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Ministers eye £6bn Bradford & Bingley sale

Ministers eye £6bn Bradford & Bingley sale

Business
The Government is targeting a bigger-than-expected sale of mortgage loans taken on by taxpayers during the financial crisis amid continued doubt about the proceeds it will receive from its vast stake in Royal Bank of Scotland (RBS).Sky News has learnt that ministers are preparing to sell a £6bn portfolio of buy-to-let and residential mortgages, the vast majority of which were issued by Bradford & Bingley (B&B).Sources said that a smaller chunk of the loan-book being put up for sale relates to assets acquired from GMAC-RFC and Kensington Mortgages before the banking crisis emerged in the UK in 2007, when Northern Rock found itself unable to fund itself in wholesale financing markets.The Treasury had originally identified about £3bn of mortgages to be sold later this year, with Morga
Businesses fear a 'parliament in paralysis'

Businesses fear a 'parliament in paralysis'

Business
Business confidence has plunged because of the political uncertainty gripping the nation following the election, a lobby group has said.The hung parliament has triggered a "dramatic drop" in confidence, according to a survey by the Institute of Directors (IoD).A snap poll of its 700 members found a negative swing of 34 points in confidence in the UK economy since its last survey in May.The majority cited Brexit and growing concerns about the country's immigration system once Britain leaves the European Union as a priority issue for Theresa May's minority government to address.In particular, employers told the IoD that they were worried about a future talent drain and demanded clarity on the status of EU workers in the UK, coupled with a plan for a higher skilled domestic workforce.Video:'T...
May 'listening a lot harder' to business now

May 'listening a lot harder' to business now

Business
One of the country's top business spokesmen has said Theresa May's new Government is "listening a lot harder".Adam Marshall, director general of the British Chambers of Commerce, was speaking days after the Conservatives won the election but failed to win enough seats for a Commons majority.This has left the direction of Brexit negotiations in doubt, with some commentators saying that having to work more closely with other parties may force Mrs May towards a softer Brexit.Mr Marshall told Sky's Ian King Live programme: "I think perhaps over the past couple of months, my business communities have been very frustrated because they felt the economy wasn't front and centre in the election campaign."I think they know it's going to have to be front and centre now.":: Business leaders warn of sin...
BAE awarded contract for laser-guided rocket system

BAE awarded contract for laser-guided rocket system

Business
June 12 (UPI) -- BAE Systems has received a $ 181 million contract for the Advanced Precision Kill Weapons System, or APKWS, upgrade kits for the U.S. Navy."We're delivering ahead of schedule even with the growing demand," said Rachel Guill, director of Precision Guidance Solutions at BAE Systems, said in a press release. "Our APKWS rockets are critical to the mission success of our U.S. government and allied nation customers.""This high-quality, reliable product is easy to use and provides accurate strike capability at a fraction of the cost of other precision munitions."The APKWS is designed to be an upgrade kit for the standard Hydra 70 2.75 inch unguided rocket. The system provides laser guidance for the rocket, allowing it to perform precision strikes.The APKWS is designed to be very ...
RBS closes in on £3.5bn-plus US mortgage fine

RBS closes in on £3.5bn-plus US mortgage fine

Business
Royal Bank of Scotland (RBS) is closing on a multibillion-pound settlement with a US regulator over the mis-selling of toxic mortgage bonds - a deal that will remove one of the long-standing obstacles to the Government returning the lender to the private sector.Sky News has learnt that lawyers at RBS are in advanced talks with the Federal Housing Finance Agency (FHFA) about a deal that is almost certain to cost the state-backed bank more than $ 4.5bn (£3.5bn).A source in Whitehall said that the discussions had progressed sufficiently far to leave both sides hopeful that an announcement can be made in the next few weeks.The precise size and timing of the fine are still moving around and are subject to further negotiations, the sources said, with more detailed discussions said to have taken