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Police probing controversial RBS division

Police probing controversial RBS division

Business
Police in Scotland are looking into allegations a controversial division of Royal Bank of Scotland (RBS), set up to restore struggling companies to health, broke the law in its dealings with them.More than 90% of the firms put into RBS' Global Restructuring Group (GRG), established after the financial crisis, are understood to have suffered "inappropriate action" against them by the bank, according to a Financial Conduct Authority (FCA) report leaked in August.Police Scotland says it is a scoping exercise that has been under way for several months, rather than an investigation, but they are assessing the allegations for criminality.In a statement, the force said: "Police Scotland can confirm that they have received reports regarding The Royal Bank of Scotland and that enquiries are ongoing...
Government borrowing at lowest September level for 10 years

Government borrowing at lowest September level for 10 years

Business
Britain saw its smallest budget deficit for any September in the last 10 years, according to official figures.Last month's deficit stood at £5.902bn, down almost 11% compared with the same month last year, the Office for National Statistics (ONS) said.With many economists having forecast a deficit of about £6.5bn, the news will be a boost for Chancellor Philip Hammond ahead of next month's Budget.The deficit for August was also revised down by about £1bn to £4.716bn September's figures marked the third straight month in which UK public finances were better than analysts had forecast.The ONS said public sector net debt, excluding state-owned banks, had increased by £145.2bn since September last year to £1,785.3bn, equivalent to 87.2% of gross domestic product.A Treasury spokesman said: "Whi
GA-ASI in cooperative agreements with South Korean entities

GA-ASI in cooperative agreements with South Korean entities

Business
Oct. 19 (UPI) -- General Atomics Aeronautical Systems Inc has signed agreements for collaboration with South Korean entities for remotely piloted vehicles.The agreements were signed with Huneed Technologies Co. Ltd and the Korean Advanced Institute of Science and Technology this week at the aerospace and defense exhibition in Seoul, South Korea.Under a Memorandum of Understanding with Huneed Technologies, the two companies will look to identify common areas of technology, manufacturing, and strategic interests.The execution of this MOU positions Huneed to become a key in-country strategic supplier for GA-ASI in Korea.The MOU with the Korean Advanced Institute of Science and Technology gives GA-ASI opens the door for better understanding of the civil airspace environment of South Korea its ...
Maintenance period drags Norwegian oil production lower

Maintenance period drags Norwegian oil production lower

Business
Oct. 19 (UPI) -- Oil production from Norway last month was far lower than expected, but still above figures from last year, a government agency said Thursday.The Norwegian Petroleum Directorate reported lower sales and lower production, based on preliminary data for September. Preliminary data show oil production was 1.44 million barrels of oil per day, which was about 11 percent lower than expected."The oil production was below the forecast in September due to maintenance work on some fields," the NPD's monthly report read.Preliminary data for September shows a gain over last year of 3.6 percent. Final figures from August show an average daily rate for oil production at 1.56 million bpd. Total discovered and potential resources are up more than 40 percent since 1990.Norway is one of the l...
Four million consumers 'in difficulty' – study

Four million consumers 'in difficulty' – study

Business
More than four million UK consumers have missed bill or loan payments in three or more of the last six months, according to a study by the City watchdog.The study by the Financial Conduct Authority (FCA) found that 8% were "in difficulty", while a further 27% were said to be "just about surviving".Younger consumers and renters were among the most financially stretched, according to the FCA's wide-ranging Financial Lives Survey of 13,000 people aged 18 and over.The study gave an insight into levels of financial vulnerability at a time when inflation is at a five-year high and interest rates look set to rise for the first time in a decade.Chris Woolard, the FCA's executive director of strategy and competition, said: "We are in a situation where it's fair to say that there is a significant gr...