Citywire Top Stocks Daily News Digest

All the news from across the web about the companies featured in Citywire's Top Stocks

Barclays PLC

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• Financial Times: Rich Ricci, Barclays head of investment banking, collected nearly £18 million this week after cashing in previously awarded bonuses
• The Guardian: Barclays has been accused of trying to bury news that it paid its top bankers an "extraordinarily greedy" £39.5 million in bonuses by sneaking out the pay details when most of the City was distracted by the budget

BP PLC

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• Financial Times: BP decided not to bid for new drilling rights in the Gulf of Mexico on Wednesday because of uncertainty over the US government’s ban on it signing new contracts
• Reuters: Addax & Oryx Group said it has agreed to buy BP and Masana Petroleum Solution's liquefied petroleum gas distribution business in South Africa as it seeks a bigger stake in the booming African fuels market

Drax Group PLC

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• Bloomberg: The UK selected two projects led by companies including Shell and Drax Group as preferred bidders for $1.5 billion of funding for carbon capture and storage

Elementis PLC

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• Bloomberg: Elementis climbed 3.8% to 275 pence on Wednesday, its highest price since at least 1988, after JP Morgan Chase upgraded the chemical company to overweight, equivalent to a buy rating

HSBC Holdings PLC

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• Daily Mail: HSBC has driven another nail into the coffin of interest-only mortgages as it announced it will no longer offer them from next week
• Bloomberg: HSBC Holdings eliminated the use of contract sales staff at its life insurance joint venture in China, sparking a protest at its office

Lloyds Group PLC

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• The Guardian: Lloyds Bank is to scrap quarterly sales targets and restructure its bonus scheme so staff are rewarded for customer service, six months after the City regulator told firms to improve their incentive schemes

Rio Tinto PLC

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• Bloomberg: Rio Tinto Group set up a joint venture with Mozambique Mining Exploration Co to explore for coal in the country’s Tete province
• Reuters: Two Canadian aboriginal communities have filed a $877 million lawsuit against a subsidiary of Rio Tinto, saying on Wednesday that more than a half century of iron ore mining has disrupted their traditional way of life

Royal Dutch Shell Plc

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• Fox Business: Shell on Wednesday said it has adjusted its terms of trade for North Sea crude oil, aligning them with recommendations for reform made by price reporting agency Platts

Xstrata PLC

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• ABC Rural: Xstrata Coal says an increase in state royalties is partly the reason it's closing its Queensland headquarters in Australia; the company says 100 Brisbane jobs will be axed because it's combining the Queensland and NSW divisions