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LON100:RBS, Jul 17, 07:34 UTC

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Wednesday, July 10


News

What to Watch: Superdry slump, PageGroup hit by hiring slowdown, and RBS' Libra talks

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Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:. Beleaguered fashion chain Superdry (SDRY.L) announced on Wednesday that pre-tax profits fell by almost 57% to £41.9 million in its most recent financial year, just three months after founder Julian Dunkerton won his six-month battle to rejoin the company. The company, which had signalled that earnings would be below market expectations with three profit warnings in eight months, pointed to the “difficult trading landscape for most fashion retailers,” saying that “unseasonably warm weather” led to declining sales. Kelvin Stagg, chief financial officer of Page, said: “It is clear that macro-economic conditions in a number of our regions are becoming more challenging, and, as such, we currently expect 2019 operating profit to be towards the lower end of the range of current market forecasts.”.

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Tuesday, July 09


News

Royal Bank of Scotland 'in discussions' with Facebook about Libra

RBS RBS +1 more RBS RBS FB

Royal Bank of Scotland (RBS.L) has held talks with Facebook (FB) about its new cryptocurrency Libra and is exploring ways it could possibly work on the project. Kevin Hanley, RBS’s head of innovation, told journalists on Tuesday: “We’re in discussions with Facebook around Libra and what it might be and where it might go.”. Each have committed to pay $10 million to the non-profit Libra Association, which will govern and run the project. However, none of the founding members of the Libra Association are banks, which has led to speculation that banks are avoiding the project. I think their thinking around Libra is still relatively early in its inception as well.”. When asked for comment by Yahoo Finance UK a Facebook spokesperson pointed to a recent quote from David Marcus, the Facebook executive responsibile for Libra.

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Sunday, July 07


News

Is the RBS share price a FTSE 100 steal or disaster waiting to happen?

RBS

A quick glance at the RBS (LSE: RBS) share price will tell you the stock is cheap. Indeed, at the time of writing, my research tells me shares in this bank are changing hands at a price to tangible book value of just 0.7 and a forward P/E of 7.7. Based on analyst forecasts, the stock is also offering a forward dividend yield of 6.6%. However, while these metrics might look attractive, this isn’t the first time the RBS share price has appeared undervalued. Indeed, for the past five years, the stock has looked attractive from various perspectives even though it has been in the midst of a brutal restructuring programme. So the question I’m going to try and answer today is, can investors finally trust RBS, does the share price offer value at current levels, or is it a value trap?

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Friday, July 05


News

Royal Bank of Scotland Report on Jobs

RBS RBS

On a positive note, the trend in Scotland contrasted with the UK overall, where permanent placements declined for the fourth month running. However, momentum was lost north of the border, with the expansion modest and easing to a three-month low. For the first time since December 2017, temp billings in Scotland fell during June. Although the decline was only mild, it was a stark contrast to some of the sharp increases seen earlier in the year. Marginal growth in short-term staff billings was recorded for the UK on average. Starting salaries awarded to new permanent joiners rose strongly, but the rate of inflation was little-changed when compared to the preceding two months and in line with the average across 2019 so far. A similar trend was recorded for temporary pay rates, which grew markedly and at a similar pace to May. As has been the case since March 2012, permanent candidate availability in Scotland deteriorated in June.

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Wednesday, July 03


News

Investor frustrations build as RBS grapples with excess capital conundrum

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LONDON, July 3 (Reuters) - Just over a decade after fending off insolvency, taxpayer-backed Royal Bank of Scotland is struggling with an unfamiliar dilemma: how to effectively deploy billions of pounds of excess capital on its balance sheet. The government now appears to be dragging its feet on disposals, frustrating some private shareholders and knocking the bank's privatisation ambitions off-course. Some investors and analysts are now speculating that a new Chancellor, expected to be appointed by the new leader of the ruling Conservative Party later this month, could review the government's stance on fresh RBS sales. "We are continually growing capital so by the end of the year will be in an even better or even worse position, depending on how you look at it. So figuring out how we get that capital back to taxpayers is for us, a really big focus." While the bank sits on cash it would ideally like to give back to the government, investors face accepting lower returns on their equity. The recent sale of a 40% stake in Saudi bank Alawwal boosted RBS's core capital ratio by 60 basis points to 16.8%, compared with a target of 14%. But unlike most blue chip companies, returning excess capital through hiked dividends or share buybacks is not a straightforward matter for RBS while it remains majority government owned.

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Friday, June 21


News

Every little helps as RBS goes shopping for Tesco mortgages

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(c) Sky News 2019: <a href="http://news.sky.com/story/every-little-helps-as-rbs-goes-shopping-for-tesco-mortgages-11746329">Every little helps as RBS goes shopping for Tesco mortgages</a>Sky News21 June 2019, 13:36 UTC. Sky News has learnt that RBS‎ is among the initial bidders for the supermarket giant's home-loan portfolio, which it said last month that it would sell as part of an exit from Britain's mortgage market. If RBS succeeded in buying the assets, it would mark RBS's largest acquisition since its £45.5bn taxpayer bailout in 2008 led to it becoming one of the world's biggest beneficiaries of government support during the financial crisis. It has been a prolific seller of assets, with dozens of disposals ranging from loan portfolios to a stake in Worldpay, the payments processor, its US bank Citizens and Direct Line Group, the insurer which is now a FTSE-100 company. Ironically, the advent of ring-fencing for the UK's biggest lenders, a key structural reform designed to make banks safer, is among the factors that have prompted banks' mortgage pricing to become more competitive, making it harder for challenger banks to make inroads into the market.

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News

Is the RBS share price a FTSE 100 bargain or a value trap?

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Is the RBS share price a FTSE 100 bargain or a value trap? Fool.co.uk21 June 2019, 12:36 UTC. As a Lloyds Banking Group shareholder, I keep an eye on where all of our banking shares are going, especially Royal Bank of Scotland (LSE: RBS) which was also bailed out by taxpayers. Admittedly, Lloyds and Barclays (LSE: BARC) shares are also down, by 11% (against the FTSE 100‘s 1.5% gain over the same period), buy why is RBS apparently falling out of favour so badly? Speaking of the balance sheet, RBS shares are trading on a significant discount to net asset value per share, and to me that adds another measure of undervaluation. Forecasts for the UK’s banks are modest right now, and we could see them take a turn for the worse should the UK crash out of the European Union without a deal — and with Boris Johnson looking the firm favourite to take over as PM, that potentially disastrous outcome is being tipped by many now as the most likely.

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Tuesday, June 18


News

Natwest appoints former Circle executive as Mettle CEO

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Natwest appoints former Circle executive as Mettle CEO. LONDON, June 18 (Reuters) - Natwest, owned by Royal Bank of Scotland, has appointed Marieke Flament as Chief Executive of Mettle, its new digital bank for small businesses, Natwest said on Tuesday. Flament previously worked as European managing director at Circle, which offers individuals and institutions a platform to trade and make payments using cryptocurrencies. What to read next.

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Monday, June 17


News

RBS expects capital boost from Saudi bank merger

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Royal Bank of Scotland Group PLC (RBS.LN) said Monday that the completed merger of Alawwal Bank (1040.SA) and Saudi British Bank (1060.SA) will boost its capital and eventually facilitate the sale of its interest in the combined lender. RBS previously held a minority stake in Alawwal, which completed its merger on Sunday with Saudi British Bank to create the third-largest lender in Saudi Arabia. RBS said the merger would increase its Common Equity Tier 1 capital ratio--a key measure of balance-sheet strength--by 60 basis points compared with its position as of March 31. "We are pleased that this merger has now concluded; it will help facilitate the future exit of our shareholding as we continue to focus on our key target markets. The release of capital will also have a positive and material financial impact for RBS," RBS Chief Executive Ross McEwan said.

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Sunday, June 16


News

RBS says Saudi bank merger boosts its core capital

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RBS, through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank. RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of 400 million pounds and a reduction in risk weighted assets of 4.7 billion pounds. RBS, which was rescued in 2008 with a 45.5 billion pound capital injection by the British government, has been shrinking its overseas operations since the financial crisis to focus on its UK lending operations.

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