UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
Michael Kugelman from the U.S.-based Wilson Center says other issues take precedence in the bilateral dialogue between the United States and Pakistan — namely, Afghanistan and...Asia Politicsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
Royal Bank of Scotland (RBS) reported a total pre-tax profit of £1.27 billion ($2.03 billion) in the third quarter, thanks to previously underperforming loans in Ireland being revalued.
The bank, which is 80 percent owned by the U.K. taxpayer, has set aside £400 million to cover expected fines related to allegations its traders conspired to rig foreign exchange rates. A further £380 million provision has been made to cover other overhanging scandals, like payment protection insurance (PPI) mis-selling.
Rival Barclays on Thursday announced it had set aside £500 million for the same purpose. The two banks are just two of several currently negotiating a settlement with U.K. authorities.
During the same quarter last year, RBS made a pretax loss of £634 million.
The improvement in performance has happened partly because of improved economic performance in the U.K. and Ireland. Assets of RBS's Ulster Bank, once viewed as a likely candidate for sale, have been revalued and debts which were previously seen as write-offs seem to be more viable.
Ross McEwan, chief executive of RBS, confirmed: "Ulster Bank remains a core part of our bank."
RBS recorded a total net loan impairment release (a measure of loans which have been written down, then revalued upwards) of £803 million, in the third quarter, £714 million higher than in the three months to June 30.
The bank has also embarked on a program of selling off or spinning off assets, including the initial public offering of U.S. retail business Citizens in September, which should help raise its ratio of capital to riskier assets.
Its leverage ratio, under the Basel banking regulations, improved to 3.9 percent - but this is slightly less than the anticipated 4 percent which the Bank of England is expected to want from its stress tests later in the year.
RBS passed euro zone stress tests earlier this week.