Today's other stories in brief
Citigroup set to cut 'net' 15,000 jobs
Citigroup is likely to cut a "net" 15,000 jobs as part of its cost-cutting plan, and is in the process of laying off more than 1,000 employees, the Wall Street Journal and Dow Jones Newswires said yesterday.
A spokesman declined to comment - but the company plans to unveil the plan this morning.
The net reductions would include layoffs and attrition, and represent about 5 per cent of the bank's workforce. They include layoffs in the trading and prime brokerage units of Citigroup's investment banking division.
Planned cuts include the shuttering of some Smith Barney brokerage offices, the moving offshore of loan collection jobs in Arizona, Florida and Texas, and a possible loss of 10,000 or more US jobs. Many affected jobs will be in US consumer operations.
Exploration group shares' PLUS trade
Shares in Exploration company African Eagle Resources will now be traded on PLUS markets, an alternative London trading platform, the company said yesterday. However, it said its principal trading facility will continue to be the Alternative Investment Market in London.
African Eagle also said results from its drill programme at the Mkushi copper mines in Zambia indicated good width and grade of the deposit.
Spanish power utility to fight bid
Italian power utility Enel unveiled a joint bid for Spain's Endesa amid speculation the takeover target was pondering fighting the offer in court.
Enel and Spanish builder Acciona are offering €41 per share for Endesa, plus interest accrued since March 26th, but less any dividends paid before the bid ends, the Italian company said, adding it had a €35 billion loan facility.
The announcement came as Spanish newspapers quoted sources at the three companies saying Endesa was considering legal action to blow up the offer.
Endesa Chairman Manuel Pizarro is reported to be unhappy with the approach by Enel and Acciona, although the company has declined to comment.- (Reuters)
Hedge fund staff to meet G7 ministers
Representatives of leading hedge funds are to meet deputy finance ministers from the G7 advanced industrial nations this weekend to discuss ways to increase the transparency of the secretive hedge fund industry.
The talks, involving about 20 hedge fund delegates, will focus on what a surveillance regime could look like. They mark the first follow-up to the G7's February decision to start work on improving the transparency of the loosely regulated sector.
Following an initiative by Peer Steinbrück, German finance minister, the G7 finance ministers told their deputies to start consultations ahead of this year's G8 summit in Heiligendamm, on Germany's Baltic Sea coast, where hedge funds are up for discussion.- (Financial Times service)
Prices boom in metal markets
Metal markets are in the middle of another price boom that may eclipse the one seen last spring, with copper, nickel, lead and tin all rising strongly.
Traders said the boom was more broadly-based than last year's but supported by the same factors: strong Chinese and global demand, constrained supplies, low levels of metal stockpiles and heightened financial speculation. - ( Financial Times service)
