|Royal Dutch Shell plc pulling funds out of Europe on Eurozone debt crisis fears|
|Monday, 06 August 2012 08:35|
News round up: Shell, Royal Bank of Scotland Group plc, Tesco Bank, Amazon.com Inc, International Airlines Group, Stock exchange for entrepreneurs, British manufacturing.
Royal Bank of Scotland Group plc
One of Brazil’s biggest banks is plotting a bid for the prized American business of Royal Bank of Scotland. Itau Unibanco is eyeing a move for Citizens, the Rhode Island-based retail bank built up through a series of acquisitions by Fred Goodwin, the former RBS chief executive. Citizens has more than 1,500 branches spread across 12 states. A clutch of potential bidders for the business is circling amid increased expectations that RBS will sell it for an estimated 10bn pounds.
Benny Higgins, chief executive of Tesco Bank, has revealed that he plans to use data from the supermarket’s Clubcard loyalty scheme to rate its customers. More than 15m British households are signed up to the Clubcard scheme, making it the most comprehensive database on the country’s spending habits.
Amazon will overtake Wal-Mart as the world's biggest retailer by 2020 amid a fundamental shift in the world's shopping habits, according to Andy Bond, the former chief executive of Asda. Highlighting a "period of vast change", Mr Bond said the online retailer would come to eclipse Wal-Mart, Asda's US owner. Amazon currently has a market value of $106bn (£68bn), compared to Wal-Mart's $252bn capitalisation. In an interview with The Daily Telegraph, Mr Bond also warned of up to a decade of economic pain for UK consumers, branded pay for some top company directors "gratuitous", and threatened to inflame the milk industry row by calling for supermarkets to do more to help farmers.
International Airlines Group
International Airlines Group (IAG), British Airways’ parent company, is considering buying a small stake in its embattled partner American Airlines to protect their alliance. Willie Walsh, IAG’s chief executive, revealed in an interview that the tactic could be used to deliver "additional strategic value" for BA and its Oneworld global airline alliance. A cross investment could also act as a poison pill for any rival attempt to lure American away from Oneworld, which would be potentially damaging for IAG.
Stock exchange for entrepreneurs
A new pan-European stock exchange for entrepreneurs is being planned by NYSE Euronext to plug the gap in funding for small companies and help them raise money from investors more easily. The exchange – dubbed the “Entrepreneurs’ Exchange” by NYSE Euronext – will facilitate fundraising via issues of bonds as well as equity.
Fears of a protracted recession will intensify today amid signs that Britain’s manufacturing engine room is running out of steam. Publishing its latest SME trends survey, the CBI said sentiment among small- and medium-sized manufacturers had deteriorated, while output had fallen for the first time since autumn 2009.
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