The 10 biggest business stories on Monday February 8

China's currency reserves plunged in January; Credit Suisse CEO asks for a cut in his Bonus; BT finance director Tony Chanmugam to step down

Zlata Rodionova
Monday 08 February 2016 10:20
Chinese currency 100 Yuan notes are counted in Beijing on June 22, 2010
Chinese currency 100 Yuan notes are counted in Beijing on June 22, 2010

1. Chinese foreign currency reserves fell by $99 billion in January. The People's Bank of China reported that the country now has just $3.23 trillion left in its foreign reserves, the lowest level since May 2012.

2. Tokyo's Nikkei 225 closed higher on Monday, with most of Asia shut for the Lunar New Year celebrations. The benchmark index finished 1.1 per cent up at 17,004.30.

3. Credit Suisse Chief Executive Officer Tidjane Thiam has asked the bank's board to cut his 2015 bonus by between 25 per cent and 50 percent, the Financial Times reported on Monday, after the bank posted a CHF 2.94 billion ($2.96 billion) loss last year.

4. British manufacturers are paying “inflated” sums to secure fast enough internet access, according to EEF, the manufacturers' organisation. A survey by EEF found that a quarter of small firms and half of medium-sized firms were paying in excess of £5,000 a year for their internet access.

5. Almost 150 oil platforms in UK waters could be scrapped within the next 10 years, according to industry analysts. The North Sea has been hit hard by plummeting oil prices, with the industry body Oil and Gas UK estimating 65,000 jobs have been lost in the sector since 2014.

6. Large US firms such as Google and Amazon will be required to disclose tax bills in Europe under draft legislation from European commission, the Guardian reported on Sunday, citing three senior EU officials familiar with the matter.

7. Galliard Homes has launched its latest development venture on the site of William Shakespeare's former theatre The Curtain. The Stage is the £750 million transformation of the 2.3 acre site of William Shakespeare’s Curtain Theatre, where Romeo & Juliet and Henry V were first performed, into a new mixed use destination for London. This includes a 37 storey residential tower, comprising 412 apartments and penthouses.

8. Tom Chanmugan, who has been BT Group finance director since 2008, is preparing to step down later this year. The communications services provider confirms that a search process has commenced to find a successor. No formal decision has been taken on a replacement or around the potential timing of any change.

9. Technology stocks will tumble further this year as investors flee to safety and buyers stay on the sidelines, Scott Minerd, chief investment officer for Guggenheim Partners told Bloomberg. The Nasdaq Composite Index will probably drop below 3,800, sliding another 13 per cent, he said. The tech-heavy index already has fallen that much this year, closing at 4,363 on Friday, its lowest since October 2014. Minerd expects a bear market similar to 1987 or 1998 rather than a crash like the dot-com bust of 2000 or the 2008 financial crisis.

10. Randgold, a gold mining business, has posted record production last year, boasting it was “one of the best in its history” as annual profits fall 21 per cent to $213million.

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