RBS share price dives to lowest level since 2012 as it announces £2bn provision for fines and £498m write-down for Coutts private banking January 27, 2016 The Royal Bank of Scotland (RBS) has announced a £2.5bn hit on its profits, thanks largely to a £1.5bn provision for claims in the US relating to mortgage-backed securities. The bank's share price was down 3.72 per cent to 251.2p just after markets opened this morning – its lowest since 2012. The bank will make a loss in 2015: [...]
More public sector bosses will have to return their golden goodbye bonuses under clawback rules December 20, 2015 More highly paid public sector workers who leave their job with a generous golden goodbye, only to return to another public organisation soon after, will have to return the payout as the government cracks down on so-called boomerang bosses. Clawback laws introduced earlier this year will be expanded and the threshold for those the law applies to will be [...]
US Fed leaves interest rate on hold amid global market volatility January 27, 2016 The US Federal Reserve has voted to keep interest rates on hold at 0.5 per cent, following the first rate rise for almost a decade in December. All but one member voted to leave the benchmark rate that banks offer to lend to each other overnight, known as the Federal Funds rate, between 0.25 per cent [...]
Scotland house prices: Number of properties over £1m doubles, with over half based in Edinburgh October 24, 2015 Scotland is fast becoming a land of million-pound properties, with the number of homes selling for more than £1m doubling in the first half of this year. Figures from the Bank of Scotland show that from January to June, 111 properties went for this value or more, compared to 43 during the first half of [...]
Mark Carney warns North Sea industry turmoil to “persist for some time” September 28, 2016 Bank of England governor Mark Carney has warned that the crisis engulfing the North Sea oil and gas industry is likely to “persist for some time”. An estimated 120,000 jobs will have been lost by the end of this year due to the oil price slide which began in mid-2014. Carney added that the turmoil was [...]
FTSE 100 index closes up ahead of Federal Reserve statement as Sage Group and Glencore surge January 27, 2016 The FTSE 100 index closed higher on Wednesday, after having opened lower this morning ahead of the Federal Reserve's statement. The UK's blue-chip index closed 1.33 per cent up at 5,990 points. "Global equity prices continue zigzagging on a muddy route. The oil market remains in bears’ hands above $30," said Ipek Ozkardeskaya, market analyst at London Capital Group. [...]
Financial watchdog, the FCA, pushes back RBS report on small business practices December 17, 2015 The release of a review into whether business customers of Royal Bank of Scotland (RBS) were mistreated has been pushed back until early 2016. The first part of the investigation into RBS's global restructuring group (GRG) was meant to be announced by the Financial Conduct Authority (FCA) before the end of this year. The financial [...]
London airport expansion: Sir Howard Davies, Sir Martin Sorrell, CBI, London First and others hit back at MPs’ request for more economic analysis of airport options January 31, 2016 Business groups have once again urged the government to push ahead with airport expansion, after an influential group of MPs opened the door to further delays by calling for more economic analysis of the costs and benefits of additional runways. In a letter today to chancellor George Osborne, Treasury Committee chair Andrew Tyrie attacked the [...]
New Year’s honours 2017: The full rundown of the business community’s representatives on this year’s list December 31, 2016 The British business community was well represented on the New Years honours list, with entrepreneurs and executives featuring prominently amongst the more than 100 figures recognised for services to the industry and economy. Here's a run down of some the most notable business names who received the official seal of approval this year. Read more: Arise, Dame Inga – Lloyd's of [...]
At the close: FTSE 100 index closes higher as the oil price rises with banks’ and miners’ share prices including Anglo American and Glencore rising despite housebuilders and HSBC’s share price falling February 22, 2016 The FTSE 100 index closed higher today after the price of oil rose and there was a bounce-back in mining companies and banking shares. The UK's blue-chip index rose 1.47 per cent to 6,037 points, led higher by Glencore and Anglo American. "Rallying commodity prices from crude oil to copper have boosted the beaten up [...]