Morning Wrap: need to know business stories
Top business stories from around the web.
RBS to start preparing prospectus for sale (FT)
Royal Bank of Scotland, which is controlled by the UK government, reported its first quarterly profit in 18 months on Friday and said it expected to complete its restructuring during 2014.
Sir Philip Hampton, chairman, said the recovery would be “substantially complete” by the middle of next year and that RBS would begin preparing a prospectus with the Treasury to sell to investors.
Twitter fuels IPO talk with hiring of banker (FT)
Twitter has fuelled speculation that it is preparing for an initial public offering by naming Cynthia Gaylor, a Morgan Stanley investment banker who has worked on deals for Facebook, LinkedIn and Zynga, as its head of corporate development.
The social media company announced the appointment in a tweet and Ms Gaylor responded in kind, saying that she looked forward to focusing on mergers and acquisitions and strategy at the company.
LinkedIn shares slide as it issues weak forecast (BBC)
Shares of LinkedIn fell more than 10% in after-hours trading in New York, after it issued a weaker-than-expected forecast for the current quarter.
It said it expects revenues of between $342 to $347m (£220m to £223m) in the April to June quarter. Most analysts had expected a figure closer to $359m.
Glencore Xstrata shares rise on market debut (Telegraph)
The shares opened at 334p, valuing the commodities trader and miner at more than £44.5bnm and were trading up 1.5pc at 8.15am.
In a silde presentation to investors on Friday, the company said it had identified further "material cost-based synergies" on top of the $500m already announced.
Millions of British workers in 'precarious employment' (Telegraph)
Millions of workers are in “precarious employment” that could be jeopardised by any further deterioration in the economy, government research suggests – with the smallest businesses most likely to be “hoarding” staff they no longer need.