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Treasury in US talks to speed up huge RBS fine

Treasury in US talks to speed up huge RBS fine

Business
The Treasury has held secret talks with‎ US officials aimed at accelerating a multibillion fine for Royal Bank of Scotland (RBS) that would finally draw a line under its pre-bailout misconduct.Sky News has learnt that officials from the Treasury were due to discuss earlier this week the progress of settlement negotiations between RBS‎ and the Department of Justice (DoJ) over the mis-selling of residential mortgage-backed securities (RMBS).The talks were scheduled just days before the state-backed lender is expected to report its tenth consecutive annual loss - depending upon whether it takes another big charge for the impending DoJ fine.A senior City insider said this weekend that discussions between the Treasury and US officials were aimed at expediting a final penalty for the bank, which
MP: Fine facebook for prescription drugs sites

MP: Fine facebook for prescription drugs sites

Technology
Facebook should be fined if it doesn't take down illegal and inappropriate material, the chair of a parliamentary committee has told Sky News.Damian Collins MP, chair of the digital, culture, media and sport committee, said that a Sky News investigation into the illegal sale of prescription drugs on Facebook was "incredibly serious".Mr Collins told Sky News: "There should be an obligation for these companies to act against that sort of content and material."And if they refuse to do that or simply don't have the resources in place to do it - and no one can believe that companies like Facebook can't afford to have the resources in place to combat this material - then I think we should look at the idea of some sort of fines for companies failing to act."The Sky News investigation revealed doz...
EU hits Google with $2.7B fine for abusing weaker rivals

EU hits Google with $2.7B fine for abusing weaker rivals

Technology
European regulators fined Google a record 2.42 billion euros ($ 2.72 billion) for abusing its dominance of the online search market in a case that could be just the opening salvo in Europe's attempt to curb the company's clout on that continent. The decision announced Tuesday by the European Commission punished Google for unfairly favoring its own online shopping recommendations in its search results. The commission is also conducting at least two other probes into the company's business practices that could force Google to make even more changes in the way it bundles services on mobile devices and sells digital advertising. Even so, Europe's crackdown is unlikely to affect Google's products in the U.S. or elsewhere. But it could provide an opportunity to contrast how consumers fare when ...
Google hit with record EU fine over Shopping service

Google hit with record EU fine over Shopping service

Technology
Google has been fined 2.42bn euros ($ 2.7bn; £2.1bn) by the European Commission after it ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.The amount is the regulator's largest penalty to date against a company accused of distorting the market.The ruling also orders Google to end its anti-competitive practices within 90 days or face a further penalty.The US firm signalled it may appeal.However, if it fails to change the way it operates the Shopping service within the three-month deadline, it could be forced to make payments of 5% of its parent company Alphabet's average daily worldwide earnings.Based on the company's most recent financial report, that amounts to about $ 14m a day."When you shop online, you want to find the
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