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DAILY BRIEFING: Gemfields makes record revenues of £42.9m in ruby auction

RUBY REVENUE Precious stones specialist Gemfields said it made record revenues of £42.9 million from its latest auction of rubies from Mozambique, held in Singapore.

RBS BOOST Credit agency Moody’s has upgraded Royal Bank of Scotland’s debt rating in a move suggesting it has growing faith in the lender’s future.

It means RBS’s bonds have shifted back into being investment grade, up from junk status.

Precious stones specialist Gemfields said it made record revenues of £42.9 million from its latest auction of rubies from Mozambique, held in Singapore

TAKEOVER BACKED Shareholders have waved through the £2.2 billion takeover of oil services provider Amec Foster Wheeler by rival Wood Group. More than 99 per cent of votes cast on both sides supported the deal, which is still being investigated by competition regulators.

FCA APPROVAL Another 31 finance tech firms have been given backing to develop their ideas by City watchdog, the Financial Conduct Authority, allowing them to test unusual products without causing risks to the public.

The ideas include pension-saving software and a mortgage searcher which helps borrowers understand if they’re eligible before doing a credit check.

INSURANCE MAN The new chairman of insurance market Lloyd’s of London, Bruce Carnegie-Brown, took up his post yesterday.

EURO POST Clare Francis has been appointed by Standard Chartered as the European head of its global banking division. She previously held senior roles at NatWest, Lloyds and HSBC.

Thompson and First Choice owner TUI has completed its sale of Travelopia, which is made up of more than 50 brands offering specialist holidays, to private equity firm KKR for £325 million

NEW DIRECTOR Iron ore giant Ferrexpo has recruited former Genel Energy director Simon Lockett to succeed Oliver Baring as a senior independent director.

POWER UP Energy producer Drax has raised its dividend and said it plans to triple earnings by 2025. It will pay shareholders £50 million this year and pledged to continue increasing dividends annually.

DUDLEY PLANS Bob Dudley, 61, the boss of oil giant BP, plans to stay at the helm of the oil major until at least the end of the decade, sources told Reuters.

TRAVEL SALE Thompson and First Choice owner TUI has completed its sale of Travelopia, which is made up of more than 50 brands offering specialist holidays, to private equity firm KKR for £325 million.