November 18, 2017

DAILY BRIEFING: Tory treasurer in line to chair Rio Tinto


City & Finance Reporter for the Daily Mail

Sir Mick Davis is tipped to become the next Rio Tinto chairman

Sir Mick Davis is tipped to become the next Rio Tinto chairman

Sir Mick Davis is tipped to become the next Rio Tinto chairman

TINTO TORY Conservative treasurer Sir Mick Davis is in line to be the next chairman of mining giant Rio Tinto. 

The 59-year-old has emerged as a frontrunner for the position being vacated by Jan du Plessis.

TRADING AHEAD Defence firm Chemring says its full-year trading to October 31 should beat expectations. 

Revenue has risen 15 per cent to £547million while the group’s order book as of October 31 was £478million.

INSURANCE SWOOP Insurance titan Aviva has swooped on Irish rival Friends First in a £116million deal that would make it one of Ireland’s largest insurers. 

The FTSE 100 group said the takeover would bolster its share of the life insurance market to 15 per cent.

STAFF CHOP French insurer Axa pledged to slash head office costs by 25 per cent to save £269million, which could trigger hundreds of job losses in Paris.

VILLAGE BUY Retirement housing firm Renaissance Villages has been snapped up for £51million by investment company Legal & General.

VENTURE SURGE Investment in low-tax funds for start-ups has surged more than 600 per cent ahead of a rumoured crackdown in the Budget. 

Wealth Club research shows that £346million has been invested in venture capital trusts so far this tax year.

DIAMONDS DOWN Miner De Beers says it sold £347million of diamonds during auctions in early October, slightly down on the same period last year.

PROFITS UP Marketing and support services group DCC says profits for the six months ending September 30 are up 14.4 per cent to £122.5million.

JETS SET Private jet firm BBA Aviation says trading is in line with expectations, with revenue up 10.2 per cent year-on-year for the ten months to October.

NEW LODGINGS Budget hotel operator Travelodge is opening seven new branches in the run up to Christmas. The hotels will cost about £68million to build and create 140 new jobs.

SCREEN MOVE South Korea’s biggest cinema owner is gearing up for a £2billion takeover of Vue International. CJ CGV is rumoured to be appointing advisors for the bid.

BOSS OUT The chief executive of engineering firm Meggitt is stepping down. Stephen Young will be replaced by chief operating officer Tony Wood.

TOP DIY INVESTING PLATFORMS

 



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