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Royal Bank of Scotland says 2013 net loss hits £9.0bn

Britain's state-rescued Royal Bank of Scotland plunged into a near £9.0-billion loss last year on vast charges for litigation and the creation of a 'bad bank' division, it said Thursday. The lender, which is 81-percent owned by the government after a huge bailout during the global financial crisis, added it would seek to slash its cost base by another £5.3 billion in the coming years and warned of more "inevitable" job cuts. Losses after taxation ballooned to £8.995 billion ($15.0 billion, 10.9 billion euros) in 2013.

RBS to pay $920 million in bonuses for 2013: Sky News

(Reuters) - Royal Bank of Scotland <RBS.L> has received approval from Treasury agency UK Financial Investments to pay about 550 million pounds ($920 million) in staff bonuses for 2013, Sky News reported late on Tuesday. The news service said the bank is expected to disclose the proposed bonuses when it announces its annual earnings, estimated at a loss of about 8 billion pounds.

Tesco pins UK turnaround on price cuts and store revamps

By James Davey and Neil Maidment LONDON (Reuters) - Britain's Tesco <TSCO.L>, the world's third-largest retailer, is to focus on cheaper pricing as it relaxes its view on operating margins and steps up its store revamp program and investment in online and convenience channels.

Insurer RSA says mulling rights issue

British insurance firm RSA is mulling plans to raise fresh capital via a rights issue or share sale, it announced on Monday. The confirmation follows media reports it was set to launch a fundraising effort this week under new chief executive Stephen Hester, who was formerly boss of Royal Bank of Scotland. "RSA Insurance Group plc notes the recent press speculation regarding a potential rights issue," it said in a brief statement issued ahead of annual results due on Thursday.

British, Scottish cabinets clash on vital oil industry

The British and Scottish governments held rival cabinet meetings in Scotland's oil capital on Monday to stake their claims for the industry's future -- a key battleground in the independence debate ahead of a referendum in September. British Prime Minister David Cameron took his ministers from London to Aberdeen on Scotland's northeast coast, to announce investment plans for the North Sea oil and gas sector.

Vote rigging? UK PM visits North Sea oil platform

Prime Minister David Cameron visited a North Sea oil and gas rig Monday ahead of rival British and Scottish cabinet meetings on the future of the industry ahead of an independence referendum. The British premier flew by helicopter to the BP ETAP platform 217km (136 miles) off the Scottish east coast, in fossil fuel fields that are a major battleground in the campaign ahead of September's vote.

Construction delays in Petawawa force DND to scramble for Chinook shelter

OTTAWA - National Defence was left scrambling last summer to find shelter for its long-awaited CH-147F Chinook helicopters after construction of a new hangar and flight line at the garrison in Petawawa, Ont., slipped far behind schedule. Internal documents showed mounting concern last year as delays collided with the arrival schedule of the battlefield transports, which had been on order since 2006.

Construction delays in Petawawa force DND to scramble for Chinook shelter

OTTAWA - National Defence was left scrambling last summer to find shelter for its long-awaited CH-147F Chinook helicopters after construction of a new hangar and flight line at the garrison in Petawawa, Ont., slipped far behind schedule. Internal documents showed mounting concern last year as delays collided with the arrival schedule of the battlefield transports, which had been on order since 2006.

UK'S Ofcom investigating TNT Post complaint against Royal Mail

(Reuters) - Britain's Office of Communications (Ofcom) is investigating a complaint by the country's second-largest postal firm, TNT Post UK, against price increases planned by Royal Mail Plc for its wholesale mail contracts. Royal Mail said in January that it would increase tariffs on the contracts, used by 31 of its biggest wholesale customers, because of a decline in letter volumes. (http://link.reuters.com/zuw96v)

RBS to shed up to 30,000 jobs, shrink investment bank -sources

By Matt Scuffham LONDON (Reuters) - Royal Bank of Scotland <RBS.L> is to shrink its investment banking and international operations in a revamp in which the group could shed up to a quarter of its 120,000 workforce, sources familiar with the matter said. The part-nationalized bank has given in to demands from politicians that it focuses on lending to British households and businesses and maintains only a downsized investment banking business to service corporate clients, one source said.
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