Daily Archive: June 7, 2017

Jun
07

Relieved RBS bosses should spare a thought for the claimaints

Royal Bank of Scotland’s abrasive tone, and its seemingly freewheeling approach to racking up legal fees, have felt wrong

Now we know: Royal Bank of Scotland’s rights issue in 2008 wasn’t a £12bn cash call, it was a £13bn affair. The extra £1bn is how much Fred Goodwin’s successors have spent settling and fighting claims from irate retail investors who thought the rights issue document was misleading.

The latest settlement with RBS Action Group, worth about £200m, will probably bring an end to the process. One can’t yet say so definitively, because some claimants outside the group haven’t formally accepted, so the judge left the door ajar for a trial. But the diehards have only limited time in which to demonstrate they have the funds to continue, so a revival of proceedings is a long shot. Goodwin and three other former RBS directors can breathe more easily. They probably aren’t going to be called as witnesses.

Related: Santander rescues Spain’s failing Banco Popular from collapse – business live

Continue reading…

Jun
07

OECD: outlook for global economy is ‘better, but not good enough’

Thinktank forecasts UK will suffer Brexit-related slowdown and calls for end to austerity

Rising inflation and weak wage growth will leave Britain rooted to the bottom of the league table for living standards among the west’s richest countries in 2018, the Organisation for Economic Co-operation and Development has warned.

In the last piece of economic news before the general election, the Paris-based thinktank said the next government would spend the first 18 months of the next parliamentary term presiding over a severe squeeze on real incomes.

Related: Business Today: sign up for a morning shot of financial news

Continue reading…

Jun
07

Kansas abandons massive tax cuts that provided model for Trump’s plan

State legislature rolls back Republican governor’s ‘terrible experiment’Deep cuts had left the state with a $1bn budget hole and low growth

Kansas has rejected the years-long tax-cutting experiment that brought its governor, Sam Brownback, to international attention and provided a model for the Trump administration’s troubled tax plans.

In a warning shot to the Trump administration, even Brownback’s fellow Republicans voted to override his veto of a bill to reverse many of the tax cuts he championed as a way to spur entrepreneurs and the economy, but which have left the state with a $1bn hole in its budget.

Related: ‘We are a cautionary tale': Kansas feels the pain of massive Trump-style tax cuts

All factions of the #ksleg – cons, mods and progs – voted to unwind Sam’s march to zero madness. Your voices were heard tonight, Kansans!

Continue reading…

Jun
07

You can’t trust Theresa May – and Liar Liar’s success shows millions agree | Captain Ska

Despite a media blackout, we’re at No 4 in the UK charts, with over 2.5m views on YouTube. It looks like young people are into political music after all

Six months after the coalition government came to power, the first version of Liar Liar was written out of a deep frustration with austerity politics. David Cameron promised that “we’re all in this together” – but the aggressive cuts to public services coupled with banker bailouts told another story. We wanted to put the anger of many Britons to a beat and become an outlet for protest, while providing levity and solidarity in grim times.

Liar Liar is an anomaly in the charts – no tantalising sexual lyrics, and Tory politicians in the video

Related: ‘She’s a liar, liar’: anti-Theresa May song heads to top of charts

Continue reading…

Jun
07

How the K.G.B. Started the War That Changed the Middle East

Misinformation and misdirection from Moscow helped push Israel, Egypt and Syria beyond the brink.

Older posts «