Barclays is planning to shut 400 UK branches, or a quarter of its network, as part of the bank’s plan to cut costs, the Financial Times said on Wednesday. CEO Antony Jenkins is due to lay out a final phase of his overhaul plan in two weeks and set new targets on how staff conduct themselves as he tries to improve culture following a string of industry scandals. He is expected to put renewed focus on costs, and Wednesday’s Financial Times said he would axe 400 of its 1,600 UK branches, without citing sources.
Yahoo CEO Mayer?s net worth estimated at $310 m
The net worth of struggling internet giant Yahoo?s CEO Marissa Mayer is estimated to be $310 million, according to Wealth-X, a global wealth intelligence and prospecting company. Mayer’s net worth is estimated to be $310 million, based on the most recent publicly available disclosure of her shares and options as well as her residential and other investments. ?Mayer’s net worth is calculated after accounting for shares in public and private companies, residential and passion investments such as art, planes and real estate, and is based on the most recent publicly available disclosure of her shares and options in Yahoo,? a Wealth-X release said.
Shell cuts stake in Brazil oil project with $1-bn sale
Oil firm Royal Dutch Shell is selling a stake in a Brazilian oil project to Qatar Petroleum International for $1 billion, in line with this year’s plan to ramp up disposals. Shell said on Wednesday it was selling 23% of the Parque das Conchas or BC-10 project off the coast of Brazil, leaving it with a 50% interest. It will continue to operate the 50,000 barrels of oil per day project. Earlier in January Shell sold a stake in a gas project in Western Australia for $1.14 billion as part of its drive to improve return on investment, days after it had issued a shock profit warning for the fourth quarter.
Renault–Nissan alliance sells record 8.3 m vehicles
The alliance between Nissan and Renault sold a record 8.3 million vehicles last year, giving it fourth spot among global automakers, new data showed on Wednesday, as the pair reportedly boost ties to cut costs. Nissan said it sold 5.1 million units globally in 2013, a 3.3% rise from a year ago, while the French automaker earlier reported that it sold 2.63 million vehicles in 2013. The group sold a total of 8.3 million vehicles last year, including sales by Russian affiliate AvtoVAZ, putting it behind top three automakers Toyota, General Motors and Germany’s Volkswagen. The figures come after Japan’s Nikkei business daily reported that Nissan and Renault plan to boost their alliance by bringing together production as well as research and development in a bid to save about $3.8 billion annually.
Novartis Q4 net profit rises 2% to $2 billion
Swiss drug maker Novartis has reported a 2% rise in fourth-quarter net profit, helped by delays in generic competition to its blockbuster drugs. The Basel, Switzerland-based company said Wednesday it had a net profit of $2.029 billion attributable to shareholders in the final three months of 2013, up from a restated $1.985 billion in the same period the previous year. CEO Joseph Jimenez said Novartis delivered a strong performance in 2013, growing both net sales and core operating income in constant currencies while absorbing patent expirations. Full-year net profit fell 1% to $9.175 billion attributable to shareholders, down from $9.27 billion in 2012. Net sales were up 4% despite the generic competition and core operating income grew 3%, both measured in constant currencies, Novartis said.
