Press Round-up – February 8

February 8, 2012

RBS boss says restructuring has cost 38 billion pounds
Stephen Hester has revealed that the dramatic restructuring of Royal Bank of Scotland has cost 38 billion pounds in a rallying memo to staff days after the embattled chief executive waived a 1 million pound bonus. (FT)

Misys and Temenos agree on merger terms
Misys and Temenos have reached agreement on the key terms of a proposed 2 billion pound merger that would create the world’s largest supplier of risk-management computer software to banks.   (FT)

Little Chef set for administration
British roadside restaurateur Little Chef will be put through administration after its private equity owner said talks with landlords to leave its unprofitable sites had collapsed. (Times)

Xstrata CEO urged to waive bonus payment
Glencore Chief Executive Mick Davis has been put on notice to waive his $17.46 million bonus for the completion of Xstrata’s $86 billion merger with Glencore. (Times)

Osborne pledges battle against ‘anti-business culture’
British finance minister George Osborne says the UK government is determined to fight an anti-business culture as ministers seek to fend off criticism from high-profile financial figures of their handling of bonuses at Royal Bank of Scotland and Network Rail. (Guardian)

US banks snap up mortgage products
Banks have been responding to low interest rates by snapping up billions of dollars of bundled mortgage products that resemble the sliced-and-diced debt blamed for the financial crisis.  (FT)

Two bidders left in running for RBS asian units
Just two bidders remain in the running to buy Royal Bank of Scotland’s Asian equities, mergers and acquisitions and research businesses, after three potential buyers dropped out of the race. (FT)

Bombardier set to announce UK job security
Workers at the UK’s last train maker are expected to hear this week that their jobs are safe from its Canadian owner Bombardier, ending months of uncertainty about the future of the factory in England.  (FT)

UBS fights to hand on to key staff
UBS is paying out 300 million Swiss francs ($328.7 million) in long-term bonuses to its top bankers, as it fights to retain senior personnel following a $2.3 billion trading scandal and a sweeping restructuring of its investment banking business. (FT)

One comment

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Estate agents are responsible for the stagnation of the UK housing market.

People are unable to move house because asking prices are all-over-the-place, causing massive uncertainty for those wishing to move house successfully.

Better advice should be provided by agents, using more exact evaluation methods, when advising owners putting houses on the market for the first time. Unfortunately having discussed this with several of them they seem to have no inkling that the problem is of their making!

Until they do, nothing will be done to improve the chances of buying and selling in what has become a chaotic market; even though there are many people wishing to move house right now.

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