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Construction firm Libco to buy 32% of Turkey's Tekfen from ARY

By Ebru Tuncay and Can SezerTurkish construction firm Libco Insaat has signed a deal to buy a 32% stake in Turkish conglomerate Tekfen Holding BIST:TKFEN, less than a month after Turkey's military pension fund Oyak began talks to buy a separate stake.As part of a broader shakeup of Turkish business…

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Luxury sentiment makes peace with slower growth

LUXURY SENTIMENT MAKES PEACE WITH SLOWER GROWTHBarclays has met with over 100 luxury investors since relaunching sector coverage in May, and says sentiment has settled around a lower-growth outlook, with debate now shifting to potential risks.There appears to be broad agreement with the UK bank's f…

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UK 10-year borrowing costs drop to day's low as likely PM Burnham speaks

British 10-year government borrowing costs edged down to a day's low on Monday as former Greater Manchester Mayor Andy Burnham gave his first public speech since winning an election for a seat in the Westminster parliament.Burnham — the only declared challenger so far to Prime Minister Keir Starmer…

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UK's likely next leader Burnham says welfare cuts must be fair and lasting

Andy Burnham, the Labour lawmaker expected to replace Keir Starmer as prime minister, said on Monday the party would reduce the welfare bill in a way that is fair and lasting, helping people move forward rather than penalising those in need."We will reduce the welfare bill in a way that is fair and…

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India's Axis Bank CFO resigns

India's Axis Bank NSE:AXISBANK on Monday said its chief financial officer, Puneet Sharma, had resigned on June 28, with his last working day set for August 31 after more than six years at the private lender.Axis Bank did not name a successor in Monday's exchange filing.

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Volkswagen tells workers current job cuts are not enough, works council says

Volkswagen management has told the car group's employee side that currently agreed job cuts are insufficient, according to a note from the works council seen by Reuters on Monday.Further job reductions have not yet been quantified, at least not to employee representatives, the note added.Europe's l…

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UK Labour's Burnham vows greater public control over water, utilities

Andy Burnham, the Labour lawmaker expected to replace Keir Starmer as British prime minister, said on Monday his future government would allow all parts of the country to take greater public control of essential services such as water.In his first speech in Manchester, northern England, since retur…

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Offshore investors sell South African stocks, buy bonds

Offshore investors sold a net 11.60 billion rand ($705.93 million) worth of South African stocks last week, Johannesburg Stock Exchange data showed on Monday.Net purchases of bonds totalled 1.86 billion rand, settlement data showed.($1 = 16.4323 rand)

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