Hollingsworth Daily Post

• Royal Bank of Scotland's pre-tax profit has risen to £1.14bn in the first half of the year from £15m a year earlier.The bank reported an operating profit of £1.6bn compared with an operating loss of £3.4bn in 2009.RBS, which is 84%-owned by the taxpayer, has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK.It also announced it had sold an 80% stake in its payments business GMS, in a deal which valued the unit at £2bn.


• German insurer Allianz has reported a 46% drop in second-quarter net profit, after seeing an increase in costs related to natural disasters.Allianz said claims from natural catastrophes hit 255m euros ($335m; £210m) in the April-June quarter.Net profit fell to 1.16bn euros from 1.87bn euros last year, when results were boosted by asset sales.However, operating profit jumped 23% to 2.2bn euros, and the firm maintained its outlook for the full year.


• Russia is to ban the export of grain from 15 August to 31 December after drought and fires devastated crops."I think it is advisable to introduce a temporary ban on the export from Russia of grain and other agriculture products made from grain," Russian Prime Minister Vladimir Putin said.Russia, one of the biggest producers of wheat, barley and rye, exported a quarter of its 2009 grain output.Mr Putin's announcement sent wheat prices to a 23-month high.


• US food giant Kraft has reported higher-than-expected first quarter profit, helped in part by its purchase of UK confectionery maker Cadbury.Kraft said net profit was $937m (£590m), up from $827m in the same period a year earlier earlier.Net revenue rose 25.3% to $12.3bn, boosted by the addition of Cadbury, which it acquired in a controversial takeover at the beginning of the year.Kraft was criticised for breaking pledges over Cadbury plant closures.


• Greece's efforts to tackle its public deficit have had a "strong start", the International Monetary Fund (IMF) and European Union (EU) have said.The comments came after a delegation of staff from the IMF, EU and European Central Bank visited the country to check on the progress.In May, the EU and the IMF agreed to loan Greece 110bn euros ($145bn; £91bn) over three years.An IMF official said he was "confident" Greece would get the next instalment.


• Nigeria's Securities and Exchange Commission (SEC) has fired the director-general of the Nigerian Stock Exchange, Ndi Okereke-Onyuike, and suspended its chairman.The move is being seen as an effort to restore investor confidence following growing fears over governance issues.The action was taken by SEC head Arunma Oteh who took office at the beginning of 2010 promising tougher regulation.The SEC has named ex-Deloitte executive Emmanuel Ikazoboh as its new chief.The former chief executive of Deloitte in West and Central Africa will now be responsible for managing sub-Saharan Africa's second-biggest stock exchange for a caretaker period.


• The Texas Rangers baseball team owned by Liverpool FC co-owner Tom Hicks has been auctioned off for $593m (£374m).It came after Mr Hicks' ownership group defaulted on loans, with the sale being finalised in a US bankruptcy court.The franchise has been sold to a group led by Hall of Fame pitcher and Texas Rangers president Nolan Ryan and Pittsburgh lawyer Chuck Greenberg.Liverpool FC is the subject of a number of potential bids, including from China, which the club is assessing.

BBC Business News 6th August 2010