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RBS agrees £3.65bn settlement over risky mortgages in US

Royal Bank of Scotland has agreed a £3.65bn ($4.75bn) settlement for its role in the sale of risky mortgage products in the US before the financial crisis. The settlement is with the US Federal Housing Finance Agency, which oversees the secondary mortgage market. A separate deal with the Department of ...

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John West owners to improve tuna fishing methods

Thai Union, which owns the John West tuna brand, said it will improve its fishing practices in the wake of a global campaign by Greenpeace. It plans to reduce tuna fishing methods that harm wildlife and catch sharks, turtles and young fish accidentally. The firm promised to make it easier ...

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Gay man wins case for equal pension rights

A gay man has won a landmark ruling which will give his husband the same pension rights as a wife would receive. The Supreme Court unanimously ruled that if John Walker, 66, dies, his husband is entitled to a spouse’s pension, provided they remain married. The ex-cavalry officer suffered a ...

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UK unemployment drops to 1.49m

UK unemployment fell by 64,000 to 1.49 million in the three months to May, official figures show. It meant the unemployment rate fell to its lowest since 1975, at 4.5%, the Office for National Statistics (ONS) added. But wage increases continued to fall further behind inflation. Excluding bonuses, earnings rose ...

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FCA: More taking out drawdown pensions without advice

More people are taking out so-called drawdown pensions without taking advice, the City regulator has warned. The Financial Conduct Authority (FCA) said 30% of consumers go in to drawdown without getting guidance. That compares with just 5% before the pension freedoms were introduced in April 2015. It also says that ...

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Burberry sales helped by Chinese demand

Burberry has reported increased sales in the three months to June, helped by demand from China. The fashion retailer started the 2017-18 year with a 4% increase in like-for-like sales. In China sales growth was in the “mid-teens”. It is the first set of results to be reported under new ...

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Tesco-Booker deal to face in-depth competition probe

The proposed purchase by supermarket giant Tesco of wholesaler Booker is to be subjected to an in-depth probe, UK competition authorities have said. The Competition and Markets Authority (CMA) says there are concerns over the proposed £3.7bn tie-up. The CMA said there are 350 areas where there is an overlap ...

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Crown Resorts staff freed from Chinese jail

Ten employees of Australian casino group Crown Resorts have been released from a Chinese jail. The group, including Australians Jerry Xuan and Pan Dan, served nine months in prison after admitting illegally promoting gambling in China. Six others remain in custody including Jason O’Connor, an Australian Crown executive due to ...

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Qatar crisis: Air-lifted cows start arriving in Doha

Cattle has been flown into Qatar to boost milk supplies amid a blockade of the country led by Saudi Arabia. The 165 Holstein dairy cows arrived from Germany – the first of about 4,000 cattle due to be imported. Air, sea and land restrictions have caused turmoil in Qatar, which ...

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Premier League kicks on to record revenues of £3.6bn

Buoyant Uefa TV income helped Premier League clubs’ revenues rise 9% to a record £3.6bn in the 2015-16 season, according to analysis from Deloitte. It says broadcast earnings of £1.9bn accounted for more than half of the top flight clubs’ total revenues. A new domestic TV deal which kicked in ...

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