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Last update: Wed, 31 Aug 2016 03am

Business & Finance - Banking & Finance

RBS to relive unpleasant memories as investor lawsuit looms LONDON: At an English country mansion last month, lawyers for Royal Bank of Scotland (RBS) sat down with representatives of angry shareholders to broker an end to what may end up being the costliest case in British legal history. The meeting at The Grove, an 18-century estate near London that served as the secret World War Two HQ for Britain's biggest railway company, was convened to persuade investors to drop claims they were misled into stumping up 12 billion pounds ($16 billion) just a few months before the bank's bailout in 2008. But the low-profile gathering came to nought, an outcome that could have huge implications for Royal Bank of Scotland's recovery as it risks adding up to 6 billion pounds to the lender's litigation bill, lawyers said. Once a small Scottish retail bank, RBS staged a meteoric rise to global prominence over two decades with an aggressive expansion that ...


Business & Finance - Managed Funds

Portugal's bond yields recede from 3-week high as rating fears ebb LONDON: Portugal's 10-year bond yield edged back from a three-week high on Monday after the country passed a ratings test that soothed concerns it could be on the brink of a potentially catastrophic downgrade. The move marked a modest recovery from last week's biggest jump in yields in nearly four months after DBRS, the agency that holds Lisbon's only investment grade rank - which it needs to qualify for the European Central Bank's bond-buying scheme ...

Business & Finance - Managed Funds

Yields fall as Yellen speech in focus for rate view NEW YORK: US Treasury prices gained slightly on Monday as investors waited on a speech by Federal Reserve Chair Janet Yellen on Friday for any new indications on when the US central bank will next raise interest rates.Yellen is in focus with no major US economic data due until Friday's second read of gross domestic product for the second quarter.Fed Vice Chairman Stanley Fischer said on Sunday that the Fed is close to hitting its ...

Business & Finance - Industries & Sectors

Mercedes' China H2 sales may slow as new E-Class output raised: Daimler BEIJING: Mercedes-Benz sales in China may slow in the second half of 2016 while the company ramps up production of its new E-Class model, Daimler's China head said on Monday.Hubertus Troska said he does not expect local production of the new E-Class to reach full capacity until the fourth quarter of 2016. He was speaking at a media roundtable in Beijing at the China launch of the new E-Class Long Wheelbase.China sales for Mercedes-Benz were ...

Business & Finance - Industries & Sectors

Sony to launch two versions of PS4 next month Good news for all the Play Station gamers, Sony is set to introduce two versions of its Play Station 4 gaming console very soon. The Japanese tech giant previously announced in June that it would launch an enhanced version of PS4, along with plans to introduce a new PS4 standard model in New York’s press event on September 7, reported The Wall Street Journal. The move comes as the company seeks to attract more users ...

Business & Finance - Industries & Sectors

EON spin-off Uniper plans September flotation FRANKFURT: Executives at Uniper, a spin-off business uniting German energy giant EON's fossil fuel operations, said on Monday the new firm is in good shape for a September stock market debut."We are very close to the goal," chief executive Klaus Schaefer told journalists on a conference call.Uniper expects to publish its prospectus in early September for a mid-month flotation, he said.EON -- Germany's largest energy company -- announced the creation of Uniper two years ago ...

Business & Finance - Industries & Sectors

VW says cuts 28,000 workers' hours over supply woes FRANKFURT: German auto giant Volkswagen said on Monday it would halt production at six plants for several days as a legal dispute with two key suppliers deepened.Around 27,700 workers at factories in Emden, Zwickau, Kassel, Salzgitter, Brunswick, and the firm's home base of Wolfsburg would see their work hours slashed by the end of August, the group said in a statement.VW had been forced to take the drastic measures at the factories that produce some ...