The community was launched by real-estate developer Emaar Properties on Tuesday
uae1 hour ago
Reporting a drop in first-half operating profit, RBS said it was co-operating with governments and regulators which are investigating the role of a number of banks in the setting of Libor and other inter-bank lending rates.
“The Libor situation is a stark reminder of the damage that individual wrongdoing and inadequate systems and controls can have in terms of financial and reputational impact,” chief executive Stephen Hester said.
RBS said it was being investigated by regulators in the United States, Britain and Japan and by competition authorities in Europe, the United States and Canada. However, it was not possible to measure reliably what effect the inquiries would have, including the timing and amount of fines or settlements. “I think that the regulators must decide how they want to deal with the situation,” Hester told reporters on a conference call. He added that he believed the Libor issue had been a result of “wrongdoing by individuals” rather than a “systemic problem” within the industry.
The announcement marked the first time RBS has confirmed it fired staff for misconduct in the Libor scandal, which has already cost Barclays chief Bob Diamond his job. RBS has declined to name the dismissed staff. However, sources with knowledge of the matter said last month that RBS had fired four traders. They said Tan Chi Min, Paul White, Neil Danziger and investment adviser Andrew Hamilton were sacked at the end of last year.
RBS reported a first-half operating profit of £1.83 billion [$2.8 billion], down from £1.97 billion in the same period last year. The bank made a statutory pretax loss of £1.5 billion, which included a £2.9 billion accounting loss due to a rise in the value of its own debt.
Shares in RBS were up 4.6 per cent to 213.8 pence in mid-morning trading.
The community was launched by real-estate developer Emaar Properties on Tuesday
uae1 hour ago
The successful launch of the JSS PS Theatre Lounge marks a significant step forward for JSS PS's commitment to sustainability education
kt network1 hour ago
Nine were wounded, including two who were in critical condition
mena2 hours ago
India's weather bureau has warned of 'severe heatwave conditions' this week, with the mercury reaching the sizzling peak of 47.4℃
asia2 hours ago
Community members may visit the mission over the next two days
uae3 hours ago
LuLu aims to create a conducive environment for SMEs to succeed and contribute to the vibrant business landscape of Dubai in partnership with Dubai Economy and Tourism
kt network3 hours ago
There were no reports of a tsunami threat, injuries, or major damage
asia3 hours ago
PIF will become the 'first-ever naming partner of the WTA Rankings'
tennis3 hours ago