Business
Mining merger talks see FTSE 100 end week on high
The FTSE 100 ended a record-breaking week in fine style, pushing back towards record levels, boosted by a possible mega-mining deal and a rebound in the oil price.
The FTSE 100 index closed up 79.91 points, 0.8%, at 10,124.60.
The FTSE 250 index ended up 144.50 points, 0.6%, at 23,036.80, and the AIM All-Share was up 5.57 points, 0.7%, at 790.42.
For the week, the FTSE 100 rose 1.7%, the FTSE 250 firmed 2.8% and the AIM All-Share advanced 3.1%.
Renewed merger talks between Rio Tinto and Glencore sparked gains across listed miners, with M&A seen as key to sector growth.
The discussions, confirmed by Glencore late Thursday, will likely take the form of an all-share merger, structured as Rio Tinto acquiring Glencore via a court-sanctioned scheme of arrangement.
Under UK takeover rules, Rio has until February 5 to announce a firm intention to make an offer.
Glencore jumped 9.6% on the news, leading the FTSE 100 risers, but Rio Tinto fell 3.0%. Other miners gained, with Antofagasta up 4.1%, and Anglo American, which has merged with Canada’s Teck Resources, up 2.7%.
Bank of America said it was “not surprised” by the talks, saying the sector has reached a point where organic growth and portfolio pivots are increasingly difficult for miners of Rio and Glencore’s scale.
“M&A, while not without its risks, mitigates other risks such as project delays, capex overruns and technical issues in ramp-up,” the broker said.
The discussions are the second round of talks in just over a year between the two companies, after Glencore approached Rio Tinto in late 2024, but a deal did not proceed.
RBC Capital Markets said the logic of a Rio–Glencore combination rests almost entirely on copper.
“Glencore offers immediate scale, operating cash flow and a deep copper pipeline, while Rio brings balance-sheet strength,” RBC said.
Elsewhere, BP and Shell rallied 2.4% and 3.0% respectively as the oil price bounced.
Brent oil traded at 63.42 US dollars a barrel at the time of the London equities close on Friday, up from 61.12 US dollars late Thursday.
David Morrison, senior market analyst at Trade Nation, said the oil rebound follows heightened geopolitical risk, including renewed US threats toward Iran and continued efforts by the Trump administration to exert control over Venezuela’s energy sector.
Markets are also factoring in the potential impact of new sanctions targeting buyers of Russian oil, alongside expectations that commodity index rebalancing could bring fresh inflows into crude, he said.
“Despite the recent rally, sentiment remains cautious, with expectations for a sizeable surplus of crude oil later in the year continuing to hang over the market,” he added.
In European equities on Friday, the CAC 40 in Paris closed up 1.4% while the DAX 40 ended 0.5% in Frankfurt, after hitting an all-time high.
In Paris, L’Oreal climbed 6.3% as UBS upgraded to “buy” while BNP Paribas firmed 5.7% as JPMorgan upgraded to “overweight”.
Stocks in New York were higher at the time of the London close on Friday.
The Dow Jones Industrial Average was up 0.4%, heading towards 50,000, the S&P 500 was 0.5% higher and the Nasdaq Composite advanced 0.7%.
US markets were weighing mixed US jobs data and news that the US Supreme Court decided not to release a ruling on the legality of Donald Trump’s tariffs.
The keenly awaited US jobs figures showed total nonfarm payroll employment increased by 50,000 in December, down from a revised 56,000 in November and below the FXStreet-cited consensus of 60,000.
November’s total was revised down from 64,000, while October was revised down by 68,000, from minus 105,000 to minus 173,000, meaning employment in October and November combined is 76,000 lower than previously reported.
But the weak payroll data was offset by news that the unemployment rate edged down to 4.4% from a revised 4.5% in November and below the FXStreet-cited consensus of 4.5%.
Wells Fargo analysts commented: “On balance, we do not believe today’s employment report meaningfully changes the outlook for US monetary policy. The cooling in the labour market still appears to be proceeding at an orderly and gradual pace, which likely will leave the FOMC on hold at its upcoming meeting on January 28.”
Nonetheless, with the unemployment rate “still above our estimate of full employment, underlying inflation slowly cooling and the policy rate setting above neutral, we remain of the view that a couple more rate cuts this year is a reasonable base case,” the broker added.
Morgan Stanley now looks for 25 basis rate cuts from the Fed in June and September, as opposed to its earlier call for cuts in January and April.
“Given the improved economic momentum and the decline in the unemployment rate, we see less need for near-term cuts to stabilise the labour market,” the broker said.
“Instead, we now think the Fed will cut rates as it becomes clear tariff pass-through is complete and inflation is decelerating toward the 2.0% target,” Morgan Stanley added.
The yield on the US 10-year Treasury was quoted at 4.17% on Friday, trimmed from 4.18% on Thursday. The yield on the US 30-year Treasury was at 4.83%, narrowed from 4.85%.
The pound was quoted at 1.3407 US dollars at the time of the London equities close on Friday, down from 1.3431 US dollars on Thursday.
The euro was lower at 1.1631 US dollars from 1.1657 US dollars. Against the yen, the dollar was trading at 158.06 yen, up from 156.93 yen.
Back in London, J Sainsbury endured another tricky day, down 5.8% after mixed third-quarter trading.
The food retailer, which fell on Thursday after rival Tesco’s trading update, slid again after weak non-food sales offset a strong food showing.
Sales at Argos and in clothing and general merchandise fell short of hopes, leaving some analysts questioning whether Sainsbury should ditch Argos altogether.
Dan Coatsworth, head of markets at AJ Bell, said: “Sainsbury’s clearly had a bumper Christmas for grocery sales, enjoying notable success with its premium range. However, Argos continues to be the thorn in its side with another period of weakness.”
The persistent underperformance only “strengthens the argument for Sainsbury’s to get shot of Argos as fast as it can”, he added.
Elsewhere, Fresnillo rose 1.9% after the latest gains in the gold price, while Marks & Spencer gained a further 2.4% on upbeat commentary following Thursday’s well received trading news.
Gold traded at 4,504.56 US dollars an ounce at Friday’s close, up against 4,457.01 US dollars on Thursday.
The biggest risers on the FTSE 100 were Glencore, up 39.6 pence at 452.6p, Antofagasta, up 137.0p at 3,473.0p, Auto Trader, up 21.8p at 593.6p, Shell, up 78.0p at 2,640.0p and Anglo American, up 84.0p at 3,126.0p.
The biggest fallers on the FTSE 100 were J Sainsbury, down 17.40p at 311.60p, Endeavour Mining, down 204.0p at 3,894.0p, Rio Tinto, down 188.0p at 6,006.0p, IAG, down 11.80p at 424.10p, and Vodafone, down 2.45p at 101.20p.
Monday’s local corporate calendar has a trading statement from Oxford Nanopore Technologies.
Later in the week, trading updates are due from housebuilder Persimmon and Premier Inn owner, Whitbread.
Next week’s global economic calendar has US inflation data, eurozone industrial production figures and a UK GDP print.
– Contributed by Alliance News
Business
‘Civilisational shift’: TCS CEO K Krithivasan encourages AI adoption even if it ‘cannibalises revenue’ – The Times of India
IT giant TCS encourages the use of artificial intelligence by its employees even if it affects their revenue streams, said its CEO, explaining the advantages of the firm’s approach. He described the adoption of AI as a ‘civilisational shift’.Speaking at the annual NTLF event in Mumbai, Managing Director and Chief Executive K Krithivasan said, “”We encourage our associates to go out (to the customers and use AI), even if it means cannibalising our revenues,” adding that the younger staff are faster to use than their senior employees.TCS is ensuring that each of its more than six lakh employees becomes “AI fluent,” Chief Executive Officer K Krithivasan said, emphasising that the company is not “afraid” of artificial intelligence impacting jobs.As part of this push, the company has encouraged associates to actively explore the use of AI in client projects, he said. Krithivasan added that employees are showing strong interest in acquiring AI skills, noting that there has been no need to introduce special incentives to drive adoption.Senior employees often consume large amounts of information but may not always translate that knowledge into practical outcomes, K Krithivasan added, highlighting the need for a more hands-on approach to artificial intelligence.He stressed that AI adoption goes beyond merely issuing prompts on generative AI platforms such as OpenAI’s ChatGPT, noting that employees must actively build solutions using AI tools. “It is not about just giving a few prompts,” he said, adding that staffers need to “get their hands dirty.”Krithivasan described AI as a “civilizational shift,” calling it a form of democratised knowledge capable of addressing problems that have remained unsolved for decades.He observed that AI has increasingly become a board-level priority, with chief information officers being tasked to identify and deploy relevant solutions. While AI is expected to drive productivity gains, he said TCS remains equally focused on delivering tangible benefits to customers through the technology.Addressing concerns around AI governance, Krithivasan said the company is also exploring frameworks where AI systems can help regulate and monitor other AI applications through the use of multiple agents.
Business
Day 3: Clean Max Enviro Energy IPO Vs Shree Ram Twistex IPO; Know GMP, Subscription And Reviews
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Clean Max Enviro Energy and Shree Ram Twistex IPOs are open for public subscription till 5 pm today; here’s which one looks better.
Clean Max Enviro Energy IPO Vs Shree Ram Twistex IPO.
Two mainboard IPOs — Clean Max Enviro Energy Solutions and Shree Ram Twistex — have been closed today, February 25. The IPOs offer investors a choice between a renewable energy infrastructure play and a textile manufacturing bet. Here’s a comparison based on subscription data, grey market premium (GMP), valuations and broker views.
Subscription Status (Day 3)
On Day 3, Clean Max Enviro Energy IPO was subscribed 0.99 times. QIB demand stood at 2.99x, NII at 0.57x and retail at 0.07x, indicating subdued interest from investors.
Shree Ram Twistex IPO saw overall subscription of 43.66 times. Retail demand was at 76.63x, while QIB participation was 3.94x and NII stood at 220.30x.
Price Band And Issue Size
Clean Max Enviro Energy IPO is a Rs 3,100-crore issue comprising Rs 1,200 crore fresh issue and Rs 1,900 crore offer for sale. The price band is Rs 1,000-Rs 1,053 per share and minimum retail investment is Rs 14,742 for one lot of 14 shares.
Shree Ram Twistex IPO is a much smaller Rs 110.24-crore fresh issue priced at Rs 95-Rs 104 per share. Retail investors need Rs 14,976 to apply for one lot of 144 shares.
Grey Market Premium (GMP)
Clean Max Enviro’s GMP stood at (-)Rs 3, implying an estimated listing price of Rs 1,050, suggesting negative listing.
Shree Ram Twistex GMP was Rs 16.5, indicating an estimated listing price of Rs 120.5, or about 15.87% potential upside.
Both companies will be listed on BSE and NSE on March 2.
Business Positioning
Clean Max is India’s largest commercial and industrial (C&I) renewable energy service provider with roughly 8% market share. Analysts note the segment has a potential market size of about Rs 3 lakh crore as corporates — which consume nearly half of India’s electricity — increasingly shift toward green energy.
Shree Ram Twistex operates in the textile sector as a cotton yarn manufacturer serving B2B markets. Industry estimates suggest India’s textile sector could grow from about $174 billion to $350 billion by 2030, driven by exports, sustainability trends and policy support.
Analysts’ Views
SBI Securities highlighted Clean Max’s capital-efficient model and relatively low leverage, but noted the IPO is valued at EV/EBITDA of about 21.7x (FY25) and 16.3x (annualised 1HFY26).
Aditya Birla Capital said, “At the upper price-band, the issue is valued at 16x EV/Ebitda, which according to us, is expensive,” though it assigned a ‘Subscribe for long-term’ rating citing industry growth visibility.
For Shree Ram Twistex, Swastika Investmart said valuation at around 29-30x P/E already factors in most future growth and advised investors seeking listing gains to avoid the issue. Master Capital Services noted investors may consider it as a long-term opportunity given sector growth prospects.
Use Of Proceeds
Clean Max will use Rs 1,125 crore from fresh proceeds to repay debt, with the remainder for general corporate purposes.
Shree Ram Twistex will deploy proceeds for business expansion and operational requirements as it is entirely a fresh issue.
Which IPO Looks Better?
For listing gains, Shree Ram Twistex currently shows stronger grey market sentiment and investor traction. Clean Max, on the other hand, has stronger QIB participation but muted GMP, suggesting institutional conviction but limited short-term listing pop expectations.
For long-term investors, both issues are being viewed positively but with valuation caution. Clean Max offers exposure to the fast-growing renewable C&I power segment, while Shree Ram Twistex provides a play on India’s expanding textile exports and domestic demand.
Disclaimer:Disclaimer: The views and investment tips shared in this article are for general information purposes only. Readers are advised to consult a certified financial advisor before making any investment decisions.
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February 25, 2026, 11:52 IST
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HSBC has revealed it stripped out 1.2 billion dollars (£890 million) worth of costs last year after cutting back its senior management team, as it hiked bonuses for staff by 10%.
The global banking giant has been embarking on a sprawling simplification programme that has involved big changes to its structure, in a bid to become more “agile”.
It previously set a target to make 1.5 billion dollars (£1.1 billion) in annual cost reductions by the end of 2026, under the leadership of chief executive Georges Elhedery.
But on Wednesday, the bank revealed that it is expecting to achieve this by the end of June – six months ahead of schedule.
It follows some 1.2 billion dollars (£890 million) worth of cost savings being found during 2025 alone.
Mr Elhedery, who stepped into the top job in 2024, said that a large amount of the savings had come from the “deduplication” of jobs within the group, particularly among more senior positions.
He said this resulted in a net 15% reduction of managing director positions, which has not had any impact on the group’s revenues.
Meanwhile, HSBC revealed that it handed out bonuses worth 3.9 billion dollars (£2.9 billion) to its eligible staff during the year – a 10% increase compared with 2024.
The bank said it ensured its “highest performers had the strongest variable pay outcomes compared to the prior year”.
Mr Elhedery took home a pay packet of £6.6 million in 2025, made up of his salary and benefits, plus an annual bonus and long-term incentive award of about £4.8 million.
HSBC’s pay committee said it intends to grant the chief executive the maximum long-term incentive award worth 600% of his salary, which amounts to £9 million, for 2026-28.
The value will be subject to the bank’s performance over the next three years, and delivered in instalments.
HSBC said it was striving to create a “high-performance culture” where staff are better rewarded for work that boosts the performance of the bank.
Nevertheless, it reported lower earnings for 2025, with its pre-tax profit down about 7% year-on-year to 29.9 billion dollars (£22.1 billion).
This took into account the impact of losses related to its stake in the Chinese Bank of Communications, and restructuring costs from its simplification programme.
Shares in HSBC were up by about 6% in early trading on Wednesday.
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