RBS court case adjourned for third time

RBS logo Image copyright Getty Images

Lawyers representing 9,000 Royal Bank of Scotland shareholders have been granted another adjournment in a court case that was meant to start on Monday and has already been delayed twice.

Separate factions within the shareholder group are understood to be unable to agree whether to accept an improved offer to settle claims they were misled about the strength of the bank's finances when asked to pump in more money in 2008, months before RBS nearly collapsed.

Judge Robert Hildyard adjourned the case until 7 June, but warned this would be the final chance to reach an out-of-court settlement. He said the two sides must inform him whether a settlement has been reached by 1 June.

The judge said he understood that it was "an exceptional case with exceptional logistical problems", but added: "We must have certainty one way or the other. The court must know whether the matter is to proceed or not."

He had already expressed his impatience at the delays.

Read full article RBS court case adjourned for third time

Fred Goodwin's day in court looking unlikely

Fred Goodwin Image copyright Reuters

The chances of seeing Fred Goodwin, the disgraced former boss of Royal Bank of Scotland, explaining in open court how he led the bank to disaster are rapidly receding.

Many people - not only journalists - will be disappointed.

Read full article Fred Goodwin's day in court looking unlikely

May's social care pledge could be huge wealth tax

Theresa May holds the Conservative party's election manifesto Image copyright Danny Lawson
Image caption Theresa May's Conservative party manifesto includes a complex shake-up of social care

The fizz in the Conservative Club gin and tonics may taste a little flat this weekend as folks realise that they have just been hit with potentially the biggest new wealth tax of all time.

The Tory manifesto pledge to use accumulated property wealth to fund the escalating price of in-home social care bill will be welcomed by many as a bold attempt to tackle one of the greatest problems of our age. Others will see it as a huge and risky departure from traditional Tory policy.

Read full article May's social care pledge could be huge wealth tax

Screaming into the void - business finds no-one is listening

City of London Image copyright Oli Scarff/Getty Images

With an election three weeks away, it would be normal to start seeing letters in national newspapers from the chief executives of the UK's biggest companies setting out their priorities for the next government.

A helpful reminder from the commercial powers that be that it is businesses, not government, that create prosperity, and their needs should be high on any political party's agenda.

Read full article Screaming into the void - business finds no-one is listening

Lloyds settles taxpayer tab

Lloyds Bank logo Image copyright Getty Images

Lloyds banking group has finally settled its tab with the taxpayer.

The government sold its last shares today, nine years after it sank a total of £20bn into the beleaguered lender in the depths of the financial crisis.

Read full article Lloyds settles taxpayer tab

Labour's draft manifesto through a business lens

Railway tracks Image copyright PA
Image caption Britain's railway track is already quasi-nationalised through Network Rail

So how radical is Labour's draft manifesto really?

On the face of it, it looks like the root and branch reversal of 40 years of government policy. But let's take a moment to see how radical, how do-able, these proposals really are from a business, rather than a public finance, perspective.

Read full article Labour's draft manifesto through a business lens

Does Theresa May's energy cap fit?

Ratcliffe on Soar power station Image copyright Getty Images

Theresa May has decided that an energy cap fits her political purpose and has confirmed she will wear it into this election campaign.

It's a striking departure for a Conservative Party that branded Ed Miliband's attempt to intervene in the energy markets in 2013 a "dangerous idea".

Read full article Does Theresa May's energy cap fit?

EU launches new raid on the City

Great Barrier Reef Image copyright AFP
Image caption Reef life may include sharks

The EU Commission is mounting another attempt to steal trillions in trading business from London by insisting that euro denominated deals should be settled in the EU.

After Brexit, that would obviously exclude London where the vast majority is currently done.

Read full article EU launches new raid on the City

What are auditors for?

Rolls-Royce factory Image copyright Getty Images

It was perhaps inevitable that after Rolls Royce was hit with the biggest fine in the history of the Serious Fraud Office, attention would turn to who else knew about the murky goings on at the engine maker.

Earlier this year Rolls-Royce paid a total of £671m in fines (including £498 million to the SFO) and apologised after it was found to have paid millions in bribes over decades to middlemen to secure orders.

Read full article What are auditors for?

Barclays shareholders rally behind beleaguered boss

  • 28 April 2017
  • From the section Business

Getting rid of Barclays chief executive Jes Staley would be bad for Barclays and bad for UK banking.

That's the view of some current and former shareholders who tell me that not only would Barclays suffer if the US boss was pushed out during his so-far successful turnaround of the 360-year-old bank but also, weakening the UK's last major investment bank would be bad for the entire UK financial landscape.

Read full article Barclays shareholders rally behind beleaguered boss