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August 26: Fortunes look up

  • August 26: Fortunes look up

    August 26: Fortunes look up

  • <p>Labourers work in a railway coal yard on the outskirts of Ahmedabad</p><p><b>GVK Power & Infra is close to finalising a deal to buy two Australian coal mines owned by Hancock Prospecting, said two sources with knowledge of the deal, which a newspaper report said has been agreed for $2.2 billion.</b></p><p>The GVK board, which constructs power plants and airports, will meet within 10 days to approve the deal, the Economic Times reported on Friday, citing lenders and company officials who are part of the negotiations.</p><p>GVK Power Chief Financial Officer Issac George declined to comment on the report, when reached by Reuters. Hancock was not immediately available for comment.</p>

    Labourers work in a railway coal yard on the outskirts of Ahmedabad

    GVK Power & Infra is close to finalising a deal to buy two Australian coal mines owned by Hancock Prospecting, said two sources with knowledge of the deal, which a newspaper report said has been agreed for $2.2 billion.

    The GVK board, which constructs power plants and airports, will meet within 10 days to approve the deal, the Economic Times reported on Friday, citing lenders and company officials who are part of the negotiations.

    GVK Power Chief Financial Officer Issac George declined to comment on the report, when reached by Reuters. Hancock was not immediately available for comment.

  • <p>The ABN Amro logo is seen in central London</p><p><b>Nationalised Dutch bank ABN AMRO is shedding 2,350 jobs - some 9% of its workforce - as the state readies it for sale or a listing.</b></p><p>The bank said it expected 1,500 redundancies and 850 positions to be lost through natural attrition in the next three to four years.</p><p>Most of the job cuts will be in back-office operations such as IT, but some retail and private banking positions will also be axed. The bank said it has taken a restructuring provision of 200 million euros pre-tax for the redundancies.</p><p>Global banks have announced close to 50,000 job cuts in recent months in the face of sluggish economic growth, volatile markets and regulatory changes.</p>

    The ABN Amro logo is seen in central London

    Nationalised Dutch bank ABN AMRO is shedding 2,350 jobs - some 9% of its workforce - as the state readies it for sale or a listing.

    The bank said it expected 1,500 redundancies and 850 positions to be lost through natural attrition in the next three to four years.

    Most of the job cuts will be in back-office operations such as IT, but some retail and private banking positions will also be axed. The bank said it has taken a restructuring provision of 200 million euros pre-tax for the redundancies.

    Global banks have announced close to 50,000 job cuts in recent months in the face of sluggish economic growth, volatile markets and regulatory changes.

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