12082016Thu
Last update: Thu, 08 Dec 2016 05am

Business & Finance - Banking & Finance

RBS settles rights issue lawsuits at cost of 800mn      LONDON: Royal Bank of Scotland has settled legal claims with the majority of shareholders who alleged they were misled in the state-backed bank's ?12bn rights issue in 2008, and had already set aside 800m to cover the cost.  RBS said on Monday it had reached a full and final settlement with three of the five groups of investors who were pursuing lawsuits against it over the fundraising.  It is now trying to reach an agreement with the other two groups in order to avoid the case coming to trial in March 2017.  A lawsuit could see former bosses including Fred Goodwin and Tom McKillop called to testify.  Investors claimed in the lawsuits they were misled about RBS's financial strength when they participated in a ?12bn rights issue in April 2008. Six months later RBS had to be rescued in a ?45.5bn state bailout.  It is one of many past problems RBS is trying to put behind it that is hampering its recovery. ...


Business & Finance - Industries & Sectors

Norwegian Air to order more Boeing, Airbus planes      OSLO: Budget carrier Norwegian Air Shuttle plans to order more aircraft from Boeing and Airbus after its Irish subsidiary received long-awaited flying rights from US authorities, its Chief Executive told Reuters.  After a three-year application process, the US Transportation Department granted those rights on Friday, setting the stage for a new battle among airlines for leisure travellers across the Atlantic.  "There is no doubt we'll need even more planes after this," Bjoern Kjos said in an interview on Monday, adding that ...

Business & Finance - Banking & Finance

Nigeria central bank to auction dollars for fuel import         LAGOS: Nigeria's central bank has asked banks to submit bids for a "special currency auction" targeting fuel importers to meet demand for matured letters of credit, traders said on Monday.  Traders said the central bank sent a message to banks on Monday to submit backlog dollar demand from fuel importers by 1500 GMT for a special intervention.  Nigeria consumes 45 million litres of gasoline a day, or roughly 280,000 barrels, which would require the market to provide some $18 million a ...

Business & Finance - Industries & Sectors

RBS says to pay $1.0bn over toxic rights issue claims LONDON: Royal Bank of Scotland pledged Monday to pay up to $1.0 billion (950 million euros) to settle cases linked to a controversial 2008 shares sale conducted just before its state bailout.RBS, which is still 73 percent owned by the British government, said in a statement it has reached a "final settlement" with three out of the five investor groups bringing compensation claims against it over the matter.The Edinburgh-based lender has offered to pay up to #800 million to resolve all the ...

Business & Finance - Banking & Finance

RBS settles with majority of claimants over 2008 share issue LONDON: Royal Bank of Scotland  said on Monday that it had settled legal claims with the majority of shareholders who had alleged they were misled when they took part in the bank's 2008 12 billion pound ($15.23 billion) rights issue.The state-backed bank said it has reached a full and final settlement with three of the five groups of investors who were pursuing lawsuits against it over the ill-fated cash call. RBS is now trying to reach an agreement with the other ...

Business & Finance - Industries & Sectors

VW bosses forced to pay back private jet costs         FRANKFURT AM MAIN: Bosses at troubled German auto giant Volkswagen have been forced to pay the company back millions of euros for flights on its private jets, the Bild am Sonntag newspaper reported Sunday.For years members of the group's executive board were offered flights aboard its fleet of private jets at or below the price of a commercial trip.But by 2014 directors' use of the planes for personal travel -- including family holidays -- had grown so extensive that Ferdinand Piech, then ...

Business & Finance - Banking & Finance

EU banks at risk from bad loans, low profit: regulator LONDON: The greatest risks facing European Union banks are high levels of bad loans and lower profitability, the bloc's financial regulator said in a report Friday.The European Banking Authority said that while EU-wide lenders had strengthened their capital buffers, technology-related risks were increasing amid lingering litigation concerns.Presenting its ninth report on "risks and vulnerabilities in the EU banking sector", the EBA pointed to "high levels of non-performing loans (NPLs) and sustained low profitability" as being the main risks.But it said that overall, ...