BARCLAYS TOLD TO UP RESERVES

Barclays Bank has been ordered to increase a key regulatory buffer as it scales up to become Ireland’s biggest bank by assets after transferring its European business from London because of Brexit. Under Brexit plans announced in 2018, Barclays said it would transfer £224bn (€249bn) to Dublin, which is the UK bank’s new hub for servicing EU customers after Britain leaves the bloc. SOURCE: The Times

SKI BUSINESSES IN LIMBO

British holidaymakers, chalet owners and resort staff are in limbo as countries across Europe decide whether or not this winter’s ski season will go ahead. This week, Britain’s biggest ski operator Crystal Ski Holidays was forced to cancel all its French ski trips in December after President Macron ordered the nation’s resorts to stay shut until the new year. SOURCE: The Guardian

TATA SALE ON TRACK

Tata Steel targets to raise around $7-8 billion from sale of IJmuiden Steelworks in Netherlands to Swedish steel giant SSAB. According to two sources in investment banking, the due diligence is reaching advanced stage and the financial offer is expected by January. Tata Steel is running a profitable business in Netherlands and it is a strategic fit for SSAB. IJmuiden steel mill and the related downstream assets are jointly valued at $7-8 billion, one source said. SOURCE: Business Today (India)

IBM TO SLASH 10,000 JOBS IN EUROPE

Multinational technology and consulting giant IBM is to cut about 10,000 jobs in Europe as it seeks to cut costs and restructure its business away from ‘slow growth’ elements. According to Bloomberg, the UK and Germany will be most affected, with cuts also planned in Poland, Slovakia, Italy and Belgium. The job cuts will involve the loss of 20% of staff in the region. SOURCE: personneltoday.com

FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez