BUSINESS LIVE: ‘Difficult’ quarter for Rio Tinto; John Lewis’s housing push

BUSINESS LIVE: ‘Difficult’ quarter for Rio Tinto; John Lewis reveals scale of housing push; US banks on the rise

Rio Tinto has been forced to adjust its guidance for the year after a ‘difficult’ quarter, as Covid-19 restrictions continue to hamper the British mining giant.

The firm has slashed expectations for its sales numbers across key product lines, including shipments of copper and Bauxite.

John Lewis bosses are looking at all its 365 department stores and Waitrose supermarkets as possible sites to build new homes.

The company shocked the City when it announced plans to move into private property development in a bid to diversify away from retail.

Wall Street banking titans have seen their revenues surge after a wave of deal-making.

Bank of America and Morgan Stanley led the charge, after both raked in more money between July and September than the same time last year.

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Rio Tinto boss Jakob Stausholm told investors of a ‘difficult’ quarter on Friday