Sunday, 25 August 2019

Business

RBS settles probe into toxic mortgages

Royal Bank of Scotland is to pay £4.2bn to settle claims it mis-sold billions of dollars-worth of toxic mortgage-backed bonds to Fannie Mae and Freddie Mac in the run-up to the financial crisis. In a long-awaited deal that helps RBS move on from its troubled past, the lender agreed to ...

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BMW workers accept revised pension deal

LONDON: BMW workers in the UK have accepted a revised offer over the closure of their final salary pension scheme, ending the threat of further strikes. The agreement follows a series of stoppages at plants making the Mini and Rolls Royce cars. More than 80% of members of the Unite ...

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BA throws support behind new Heathrow runway plan

LONDON: The owner of British Airways has thrown its support behind a new third runway plan for London’s Heathrow airport from the wealthy founder of the Arora hotel group who claims he can cut the price of the project by up to £7bn. “Arora’s Heathrow proposal is a welcome alternative ...

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UK House prices fall for third quarter running

LONDON: UK house prices have fallen for three quarters in a row for the first time since 2012, according to the Halifax. Prices in the period between April and June were 0.1% lower than they were in the previous three months. Prices in June fell by 1% from the month ...

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France to end sale of diesel and gasoline vehicles by 2040

PARIS: France aims to end the sale of gasoline and diesel vehicles by 2040 and become carbon neutral 10 years later, Ecology Minister Nicolas Hulot said on Thursday at a presentation of measures to keep up momentum on the Paris climate agreement. French President Emmanuel Macron wants to press ahead with ...

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EU and Japan reach free trade deal

PARIS: The European Union and Japan have formally agreed an outline free-trade deal. The agreement paves the way for trading in goods without tariff barriers between two of the world’s biggest economic areas. However, few specific details are known and a full, workable agreement may take some time. Two of ...

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UK-US trade deal talks to begin next month

LONDON: The UK will begin trade talks with the US over a new post-Brexit agreement on the 24 July, according to Secretary of State for International Trade Liam Fox. EU rules currently state that member states are not allowed to negotiate individual trade deals while remaining part of the bloc. ...

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Tesco axes 1,200 jobs at head office

LONDON: The supermarket giant informed affected staff on Wednesday morning about the cull, which amounts to a quarter of employees at offices in Welwyn Garden City and Hatfield. A number of jobs at a support centre in Bengaluru, India, will also be cut. Tesco is in the midst of a ...

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Sexual appeals in ads do not sell products: Study

Do partially or fully nude models in advertisements help in sale of products or brands? No, they do not is the flat conclusion of an analysis of nearly 80 advertising studies. “We found that people remember ads with sexual appeals more than those without, but that effect doesn’t extend to ...

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Uber chief executive Kalanick resigns as CEO

PARIS: Uber boss Travis Kalanick has resigned as chief executive after pressure from shareholders. Mr Kalanick will remain on the board of the ride-hailing firm, however. His resignation comes after a review of practices at the firm and scandals including complaints of sexual harassment. Last week he said he was ...

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