Leaders of Asia-Pacific economies have failed to agree a communique at a summit in Papua New Guinea after a war of words between the US and China over trade and investment.

Facebook has found itself drawn into an escalating political row in Sri Lanka as opposition MPs accuse the ruling party of using data to launch a crackdown.

Theresa May will step up her fightback against moves by Conservative MPs to oust her with a hard-hitting speech to business leaders on immigration.

Nick Collier is to become the City of London Corporation’s key representative in Brussels after Brexit – Reports Sky News

Banking and housebuilding stocks remain under pressure as businesses exposed to the UK economy continue to feel the heat from the ongoing political crisis over Brexit.

 

Amazon says its new second headquarters will be split between New York City and Arlington, Virginia – ending months of speculation.

An investigation by cyber security firm Symantec has now uncovered that the North Korean government is stealing tens of millions of dollars by hacking into banks and forcing ATMs to dispense cash to mules.

FINANCE TOP STORIES

US finalises $4.9 bn fine on RBS over conduct during financial crisis

Edinburgh-based RBS committed a variety of ills associated with the underwriting and packaging of sub-prime loans into securities that became toxic in the US housing bust, according to US officials

Britain’s Royal Bank of Scotland will pay US$4.9 bn towards settling the charges it faces, on  misleading investors on mortgage-backed securities ahead of the financial crisis,stated the US Justice Department announced on Tuesday.

The Edinburgh-based RBS committed a variety of ills associated with the underwriting and packaging of sub-prime loans into securities that became toxic in the US housing bust, US officials said.

“Many Americans suffered lasting economic harm as a result of the 2008 financial crisis,” said acting Associate Attorney General Jesse Panuccio.

“This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis, and it sends an important message that the Department of Justice will pursue financial institutions that illicitly harm the American economy and our consumers.” He added.

A final settlement was expected in May after RBS disclosed a preliminary deal with the Justice Department. A statement by the Justice Department  accused RBS of failing to disclose loan risks to investors; waiving standards in a way that allowed bad loans to be included in securities packages; and providing loan data to investors that gave a false impression that the loans were less risky than they really were.

These offences are “allegations only, which RBS disputes and does not admit,” the Justice Department stated.

Last year, in a settlement with the Federal Housing Finance Authority over the same matter, the bank agreed to pay $5.5 bn.

The fine is the latest following billions of dollars in penalties on major banks across the globe, over their conduct ahead of the financial crisis.

-GBO Correspondent

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