fox news – DAILY BRIEFING: Miner Rio Tinto buys back £1.1bn of shares
SHARES SWOOP Global miner Rio Tinto has bought back £1.1billion of its shares and now plans to buy back another £1.4billion. The firm wants to return cash to shareholders from the sale of its Coal and Allied division for £1.8billion to Chinese-controlled Yancoal Australia this year.SITE SALE Asset manager Gresham House is selling its five-acre site at Newton-le-Willows, Merseyside, for £2.1million to property developer Countryside Properties.WIND DEAL Investor The Renewables Infrastructure Group has bought a 14.7 per cent interest in the 316.8-megawatt Sheringham Shoal offshore wind farm in the North Sea, off Norfolk, for £80million.Its first investment in offshore wind increases its generating capacity by roughly 47 megawatts to 820 megawatts.PAY GROWTH Salaries for advertised UK jobs have grown 1.2 per cent in the year to November, to an average £32,598, said jobs website Adzuna.There were 1.2m advertised vacancies as of November 2017, down 1.3 per cent from November last year.BUREAUCRACY FEARS Large investment firms could crush their smaller rivals because of new Brussels red tape, experts have warned.All asset managers have been ordered to reveal how much they charge savers for research bought from investment banks – leading many large players to announce they will pay for this research out of their own budgets in future.But smaller companies do not have enough cash to easily do this, sparking concerns that they will be shunned by investors and therefore lose business.BANK STAKE Japanese bank Mitsubishi UFJ Financial Group is joining the scramble to squeeze profits from Asia’s emerging middle classes.It has decided to buy 73.8 per cent of Indonesia’s fifth-largest lender, Bank Danamon.CRYPTO CRISIS The price of bitcoin was stable at just below $16,000 yesterday, despite growing efforts by regulators to tackle what they fear is a dangerous bubble.But after a week-long slide, which saw prices drop back from almost $20,000, there was little movement in quiet trading yesterday.CHIEF DETAINED The head of sales at smartphone giant Huawei, Teng Hongfei, has been detained by police in a Chinese corruption probe. He is accused of taking bribes.
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