DAILY BRIEFING: Gold miner Randgold threatens legal action against the Congo over royalty demands

Randgold has threatened legal action against the Democratic Republic of Congo

Randgold has threatened legal action against the Democratic Republic of Congo

CONGO CONCERN Gold miner Randgold Resources has threatened legal action against the Democratic Republic of Congo over a mining code which will increase royalties owed to the government.

Randgold said the code was draconian and would lead to less mining investment in the country and harm its economic growth.

JOBS LOST A total of 930 jobs are being axed by Lloyds as the lender seeks to boost its profits by cutting costs. 

A Lloyds spokesman said it will create 465 jobs, meaning the net job loss at the bank will be 465.

PROFITS BLAST Cardiff-based iPhone parts maker IQE has hit back at reports by short-selling raider Shadowfall Capital & Research that it was misrepresenting profits. 

IQE rejected the claims as being ‘without merit’.

PAY BOOST Cyber security experts and regulation workers can expect the largest pay rises from banks this year, according to recruiter Robert Walters.

RED TAPE Private bank Berenberg raked in a record £303million of commission last year as Brussels red tape boosted its stock market research arm by making investors more discerning about what research they buy.

AIM WINNER Broker Finncap is winning the battle to rule the AIM market, research shows. It has 103 AIM clients on its books with Cenkos Securities in second with 78.

PENSIONS HIT Telecoms giant BT will close its final salary pension scheme for 10,000 managers on May 31 as part of efforts to contain its massive deficit.

ROCKET MAN Elon Musk’s space company SpaceX is due to launch the world’s most powerful rocket, the Falcon Heavy, in Florida today.

MADE UP Cosmetics company Avon has named Unilever executive Jan Zijderveld as chief executive.

CASHING IN Gas and electricity meter firm Smart Metering Systems says revenue increased 38 per cent to £57million over the latest year, as it cashes in on government plans to roll out smart meters across the country.

BOSS QUIZZED Embattled oil services provider Petrofac says directors including chairman Rijnhard van Tets have and will be interviewed as part of the Serious Fraud Office’s probe into suspected bribery and corruption at the firm.