THE DAILY BRIEFING
■ RBS BOOST Credit agency Moody’s has upgraded Royal Bank of Scotland’s debt rating in a move suggesting it has growing faith in the lender’s future. It means RBS’s bonds have shifted back into being investment grade, up from junk status. ■ TAKEOVER BACKED Shareholders have waved through the £2.2bn takeover of oil services provider
Amec Foster Wheeler by rival Wood Group. More than 99pc of votes cast on both sides supported the deal, which is still being investigated by competition regulators.
■ FCA APPROVAL Another 31 finance tech firms have been given backing to develop their ideas by City watchdog, the Financial Conduct Authority, allowing them to test unusual products without causing risks to the public.
The ideas include pension-saving software and a mortgage searcher which helps borrowers understand if they’re eligible before doing a credit check. ■ INSURANCE MAN The new chairman of insurance market Lloyd’s of London, Bruce CarnegieBrown, took up his post yesterday. ■ EURO POST Clare Francis has been appointed by Standard Chartered as the European head of its global banking division. She previously held senior roles at NatWest, Lloyds and HSBC. ■ NEW DIRECTOR Iron ore giant Ferrexpo has recruited former Genel Energy director Simon Lockett to succeed Oliver Baring as a senior independent director. ■ POWER UP Energy producer Drax has raised its dividend and said it plans to triple earnings by 2025. It will pay shareholders £50m this year and pledged to continue increasing dividends annually. ■ RUBY REVENUE Precious stones specialist Gemfields said it made record revenues of £42.9m from its latest auction of rubies from Mozambique, held in Singapore. ■ DUDLEY PLANS Bob Dudley, 61, the boss of oil giant BP, plans to stay at the helm of the oil major until at least the end of the decade, sources told Reuters. ■ TRAVEL SALE Thompson and First Choice owner TUI has completed its sale of Travelopia, which is made up of more than 50 brands offering specialist holidays, to private equity firm KKR for £325m.