanctions extremely assist lifting the temper. The chance urge for food is constrained, of course, besides in a few key assets such as oil and commodities.
European natural gas futures jumped 8% the day gone by, the barrel of Brent crude flirted with the $one hundred mark, as the US crude spiked above $ninety six before easing again to the $93 degree this morning. Although we had news that oil costs are high enough to enhance the USA manufacturing at some stage in the year, Iraq and Nigeria are apparently now not willing to pump quicker, even the prices hit three-digit numbers. Price pullbacks are seen as interesting purchase opportunities as the trend remains readily positive.
This morning we get to listen from Bank of England Governor Andrew Bailey, as well as monetary policy committee individuals Ben Broadbent, Jonathan Haskel and Silvana Tenreyro, when they're quizzed through MPs at the Treasury Select Committee, on interest charges, and the cost of living.
The Agenda
7.45am GMT: French enterprise self assurance
9.30am GMT: Treasury Select Committee quizzes Bank of England governor Andrew Bailey and other policymakers
10am GMT: Eurozone inflation final for January (forecast: 5.1%)
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