02152016Mon
Last update: Mon, 15 Feb 2016 02am

Business & Finance - Banking & Finance

UniCredit shareholder says bank may need management change MILAN: An influential shareholder in Italy's biggest bank by assets, UniCredit, said on Monday the lender may need a change of management as Chief Executive Federico Ghizzoni battles to retain investors' confidence. Leonardo Del Vecchio, a veteran Italian entrepreneur who holds just under 2 percent of UniCredit, is the first shareholder in the bank to publicly state it may need a new CEO."Ghizzoni is a good banker," Del Vecchio, who as recently as October had expressed his support for Ghizzoni, told La Repubblica newspaper in an interview."But perhaps the bank today needs changes that are so radical that they can only be achieved through discontinuity," he said.UniCredit declined to comment.Rumours of investor dissatisfaction with Ghizzoni have dogged the bank for months as UniCredit has failed to put to rest worries it may need a capital increase to bolster its finances.Deputy Chairman Luca Cordero di Montezemolo said on Thursday, however, that ...


Business & Finance - Industries & Sectors

Total says starts up production at UK's Laggan-Tormore gas fields LONDON: Gas production has started at Britain's Laggan-Tormore gas condensate fields off the Shetland Islands in the North Sea, operator Total said on Monday. The project is expected to have a peak production rate of around 14 million cubic metres (mcm) per day and is the first new large gas field in Britain since 2013.Total has a 60 percent interest in the fields, with partners DONG Energy and SSE each holding 20 percent.The companies said ...

Business & Finance - Banking & Finance

Russia's central bank withdraws licence from Intercommerz bank MOSCOW: Russia's central bank revoked the banking licence of mid-sized Intercommerz bank on Monday for failing to meet capital requirements and inadequately evaluating risks. As part of its campaign to clean up the banking sector, the central bank has been withdrawing licences on a nearly daily basis, mainly from smaller lenders.In January, though, it revoked the licence of Vneshprombank, one of Russia's top 50 banks by assets that had around 70 billion roubles ($915 million) ...

Business & Finance - Banking & Finance

French economic growth gains momentum PARIS: France's economic growth is set to pick up slightly in the early part of this year, data showed Monday, building on its biggest expansion in four years in 2015.The Bank of France said it expected the eurozone's second biggest economy to grow by 0.4 percent of gross domestic product (GDP) in the first three months of this year.That is a small increase from 0.2 percent in the fourth quarter of last year.The Bank of ...

Business & Finance - Industries & Sectors

Dorsey rubbishes #RIPTwitter The social networking Twitter, has dismissed all rumors revolving around the introduction of a major change by the company, and all those who were outraged at this possibility can now relax.Jack Dorsey, CEO and Co-Founder of the online social networking service had assured users that the website was not planning any changes to the way users watch other tweets. The development came after a report by BuzzFeed, which said Twitter is planning to introduce an ...

Business & Finance - Industries & Sectors

‘Error 53’ kills thousands of iPhones It may be too late to save your precious iPhones, if your iOS receives the dreaded ‘Error 53’ which has already turned thousands of iPhones worthless. According to The Guardian, Apple’s latest operating system, the iOS 9 permanently disables the handset if it detects that a repair has been carried out by a non-Apple technician. The “error 53,” which is considered a new buzz in the tech world, but if it happens, the unfortunate soul ...

Business & Finance - Industries & Sectors

Iran says Peugeot to pay $446mn compensation for sanctions move DUBAI: French car-maker PSA Peugeot Citroen will pay Iran over 400 million euros ($446 million) in compensation for losses after it quit the country due to sanctions, the managing director of the country's largest carmaker said on Sunday.Peugeot, the biggest-selling European carmaker in pre-sanctions Iran, suspended sales in 2012 when an international boycott against Iran due to its nuclear programme was extended to the automobile sector. Most sanctions were lifted in January."Based on the deductions...427.6 ...